NewzIntel.com

Category: Politics

  • MIL-OSI Video: UN Ambassador’s Climate Message & Cities Cutting Air Pollution | WEF | Top Stories of the Week

    Source: World Economic Forum (video statements)

    This week’s top stories of the week include:

    0:15 UN ambassador’s climate message – Peter Thomson is the UN Secretary-General’s Special Envoy for the Ocean. He’s urging young people to take part in climate action but he’s also clear about where responsibility lies. Scientists have devised the concept of ‘positive tipping points’ which are thresholds that can propel rapid decarbonization. However, Thomson says the first tipping point is up to us.

    4:05 How to make better decisions – Before entering business, Ravi Kumar S trained as a nuclear scientist. This gave him a huge helping hand in his career, he says. Kumar says modern companies aren’t hierarchies, but networks which draw on the ‘community knowledge’ of all their staff. As CEO, he has developed a decision-making process that takes his gut feeling and supports it with data in a continual feedback loop.

    7:08 Cities cutting air pollution – Curitiba in Brazil built an integrated transport network to cut congestion. Curitiba began by launching the world’s first bus rapid transit (BRT) in 1974. Today’s network combines express routes with suburban connections and cycle lanes so passengers can move easily from one transport to another.

    9:01 Where is AI headed? – At our Annual Meeting of the Global Future Councils in Dubai 500 experts gathered to share insights on pressing issues, including how rapid advances in AI are reshaping our world. As AI becomes more prevalent, it remains clear that the humanities are essential to a functioning society and a fulfilled life, says Stuart Russell, Professor of Computer Science, University of California, Berkeley.

    _____________________________________________

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/ 
    Twitter ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    #WorldEconomicForum

    https://www.youtube.com/watch?v=lCDFB39Eb8k

    MIL OSI Video –

  • MIL-Evening Report: LNP wins Queensland election, likely with a clear majority

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    With 45% of enrolled voters counted in today’s Queensland state election, The Poll Bludger’s results have the Liberal National Party (LNP) winning 38 of the 93 seats, Labor 26, Katter’s Australian Party (KAP) three and independents one.

    Including undecided seats where one party is ahead, it’s 49 LNP, 39 Labor, three KAP, one Green and one independent. A majority is achieved with 47 seats, so the LNP are on track for a majority.

    The statewide two-party estimate is a 53.1–46.9 win to the LNP, a 6.3% swing to the LNP since the 2020 election. Current primary votes are 40.9% LNP (up 5.7%), 33.4% Labor (down 6.6%), 10.3% Greens (up 0.7%), 7.8% One Nation (up 1.0%) and 2.3% KAP (down 0.3%).

    As pre-poll and postal votes have come in, the swing to the LNP has increased as these votes have had stronger swings to the LNP than election day votes. There are many more pre-poll and postals still to be counted, so it’s more likely that the LNP will exceed its current projections than fall below them.

    I believe the Resolve poll that gave the LNP a 53–47 lead will be the most accurate. While Labor recovered from landslide defeat margins in polls taken about the middle of this year, it wasn’t enough. The uComms poll that gave the LNP just a 51–49 lead two days before the election was poor.

    The Greens lost South Brisbane to Labor, after the LNP recommended preferences to Labor on their how-to-vote material after recommending preferences to the Greens in 2020. Analyst Kevin Bonham said this is the first time the Greens have lost a single-member seat that they won at the previous general election.

    The key reasons for Labor’s defeat were an “it’s time” factor, as Labor has governed since winning the January 2015 election, the federal Labor government tending to hurt state Labor parties, and Queensland easily being the most pro-Coalition state at the 2022 federal election.

    At that election, Queensland was the only state where the Coalition won the two-party vote (by 54.1–45.9). The second best state for the Coalition was New South Wales, where Labor won the two-party vote by 51.4–48.6.

    Labor’s defeat in Queensland will give some assistance to federal Labor. An unpopular and old Queensland Labor government would have hindered federal Labor’s prospects in Queensland at the federal election that is due by May 2025.

    Late polls

    The Newspoll and uComms poll were both released after Wednesday’s preview article on the Queensland election.

    A Newspoll, conducted October 18–24 from a sample of 1,151, had given the LNP a 52.5–57.5 lead, a 2.5-point gain for Labor since a mid-September Newspoll. Primary votes were 42% LNP (steady), 33% Labor (up three), 11% Greens (down one), 8% One Nation (steady) and 6% for all Others (down two).

    Labor premier Steven Miles gained seven points for a -3 net approval, with 48% dissatisfied and 45% satisfied. LNP leader David Crisafulli’s net approval plunged 15 points to -3. Miles led Crisafulli by 45–42 as better premier, a reversal from a 46–39 Crisafulli lead in September.

    A uComms poll that was conducted Thursday from a sample of 3,651 using robopolling, gave the LNP a 51–49 lead. Bonham had primary votes from this poll, which was not commissioned by anyone. The primary votes were 39.3% LNP, 33.6% Labor, 12.9% Greens, 7.8% One Nation, 2.9% KAP and 3.5% others.

    Federal Essential poll: Labor slumps and Dutton’s ratings jump

    A national Essential poll, conducted October 16–20 from a sample of 1,140, gave the Coalition a 48–46 lead including undecided (49–47 to Labor in early October). Primary votes were 35% Coalition (up one), 28% Labor (down four), 12% Greens (steady), 7% One Nation (down one), 2% UAP (up one), 9% for all Others (steady) and 6% undecided (up one).

    Anthony Albanese’s net approval improved one point from September to -4, with 48% disapproving and 44% approving. He has improved six points since August. Peter Dutton’s net approval jumped six points to +6, his best in any poll this term.

    King Charles had a 50–26 approval rating. By 45–39, voters supported Australia becoming a republic (42–35 in January). On Australia’s colonial history, 26% thought it something we should be proud of, 12% something we should be ashamed of and 62% said it had both positive and negative elements.

    On the National Anti-Corruption Commission, 46% thought it is largely operating as intended but could be improved, 14% wanted it abolished and 10% said it’s successful.

    Freshwater poll: Coalition holds narrow lead

    A national Freshwater poll for The Financial Review, conducted October 18–20 from a sample of 1,034, gave the Coalition a 51–49 lead, a one-point gain for Labor since the September Freshwater poll. Primary votes were 41% Coalition (down one), 30% Labor (steady), 13% Greens (steady) and 16% for all Others.

    Albanese’s net approval was up one point to -14, with 49% unfavourable and 35% favourable. Dutton’s net approval improved two points to -2. Albanese was just ahead as preferred PM by 44–43 (45–41 in September).

    Asked about Albanese buying a $4.3 million house, 52% said it had no impact on their view of him, 36% said it had worsened their view and 4% improved their view.

    Cost of living remained the top issue with 72% saying it was important. The Coalition retained a 14-point lead over Labor on this issue and a 16-point lead on managing the economy.

    Morgan poll: Labor jumps ahead

    A national Morgan poll, conducted October 14–20 from a sample of 1,687, gave Labor a 52–48 lead, a two-point gain for Labor since the October 7–13 Morgan poll.

    Primary votes were 36.5% Coalition (down one), 32% Labor (up two), 13.5% Greens (down 0.5), 5.5% One Nation (down 0.5), 9% independents (steady) and 3.5% others (steady).

    The headline figure uses respondent preferences. By 2022 election preference flows, Labor led by 53–47, a two-point gain for Labor.

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

    – ref. LNP wins Queensland election, likely with a clear majority – https://theconversation.com/lnp-wins-queensland-election-likely-with-a-clear-majority-241918

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Background Press Call on Israel’s Targeted Strikes Against Military Targets in  Iran

    US Senate News:

    Source: The White House
    Via Teleconference
    11:15 P.M. EDT
    MODERATOR:  Good evening, everyone.  Thanks so much for joining the call, especially one on short notice and late on a Friday. 
    As a reminder, this call is on background, attributable to a senior administration official.  For your awareness, not for your reporting, on the call today we have [senior administration official]. 
    This call is embargoed until the conclusion of the call. 
    [Senior administration official] is going to have a few words at the top, and then we’ll take your questions. 
    Over to you.
    SENIOR ADMINISTRATION OFFICIAL:  Thank you, everybody, for joining here late on a Friday. 
    So, I’m here to provide some brief comment and background on Israel’s response earlier this evening against Iran.  And just as you will recall, on October 1st, so a few weeks ago, Iran launched an unprecedented attack of nearly 200 ballistic missiles at Israel, which was a significant escalation.  Many of these missiles targeted Israel’s most populated city of Tel Aviv.  Those missiles had the potential to kill hundreds of civilians. 
    Fortunately, that attack was defeated and ineffective thanks in no small part to U.S. assistance.  President Biden directed the U.S. military to help defend Israel during the attack.  And in the hours after that attack, we promised serious consequences for Iran. 
    The next morning, on October 2nd, the President spoke with his G7 counterparts to coordinate a diplomatic response.  And over the course of the following week, we and our partners implemented a coordinated series of sanctions against Iran.
    And just to review:
    The United States, we issued new sanctions against Iran’s oil sector, including its so-called Ghost Fleet that carries illicit oil products around the world. 
    The European Union for the first time sanctioned Iran’s civilian airliners, including Iran Air, rendering those airlines no longer able to access European destinations. 
    The United Kingdom and Australia issued new and sweeping sanctions against Iran’s missile program. 
    This is a coordinated effort across multiple jurisdictions that President Biden led, and those efforts are ongoing with allies and partners. 
    Tonight, Israel carried out a direct military response against Iran.  Specifically, Israel conducted precision airstrikes against multiple military targets across Iran and outside populated areas. 
    The United States was not a participant in this military operation. 
    The President and his national security team, of course, worked with the Israelis over recent weeks to encourage Israel to conduct a response that was targeted and proportional with low risk of civilian harm, and that appears to have been precisely what transpired this evening. 
    The President discussed the overall situation with Prime Minister Netanyahu last week.  He encouraged the Prime Minister to design a response that served to deter further attacks against Israel while reducing risk of further escalation.  And that is our objective; it’s Israel’s objective, as well, as they have stated this evening.
    Should Iran choose to respond, we are fully prepared to once again defend against any attack.  We recently deployed a THAAD battery, which is a ballistic missile defense system, to Israel.  And we have worked to strengthen Israel’s air defense systems in the run-up to tonight’s response.
    President Biden and Vice President Harris have demonstrated clearly that we will always help defend Israel and secure its people and territory from Iran and its proxy terrorist groups.
    If Iran chooses to respond once again, we will be ready, and there will be consequences for Iran once again.  However, we do not want to see that happen.  This should be the end of this direct exchange of fire between Israel and Iran.  Israel has made clear to the world that its response is now complete. 
    Accordingly, we would call on all countries of influence to press Iran to stop these attacks against Israel so that we can move beyond this direct cycle of attacks.
    Over the coming days, we are prepared to lead an effort to secure an end to the war in Lebanon through an agreement that allows civilians on both sides of the Blue Line to safely return to their homes.  We are also prepared to lead an effort to finally achieve a ceasefire in Gaza together, with the return of hostages, which must happen without delay. 
    The overall contours of those arrangements are in place.  Tony Blinken was in the region last week.  This week, there will be further engagements, including a meeting of hostage negotiators over the coming days.  And it’s time to bring these deals to a resolution once and for all.  
    I would just note for some color on the recent hours here over the course of this evening: Of course, the President was briefed throughout the evening by Jake Sullivan, his National Security Advisor, as we are here at the White House.  Secretary Austin spoke with his Israeli counterpart, Minister Yoav Gallant, a couple of hours ago.  And we just issued a — the Defense Department just issued a readout of that call, again, affirming Israel’s full right to self-defense against Iran and our support for its actions tonight, and our commitment to help defend Israel should Iran make the mistake to respond to this attack. 
    And with that, I’m happy to take a few questions. 
    MODERATOR:  Thank you.  We’ve got time for just a couple of questions. 
    First up, we’ll go to Aamer Madhani.  You should be able to unmute yourself. 
    Q    Hey.  Thank you both.  Did the U.S. assist in any manner at all?  Target selection, intel, jamming?  And do you assess this action to have had significant-enough impact on Iran’s ability to continue to strike Israel directly or its ability to arm Hezbollah?
    SENIOR ADMINISTRATION OFFICIAL:  So, as I said in my statement, we did not participate in this military operation, and I think that’s very clear. 
    I would just say: I’ll leave it to the Israelis to describe the scope and breadth of their response this evening.  It was extensive.  It was targeted.  It was precise.  It was against military targets across Iran.  It was in multiple waves.  It was very carefully prepared.  And again, I think it was designed to be effective. 
    And I think — again, I will leave it, though, to the Israelis to characterize and to provide more details, given that this was their military operation. 
    MODERATOR:  Next up, we’ll go to Trevor Hunnicutt.
    Q    Hey.  Thanks for doing this.  Could you talk a little bit about what, if any, communications or indications you had from Iran heading into this about what level of response they’re willing to engage in?  And could you talk a little bit about the President’s — any plans for the President to follow up with Netanyahu after this?
    SENIOR ADMINISTRATION OFFICIAL:  We do have multiple channels with Iran, direct and indirect.  We try to avoid any sense of miscommunication.  And they know exactly what our position is on multiple issues, including the dangers and risks of their course of conduct, particularly the launching of 200 ballistic missiles focusing primarily on densely populated areas in Israel’s most populated city, which also includes tens of thousands of Americans. 
    That is totally unacceptable.  We will not accept it.  We will support Israel defending itself.  And, obviously, we’ll support Israel fully in its right to self-defense.  Iran knows our position on that is unequivocal.  And we are quite clear that there’s no misunderstanding or miscommunication between us and Iran.
    In terms of communication with the Israelis, we are in constant communication with the Israelis up and down their system — military to military, intel to intel, and at the political level.  That is something that is ongoing and continuous. 
    Again, Jake briefed the President multiple times throughout the evening as this was unfolding and, of course, throughout the day today as it was developing.  And I think that will obviously continue through the weekend.  But I don’t have any calls to preview or read out.
    MODERATOR:  We have time for one last question.  We’ll go to the line of Kayla Tausche.
    Q    Thank you, guys, so much for doing this.  We appreciate it. 
    I have two questions.  The first is: You’ve described these strikes as “designed to be effective.”  Can you elaborate on what effect they were intended to have and whether they, in fact, did?
    And then, you’ve suggested that this should be the end to the conflict, but does the administration believe it will be the end of the conflict?
    SENIOR ADMINISTRATION OFFICIAL:  So, first of all, the effect, it’s a proportionate self-defense response to an unbelievably brazen and reckless ballistic missile attack, almost unprecedented in history, that has launched almost three weeks ago.  So, the effect is to deter future attacks and also to degrade the capabilities of Iran being able to conduct those types of activities.
    As to specific targets, I will say we know them, but I would leave it to the Israelis to discuss them in any further detail. 
    What was your second question?  I’m sorry.
    Q    The second question was: You have suggested that this should be the end of the conflict, but does the administration actually believe that it will be?
    SENIOR ADMINISTRATION OFFICIAL:  Well, this should be the end of the direct military exchange between Israel and Iran.  And so, we had a direct exchange in April, and that was closed off, and we’ve now had this direct exchange.  Again, a direct — 200 ballistic missiles fired from Iran at Israel.  Israel did not attack Iran.  Iran attacked Israel, 200 ballistic missiles.  And Israel, tonight, has responded to that attack as an exercise of self-defense.  As far as we’re concerned, that should close out that direct exchange between Israel and Iran.
    As to the broader conflicts in the region, obviously much more complex.  I mentioned and alluded to them in my statement.  We do have a number of initiatives ongoing with respect to those. 
    But as to the direct military exchange between Israel and Iran, we do think this should complete that direct exchange.  And, again, should Iran choose to respond, we are fully prepared to defend Israel and support Israel, and there will be consequences should Iran make that unfortunate decision. 
    But as far as we’re concerned, this direct exchange, this should be the end of it.  I will say we’ve heard the same thing from many across the region, including many with close ties to Iran.  So we’ll see how that unfolds. 
    But that is our very strong view.  That’s been communicated to our partners throughout the region, and obviously it’s been communicated through multiple channels, indirectly and directly, to Iran. 
    MODERATOR:  Thanks, everyone.  That’s all the time we have for tonight.  As a reminder, this call was on background to a senior administration official, and the embargo is now lifted.  Thanks so much, and have a good night.
    11:27 P.M. EDT

    MIL OSI USA News –

  • MIL-OSI United Nations: Secretary-General’s video message to the Donor Conference to Support Internally Displaced People and Refugees in Sahel and Lake Chad Region

    Source: United Nations secretary general

    Download the video:  https://s3.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+8+Oct+24/3271915_MSG+SG+SAHEL+AND+LAKE+CHAD+08+OCT+24.mp4

    Excellencies, friends,

    I thank the Kingdom of Saudi Arabia and the Organization of Islamic Cooperation for convening this vital event.

    The Sahel and Lake Chad Basin regions have immense potential: rich in cultures, with vibrant youth populations, and endless possibilities for renewable energy – all valuable building blocks for sustainable development.  

    However, the area also faces profound challenges: from violence and terrorism, to the climate crisis.

    This year floods swept through the lives of around five million people.

    Across the regions we see crises of hunger, crises of hope, and crises of displacement.

    The Sahel is home to over seven and a half million people driven from their homes, including two million refugees. Over thirty million require humanitarian assistance.

    The United Nations is on the ground, supporting governments and communities to provide food, healthcare, education, and shelter.

    But we need more support.

    Our humanitarian response plans are around forty percent funded.

    I sincerely thank all those that have contributed for their generosity. This will save lives and livelihoods. But I also ask countries to dig deeper to help fund our response plans in full.

    And I urge action to move beyond aid, and tackle the root causes of crises:

    Addressing poverty and inequality, particularly among women and girls;

    Adapting to climate change;

    Promoting peace and democracy;

    And urging parties to end hostilities, protect civilians and ensure full humanitarian access.

    The United Nations is eager to work with communities, countries, humanitarian partners, Multilateral Development Banks, and international funds, to deliver change. 

    Together, let’s renew our resolve to help forge a path to a more secure, prosperous, and dignified future for the people of Sahel and Lake Chad.

    Thank you.
     

    MIL OSI United Nations News –

  • MIL-OSI China: Xi congratulates Chapo on election as Mozambique’s president

    Source: People’s Republic of China – State Council News

    BEIJING, Oct. 26 — Chinese President Xi Jinping on Saturday sent a congratulatory message to Daniel Francisco Chapo on his election as president of the Republic of Mozambique.

    Xi pointed out that China and Mozambique share a traditional friendship. In recent years, political mutual trust between the two countries has deepened, leading to fruitful practical cooperation and steadfast mutual support on issues concerning each other’s core interests and major concerns, he said.

    Noting that he places great importance on the development of China-Mozambique relations, Xi said he’s willing to work together with president-elect Chapo to implement the outcomes of the Beijing Summit of the Forum on China-Africa Cooperation, promote traditional friendship, deepen mutually beneficial cooperation and continually advance the China-Mozambique comprehensive strategic partnership of cooperation, delivering greater benefits to people of both countries.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: InnoCarnival 2024 opens

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan today officiated at the opening ceremony of the InnoCarnival 2024, which is being held from now until November 3 at the Hong Kong Science Park.

     

    Organised by the Innovation & Technology Commission (ITC), the event features exhibits showcasing local innovation and technology (I&T) achievements under the theme “Let’s Sail with I&T”.

     

    In a speech, Mr Chan said that I&T is relevant to daily life and can produce substantial benefits. He added that the Government has strived to enhance Hong Kong’s I&T ecosystem over the past few years, and that the Chief Executive announced multiple measures to promote the sector in last week’s Policy Address.

     

    Mr Chan asserted that it is necessary to elevate “popularising science” in the public imagination in order to nurture I&T development locally, and that the InnoCarnival offers an opportunity to achieve this.

     

    He added that besides being an event for the public to enjoy, the carnival is a platform for programme partners, especially start-ups, to realise their dreams. He said that it will inspire people’s interest in I&T, encouraging more talent to join the sector and contribute to Hong Kong and the country.

     

    The carnival is supported by over 75 programme partners, including local universities, research and development centres and platforms, government departments, and other organisations. The partners’ booths showcase various I&T achievements, in addition to interactive games.

     

    A diverse line-up of about 150 workshops and webinars, ranging across various subjects and demonstrating the importance of I&T in people’s daily lives, will be staged during the carnival.

     

    To celebrate the 75th anniversary of the founding of the People’s Republic of China, a number of significant scientific research projects carried out in co-operation with Mainland institutions will be on display.

     

    These include the “Hong Kong Youth Scientific Innovation”, the world’s first large-scale artificial intelligence model scientific satellite, which was jointly developed by the Chinese University of Hong Kong and the Mainland’s ADA Space, with funding support from the ITC.

     

    In addition, 23 winning solutions from the second City I&T Grand Challenge, including some prototypes, will be displayed.

     

    All activities at the carnival are free to join, although some require pre-registration.

    MIL OSI Asia Pacific News –

  • MIL-OSI Africa: Secretary-General’s video message to the Donor Conference to Support Internally Displaced People and Refugees in Sahel and Lake Chad Region

    Source: United Nations – English

    strong>Download the video:  https://s3.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+8+Oct+24/3271915_MSG+SG+SAHEL+AND+LAKE+CHAD+08+OCT+24.mp4

    Excellencies, friends,

    I thank the Kingdom of Saudi Arabia and the Organization of Islamic Cooperation for convening this vital event.

    The Sahel and Lake Chad Basin regions have immense potential: rich in cultures, with vibrant youth populations, and endless possibilities for renewable energy – all valuable building blocks for sustainable development.  

    However, the area also faces profound challenges: from violence and terrorism, to the climate crisis.

    This year floods swept through the lives of around five million people.

    Across the regions we see crises of hunger, crises of hope, and crises of displacement.

    The Sahel is home to over seven and a half million people driven from their homes, including two million refugees. Over thirty million require humanitarian assistance.

    The United Nations is on the ground, supporting governments and communities to provide food, healthcare, education, and shelter.

    But we need more support.

    Our humanitarian response plans are around forty percent funded.

    I sincerely thank all those that have contributed for their generosity. This will save lives and livelihoods. But I also ask countries to dig deeper to help fund our response plans in full.

    And I urge action to move beyond aid, and tackle the root causes of crises:

    Addressing poverty and inequality, particularly among women and girls;

    Adapting to climate change;

    Promoting peace and democracy;

    And urging parties to end hostilities, protect civilians and ensure full humanitarian access.

    The United Nations is eager to work with communities, countries, humanitarian partners, Multilateral Development Banks, and international funds, to deliver change. 

    Together, let’s renew our resolve to help forge a path to a more secure, prosperous, and dignified future for the people of Sahel and Lake Chad.

    Thank you.
     

    MIL OSI Africa –

  • MIL-OSI Russia: Dmitry Chernyshenko: All regions of Russia and eight friendly countries participate in the Abilympics championship

    Translation. Region: Russian Federation –

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

    Deputy Prime Minister Dmitry Chernyshenko attended the events of the final of the National Championship of Professional Skills among the Disabled and People with Limited Health Abilities “Abilympics”, which started at Gostiny Dvor in Moscow.

    Dmitry Chernyshenko attended the events of the final of the National Championship of Professional Skills among the Disabled and People with Disabilities “Abilympics”, which started in Gostiny Dvor in Moscow

    October 26, 2024

    Dmitry Chernyshenko attended the events of the final of the National Championship of Professional Skills among the Disabled and People with Disabilities “Abilympics”, which started in Gostiny Dvor in Moscow

    October 26, 2024

    Dmitry Chernyshenko attended the events of the final of the National Championship of Professional Skills among the Disabled and People with Disabilities “Abilympics”, which started in Gostiny Dvor in Moscow

    October 26, 2024

    Dmitry Chernyshenko attended the events of the final of the National Championship of Professional Skills among the Disabled and People with Disabilities “Abilympics”, which started in Gostiny Dvor in Moscow

    October 26, 2024

    Previous news Next news

    Dmitry Chernyshenko attended the events of the final of the National Championship of Professional Skills among the Disabled and People with Disabilities “Abilympics”, which started in Gostiny Dvor in Moscow

    The Deputy Prime Minister emphasized the importance of the championship and noted that in 10 years, Abilympics has come a long way, increasing the number of participants from 250 to 120 thousand.

    “We have more than 1.2 million children with various types of disabilities who need to be given the opportunity to compete and be active citizens of society. And, as President Vladimir Putin instructed, to realize their potential and talents. And we saw a lot of talent at the championship. Today, representatives of all regions of the country are here, including new subjects. What is noteworthy is that eight friendly countries are also participating in these competitions. I believe that the most important result of “Abilympics” is that 93% of participants find work after the championship,” said Dmitry Chernyshenko.

    The Deputy Prime Minister also expressed gratitude to the Moscow government, where the Abilympics finals are traditionally held. He emphasized that he is grateful to businesses that responsibly approach the creation of jobs for people with disabilities.

    The Deputy Prime Minister visited the venues where the championship was held. At the stand of the Ministry of Industry and Trade of Russia, he was presented with the latest technical rehabilitation equipment for people with disabilities. He also got acquainted with the exhibition and sale of goods from entrepreneurs who opened their own businesses.

    In addition, the Deputy Prime Minister spoke with participants and experts in various competencies, including Pottery, Industrial Robotics, Graphic Design, and Character Design/Animation.

    At Gostiny Dvor, the Deputy Prime Minister was accompanied by Deputy Minister of Education Olga Koludarova, Minister of the Moscow Government, Head of the Moscow Department of Labor and Social Protection of the Population Evgeny Struzhak, and Head of the National Center “Abilympics” of the Institute for the Development of Professional Education Dina Makeeva.

    “Over the past 10 years, the movement has become an important part of the system of professional education and employment of people with disabilities. Thanks to Abilympics, thousands of talented schoolchildren, students and working citizens have the opportunity to demonstrate their skills and abilities, as well as find a job they like. And we are confident that the Abilympics movement will continue to develop. This year, regional centers for the development of the movement opened in the Donetsk People’s Republic and the Kherson region. We hope that in the future, Abilympics will open its representative offices in all regions of our country,” noted Dina Makeeva.

    The championship competitions in 2024 will be held in 50 approved core competencies in 11 areas of the economy: education, IT technologies, arts and crafts, creative industries, industry, catering, services, economics and management, construction, and medical professions. The judging will be carried out by 277 experts from 52 subjects of the Russian Federation.

    It is also planned to hold competitions in 12 competencies and 1 presentation competence of the championship with the participation of representatives of friendly states in person: the Republic of Azerbaijan, the Republic of Abkhazia, the Republic of Belarus, the Republic of Zimbabwe and the State of Qatar. Representatives of the Republic of Armenia, the Republic of Nicaragua and the People’s Republic of China will participate remotely.

    Over 10 years, the number of subjects of the Russian Federation where regional Abilympics championships are held has increased from 29 to 89, and the number of competitive competencies has grown from 29 to 206.

    The project operator is the National Center “Abilympics” of the Institute for the Development of Professional Education, Ministry of Education of the Russian Federation.

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

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Alice Mak meets youths

    Source: Hong Kong Information Services

    Secretary for Home & Youth Affairs Alice Mak today attended a dialogue event for Youth Link members, at which she outlined to more than 80 young people the key initiatives on youth development that were included in the latest Policy Address.

     

    Miss Mak also shared that the second edition of the Youth Development Summit will take place in the second half of 2025. She encouraged young people to participate in the summit and seize the opportunity to interact with youths from the Mainland and overseas.

     

    Highlighting that Youth Link currently has over 10,000 members, Miss Mak said the Home & Youth Affairs Bureau will continue to engage young people on a regular basis through dialogue sessions and other activities.

     

    She also invited the youths at the event to provide suggestions for the use of, and facilities to be provided at, a new interactive space that will be established at Youth Square in Chai Wan.

     

    Launched by the bureau in September 2023, Youth Link aims to connect participants in various government youth programmes and offer them opportunities to develop their talents, while building their levels of interaction and trust with the Government.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Scott Statement on Federal Judge Ordering Youngkin Administration to Reinstate more than 1,600 Voters to Virginia’s Voter Rolls

    Source: United States House of Representatives – Congressman Bobby Scott (3rd District of Virginia)

    Headline: Scott Statement on Federal Judge Ordering Youngkin Administration to Reinstate more than 1,600 Voters to Virginia’s Voter Rolls

    NEWPORT NEWS, VA – Congressman Bobby Scott (VA-03), co-chair of the Congressional Voting Rights Caucus and Dean of the Virginia Congressional Delegation, issued the following statement on U.S. District Court Judge Patricia Tolliver Giles’ order requiring the Youngkin Administration to reinstate more than 1,600 voters who may have been illegally purged from Virginia’s voter rolls in violation of the National Voter Registration Act of 1993:

    “I am pleased that a federal court has reinstated more than 1,600 voters to Virginia’s voter rolls. For the last three election cycles, I have been concerned that Governor Youngkin and his administration have arbitrarily removed eligible voters from the Commonwealth’s voter rolls, and I have been especially concerned that these purges have occurred so close to Election Day.

    “In the two weeks before the 2023 Virginia General Assembly elections, the Youngkin Administration improperly removed 3,400 qualified voters, possibly in violation of Section 2 of the Voting Rights Act. In his August 7, 2024 executive order, the Governor ordered daily systematic purges of voters resulting in the potential illegal purge of more eligible voters. The National Voter Registration Act requires all states to complete any systematic removal of ineligible voters no later than 90 days prior to a federal election for voters to have adequate time to remedy any improper removal. In its review of these 1,600 voters, the U.S. Department of Justice found multiple instances of incorrect removals due to bureaucratic errors or mistakes made by the individual when filling out forms. Judge Tolliver Giles’ order recognizes that the Plaintiffs in this case are likely to succeed on the merits and would have suffered irreparable harm by denying their ability to exercise their right to vote at the ballot box on November 5th.

    “These efforts by Governor Youngkin and Republicans across the country are squarely within former President Trump’s playbook to undermine confidence in our elections and call into question the results of this November’s election if he does not win. There is no evidence that non-citizens are voting in any meaningful numbers, and to suggest otherwise is dishonest and only serves to undermine faith in our elections. These efforts only disenfranchise actual citizens from being able to exercise their right to vote. I expect the Governor and his administration to immediately reinstate these voters and notify them per the U.S. District Court’s order. Additionally, the U.S. Department of Justice must vigorously investigate these matters to protect the right to vote for all who are eligible and hold accountable all who violate the law.”

     

    # # #

    MIL OSI USA News –

  • MIL-OSI USA: FEMA is Hosting a Job Fair in Augusta

    Source: US Federal Emergency Management Agency

    Headline: FEMA is Hosting a Job Fair in Augusta

    FEMA is Hosting a Job Fair in Augusta

    ATLANTA – Are you interested in applying for a federal job? Join FEMA at a job fair on Wednesday, Oct. 30 in Augusta to learn how to navigate USAjobs.gov, the federal government’s official web-based employment webpage that lets you access thousands of job opportunities across hundreds of federal agencies and organizations. FEMA representatives will be on hand, providing training on how to navigate through usajobs.gov, create a profile, and build an effective resume in the resume builder tool. Computers will be available at the fair to help attendees access the website and create their online profile.  The fair will take place from 9:30 a.m. to 4 p.m. You do not need to register to attend.How to attend: Date and time: Wednesday, Oct. 30 from 9:30 a.m. – 4 p.m.Location: May Park Community Center, 622 4th Street. Augusta, Georgia 30901For the latest information about Georgia’s recovery, visit fema.gov/helene/georgia and fema.gov/disaster/4821. Follow FEMA on X at x.com/femaregion4 or follow FEMA on social media at: FEMA Blog on fema.gov, @FEMA or @FEMAEspanol on X, FEMA or FEMA Espanol on Facebook, @FEMA on Instagram, and via FEMA YouTube channel. Also, follow Administrator Deanne Criswell on Twitter @FEMA_Deanne.
    minh.phan
    Sat, 10/26/2024 – 14:45

    MIL OSI USA News –

  • MIL-OSI Canada: Government of Yukon introduces 2023–24 Public Accounts to the Legislative Assembly

    Source: Government of Canada regional news

    Today the 2023–24 Public Accounts was tabled in the Yukon Legislative Assembly. The Public Accounts present the Government of Yukon’s financial statements and reflect the government’s finances for the previous fiscal year. The 2023–24 Public Accounts show the government’s financial position on March 31, 2024.

    • Read more about Government of Yukon introduces 2023–24 Public Accounts to the Legislative Assembly
    • Add new comment

    MIL OSI Canada News –

  • MIL-OSI Canada: Statement from Premier Pillai on the Ta’an Kwäch’än Council election

    Source: Government of Canada regional news

    Premier Ranj Pillai has issued the following statement:

    “On behalf of the Government of Yukon, I offer congratulations to Ruth Massie on her election as Chief and to Michelle Telep on her election as Deputy Chief for the Ta’an Kwäch’än Council.

    “Chief Massie previously served as Chief of the Ta’an Kwäch’än Council as well as two terms as Grand Chief of the Council of Yukon First Nations and most recently served as Chair of her First Nation’s Elders Council.

    • Read more about Statement from Premier Pillai on the Ta’an Kwäch’än Council election
    • Add new comment

    MIL OSI Canada News –

  • MIL-OSI Asia-Pac: Union Minister Shri Shivraj Singh Chouhan inaugurates the International Workshop on Use of Modern Technology in Survey-ReSurvey of Urban Land Records in New Delhi today

    Source: Government of India (2)

    Union Minister Shri Shivraj Singh Chouhan inaugurates the International Workshop on Use of Modern Technology in Survey-ReSurvey of Urban Land Records in New Delhi today

    Digitally updated and transparent land records facilitate optimization of the land resources and sharing of information with various agencies for assisting in policy and planning: Shri Shivraj Singh Chouhan

    We will benefit from the presence of experts from around the world and the knowledge they present will help us apply modern technologies in land management: Union Minister

    The department has approved the National Geo-Spatial Knowledge Based Land Survey of Urban Habitations pilot project for creation of land records in urban areas: Shri Chouhan

    Posted On: 21 OCT 2024 5:19PM by PIB Delhi

    Union Minister for Rural Development Shri Shivraj Singh Chouhan inaugurated the International Workshop on the use of “Modern Technologies in Survey-Resurvey for Urban Land Records” at Dr. Ambedkar International Centre in New Delhi today through video conferencing. Shri Shivraj Singh Chouhan, in his keynote address as the Chief Guest reaffirmed the commitment of Govt. of India in boosting digitization and maintenance of land records under the Digital India Land Records Modernization Programme (DILRMP). Highlighting the importance of the quality land records, Minister stated that digitally updated and transparent land records facilitate optimization of the land resources and sharing of information with various agencies for assisting in policy and planning. He elaborated that for a robust property record and tax administration, seamless access to land records is crucial to enhance the effectiveness and efficiency of public service delivery through various schemes of the Centre and States. Minister emphasized the need for close coordination in the Central and State Governments and requested the Department of Land Resources and State Governments to work in close coordination.  

    He also discussed the steps taken by the Government of Madhya Pradesh in creating urban land records and informed that drone flying has been completed in 34 towns and Orthorectified Imagery (ORI) production is complete in 12 towns. He expressed his happiness on the pilot programme called the “National geospatial Knowledge-based land Survey of urban Habitations (NAKSHA)” of the Department of Land Resources with a view to create Land Records in Urban Areas. The Pilot project will be started in more than 100 cities/towns in all the States / UTs and it is expected to be completed in one year’s time. This will be followed by full-fledged survey which would cover the entire urban area in the country within a period of 5 years.   Shri Chouhan added that he is happy to report that aerial photography with 3D imagery is a powerful tool for urban planning. Considering the rainfall and flood situation at the local level, it is very important to develop better drainage and flood management. Aerial photography with accurate GPS coordinates will help in accelerating the speed of land survey, which will ultimately be useful in property tax assessment, better transport system, planning of drainage and flood management and preparation of master plans for our urban areas. 

    Shri Shivraj Singh Chouhan said that he is happy to inform that his department is making tireless efforts in this direction.  He wanted to consult with experts from other countries on creation and reconciliation of land records and this two-day conference is an effort to discuss and understand global best practices in the use of new and emerging technologies in this regard. He is sure that the distinguished participants will put forth their views which will be discussed in detail during the sessions. He requests the representatives of the State Governments present here to actively participate in the discussions, because only with the cooperation of the States will we be able to integrate modern technologies in urban land administration and improve efficiency and transparency in land management systems. We will benefit from the presence of experts from around the world and the knowledge they present will help us apply modern technologies in land management.

    Union minister extended his best wishes for successful organization of this event and he hope that the information gained from the workshop will help the government in formulating policies to further strengthen the urban local bodies.

    Secretary, Department of Land Resources, Ministry of Rural Development, Shri Manoj Joshi said that this international workshop has been organized and along with this we have started a pilot program to conduct surveys in urban areas. For this, Survey of India is our technical partner so that drone flying can be done in all the cities. From the images obtained from drone flying, the revenue and urban departments of the states will prepare urban land records, master plans and drainage records of cities. The objective of this workshop is that foreign experts in land records can take advantage of the experts in software. States which have done the land record survey work. They will be able to share information with each other. We will be able to complete this work of land records in one year.

    In the inaugural session, Shri Kunal Satyarthi, Joint Secretary, Department of Land Resources, Govt. of India welcomed the participants and set the agenda of the workshop. Shri Abedelrazq Khalil, World Bank’s Practice Manager for Urban and Land, South Asia Infrastructure Department highlighted the importance of land records in Urban area. Shri Vivek Bharadwaj, Secretary, Ministry of Panchayati Raj, Govt. of India shared experience of SVAMITVA Scheme and stressed the urgent need for digital land records for urban area too.

    The first session of the Workshop on International Best Practices in Establishing and Maintaining Urban Digital Land Record was chaired by Shri Manoj Joshi, Secretary, Department of Land Resources and moderated by Mr. Klaus Deininger, Lead Economist, World Bank. This session had global participation from the land registration/survey departments of South Korea, Spain, Netherlands, France, United Kingdom, Australia, Japan, USA, Germany.  The importance of registration laws, land surveying, aerial mapping and the integration and implementation of GIS was discussed extensively, during this session.

    The workshop is a unique gathering of the stakeholders from the Ministries/Departments of the Government of India, Revenue and Urban Development Secretaries of 34 States/UTs, the Municipal Commissioners, international experts, Municipal officers /CEOs of around 120 Urban Local Bodies which are taking part in the Pilot programme National Geospatial Knowledge based Survey of habitations (NAKSHA) for Modernization of Urban Land records and industry &technology partners from India and abroad.

    Further, a Technology Exhibition on survey and resurvey featuring more than 30 Technology Companies from India as well as abroad was inaugurated by Shri Manoj Joshi, Secretary, Department of Land Resources, Govt. of India.

    *****

     

    SS

    (Release ID: 2066731) Visitor Counter : 53

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: Wetzel County Man Admits to Firearms Charge

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    WHEELING, WEST VIRGINIA – Talon D. Feucht, age 30, of New Martinsville, West Virginia, pled guilty to the unlawful possession of a firearm.

    According to court documents and statements made in court, Moundsville Police arrested Feucht on an outstanding warrant on an entering without breaking charge in Marshall County. During the arrest, Feucht admitted to having a firearm in his bag. A search of the bag resulted in the seizure of a .38 caliber firearm and ammunition. Feucht is prohibited from having firearms because of two prior felony theft convictions.

    Feucht faces up to 15 years in prison. A federal district court judge will determine the sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Assistant U.S. Attorney Clayton Reid is prosecuting the case on behalf of the government.

    The Bureau of Alcohol, Tobacco, Firearms and Explosives and the Moundsville Police Department investigated.

    U.S. Magistrate Judge James P. Mazzone presided.

    MIL Security OSI –

  • MIL-OSI Security: Springfield, Vermont Man Pleads Guilty to Gun Charge

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    Burlington, Vermont – The United States Attorney’s Office for the District of Vermont stated that Ernest Lamphere, 44, of Springfield, Vermont, pleaded guilty today to a gun possession charge before U.S. District Court Judge William K. Sessions III.

    According to court records including the stipulated facts in the plea agreement between the parties, in late February 2024, Lamphere was subject to a State of Vermont relief from abuse order, which was sought by his family members and prohibited his possession of firearms. When law enforcement served the relief from abuse order on Lamphere on February 27 at his home, he turned over four firearms and also admitted opiate use. Two days later Lamphere was located alone in his vehicle, blocking the drive-thru lane at the McDonald’s in Springfield, Vermont and nodding off from illegal drug use. Lamphere had opiates in his system at the time. Along with significant quantities of illegal drugs located in his vehicle and on his person, Lamphere was also in possession of two AR-style rifles, a silencer, and assorted ammunition.

    Lamphere pleaded guilty today to being a drug user in possession of a firearm, a charge which carries a maximum sentence of 15 years. The actual sentence will be determined by the District Court with reference to the Federal Sentencing Guidelines and statutory sentencing factors of the United States Code. If accepted by the court, the plea agreement signed by Lamphere and the government recommends (1) that sentencing be delayed for one year, and (2) that Lamphere receive a time-served sentence, to be followed by three years of supervised release, if he abides by the terms of the plea agreement during the intervening year.

    The U.S. Attorney’s Office thanked the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) and the Springfield, VT Police Department for their work on this case.

    U.S. Attorney Nikolas Kerest has handled the case for the government. Assistant Federal Public Defender Steven Barth represents Ernest Lamphere.

    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.

    MIL Security OSI –

  • MIL-OSI: Trustco Reports Third Quarter 2024 Net Income of $12.9 Million; Skillful Application of Strong Fundamentals Produce Solid Results

    Source: GlobeNewswire (MIL-OSI)

    Executive Snapshot:

    • Average Loan portfolio continues to grow:
      • On average, total loans were up $127.0 million or 2.6% for the third quarter 2024 compared to the third quarter 2023
    • Continued solid financial results:
      • Key metrics for third quarter 2024:
        • Net income of $12.9 million versus $12.6 million for the second quarter 2024
        • Net interest income of $38.7 million, up from $37.8 million compared to the second quarter of 2024
        • Return on average equity (ROAE) of 7.74% versus 7.76% for the second quarter 2024
    • Capital continues to grow:
      • Consolidated equity to assets increased 6.2% to 10.95% as of September 30, 2024 from 10.31% as of September 30, 2023
      • Book value per share as of September 30, 2024 was $35.19, up from $34.46 compared to June 30, 2024

    GLENVILLE, N.Y., Oct. 21, 2024 (GLOBE NEWSWIRE) —

    TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced third quarter 2024 net income of $12.9 million or $0.68 diluted earnings per share, compared to net income of $14.7 million or $0.77 diluted earnings per share for the third quarter 2023; and net income of $37.6 million or $1.97 diluted earnings per share for the nine months ended September 30, 2024, compared to net income of $48.9 million or $2.57 diluted earnings per share for the nine months ended September 30, 2023. Average loans increased $127.0 million or 2.6% for the third quarter 2024 over the same period in 2023.   TrustCo was able to increase the balances of home equity lines of credit (HECLs) outstanding through an aggressive campaign to encourage existing customers to utilize their HECLs in place of the higher rates on other products.  The objective was to meet customer needs and encourage increased utilization through existing HECLs.

    Overview

    Chairman, President, and CEO, Robert J. McCormick said “Hard, consistent work on the fundamentals of banking once again have served the Trustco Bank team well and enabled us to post strong results under challenging circumstances. Our bankers posted one modest success after another – which accumulated into solid performance. We continued to hold the line on demand accounts and capitalized on strong customer relationships which enabled us to direct the flow into competitively-priced CDs, rather than to non-bank investment products. Not having to purchase expensive deposits or pay excessive rates, helped keep interest expense down, contributing to increased net interest income. We have continued to sell home equity products at favorable rates where origination of purchase mortgages lagged due to lack of sales volume. We booked these new loans at higher interest rates, also boosting net interest margin. Once again, loans reached a new all-time high. All of these efforts by our team resulted in net income of $12.9 million for the quarter.”

    Details

    Average loans were up $127.0 million or 2.6% in the third quarter 2024 over the same period in 2023. Average residential loans and home equity lines of credit, our primary lending focus, were up $50.4 million, or 1.2%, and $60.0 million, or 18.7%, respectively, in the third quarter 2024 over the same period in 2023. Average commercial loans also increased $18.1 million, or 6.9%, in the third quarter 2024 over the same period in 2023. Average deposits were up $15.3 million, or 0.3% for the third quarter 2024 over the same period in 2023. We believe the increase in time deposits compared to the prior year continues to reflect the desire of customers to have additional funds in the safety and security offered by TrustCo’s long history of conservative banking, while earning a competitive interest rate. As we move forward, the objective is to encourage customers to retain these additional funds in the expanded product offerings of Trustco Bank (the “Bank”) through aggressive marketing and product differentiation.

    Net interest income was $38.7 million for the third quarter 2024, an increase of $883 thousand, or 2.3%, compared to the prior quarter, driven by loan growth at higher interest rates and lower cost of deposits, partially offset by lower investment earnings and a decrease in interest on federal funds sold and other short-term investments. The net interest margin for the third quarter 2024 was 2.61%, up 8 basis points from 2.53% in the second quarter of 2024. The yield on interest earnings assets increased to 4.11%, up 5 basis points from 4.06% in the second quarter of 2024. The cost of interest bearing liabilities decreased to 1.94% in the third quarter 2024 from 1.97% in the second quarter 2024. The Bank has seen success in retaining deposits while lowering the rates on time deposits, and still being competitive in the markets it serves. The Federal Reserve’s decision regarding whether to cut or hold rates in upcoming meetings will have an effect on the Bank’s ability to continue to manage deposit costs. Further reductions should help margin expansion in future quarters. Non-interest expense decreased $259 thousand over the prior quarter as a result of the Bank’s ongoing efforts to control expenses.

    Asset quality remains strong and has been consistent over the past twelve months. The Company recorded a provision for credit losses of $500 thousand in the third quarter of 2024, which is the result of a provision for credit losses on loans of $400 thousand, and provision for credit losses on unfunded commitments of $100 thousand. The ratio of allowance for credit losses on loans to total loans was 0.99% and 0.95% as of September 30, 2024 and 2023, respectively. The allowance for credit losses on loans was $50.0 million at September 30, 2024, compared to $47.2 million at September 30, 2023. Nonperforming loans (NPLs) were $19.4 million at September 30, 2024, compared to $17.9 million at September 30, 2023. NPLs were 0.38% and 0.36% of total loans at September 30, 2024 and 2023, respectively. The coverage ratio, or allowance for credit losses on loans to NPLs, was 256.9% at September 30, 2024, compared to 264.2% at September 30, 2023. Nonperforming assets (NPAs) were $21.9 million at September 30, 2024, compared to $19.1 million at September 30, 2023.  

    At September 30, 2024, our equity to asset ratio was 10.95%, compared to 10.31% at September 30, 2023. Book value per share at September 30, 2024 was $35.19, up 7.3% compared to $32.80 a year earlier.

    A conference call to discuss third quarter 2024 results will be held at 9:00 a.m. Eastern Time on October 22, 2024. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 034120. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 285814.   The call will also be audio webcast at https://events.q4inc.com/attendee/854762065, and will be available for one year.

    About TrustCo Bank Corp NY

    TrustCo Bank Corp NY is a $6.1 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 138 offices in New York, New Jersey, Vermont, Massachusetts, and Florida at September 30, 2024.

    In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

    Forward-Looking Statements

    All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding the effects of the economic environment on our financial results, our ability to retain customers and the amount of customers’ business, including deposit balances, with us, the impact of the Federal Reserve’s actions regarding interest rates, and the growth of loans and deposits throughout our branch network. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

     
    TRUSTCO BANK CORP NY
    GLENVILLE, NY
             
    FINANCIAL HIGHLIGHTS
             
    (dollars in thousands, except per share data)
    (Unaudited)
        Three months ended        
        9/30/2024   6/30/2024   9/30/2023        
    Summary of operations                    
    Net interest income   $ 38,671     $ 37,788     $ 42,221              
    Provision for credit losses     500       500       100          
    Net gains on equity securities     23       1,360       –          
    Noninterest income, excluding net gains on equity securities     4,908       4,291       4,574          
    Noninterest expense     26,200       26,459       27,460          
    Net income     12,875       12,551       14,680          
                         
    Per share                    
    Net income per share:                    
    – Basic   $ 0.68     $ 0.66     $ 0.77          
    – Diluted     0.68       0.66       0.77          
    Cash dividends     0.36       0.36       0.36          
    Book value at period end     35.19       34.46       32.80              
    Market price at period end     33.07       28.77       27.29          
                         
    At period end                    
    Full time equivalent employees     735       753       764          
    Full service banking offices     138       138       143          
                         
    Performance ratios                    
    Return on average assets     0.84   %   0.82   %   0.96   %      
    Return on average equity     7.74       7.76       9.32          
    Efficiency ratio (1)     59.65       62.84       58.33          
    Net interest spread     2.17       2.09       2.55          
    Net interest margin     2.61       2.53       2.85          
    Dividend payout ratio     53.16       54.57       46.65              
                             
    Capital ratios at period end                        
    Consolidated equity to assets     10.95   %   10.73   %   10.31   %          
    Consolidated tangible equity to tangible assets (2)     10.94   %   10.72   %   10.30   %      
                         
    Asset quality analysis at period end                    
    Nonperforming loans to total loans     0.38   %   0.38   %   0.36   %      
    Nonperforming assets to total assets     0.36       0.35       0.31          
    Allowance for credit losses on loans to total loans     0.99       0.99       0.95          
    Coverage ratio (3)   2.6x   2.6x   2.6x        
                         
                         
    (1) Non-GAAP measure; calculated as noninterest expense (excluding ORE expense) divided by taxable equivalent net interest income plus noninterest income (excluding net gains on equity securities).
    See Non-GAAP Financial Measures Reconciliation.
    (2) Non-GAAP measure; calculated as total shareholders’ equity less $553 of intangible assets divided by total assets less $553 of intangible assets. See Non-GAAP Financial Measures Reconciliation.
    (3) Calculated as allowance for credit losses on loans divided by total nonperforming loans.
                         
                         
    FINANCIAL HIGHLIGHTS, Continued
               
    (dollars in thousands, except per share data)
    (Unaudited)
        Nine Months Ended            
        09/30/24   09/30/23            
    Summary of operations                    
    Net interest income $   113,037       133,238              
    Provision (Credit) for credit losses     1,600       (100 )            
    Net gains on equity securities     1,383       –              
    Noninterest income, excluding net gains on equity securities     14,042       13,841              
    Noninterest expense     77,562       82,466              
    Net income     37,552       48,798              
                         
    Per share                    
    Net income per share:                    
    – Basic $   1.97       2.57              
    – Diluted     1.97       2.57              
    Cash dividends     1.08       1.08              
    Book value at period end     35.19       32.80              
    Market price at period end     33.07       27.29              
                         
    Performance ratios                    
    Return on average assets     0.82   %   1.08              
    Return on average equity     7.68       10.57                  
    Efficiency ratio (1)     60.80       55.70                  
    Net interest spread     2.08       2.78                  
    Net interest margin     2.52       3.01            
    Dividend payout ratio     54.70       42.11                  
                             
    (1) Non-GAAP measure; calculated as noninterest expense (excluding ORE expense) divided by taxable equivalent net interest income plus noninterest income (excluding net gains on equity securities).
    See Non-GAAP Financial Measures Reconciliation.
                         
                         
    CONSOLIDATED STATEMENTS OF INCOME
                         
    (dollars in thousands, except per share data)
    (Unaudited)
        Three months ended
        9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Interest and dividend income:                    
    Interest and fees on loans   $ 52,112     $ 50,660     $ 49,804     $ 49,201     $ 47,921  
    Interest and dividends on securities available for sale:                    
    U. S. government sponsored enterprises     718       909       906       750       672  
    State and political subdivisions     –       1       –       1       –  
    Mortgage-backed securities and collateralized mortgage                    
    obligations – residential     1,397       1,451       1,494       1,533       1,485  
    Corporate bonds     361       362       476       477       473  
    Small Business Administration – guaranteed                    
    participation securities     90       94       100       102       107  
    Other securities     2       2       3       3       2  
    Total interest and dividends on securities available for sale     2,568       2,819       2,979       2,866       2,739  
                         
    Interest on held to maturity securities:                    
    Mortgage-backed securities and collateralized mortgage                    
    obligations – residential     62       65       68       70       73  
    Total interest on held to maturity securities     62       65       68       70       73  
                         
    Federal Home Loan Bank stock     153       147       152       149       131  
                         
    Interest on federal funds sold and other short-term investments     6,174       6,894       6,750       6,354       6,688  
    Total interest income     61,069       60,585       59,753       58,640       57,552  
                         
    Interest expense:                    
    Interest on deposits:                    
    Interest-bearing checking     311       288       240       165       102  
    Savings     770       675       712       707       639  
    Money market deposit accounts     2,154       2,228       2,342       2,500       2,384  
    Time deposits     18,969       19,400       19,677       16,460       11,962  
    Interest on short-term borrowings     194       206       204       201       244  
    Total interest expense     22,398       22,797       23,175       20,033       15,331  
                         
    Net interest income     38,671       37,788       36,578       38,607       42,221  
                         
    Less: Provision for credit losses     500       500       600       1,350       100  
    Net interest income after provision for credit losses     38,171       37,288       35,978       37,257       42,121  
                         
    Noninterest income:                    
    Trustco Financial Services income     2,044       1,609       1,816       1,612       1,627  
    Fees for services to customers     2,482       2,399       2,745       2,563       2,590  
    Net gains on equity securities     23       1,360       –       –       –  
    Other     382       283       282       299       357  
    Total noninterest income     4,931       5,651       4,843       4,474       4,574  
                         
    Noninterest expenses:                    
    Salaries and employee benefits     12,134       12,520       11,427       12,444       12,393  
    Net occupancy expense     4,271       4,375       4,611       4,209       4,358  
    Equipment expense     1,757       1,990       1,738       1,852       1,923  
    Professional services     1,863       1,570       1,460       1,561       1,717  
    Outsourced services     2,551       2,755       2,501       2,532       2,720  
    Advertising expense     339       466       408       384       586  
    FDIC and other insurance     1,112       797       1,094       1,085       1,078  
    Other real estate expense (income), net     204       16       74       (12 )     163  
    Other     1,969       1,970       1,590       4,776       2,522  
    Total noninterest expenses     26,200       26,459       24,903       28,831       27,460  
                         
    Income before taxes     16,902       16,480       15,918       12,900       19,235  
    Income taxes     4,027       3,929       3,792       3,052       4,555  
                         
    Net income   $ 12,875     $ 12,551     $ 12,126     $ 9,848     $ 14,680  
                         
    Net income per common share:                    
    – Basic   $ 0.68     $ 0.66     $ 0.64     $ 0.52     $ 0.77  
                         
    – Diluted     0.68       0.66       0.64       0.52       0.77  
                         
    Average basic shares (in thousands)     19,010       19,022       19,024       19,024       19,024  
    Average diluted shares (in thousands)     19,036       19,033       19,032       19,026       19,024  
                         
                         
                         
    CONSOLIDATED STATEMENTS OF INCOME, Continued
               
    (dollars in thousands, except per share data)
    (Unaudited)
        Nine Months Ended            
        09/30/24   09/30/23            
    Interest and dividend income:                        
    Interest and fees on loans $   152,576       138,255                  
    Interest and dividends on securities available for sale:                        
    U. S. government sponsored enterprises     2,533       2,055                  
    State and political subdivisions     1       1                  
    Mortgage-backed securities and collateralized mortgage                        
    obligations – residential     4,342       4,613                  
    Corporate bonds     1,199       1,510                  
    Small Business Administration – guaranteed                        
    participation securities     284       335                  
    Other securities     7       7                  
    Total interest and dividends on securities available for sale     8,366       8,521                  
                         
    Interest on held to maturity securities:                    
    Mortgage-backed securities-residential     195       226                  
    Total interest on held to maturity securities     195       226                  
                         
    Federal Home Loan Bank stock     452       351                  
                         
    Interest on federal funds sold and other short-term investments     19,818       20,213                  
    Total interest income     181,407       167,566                  
                         
    Interest expense:                    
    Interest on deposits:                    
    Interest-bearing checking     839       217                  
    Savings     2,157       1,824                  
    Money market deposit accounts     6,724       4,954                  
    Time deposits     58,046       26,525                  
    Interest on short-term borrowings     604       808                  
    Total interest expense     68,370       34,328                  
                         
    Net interest income     113,037       133,238                  
                         
    Less: Provision (Credit) for credit losses     1,600       (100 )                
    Net interest income after provision (credit) for credit losses     111,437       133,338                  
                         
    Noninterest income:                    
    Trustco Financial Services income     5,469       4,813                  
    Fees for services to customers     7,626       8,085                  
    Net gains on equity securities     1,383       –                  
    Other     947       943                  
    Total noninterest income     15,425       13,841                  
                         
    Noninterest expenses:                    
    Salaries and employee benefits     36,081       38,798                  
    Net occupancy expense     13,257       13,218                  
    Equipment expense     5,485       5,758                  
    Professional services     4,893       4,684                  
    Outsourced services     7,807       7,507                  
    Advertising expense     1,213       1,494                  
    FDIC and other insurance     3,003       3,215                  
    Other real estate expense, net     294       536                  
    Other     5,529       7,256                  
    Total noninterest expenses     77,562       82,466                  
                         
    Income before taxes     49,300       64,713                  
    Income taxes     11,748       15,915                  
                         
    Net income $   37,552       48,798                      
                             
    Net income per common share:                    
    – Basic $   1.97       2.57              
                         
    – Diluted     1.97       2.57              
                         
    Average basic shares (in thousands)     19,019       19,024              
    Average diluted shares (in thousands)     19,034       19,024              
                         
                         
                         
                         
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
     
    (dollars in thousands)
    (Unaudited)
        9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    ASSETS:                    
                         
    Cash and due from banks   $ 49,659     $ 42,193     $ 44,868     $ 49,274     $ 45,940  
    Federal funds sold and other short term investments     473,306       493,920       564,815       528,730       461,321  
    Total cash and cash equivalents     522,965       536,113       609,683       578,004       507,261  
                       
    Securities available for sale:                  
    U. S. government sponsored enterprises     90,588       106,796       128,854       118,668       121,474  
    States and political subdivisions     26       26       26       26       34  
    Mortgage-backed securities and collateralized mortgage                  
    obligations – residential     222,841       218,311       227,078       237,677       233,719  
    Small Business Administration – guaranteed                    
    participation securities     15,171       15,592       16,260       17,186       17,316  
    Corporate bonds     54,327       53,764       53,341       78,052       76,935  
    Other securities     701       688       682       680       657  
    Total securities available for sale     383,654       395,177       426,241       452,289       450,135  
                         
    Held to maturity securities:                    
    Mortgage-backed securities and collateralized mortgage                    
    obligations-residential     5,636       5,921       6,206       6,458       6,724  
    Total held to maturity securities     5,636       5,921       6,206       6,458       6,724  
                         
    Federal Reserve Bank and Federal Home Loan Bank stock     6,507       6,507       6,203       6,203       6,203  
                       
    Loans:                  
    Commercial     280,261       282,441       279,092       273,515       268,642  
    Residential mortgage loans     4,382,674       4,370,640       4,354,369       4,365,063       4,343,006  
    Home equity line of credit     393,418       370,063       355,879       347,415       332,028  
    Installment loans     14,503       15,168       16,166       16,886       16,605  
    Loans, net of deferred net costs     5,070,856       5,038,312       5,005,506       5,002,879       4,960,281  
                       
    Less: Allowance for credit losses on loans     49,950       49,772       49,220       48,578       47,226  
    Net loans     5,020,906       4,988,540       4,956,286       4,954,301       4,913,055  
                         
    Bank premises and equipment, net     33,324       33,466       33,423       34,007       32,135  
    Operating lease right-of-use assets     37,958       38,376       39,647       40,542       41,475  
    Other assets     98,730       102,544       101,881       96,387       97,310  
                       
    Total assets   $ 6,109,680     $ 6,106,644     $ 6,179,570     $ 6,168,191     $ 6,054,298  
                       
    LIABILITIES:                  
    Deposits:                  
    Demand   $ 753,878     $ 745,227     $ 742,997     $ 754,532     $ 773,293  
    Interest-bearing checking     988,527       1,029,606       1,020,136       1,015,213       1,033,898  
    Savings accounts     1,092,038       1,144,427       1,155,517       1,179,241       1,235,658  
    Money market deposit accounts     477,113       517,445       532,611       565,767       610,012  
    Time deposits     1,952,635       1,840,262       1,903,908       1,836,024       1,581,504  
    Total deposits     5,264,191       5,276,967       5,355,169       5,350,777       5,234,365  
                       
    Short-term borrowings     91,450       89,720       94,374       88,990       103,110  
    Operating lease liabilities     41,469       42,026       43,438       44,471       45,418  
    Accrued expenses and other liabilities     43,549       42,763       37,399       38,668       47,479  
                       
    Total liabilities     5,440,659       5,451,476       5,530,380       5,522,906       5,430,372  
                       
    SHAREHOLDERS’ EQUITY:                  
    Capital stock     20,058       20,058       20,058       20,058       20,058  
    Surplus     257,644       257,490       257,335       257,181       257,078  
    Undivided profits     442,079       436,048       430,346       425,069       422,082  
    Accumulated other comprehensive loss, net of tax     (6,600 )     (14,268 )     (14,763 )     (13,237 )     (31,506 )
    Treasury stock at cost     (44,160 )     (44,160 )     (43,786 )     (43,786 )     (43,786 )
                       
    Total shareholders’ equity     669,021       655,168       649,190       645,285       623,926  
                         
    Total liabilities and shareholders’ equity   $ 6,109,680     $ 6,106,644     $ 6,179,570     $ 6,168,191     $ 6,054,298  
                         
    Outstanding shares (in thousands)     19,010       19,010       19,024       19,024       19,024  
                         
     
    NONPERFORMING ASSETS
                 
    (dollars in thousands)
    (Unaudited)
        9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
    Nonperforming Assets            
                 
    New York and other states*            
    Loans in nonaccrual status:            
    Commercial   $ 466   $ 741   $ 532   $ 536   $ 540  
    Real estate mortgage – 1 to 4 family     15,320     14,992     14,359     14,375     14,633  
    Installment     163     131     149     151     93  
    Total non-accrual loans     15,949     15,864     15,040     15,062     15,266  
    Other nonperforming real estate mortgages – 1 to 4 family     –     –     –     3     5  
    Total nonperforming loans     15,949     15,864     15,040     15,065     15,271  
    Other real estate owned     2,503     2,334     2,334     194     1,185  
    Total nonperforming assets   $ 18,452   $ 18,198   $ 17,374   $ 15,259   $ 16,456  
                 
    Florida            
    Loans in nonaccrual status:            
    Commercial   $ 314   $ 314   $ 314   $ 314   $ 314  
    Real estate mortgage – 1 to 4 family     3,176     2,985     2,921     2,272     2,228  
    Installment     5     22     –     15     65  
    Total non-accrual loans     3,495     3,321     3,235     2,601     2,607  
    Other nonperforming real estate mortgages – 1 to 4 family     –     –     –     –     –  
    Total nonperforming loans     3,495     3,321     3,235     2,601     2,607  
    Other real estate owned     –     –     –     –     –  
    Total nonperforming assets   $ 3,495   $ 3,321   $ 3,235   $ 2,601   $ 2,607  
                 
    Total            
    Loans in nonaccrual status:            
    Commercial   $ 780   $ 1,055   $ 846   $ 850   $ 854  
    Real estate mortgage – 1 to 4 family     18,496     17,977     17,280     16,647     16,861  
    Installment     168     153     149     166     158  
    Total non-accrual loans     19,444     19,185     18,275     17,663     17,873  
    Other nonperforming real estate mortgages – 1 to 4 family     –     –     –     3     5  
    Total nonperforming loans     19,444     19,185     18,275     17,666     17,878  
    Other real estate owned     2,503     2,334     2,334     194     1,185  
    Total nonperforming assets   $ 21,947   $ 21,519   $ 20,609   $ 17,860   $ 19,063  
                 
                 
    Quarterly Net (Recoveries) Chargeoffs            
                 
    New York and other states*            
    Commercial   $ 65   $ –   $ –   $ –   $ –  
    Real estate mortgage – 1 to 4 family     104     (74 )   (78 )   219     (26 )
    Installment     11     (2 )   36     23     14  
    Total net (recoveries) chargeoffs   $ 180   $ (76 ) $ (42 ) $ 242   $ (12 )
                 
    Florida            
    Commercial   $ –   $ –   $ –   $ –   $ –  
    Real estate mortgage – 1 to 4 family     –     17     –     –     –  
    Installment     42     7     –     6     –  
    Total net (recoveries) chargeoffs   $ 42   $ 24   $ –   $ 6   $ –  
                 
    Total            
    Commercial   $ 65   $ –   $ –   $ –   $ –  
    Real estate mortgage – 1 to 4 family     104     (57 )   (78 )   219     (26 )
    Installment     53     5     36     29     14  
    Total net (recoveries) chargeoffs   $ 222   $ (52 ) $ (42 ) $ 248   $ (12 )
                 
                 
    Asset Quality Ratios            
                 
    Total nonperforming loans (1)   $ 19,444   $ 19,185   $ 18,275   $ 17,666   $ 17,878  
    Total nonperforming assets (1)     21,947     21,519     20,609     17,860     19,063  
    Total net (recoveries) chargeoffs (2)     222     (52 )   (42 )   248     (12 )
                 
    Allowance for credit losses on loans (1)     49,950     49,772     49,220     48,578     47,226  
                 
    Nonperforming loans to total loans     0.38 %   0.38 %   0.37 %   0.35 %   0.36 %
    Nonperforming assets to total assets     0.36 %   0.35 %   0.33 %   0.29 %   0.31 %
    Allowance for credit losses on loans to total loans     0.99 %   0.99 %   0.98 %   0.97 %   0.95 %
    Coverage ratio (1)     256.9 %   259.4 %   269.3 %   275.0 %   264.2 %
    Annualized net (recoveries) chargeoffs to average loans (2)     0.02 %   0.00 %   0.00 %   0.02 %   0.00 %
    Allowance for credit losses on loans to annualized net chargeoffs (2)   56.3x N/A N/A 49.0x N/A
     
    * Includes New York, New Jersey, Vermont and Massachusetts.
    (1) At period-end
    (2) For the three-month period ended
                 
     
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL
     
    (dollars in thousands)                        
    (Unaudited)   Three months ended     Three months ended  
        September 30, 2024     September 30, 2023  
        Average   Interest Average     Average   Interest Average  
        Balance     Rate     Balance     Rate  
    Assets                        
                             
    Securities available for sale:                        
    U. S. government sponsored enterprises   $ 95,073     $ 718 3.02 %   $ 119,406     $ 672 2.25 %
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     241,792       1,397 2.29       269,535       1,485 2.19  
    State and political subdivisions     26       – 6.75       34       – 6.74  
    Corporate bonds     55,041       361 2.63       80,331       473 2.36  
    Small Business Administration – guaranteed                        
    participation securities     16,663       90 2.15       19,801       107 2.15  
    Other     701       2 1.14       686       2 1.17  
                             
    Total securities available for sale     409,296       2,568 2.51       489,793       2,739 2.24  
                             
    Federal funds sold and other short-term Investments     465,922       6,174 5.27       494,597       6,688 5.37  
                             
    Held to maturity securities:                        
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     5,779       62 4.29       6,877       73 4.22  
                             
    Total held to maturity securities     5,779       62 4.29       6,877       73 4.22  
                             
    Federal Home Loan Bank stock     6,507       153 9.41       6,203       131 8.45  
                             
    Commercial loans     279,199       3,807 5.45       261,061       3,398 5.21  
    Residential mortgage loans     4,375,641       41,811 3.82       4,325,219       39,321 3.64  
    Home equity lines of credit     380,422       6,245 6.53       320,446       4,946 6.12  
    Installment loans     14,443       249 6.87       15,959       256 6.37  
                             
    Loans, net of unearned income     5,049,705       52,112 4.12       4,922,685       47,921 3.89  
                             
    Total interest earning assets     5,937,209     $ 61,069 4.11       5,920,155     $ 57,552 3.88  
                             
    Allowance for credit losses on loans     (49,973 )             (47,077 )        
    Cash & non-interest earning assets     187,166               172,523          
                             
                             
    Total assets   $ 6,074,402             $ 6,045,601          
                             
                             
    Liabilities and shareholders’ equity                        
                             
    Deposits:                        
    Interest bearing checking accounts   $ 1,000,333     $ 311 0.12 %   $ 1,050,313     $ 102 0.04 %
    Money market accounts     499,408       2,154 1.72       625,031       2,384 1.51  
    Savings     1,122,673       770 0.27       1,282,641       639 0.20  
    Time deposits     1,880,021       18,969 4.01       1,494,402       11,962 3.18  
                             
    Total interest bearing deposits     4,502,435       22,204 1.96       4,452,387       15,087 1.34  
    Short-term borrowings     87,677       194 0.88       110,018       244 0.88  
                             
    Total interest bearing liabilities     4,590,112     $ 22,398 1.94       4,562,405     $ 15,331 1.33  
                             
    Demand deposits     742,164               776,885          
    Other liabilities     80,502               81,411          
    Shareholders’ equity     661,624               624,900          
                             
    Total liabilities and shareholders’ equity   $ 6,074,402             $ 6,045,601          
                             
    Net interest income, GAAP and non-GAAP tax equivalent (1)       $ 38,671           $ 42,221    
                             
    Net interest spread, GAAP and non-GAAP tax equivalent (1)         2.17 %         2.55 %
                             
                             
    Net interest margin (net interest income to                        
    total interest earning assets), GAAP and non-GAAP tax equivalent (1)       2.61 %         2.85 %
                             
    Tax equivalent adjustment (1)         –             –    
                             
                             
    Net interest income       $ 38,671           $ 42,221    
                             
    (1) Tax equivalent adjustment to a measure results in a non-GAAP financial measure. See Non-GAAP Financial Measures Reconciliation.
                             
                             
                             
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL, Continued
                             
    (dollars in thousands)                        
    (Unaudited)   Nine Months Ended     Nine Months Ended  
        September 30, 2024     September 30, 2023  
        Average   Interest Average     Average   Interest Average  
        Balance     Rate     Balance     Rate  
    Assets                        
                             
    Securities available for sale:                        
    U. S. government sponsored enterprises $   111,570       2,533 3.03 % $   120,243       2,055 2.28 %
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     250,343       4,342 2.31       278,252       4,613 2.21  
    State and political subdivisions     26       1 6.80       34       1 6.74  
    Corporate bonds     61,221       1,199 2.61       83,732       1,510 2.41  
    Small Business Administration – guaranteed                        
    participation securities     17,438       284 2.17       20,876       335 2.14  
    Other     697       7 1.34       686       7 1.02  
                             
    Total securities available for sale     441,295       8,366 2.53       503,823       8,521 1.69  
                             
    Federal funds sold and other short-term Investments     489,934       19,818 5.40       540,570       20,213 5.00  
                             
    Held to maturity securities:                        
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     6,053       195 4.29       7,205       226 4.18  
                             
    Total held to maturity securities     6,053       195 4.29       7,205       226 4.18  
                             
    Federal Home Loan Bank stock     6,350       452 9.49       5,957       351 5.89  
                             
    Commercial loans     278,981       11,232 5.37       249,738       9,716 5.19  
    Residential mortgage loans     4,364,821       123,046 3.76       4,269,494       114,227 3.57  
    Home equity lines of credit     365,932       17,522 6.40       305,075       13,598 5.96  
    Installment loans     15,319       776 6.76       15,015       714 6.35  
                             
    Loans, net of unearned income     5,025,053       152,576 4.05       4,839,322       138,255 3.81  
                             
    Total interest earning assets     5,968,685       181,407 4.05       5,896,877       167,566 3.79  
                             
    Allowance for credit losses on loans     (49,419 )             (46,812 )        
    Cash & non-interest earning assets     187,963               173,521          
                             
                             
    Total assets $   6,107,229           $   6,023,586          
                             
                             
    Liabilities and shareholders’ equity                        
                             
    Deposits:                        
    Interest bearing checking accounts $   999,839       839 0.11 % $   1,088,859       217 0.03 %
    Money market accounts     522,636       6,724 1.72       613,119       4,954 1.08  
    Savings     1,142,313       2,157 0.25       1,363,052       1,824 0.18  
    Time deposits     1,881,027       58,046 4.12       1,343,762       26,525 2.64  
                             
    Total interest bearing deposits     4,545,815       67,766 1.99       4,408,792       33,520 1.02  
    Short-term borrowings     91,551       604 0.88       121,911       808 0.89  
                             
    Total interest bearing liabilities     4,637,366       68,370 1.97       4,530,703       34,328 1.01  
                             
    Demand deposits     734,604               793,890          
    Other liabilities     82,233               81,771          
    Shareholders’ equity     653,026               617,224          
                             
    Total liabilities and shareholders’ equity $   6,107,229           $   6,023,588          
                             
    Net interest income, GAAP and non-GAAP tax equivalent (1)         113,037             133,238    
                             
    Net interest spread, GAAP and non-GAAP tax equivalent (1)         2.08 %         2.78 %
                             
                             
    Net interest margin (net interest income to                        
    total interest earning assets), GAAP and non-GAAP tax equivalent (1)       2.52 %         3.01 %
                             
    Tax equivalent adjustment (1)         –             –    
                             
                             
    Net interest income         113,037             133,238    
                             
    (1) Tax equivalent adjustment to a measure results in a non-GAAP financial measure. See Non-GAAP Financial Measures Reconciliation.
                             

    Non-GAAP Financial Measures Reconciliation

    Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets.

    Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

    Net interest income is commonly presented on a taxable equivalent basis. That is, to the extent that some component of the institution’s net interest income will be exempt from taxation (e.g., was received by the institution as a result of its holdings of state or municipal obligations), an amount equal to the tax benefit derived from that component is added back to the net interest income total. Management considers this adjustment helpful to investors in comparing one financial institution’s net interest income (pre- tax) to that of another institution, as each will have a different proportion of tax-exempt items in their portfolios. Moreover, net interest income is itself a component of another financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average interest earning assets. Additionally, management and many financial institutions also present net interest spread, which is the average yield on interest earning assets minus the average rate paid on interest bearing liabilities. For purposes of these measures as well, taxable equivalent net interest income is generally used by financial institutions, again to provide investors with a better basis of comparison from institution to institution. We calculate taxable equivalent net interest margin by dividing net interest income, adjusted to include the benefit of non-taxable interest income, by average interest earning assets. We calculate taxable equivalent net interest spread as the difference between average yield on interest earning assets, adjusted to include the benefit of non-taxable interest income, and the average rate paid on interest bearing liabilities.

    The efficiency ratio is a non-GAAP measure of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income (fully taxable equivalent) and total noninterest income as determined under GAAP, excluding net gains on equity securities. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

    We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below. We have not presented a reconciliation of taxable equivalent net interest income, taxable equivalent net interest margin or taxable equivalent net interest spread to the most directly comparable GAAP measure, as there was no difference between the taxable equivalent measure and comparable GAAP measure for any period presented in this release.

     
    NON-GAAP FINANCIAL MEASURES RECONCILIATION
                   
    (dollars in thousands)              
    (Unaudited)              
        9/30/2024 6/30/2024 9/30/2023      
    Tangible Book Value Per Share              
                   
    Equity (GAAP)   $ 669,021   $ 655,168   $ 623,926        
    Less: Intangible assets     553     553     553        
    Tangible equity (Non-GAAP)   $ 668,468   $ 654,615   $ 623,373        
                   
    Shares outstanding     19,010     19,010     19,024        
    Tangible book value per share     35.16     34.44     32.77        
    Book value per share     35.19     34.46     32.80        
                   
    Tangible Equity to Tangible Assets              
    Total Assets (GAAP)   $ 6,109,680   $ 6,106,644   $ 6,054,298        
    Less: Intangible assets     553     553     553        
    Tangible assets (Non-GAAP)   $ 6,109,127   $ 6,106,091   $ 6,053,745        
                   
    Tangible Equity to Tangible Assets (Non-GAAP)     10.94 %   10.72 %   10.30 %      
    Equity to Assets (GAAP)     10.95 %   10.73 %   10.31 %      
                   
        Three months ended   Nine Months Ended
    Efficiency Ratio   9/30/2024 6/30/2024 9/30/2023   9/30/2024 9/30/2023
                   
    Net interest income (GAAP)   $ 38,671   $ 37,788   $ 42,221     $ 113,037   $ 133,238  
    Taxable equivalent adjustment     –     –     –       –     –  
    Net interest income (fully taxable equivalent) (Non-GAAP)     38,671     37,788     42,221       113,037     133,238  
    Non-interest income (GAAP)     4,931     5,651     4,574       15,425     13,841  
    Less: Net gains on equity securities     23     1,360     –       1,383     –  
    Revenue used for efficiency ratio (Non-GAAP)   $ 43,579   $ 42,079   $ 46,795     $ 127,079   $ 147,079  
                   
    Total noninterest expense (GAAP)   $ 26,200   $ 26,459   $ 27,460     $ 77,562   $ 82,466  
    Less: Other real estate expense, net     204     16     163       294     536  
    Expense used for efficiency ratio (Non-GAAP)   $ 25,996   $ 26,443   $ 27,297     $ 77,268   $ 81,930  
                   
    Efficiency Ratio     59.65 %   62.84 %   58.33 %     60.80 %   55.70 %
                   
       
    Subsidiary: Trustco Bank
       
    Contact: Robert Leonard
    Executive Vice President
    (518) 381-3693

    The MIL Network –

  • MIL-OSI: RBB Bancorp Reports Third Quarter 2024 Earnings and Declares Quarterly Cash Dividend of $0.16 Per Common Share

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Oct. 21, 2024 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as “the Company,” announced financial results for the quarter ended September 30, 2024.

    Third Quarter 2024 Highlights

    • Net income totaled $7.0 million, or $ 0.39 diluted earnings per share
    • Return on average assets of 0.72%, compared to 0.76% for the quarter ended June 30, 2024
    • Net interest margin of 2.68% compared to 2.67% for the quarter ended June 30, 2024
    • Repurchased 508,275 shares of common stock for $11.0 million during the quarter ended September 30, 2024, and completed the authorized program
    • Book value and tangible book value per share(1) increased to $28.81 and $24.64 at September 30, 2024, up from $28.12 and $24.06 at June 30, 2024

    The Company reported net income of $7.0 million, or $ 0.39 diluted earnings per share, for the quarter ended September 30, 2024, compared to net income of $7.2 million, or $ 0.39 diluted earnings per share, for the quarter ended June 30, 2024. 

    “Loans increased at a 6% annualized rate in the third quarter as our work to expand lending and deposit relationships began to deliver results,” said David Morris, Chief Executive Officer of RBB Bancorp. “Net interest margin increased slightly, and we are optimistic that it will continue to expand from here.  We continue to work through our non-performing loans and believe we will be able to resolve the majority of them by mid-2025.”

    “The team has done an excellent job building on the Bank’s reputation as one of the premier Asian-centric financial institutions,” said Christina Kao, Chair of the Board of Directors. “Returning the Bank to growth has been a priority for the Board of Directors as we believe it will enhance long-term shareholder value.”

    (1) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

    Net Interest Income and Net Interest Margin

    Net interest income was $24.5 million for the third quarter of 2024, compared to $24.0 million for the second quarter of 2024. The $580,000 increase was due to an increase in interest income of $1.5 million offset by an increase in interest expense of $959,000. The increase in interest income was due mostly to higher interest income on loans held for investment (“HFI”) of $2.0 million, partially offset by lower interest income on investment securities of $504,000. The increase in loan interest income was mostly due to higher average loans HFI of $54.4 million combined with a 9 basis point increase in the HFI loan yield. The decrease in investment income was attributed to lower average balances and a lower portfolio yield as proceeds from maturing short-term commercial paper were invested into loans and interest-earning cash. The increase in interest expense was due to higher average interest-bearing deposits of $42.3 million in the third quarter of 2024.

    Net interest margin (“NIM”) was 2.68% for the third quarter of 2024, an increase of 1 basis point from 2.67% for the second quarter of 2024. The increase was due to a 5 basis point increase in the yield on average interest-earning assets, partially offset by a 3 basis point increase in the overall cost of funds. The yield on average interest-earning assets increased to 5.94% for the third quarter of 2024 from 5.89% for the second quarter of 2024 due mainly to a 9 basis point increase in the yield on average loans HFI to 6.13% for the third quarter of 2024. The increase in the loan yield was largely attributed to nonaccrual loan activity in the current and prior quarter, including both the recapture of interest income for fully paid off nonaccrual loans and reversals of interest income for loans migrating to nonaccrual status. Such activity increased the third quarter loan yield by 1 basis point and decreased the second quarter loan yield by 7 basis points. Average loans represented 84% of average interest-earning assets in the third quarter of 2024, unchanged from the second quarter of 2024.

    The overall cost of funds increased to 3.57% in the third quarter of 2024 from 3.54% in the second quarter of 2024 due to a higher average cost of interest-bearing deposits in the third quarter of 2024 as compared to the second quarter of 2024. The overall funding mix remained relatively unchanged from the second quarter of 2024 as the ratio of average noninterest-bearing deposits to average total funding sources remained relatively unchanged at 16% for the third and second quarters of 2024. The all-in spot rate for total deposits was 3.53% at September 30, 2024.

    Provision for Credit Losses

    The Company recorded a provision for credit losses of $3.3 million for the third quarter of 2024 compared to $557,000 for the second quarter of 2024. The third quarter provision took into consideration factors including changes in the loan portfolio mix, higher specific reserves, the outlook for economic conditions and market interest rates, and credit quality metrics, including higher nonperforming, special mention and substandard loans at the end of the third quarter of 2024 as compared to the end of the second quarter of 2024.

    Noninterest Income

    Noninterest income for the third quarter of 2024 was $5.7 million, an increase of $2.3 million from $3.5 million for the second quarter of 2024. This increase was mostly due to a $2.8 million recovery of a fully charged off loan, which had been acquired in a bank acquisition (included in other income), partially offset by lower net gain on other real estate owned (“OREO”) of $292,000. 

    Noninterest Expense

    Noninterest expense for the third quarter of 2024 was $17.4 million, an increase of $297,000 from $17.1 million for the second quarter of 2024. This increase was due to higher salaries and employee benefits expense of $475,000 due in part to higher loan production and higher other expenses of $304,000 due to higher loan related expense. These increases were partially offset by lower insurance and regulatory assessments of $323,000 and lower legal and professional expenses of $302,000, the latter being due to reimbursed legal costs from nonaccrual loan payoffs. The annualized noninterest expenses to average assets ratio was 1.78% for the third quarter of 2024, down from 1.79% for the second quarter of 2024. The efficiency ratio was 57.51% for the third quarter of 2024, down from 62.38% for the second quarter of 2024 due mostly to higher noninterest income.

    Income Taxes

    The effective tax rate was 26.9% for the third quarter of 2024 and 25.9% for the second quarter of 2024. The effective tax rate for 2024 is estimated to range between 26.0% and 28.0%.

    Balance Sheet

    At September 30, 2024, total assets were $4.0 billion, a $122.3 million increase compared to June 30, 2024, and a $78.9 million decrease compared to September 30, 2023.

    Loan and Securities Portfolio

    Loans HFI totaled $3.1 billion as of September 30, 2024, an increase of $44.2 million compared to June 30, 2024 and a $29.1 million decrease compared to September 30, 2023. The increase from June 30, 2024 was primarily due to a $62.5 million increase in commercial real estate (“CRE”) loans, a $5.6 million increase in single-family residential (“SFR”) mortgages and a $2.2 million increase in commercial and industrial (“C&I”) loans, partially offset by a $22.3 million decrease in construction and land development (“C&D”) loans and a $2.2 million decrease in Small Business Administration (“SBA”) loans. The loan to deposit ratio was 98.6% at September 30, 2024, compared to 99.4% at June 30, 2024 and 97.6% at September 30, 2023. 

    As of September 30, 2024, available-for-sale securities totaled $305.7 million, a decrease of $19.9 million from June 30, 2024. As of September 30, 2024, net unrealized losses totaled $23.2 million, a $6.9 million decrease due to decreases in market interest rates, when compared to net unrealized losses as of June 30, 2024.

    Deposits

    Total deposits were $3.1 billion as of September 30, 2024, a $68.6 million increase compared to June 30, 2024 and a $61.9 million decrease compared to September 30, 2023. The increase during the third quarter of 2024 was due to an increase in interest-bearing deposits, while noninterest-bearing deposits remained relatively stable at $543.6 million as of September 30, 2024 compared to $543.0 million as of June 30, 2024. The increase in interest-bearing deposits included an increase in time deposits of $49.6 million and an increase in non-maturity deposits of $18.3 million. The increase in time deposits included a $26.6 million increase in wholesale deposits (brokered deposits, collateralized State of California certificates of deposit and deposits acquired through internet listing services). Wholesale deposits totaled $147.3 million at September 30, 2024, and $120.7 million at June 30, 2024. Noninterest-bearing deposits represented 17.6% of total deposits at September 30, 2024 compared to 18.0% at June 30, 2024.

    Credit Quality

    Nonperforming assets totaled $60.7 million, or 1.52% of total assets, at September 30, 2024, compared to $54.6 million, or 1.41% of total assets, at June 30, 2024. The $6.1 million increase in nonperforming assets was mostly due to two loans that migrated to nonaccrual totaling $13.3 million and consisted of a C&D loan and a CRE loan, offset by $6.1 million in payoffs with no losses and $1.2 million in partial charge-offs of nonaccrual loans.

    Special mention loans totaled $77.5 million, or 2.51% of total loans, at September 30, 2024, compared to $19.5 million, or 0.64% of total loans, at June 30, 2024. The $58.0 million increase was primarily due to one $43.6 million C&D loan for a completed hotel construction project, CRE loans totaling $25.2 million and C&I loans totaling $1.2 million. The increase was partially offset by one $11.7 million C&D loan, which migrated from special mention to substandard during the third quarter of 2024. All special mention loans, including the $11.7 million C&D loan which migrated to substandard rating, are all paying current.

    Substandard loans totaled $79.8 million, or 2.58% of total loans, at September 30, 2024, compared to $63.1 million, or 2.07% of total loans, at June 30, 2024. The $16.8 million increase was primarily due to downgrades of two C&D loans totaling $21.7 million and one $3.3 million CRE loan, offset by loan payoffs of $6.7 million and charge-offs of $1.2 million. Of the substandard loans at September 30, 2024, there are  $19.2 million which are paying current.

    30-89 day delinquent loans, excluding nonperforming loans, decreased $645,000 to $10.6 million as of September 30, 2024, compared to $11.3 million as of June 30, 2024. The decrease in past due loans was mostly due to 12 loans totaling $4.7 million that returned to current status and other decreases totaling $784,000, partially offset by new delinquent loans totaling $4.9 million, of which $4.1 million were 30 days past due.

    As of September 30, 2024, the allowance for credit losses totaled $44.5 million and was comprised of an allowance for loan losses of $43.7 million and a reserve for unfunded commitments of $779,000 (included in “Accrued interest and other liabilities”). This compares to the allowance for credit losses of $42.4 million comprised of an allowance for loan losses of $41.7 million and a reserve for unfunded commitments of $624,000 at June 30, 2024. The $2.1 million increase in the allowance for credit losses for the third quarter of 2024 was due to a $3.3 million provision for credit losses, including higher specific reserves of $2.5 million, offset by net charge-offs of $1.2 million. The increase in specific reserves and charge-offs in the third quarter of 2024 was primarily due to a decrease in the estimated fair value of collateral dependent loans, including estimated selling costs. Charge-offs in the third quarter of 2024 were related to one C&D loan and one CRE loan, which were written-down to their estimated fair value. The allowance for loan losses as a percentage of loans HFI was 1.41% at September 30, 2024, compared to 1.37% at June 30, 2024. The allowance for loan losses as a percentage of nonperforming loans was 72% at September 30, 2024, a decrease from 76% at June 30, 2024. The decrease in the allowance for loan losses as a percentage of nonperforming loans was due in part to an increase in individually evaluated loans, which required no allowance for loan losses.

        For the Three Months Ended
    September 30, 2024    		     For the Nine Months Ended
    September 30, 2024    		  
    (dollars in thousands)   Allowance for loan losses     Reserve for unfunded loan commitments     Allowance for credit losses     Allowance for loan losses     Reserve for unfunded loan commitments     Allowance for credit losses  
    Beginning balance   $ 41,741     $ 624     $ 42,365     $ 41,903     $ 640     $ 42,543  
    Provision for credit losses     3,145       155       3,300       3,718       139       3,857  
    Less loans charged-off     (1,210 )     —       (1,210 )     (1,991 )     —       (1,991 )
    Recoveries on loans charged-off     9       —       9       55       —       55  
    Ending balance   $ 43,685     $ 779     $ 44,464     $ 43,685     $ 779     $ 44,464  


    Shareholders’ Equity

    At September 30, 2024, total shareholders’ equity was $509.7 million, a $1.6 million decrease compared to June 30, 2024, and a $7.2 million increase compared to September 30, 2023. The decrease in shareholders’ equity for the third quarter of 2024 was due to common stock repurchases of $11.0 million and common stock cash dividends paid of $2.9 million, offset by net income of $7.0 million, lower net unrealized loss on available-for-sale securities of $4.8 million and equity compensation activity of $528,000. Book value per share and tangible book value per share(1) increased to $28.81 and $24.64 at September 30, 2024, up from $28.12 and $24.06 at June 30, 2024.

    On February 29, 2024, the Board of Directors authorized the repurchase of up to 1,000,000 shares of common stock. The repurchase program permitted shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Securities and Exchange Commission (“SEC”) Rules 10b5-1 and 10b-8. The Company repurchased 508,275 shares at a weighted average share price of $21.53 during the third quarter of 2024 and completed the authorized program.

    Dividend Announcement

    The Board of Directors has declared a common stock cash dividend of $0.16 per common share, payable on November 12, 2024 to shareholders of record on October 31, 2024.

      Contact:
    Lynn Hopkins, Chief Financial Officer
      (213) 716-8066
      lhopkins@rbbusa.com

    (1) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.


    Corporate Overview

    RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of September 30, 2024, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

    Conference Call

    Management will hold a conference call at 11:00 a.m. Pacific time/2:00 p.m. Eastern time on Tuesday, October 22, 2024, to discuss the Company’s third quarter 2024 financial results.

    To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, the Participant ID code is 392446, conference ID RBBQ324. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 51366, approximately one hour after the conclusion of the call and will remain available through November 5, 2024.

    The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at http://www.royalbusinessbankusa.com and click on the “Investors” tab to access the call from the site. This webcast will be recorded and available for replay on our website approximately two hours after the conclusion of the conference call.

    Disclosure

    This press release contains certain non-GAAP financial disclosures for tangible common equity and tangible assets and adjusted earnings. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

    Safe Harbor

    Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; our ability to attract and retain deposits and access other sources of liquidity; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants;  fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires; or other adverse external events could harm our business; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; adverse results in legal proceedings; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system; the impact of future or recent changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters, including Accounting Standards Update 2016-13 (Topic 326, “Measurement of Current Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses Model, which changed how we estimate credit losses and may further increase the required level of our allowance for credit losses in future periods; market disruption and volatility; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; issuances of preferred stock; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2023, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)

    		  
        September 30,     June 30,     March 31,     December 31,     September 30,  
        2024     2024     2024     2023     2023  
    Assets                                        
    Cash and due from banks   $ 26,388     $ 23,313     $ 21,887     $ 22,671     $ 23,809  
    Interest-earning deposits with financial institutions     323,002       229,456       247,356       408,702       306,982  
    Cash and Cash Equivalents     349,390       252,769       269,243       431,373       330,791  
    Interest-earning time deposits with financial institutions     600       600       600       600       600  
    Investment securities available for sale     305,666       325,582       335,194       318,961       354,378  
    Investment securities held to maturity     5,195       5,200       5,204       5,209       5,214  
    Mortgage loans held for sale     812       3,146       3,903       1,911       62  
    Loans held for investment     3,091,896       3,047,712       3,027,361       3,031,861       3,120,952  
    Allowance for loan losses     (43,685 )     (41,741 )     (41,688 )     (41,903 )     (42,430 )
    Net loans held for investment     3,048,211       3,005,971       2,985,673       2,989,958       3,078,522  
    Premises and equipment, net     24,839       25,049       25,363       25,684       26,134  
    Federal Home Loan Bank (FHLB) stock     15,000       15,000       15,000       15,000       15,000  
    Cash surrender value of bank owned life insurance     59,889       59,486       59,101       58,719       58,346  
    Goodwill     71,498       71,498       71,498       71,498       71,498  
    Servicing assets     7,256       7,545       7,794       8,110       8,439  
    Core deposit intangibles     2,194       2,394       2,594       2,795       3,010  
    Right-of-use assets     29,283       30,530       31,231       29,803       29,949  
    Accrued interest and other assets     70,644       63,416       65,608       66,404       87,411  
    Total assets   $ 3,990,477     $ 3,868,186     $ 3,878,006     $ 4,026,025     $ 4,069,354  
    Liabilities and shareholders’ equity                                        
    Deposits:                                        
    Noninterest-bearing demand   $ 543,623     $ 542,971     $ 539,517     $ 539,621     $ 572,393  
    Savings, NOW and money market accounts     666,089       647,770       642,840       632,729       608,020  
    Time deposits, $250,000 and under     1,052,462       1,014,189       1,083,898       1,190,821       1,237,831  
    Time deposits, greater than $250,000     830,010       818,675       762,074       811,589       735,828  
    Total deposits     3,092,184       3,023,605       3,028,329       3,174,760       3,154,072  
    FHLB advances     200,000       150,000       150,000       150,000       150,000  
    Long-term debt, net of issuance costs     119,433       119,338       119,243       119,147       174,019  
    Subordinated debentures     15,102       15,047       14,993       14,938       14,884  
    Lease liabilities – operating leases     30,880       32,087       32,690       31,191       31,265  
    Accrued interest and other liabilities     23,150       16,818       18,765       24,729       42,603  
    Total liabilities     3,480,749       3,356,895       3,364,020       3,514,765       3,566,843  
    Shareholders’ equity:                                        
    Common Stock     259,280       266,160       271,645       271,925       277,462  
    Additional paid-in capital     3,520       3,456       3,348       3,623       3,579  
    Retained Earnings     262,946       262,518       259,903       255,152       247,159  
    Non-controlling interest     72       72       72       72       72  
    Accumulated other comprehensive loss, net     (16,090 )     (20,915 )     (20,982 )     (19,512 )     (25,761 )
    Total shareholders’ equity     509,728       511,291       513,986       511,260       502,511  
    Total liabilities and shareholders’ equity   $ 3,990,477     $ 3,868,186     $ 3,878,006     $ 4,026,025     $ 4,069,354  
    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (In thousands, except share and per share data) 

    		  
        For the Three Months Ended     For the Nine Months Ended  
        September 30,
    2024    		     June 30,
    2024    		     September 30,
    2023    		     September 30,
    2024    		     September 30,
    2023    		  
    Interest and dividend income:                                        
    Interest and fees on loans   $ 47,326     $ 45,320     $ 47,617     $ 138,193     $ 148,369  
    Interest on interest-earning deposits     3,388       3,353       3,193       11,781       6,096  
    Interest on investment securities     3,127       3,631       4,211       10,369       10,321  
    Dividend income on FHLB stock     326       327       290       984       814  
    Interest on federal funds sold and other     258       255       252       779       716  
    Total interest and dividend income     54,425       52,886       55,563       162,106       166,316  
    Interest expense:                                        
    Interest on savings deposits, NOW and money market accounts     5,193       4,953       3,106       14,624       8,180  
    Interest on time deposits     22,553       21,850       21,849       67,725       54,424  
    Interest on long-term debt and subordinated debentures     1,681       1,679       2,579       5,039       7,668  
    Interest on other borrowed funds     453       439       440       1,331       2,428  
    Total interest expense     29,880       28,921       27,974       88,719       72,700  
    Net interest income before provision for credit losses     24,545       23,965       27,589       73,387       93,616  
    Provision for credit losses     3,300       557       1,399       3,857       3,793  
    Net interest income after provision for credit losses     21,245       23,408       26,190       69,530       89,823  
    Noninterest income:                                        
    Service charges and fees     1,071       1,064       1,057       3,127       3,200  
    Gain on sale of loans     447       451       212       1,210       258  
    Loan servicing fees, net of amortization     605       579       623       1,773       1,959  
    Increase in cash surrender value of life insurance     402       385       356       1,169       1,036  
    Gain on OREO     —       292       190       1,016       190  
    Other income     3,221       717       332       4,311       982  
    Total noninterest income     5,746       3,488       2,770       12,606       7,625  
    Noninterest expense:                                        
    Salaries and employee benefits     10,008       9,533       9,744       29,468       28,935  
    Occupancy and equipment expenses     2,518       2,439       2,414       7,400       7,242  
    Data processing     1,472       1,466       1,315       4,358       3,969  
    Legal and professional     958       1,260       1,022       3,098       6,907  
    Office expenses     348       352       437       1,056       1,163  
    Marketing and business promotion     252       189       340       613       892  
    Insurance and regulatory assessments     658       981       730       2,621       2,043  
    Core deposit premium     200       201       236       602       708  
    Other expenses     1,007       703       638       2,298       2,445  
    Total noninterest expense     17,421       17,124       16,876       51,514       54,304  
    Income before income taxes     9,570       9,772       12,084       30,622       43,144  
    Income tax expense     2,571       2,527       3,611       8,342       12,752  
    Net income   $ 6,999     $ 7,245     $ 8,473     $ 22,280     $ 30,392  
                                             
    Net income per share                                        
    Basic   $ 0.39     $ 0.39     $ 0.45     $ 1.22     $ 1.60  
    Diluted   $ 0.39     $ 0.39     $ 0.45     $ 1.22     $ 1.60  
    Cash Dividends declared per common share   $ 0.16     $ 0.16     $ 0.16     $ 0.48     $ 0.48  
    Weighted-average common shares outstanding                                        
    Basic     17,812,791       18,375,970       18,995,303       18,261,702       18,991,579  
    Diluted     17,885,359       18,406,897       18,997,304       18,313,086       19,013,838  
    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)    		  
        For the Three Months Ended  
        September 30, 2024     June 30, 2024     September 30, 2023  
    (tax-equivalent basis, dollars in thousands)   Average
    Balance    		     Interest
     & Fees    		     Yield /
    Rate    		     Average
    Balance    		     Interest
    & Fees    		     Yield /
    Rate    		     Average
    Balance    		     Interest
    & Fees    		     Yield /
    Rate    		  
    Interest-earning assets                                                                        
    Cash and cash equivalents(1)   $ 260,205     $ 3,646       5.57 %   $ 255,973     $ 3,608       5.67 %   $ 270,484     $ 3,445       5.05 %
    FHLB Stock     15,000       326       8.65 %     15,000       327       8.77 %     15,000       290       7.67 %
    Securities                                                                        
    Available for sale(2)     298,948       3,105       4.13 %     318,240       3,608       4.56 %     369,459       4,187       4.50 %
    Held to maturity(2)     5,198       46       3.52 %     5,203       46       3.56 %     5,385       48       3.54 %
    Mortgage loans held for sale     1,165       23       7.85 %     3,032       57       7.56 %     739       13       6.98 %
    Loans held for investment:(3)                                                                        
    Real estate     2,888,528       43,495       5.99 %     2,828,339       41,590       5.91 %     2,968,246       43,583       5.83 %
    Commercial     179,885       3,808       8.42 %     185,679       3,673       7.96 %     187,140       4,021       8.52 %
    Total loans held for investment     3,068,413       47,303       6.13 %     3,014,018       45,263       6.04 %     3,155,386       47,604       5.99 %
    Total interest-earning assets     3,648,929     $ 54,449       5.94 %     3,611,466     $ 52,909       5.89 %     3,816,453     $ 55,587       5.78 %
    Total noninterest-earning assets     242,059                       240,016                       250,083                  
    Total average assets   $ 3,890,988                     $ 3,851,482                     $ 4,066,536                  
                                                                             
    Interest-bearing liabilities                                                                        
    NOW     55,757       277       1.98 %   $ 56,081     $ 276       1.98 %   $ 55,325     $ 201       1.44 %
    Money Market     439,936       4,093       3.70 %     431,559       3,877       3.61 %     403,300       2,656       2.61 %
    Saving deposits     164,515       823       1.99 %     164,913       800       1.95 %     123,709       249       0.80 %
    Time deposits, $250,000 and under     1,037,365       12,312       4.72 %     1,049,666       12,360       4.74 %     1,285,320       14,090       4.35 %
    Time deposits, greater than $250,000     819,207       10,241       4.97 %     772,255       9,490       4.94 %     717,026       7,759       4.29 %
    Total interest-bearing deposits     2,516,780       27,746       4.39 %     2,474,474       26,803       4.36 %     2,584,680       24,955       3.83 %
    FHLB advances     150,543       453       1.20 %     150,000       439       1.18 %     150,000       440       1.16 %
    Long-term debt     119,370       1,295       4.32 %     119,275       1,296       4.37 %     173,923       2,194       5.00 %
    Subordinated debentures     15,066       386       10.19 %     15,011       383       10.26 %     14,848       385       10.29 %
    Total interest-bearing liabilities     2,801,759       29,880       4.24 %     2,758,760       28,921       4.22 %     2,923,451       27,974       3.80 %
    Noninterest-bearing liabilities                                                                        
    Noninterest-bearing deposits     528,081                       529,450                       571,371                  
    Other noninterest-bearing liabilities     52,428                       51,087                       67,282                  
    Total noninterest-bearing liabilities     580,509                       580,537                       638,653                  
    Shareholders’ equity     508,720                       512,185                       504,432                  
    Total liabilities and shareholders’ equity   $ 3,890,988                     $ 3,851,482                     $ 4,066,536                  
    Net interest income / interest rate spreads           $ 24,569       1.70 %           $ 23,988       1.67 %           $ 27,613       1.98 %
    Net interest margin                     2.68 %                     2.67 %                     2.87 %
                                                                             
    Total cost of deposits   $ 3,044,861     $ 27,746       3.63 %   $ 3,003,924     $ 26,803       3.59 %   $ 3,156,051     $ 24,955       3.14 %
    Total cost of funds   $ 3,329,840     $ 29,880       3.57 %   $ 3,288,210     $ 28,921       3.54 %   $ 3,494,822     $ 27,974       3.18 %

    _________________
    (1) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3) Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.

    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)    		  
        For the Nine Months Ended  
        September 30, 2024     September 30, 2023  
    (tax-equivalent basis, dollars in thousands)   Average
    Balance    		     Interest
    & Fees    		     Yield /
    Rate    		     Average
    Balance    		     Interest
    & Fees    		     Yield /
    Rate    		  
    Interest-earning assets                                                
    Cash and cash equivalents(1)   $ 293,597     $ 12,560       5.71 %   $ 177,393     $ 6,812       5.13 %
    FHLB Stock     15,000       984       8.76 %     15,000       814       7.26 %
    Securities                                                
    Available for sale(2)     312,352       10,302       4.41 %     332,007       10,245       4.13 %
    Held to maturity(2)     5,203       140       3.59 %     5,610       151       3.60 %
    Mortgage loans held for sale     1,802       105       7.78 %     295       16       7.25 %
    Loans held for investment:(3)                                                
    Real estate     2,851,625       126,852       5.94 %     3,041,393       134,791       5.93 %
    Commercial     181,716       11,236       8.26 %     214,618       13,562       8.45 %
    Total loans held for investment     3,033,341       138,088       6.08 %     3,256,011       148,353       6.09 %
    Total interest-earning assets     3,661,295     $ 162,179       5.92 %     3,786,316     $ 166,391       5.88 %
    Total noninterest-earning assets     242,802                       244,822                  
    Total average assets   $ 3,904,097                     $ 4,031,138                  
                                                     
    Interest-bearing liabilities                                                
    NOW   $ 56,924       851       2.00 %   $ 59,476     $ 511       1.15 %
    Money Market     427,884       11,496       3.59 %     431,299       7,315       2.27 %
    Saving deposits     162,207       2,277       1.88 %     118,550       354       0.40 %
    Time deposits, $250,000 and under     1,087,501       38,476       4.73 %     1,141,290       33,905       3.97 %
    Time deposits, greater than $250,000     792,310       29,249       4.93 %     729,699       20,519       3.76 %
    Total interest-bearing deposits     2,526,826       82,349       4.35 %     2,480,314       62,604       3.37 %
    FHLB advances     150,182       1,331       1.18 %     179,707       2,428       1.81 %
    Long-term debt     119,276       3,886       4.35 %     173,780       6,584       5.07 %
    Subordinated debentures     15,012       1,153       10.26 %     14,794       1,084       9.80 %
    Total interest-bearing liabilities     2,811,296       88,719       4.22 %     2,848,595       72,700       3.41 %
    Noninterest-bearing liabilities                                                
    Noninterest-bearing deposits     528,624                       624,781                  
    Other noninterest-bearing liabilities     52,955                       58,786                  
    Total noninterest-bearing liabilities     581,579                       683,567                  
    Shareholders’ equity     511,222                       498,976                  
    Total liabilities and shareholders’ equity   $ 3,904,097                     $ 4,031,138                  
    Net interest income / interest rate spreads           $ 73,460       1.70 %           $ 93,691       2.47 %
    Net interest margin                     2.68 %                     3.31 %
                                                     
    Total cost of deposits   $ 3,055,450     $ 82,349       3.60 %   $ 3,105,095     $ 62,604       2.70 %
    Total cost of funds   $ 3,339,920     $ 88,719       3.55 %   $ 3,473,376     $ 72,700       2.80 %

    _______________
    (1) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3) Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.

    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    		  
      At or for the Three Months Ended     At or for the Nine Months
    Ended September 30,    		  
      September 30,   June 30,     September 30,                  
        2024     2024     2023     2024     2023  
    Per share data (common stock)                                  
    Book value $ 28.81     $ 28.12     $ 26.45     $ 28.81     $ 26.45  
    Tangible book value(1) $ 24.64     $ 24.06     $ 22.53     $ 24.64     $ 22.53  
    Performance ratios                                  
    Return on average assets, annualized   0.72 %     0.76 %     0.83 %     0.76 %     1.01 %
    Return on average shareholders’ equity, annualized   5.47 %     5.69 %     6.66 %     5.82 %     8.14 %
    Return on average tangible common equity, annualized(1)   6.40 %     6.65 %     7.82 %     6.81 %     9.58 %
    Noninterest income to average assets, annualized   0.59 %     0.36 %     0.27 %     0.43 %     0.25 %
    Noninterest expense to average assets, annualized   1.78 %     1.79 %     1.65 %     1.76 %     1.80 %
    Yield on average earning assets   5.94 %     5.89 %     5.78 %     5.92 %     5.88 %
    Yield on average loans   6.13 %     6.04 %     5.99 %     6.08 %     6.09 %
    Cost of average total deposits(2)   3.63 %     3.59 %     3.14 %     3.60 %     2.70 %
    Cost of average interest-bearing deposits   4.39 %     4.36 %     3.83 %     4.35 %     3.37 %
    Cost of average interest-bearing liabilities   4.24 %     4.22 %     3.80 %     4.22 %     3.41 %
    Net interest spread   1.70 %     1.67 %     1.98 %     1.70 %     2.47 %
    Net interest margin   2.68 %     2.67 %     2.87 %     2.68 %     3.31 %
    Efficiency ratio(3)   57.51 %     62.38 %     55.59 %     59.90 %     53.64 %
    Common stock dividend payout ratio   41.03 %     41.03 %     35.56 %     39.34 %     30.00 %

    ____________________

    (1) Non-GAAP measure. See Non–GAAP reconciliations set forth at the end of this press release.
    (2) Total deposits include non-interest bearing deposits and interest-bearing deposits.
    (3) Ratio calculated by dividing noninterest expense by the sum of net interest income before provision for credit losses and noninterest income.

    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)    		  
        At or for the quarter ended  
        September 30,     June 30,     September 30,  
        2024     2024     2023  
    Credit Quality Data:                        
    Special mention loans   $ 77,501     $ 19,520     $ 31,212  
    Special mention loans to total loans     2.51 %     0.64 %     1.00 %
    Substandard loans   $ 79,831     $ 63,076     $ 71,401  
    Substandard loans to total loans     2.58 %     2.07 %     2.29 %
    Loans 30-89 days past due, excluding nonperforming loans   $ 10,625     $ 11,270     $ 19,662  
    Loans 30-89 days past due, excluding nonperforming loans, to total loans     0.34 %     0.37 %     0.63 %
    Nonperforming loans   $ 60,662     $ 54,589     $ 40,146  
    OREO     —       —       284  
    Nonperforming assets   $ 60,662     $ 54,589     $ 40,430  
    Nonperforming loans to total loans     1.96 %     1.79 %     1.29 %
    Nonperforming assets to total assets     1.52 %     1.41 %     0.99 %
                             
    Allowance for loan losses   $ 43,685     $ 41,741     $ 42,430  
    Allowance for loan losses to total loans     1.41 %     1.37 %     1.36 %
    Allowance for loan losses to nonperforming loans     72.01 %     76.46 %     105.69 %
    Net charge-offs   $ 1,201     $ 551     $ 2,206  
    Net charge-offs to average loans     0.16 %     0.07 %     0.28 %
                             
    Capital ratios(1)                        
    Tangible common equity to tangible assets(2)     11.13 %     11.53 %     10.71 %
    Tier 1 leverage ratio     12.19 %     12.48 %     11.68 %
    Tier 1 common capital to risk-weighted assets     18.16 %     18.89 %     17.65 %
    Tier 1 capital to risk-weighted assets     18.74 %     19.50 %     18.22 %
    Total capital to risk-weighted assets     24.79 %     25.67 %     26.24 %

    ______________
    (1) September 30, 2024 capital ratios are preliminary.
    (2) Non-GAAP measure. See Non-GAAP reconciliations set forth at the end of this press release.

    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)

    		  
    Loan Portfolio Detail   As of September 30, 2024   As of June 30, 2024     As of September 30, 2023  
    (dollars in thousands)   $   %   $       %   $       %
    Loans:                                          
    Commercial and industrial   $ 128,861   4.2 %   $ 126,649       4.2 %   $ 127,655       4.1 %
    SBA     48,089   1.6 %     50,323       1.7 %     50,420       1.6 %
    Construction and land development     180,196   5.8 %     202,459       6.6 %     259,778       8.3 %
    Commercial real estate (1)     1,252,682   40.5 %     1,190,207       39.1 %     1,164,210       37.3 %
    Single-family residential mortgages     1,473,396   47.7 %     1,467,802       48.2 %     1,505,307       48.2 %
    Other loans     8,672   0.2 %     10,272       0.2 %     13,582       0.5 %
    Total loans (2)   $ 3,091,896   100.0 %   $ 3,047,712       100.0 %   $ 3,120,952       100.0 %
    Allowance for loan losses     (43,685 )       (41,741 )             (42,430 )        
    Total loans, net   $ 3,048,211       $ 3,005,971             $ 3,078,522          

    _______________
    (1) Includes non-farm and non-residential loans, multi-family residential loans and non-owner occupied single family residential loans.
    (2) Net of discounts and deferred fees and costs of $467, $645, and $383 as of September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

    Deposits   As of September 30, 2024   As of June 30, 2024     As of September 30, 2023  
    (dollars in thousands)   $   %   $       %   $       %
    Deposits:                                          
    Noninterest-bearing demand   $ 543,623   17.6 %   $ 542,971       18.0 %   $ 572,393       18.1 %
    Savings, NOW and money market accounts     666,089   21.5 %     647,770       21.4 %     608,020       19.3 %
    Time deposits, $250,000 and under     926,877   30.0 %     921,712       30.5 %     848,868       26.9 %
    Time deposits, greater than $250,000     808,304   26.1 %     790,478       26.1 %     687,365       21.8 %
    Wholesale deposits(1)     147,291   4.8 %     120,674       4.0 %     437,426       13.9 %
    Total deposits   $ 3,092,184   100.0 %   $ 3,023,605       100.0 %   $ 3,154,072       100.0 %

    ___________________
    (1) Includes brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services.

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

    Tangible book value per share is a non-GAAP disclosure. Management measures tangible book value per share to assess the Company’s capital strength and business performance and believes this is helpful to investors as additional tools for further understanding our performance. The following is a reconciliation of tangible book value to the Company shareholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of September 30, 2024, June 30, 2024, and September 30, 2023.

                           
    (dollars in thousands, except share and per share data)   September 30,
    2024    		     June 30,
    2024    		     September 30,
    2023    		  
    Tangible common equity:                        
    Total shareholders’ equity   $ 509,728     $ 511,291     $ 502,511  
    Adjustments                        
    Goodwill     (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible     (2,194 )     (2,394 )     (3,010 )
    Tangible common equity   $ 436,036     $ 437,399     $ 428,003  
    Tangible assets:                        
    Total assets-GAAP   $ 3,990,477     $ 3,868,186     $ 4,069,354  
    Adjustments                        
    Goodwill     (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible     (2,194 )     (2,394 )     (3,010 )
    Tangible assets   $ 3,916,785     $ 3,794,294     $ 3,994,846  
    Common shares outstanding     17,693,416       18,182,154       18,995,303  
    Common equity to assets ratio     12.77 %     13.22 %     12.35 %
    Tangible common equity to tangible assets ratio     11.13 %     11.53 %     10.71 %
    Book value per share   $ 28.81     $ 28.12     $ 26.45  
    Tangible book value per share   $ 24.64     $ 24.06     $ 22.53  


    Return on Average Tangible Common Equity

    Management measures return on average tangible common equity (“ROATCE”) to assess the Company’s capital strength and business performance and believes this is helpful to investors as an additional tool for further understanding our performance. Tangible equity excludes goodwill and other intangible assets (excluding mortgage servicing rights), and is reviewed by banking and financial institution regulators when assessing a financial institution’s capital adequacy. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures used by other companies. The following table reconciles ROATCE to its most comparable GAAP measure:

        Three Months Ended     Nine Months Ended September 30,  
    (dollars in thousands)   September 30,
    2024    		     June 30,
    2024    		     September 30,
    2023    		     2024     2023  
    Net income available to common shareholders   $ 6,999     $ 7,245     $ 8,473     $ 22,280     $ 30,392  
    Average shareholders’ equity     508,720       512,185       504,432       511,222       498,976  
    Adjustments:                                        
    Average goodwill     (71,498 )     (71,498 )     (71,498 )     (71,498 )     (71,498 )
    Average core deposit intangible     (2,326 )     (2,525 )     (3,165 )     (2,525 )     (3,398 )
    Adjusted average tangible common equity   $ 434,896     $ 438,162     $ 429,769     $ 437,199     $ 424,080  
    Return on average common equity     5.47 %     5.69 %     6.66 %     5.82 %     8.14 %
    Return on average tangible common equity     6.40 %     6.65 %     7.82 %     6.81 %     9.58 %

    The MIL Network –

  • MIL-OSI: CNB Financial Corporation Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    CLEARFIELD, Pa., Oct. 21, 2024 (GLOBE NEWSWIRE) — CNB Financial Corporation (“Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three and nine months ended September 30, 2024.

    Executive Summary

    • Net income available to common shareholders (“earnings”) was $12.9 million, or $0.61 per diluted share, for the three months ended September 30, 2024, compared to earnings of $11.9 million, or $0.56 per diluted share, for the three months ended June 30, 2024. The quarterly increase was a result of increases in both net interest income and non-interest income, partially offset by an increase in non-interest expense, as discussed in more detail below. The increase in third quarter 2024 earnings and diluted earnings per share when compared to the quarter ended September 30, 2023 earnings of $12.7 million, or $0.60 per diluted share, was primarily due to the increase in non-interest income, partially offset by an increase in non-interest expense.
    • Earnings were $36.3 million, or $1.72 per diluted share, for the nine months ended September 30, 2024, compared to earnings of $40.8 million, or $1.94 per diluted share, for the nine months ended September 30, 2023. The decrease in earnings and diluted earnings per share comparing the nine months ended September 30, 2024 to the nine months ended September 30, 2023 was primarily due to the rise in deposit costs year over year.
    • At September 30, 2024, loans totaled $4.5 billion, excluding the balances of syndicated loans. This adjusted total of $4.5 billion in loans represented an increase of $96.7 million, or 2.18% (8.69% annualized), compared to the same adjusted total loans measured as of June 30, 2024, and an increase of $153.4 million, or 3.51%, compared to the same adjusted total loans measured as of September 30, 2023. The increase in loans for the quarter ended September 30, 2024 compared to the quarter ended June 30, 2024 was primarily driven by qualitative commercial and industrial growth in the Erie and Columbus markets and continued growth in new commercial customer relationships in the Corporation’s recent expansion market of Roanoke, coupled with growth in CNB’s Private Banking division with notable activity in the Roanoke market. The year over year growth in loans as of September 30, 2024 compared to loans as of September 30, 2023 resulted primarily from growth in the Corporation’s continued expansion into the newer markets of Cleveland and Roanoke, combined with growth in the Columbus and Erie markets and CNB Bank’s Private Banking division.
      • At September 30, 2024, the Corporation’s balance sheet reflected an increase in syndicated lending balances of $15.5 million compared to June 30, 2024. The increase in syndicated lending balances was the result of the Corporation managing the level of its syndicated portfolio by ensuring its historical discipline of seeking high credit quality loans with favorable yields. Year over year, the Corporation’s balance sheet reported a decrease in syndicated lending balances of $53.6 million compared to September 30, 2023, resulting from scheduled paydowns or early payoffs of certain syndicated loans. The syndicated loan portfolio totaled $69.5 million, or 1.51% of total loans, at September 30, 2024, compared to $53.9 million, or 1.20% of total loans, at June 30, 2024 and $123.1 million, or 2.74% of total loans, at September 30, 2023. As noted above, the Corporation is closely managing the level of its syndicated loan portfolio while it focuses more resources on organic loan growth from its in-market customer relationships.
    • At September 30, 2024, total deposits were $5.2 billion, reflecting an increase of $106.1 million, or 2.08% (8.26% annualized), from the previous quarter ended June 30, 2024, and an increase of $214.2 million, or 4.28%, compared to total deposits measured as of September 30, 2023. The increase in deposit balances compared to June 30, 2024 was primarily attributable to an increase in noninterest-bearing business deposits and retail saving deposits. Additional deposit and liquidity profile details were as follows:
      • During the quarter ended September 30, 2024, the Corporation repositioned $135.0 million of brokered deposits from savings to certificates of deposits. Additionally, $50.0 million of maturing brokered certificates of deposit were replaced with a similar offering. The repositioning and replacement totaling $185.0 million during the quarter and reduced the weighted average annual percentage yield (“APY”) from 5.70% to a locked-in APY of 4.37%, for maturity periods ranging from 12-14 months. This adjustment is expected to result in an estimated annual interest expense savings of $2.5 million for the Corporation. The mix of brokered deposits of 3.55% of total deposits at September 30, 2024, remained stable with the mix of 3.58% of total deposits at June 30, 2024.
      • At September 30, 2024, the total estimated uninsured deposits for CNB Bank were approximately $1.5 billion, or approximately 28.50% of total CNB Bank deposits. However, when excluding $103.1 million of affiliate company deposits and $462.7 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits was approximately $950.6 million, or approximately 17.87% of total CNB Bank deposits as of September 30, 2024.
        • The level of adjusted uninsured deposits at September 30, 2024 was relatively unchanged with the prior quarter end’s level. At June 30, 2024, the total estimated uninsured deposits for CNB Bank were approximately $1.5 billion, or approximately 29.00% of total CNB Bank deposits; however, when excluding $101.4 million of affiliate company deposits and $460.7 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits was approximately $949.8 million, or approximately 18.22% of total CNB Bank deposits as of June 30, 2024.
      • At September 30, 2024, the average deposit balance per account for CNB Bank was approximately $33 thousand, which generally remained consistent with the average deposit balance per account from recent quarters. CNB Bank had increases in the volume of business deposits, as well as retail customer household deposits, including those added after the 2023 launches of (i) CNB Bank’s “At Ease” account, a service for U.S. service member and veteran families, and (ii) CNB’s women-focused banking division, Impressia Bank.
      • At September 30, 2024, the Corporation had $282.0 million of cash equivalents held in CNB Bank’s interest-bearing deposit account at the Federal Reserve. These excess funds, when combined with collective contingent liquidity resources of $4.5 billion including (i) available borrowing capacity from the Federal Home Bank of Pittsburgh (“FHLB”) and the Federal Reserve, and (ii) available unused commitments from brokered deposit sources and other third-party funding channels, including previously established lines of credit from correspondent banks, resulted in the total on-hand and contingent liquidity sources for the Corporation as of September 30, 2024 to be approximately 5.0 times the estimated amount of adjusted uninsured deposit balances discussed above.
    • At September 30, 2024, June 30, 2024 and September 30, 2023, the Corporation had no outstanding short-term borrowings from the FHLB or the Federal Reserve’s Discount Window.
    • At September 30, 2024, the Corporation’s pre-tax net unrealized losses on available-for-sale and held-to-maturity securities totaled approximately $62.5 million, or 10.30% of total shareholders’ equity, compared to $84.1 million, or 14.33% of total shareholders’ equity, at June 30, 2024. The change in unrealized losses was primarily due to changes in the yield curve in the third quarter of 2024 compared to the second quarter of 2024, coupled with the Corporation’s scheduled bond maturities, which were all realized at par. Importantly, all regulatory capital ratios for the Corporation would still exceed regulatory “well-capitalized” levels as of both September 30, 2024 and June 30, 2024 if the net unrealized losses at the respective dates were fully recognized. Additionally, the Corporation maintained $102.0 million of liquid funds at its holding company, which more than covers the $62.5 million in unrealized losses on investments held primarily in its wholly-owned banking subsidiary, as an immediately available source of contingent capital to be down-streamed to CNB Bank, if necessary.
    • Total nonperforming assets were approximately $42.0 million, or 0.70% of total assets, as of September 30, 2024, compared to $36.5 million, or 0.62% of total assets, as of June 30, 2024, and $29.3 million, or 0.51% of total assets, as of September 30, 2023. The increase in nonperforming assets for the three months ended September 30, 2024 compared to the three months ended June 30, 2024 was primarily due to one commercial relationship (consisting of various loan types) totaling $7.9 million with a specific reserve balance of $2.2 million. Management does not believe there is risk of significant additional loss exposures beyond the specific reserves related to this loan relationship. The increase in non-performing assets at September 30, 2024 compared to September 30, 2023 was due to the loan relationship discussed above, as well as certain commercial and industrial relationships as previously disclosed in the fourth quarter of 2023 and second quarter of 2024, and a commercial real estate relationship as previously disclosed in the third quarter of 2023. For the three months ended September 30, 2024, net loan charge-offs were $1.2 million, or 0.11% (annualized) of average total loans and loans held for sale, compared to $2.8 million, or 0.25% (annualized) of average total loans and loans held for sale, during the three months ended June 30, 2024, and $732 thousand, or 0.06% (annualized) of average total loans and loans held for sale, during the three months ended September 30, 2023.
    • Pre-provision net revenue (“PPNR”), a non-GAAP measure, was $19.7 million for the three months ended September 30, 2024, compared to $18.6 million and $18.2 million for the three months ended June 30, 2024 and September 30, 2023, respectively.1 The third quarter 2024 PPNR, when compared to the second quarter of 2024, reflected improvements in net interest income and non-interest income, partially offset by higher non-interest expense. The increase in PPNR for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, was primarily attributable to the increase in non-interest income. PPNR was $55.0 million for the nine months ended September 30, 2024 compared to $59.4 million for the nine months ended September 30, 2023.1 The decrease in PPNR for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily attributable to the significant year-over-year increase in deposit costs, coupled with increases in certain personnel costs (primarily from new offices and personnel added in expansion markets), as well as additional technology expenses for recently completed full implementation of business development and customer relationship management applications.

    1 This release contains references to certain financial measures that are not defined under U.S. Generally Accepted Accounting Principles (“GAAP”). Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. A reconciliation of these non-GAAP financial measures is provided in the “Reconciliation of Non-GAAP Financial Measures” section.

    Michael Peduzzi, President and CEO of both the Corporation and CNB Bank, commented on the Corporation’s positive quarterly results, stating, “CNB’s performance for the third quarter of 2024 was much in alignment with themes in a time of year when so many sports are active. We continue to have a strong defense with our traditionally sound loan and investment underwriting, disciplined loan and deposit pricing, and solid risk management practices. This was complemented by a solid offensive push as we translated pipeline activity and qualified business leads into sound loan growth, and an expansion of the number of relationships and accounts in our deposit base, all leading to notable increases in revenues. Further, thanks to effective “special team” efforts by our Finance team, we closely monitored market conditions and took advantage of an opportunity to realize substantial interest expense savings by repositioning a large portion of wholesale funding sources.

    The Corporation’s team across our entire footprint continues to be focused on controlling staffing levels and overhead cost management, while expanding the use of the Corporation’s previous investments in key sales and customer experience technologies. Our playbook for implementing our overall strategy remains the same – to maintain a team of motivated and engaged employees delivering products and services to achieve mutually beneficial and sustainable success for our clients and investors.”

    Other Balance Sheet Highlights

    • Book value per common share was $26.13 at September 30, 2024, reflecting an increase from $25.19 at June 30, 2024 and $23.52 at September 30, 2023. Tangible book value per common share, a non-GAAP measure, was $24.03 as of September 30, 2024, reflecting an increase of $0.94, or 16.20% (annualized) from $23.09 as of June 30, 2024 and a year-over-year increase of $2.63, or 12.29%, from $21.40 as of September 30, 2023.1 The increases in book value per common share and tangible book value per common share compared to June 30, 2024 were primarily due to a $9.1 million increase in retained earnings and a $10.1 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the past three months. The increases in book value per common share and tangible book value per common share compared to September 30, 2023 were primarily due to (i) a $34.4 million increase in retained earnings over the twelve months ended September 30, 2024, (ii) the Corporation’s repurchase of 23,988 common shares at a weighted average price of $18.38 in the second quarter of 2024, and (iii) a $21.2 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the past twelve months.

    Loan Portfolio Profile

    • As part of our lending policy and risk management activities, the Corporation tracks lending exposure by industry classification and type to determine potential risks associated with industry concentrations, and if any concentration risk issues could lead to additional credit loss exposure. In the current post-pandemic and relatively inflationary economic environment, the Corporation has continued to evaluate its exposure to the office, hospitality, and multifamily industries within its commercial real estate portfolio. Even given the Corporation’s historically sound underwriting protocols and high credit quality ratings for borrowers in the commercial real estate industry segments, the Corporation monitors numerous relevant sensitivity elements, including occupancy, loan-to-value, absorption and cap rates, debt service coverage and covenant compliance, and developer/lessor financial strength both in the project and globally. At September 30, 2024, the Corporation had the following key metrics related to its office, hospitality and multifamily portfolios:
    • Commercial office loans:
      • There were 114 outstanding loans, totaling $117.0 million, or 2.55%, of the Corporation loans outstanding;
      • There were no nonaccrual commercial office loans at September 30, 2024;
      • There was one past due commercial office loan that totaled $214 thousand, or 0.18% of total commercial office loans outstanding at September 30, 2024; and
      • The average outstanding balance per commercial office loan was $1.0 million.
    • Commercial hospitality loans:
      • There were 173 outstanding loans, totaling $320.6 million, or 6.98%, of total Corporation loans outstanding;
      • There were no nonaccrual commercial hospitality loans at September 30, 2024;
      • There were no past due commercial hospitality loans at September 30, 2024; and
      • The average outstanding balance per commercial hospitality loan was $1.9 million.
    • Commercial multifamily loans:
      • There were 225 outstanding loans, totaling $349.1 million, or 7.60%, of total Corporation loans outstanding;
      • There was one nonaccrual commercial multifamily loan that totaled $268 thousand, or 0.08% of total multifamily loans outstanding. The one customer relationship did not have a related specific loss reserve at September 30, 2024
      • There were two past due commercial office loans that totaled $760 thousand, or 0.22% of total commercial multifamily loans outstanding at September 30, 2024; and
      • The average outstanding balance per commercial multifamily loan was $1.6 million.

    The Corporation had no commercial office, hospitality or multifamily loan relationships considered by the banking regulators to be a high volatility commercial real estate credit (“HVCRE”).

    Performance Ratios

    • Annualized return on average equity was 9.28% for the three months ended September 30, 2024, compared to 8.94% and 9.80% for the three months ended June 30, 2024 and September 30, 2023, respectively. Annualized return on average equity was 9.01% for the nine months ended September 30, 2024 compared to 10.74% for the nine months ended September 30, 2023.
    • Annualized return on average tangible common equity, a non-GAAP measure, was 10.33% for the three months ended September 30, 2024, compared to 9.93% and 11.07% for the three months ended June 30, 2024 and September 30, 2023, respectively.1 Annualized return on average tangible common equity, a non-GAAP measure, was 10.01% for the nine months ended September 30, 2024 compared to 12.23% for the nine months ended September 30, 2023.1
    • The Corporation’s efficiency ratio was 66.34% for the three months ended September 30, 2024, compared to 65.94% and 67.00% for the three months ended June 30, 2024 and September 30, 2023, respectively. The efficiency ratio on a fully tax-equivalent basis, a non-GAAP measure, was 65.58% for the three months ended September 30, 2024, compared to 65.20% and 66.26% for the three months ended June 30, 2024 and September 30, 2023, respectively.1 The increase for the three months ended September 30, 2024 compared to the three months ended June 30, 2024 was primarily the result of an increase in incentive compensation related accruals which are based on various components of the Corporation’s financial performance for the year.
    • The Corporation’s efficiency ratio was 67.10% for the nine months ended September 30, 2024, compared to 64.26% for the nine months ended September 30, 2023. The efficiency ratio on a fully tax-equivalent basis, a non-GAAP ratio, was 66.34% for the nine months ended September 30, 2024, compared to 63.60% the nine months ended September 30, 2023.1

    Revenue

    • Total revenue (net interest income plus non-interest income) was $58.5 million for the three months ended September 30, 2024, compared to $54.6 million and $55.1 million for the three months ended June 30, 2024 and September 30, 2023, respectively.
      • Net interest income was $47.5 million for the three months ended September 30, 2024, compared to $45.7 million and $47.2 million, for the three months ended June 30, 2024 and September 30, 2023, respectively. When comparing the third quarter of 2024 to the second quarter of 2024, the difference in net interest income of $1.8 million, or 3.87% (15.39% annualized), reflected the increase in total loans outstanding quarter over quarter, partially offset by targeted interest-bearing deposit rate increases to ensure both deposit relationship retention and new deposit growth in the Corporation’s markets.
      • Net interest margin was 3.43%, 3.36% and 3.55% for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively. Net interest margin on a fully tax-equivalent basis, a non-GAAP measure, was 3.42%, 3.34% and 3.53% for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.1 
        • The yield on earning assets of 5.98% for the three months ended September 30, 2024 increased 9 basis points from June 30, 2024 and increased 35 basis points from September 30, 2023. The increases in yield compared to June 30, 2024 and September 30, 2023 were attributable to the net benefit of higher interest rates on both variable-rate loans and new loan production.
        • The cost of interest-bearing liabilities of 3.21% for the three months ended September 30, 2024 increased 4 basis points from June 30, 2024 and 55 basis points from September 30, 2023 primarily as a result of the Corporation’s targeted interest-bearing deposit rate increases for deposit retention and growth initiatives given the competitive environment resulting from the numerous Federal Reserve rate hikes since the first quarter of 2022.
    • Total revenue was $167.2 million for the nine months ended September 30, 2024 compared to $166.3 million for the nine months ended September 30, 2023.
      • Net interest income was $138.4 million for the nine months ended September 30, 2024 compared to $142.1 million for the nine months ended September 30, 2023. When comparing the nine months ended September 30, 2024 to the nine months ended September 30, 2023, the decrease in net interest income of $3.7 million, or 2.61% (3.49% annualized), was due to loan growth and the benefits of the impact of higher interest rates resulting in greater income on variable-rate loans, coupled with a higher average balance of interest-bearing deposits with the Federal Reserve, being more than offset by an increase in the Corporation’s interest expense as a result of targeted interest-bearing deposit rate increases to ensure both deposit growth and retention.
      • Net interest margin was 3.40% and 3.66% for the nine months ended September 30, 2024 and 2023, respectively. Net interest margin on a fully tax-equivalent basis, a non-GAAP measure, was 3.38% and 3.64% for the nine months ended September 30, 2024 and 2023, respectively.1 
        • The yield on earning assets of 5.89% for the nine months ended September 30, 2024 increased 41 basis points from September 30, 2023. The increase in yield compared to September 30, 2023 was attributable to the net benefit of higher interest rates on both variable-rate loans and new loan production.
        • The cost of interest-bearing liabilities of 3.14% for the nine months ended September 30, 2024 increased 80 basis points from September 30, 2023 primarily as a result of the Corporation’s targeted interest-bearing deposit rate increases for deposit retention and growth initiatives given the competitive environment resulting from the numerous Federal Reserve rate hikes since the first quarter of 2022. The Federal Reserve rate decrease announced in mid-September 2024, being only effective for a short period of time in the quarter, had no significant impact on the Corporation’s third quarter results.
    • Total non-interest income was $11.0 million for the three months ended September 30, 2024 compared to $8.9 million and $7.9 million for the three months ended June 30, 2024 and September 30, 2023, respectively. During the three months ended September 30, 2024, notable changes compared to the three months ended June 30, 2024 included increases in net realized and unrealized gains on equity securities and higher pass-through income from small business investment companies (“SBICs”). The increase in third quarter 2024 noninterest income compared to the three months ended September 30, 2023 was primarily due to higher pass-through income from SBICs and net realized and unrealized gains on equity securities.
    • Total non-interest income was $28.8 million for the nine months ended September 30, 2024 compared to $24.2 million for the nine months ended September 30, 2023. This increase was primarily due to higher pass-through income from SBICs coupled with an increase in net realized and unrealized gains on equity securities.

    Non-Interest Expense

    • For the three months ended September 30, 2024 total non-interest expense was $38.8 million, compared to $36.0 million and $36.9 million for the three months ended June 30, 2024 and September 30, 2023, respectively. The increase of $2.8 million, or 7.77%, from the three months ended June 30, 2024 was primarily a result of an increase in salaries and benefits, card processing and interchange expenses, and other non-interest expenses. The increase in salaries and benefits resulted primarily from an increase in incentive compensation accruals, which are based on various components of the Corporation’s financial performance for the year, coupled with the timing of profit-sharing accruals. The increase in card processing and interchange expenses related primarily to corporate cardholder rewards program accrual, while the increase in other non-interest expenses was primarily driven by the timing of expenditures and business generation related expenses. The increase in non-interest expense compared to the three months ended September 30, 2023 was primarily attributable to higher salaries and benefits driven by costs for personnel added for new offices in expansion markets, an increase in personnel costs related to annual merit increases, increases in health insurance costs, and contractual renewal increases in the Corporation’s investments in technology applications.
    • For the nine months ended September 30, 2024 total non-interest expense was $112.2 million, compared to $106.9 million for the nine months ended September 30, 2023. The increase of $5.3 million, or 4.96%, from the nine months ended September 30, 2023 was primarily a result of an increase in salaries and benefits and technology expenses, partially offset by a decrease in card processing and interchange expenses. The increase in salaries and benefits was driven by an increase in personnel costs related to annual merit increases and growth in the Corporation’s staff and new offices in its expansion markets, while the increase in technology was primarily due to year-over-year investments in technology applications aimed at enhancing both customer online banking capabilities, customer call center communications, and in-branch technology delivery channels. The decrease in card processing and interchange expenses related to the changes made by the Corporation to its cardholder rewards program.

    Income Taxes

    • Income tax expense for the three months ended September 30, 2024 was $3.3 million, representing a 19.31% effective tax rate, compared to $3.0 million, representing an 19.03% effective tax rate, for the three months ended June 30, 2024 and $3.4 million, representing a 19.86% effective tax rate, for the three months ended September 30, 2023. Income tax expense for the nine months ended September 30, 2024 was $9.2 million, representing an 18.92% effective tax rate compared to $10.6 million, representing a 19.47% effective tax rate, for the nine months ended September 30, 2023.

    Asset Quality

    • Total nonperforming assets were approximately $42.0 million, or 0.70% of total assets, as of September 30, 2024, compared to $36.5 million, or 0.62% of total assets, as of June 30, 2024, and $29.3 million, or 0.51% of total assets, as of September 30, 2023, as discussed above.
    • The allowance for credit losses measured as a percentage of total loans was 1.02% as of September 30, 2024 compared to 1.02% as of both June 30, 2024 and September 30, 2023. In addition, the allowance for credit losses as a percentage of nonaccrual loans was 117.03% as of September 30, 2024, compared to 130.88% and 169.34% as of June 30, 2024 and September 30, 2023, respectively. The change in the allowance for credit losses as a percentage of nonaccrual loans was primarily attributable to the levels of nonperforming assets, as discussed above.
    • The provision for credit losses was $2.4 million for the three months ended September 30, 2024, compared to $2.6 million and $1.1 million for the three months ended June 30, 2024 and September 30, 2023, respectively. The $1.3 million increase in the provision expense for the third quarter of 2024 compared to the third quarter of 2023 was primarily a result of higher loan portfolio growth and increased net loan charge-offs in the third quarter of 2024 compared to the third quarter of 2023.
    • For the three months ended September 30, 2024, net loan charge-offs were $1.2 million, or 0.11% (annualized) of average total loans and loans held for sale, compared to $2.8 million, or 0.25% (annualized) of average total loans and loans held for sale, during the three months ended June 30, 2024, and $732 thousand, or 0.06% (annualized) of average total loans and loans held for sale, during the three months ended September 30, 2023.
    • For the nine months ended September 30, 2024, net loan charge-offs were $5.4 million, or 0.16% (annualized) of average total loans and loans held for sale, compared to $2.2 million, or 0.07% (annualized) of average total loans and loans held for sale, during the nine months ended September 30, 2023, with most of the larger year-to-date charge-offs being as previously disclosed occurring in the first and second quarter of 2024.

    Capital

    • As of September 30, 2024, the Corporation’s total shareholders’ equity was $606.4 million, representing an increase of $19.7 million, or 3.35% (13.33% annualized), from June 30, 2024 and an increase of $57.2 million, or 10.41%, from September 30, 2023 primarily due to an increase in the Corporation’s retained earnings (net income, partially offset by the common and preferred stock dividends paid) and a decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the past twelve months. The additions to shareholders equity from retained earnings were partially offset by the Corporation’s repurchase of its common stock, as discussed above.
    • Regulatory capital ratios for the Corporation continue to exceed regulatory “well-capitalized” levels as of September 30, 2024, consistent with prior periods.
    • As of September 30, 2024, the Corporation’s ratio of common shareholders’ equity to total assets was 9.12% compared to 8.99% at June 30, 2024 and 8.57% at September 30, 2023. As of September 30, 2024, the Corporation’s ratio of tangible common equity to tangible assets, a non-GAAP measure, was 8.45% compared to 8.30% at June 30, 2024 and 7.86% at September 30, 2023. The increases compared to June 30, 2024 and September 30, 2023 were primarily the result of an increase in retained earnings coupled with a decrease in accumulated other comprehensive loss, as discussed above.1

    About CNB Financial Corporation

    CNB Financial Corporation is a financial holding company with consolidated assets of approximately $6.0 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, two loan production offices, one drive-up office, one mobile office, and 54 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank, headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania, serves as the multi-brand parent to various divisions. These divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in Northwest Pennsylvania and Northeast Ohio; FCBank, based in Worthington, Ohio, with offices in Central Ohio; BankOnBuffalo, based in Buffalo, New York, with offices in Western New York; Ridge View Bank, based in Roanoke, Virginia, with offices in the Southwest Virginia region; and Impressia Bank, a division focused on banking opportunities for women, which operates in CNB Bank’s primary market areas. Additional information about CNB Financial Corporation may be found at http://www.CNBBank.bank.

    Forward-Looking Statements

    This press release includes 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 Corporation’s financial condition, liquidity, results of operations, future performance and business. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Corporation’s control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” The Corporation’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Such known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry; (ii) changes in interest rates; the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs; (iv) effectiveness of our data security controls in the face of cyber attacks and any reputational risks following a cybersecurity incident; (v) changes in general business, industry or economic conditions or competition; (vi) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (vii) higher than expected costs or other difficulties related to integration of combined or merged businesses; (viii) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (ix) changes in the quality or composition of our loan and investment portfolios; (x) adequacy of loan loss reserves; (xi) increased competition; (xii) loss of certain key officers; (xiii) deposit attrition; (xiv) rapidly changing technology; (xv) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xvi) changes in the cost of funds, demand for loan products or demand for financial services; and (xvii) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices. Such developments could have an adverse impact on the Corporation’s financial position and results of operations. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of and the forward-looking statement disclaimers in the Corporation’s annual and quarterly reports filed with the Securities and Exchange Commission.

    The forward-looking statements are based upon management’s beliefs and assumptions and are made as of the date of this press release. Factors or events that could cause the Corporation’s actual results to differ may emerge from time to time, and it is not possible for the Corporation to predict all of them. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements included in this press release or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements.

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Income Statement                  
    Interest and fees on loans $ 75,725     $ 72,142     $ 70,980     $ 219,380     $ 200,206  
    Interest and dividends on securities and cash and cash equivalents   7,510       8,510       4,536       22,412       14,279  
    Interest expense   (35,749 )     (34,935 )     (28,280 )     (103,367 )     (72,353 )
    Net interest income   47,486       45,717       47,236       138,425       142,135  
    Provision for credit losses   2,381       2,591       1,056       6,292       4,751  
    Net interest income after provision for credit losses   45,105       43,126       46,180       132,133       137,384  
    Non-interest income                  
    Wealth and asset management fees   2,060       2,007       1,833       5,869       5,567  
    Service charges on deposit accounts   1,790       1,794       1,861       5,278       5,569  
    Other service charges and fees   796       712       567       2,203       2,283  
    Net realized gains (losses) on available-for-sale securities   (9 )     —       —       (9 )     52  
    Net realized and unrealized gains (losses) on equity securities   656       (80 )     (400 )     767       (930 )
    Mortgage banking   197       187       172       580       516  
    Bank owned life insurance   775       784       754       2,326       2,211  
    Card processing and interchange income   2,241       2,187       2,098       6,444       6,219  
    Other non-interest income   2,467       1,274       978       5,335       2,711  
    Total non-interest income   10,973       8,865       7,863       28,793       24,198  
    Non-interest expenses                  
    Salaries and benefits   19,572       17,676       17,758       56,035       51,862  
    Net occupancy expense of premises   3,701       3,580       3,596       10,921       10,790  
    Technology expense   5,417       5,573       5,232       16,062       14,677  
    Advertising expense   623       553       840       1,861       2,085  
    State and local taxes   1,256       1,237       1,028       3,636       3,108  
    Legal, professional, and examination fees   940       1,119       1,320       3,231       3,167  
    FDIC insurance premiums   846       1,018       1,027       2,854       2,901  
    Card processing and interchange expenses   1,193       878       1,207       3,250       4,269  
    Other non-interest expense   5,236       4,355       4,906       14,347       14,033  
    Total non-interest expenses   38,784       35,989       36,914       112,197       106,892  
    Income before income taxes   17,294       16,002       17,129       48,729       54,690  
    Income tax expense   3,340       3,045       3,402       9,218       10,647  
    Net income   13,954       12,957       13,727       39,511       44,043  
    Preferred stock dividends   1,076       1,075       1,076       3,226       3,226  
    Net income available to common shareholders $ 12,878     $ 11,882     $ 12,651     $ 36,285     $ 40,817  
                       
    Ending shares outstanding   20,994,730       20,998,117       20,895,634       20,994,730       20,895,634  
    Average diluted common shares outstanding   20,911,862       20,893,396       20,899,744       20,895,538       20,979,032  
    Diluted earnings per common share $ 0.61     $ 0.56     $ 0.60     $ 1.72     $ 1.94  
    Cash dividends per common share $ 0.180     $ 0.175     $ 0.175     $ 0.530     $ 0.525  
    Dividend payout ratio   30 %     31 %     29 %     31 %     27 %

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Average Balances                  
    Total loans and loans held for sale $ 4,536,702     $ 4,441,633     $ 4,485,017     $ 4,469,321     $ 4,373,648  
    Investment securities   722,577       734,087       749,352       729,273       771,457  
    Total earning assets   5,503,832       5,465,645       5,273,758       5,440,145       5,194,485  
    Total assets   5,907,115       5,854,978       5,647,491       5,831,002       5,561,649  
    Noninterest-bearing deposits   795,771       761,270       792,193       764,770       805,513  
    Interest-bearing deposits   4,319,606       4,321,678       4,109,360       4,290,247       3,976,820  
    Shareholders’ equity   597,984       583,221       555,464       586,017       548,034  
    Tangible common shareholders’ equity (non-GAAP) (1)   496,091       481,309       453,493       484,105       446,048  
                       
    Average Yields (annualized)                  
    Total loans and loans held for sale   6.66 %     6.55 %     6.30 %     6.57 %     6.14 %
    Investment securities   2.19 %     2.14 %     1.96 %     2.11 %     1.96 %
    Total earning assets   5.98 %     5.89 %     5.63 %     5.89 %     5.48 %
    Interest-bearing deposits   3.19 %     3.15 %     2.62 %     3.11 %     2.27 %
    Interest-bearing liabilities   3.21 %     3.17 %     2.66 %     3.14 %     2.34 %
                       
    Performance Ratios (annualized)                  
    Return on average assets   0.94 %     0.89 %     0.96 %     0.91 %     1.06 %
    Return on average equity   9.28 %     8.94 %     9.80 %     9.01 %     10.74 %
    Return on average tangible common equity (non-GAAP) (1)   10.33 %     9.93 %     11.07 %     10.01 %     12.23 %
    Net interest margin, fully tax equivalent basis (non-GAAP) (1)   3.42 %     3.34 %     3.53 %     3.38 %     3.64 %
    Efficiency Ratio, fully tax equivalent basis (non-GAAP) (1)   65.58 %     65.20 %     66.26 %     66.34 %     63.60 %
                       
    Net Loan Charge-Offs                  
    CNB Bank net loan charge-offs $ 837     $ 2,348     $ 381     $ 4,063     $ 955  
    Holiday Financial net loan charge-offs   383       456       351       1,305       1,252  
    Total Corporation net loan charge-offs $ 1,220     $ 2,804     $ 732     $ 5,368     $ 2,207  
    Annualized net loan charge-offs / average total loans and loans held for sale   0.11 %     0.25 %     0.06 %     0.16 %     0.07 %

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Ending Balance Sheet          
    Cash and due from banks $ 75,214     $ 56,031     $ 61,529  
    Interest-bearing deposits with Federal Reserve   281,972       271,943       117,632  
    Interest-bearing deposits with other financial institutions   3,723       3,171       3,424  
    Total cash and cash equivalents   360,909       331,145       182,585  
    Debt securities available-for-sale, at fair value   378,965       359,900       335,122  
    Debt securities held-to-maturity, at amortized cost   328,152       354,569       391,301  
    Equity securities   10,389       9,654       8,948  
    Loans held for sale   768       642       464  
    Loans receivable          
    Syndicated loans   69,470       53,938       123,090  
    Loans   4,522,438       4,425,754       4,369,084  
    Total loans receivable   4,591,908       4,479,692       4,492,174  
    Less: allowance for credit losses   (46,644 )     (45,532 )     (45,832 )
    Net loans receivable   4,545,264       4,434,160       4,446,342  
    Goodwill and other intangibles   43,874       43,874       43,874  
    Core deposit intangible   223       241       299  
    Other assets   346,300       352,386       322,973  
    Total Assets $ 6,014,844     $ 5,886,571     $ 5,731,908  
               
    Noninterest-bearing demand deposits $ 841,292     $ 762,918     $ 782,996  
    Interest-bearing demand deposits   681,056       693,074       781,309  
    Savings   3,040,769       3,140,505       2,883,736  
    Certificates of deposit   653,832       514,348       554,740  
    Total deposits   5,216,949       5,110,845       5,002,781  
    Subordinated debentures   20,620       20,620       20,620  
    Subordinated notes, net of issuance costs   84,495       84,419       84,191  
    Other liabilities   86,417       83,987       75,104  
    Total liabilities   5,408,481       5,299,871       5,182,696  
    Common stock   —       —       —  
    Preferred stock   57,785       57,785       57,785  
    Additional paid in capital   219,304       218,756       220,100  
    Retained earnings   371,086       361,987       336,690  
    Treasury stock   (4,516 )     (4,438 )     (6,862 )
    Accumulated other comprehensive loss   (37,296 )     (47,390 )     (58,501 )
    Total shareholders’ equity   606,363       586,700       549,212  
    Total liabilities and shareholders’ equity $ 6,014,844     $ 5,886,571     $ 5,731,908  
               
    Book value per common share $ 26.13     $ 25.19     $ 23.52  
    Tangible book value per common share (non-GAAP) (1) $ 24.03     $ 23.09     $ 21.40  

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Capital Ratios          
    Tangible common equity / tangible assets (non-GAAP) (1)   8.45 %     8.30 %     7.86 %
    Tier 1 leverage ratio (2)   10.59 %     10.56 %     10.50 %
    Common equity tier 1 ratio (2)   11.64 %     11.71 %     11.21 %
    Tier 1 risk-based ratio (2)   13.30 %     13.41 %     12.92 %
    Total risk-based ratio (2)   16.06 %     16.20 %     15.68 %
               
    Asset Quality Detail          
    Nonaccrual loans $ 39,855     $ 34,788     $ 27,065  
    Loans 90+ days past due and accruing   666       112       231  
    Total nonperforming loans   40,521       34,900       27,296  
    Other real estate owned   1,514       1,641       2,039  
    Total nonperforming assets $ 42,035     $ 36,541     $ 29,335  
               
    Asset Quality Ratios          
    Nonperforming assets / Total loans + OREO   0.92 %     0.82 %     0.65 %
    Nonperforming assets / Total assets   0.70 %     0.62 %     0.51 %
    Ratio of allowance for credit losses on loans to nonaccrual loans   117.03 %     130.88 %     169.34 %
    Allowance for credit losses / Total loans   1.02 %     1.02 %     1.02 %
               
               
    Consolidated Financial Data Notes:          
    (1) Management uses non-GAAP financial information in its analysis of the Corporation’s performance. Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Corporation’s management believes that investors may use these non-GAAP measures to analyze the Corporation’s financial performance without the impact of unusual items or events that may obscure trends in the Corporation’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).
    (2) Capital ratios as of September 30, 2024 are estimated pending final regulatory filings.

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
      Three Months Ended,
      September 30, 2024   June 30, 2024   September 30, 2023
      Average
    Balance    		   Annual
    Rate    		   Interest
    Inc./Exp.    		   Average
    Balance    		   Annual
    Rate    		   Interest
    Inc./Exp.    		   Average
    Balance    		   Annual
    Rate    		   Interest
    Inc./Exp.
    ASSETS:                                  
    Securities:                                  
    Taxable (1) (4) $ 690,098     2.14 %   $ 3,980   $ 702,036     2.09 %   $ 3,941   $ 711,299     1.89 %   $ 3,674
    Tax-exempt (1) (2) (4)   25,368     2.57       178     25,088     2.59       178     29,455     2.55       204
    Equity securities (1) (2)   7,111     5.71       102     6,963     5.72       99     8,598     5.58       121
    Total securities (4)   722,577     2.19       4,260     734,087     2.14       4,218     749,352     1.96       3,999
    Loans receivable:                                  
    Commercial (2) (3)   1,457,192     7.02       25,708     1,416,476     6.85       24,133     1,516,942     6.72       25,693
    Mortgage and loans held for sale (2) (3)   2,947,787     6.25       46,278     2,897,473     6.15       44,331     2,834,576     5.83       41,618
    Consumer (3)   131,723     11.93       3,950     127,684     12.17       3,863     133,499     11.51       3,874
    Total loans receivable (3)   4,536,702     6.66       75,936     4,441,633     6.55       72,327     4,485,017     6.30       71,185
    Interest-bearing deposits with the Federal Reserve and other financial institutions   244,553     5.33       3,279     289,925     5.99       4,321     39,389     5.78       574
    Total earning assets   5,503,832     5.98     $ 83,475     5,465,645     5.89     $ 80,866     5,273,758     5.63     $ 75,758
    Noninterest-bearing assets:                                  
    Cash and due from banks   58,472               53,710               55,502          
    Premises and equipment   118,404               112,386               109,854          
    Other assets   272,377               268,930               254,106          
    Allowance for credit losses   (45,970 )             (45,693 )             (45,729 )        
    Total non interest-bearing assets   403,283               389,333               373,733          
    TOTAL ASSETS $ 5,907,115             $ 5,854,978             $ 5,647,491          
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                                  
    Demand—interest-bearing $ 682,690     0.86 %   $ 1,477   $ 713,431     0.76 %   $ 1,342   $ 813,264     0.52 %   $ 1,061
    Savings   3,076,351     3.55       27,461     3,097,598     3.57       27,464     2,788,499     3.13       22,004
    Time   560,565     4.03       5,684     510,649     3.93       4,988     507,597     3.16       4,048
    Total interest-bearing deposits   4,319,606     3.19       34,622     4,321,678     3.15       33,794     4,109,360     2.62       27,113
    Short-term borrowings   —     0.00       —     —     0.00       —     6,101     5.66       87
    Finance lease liabilities   236     5.06       3     259     4.66       3     328     4.84       4
    Subordinated notes and debentures   105,077     4.26       1,124     105,001     4.36       1,138     104,773     4.07       1,076
    Total interest-bearing liabilities   4,424,919     3.21     $ 35,749     4,426,938     3.17     $ 34,935     4,220,562     2.66     $ 28,280
    Demand—noninterest-bearing   795,771               761,270               792,193          
    Other liabilities   88,441               83,549               79,272          
    Total Liabilities   5,309,131               5,271,757               5,092,027          
    Shareholders’ equity   597,984               583,221               555,464          
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 5,907,115             $ 5,854,978             $ 5,647,491          
    Interest income/Earning assets     5.98 %   $ 83,475       5.89 %   $ 80,866       5.63 %   $ 75,758
    Interest expense/Interest-bearing liabilities     3.21       35,749       3.17       34,935       2.66       28,280
    Net interest spread     2.77 %   $ 47,726       2.72 %   $ 45,931       2.97 %   $ 47,478
    Interest income/Earning assets     5.98 %     83,475       5.89 %     80,866       5.63 %     75,758
    Interest expense/Earning assets     2.56       35,749       2.55       34,935       2.10       28,280
    Net interest margin (fully tax-equivalent)     3.42 %   $ 47,726       3.34 %   $ 45,931       3.53 %   $ 47,478
     
    _____________________________________________
    (1)     Includes unamortized discounts and premiums.
    (2) Average yields are stated on a fully taxable equivalent basis (calculated using statutory rates of 21%) resulting from tax-free municipal securities in the investment portfolio and tax-free municipal loans in the commercial loan portfolio. The taxable equivalent adjustment to net interest income for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023 was $240 thousand, $214 thousand and $242 thousand, respectively.
    (3) Average loans receivable outstanding includes the average balance outstanding of all nonaccrual loans. Loans receivable consist of the average of total loans receivable less average unearned income. In addition, loans receivable interest income consists of loans receivable fees, including PPP deferred processing fees.
    (4) Average balance is computed using the fair value of AFS securities and amortized cost of HTM securities. Average yield has been computed using amortized cost average balance for AFS and HTM securities. The adjustment to the average balance for securities in the calculation of average yield for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023 was $(51.1) million, $(59.2) million and $(61.1) million, respectively.

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
      Nine Months Ended,
      September 30, 2024   September 30, 2023
      Average
    Balance    		   Annual
    Rate    		   Interest
    Inc./Exp.    		   Average
    Balance    		   Annual
    Rate    		   Interest
    Inc./Exp.
    ASSETS:                      
    Securities:                      
    Taxable (1) (4) $ 696,259     2.06 %   $ 11,572   $ 729,787     1.89 %   $ 11,140
    Tax-exempt (1) (2) (4)   26,063     2.58       547     31,025     2.60       646
    Equity securities (1) (2)   6,951     5.69       296     10,645     4.97       396
    Total securities (4)   729,273     2.11       12,415     771,457     1.96       12,182
    Loans receivable:                      
    Commercial (2) (3)   1,434,545     6.92       74,360     1,512,575     6.49       73,423
    Mortgage and loans held for sale (2) (3)   2,905,301     6.16       134,012     2,733,423     5.70       116,439
    Consumer (3)   129,475     11.96       11,591     127,650     11.50       10,978
    Total loans receivable (3)   4,469,321     6.57       219,963     4,373,648     6.14       200,840
    Interest-bearing deposits with the Federal Reserve and other financial institutions   241,551     5.58       10,085     49,380     6.01       2,221
    Total earning assets   5,440,145     5.89     $ 242,463     5,194,485     5.48     $ 215,243
    Noninterest-bearing assets:                      
    Cash and due from banks   55,243               54,494          
    Premises and equipment   113,629               107,016          
    Other assets   267,797               250,210          
    Allowance for credit losses   (45,812 )             (44,556 )        
    Total non interest-bearing assets   390,857               367,164          
    TOTAL ASSETS $ 5,831,002             $ 5,561,649          
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                      
    Demand—interest-bearing $ 711,911     0.75 %   $ 4,014   $ 878,955     0.54 %   $ 3,545
    Savings   3,046,518     3.53       80,536     2,581,604     2.75       53,070
    Time   531,818     3.87       15,414     516,261     2.79       10,775
    Total interest-bearing deposits   4,290,247     3.11       99,964     3,976,820     2.27       67,390
    Short-term borrowings   —     0.00       —     47,094     5.07       1,787
    Finance lease liabilities   259     4.64       9     350     4.58       12
    Subordinated notes and debentures   105,001     4.32       3,394     104,698     4.04       3,164
    Total interest-bearing liabilities   4,395,507     3.14     $ 103,367     4,128,962     2.34     $ 72,353
    Demand—noninterest-bearing   764,770               805,513          
    Other liabilities   84,708               79,140          
    Total Liabilities   5,244,985               5,013,615          
    Shareholders’ equity   586,017               548,034          
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 5,831,002             $ 5,561,649          
    Interest income/Earning assets     5.89 %   $ 242,463       5.48 %   $ 215,243
    Interest expense/Interest-bearing liabilities     3.14       103,367       2.34       72,353
    Net interest spread     2.75 %   $ 139,096       3.14 %   $ 142,890
    Interest income/Earning assets     5.89 %     242,463       5.48 %     215,243
    Interest expense/Earning assets     2.51       103,367       1.84       72,353
    Net interest margin (fully tax-equivalent)     3.38 %   $ 139,096       3.64 %   $ 142,890
     
    _____________________________________________
    (1)     Includes unamortized discounts and premiums.
    (2) Average yields are stated on a fully taxable equivalent basis (calculated using statutory rates of 21%) resulting from tax-free municipal securities in the investment portfolio and tax-free municipal loans in the commercial loan portfolio. The taxable equivalent adjustment to net interest income for the nine months ended September 30, 2024 and 2023, was $671 thousand and $755 thousand, respectively.
    (3) Average loans receivable outstanding includes the average balance outstanding of all nonaccrual loans. Loans receivable consist of the average of total loans receivable less average unearned income. In addition, loans receivable interest income consists of loans receivable fees, including PPP deferred processing fees.
    (4) Average balance is computed using the fair value of AFS securities and amortized cost of HTM securities. Average yield has been computed using amortized cost average balance for AFS and HTM securities. The adjustment to the average balance for securities in the calculation of average yield for the nine months ended September 30, 2024 and 2023 was $(55.1) million and $(58.6) million, respectively.

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Calculation of tangible book value per common share and tangible common
    equity / tangible assets (non-GAAP):    		          
    Shareholders’ equity $ 606,363     $ 586,700     $ 549,212  
    Less: preferred equity   57,785       57,785       57,785  
    Common shareholders’ equity   548,578       528,915       491,427  
    Less: goodwill and other intangibles   43,874       43,874       43,874  
    Less: core deposit intangible   223       241       299  
    Tangible common equity (non-GAAP) $ 504,481     $ 484,800     $ 447,254  
               
    Total assets $ 6,014,844     $ 5,886,571     $ 5,731,908  
    Less: goodwill and other intangibles   43,874       43,874       43,874  
    Less: core deposit intangible   223       241       299  
    Tangible assets (non-GAAP) $ 5,970,747     $ 5,842,456     $ 5,687,735  
               
    Ending shares outstanding   20,994,730       20,998,117       20,895,634  
               
    Book value per common share (GAAP) $ 26.13     $ 25.19     $ 23.52  
    Tangible book value per common share (non-GAAP) $ 24.03     $ 23.09     $ 21.40  
               
    Common shareholders’ equity / Total assets (GAAP)   9.12 %     8.99 %     8.57 %
    Tangible common equity / Tangible assets (non-GAAP)   8.45 %     8.30 %     7.86 %
               

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Calculation of net interest margin:                  
    Interest income $ 83,235     $ 80,652     $ 75,516     $ 241,792     $ 214,488  
    Interest expense   35,749       34,935       28,280       103,367       72,353  
    Net interest income $ 47,486     $ 45,717     $ 47,236     $ 138,425     $ 142,135  
                       
    Average total earning assets $ 5,503,832     $ 5,465,645     $ 5,273,758     $ 5,440,145     $ 5,194,485  
                       
    Net interest margin (GAAP) (annualized)   3.43 %     3.36 %     3.55 %     3.40 %     3.66 %
                       
    Calculation of net interest margin (fully tax equivalent basis) (non-GAAP):                  
    Interest income $ 83,235     $ 80,652     $ 75,516     $ 241,792     $ 214,488  
    Tax equivalent adjustment (non-GAAP)   240       214       242       671       755  
    Adjusted interest income (fully tax equivalent basis) (non-GAAP)   83,475       80,866       75,758       242,463       215,243  
    Interest expense   35,749       34,935       28,280       103,367       72,353  
    Net interest income (fully tax equivalent basis) (non-GAAP) $ 47,726     $ 45,931     $ 47,478     $ 139,096     $ 142,890  
                       
    Average total earning assets $ 5,503,832     $ 5,465,645     $ 5,273,758     $ 5,440,145     $ 5,194,485  
    Less: average mark to market adjustment on investments (non-GAAP)   (51,075 )     (59,225 )     (61,103 )     (55,134 )     (58,577 )
    Adjusted average total earning assets, net of mark to market (non-GAAP) $ 5,554,907     $ 5,524,870     $ 5,334,861     $ 5,495,279     $ 5,253,062  
                       
    Net interest margin, fully tax equivalent basis (non-GAAP) (annualized)   3.42 %     3.34 %     3.53 %     3.38 %     3.64 %

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Calculation of PPNR (non-GAAP): (1)                  
    Net interest income $ 47,486     $ 45,717     $ 47,236     $ 138,425     $ 142,135  
    Add: Non-interest income   10,973       8,865       7,863       28,793       24,198  
    Less: Non-interest expense   38,784       35,989       36,914       112,197       106,892  
    PPNR (non-GAAP) $ 19,675     $ 18,593     $ 18,185     $ 55,021     $ 59,441  
                       
    (1) Management believes that this is an important metric as it illustrates the underlying performance of the Corporation, it enables investors and others to assess the Corporation’s ability to generate capital to cover credit losses through the credit cycle and provides consistent reporting with a key metric used by bank regulatory agencies.
      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Calculation of efficiency ratio:                  
    Non-interest expense $ 38,784     $ 35,989     $ 36,914     $ 112,197     $ 106,892  
                       
    Non-interest income $ 10,973     $ 8,865     $ 7,863     $ 28,793     $ 24,198  
    Net interest income   47,486       45,717       47,236       138,425       142,135  
    Total revenue $ 58,459     $ 54,582     $ 55,099     $ 167,218     $ 166,333  
    Efficiency ratio   66.34 %     65.94 %     67.00 %     67.10 %     64.26 %
                       
    Calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP):                  
    Non-interest expense $ 38,784     $ 35,989     $ 36,914     $ 112,197     $ 106,892  
    Less: core deposit intangible amortization   18       19       20       57       65  
    Adjusted non-interest expense (non-GAAP) $ 38,766     $ 35,970     $ 36,894     $ 112,140     $ 106,827  
                       
    Non-interest income $ 10,973     $ 8,865     $ 7,863     $ 28,793     $ 24,198  
                       
    Net interest income $ 47,486     $ 45,717     $ 47,236     $ 138,425     $ 142,135  
    Less: tax exempt investment and loan income, net of TEFRA (non-GAAP)   1,473       1,318       1,376       4,127       4,043  
    Add: tax exempt investment and loan income (fully tax equivalent basis) (non-GAAP)   2,123       1,902       1,955       5,957       5,668  
    Adjusted net interest income (fully tax equivalent basis) (non-GAAP)   48,136       46,301       47,815       140,255       143,760  
    Adjusted net revenue (fully tax equivalent basis) (non-GAAP) $ 59,109     $ 55,166     $ 55,678     $ 169,048     $ 167,958  
                       
    Efficiency ratio (fully tax equivalent basis) (non-GAAP)   65.58 %     65.20 %     66.26 %     66.34 %     63.60 %

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Calculation of return on average tangible common equity (non-GAAP):                  
    Net income $ 13,954     $ 12,957     $ 13,727     $ 39,511     $ 44,043  
    Less: preferred stock dividends   1,076       1,075       1,076       3,226       3,226  
    Net income available to common shareholders $ 12,878     $ 11,882     $ 12,651     $ 36,285     $ 40,817  
                       
    Average shareholders’ equity $ 597,984     $ 583,221     $ 555,464     $ 586,017     $ 548,034  
    Less: average goodwill & intangibles   44,108       44,127       44,186       44,127       44,201  
    Less: average preferred equity   57,785       57,785       57,785       57,785       57,785  
    Tangible common shareholders’ equity (non-GAAP) $ 496,091     $ 481,309     $ 453,493     $ 484,105     $ 446,048  
                       
    Return on average equity (GAAP) (annualized)   9.28 %     8.94 %     9.80 %     9.01 %     10.74 %
    Return on average common equity (GAAP) (annualized)   9.48 %     9.10 %     10.09 %     9.18 %     11.13 %
    Return on average tangible common equity (non-GAAP) (annualized)   10.33 %     9.93 %     11.07 %     10.01 %     12.23 %

    The MIL Network –

  • MIL-OSI: Gouverneur Bancorp, Inc. Announces Semi-Annual Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    GOUVERNEUR, N.Y., Oct. 21, 2024 (GLOBE NEWSWIRE) — Gouverneur Bancorp, Inc. (OTCQB Marketplace: GOVB) (the “Company”), the holding company for Gouverneur Savings and Loan Association (the “Bank”), announced today that its Board of Directors has declared a semi-annual cash dividend of $0.08 per common share. The dividend will be paid on or about November 18, 2024 to shareholders of record as of the close of business on November 4, 2024.  

    This is the first cash dividend for the Company since the completion of the Bank’s conversion from the mutual holding company form of organization to the stock holding company form of organization.

    About Gouverneur Bancorp, Inc.

    Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association, which is a New York chartered savings and loan association founded in 1892 that offers deposit and loan services for businesses, families and individuals. At June 30, 2024, the Company had total assets of $195.1 million, total deposits of $153.4 million and total stockholders’ equity of $31.7 million.

    Forward-Looking Statements

    This press release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, among others, the following: the Bank’s ability to complete its previously announced proposed conversion to a national banking association charter; the ability to successfully integrate acquired entities and realize expected cost savings associated with completed mergers and acquisitions; changes in interest rates; national and regional economic conditions; legislative and regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the size, quality and composition of the loan or investment portfolios; demand for loan products; deposit flows and our ability to effectively manage liquidity; competition; demand for financial services in our market area; changes in real estate market values in our market area; changes in relevant accounting principles and guidelines; and our ability to attract and retain key employees. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

    CONTACT:    Robert W. Barlow
    President and Chief Executive Officer
    (315) 287-2600
         

    The MIL Network –

  • MIL-OSI: Element Welcomes New Chief Data and Analytics Officer, Evelyne Roy

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, is excited to announce the appointment of Evelyne Roy as its new Chief Data and Analytics Officer. In this role, Ms. Roy will be accountable for designing and building scalable data and analytics systems that enable insights and responsible AI to optimize business operations, drive growth, improve safety, and ensure an exceptional client experience. 

    “We are delighted to welcome Evelyne to the Element team,” said Laura Dottori-Attanasio, CEO, Element. “She is an adept data technology leader, whose extensive experience and passion for leveraging data to drive business success make her the ideal candidate for this role and delivering our Purpose to Move the world through intelligent mobility.”

    Ms. Roy, whose appointment is effective immediately, brings with her over 25 years of experience leading the data strategy, architecture, and distribution for data and analytics platforms, having previously held leadership roles at Thompson Reuters Corporation, as well as increasingly senior roles in the financial industry in both Australia and Canada. With a proven track record of utilizing data to drive business strategies and improve client experiences, Ms. Roy is a valuable addition to the Element team. This appointment reflects Element’s continued commitment to investing in the modernization of its digital capabilities to deliver increased value to its clients.

    “As a leader in fleet management, we recognize the importance of data and analytics in delivering efficient and effective solutions for our clients,” said Kobi Eisenberg, President Element Mobility and Autofleet. “We are confident that Evelyne will play a pivotal role in our ongoing commitment to providing best-in-class mobility solutions and ensuring we stay ahead of the evolving needs of our industry.”

    “I’m thrilled to join the Element team, and be a part of this Purpose-driven, client-centric organization,” said Ms. Roy. “Together, we are going to deliver data and digital-first solutions that meet and exceed our clients’ expectations.”

    About Element Fleet Management

    Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world, providing the full range of fleet services and solutions to a growing base of loyal, world-class clients – corporations, governments, and not-for-profits – across North America, Australia, and New Zealand. Element’s services address every aspect of clients’ fleet requirements, from vehicle acquisition, maintenance, accidents and remarketing, to integrating EVs and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce fleet operating costs and improve productivity and performance. For more information, visit elementfleet.com/investor-relations.

    The MIL Network –

  • MIL-OSI Asia-Pac: Union Minister Jitendra Singh addresses Karmayogi Saptah ‘Samuhik Charcha’ during the Karmayogi Saptah for the Ministry of Personnel, Public Grievances and Pensions

    Source: Government of India (2)

    Union Minister Jitendra Singh addresses Karmayogi Saptah ‘Samuhik Charcha’ during the Karmayogi Saptah for the Ministry of Personnel, Public Grievances and Pensions

    Dr Jitendra Singh lauds PM Shri Narendra Modi for his vision of Citizen-Centric Governance and Administrative Reforms

    Mission Karmayogi Marks a Paradigm shift from Rule to Role: Union Minister Dr Jitendra Singh

    Cycle of regular learning will help in creating a vast, agile and responsive workforce in the run up to Vikasit Bharat

    Posted On: 21 OCT 2024 4:58PM by PIB Delhi

    Setting the context for Karmayogi Saptah, ‘Samuhik Charcha’ for officers of the Ministry of Personnel, Public Grievances, Union Minister of State (Independent Charge) for Science and Technology, Minister of State (I/C) for Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr Jitendra Singh, briefed about Mission Karmayogi, National Learning Week and Karmayogi Competency Model.

    The Minister emphasised that Mission Karmayogi underlines a paradigm shift from “Rule” to “Role” and focuses that Civil Servants should not be bound by rules but by responsibilities.
    The Union Minister outlined how the Ministry of Personnel, Public Grievances and Pensions has been the first among the ministries to start this cycle of regular learning. During the occasion, Minister also recounted the journey of setting up Mission Karmayogi, which was after taking inspiration from Prime Minister Shri Narendra Modi. He also applauded the Capacity Building Commission (CBC) for taking up this task.

    Union Minister stressed that Mission Karmayogi has led to the development of a new culture in governance which is responsive, dynamic and allied with contemporary India. He further outlined that Mission Karmayogi will help bureaucrats in performing the diverse range of works in government in different ministries.

    Union Minister highlighted that how Mission Karmayogi creates a layer of sustainable ecosystem with the ‘One Government’ approach to realise the dream of Viksit Bharat. He also stated that given the needs of changing times, one should be continuously engaging in the learning processes. This will carry much significance for the bureaucrats who will be at the forefront of Vikasit Bharat 2047.

     

    He remarked that this brainstorming cycle of Samuhik Charcha will aid in the creation of an allied, vast framework, a vast ecosystem, aligned across industries, across the department, and whole of the Government.

    Furthermore, the aim of the ‘Samuhik Charcha’ for the officers of the Ministry of Personnel, Public Grievances and Pensions is to facilitate and entrench learning on a chosen theme by bringing officers across departments within the Ministry together. The ‘Samuhik Charcha’ is designed to enable officers to contemplate and exchange ideas on a chosen theme derived from a webinar that comprises part of the ‘National Learning Week’ programme.

    *****

     

    NKR/KS/AG

    (Release ID: 2066716) Visitor Counter : 59

    MIL OSI Asia Pacific News –

  • MIL-OSI Global: To truly understand the health of a lake, you must look well beyond its shoreline

    Source: The Conversation – Canada – By Beatrix Beisner, Professor, Aquatic ecology, Université du Québec à Montréal (UQAM)

    On the surface, most of Canada’s lakes and rivers look pristine. But below the surface, many are facing essential challenges to their health. Why? To better understand the health of Canadian lakes and rivers, we must look beyond the site itself to the whole watershed.

    Canada’s freshwater streams, rivers and lakes are inherently connected ecosystems. Driven by precipitation and gravity, the flow of water changes across seasons and location. Connected waterflows form watersheds. A watershed is the combined area drained by a body of water, including groundwater aquifers.

    All human activity within a watershed that affects the quality of flowing water — including rain, snow, irrigation or groundwater — will have an impact upon all the water bodies in the system. Because of this, it is essential to monitor and regulate human activities in a lake’s watershed if its health and biodiversity are to be preserved.

    Disturbances can influence aquatic ecosystems even if they occur far away from the water’s edge, especially where large quantities of water flow rapidly. Simply put, what happens upstream, and on land, is as important to what is happening in the lake itself. What’s more, poor freshwater health can affect the health of the land within the watershed as well.

    Our lakes: their secrets and challenges, is a series produced by La Conversation/The Conversation.

    This article is part of our series Our lakes: their secrets and challenges. The Conversation and La Conversation invite you to take a fascinating dip in our lakes. With magnifying glasses, microscopes and diving goggles, our scientists scrutinize the biodiversity of our lakes and the processes that unfold in them, and tell us about the challenges they face. Don’t miss our articles on these incredibly rich bodies of water!

    In my research, I work to better understand lake, stream and river ecosystem functioning, biodiversity and health. This is of increasing importance as aquatic environments are affected by climate change. What is clear, is that to fully understand what is going on in a lake ecosystem, you need to look beyond its shoreline.

    Truly understanding how water flows within a watershed can empower us to act more responsibly and design more just and effective policies.

    Inconsistent boundaries

    Watershed boundaries, which are defined by landscape topography, often do not overlap nicely with political boundaries — with the Nile Basin being perhaps the most obvious example.

    Moreover, humans have long been manipulating water flows through dams and irrigation. Where we place our cities, agriculture, mines and forestry also often overlaps with more than one watershed or can overwhelm another.

    Recent work, as part of the Lake Pulse Network, has sampled over 650 lakes across Canada. This research demonstrated that only a four per cent to 12 per cent urbanization level within a watershed is enough to harm biodiversity and ecosystem functioning.

    Urbanization is one of the most impactful ways in which humans affect watersheds. The reasons for this are likely down to hard infrastructure blocking the flow of water along with forestry and agriculture land conversions changing how water flows.

    The inescapable truth is that the health and function of a specific aquatic ecosystem is shaped by what happens on the land within that watershed as a whole. These system-wide influences are known as as “allochthonous” — as opposed to “autochthonous” (internal) interactions solely within a single waterbody.

    External influences (runoff) from the land can overwhelm a water body’s internal processes and, in some case, can even have negative impacts upon both fish health and the wider local food web.

    Climate change is also playing an increasingly outsized role in the lives of Canadian lakes. The most noticeable impacts of a warming world in Canada are forest fires of increasing severity and duration and ever more intense storms.

    These extreme events will cause more runoff into our lakes, potentially overwhelming them through nutrient overloading, salinization and other chemical shifts in the water quality.



    Read more:
    Sediment runoff from the land is killing NZ’s seas – it’s time to take action

    Managing water flows

    The connectivity between waterbodies within a watershed is also critical to consider in biodiversity conservation.

    First, these aquatic connections serve as migratory corridors for mammals and birds, but also aquatic species of fish and invertebrates like insects and crayfish. With climate change and warming waters across Canada, aquatic organisms will increasingly need such corridors within watersheds to move northwards to cooler waters.

    Just as migratory pathways enable the dispersal of native species, they can also aid the spread of invasive species. Invasive species management must also take a watershed perspective, and not focus on a single invaded lake or river.

    If an exotic species has arrived in your watershed then you are likely to soon see that species in a lake or river near you.

    Contaminants — such as pesticides, other toxins, microplastics and nutrients — also require a watershed-wide approach to effectively manage. Like an invasive species, contaminants can flow downstream across a watershed. Though, the presence of healthy wetlands within a watershed can help filter these out and improve water quality.

    Dams, bridges and culverts provide a clear physical barrier to connectivity within a watershed. Though not without utility, these human constructs greatly affect the watershed ecosystem.

    For example, many fish species will not pass through a culvert or under a low bridge. These human structures can greatly disrupt fish population dynamics, movement pathways and abilities to adapt to changing conditions.

    Unfortunately, the challenges facing fish populations can have significant impacts for biodiversity health, and ecosystem services, across the watershed.

    Endlessly interconnected

    The interconnected nature of watershed ecosystems necessitates collaborative forms of governance.

    Integrated watershed management is an approach to water governance that involves many different agencies, communities and levels of government. Several provinces use this approach, including the most populated provinces of Ontario and Québec. This model must become the norm across Canada.



    Read more:
    How the invasive spiny water flea spread across Canada, and what we can do about it

    More fundamentally, biodiversity protection in a watershed must be handled in an integrated manner. Ideally this would be done using natural watershed boundaries, and not political ones, especially with respect to managing issues related to connectivity. However, this may not always be possible, in which case water governance systems must transcend political boundaries as needed.

    Enabling watershed governance across political boundaries is an area where the new federal Canada Water Agency could play a leading role.

    Regardless of specific arrangement, it is imperative that all who care about the health of Canada’s freshwater consider its lakes and rivers within their larger watersheds. Only by focusing on watershed health can we preserve Canada’s freshwater.

    Beatrix Beisner currently receives research funding from NSERC, FRQNT, Hydro-Québec and the Québec Ministry of Environment (MELCCFP) . She is Co-director of the Interuniversity Research Group in Limnology / Groupe de recherche interuniversitaire en limnologie (GRIL).

    – ref. To truly understand the health of a lake, you must look well beyond its shoreline – https://theconversation.com/to-truly-understand-the-health-of-a-lake-you-must-look-well-beyond-its-shoreline-228352

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: Dr. Mansukh Mandaviya Launches ‘eShram – One Stop Solution’ for Welfare of Unorganised Workers

    Source: Government of India

    Dr. Mansukh Mandaviya Launches ‘eShram – One Stop Solution’ for Welfare of Unorganised Workers

    eShram – One Stop Solution will provide seamless access of different Social Security Schemes to the unorganised workers registered on eShram: Union Minister

    Posted On: 21 OCT 2024 4:44PM by PIB Delhi

    Union Minister of Labour & Employment and Youth Affairs & Sports, Dr. Mansukh Mandaviya launched “eShram – One Stop Solution” in New Delhi today. Union Minister of State for Labour & Employment, Sushri Shobha Karandlaje, Secretary and other senior officials of Ministry of Labour & Employment were also present on the occasion.

    Speaking at the launch event, Dr. Mandaviya emphasized the growing trust in the eShram portal, noting, “Every day, around 60,000 to 90,000 workers are joining the eShram platform, which demonstrates their confidence in this initiative.” He said that eShram – One Stop Solution will provide seamless access of different Social Security Schemes to the unorganised workers registered on eShram,

    Dr. Mandaviya also highlighted that the primary purpose of the eShram One Stop Solution is to simplify the registration process for unorganised workers and facilitate their access to government welfare schemes. “This platform will act as a bridge, connecting the workers to the numerous benefits offered by the government and making the registration process easier and more transparent,” he said.

    Dr. Mandaviya urged all unorganised workers to register on the eShram portal and take advantage of the various welfare schemes designed for their benefit. He emphasized that onboarding to the platform will enable workers to access a wide range of social security and welfare initiatives launched by the government, aimed at improving their livelihoods and ensuring their well-being.

    Sushri Shobha Karandlaje emphasised on the integration of State Governments portal with eShram in order to ensure last mile connectivity. This initiative will also help in ensuring saturation of the schemes through identification of left-out potential beneficiaries, State/ District-wise, she added.

    One Stop Solution entails consolidating and integrating data from various Central Ministries/ Departments into a single repository as per the recent Budget Announcement and 100 days agenda of Ministry of Labour and Employment. Key welfare schemes such as One Nation One Ration Card, Mahatma Gandhi National Rural Employment Guarantee Act, National Social Assistance Programme, National Career Service, Pradhan Mantri Shram Yogi Maandhan etc. have been integrated with eShram, and onboarding of other welfare schemes is also in progress.

    Ms. Sumita Dawra, Secretary, Ministry of Labour and Employment, pointed out that eShram One Stop Solution will serve as a facilitator to enable seamless access to various Government schemes to the unorganised workers. She informed that the ongoing exercise of ‘One Stop Solution’ will continue to integrate all Social Security/ Welfare Schemes on eShram Portal.

    During the first 100 hundred days of new Government, several meetings were held with concerned Ministries/ Departments to integrate their Social Security / Welfare Schemes with eShram demonstrating a good example of whole of Government approach for welfare of unorganised workers.  

    eShram portal was launched by Ministry of Labour & Employment on 26th August 2021, and more than 30 crore workers have already registered themselves on eShram in a span of 3 years.

    *****

    Himanshu Pathak

    (Release ID: 2066707) Visitor Counter : 40

    MIL OSI Asia Pacific News –

  • MIL-OSI Canada: Minister Guilbeault delivers statement on opening day of COP16 in Cali, Colombia

    Source: Government of Canada News

    Our recent 2030 Nature Strategy, released ahead of COP16, charts our path to achieving our objectives. To hold this and any future government accountable to fulfill those goals, we introduced the Nature Accountability Bill that requires the Government to transparently report on their progress.

    October 21, 2024 – Ottawa, Ontario

    “COP16 is here, and Canada is ready. Our livelihoods, our communities, and our economies rely on being responsible with the natural world, which is telling us it is in trouble.

    “Canada is immensely proud of the role we played in hosting COP15 in Montréal. Seeing the gavel come down in the late hours of the conference to pass the Kunming–Montréal Global Biodiversity Framework was an unforgettable moment for me. Together, we landed an agreement many said was not possible and planted the seed for a strong global action.

    “COP16 is the first chance for countries to show their plans. The natural world simply won’t wait for us to get our act together. Our citizens and communities around the world expect us to deliver.

    “For our part, Canada has moved fast and early. We are steadily making progress on the largest conservation campaign in our country’s history, backed by over $12 billion in investments and aiming toward protecting 30 percent of Canadian land and water by 2030. Our recent 2030 Nature Strategy, released ahead of COP16, charts our path to achieving our objectives.

    “To hold this and any future government accountable to fulfill those goals, we introduced the Nature Accountability Bill that requires the Government to transparently report on their progress. To date, we have gone from one percent to 15 percent protected oceans. We have conserved almost half a million hectares of land, with many large-scale conservation projects in the works. We are upholding the Species at Risk Act to protect threatened species. We moved forward quickly with the hope that it would encourage other countries to announce ambitious biodiversity plans.

    “Canada is coming to COP16 ready to galvanize leadership and action. Since COP15, we launched the Nature Champions Network, a ministerial-level group that focuses on fostering international awareness and understanding of the global biodiversity framework. We are leading members of the High Ambition Coalition for Nature and People who played an instrumental role in landing the deal at COP15. Canada became the first contributor country to pledge $200 million for the Global Biodiversity Framework Fund launched in record time in 2023 to support developing countries in the implementation of their biodiversity plans to restore nature and grow resilient economies.

    “Increasing global biodiversity momentum requires partnerships, especially with Indigenous peoples. That’s why Canada looks forward to working with Indigenous peoples toward historic COP16 outcomes with the creation of a United Nations permanent body under the Convention on Biological Diversity that further recognizes the role and contribution of Indigenous peoples in the implementation of global biodiversity goals.   

    “Now is our chance. Let’s make COP16 a breakthrough for many countries ready to deliver on the global biodiversity framework.”

    Canada on-the-ground at COP16

    • Canada will call for rapid global action to protect biodiversity, including through strengthened engagement with Indigenous peoples.
    • Canada will host multiple side-events at COP, including two in partnership with Indigenous leadership innovation, to show the world the importance of collaboration with Indigenous peoples and successful Indigenous-led conservation in Canada.
    • Canada has delivered its ambitious 2030 Nature Strategy as promised at COP15 and is pioneering the Nature Accountability Bill, setting a new standard as one of the first countries in the world to propose legislation to meet biodiversity commitments at the federal level.
    • In 2023, Canada established the Nature Champions Network, a ministerial-level network that focuses on fostering international awareness and understanding of the Kunming–Montréal Global Biodiversity Framework and retaining momentum to ensure that all countries deliver updated national biodiversity strategies and action plans by COP16. The Champions will be at COP16 to discuss progress and advocate for rapid global biodiversity action.

    Quick facts

    • Both the 2030 Nature Strategy and the Nature Accountability Bill provide a roadmap for collaboration across all levels of government and with Indigenous peoples in the development and implementation of measures aimed at meeting Kunming–Montréal Global Biodiversity Framework and related Convention on Biological Diversity commitments.
    • At COP15, Prime Minister Justin Trudeau announced $350 million in funding to support developing countries in advancing biodiversity efforts and to support the implementation of the Post-2020 Global Biodiversity Framework.
    • Indigenous-led conservation is proven to help land, water, and communities thrive, and it is central to Canada’s plan to protect 30 percent of our land and water by 2030.
    • In recent years, the Government of Canada has made historic investments in Indigenous-led conservation projects, including through initiatives like the Indigenous Guardians Program.
    • Project Finance for Permanence provides multi-partner investments and sustainable financing for large-scale conservation and sustainable development projects. These initiatives bring together Indigenous organizations, governments, and the philanthropic community to identify shared goals for protecting nature and ultimately halting biodiversity loss while advancing community well-being and reconciliation with Indigenous peoples.
    • In 2022, during COP15, Prime Minister Justin Trudeau pledged to deliver up to $800 million in support of up to four Indigenous-led Project Finance for Permanence initiatives, including the Great Bear Sea Project Finance for Permanence.

    Hermine Landry
    Press Secretary
    Office of the Minister of Environment and Climate Change
    873-455-3714
    Hermine.Landry@ec.gc.ca

    Media Relations
    Environment and Climate Change Canada
    819-938-3338 or 1-844-836-7799 (toll-free)
    media@ec.gc.ca

    MIL OSI Canada News –

  • MIL-OSI USA: Remarks by Vice President Harris and Liz Cheney at a Campaign Event | Malvern,  PA

    US Senate News:

    Source: The White House
    People’s LightMalvern, Pennsylvania
    11:54 A.M. EDT
         THE VICE PRESIDENT:  Let’s get to it.
         MS. LONGWELL:  Let’s do it.  Let’s do it.
         THE VICE PRESIDENT:  Good morning, everyone.
         AUDIENCE:  Good morning.
         AUDIENCE MEMBER:  Happy birthday!
         MS. LONGWELL:  Oh, happy belated birthday.  (Applause.)  Oh, yeah.
    THE VICE PRESIDENT:  Thank you.  Thank you.  I appreciate that.  Thank you. 
         MS. LONGWELL:  Audience members showing me up — that’s tough.  (Laughter.)
    Okay.  So, I’ve got to start with the thing that brings us here today, because I’ve got to say it is unusual for somebody who was as high up in the Republican leadership as Liz Cheney was to be out here campaigning with the Democratic nominee for president. 
    And so, maybe — why don’t both of you tell us, but you start: You’ve actually marshaled unprecedented support from Republicans in this election.  Why do you think that is?
    THE VICE PRESIDENT:  Thank you, Sarah.  Thank you for being here and for your work.  And the congresswoman, thank you. 
    I — I have said before and it must be repeated each time: There are moments in the history of our country which challenge us, each of us, to really decide do we stand for those things that we talk about, including, in particular, country over party.  And you have been extraordinarily courageous in the way that you have done that.  And I thank you for that.  (Applause.)
    So, you know, I have in my career now — whether it was as the elected district attorney, elected attorney general, and then elected United States senator, and, of course, now vice president — I’ve counted that I have taken the oath of office six times.  And for the elected leaders here, we know it is an oath that one must take sincerely and unequivocally, which is an oath, among other things, to support and defend the Constitution of the United States and to understand what those principles represent and what they require of the individual who holds the office and the public trust.
    And let’s not undervalue that point as well.  It is not about the individual.  It is not about what is in their personal interests.  It is about what is for and in the spirit of the public good.     
     And this is a moment in this election that presents a real contrast among how I, as one of the two nominees, and my opponent, the former president, think of that duty.  And it is a duty, by the way.  There are certain things in our lives that we have the choice if we feel like it — (laughter) — and then there are certain things that are just fundamentally a duty, like to raise our children.  Things of that nature.  It is a duty to take seriously that oath and do it for the sake of the public good and in the public trust.
    And I think that at this moment, with the choice that the American people have in this election in — in two weeks and one day, this election is presenting — for the first time, probably, in certainly recent history — a very clear choice and difference between the two nominees.  And I think that is what, as much as anything, is bringing us, as Americans, together, who are understanding that we cannot, with such fundamental stakes being presented, afford to be mired in ideological differences without really staking our claim to the most fundamental ideals upon which our country stands.
    MS. LONGWELL:  Thank you.  And, you know, Congresswoman Cheney, it’s a — sort of the same question to you.  But I got to ask: You know, it’s one thing for Republicans to sign a letter.  You know, we’ve seen that she has — Vice President Harris has been endorsed by 200 Republicans in the national security space, all kinds of people from George W. Bush’s administration.  There’s been a lot of people — they’ll sign letters and maybe they’ll go on T.V., they’ll release a statement.  I was just with Republican Congressman Charlie Dent — former Republican congressman here from the state.  He voted for you in his early voting. 
    But you are out here campaigning.  You are out here holding events.  So, talk about why it’s been so important to you to be as involved as you are in getting Vice President Harris elected.
    MS. CHENEY:  Well, thank you so much, Sarah, for the question.  And — and it’s an honor to be here today with you, Madam Vice President. 
         You know — (applause) —
    THE VICE PRESIDENT:  Thank you.
    MS. CHENEY:  — for me, every — every single thing in — in my experience and in my background has — has played a part in my decision to endorse Vice President Harris. 
    And, you know, that — that begins with the fact that I’m a conservative, and I know that the most conservative of all conservative principles is being faithful to the Constitution.  And you have to choose, in this race, between someone who has been faithful to the Constitution, who will be faithful, and Donald Trump, who it’s not just us predicting how he will act.  We watched what he did after the last election.  We watched what he did on January 6th.
    And so, coming to this as someone who’s been a lifelong Republican, a lifelong conservative, also as someone who spent — I spent time working overseas before I was elected to Congress, and I’ve — I’ve spent time working in countries where people aren’t free and where people are struggling for their freedom, and I know how — how quickly democracies can unravel. 
    And I know that, as Americans, we can become accustomed to thinking, “Well, we don’t have to worry about that here.”  But I tell you, again, as someone who has seen firsthand how quickly it can happen, that that is what’s on the ballot.  That’s absolutely what’s on the ballot.
    I also — I come to this decision as a mother.  I have five children.  And there was a moment right after January 6th when my husband and I were having dinner with our two youngest, our two sons, and I looked across the table at my — my young sons, and I thought to myself, “You know, in the aftermath of the attack on the Capitol, are they going to grow up in a country where we don’t have to worry about the peaceful transfer of power?  Are they going to grow up in a country where that is guaranteed?”
    And — and I believe that every one of us in this election has a duty and an obligation to do what we know is right for the country, and that’s to support Vice President Harris.  So, I’m very honored to be here and to do that.  (Applause.)
         THE VICE PRESIDENT:  Thank you.
    You know, if I can just echo the congresswoman’s point.  So, I’ve now, as vice president, met over 150 world leaders — presidents, prime ministers, chancellors, and kings — many of them multiple times, to the point we’re on a first-name basis.  And the last few times that I’ve seen them in the relative eve of this election, they are very concerned, our allies.  Because, as you know, when we walk in those rooms around the world representing the United States of America, we have traditionally been able to walk in those rooms chin up, shoulders back, with the self-appointed and earned authority to talk about the importance of democracies and rule of law.
    But as all the role models here know, as a role model, people watch what you do to see if it lines up with what you say.  People around the world are watching this. 
    And I — I tell you, sometimes I do fret a bit about whether we, as Americans, truly understand how important we are to the world.  I hope everyone does really understand that we represent something — imperfect though we certainly are; flawed though we may be — we represent, in terms of our ideals, the — the basis of our Constitution, we represent a gold standard. 
    And when we have someone who has been president, who wants to be president again, who is saying he would be dictator on day one, would weaponize our Department of Justice — one of the principles of our democracy is that we say we have a justice system that is blind, that is not punitive against one’s enemies, they are watching.
    So, this is about direct impact on the American people, and it most certainly will impact people around the world. 
    MS. LONGWELL:  You know, I’m so glad you brought that up.  And I — I — as a follow-up, I would just ask Congressman Cheney too.  We live in a dangerous time.  I mean, I think Americans are watching what’s happening overseas in Ukraine, in Israel.  Republicans — we used to be the party that would be on the side of our democratic allies like Ukraine. 
    Talk to me a little bit and all of us about why, from a foreign policy standpoint, you find yourself able to endorse Democrats, who w- — wouldn’t — it didn’t used to be that way.
    MS. CHENEY:  Well, it — it’s not just able to endorse them.  But — but if you look at the numbers of the most senior officials who served Donald Trump — his own vice president; national security advisors; his chief of staff; you know, the — the leading generals who served him — who’ve all said he’s unfit, and people really need to stop and think about how completely unprecedented that is.
    And the — the idea — when people sort of say, “Well, we might, you know, be tempted, for some reason or another, to vote for Donald Trump” — if the issue is foreign policy, I would just ask everyone: Think about how dangerous and damaging it is to have someone who’s totally erratic — totally erratic, completely unstable — someone who has aligned himself with, who idolizes tyrants.  He idolizes tyrants. 
    You know, the — the — again, the choice here, with respect to national security policy, is a man who has proven — he has absolutely proven that he will not stand up, he won’t defend this nation with respect to our own Constitution and rule of law, and Vice President Harris, who has been clear in terms of support for Ukraine, in terms of recognizing and understanding across the board that America cannot maintain our own freedom and security if we walk away from our allies around the world. 
    And our adversaries know that they can play Donald Trump.  They absolutely know that they can play him.  And we simply can’t afford to take that risk.
    So, as someone who has spent a career on national security issues — again, this was not at all a difficult choice for me — the — the choice here is absolutely clear in terms of the necessity of supporting Vice President Harris.
    THE VICE PRESIDENT:  And — and if I may emphasize, part of the backbone of our national security is our military.  And let’s please not overlook how someone who wants to be commander in chief and was has talked about our servicemen and women; has talked about an American hero like John McCain, who was a prisoner of war — said he didn’t respect him, didn’t like him because he got caught; has talked about our service members as — as though they are less than the most courageous of us. 
     Those who put on the uniform, who represent the United States of America, who are willing to die for the sake of everything we stand for, and he calls them “suckers” and “losers.”  These things cannot be overlooked. 
    And — and I have said many times publicly, and I’ll say it again: In many, many ways, Donald Trump is an unserious man, but the consequences of him being president of the United States are brutally serious.  There are things that he says that will be the subject of skits and laughter and jokes, but words have meaning coming from someone who aspires to stand behind the seal of the president of the United States.  These are the things that are at stake.
         MS. LONGWELL:  Couldn’t agree more. 
    So, I do want to ask you another question, though, before we go to the audience.  You know, you talk a lot about a new way forward.  You talk about turning the page.  What’s on the next page?  Talk to us about a —
    THE VICE PRESIDENT:  You want a preview.
    MS. LONGWELL:  Yeah.  Give me — a spoiler alert.  You know?  (Laughter.)  Just —
    THE VICE PRESIDENT:  Right.
    MS. LONGWELL:  — tell us — tell us what’s — what’s in the rest of the chapter.
    THE VICE PRESIDENT:  Well, first of all, I will say that it — it is a metaphor that is meant to also describe my intention to embark on a new generation of leadership.  And needless to say, mine will not be a continuation of the Biden administration.  I bring to it my own ideas, my own experiences.
    But it is also about moving past what, frankly, I think has been the last decade of — of the American discourse being influenced by Donald Trump in a way that has had the effect of suggesting we, as Americans, should point the finger at one another, in a way that has been using the power of the presidency to demean and to divide us.
    I think people are exhausted with that, rightly.  And it, frankly, does not lead to the strength of our nation to tell the American people that we must be suspicious of one another, distrust one another.
    You know, yesterday, I — I did a couple of church services, and there’s a — we — many people here know the — the parable of the Good Samaritan.  And there is an essence — a piece of that, in my own words, that really requires us, I think, to see in the face of a — of a stranger, to see a neighbor.  Right?  That spirit.  And I think we need to get back to that.
    The spirit of the American people is such that, you know, we are an ambitious people.  We are aspirational.  We have dreams.  And that is productive. 
    It is not productive of us to be a nation of people who are pointing fingers at one another, who don’t understand that the vast majority of us have so much more in common than what separates us.
    So, that’s what I mean about turning the page.  And then a new generation of leadership about being ambitious, about all we have yet to do. 
    Part of my economic policy — I refer to it as an opportunity economy — is about investing in American industries while leaving none of our traditional, wonderful industries behind; repurposing and retooling the factories that have led to America’s success in industry, while at the same time redefining how we are thinking about which worker has the experience and skill to do the — the job and is qualified and understanding we shouldn’t be falling into a trap that suggests only those with a college degree have the skill or the experience to do the job.  So, let’s look at how we redefine and perhaps even reorder. 
    And, in fact, I’m going to start with federal jobs, and then I’m going to challenge the private sector to do the same.  Let’s look at which of those jobs would benefit from a skilled, experienced worker who perhaps went through an apprenticeship program — not a four-year college, but still had a four-year degree, in essence.
         So, these are the kinds of things that are about seeing the opportunity of this moment and investing in it.
         I’ll tell you — and I know this is a controversial topic for many of us — I love Gen Z.  (Laughter.)  Because we have Gen Zs in our lives.  We have kids who are Gen Zs.  It can be complicated, I know.  I love Gen Z.
         These young leaders are so — they’re clear-eyed.  You know, they’ve only known the climate crisis.  They’ve only known active shooter drills.  I mean, we had fire drills.  Not — not our kids, right?
         But they also — they’re — they’re so wonderfully impatient — (laughter) — ri- — no, really, that’s good.  That’s good.  They are ready to get in there.  Let’s invest in them.  Let —
         So, for example, one of my — one piece of my opportunity economy is we got to deal with the reality of where we are right now.  The American dream, for previous generations, was something that people could kind of count on.  Not so much anymore, in terms of homeownership.  We have a housing shortage in America.  We have a supply shortage.
         So, part of my plan is, hey, let’s be clear-eyed about this moment.  Let’s invest in the future.  And as a — a devout public servant, I also know the limitations of government.  I want to work with the private sector.  I have, in my career.  The skills, the breadth, the depth of — of value in those active partnerships benefit us all.
         So, part of my plan for housing is to actively partner with building developers, with homebuilders to create tax credits to increase the supply of housing in America.  My estimate is — I think we can actually do it — by 3 million by the end of my first term.
         Part of my approach that is about a new generation, potentially, of leadership and certainly a different approach: Most of my career was not spent in Washington, D.C.  I say that with pride.  (Laughter.) 
         In that, you know, most of my career was spent as a prosecutor, but I — making decisions that had a direct impact on people’s lives.  You know, I learned at a very young age, as a prosecutor, that the things that I would do with the swipe of my pen could result in someone having their liberty or not.  
         When I was attorney general of California — which is, you know, by estimates, the fifth-largest economy in the world — I was acutely aware the words I spoke could move markets. 
         I like getting things done.  And part of my approach, which is, I think, about a new generation of leadership, is: Let’s cut through the red tape.  Let’s cut through the bureaucracy while still knowing the virtues of the work that we can do in the public sector, be it public education, public health, public safety.
         MS. LONGWELL:  This is a perfect segue into our first audience question, which is going to come from Alexandra Miller from Delaware County.  Main section, right — right there. 
         Hi, Alexandra. 
         Q    Hello.  Hello, Madam Vice President and Representative Cheney.
         MS. CHENEY:  Hi there.
         THE VICE PRESIDENT:  Hi.
         Q    Thank you for taking my question today.  My name is Alex.  I have a 7-year-old son and a wonderful 72-year-old mother who is suffering from dementia and requires full-time care. 
         My son is in second grade, my mother is in a nursing home, and I work full time.  The costs of childcare and of eldercare are staggering.  But simultaneously, professionals that help care for both our children and our elders are generally underpaid, which makes it difficult for them to support their own families and do the jobs that they need to do. 
         How do you propose to help bridge this gap, making both child- and eldercare more affordable for hardworking families and also retaining and attracting quality talent for this — these essential jobs?
         THE VICE PRESIDENT:  So, first of all, you’re dealing with a lot.  You’re dealing with a lot, and I just wish you strength and support.  You are a part of what we call the “sandwich generation,” which are those parents and children who are right in the middle.  They are taking care of their young children and taking care of their parents as they age.  And it’s a lot.
         And so, I actually plan to address this in a substantial way because I actually bring a personal experience to it as well.  I took care of my mother when she was sick, and that work is the work of trying to cook something that they feel like eating — right? — trying to figure out which clothes will not irritate their skin and help them put on a sweater.  It’s about trying to figure out how you can say something that brings a smile to their face or makes them laugh.  It’s about dignity. 
         Meanwhile, you have a second-grader.  You’re trying to teach that kid how to read — (laughter) — spending time with them, reminding them they are special and can be anything. 
         And in the middle of all of that, if you are working or just to have a minute to breathe, it’s a lot.  It’s a lot. 
         So, what — the way that this plays out for many people is — is one of just a couple of ways.  One, if you have the good fortune of having enough extra money, you can hire somebody to come in.  And then, exactly as you said, you — knowing what you just shared with us about yourself — would pay them the value of their work.  Or someone in this position would have to basically spend down all their savings so they could qualify for Medicaid, which means they pretty much have to get rid of everything.  Or they have to quit their job, which means one less income in their household. 
         And this is a matter — this issue, for me, is a matter of dignity — yours, your parents, and the well-being of your child and you being able to do what you naturally want to do, and which — and the thing that we should value in our society, which is someone like you who is taking on the duty and the responsibility of all of that. 
         So, my plan is that instead of those scenarios I just mapped out, we will restructure it so that Medicare covers the cost of in-home health care for your parent so that they can be at home — (applause) — and you can then have the assistance with someone who can help prepare that meal, help them get dressed, and you can still give that baby of yours all the love that they deserve.  And you can have sanity in the process.  And everyone can have dignity. 
         And so, this is — this is my approach, which is let’s just look at this as an — let’s just come at it from common sense, by the way.  It’s just common sense.  And what makes — what is a — a commonsense, practical approach to doing this, because when you are able to be productive, we all benefit, by the way.  When that child is able to have a parent who is able to help them with their reading and remind that child that they are special, we are all going to benefit from that. 
         So, thank you for raising the subject.  (Applause.)  And you take care of yourself.
         MS. LONGWELL:  Okay.  Next we’re going to call on Ashley Scott, speaking of Gen Z — although I guess I shouldn’t assume I know what generation she’s from, but she is a student from Bucks County.  Hi.
         Q    Hi, Vice President Harris and Congresswoman Cheney.  My name is Ashley Scott.  I’m from Bucks County, Pennsylvania, and I am Gen Z.  I’m 22 years old.  (Laughter.)
         MS. LONGWELL:  Nailed it.
         THE VICE PRESIDENT:  Good for you.  (Laughs.)
         Q    So, thank you for that compliment.  But yeah, my question is about maternal health.  Specifically, in the United States, maternal mortality is devastating.  The rates are terrible.  And I was wondering if you have a plan to combat the crisis.
         THE VICE PRESIDENT:  Thank you, Ashley, and thank you for being here and your voice.  It’s a big issue.  So, we have the very, I think, shameful distinction of — of any wealthy nation having one of, if not the highest, rate of maternal mortality. 
         And I’ve studied this issue.  I worked on it was on — when I was in the United States Senate and as vice president.  And the fact is that 90 percent of them are preventable, which tells us we can do something about it, right? 
         And it is an issue — so, Black women are three to four times more likely to die in connection with childbirth; Native women are, like, twice as likely; rural women, one and a half times as likely. 
         One of the common threads that you will see in those demographic populations is a lack of appropriate prenatal care and then care during the term of their pregnancy and then postpartum care.  And we know that when that care is available, they are having a healthier and, by the way, happier experience.  And the long-term impact to all of us as a society, much less to that family, is immense. 
         And so, the work that we have been doing and the work I intend to do going forward is to address that, right?  So, for example, in rural America, the — the way that the system has been structured — the health care system has been structured is a lot of those hospitals and clinics have had to close because of the way we — we reimburse based on population size.  And as people are leaving rural America, then the hospitals and the clinics can’t afford the overhead. 
         I’m oversimplifying but just to make the point.  So, we need to address that in terms of how we’re structuring, how we create incentives and — and give the resources to those health care facilities, be they clinics or hospitals. 
         The other piece that we have to do is really just talk more about the issue around also how, in the health care system, we are treating women and are we taking women seriously when they talk about their health care concerns. 
         So, again, personal experience, my mother had two goals in her life: to raise her two daughters, my sister and I, and to end breast cancer.  My mother was a breast cancer researcher.  And she was so passionate about women’s health care, and I remember it as a young girl and throughout my life. 
         And we still have a lot of work to do to make sure that when she walks into that clinic, that doctor’s office, that hospital, that when — that she’s taken seriously.  And — and that’s also about what we do in terms of training within the profession.  It’s also about what we do in terms of public education to get information to women so that they know that they are not just complaining and they should not suppress or subordinate what their concerns might be about themselves because they’re taking care of everybody else. 
         So, there’s a lot of work to do.  And, of course, there’s a connection between this and what we need to do since the Dobbs decision came down, when we are looking at — I’ve met with a lot of, in particular, OB-GYNs who are concerned that there are kids going through — excuse me, young people going through their medical school who are now feeling deterred from engaging in reproductive health work. 
         And reproductive health work is vast.  It is not only about abortion; it is about a whole array of care.  And we want to make sure that we’re not creating disincentives for people to go into that very, very important profession. 
         And then we also want to make sure that we are, in the whole issue of reproductive care, not suggesting to women or the people who love them that they should be judged, because there is that also when you’re talking about reproductive care, where women sometimes are made to feel or do feel embarrassed to talk about their needs as it relates to their reproductive health.
         And then, of course, I feel very strongly the government should not be telling any woman what to do with her body.  (Applause.)  (Laughs.)  And when Congress passes a law reinstating the reproductive freedoms of women, I will gladly and proudly sign it into law, because I strongly believe one does not have to give up or abandon their own faith or beliefs to agree that — not the government telling her what to do.  If she chooses, she will consult with her priest, her pastor, her rabbi, her imam, but not the government. 
         We’ve seen too much harm — real harm — happen to women and the people who love them around our country since that decision came down, including women who have died.  And I don’t think that most people who — before the Dobbs decision came down — who had strong opinions about this — I don’t think most people intended that the harm that we’ve seen would have actually happened.
         MS. CHENEY:  Can I add to this just to — because I — I think it’s such an important point.  And I think there are many of us around the country who have been pro-life but who have watched what’s going on in our states since the Dobbs decision and have watched state legislatures put in place laws that are resulting in women not getting the care they need. 
         And so, I think this — this is not an issue that we’re seeing break down across party lines —
         THE VICE PRESIDENT:  Right.
         MS. CHENEY:  — but I think we’re seeing people come together to say what has happened to women, when women are facing situations where they can’t get the care they need — where in places like Texas, for example, the attorney general is talking about suing — is suing to get access to women’s medical records — that’s not sustainable for us as — as a country, and — and it has to change.  (Applause.)
         THE VICE PRESIDENT:  Yeah.  Yeah.
         MS. LONGWELL:  So, as we come close to time here, I want to ask you both kind of a final question.  You know, I — I watch the — the conversation in the country and the way that the media covers this election, and it’s often about the race: Who’s up in a poll?  Who’s down in a poll?  And I — I don’t always feel like we’re talking about the stakes enough. 
         And Liz Cheney would not be here if she didn’t think that the stakes were very high.  And frankly, the Republicans wouldn’t be so angry at you if they didn’t think you were an effective surrogate as somebody speaking about the stakes.  (Applause.)
         THE VICE PRESIDENT:  Some Republicans.  Some Republicans.
         MS. LONGWELL:  Some Republicans.  Some Republicans.  #NotAllRepublicans.  (Laughter.)
         THE VICE PRESIDENT:  Because I’ve seen a lot of Republicans — just I’ve seen it and I know it happens — who thank her constantly. 
         MS. LONGWELL:  I — I know it.
         THE VICE PRESIDENT:  Yeah.  Yeah.
         MS. LONGWELL:  I know it.
         MS. CHENEY:  They’re going to vote the right way on November 5th. 
         MS. LONGWELL:  That’s right.
         MS. CHENEY:  They might not think public about it, but — but they’ll do what — what they know is right.  (Applause.)
         THE VICE PRESIDENT:  Yeah.  I agree.  I agree.  I agree.
         MS. LONGWELL:  But just to close and — and maybe starting with you, Congresswoman, so you can have the last word.  Talk to me and all of us about the stakes.  Many people in the room here are undecided voters.  What’s — what’s kind of the last pitch that you would make about why this election is so important and why you believe they should vote for the vice president here?
         MS. CHENEY:  Well, I think that in this election, and especially here in Pennsylvania, we have the opportunity to tell the whole world who we are.  And we have the chance to say, you know, we’re — we’re going to reject cruelty.  We’re going to reject the kind of vile vitriol that we’ve seen from Donald Trump.  We’re going to reject the misogyny that we’ve seen from Donald Trump and J.D. Vance.  (Applause.) 
         THE VICE PRESIDENT:  Right.
         MS. CHENEY:  And we have the chance in this race to elect somebody who you know is going to defend the rule of law.  You know Vice President Harris is going to defend our Constitution. 
         We have the chance to remind people that we are a good country.  We are a good and honorable people.  We are a great nation. 
         And — and in this race, we have the opportunity to vote for and support somebody you can count on. 
         We’re not always going to agree, but I know Vice President Harris will always do what she believes is right for this country.  She has a sincere heart, and that’s why I’m honored to be here and supporting her in this race.  (Applause.)
         THE VICE PRESIDENT:  I mean, I — exactly.  The — listen, so, in my career as a prosecutor — you’ve heard me say this — I — I never, ever asked a victim or a witness, “Are you a Republican or a Democrat?”  Never.  It wouldn’t have even occurred to me to ask them.  I did, every time, ask, “Are you okay?”
         And I — you know, and I feel very strongly that — for example, in — on the issue of partisanship, yes, we’re going to have disagreements, but I actively invite good ideas from wherever they come.  That’s why I’m going to have a Republican in my Cabinet, by the way — (applause) — because I want good ideas.
         And, by the way, I know it is in our best interest as a nation, in our — the interest of our strength and our future as a nation.  We need a healthy two-party system.  We need a healthy two-party system.  (Applause.)
         We need to be able to have these good, intense debates about issues that are grounded in fact.  (Laughter.)  How about that?
         MS. CHENEY:  Imagine.
    .
         THE VICE PRESIDENT:  Let’s start there.  (Laughs.)  (Applause.)
         Wow.  Can you believe that’s an applause line?  (Laughter.) 
         Oy.  But, you know, it’s — (laughter) — it’s — 
         We have in our grasp in these next 13 days — 13 days, we are — or 15 days, excuse me.  I — I’m just jumping ahead.  (Laughter.)  In these next 15 days, we have in our grasp the ability to determine the course of our country. 
         You know, every election, we’ve said, “This is the one.”  This is the one.  This truly is the one. 
         I mean, to the congresswoman’s point, the former chairman of the Joint Chiefs of Staff referred to Donald Trump as being “fascist to the core.”  And no one would ever accuse the former chairman of being partisan in any way.  The people who know him best — from the former chief of staff; Defense secretaries, two of them; national security advisor to the former vice president.
         And so, we have in — in our grasp — because we still have a democracy.  As the saying goes, as long as we hold on to it, we still have a democracy, which means in a democracy — and here’s the beauty of it — we each have the power to make a decision about the future of our country through our vote.
         And my request, then, of each of you who have spent time out of your busy lives to be here — and I thank you for that — is please just help us get the word out to your neighbors and friends and family members to just remind them of what is at stake and this conversation. 
         I ask for your vote.  I ask for their votes.  And I promise to be a president for all Americans.  I promise and pledge that.  (Applause.)
         MS. LONGWELL:  All right, everyone.  Congresswoman Cheney and Vice President Kamala Harris.  Thank you so much. 
         Yes, let’s give them another round of applause.  That was wonderful.  (Applause.)
         Thank you so much.
         THE VICE PRESIDENT:  Thank you.  Thank you.
         MS. LONGWELL:  Thank you.  (Applause.)

    MIL OSI USA News –

  • MIL-OSI USA: H.R. 9458, Enhancing Stakeholder Support and Outreach for Preparedness Grants Act

    Source: US Congressional Budget Office

    H.R. 9458 would require the Federal Emergency Management Agency (FEMA) to expand technical assistance, outreach, training, and other support activities that the agency currently provides under the State Homeland Security Grant Program and the Urban Area Security Initiative. Both programs provide grants to state governments to address terrorism and other security threats by funding security operations, planning, training, equipment purchases, and other activities. 

    The bill would require FEMA to conduct annual surveys to gather feedback from state, local, and tribal governments about their needs, the grant process, and the effectiveness of the agency’s outreach efforts. FEMA would need to report to the Congress on its implementation of the bill within three years of enactment. Finally, H.R. 9458 would require the Government Accountability Office (GAO), within two years of enactment, to assess the effectiveness of FEMA’s assistance to interested parties throughout the lifecycle of grants made for both programs.

    MIL OSI USA News –

  • MIL-OSI New Zealand: New Zealanders want publicly-owned rail ferries!

    Source: Maritime Union of New Zealand

    New polling released on 15 October by the Maritime Union of New Zealand (MUNZ) shows the public wants publicly owned, rail enabled ferries.

    The poll was conducted by Talbot Mills over the period of 2-14 October and asked:

    New ferry options

    As you may be aware, in relation to the Cook Strait ferries, “rail-enabled” means freight carriages can roll onto and off of the ferry directly rather than requiring unloading and reloading onto trucks as additional handling steps on each side of Cook Strait. The efficiency gains of being “rail enabled” is thought to add 10-20% to the overall cost to the ferries/infrastructure. The government is now considering three possible options for new ferries. Which of the following options is closest to the one you would support? 

    Results showed a clear public preference:

    Maritime Union spokesperson Victor Billot says “This shows that New Zealanders can see the terrible mistake the Minister has made in cancelling the new rail ferries and that is only going to get more obvious as the massive costs of this fiasco, like the cancellation fee of up to a half a billion dollars, come to light.

    “Rail enabled and publicly owned ferries are vital to New Zealand’s domestic freight. No rail ferries would likely mean no viable rail system, and privatising would be like putting a toll booth on the strait and sending the revenue overseas.

    “Unions want rail-enabled ferries, so do logistics companies including Mainfreight, New Zealand First has just said they want them, and now it’s clear the people of New Zealand want them too. The question is why is the Finance Minister so intent on forcing New Zealanders into a bad deal that nobody wants?”

    Road-bridging – the practice of taking containers from trains and transporting them onto non-rail ferries adds up to $200 per container cost and takes up to three hours more per sailing. Industry experts have noted this additional cost would price rail out of the north/south freight market.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Connections established between Volcanic Eruption & Ionospheric Disturbances

    Source: Government of India (2)

    Posted On: 21 OCT 2024 4:05PM by PIB Delhi

    A new study has revealed a previously unexplored ionospheric connection between the massive eruption of the Tonga volcano, a submarine volcano in the South Pacific, on 15 January 2022 and the formation of Equatorial Plasma Bubbles (EPBs) or an ionospheric phenomenon near the Earth’s geomagnetic equator at night time over the Indian subcontinent.

    It highlights how volcanic eruptions can trigger ionospheric disturbances and space weather that affect satellite communication and navigation systems.

    In today’s world, satellite-based communication and navigation systems are critical for numerous sectors. Understanding how natural disasters, like volcanic eruptions, can impact the ionosphere is essential for predicting and mitigating disruptions in these systems. While previous studies have established that EPBs can disrupt satellite signals, the role of terrestrial events in shaping space weather has not been explored.

    On January 15, 2022, the Tonga volcano located 65 km (40 mi) north of Tongatapu, Tonga‘s main island in Polynesia, erupted with extraordinary force sending shock waves through the atmosphere.  Scientists were intrigued by the subsequent formation of EPBs in the evening hours over the Indian region.

    Scientists at Indian Institute of Geomagnetism (IIG) Navi Mumbai, an autonomous institute of Department of Science and Technology explored the connection between the Tonga volcanic eruption and the EPBs.

    They found that the eruption produced strong atmospheric gravity waves that propagated into the upper    atmosphere, triggering ionospheric conditions favorable to trigger EPBs. They used ionosonde observations from Tirunelveli and Prayagraj to detect spread-F traces –a phenomenon in the ionosphere where electron density become irregular causing spread in radio signals and leading to fading or disruptions in communications. Concurrently, satellite data from Swarm B and C confirmed significant electron density depletions, directly linked to the formation of EPBs.

    The scientists analyzed various atmospheric and ionospheric data to understand how disturbances triggered by the eruption led to the generation of EPBs.

    Observations from NASA’s Ionospheric Connection Explorer (ICON) (wind, ion density, and temperature) and Swarm satellites provided a comprehensive view of the ionospheric changes during the event, confirming that the eruption-induced gravity waves played a crucial role in initiating these plasma instabilities.

    Plasma blobs, as well as enhanced Pre- Reversal Enhancement (PRE) –sharp increase in the ionospheric eastward electric field in the dusk sector before it turns to westward in the late-night hours, triggered by atmospheric disturbances were also detected.

    Further analysis of iso-frequency and Total Electron Content (TEC) data from Global Navigation Satellite System (GNSS) measurements across the Indian region revealed gravity wave-like oscillations/Traveling Ionospheric Disturbances (TIDs) moving across Indian longitudes in the equatorial ionosphere.

    This indicated that the volcanic eruption had a widespread impact on the ionosphere and acted as seeding mechanisms for EPB generation.

    This comprehensive utilization of data from multiple sources gave the researchers a multi- dimensional view of the ionospheric disturbances.

    By combining ground-based and satellite data, the study published in “Journal of Geophysical Research: Space Physics” offers new insights into how natural disasters like volcanic eruptions can significantly influence space weather, affecting satellite communication and navigation systems.

    The Tonga Volcano identified as a cause for these ionospheric disturbances is a real-world example showing the need for monitoring space weather conditions in the aftermath of major geological events, adding to existing knowledge of ionospheric dynamics.

    The research by the team consisting of R K Barad, S Sripathi, S Banola, and K Vijaykumar, underscores the role of terrestrial events in shaping space weather, adding to existing knowledge of ionospheric dynamics.

    The connection established between geological events and ionospheric dynamics is important for satellite communication and relevant for sectors like defense, agriculture, aviation, disaster management, and any other areas that rely on Global Positioning Systems (GPS) and satellite-based technologies.

    The study can help improve forecasting of ionospheric disturbances leading to better early warning systems that involve satellite signal interference, benefiting fields like navigation, aviation, and military operations. This will allow governments and industries to better prepare for and mitigate disruptions in essential services like GPS, air traffic control, and satellite communications.

    Figure: (a) Brightness temperature (BT) perturbation at a 4.3-micron wavelength obtained from the AIRS instrument on NASA’s Aqua satellite, with the pink triangle indicating the location of the Tonga volcano. (b) Distance-time plot of Total Electron Content (TEC) perturbations observed over Colombo, Tirunelveli, Bangalore, and Hyderabad, with blue and red dots representing the first (∼452 m/s) and second (∼406 m/s) Traveling Ionospheric Disturbances (TIDs). (c) Temporal variation of the F-layer base height (h’F) over Tirunelveli and Prayagraj for January 2022, illustrating the ionospheric response following the eruption. This figure sequence captures the progression from the atmospheric disturbance caused by the Tonga eruption to its impact on the ionosphere over India.

    ***

    NKR/KS/AG

    (Release ID: 2066690) Visitor Counter : 66

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Real world information for car buyers acclaimed internationally

    Source: Australian Ministers 1

    The real-world vehicle testing program funded by the Albanese Government and run by the Australian Automobile Association has won an innovation award from the Fédération Internationale de l’Automobile for Empowering Cleaner Choices.

    The program is a global first and allows car buyers to save money and make more informed choices by measuring fuel consumption and emissions of vehicles in real road conditions.

    Those results are compared to the results of laboratory tests provided by manufacturers.

    The testing gives consumers information they haven’t previously had about how a car may perform. It is intended to help buyers looking for more efficient and cheaper-to-run cars.

    It also helps provide policymakers in Australia and overseas with insights to help develop more accurate laboratory tests for the future.

    The Albanese Government is providing $14 million to the Australian Automobile Association over the next four years to test the real-world fuel usage of a range of popular cars, SUVs and utes sold in Australia.

    The testing to date has found results for 70 of Australia’s most popular cars, with 52 found to be using more fuel than reported from lab testing, and the latest results released today show some new cars consume over 30% more fuel than advertised.

    The Fédération Internationale de l’Automobile (FIA) is the AAA’s international parent body and has membership from 242 organisations in 147 countries and this year held the inaugural Innovation Challenge Awards.

    The winners of the four categories were selected from 44 entries.

    The FIA congratulated the Real-World Testing program for providing “users with unprecedented information, enabling them to make more informed choices, save money and better protect the planet.”

    The Albanese Government committed to funding the Real-World Testing program at the 2022 election, and it was launched in October 2023.

    Quotes attributable to the Minister for Infrastructure, Transport, Regional Development and Local Government, Catherine King: 

    “This program helps Australians make informed decisions based on the real costs of running a vehicle.

    “Transport takes a percentage of every household budget, that’s why it is important Australians have access to tools like this to help maximise savings.

    “That’s why we are funding this program and I congratulate the AAA on its success.”

    MIL OSI News –