Category: Trade

MIL-OSI Banking: Apple Miami Worldcenter opens to excited customers in downtown Miami

Source: Apple

Headline: Apple Miami Worldcenter opens to excited customers in downtown Miami

Apple’s newest store in Miami opened this Friday, January 24, in the city’s dynamic downtown district, where customers and members of the local community celebrated with the over 150-person-strong store team.

Shoppers can easily and seamlessly upgrade to iPhone 16 by taking advantage of Apple Trade In, various financing offers, carrier activation, and personalized setup — all in a uniquely designed store where everyone is welcome. Customers can shop the all-new lineup of iPhone 16, Mac, MacBook Pro, Mac mini powered by the M4 chip, Apple Watch Series 10, and AirPods models, and receive personalized shopping support from Apple team members.

To celebrate the opening of the store, Apple Miami Worldcenter will offer customized Today at Apple sessions highlighting the store’s environment-centered design and natural elements, as well as special Made for Business events led by small business owners. Customers can explore upcoming Today at Apple sessions and book at apple.com/retail/miamiworldcenter.

MIL OSI Global Banks –

January 25, 2025
MIL-OSI: Nokia Corporation: Repurchase of own shares on 24.01.2025
Source: GlobeNewswire (MIL-OSI)

Nokia Corporation
Stock Exchange Release
24 January 2025 at 22:30 EET

Nokia Corporation: Repurchase of own shares on 24.01.2025

Espoo, Finland – On 24 January 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*

XHEL 872,093 4.40

CEUX – –

BATE – –

AQEU – –

TQEX – –

Total 872,093 4.40

* Rounded to two decimals

On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

Total cost of transactions executed on 24 January 2025 was EUR 3,835,814. After the disclosed transactions, Nokia Corporation holds 231,670,526 treasury shares.

Details of transactions are included as an appendix to this announcement.

On behalf of Nokia Corporation

BofA Securities Europe SA

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Inquiries:

Nokia Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Global Head of External Communications

Nokia Investor Relations
Phone: +358 931 580 507
Email: investor.relations@nokia.com

Attachment
- Daily Report 2025-01-24
The MIL Network –
January 25, 2025
MIL-OSI United Nations: Secretary-General Appoints Hanna Serwaa Tetteh of Ghana Special Representative for Libya, Head of United Nations Support Mission in Libya

Source: United Nations General Assembly and Security Council

United Nations Secretary-General António Guterres announced today the appointment of Hanna Serwaa Tetteh of Ghana as his Special Representative for Libya and Head of the United Nations Support Mission in Libya (UNSMIL).

She succeeds Abdoulaye Bathily of Senegal, who served as Special Envoy and Head of UNSMIL until May 2024. The Secretary-General is grateful for his leadership, as well as to Deputy Special Representative, Stephanie Koury, who led the Mission in the interim period as Officer-in-Charge.

Ms. Tetteh brings to this position decades of experience at the national, regional and international levels, including most recently as the Special Envoy of the Secretary-General for the Horn of Africa from 2022 until 2024. Prior to this, she was the Special Representative of the Secretary-General to the African Union and Head of the United Nations Office to the African Union (UNOAU) from 2018 to 2020, having earlier served as Director-General of the United Nations Office at Nairobi.

Before joining the United Nations, Ms. Tetteh was a senior member of the cabinet of the Government of Ghana as Minister for Foreign Affairs from 2013 to 2017, and member of the National Security Council and the Armed Forces Council. She also served as Minister for Trade and Industry from 2009 to 2013. During her tenure as Foreign Minister from 2014 to 2015, she was the Chairperson of the Council of Ministers as well as Chairperson of the Mediation and Security Council of the Economic Community of West African States (ECOWAS). During her term as Minister for Trade and Industry, she was also a member of the Government’s economic management team, a member of the board of the Millennium Development Authority, a member of the National Development Planning Commission and the Chairperson of the Ghana Free Zones Board.

Ms. Tetteh served as Member of Parliament in the National Democratic Congress (NDC) for the Awutu Senya Constituency from 2000 to 2005. She later returned to Parliament as the NDC Member of Parliament for the Awutu Senya West Constituency from 2013 to 2017. She was subsequently appointed as Co-Facilitator in the High-Level Forum for the Revitalisation of the Agreement for the resolution of the conflict in South Sudan.

Ms. Tetteh holds a Bachelor of Laws (LLB) degree from the University of Ghana, Legon, and after her post-graduate legal studies at the Ghana School of Law was called to the Bar in 1992. She is fluent in English, Hungarian and Fante.

__________

* This supersedes Press Release SG/A/2100 of 22 February 2022.

MIL OSI United Nations News –

January 25, 2025

MIL-OSI: Northrim BanCorp Earns $10.9 Million, or $1.95 Per Diluted Share, in Fourth Quarter 2024, and $37.0 Million, or $6.62 Per Diluted Share, for the Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

ANCHORAGE, Alaska, Jan. 24, 2025 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $10.9 million, or $1.95 per diluted share, in the fourth quarter of 2024, compared to $8.8 million, or $1.57 per diluted share, in the third quarter of 2024, and $6.6 million, or $1.19 per diluted share, in the fourth quarter a year ago. The increase in the fourth quarter of 2024 compared to the third quarter of 2024 is primarily due to an increase in purchased receivable income due to the Company’s acquisition of Sallyport Commercial Finance, LLC (“Sallyport”), which was completed on October 31, 2024. Sallyport and its direct and indirect subsidiaries provide services and products related to factoring and asset-based lending in the United States, Canada, and the United Kingdom. Additionally, in the fourth quarter of 2024 the Company had an increase in mortgage banking income, primarily as a result of an increase in the fair value of a mortgage servicing portfolio that the Company purchased from another financial institution in the fourth quarter. The increase profitability in the fourth quarter of 2024 as compared to the same quarter of the prior year was largely driven by an increase in mortgage banking income and higher net interest income, as well as an increase in purchased receivable income as noted above, which was only partially offset by higher other operating expenses and an increase in the provision for credit losses.

Net income for the full year of 2024 increased 46% to $37.0 million, or $6.62 per diluted share, compared to $25.4 million, or $4.49 per diluted share, for the full year of 2023. Increased net interest income resulting from loan and deposit growth supported 2024 earnings in the Community Banking segment but were offset by increases in other operating expenses, primarily in salaries and other personnel expense as the Company continued to expand its branch network into new markets in Alaska. An increase in mortgage originations and an increase in the fair value of mortgage servicing rights resulted in net income of $4.4 million in the Home Mortgage Lending segment in 2024 compared to a $2.5 million loss in 2023.

Dividends per share in the fourth quarter of 2024 remained consistent with the third quarter of 2024 at $0.62 per share and increased from $0.60 per share in the fourth quarter of 2023.

“Northrim reported record core earnings in 2024 and record earnings per share in the fourth quarter,” said Mike Huston, Northrim’s President and Chief Executive Officer. “We are pleased with our results as we continue to focus on profitable growth. In the last five years Northrim’s deposit market share in Alaska has increased from 11% to 16%, loans and deposits have increased by almost 100%, and net interest income has increased by 60%.”

“2024 results were also supported by an improvement in mortgage banking income,” continued Mr. Huston. “We believe the acquisition of Sallyport in the fourth quarter will further diversify fee income and provide attractive risk-adjusted returns to Northrim shareholders.”

Fourth Quarter 2024 Highlights:

Net interest income in the fourth quarter of 2024 increased 7% to $30.8 million compared to $28.8 million in the third quarter of 2024 and increased 15% compared to $26.7 million in the fourth quarter of 2023.
Net interest margin on a tax equivalent basis (“NIMTE”)^* was 4.47% for the fourth quarter of 2024, a 12-basis point increase from the third quarter of 2024 and a 35-basis point increase compared to the fourth quarter of 2023.
Return on average assets (“ROAA”) was 1.43% and return on average equity (“ROAE”) was 16.32% for the fourth quarter of 2024.
Portfolio loans were $2.13 billion at December 31, 2024, up 6% from the preceding quarter and up 19% from a year ago, primarily due to new customer relationships, expanding market share, and to retaining certain mortgage loans originated by Residential Mortgage, a subsidiary of Northrim Bank (the “Bank”), in the loan portfolio.
Total deposits were $2.68 billion at December 31, 2024, up 2% from the preceding quarter, and up 8% from $2.49 billion a year ago. Noninterest bearing demand deposits represented 27% of total deposits at December 31, 2024, down from 29% at September 30, 2024 and 31% at December 31, 2023.
Total assets at December 31, 2024 exceeded $3 billion for the first time.
The average cost of interest-bearing deposits was 2.15% in the fourth quarter of 2024, down from 2.24% in the third quarter of 2024 and up from 2.00% in the fourth quarter a year ago.
Acquired Sallyport for approximately $53.9 million (approximately $47.9 million in cash and $6 million in an earn-out payable over 3 years) on October 31, 2024.


Financial Highlights	Three Months Ended
(Dollars in thousands, except per share data)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Total assets	$3,041,869		$2,963,392		$2,821,668		$2,759,560		$2,807,497
Total portfolio loans	$2,129,263		$2,007,565		$1,875,907		$1,811,135		$1,789,497
Total deposits	$2,680,189		$2,625,567		$2,463,806		$2,434,083		$2,485,055
Total shareholders’ equity	$267,116		$260,050		$247,200		$239,327		$234,718
Net income	$10,927		$8,825		$9,020		$8,199		$6,613
Diluted earnings per share	$1.95		$1.57		$1.62		$1.48		$1.19
Return on average assets	1.43	%	1.22	%	1.31	%	1.19	%	0.93	%
Return on average shareholders’ equity	16.32	%	13.69	%	14.84	%	13.84	%	11.36	%
NIM	4.41	%	4.29	%	4.24	%	4.16	%	4.06	%
NIMTE^*	4.47	%	4.35	%	4.30	%	4.22	%	4.12	%
Efficiency ratio	66.96	%	66.11	%	68.78	%	68.93	%	72.21	%
Total shareholders’ equity/total assets	8.78	%	8.78	%	8.76	%	8.67	%	8.36	%
Tangible common equity/tangible assets^*	7.23	%	8.28	%	8.24	%	8.14	%	7.84	%
Book value per share	$48.41		$47.27		$44.93		$43.52		$42.57
Tangible book value per share^*	$39.17		$44.36		$42.03		$40.61		$39.68
Dividends per share	$0.62		$0.62		$0.61		$0.61		$0.60
Common shares outstanding	5,518,210		5,501,943		5,501,562		5,499,578		5,513,459

^* References to NIMTE, tangible book value per share, and tangible common equity to tangible common assets, (all of which exclude intangible assets) represent non-GAAP financial measures. Management has presented these non-GAAP measurements in this earnings release, because it believes these measures are useful to investors. Please refer to the end of this release for reconciliations of these non-GAAP financial measures to GAAP financial measures.

Alaska Economic Update
(Note: sources for information in this section are listed on page 13.)

The Alaska Department of Labor (“DOL”) has reported Alaska’s seasonally adjusted unemployment rate in November 2024 was 4.6% compared to the U.S. rate of 4.2%. The total number of payroll jobs in Alaska, not including uniformed military, increased 2.4% or 7,700 jobs between November 2023 and November 2024.

According to the DOL, Construction had the largest growth in new jobs in Alaska through November compared to the prior year. The Construction sector added 2,100 positions for a year over year growth rate of 12.7% in November 2024. The larger Health Care sector grew by 1,500 jobs for an annual growth rate of 3.7%. The Oil & Gas sector increased by 9.2% or 700 new direct jobs. Transportation, Warehousing and Utilities added 1,000 jobs for a 4.5% growth rate. Professional and Business Services increased 700 jobs year over year through November 2024, up 2.5%.

The Government sector grew by 1,200 jobs for 1.5% growth, adding 100 Federal jobs, 800 State and 300 Local government positions in Alaska over the same period. Declining sectors between November 2023 and November 2024 were Manufacturing (primarily seafood processing) shrinking 500 jobs (-6.6%), Information, down 100 jobs (-2.2%), and Retail lost 100 jobs (-0.3%).

Alaska’s Gross State Product (“GSP”) in the third quarter of 2024, exceeded $70 billion for the first time, and is estimated to be $70.1 billion in current dollars, according to the Federal Bureau of Economic Analysis (“BEA”). Alaska’s inflation adjusted “real” GSP increased 6.5% in 2023, placing Alaska fifth best of all 50 states. In the third quarter of 2024 Alaska GSP increased at an annualized rate of 2.2%, compared to the average U.S. growth rate of 3.1%. Alaska’s real GSP improvement in the third quarter of 2024 was primarily caused by growth in the Health Care, Trade, Transportation and Warehousing sectors.

The BEA also calculated Alaska’s seasonally adjusted personal income at $55.7 billion in the third quarter of 2024. This was an annualized improvement in the third quarter of 3.3% for Alaska, compared to the national average of 3.2%. Alaska enjoyed an annual personal income improvement of 3.8% in 2023. The $445 million increase in personal income in the third quarter in Alaska came from a $310 million increase in net earnings from wages, $145 million growth in government transfer receipts (which grew in all 50 states), and a $10 million decrease in investment income.

The monthly average price of Alaska North Slope (“ANS”) crude oil was at an annual high of $89.05 in April 2024 and most recently averaged $72.50 in November 2024. The Alaska Department of Revenue (“DOR”) calculated ANS crude oil production was 461 thousand barrels per day (“bpd”) in Alaska’s fiscal year ending June 30, 2024 and is projected to increase to 467 thousand bpd in Alaska’s fiscal year 2025. The DOR expects production to continue to grow rapidly to 657 thousand bpd by fiscal year 2034. This is primarily a result of new production coming on-line in and around the NPR-A region west of Prudhoe Bay. A partnership between Santos and Repsol is constructing the new Pikka field and ConocoPhillips is reportedly developing the large new Willow field. There are also a number of smaller new fields in Alaska’s North Slope that are contributing to the State of Alaska’s production growth estimates.

According to the Alaska Multiple Listing Services, the average sales price of a single family home in Anchorage rose 6.2% in 2024 to $509,994, following a 5.2% increase in 2023. This was the seventh consecutive year of price increases.

The average sales price for single family homes in the Matanuska Susitna Borough rose 3.9% in 2024 to $412,907, after increasing 4% in 2023. This continues a trend of average price increases for more than a decade in the region. These two markets represent where the vast majority of the Bank’s residential lending activity occurs.

The Alaska Multiple Listing Services reported a 3.4% increase in the number of units sold in Anchorage when comparing 2024 to 2023. There was virtually no change in the number of homes sold in the Matanuska Susitna Borough, with only four fewer homes sold in 2024 than in 2023 or 0.2%.

Northrim Bank sponsors the Alaskanomics blog to provide news, analysis, and commentary on Alaska’s economy. Join the conversation at Alaskanomics.com, or for more information on the Alaska economy, visit: http://www.northrim.com and click on the “Business Banking” link and then click “Learn.” Information from our website is not incorporated into, and does not form, a part of this earnings release.

Review of Income Statement

Consolidated Income Statement

In the fourth quarter of 2024, Northrim generated a ROAA of 1.43% and a ROAE of 16.32%, compared to 1.22% and 13.69%, respectively, in the third quarter of 2024 and 0.93% and 11.36%, respectively, in the fourth quarter a year ago. For the year 2024, Northrim generated a ROAA of 1.29% and a ROAE of 14.70%, compared to 0.94% and 11.17% for 2023.

Net Interest Income/Net Interest Margin

Net interest income increased 7% to $30.8 million in the fourth quarter of 2024 compared to $28.8 million in the third quarter of 2024 and increased 15% compared to $26.7 million in the fourth quarter of 2023. Interest expense on deposits increased to $10.6 million in the fourth quarter compared to $10.1 million in the third quarter of 2024 and $8.7 million in the fourth quarter of 2023.

NIMTE^* was 4.47% in the fourth quarter of 2024 compared to 4.35% in the preceding quarter and 4.12% in the fourth quarter a year ago. NIMTE^* increased 12 basis points in the fourth quarter of 2024 compared to the prior quarter and 35 basis points compared to the fourth quarter of 2023 primarily due to a favorable change in the mix of earning-assets towards higher loan balances as a percentage of total earning-assets, higher earning-assets, and higher yields on those assets which were only partially offset by an increase in costs on interest-bearing deposits. The weighted average interest rate for new loans booked in the fourth quarter of 2024 was 7.23% compared to 7.24% in the third quarter of 2024 and 7.74% in the fourth quarter a year ago. The yield on the investment portfolio increased to 2.84% from 2.80% in the third quarter of 2024 and increased from 2.48% in the fourth quarter of 2023. “We are beginning to see improvements in our net interest margin as a result of lower deposit costs from the recent Fed interest rate cuts, in addition to the benefit of new loan volume and loan repricing driving our net interest margin to 4.47% for the fourth quarter,” said Jed Ballard, Chief Financial Officer. Northrim’s NIMTE^* continues to remain above the peer average of 3.16% posted by the S&P U.S. Small Cap Bank Index with total market capitalization between $250 million and $1 billion as of September 30, 2024.

Provision for Credit Losses

Northrim recorded a provision for credit losses of $1.2 million in the fourth quarter of 2024, which includes a $125,000 provision for credit losses on purchased receivables, $107,000 benefit to the provision for credit losses on unfunded commitments, and a provision for credit losses on loans of $1.2 million. This compares to a provision for credit losses of $2.1 million in the third quarter of 2024, and a provision for credit losses of $885,000 in the fourth quarter a year ago. The $1.2 million provision for credit losses in the fourth quarter of 2024 is largely attributable to increases in loan and purchased receivable balances.

Nonperforming loans, net of government guarantees, increased during the quarter to $7.5 million at December 31, 2024, compared to $5.0 million at both September 30, 2024 and December 31, 2023.

The allowance for credit losses was 292% of nonperforming loans, net of government guarantees, at the end of the fourth quarter of 2024, compared to 394% three months earlier and 345% a year ago.

Other Operating Income

In addition to home mortgage lending, Northrim has interests in other businesses that complement its core community banking activities, including purchased receivables financing and wealth management. Other operating income contributed $13.0 million, or 30% of total fourth quarter 2024 revenues, as compared to $11.6 million, or 29% of revenues in the third quarter of 2024, and $6.5 million, or 20% of revenues in the fourth quarter of 2023. The increase in other operating income in the fourth quarter of 2024 as compared to the preceding quarter and the fourth quarter of 2023 is largely the result of higher purchased receivable income due to the acquisition of Sallyport. Additionally, other operating income in the fourth quarter of 2024 as compared to the fourth quarter a year ago increased due to an increase in mortgage banking income arising from higher volume of mortgage activity and an increase in the value of mortgage servicing rights. The changes in mortgage banking are discussed further in the Home Mortgage Lending section below.

Other Operating Expenses

Operating expenses were $29.4 million in the fourth quarter of 2024, compared to $26.7 million in the third quarter of 2024, and $24.0 million in the fourth quarter of 2023. The increase in other operating expenses in the fourth quarter of 2024 compared to the third quarter of 2024 and the fourth quarter a year ago is primarily due to an increase in salaries and other personnel expense, as well as increases in professional fees from one-time deal costs associated with the acquisition of Sallyport and insurance expense due to higher FDIC insurance costs due to the Company’s asset and net income growth.

Income Tax Provision

In the fourth quarter of 2024, Northrim recorded $2.4 million in state and federal income tax expense for an effective tax rate of 17.8%, compared to $2.8 million, or 24.2% in the third quarter of 2024 and $1.7 million, or 20.7% in the fourth quarter a year ago. For the year, Northrim recorded $10.0 million in state and federal income tax expense in 2024 for an effective tax rate of 21.3%, compared to $6.2 million, or 19.7% in 2023. The decrease in the tax rate in the fourth quarter of 2024 as compared to the third quarter of 2024 and the fourth quarter a year ago is primarily the result of increased tax benefits related to the Company’s investment in low income housing tax credits and the purchase of renewable energy tax credits.

Community Banking

In the most recent deposit market share data from the FDIC, Northrim’s deposit market share in Alaska increased to 15.66% of Alaska’s total deposits as of June 30, 2024 compared to 15.04% of Alaska’s total deposits as of June 30, 2023. This represents 62 basis points of growth in market share percentage for Northrim during that period while, according to the FDIC, the total deposits in Alaska were up 2.3% during the same period. Northrim opened a branch in Kodiak in the first quarter of 2023, a loan production office in Homer in the second quarter of 2023, a permanent branch in Nome in the third quarter of 2023, and a branch in Homer in the first quarter of 2024. See below for further discussion regarding the Company’s deposit movement for the quarter.

Northrim is committed to meeting the needs of the diverse communities in which it operates. As a testament to that support, the Bank has branches in four regions of Alaska identified by the Federal Reserve as “distressed or underserved non-metropolitan middle-income geographies”.

Net interest income in the Community Banking segment totaled $27.6 million in the fourth quarter of 2024, compared to $25.9 million in the third quarter of 2024 and $24.2 million in the fourth quarter of 2023. Net interest income increased in the fourth quarter of 2024 as compared to the third quarter of 2024 and the fourth quarter a year ago mostly due to increased interest income on loans that was only partially offset by higher interest expense on deposits.

The following table provides highlights of the Community Banking segment of Northrim:


	Three Months Ended
(Dollars in thousands, except per share data)	December 31, 2024	September 30, 2024	June 30, 2024		March 31, 2024	December 31, 2023
Net interest income	$27,643	$25,928	$24,318		$24,215	$24,221
Provision (benefit) for credit losses	771	1,492	(184	)	197	885
Other operating income	2,535	3,507	2,450		2,468	2,741
Other operating expense	19,116	18,723	18,068		17,177	18,158
Income before provision for income taxes	10,291	9,220	8,884		9,309	7,919
Provision for income taxes	1,474	2,133	1,786		1,966	1,604
Net income Community Banking segment	$8,817	$7,087	$7,098		$7,343	$6,315
Weighted average shares outstanding, diluted	5,597,889	5,583,055	5,558,580		5,554,930	5,578,491
Diluted earnings per share	$1.58	$1.26	$1.27		$1.32	$1.14

	Year Ended
(Dollars in thousands, except per share data)	December 31, 2024	December 31, 2023
Net interest income	$102,104	$95,555
Provision for credit losses	2,276	3,842
Other operating income	10,960	9,130
Other operating expense	73,085	69,253
Income before provision for income taxes	37,703	31,590
Provision for income taxes	7,359	6,175
Net income Community Banking segment	$30,344	$25,415
Weighted average shares outstanding, diluted	5,583,983	5,661,460
Diluted earnings per share	$5.43	$4.49

Home Mortgage Lending

During the fourth quarter of 2024, mortgage loans funded for sale decreased to $162.5 million, of which 89% was for home purchases, compared to $210.0 million and 94% of loans funded for home purchases in the third quarter of 2024, and increased as compared to $79.7 million, of which 96% was for home purchases in the fourth quarter of 2023.

During the fourth quarter of 2024, the Bank purchased Residential Mortgage-originated mortgage loans to hold on the Bank’s balance sheet of $23.4 million of which roughly two-thirds were jumbos and one-third were mortgages for second homes, with a weighted average interest rate of 6.30%, down from $38.1 million and 6.59% in the third quarter of 2024, and down from $27.1 million and 7.05% in the fourth quarter of 2023. Mortgage loans funded for investment has increased net interest income in the Home Mortgage Lending segment. Net interest income contributed $3.3 million to total revenue in the fourth quarter of 2024, up from $2.9 million in the prior quarter, and up from $2.3 million in the fourth quarter a year ago.

The Arizona, Colorado, and the Pacific Northwest mortgage expansion markets were responsible for 19% of Residential Mortgage’s $186 million total production in the fourth quarter of 2024, 20% of the $248 million total production in the third quarter of 2024, and 11% of the $107 million in total production in the fourth quarter of 2023.

The net change in fair value of mortgage servicing rights increased mortgage banking income by $873,000 during the fourth quarter of 2024 compared to a decrease of $968,000 for the third quarter of 2024 and a decrease of $1.0 million for the fourth quarter of 2023. In the fourth quarter of 2024, the Bank purchased an Alaska Housing Finance Corporation (AHFC) servicing portfolio from another financial institution for $2.3 million. At December 31, 2024, this servicing portfolio was valued at $3.1 million resulting in a $750,000 increase in fair value. Mortgage servicing revenue increased to $2.8 million in the fourth quarter of 2024 from $2.6 million in the prior quarter and increased from $2.2 million in the fourth quarter of 2023 due to an increase in production of AHFC mortgages, which contribute to servicing revenues at origination. In the fourth quarter of 2024, the Company’s mortgage servicing portfolio increased to $294.1 million, which includes the purchase of the AHFC servicing portfolio of $235.6 million, $86.3 million in new mortgage loans, net of amortization and payoffs of $27.8 million as compared to a net increase of $64.8 million in the third quarter of 2024 and $62.4 million in the fourth quarter of 2023.

As of December 31, 2024, Northrim serviced 6,378 loans in its $1.46 billion home mortgage servicing portfolio, a 25% increase compared to the $1.17 billion serviced as of the end of the third quarter of 2024, and a 40% increase from the $1.04 billion serviced a year ago.

The following table provides highlights of the Home Mortgage Lending segment of Northrim:


	Three Months Ended
(Dollars in thousands, except per share data)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Mortgage loan commitments	$32,299		$77,591		$88,006		$56,208		$22,926

Mortgage loans funded for sale	$162,530		$209,960		$152,339		$84,324		$79,742
Mortgage loans funded for investment	23,380		38,087		29,175		17,403		27,114
Total mortgage loans funded	$185,910		$248,047		$181,514		$101,727		$106,856
Mortgage loan refinances to total fundings	11	%	6	%	6	%	4	%	4	%
Mortgage loans serviced for others	$1,460,720		$1,166,585		$1,101,800		$1,060,007		$1,044,516

Net realized gains on mortgage loans sold	$3,747		$5,079		$3,188		$1,980		$1,462
Change in fair value of mortgage loan commitments, net	(665	)	60		391		386		(296	)
Total production revenue	3,082		5,139		3,579		2,366		1,166
Mortgage servicing revenue	2,847		2,583		2,164		1,561		2,180
Change in fair value of mortgage servicing rights:
Due to changes in model inputs of assumptions¹	1,372		(566	)	239		289		(707	)
Other²	(499	)	(402	)	(320	)	(314	)	(301	)
Total mortgage servicing revenue, net	3,720		1,615		2,083		1,536		1,172
Other mortgage banking revenue	238		293		222		129		99
Total mortgage banking income	$7,040		$7,047		$5,884		$4,031		$2,437

Net interest income	$3,280		$2,941		$2,775		$2,232		$2,276
Provision (benefit) for credit losses	305		571		64		(48	)	—
Mortgage banking income	7,040		7,047		5,884		4,031		2,437
Other operating expense	7,198		7,643		6,697		6,086		5,477
Income before provision for income taxes	2,817		1,774		1,898		225		(764	)
Provision for income taxes	842		497		532		63		(215	)
Net (loss) income Home Mortgage Lending segment	$1,975		$1,277		$1,366		$162		($549	)

Weighted average shares outstanding, diluted	5,597,889		5,583,055		5,558,580		5,554,930		5,769,415
Diluted (loss) earnings per share	$0.35		$0.23		$0.25		$0.03		($0.10	)
¹Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
²Represents changes due to collection/realization of expected cash flows over time.


	Year Ended
(Dollars in thousands, except per share data)	December 31, 2024		December 31, 2023
Mortgage loans funded for sale	$609,153		$376,154
Mortgage loans funded for investment	108,045		146,258
Total mortgage loans funded	$717,198		$522,412
Mortgage loan refinances to total fundings	7	%	4	%

Net realized gains on mortgage loans sold	$13,994		$7,828
Change in fair value of mortgage loan commitments, net	172		(102	)
Total production revenue	14,166		7,726
Mortgage servicing revenue	9,155		7,368
Change in fair value of mortgage servicing rights:
Due to changes in model inputs of assumptions¹	1,334		(922	)
Other²	(1,535	)	(1,765	)
Total mortgage servicing revenue, net	8,954		4,681
Other mortgage banking revenue	882		356
Total mortgage banking income	$24,002		$12,763

Net interest income	$11,228		$7,298
Provision for credit losses	892		—
Mortgage banking income	24,002		12,763
Other operating expense	27,624		23,497
Income before provision for income taxes	6,714		(3,436	)
Provision for income taxes	1,934		(943	)
Net (loss) income Home Mortgage Lending segment	$4,780		($2,493	)

Weighted average shares outstanding, diluted	5,583,983		5,661,460
Diluted (loss) earnings per share	$0.86		($0.44	)
¹Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
²Represents changes due to collection/realization of expected cash flows over time.

Specialty Finance

On October 31, 2024, the Company completed the acquisition of Sallyport Commercial Finance, LLC in an all cash transaction valued at approximately $53.9 million. Sallyport Commercial Finance, LLC is a leading provider of factoring, asset based lending and alternative working capital solutions to small and medium sized enterprises in the United States, Canada, and the United Kingdom. The Company determined that a new Specialty Finance segment was appropriate for the Company upon the completion of the acquisition. The Specialty Finance segment also includes Northrim Funding Services, a division of Northrim Bank that has offered factoring solutions to small businesses since 2004. The composition of revenues for the Specialty Finance segment are primarily purchased receivable income, but also include interest income and other fee income.

The acquisition of Sallyport included $1.13 million in one-time deal related costs which are reflected in other operating expenses for the fourth quarter and full year of 2024 in the tables below. Total pre-tax income for Sallyport for two months of operations, excluding transaction costs was $945,000.

The following table provides highlights of the Specialty Finance segment of Northrim:


	Three Months Ended
(Dollars in thousands, except per share data)	December 31, 2024		September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023
Purchased receivable income	$3,526		$1,033	$1,243	$1,345	$1,307
Other operating income	(68	)	—	—	—	—
Interest income	407		158	170	212	235
Total revenue	3,865		1,191	1,413	1,557	1,542
Provision for credit losses	125		—	—	—	—
Other operating expense	3,063		362	429	374	358
Interest expense	489		185	210	212	—
Total expense	3,677		547	639	586	358
Income before provision for income taxes	188		644	774	971	1,184
Provision for income taxes	53		183	218	276	337
Net income Specialty Finance segment	$135		$461	$556	$695	$847
Weighted average shares outstanding, diluted	5,597,889		5,583,055	5,558,580	5,554,930	5,578,491
Diluted earnings per share	$0.02		$0.08	$0.10	$0.13	$0.15

	Year Ended
(Dollars in thousands, except per share data)	December 31, 2024		December 31, 2023
Purchased receivable income	$7,147		$4,482
Other operating income	(68	)	—
Interest income	947		403
Total revenue	8,026		4,885
Provision for credit losses	125		—
Other operating expense	4,228		1,431
Interest expense	1,096		—
Total expense	5,449		1,431
Income before provision for income taxes	2,577		3,454
Provision for income taxes	730		982
Net income Specialty Finance segment	$1,847		$2,472
Weighted average shares outstanding, diluted	5,583,983		5,661,460
Diluted earnings per share	$0.33		$0.44

Balance Sheet Review

Northrim’s total assets were $3.04 billion at December 31, 2024, up 3% from the preceding quarter and up 8% from a year ago. Northrim’s loan-to-deposit ratio was 79% at December 31, 2024, up from 76% at September 30, 2024, and 72% at December 31, 2023.

At December 31, 2024, our liquid assets and investments and loans maturing within one year were $1.01 billion and our funds available for borrowing under our existing lines of credit were $566.8 million. Given these sources of liquidity and our expectations for customer demands for cash and for our operating cash needs, we believe our sources of liquidity to be sufficient for the foreseeable future.

Average interest-earning assets were $2.79 billion in the fourth quarter of 2024, up 4% from $2.67 billion in the third quarter of 2024 and up 7% from $2.61 billion in the fourth quarter a year ago. The average yield on interest-earning assets was 6.02% in the fourth quarter of 2024, up from 5.92% in the preceding quarter and 5.51% in the fourth quarter a year ago.

Average investment securities decreased to $565.8 million in the fourth quarter of 2024, compared to $619.0 million in the third quarter of 2024 and $690.7 million in the fourth quarter a year ago. The average net tax equivalent yield on the securities portfolio was 2.84% for the fourth quarter of 2024, up from 2.80% in the preceding quarter and up from 2.48% in the year ago quarter. The average estimated duration of the investment portfolio at December 31, 2024, was approximately 2.4 years down from approximately 2.8 years a year ago. As of December 31, 2024, $79.0 million of available for sale securities are scheduled to mature in the next six months, $55.8 million are scheduled to mature in six months to one year, and $189.3 million are scheduled to mature in the following year, representing a total of $324.0 million or 12% of earning assets that are scheduled to mature in the next 24 months.

Total unrealized losses, net of tax, on available for sale securities increased by $678,000 in the fourth quarter of 2024 as compared to the prior quarter, and decreased by $9.1 million compared to the fourth quarter of 2023, resulting in a total unrealized loss of $8.3 million at December 31, 2024 compared to $7.6 million at September 30, 2024 and $17.4 million a year ago. The average maturity of the available for sale securities with the majority of the unrealized loss is 1.5 years at the end of 2024. Total unrealized losses on held to maturity securities were $1.0 million at December 31, 2024, compared to $2.1 million at September 30, 2024, and $3.3 million a year ago.

Average interest bearing deposits in other banks increased to $72.2 million in the fourth quarter from $28.4 million in the third quarter of 2024 due to higher deposit balances and maturing portfolio investments. Average interest bearing deposits in other banks decreased in the fourth quarter of this year compared to $126.2 million in the fourth quarter of 2023 as cash was used to fund the growing loan portfolio.

Portfolio loans were $2.13 billion at December 31, 2024, up 6% from the preceding quarter and up 19% from a year ago. Portfolio loans, excluding consumer mortgage loans, were $1.86 million at December 31, 2024, up 6% or $99.9 million from $1.76 billion in the preceding quarter and up 14% from a year ago. This increase was diversified throughout the loan portfolio including commercial real estate nonowner-occupied and multi-family loans increasing by $35.1 million, construction loans increasing by $28.7 million, commercial loans increasing $24.9 million, and commercial real estate owner-occupied loans increasing $7.2 million from the preceding quarter. Average portfolio loans in the fourth quarter of 2024 were $2.07 billion, which was up 7% from the preceding quarter and up 18% from a year ago. Yields on average portfolio loans in the fourth quarter of 2024 increased slightly to 6.93% from 6.91% in the third quarter of 2024 and increased from 6.55% in the fourth quarter of 2023. The increase in the yield on portfolio loans in the fourth quarter of 2024 compared to the third quarter of 2024 and the fourth quarter a year ago is primarily due to loan repricing due to the increases in interest rates and new loans booked at higher rates due to changes in the interest rate environment. The yield on new portfolio loans, excluding consumer mortgage loans, was 7.40% in the fourth quarter of 2024 as compared to 7.43% in the third quarter of 2024 and 8.07% in the fourth quarter of 2023.

Alaskans continue to account for substantially all of Northrim’s deposit base. Total deposits were $2.68 billion at December 31, 2024, up 2% from $2.63 billion at September 30, 2024, and up 8% from $2.49 billion a year ago. “Our bankers are working hard to continue to bring over new relationships to the Bank, which is helping to magnify normal increases in deposit balances from our customers’ business cycles,” said Ballard. At December 31, 2024, 73% of total deposits were held in business accounts and 27% of deposit balances were held in consumer accounts. Northrim had approximately 34,000 deposit customers with an average balance of $61,000 as of December 31, 2024. Northrim had 26 customers with balances over $10 million as of December 31, 2024, which accounted for $612.9 million, or 24%, of total deposits. Demand deposits decreased by 8% from the prior quarter and decreased 6% year-over-year to $706.2 million at December 31, 2024. Demand deposits decreased to 27% of total deposits at December 31, 2024 compared to 29% at September 30, 2024 and 31% of total deposits at December 31, 2023. Average interest-bearing deposits were up 9% to $1.95 billion with an average cost of 2.15% in the fourth quarter of 2024, compared to $1.80 billion and an average cost of 2.24% in the third quarter of 2024, and up 13% compared to $1.72 billion and an average cost of 2.00% in the fourth quarter of 2023. Uninsured deposits totaled $1.08 billion or 40% of total deposits as of December 31, 2024 compared to $1.1 billion or 46% of total deposits as of December 31, 2022. As interest rates continued to increase in 2022, Northrim has taken a proactive, targeted approach to increase deposit rates.

Shareholders’ equity was $267.1 million, or $48.41 book value per share, at December 31, 2024, compared to $260.1 million, or $47.27 book value per share, at September 30, 2024 and $234.7 million, or $42.57 book value per share, a year ago. Tangible book value per share^* was $39.17 at December 31, 2024, compared to $44.36 at September 30, 2024, and $39.68 per share a year ago. The increase in shareholders’ equity in the fourth quarter of 2024 as compared to the third quarter of 2024 was largely the result of earnings of $10.9 million which was partially offset by dividends paid of $3.4 million and a decrease in the fair value of the available for sale securities portfolio, which decreased $678,000, net of tax. The Company did not purchase any shares of common stock in the fourth quarter of 2024 and had 110,000 shares remaining under the current share repurchase program as of December 31, 2024. Tangible common equity to tangible assets^* was 7.23% as of December 31, 2024, compared to 8.28% as of September 30, 2024 and 7.84% as of December 31, 2023. The decrease in tangible common equity to tangible assets* was primarily due to $35.0 million of Goodwill booked as part of the acquisition of Sallyport. Northrim continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with Tier 1 Capital to Risk Adjusted Assets of 9.76% at December 31, 2024, compared to 11.53% at September 30, 2024, and 11.43% at December 31, 2023.

Asset Quality

Northrim believes it has a consistent lending approach throughout the economic cycles, which emphasizes appropriate loan-to-value ratios, adequate debt coverage ratios, and competent management.

Nonperforming assets (“NPAs”) net of government guarantees were $11.6 million at December 31, 2024, up from $5.3 million at September 30, 2024 and from $5.8 million a year ago. Of the NPAs at December 31, 2024, $3.0 million, or 26% are nonaccrual loans related to three commercial relationships, $2.8 million, or 24% is related to a Sallyport nonaccrual loan, and $3.3 million, or 28% is related to one purchased receivable relationship.

Net adversely classified loans were $9.6 million at December 31, 2024, as compared to $6.5 million at September 30, 2024, and $7.1 million a year ago. Adversely classified loans are loans that Northrim has classified as substandard, doubtful, and loss, net of government guarantees. Net loan recoveries were $51,000 in the fourth quarter of 2024, compared to net loan recoveries of $96,000 in the third quarter of 2024, and net loan charge-offs of $96,000 in the fourth quarter of 2023.

Northrim had $138.0 million, or 6% of total portfolio loans, in the Healthcare sector; $117.0 million, or 5% of portfolio loans, in the Tourism sector; $104.3 million, or 5% in the Accommodations sector; $87.4 million, or 4% in Retail loans; $84.6 million, or 4% of portfolio loans, in the Aviation (non-tourism) sector; $76.5 million, or 4% in the Fishing sector; and $55.1 million, or 3% in the Restaurants and Breweries sector as of December 31, 2024.

Northrim estimates that $99.7 million, or approximately 5% of portfolio loans, had direct exposure to the oil and gas industry in Alaska, as of December 31, 2024, and $1.6 million of these loans are adversely classified. As of December 31, 2024, Northrim has an additional $45.8 million in unfunded commitments to companies with direct exposure to the oil and gas industry in Alaska, and none of these unfunded commitments are considered to be adversely classified loans. Northrim defines direct exposure to the oil and gas sector as loans to borrowers that provide oilfield services and other companies that have been identified as significantly reliant upon activity in Alaska related to the oil and gas industry, such as lodging, equipment rental, transportation and other logistics services specific to this industry.

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 20 branches throughout the state and differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. The Bank has two wholly-owned subsidiaries, Sallyport Commercial Finance, LLC, a specialty finance company and Residential Mortgage Holding Company, LLC, a regional home mortgage company. Pacific Wealth Advisors, LLC is an affiliated company.

http://www.northrim.com

Forward-Looking Statement
This release may contain “forward-looking statements” as that term is defined for purposes of Section 21E of the Securities Exchange Act of 1934, as amended. These statements are, in effect, management’s attempt to predict future events, and thus are subject to various risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy, management’s plans and objectives for future operations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to Northrim and its management are intended to help identify forward-looking statements. Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements, are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include: descriptions of Northrim’s and Sallyport’s financial condition, results of operations, asset based lending volumes, asset and credit quality trends and profitability and statements about the expected financial benefits and other effects of the acquisition of Sallyport by Northrim Bank; expected cost savings, synergies and other financial benefits from the acquisition of Sallyport by Northrim Bank might not be realized within the expected time frames and costs or difficulties relating to integration matters might be greater than expected; the ability of Northrim and Sallyport to execute their respective business plans; potential further increases in interest rates; the value of securities held in our investment portfolio; the impact of the results of government initiatives on the regulatory landscape, natural resource extraction industries, and capital markets; the impact of declines in the value of commercial and residential real estate markets, high unemployment rates, inflationary pressures and slowdowns in economic growth; changes in banking regulation or actions by bank regulators; inflation, supply-chain constraints, and potential geopolitical instability, including the wars in Ukraine and the Middle East; financial stress on borrowers (consumers and businesses) as a result of higher rates or an uncertain economic environment; the general condition of, and changes in, the Alaska economy; our ability to maintain or expand our market share or net interest margin; the sufficiency of our provision for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to current expected credit losses accounting guidance; our ability to maintain asset quality; our ability to implement our marketing and growth strategies; our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking,” and identity theft; disease outbreaks; and our ability to execute our business plan. Further, actual results may be affected by competition on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks that may have a material adverse impact on our operations and business, are identified in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and from time to time are disclosed in our other filings with the Securities and Exchange Commission. However, you should be aware that these factors are not an exhaustive list, and you should not assume these are the only factors that may cause our actual results to differ from our expectations. These forward-looking statements are made only as of the date of this release, and Northrim does not undertake any obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.

References:

https://www.bea.gov/

http://almis.labor.state.ak.us/

http://www.tax.alaska.gov/programs/oil/prevailing/ans.aspx

http://www.tax.state.ak.us/

http://www.mba.org

https://www.alaskarealestate.com/MLSMember/RealEstateStatistics.aspx

https://www.capitaliq.spglobal.com/web/client?auth=inherit&overridecdc=1&#markets/indexFinancials


Income Statement
(Dollars in thousands, except per share data)	Three Months Ended					Year-to-date
(Unaudited)	December 31,		September 30,	December 31,		December 31,		December 31,
	2024		2024	2023		2024		2023
Interest Income:
Interest and fees on loans	$37,059		$34,863	$29,508		$134,739		$108,612
Interest on investments	3,844		4,164	4,677		16,838		18,695
Interest on deposits in banks	883		389	1,743		2,342		4,644
Total interest income	41,786		39,416	35,928		153,919		131,951
Interest Expense:
Interest expense on deposits	10,568		10,123	8,676		39,347		26,511
Interest expense on borrowings	377		451	520		1,389		2,184
Total interest expense	10,945		10,574	9,196		40,736		28,695
Net interest income	30,841		28,842	26,732		113,183		103,256

Provision for credit losses	1,201		2,063	885		3,293		3,842
Net interest income after provision for
loan losses	29,640		26,779	25,847		109,890		99,414

Other Operating Income:
Mortgage banking income	7,040		7,047	2,437		24,002		12,763
Purchased receivable income	3,526		1,033	1,307		7,146		4,482
Bankcard fees	1,148		1,196	946		4,366		3,862
Service charges on deposit accounts	622		605	532		2,348		2,044
Gain on sale of securities	112		—	—		112		—
Unrealized gain (loss) on marketable equity securities	(364	)	576	565		465		120
Other income	949		1,130	698		3,602		3,104
Total other operating income	13,033		11,587	6,485		42,041		26,375

Other Operating Expense:
Salaries and other personnel expense	18,254		17,549	15,417		67,847		61,741
Data processing expense	3,108		2,618	2,500		10,986		9,821
Occupancy expense	1,893		1,911	1,783		7,609		7,394
Professional and outside services	1,967		903	802		4,351		3,128
Marketing expense	965		860	933		3,028		2,929
Insurance expense	894		596	675		2,961		2,519
OREO expense, net rental income and gains on sale	2		2	(28	)	(385	)	(794	)
Intangible asset amortization expense	—		—	6		—		17
Other operating expense	2,294		2,289	1,905		8,540		7,426
Total other operating expense	29,377		26,728	23,993		104,937		94,181

Income before provision for income taxes	13,296		11,638	8,339		46,994		31,608
Provision for income taxes	2,369		2,813	1,726		10,023		6,214
Net income	$10,927		$8,825	$6,613		$36,971		$25,394

Basic EPS	$1.99		$1.60	$1.19		$6.72		$4.53
Diluted EPS	$1.95		$1.57	$1.19		$6.62		$4.49
Weighted average common shares outstanding, basic	5,509,078		5,501,943	5,513,041		5,502,797		5,601,471
Weighted average shares outstanding, diluted	5,597,889		5,583,055	5,578,491		5,583,983		5,661,460

Balance Sheet
(Dollars in thousands)
(Unaudited)	December 31,		September 30,		December 31,
	2024		2024		2023

Assets:
Cash and due from banks	$42,101		$42,805		$27,457
Interest bearing deposits in other banks	20,635		60,071		91,073
Investment securities available for sale, at fair value	478,617		545,210		637,936
Investment securities held to maturity	36,750		36,750		36,750
Marketable equity securities, at fair value	8,719		12,957		13,153
Investment in Federal Home Loan Bank stock	5,331		4,318		2,980
Loans held for sale	59,957		97,937		31,974
Portfolio loans	2,129,263		2,007,565		1,789,497
Allowance for credit losses, loans	(22,020	)	(19,528	)	(17,270	)
Net portfolio loans	2,107,243		1,988,037		1,772,227
Purchased receivables, net	74,078		23,564		36,842
Mortgage servicing rights, at fair value	26,439		21,570		19,564
Premises and equipment, net	37,757		39,625		40,693
Operating lease right-of-use assets	7,455		7,616		9,092
Goodwill and intangible assets	50,968		15,967		15,967
Other assets	85,819		66,965		71,789
Total assets	$3,041,869		$2,963,392		$2,807,497

Liabilities:
Demand deposits	$706,225		$763,595		$749,683
Interest-bearing demand	1,108,404		979,238		927,291
Savings deposits	250,900		245,043		255,338
Money market deposits	196,290		201,821		221,492
Time deposits	418,370		435,870		331,251
Total deposits	2,680,189		2,625,567		2,485,055
Other borrowings	23,045		13,354		13,675
Junior subordinated debentures	10,310		10,310		10,310
Operating lease liabilities	7,487		7,635		9,092
Other liabilities	53,722		46,476		54,647
Total liabilities	2,774,753		2,703,342		2,572,779

Shareholders’ Equity:
Total shareholders’ equity	267,116		260,050		234,718
Total liabilities and shareholders’ equity	$3,041,869		$2,963,392		$2,807,497

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Composition of Portfolio Loans
	December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
	Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total
Commercial loans	$518,148		24	%	$492,414		24	%	$495,781		26	%	$475,220		26	%	$486,057		27	%
Commercial real estate:
Owner occupied properties	420,060		20	%	412,827		20	%	383,832		20	%	372,507		20	%	368,357		20	%
Nonowner occupied and multifamily properties	619,431		29	%	584,302		31	%	551,130		30	%	529,904		30	%	519,115		30	%
Residential real estate:
1-4 family properties secured by first liens	270,535		13	%	248,514		12	%	222,026		12	%	218,552		12	%	203,534		11	%
1-4 family properties secured by junior liens & revolving secured by first liens	48,857		2	%	45,262		2	%	41,258		2	%	35,460		2	%	33,783		2	%
1-4 family construction	39,789		2	%	39,794		2	%	29,510		2	%	27,751		2	%	31,239		2	%
Construction loans	214,068		10	%	185,362		9	%	154,009		8	%	153,537		8	%	149,788		8	%
Consumer loans	7,562		—	%	7,836		—	%	6,679		—	%	6,444		—	%	6,180		—	%
Subtotal	2,138,450				2,016,311				1,884,225				1,819,375				1,798,053
Unearned loan fees, net	(9,187	)			(8,746	)			(8,318	)			(8,240	)			(8,556	)
Total portfolio loans	$2,129,263				$2,007,565				$1,875,907				$1,811,135				$1,789,497

Composition of Deposits
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
	Balance	% of total		Balance	% of total		Balance	% of total		Balance	% of total		Balance	% of total
Demand deposits	$706,225	27	%	$763,595	29	%	$704,471	29	%	$714,244	29	%	$749,683	31	%
Interest-bearing demand	1,108,404	41	%	979,238	37	%	906,010	36	%	889,581	37	%	927,291	37	%
Savings deposits	250,900	9	%	245,043	9	%	238,156	10	%	246,902	10	%	255,338	10	%
Money market deposits	196,290	7	%	204,821	8	%	195,159	8	%	209,785	9	%	221,492	9	%
Time deposits	418,370	16	%	435,870	17	%	420,010	17	%	373,571	15	%	331,251	13	%
Total deposits	$2,680,189			$2,628,567			$2,463,806			$2,434,083			$2,485,055

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Asset Quality		December 31,		September 30,		December 31,
		2024		2024		2023
	Nonaccrual loans	$7,516		$4,944		$6,069
	Loans 90 days past due and accruing	17		17		—
	Total nonperforming loans	7,533		4,961		6,069
	Nonperforming loans guaranteed by government	—		—		(1,067	)
	Net nonperforming loans	7,533		4,961		5,002
	Repossessed assets	297		297		—
	Nonperforming purchased receivables	3,768		—		808
	Net nonperforming assets	$11,598		$5,258		$5,810
	Nonperforming loans, net of government guarantees / portfolio loans	0.35	%	0.25	%	0.28	%
	Nonperforming loans, net of government guarantees / portfolio loans, net of government guarantees	0.38	%	0.26	%	0.30	%
	Nonperforming assets, net of government guarantees / total assets	0.38	%	0.18	%	0.21	%
	Nonperforming assets, net of government guarantees / total assets net of government guarantees	0.40	%	0.19	%	0.21	%

	Adversely classified loans, net of government guarantees	$9,636		$6,503		$7,057
	Special mention loans, net of government guarantees	$19,769		$9,641		$6,580
	Loans 30-89 days past due and accruing, net of government guarantees / portfolio loans	0.03	%	0.08	%	0.03	%
	Loans 30-89 days past due and accruing, net of government guarantees / portfolio loans, net of government guarantees	0.03	%	0.09	%	0.03	%

	Allowance for credit losses – loans / portfolio loans	1.03	%	0.97	%	0.97	%
	Allowance for credit losses – loans / portfolio loans, net of government guarantees	1.10	%	1.04	%	1.02	%
	Allowance for credit losses – loans / nonperforming loans, net of government guarantees	292	%	394	%	345	%

	Allowance for credit losses – purchased receivables / purchased receivables	4.69	%	—	%	—	%
	Allowance for credit losses – purchased receivables / nonperforming purchased receivables	97	%	—	%	—	%

	Gross loan charge-offs for the quarter	$149		$15		$281
	Gross loan recoveries for the quarter	($200	)	($111	)	($185	)
	Net loan (recoveries) charge-offs for the quarter	($51	)	($96	)	$96
	Net loan (recoveries) charge-offs year-to-date	($215	)	($164	)	($38	)
	Net loan (recoveries) charge-offs for the quarter / average loans, for the quarter	0.00	%	0.00	%	0.01	%
	Net loan (recoveries) charge-offs year-to-date / average loans, year-to-date annualized	(0.01	)%	(0.01	)%	0.00	%

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Average Balances, Yields, and Rates
	Three Months Ended
	December 31, 2024				September 30, 2024				December 31, 2023
			Average				Average				Average
	Average		Tax Equivalent		Average		Tax Equivalent		Average		Tax Equivalent
	Balance		Yield/Rate		Balance		Yield/Rate		Balance		Yield/Rate
Assets
Interest bearing deposits in other banks	$72,212		4.72	%	$28,409		5.28	%	$126,174		5.40	%
Portfolio investments	565,785		2.84	%	619,012		2.80	%	690,659		2.48	%
Loans held for sale	83,304		5.97	%	93,689		6.20	%	45,732		6.55	%
Portfolio loans	2,066,216		6.93	%	1,933,181		6.91	%	1,749,732		6.55	%
Total interest-earning assets	2,787,517		6.02	%	2,674,291		5.92	%	2,612,297		5.51	%
Nonearning assets	251,364				196,266				214,934
Total assets	$3,038,881				$2,870,557				$2,827,231

Liabilities and Shareholders’ Equity
Interest-bearing deposits	$1,954,495		2.15	%	$1,796,107		2.24	%	$1,724,409		2.00	%
Borrowings	29,251		3.95	%	43,555		4.07	%	47,964		4.25	%
Total interest-bearing liabilities	1,983,746		2.18	%	1,839,662		2.29	%	1,772,373		2.06	%

Noninterest-bearing demand deposits	738,911				722,000				760,566
Other liabilities	49,815				52,387				63,321
Shareholders’ equity	266,409				256,508				230,971
Total liabilities and shareholders’ equity	$3,038,881				$2,870,557				$2,827,231
Net spread			3.84	%			3.63	%			3.45	%
NIM			4.41	%			4.29	%			4.06	%
NIMTE^*			4.47	%			4.35	%			4.12	%
Cost of funds			1.59	%			1.64	%			1.44	%
Average portfolio loans to average interest-earning assets	74.12	%			72.29	%			66.98	%
Average portfolio loans to average total deposits	76.71	%			76.77	%			70.41	%
Average non-interest deposits to average total deposits	27.43	%			28.67	%			30.61	%
Average interest-earning assets to average interest-bearing liabilities	140.52	%			145.37	%			147.39	%

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Average Balances, Yields, and Rates
	Year-to-date
	December 31, 2024				December 31, 2023
			Average				Average
	Average		Tax Equivalent		Average		Tax Equivalent
	Balance		Yield/Rate		Balance		Yield/Rate
Assets
Interest bearing deposits in other banks	$44,913		5.09	%	$91,161		5.02	%
Portfolio investments	623,756		2.82	%	715,367		2.43	%
Loans held for sale	68,790		6.08	%	41,769		6.19	%
Portfolio loans	1,910,156		6.87	%	1,643,943		6.49	%
Total interest-earning assets	2,647,615		5.86	%	2,492,240		5.36	%
Nonearning assets	213,397				198,107
Total assets	$2,861,012				$2,690,347

Liabilities and Shareholders’ Equity
Interest-bearing deposits	$1,802,286		2.18	%	$1,614,386		1.64	%
Borrowings	33,799		3.81	%	51,038		4.24	%
Total interest-bearing liabilities	1,836,085		2.21	%	1,665,424		1.72	%

Noninterest-bearing demand deposits	718,163				749,859
Other liabilities	55,265				47,820
Shareholders’ equity	251,499				227,244
Total liabilities and shareholders’ equity	$2,861,012				$2,690,347
Net spread			3.65	%			3.64	%
NIM			4.28	%			4.14	%
NIMTE^*			4.33	%			4.21	%
Cost of funds			1.59	%			1.19	%
Average portfolio loans to average interest-earning assets	72.15	%			65.96	%
Average portfolio loans to average total deposits	75.79	%			69.53	%
Average non-interest deposits to average total deposits	28.49	%			31.72	%
Average interest-earning assets to average interest-bearing liabilities	144.20	%			149.65	%

Additional Financial Information
(Dollars in thousands, except per share data)
(Unaudited)

Capital Data (At quarter end)
	December 31, 2024		September 30, 2024		December 31, 2023
Book value per share	$48.41		$47.27		$42.57
Tangible book value per share^*	$39.17		$44.36		$39.68
Total shareholders’ equity/Total assets	8.78	%	8.78	%	8.36	%
Tangible common equity/Tangible assets^*	7.23	%	8.28	%	7.84	%
Tier 1 capital / Risk adjusted assets	9.76	%	11.53	%	11.43	%
Total capital / Risk adjusted assets	10.94	%	12.50	%	12.35	%
Tier 1 capital / Average assets	7.68	%	9.08	%	8.72	%
Common shares outstanding	5,518,210		5,501,943		5,513,459
Unrealized gain on AFS debt securities, net of income taxes	($8,295	)	($7,617	)	($17,415	)
Unrealized (loss) on derivatives and hedging activities, net of income taxes	$1,272		$863		$978

Profitability Ratios
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
For the quarter:
NIM	4.41	%	4.29	%	4.24	%	4.16	%	4.06	%
NIMTE^*	4.47	%	4.35	%	4.30	%	4.22	%	4.12	%
Efficiency ratio	66.96	%	66.11	%	68.78	%	68.93	%	72.21	%
Return on average assets	1.43	%	1.22	%	1.31	%	1.19	%	0.93	%
Return on average equity	16.32	%	13.69	%	14.84	%	13.84	%	11.36	%

	December 31, 2024		December 31, 2023
Year-to-date:
NIM	4.28	%	4.14	%
NIMTE^*	4.33	%	4.21	%
Efficiency ratio	67.60	%	72.64	%
Return on average assets	1.29	%	0.94	%
Return on average equity	14.70	%	11.17	%

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although we believe these non-GAAP financial measures are frequently used by stakeholders in the evaluation of the Company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of results as reported under GAAP.

Net interest margin on a tax equivalent basis

Net interest margin on a tax equivalent basis (“NIMTE”) is a non-GAAP performance measurement in which interest income on non-taxable investments and loans is presented on a tax equivalent basis using a combined federal and state statutory rate of 28.43% in both 2023 and 2022. The most comparable GAAP measure is net interest margin and the following table sets forth the reconciliation of NIMTE to net interest margin.


	Three Months Ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Net interest income	$30,841		$28,842		$27,053		$26,447		$26,732
Divided by average interest-bearing assets	2,787,517		2,674,291		2,568,266		2,558,558		2,612,297
Net interest margin (“NIM”)²	4.41	%	4.29	%	4.24	%	4.16	%	4.06	%

Net interest income	$30,841		$28,842		$27,053		$26,447		$26,732
Plus: reduction in tax expense related to tax-exempt interest income	379		385		378		379		374
	$31,220		$29,227		$27,431		$26,826		$27,106
Divided by average interest-bearing assets	2,787,517		2,674,291		2,568,266		2,558,558		2,612,297
NIMTE²	4.47	%	4.35	%	4.30	%	4.22	%	4.12	%

	Year-to-date
	December 31, 2024		December 31, 2023
Net interest income	$113,183		$103,256
Divided by average interest-bearing assets	2,647,615		2,492,240
Net interest margin (“NIM”)³	4.28	%	4.14	%

Net interest income	$113,183		$103,256
Plus: reduction in tax expense related to tax-exempt interest income	1,521		1,576
	$114,704		$104,832
Divided by average interest-bearing assets	2,647,615		2,492,240
NIMTE³	4.33	%	4.21	%

²Calculated using actual days in the quarter divided by 366 for the quarters ended in 2024 and 365 for the quarters ended in 2023, respectively.

³Calculated using actual days in the year divided by 366 for year-to-date period in 2024 and 365 for year-to-date period in 2023, respectively.

*Non-GAAP Financial Measures

(Dollars and shares in thousands, except per share data)
(Unaudited)

Tangible Book Value

Tangible book value is a non-GAAP measure defined as shareholders’ equity, less intangible assets, divided by common shares outstanding. The most comparable GAAP measure is book value per share and the following table sets forth the reconciliation of tangible book value per share and book value per share.


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

Total shareholders’ equity	$267,116	$260,050	$247,200	$239,327	$234,718
Divided by common shares outstanding	5,518	5,502	5,502	5,500	5,513
Book value per share	$48.41	$47.26	$44.93	$43.52	$42.57

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

Total shareholders’ equity	$267,116	$260,050	$247,200	$239,327	$234,718
Less: goodwill and intangible assets	50,968	15,967	15,967	15,967	15,967
	$216,148	$244,083	$231,233	$223,360	$218,751
Divided by common shares outstanding	5,518	5,502	5,502	5,500	5,513
Tangible book value per share	$39.17	$44.36	$43.52	$40.61	$39.68

Tangible Common Equity to Tangible Assets

Tangible common equity to tangible assets is a non-GAAP ratio that represents total equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets. The most comparable GAAP measure of shareholders’ equity to total assets is calculated by dividing total shareholders’ equity by total assets and the following table sets forth the reconciliation of tangible common equity to tangible assets and shareholders’ equity to total assets.


Northrim BanCorp, Inc.	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023

Total shareholders’ equity	$267,116		$260,050		$247,200		$239,327		$234,718
Total assets	3,041,869		2,963,392		2,821,668		2,759,560		2,807,497
Total shareholders’ equity to total assets	8.78	%	8.78	%	8.76	%	8.67	%	8.36	%

Northrim BanCorp, Inc.	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Total shareholders’ equity	$267,116		$260,050		$247,200		$239,327		$234,718
Less: goodwill and other intangible assets, net	50,968		15,967		15,967		15,967		15,967
Tangible common shareholders’ equity	$216,148		$244,083		$231,233		$223,360		$218,751

Total assets	$3,041,869		$2,963,392		$2,821,668		$2,759,560		$2,807,497
Less: goodwill and other intangible assets, net	50,968		15,967		15,967		15,967		15,967
Tangible assets	$2,990,901		$2,947,425		$2,805,701		$2,743,593		$2,791,530
Tangible common equity ratio	7.23	%	8.28	%	8.24	%	8.14	%	7.84	%

Note Transmitted on GlobeNewswire on January 24, 2025, at 12:15 pm Alaska Standard Time.


Contact:	Mike Huston, President, CEO, and COO
	(907) 261-8750
	Jed Ballard, Chief Financial Officer
	(907) 261-3539

The MIL Network –

January 25, 2025

MIL-OSI Global: Amid LA fires, neighbors helped each other survive – 60 years of research shows how local heroes are crucial to disaster response

Source: The Conversation – USA – By Tricia Wachtendorf, Professor of Sociology and Director, Disaster Research Center, University of Delaware

Neighbors fill and pass a bucket of pool water to help extinguish a spot fire in Pacific Palisades, Calif., on Jan. 9, 2025. Brian van der Brug / Los Angeles Times via Getty Image

As wildfires swept through neighborhoods on the outskirts of Los Angeles in January 2025, stories about residents there helping their neighbors and total strangers began trickling out on social media.

Accounts of Hollywood stars clearing streets for emergency vehicles to get through and raising money for fire victims were widely circulated. But there were many other examples of less-famous people helping older neighbors to safety, and even showing up with trailers to evacuate horses.

Businesses, including fitness centers, opened their facilities so evacuees could shower or charge their phones. Organizations that routinely work with homeless populations quickly mobilized their members to help ensure people living on the streets and in camps could get to secure, safe locations away from the fires and hazardous air quality.

Disasters, by definition, overwhelm local resources, making civilian responders like these essential. Sixty years of research at the University of Delaware’s Disaster Research Center and by others examining the social aspects of disaster has repeatedly shown effective disaster management requires mobilizing community resources far beyond official channels.

Often the response happens through local groups that form in response to a clear need in the community and with shared skills and interests. And this is exactly what we are witnessing in Los Angeles.

Civilians helping often number in the thousands

The number of those who step up to help during disasters varies by event, but it can be tremendous.

Following the 1995 Oklahoma City bombing, over 6,800 volunteers worked with the Red Cross on the response. That same year, volunteers responding to the Kobe earthquake in Japan logged more than 1 million person-days of activity, a measure of the number of people times the hours they contributed.

People use garden hoses to try to prevent homes from catching fire in Altadena, Calif., on Jan. 8, 2025. Neighbors rushed to help neighbors as the wind blew burning embers into neighborhoods.
Mario Tama/Getty Images

In an in-depth study of the Sept. 11, 2001, World Trade Center attacks, we interviewed local residents who used their retired fireboat to pump water for the firefighters at ground zero. Operators of tug, ferry and tour boats in and around New York City immediately responded to quickly evacuate 500,000 people in the area from danger. In fact, the majority of the boats involved belonged to private companies. Other volunteers queued evacuees and organized supplies and rides to get people home.

Over 900 people, most acting in unofficial capacities, were awarded medals or ribbons for their efforts in just the marine response after the World Trade Center attack.

A survey of residents after the 1985 Mexico City earthquake found that nearly 10% of local residents volunteered in the first three weeks of the response. Following the 1989 Loma Prieta earthquake, in California, a survey of residents in Santa Cruz and San Francisco counties found that two-thirds of the public were involved in response activities.

Local businesses are often quick to help in disasters. Greg Dulan, center, who runs a soul food restaurant and food truck, hands out hot meals to wildfire evacuees at a church in Pasadena, Calif., on Jan. 15, 2025.
Jason Armond/Los Angeles Times via Getty Images

However, much of the work local residents contribute during and after disasters goes unaccounted for in official reports.

There is no mechanism to quantify the full extent to which a neighbor or a complete stranger helps someone flee from peril. Yet when people are trapped and minutes count, research shows it is family, friends and neighbors who are already on the scene and are most likely to save lives. It’s often everyday citizens who also take on immediate tasks such as debris removal. Providing a phone, a car, a place to do laundry, or a little bit of elbow grease can fill a gap and let firefighters and other formal responders focus on critical operations.

Getting the right help to where it’s needed

Every study of a large-scale disaster conducted by the Disaster Research Center has revealed some level of emergent, informal helping behavior.

The lack of public understanding about the large number of local residents already involved, often including disaster victims themselves, can lead to an influx of outsiders eager to help. Their arrival can actually pose challenges for the disaster response.

When too many people show up, or when people try to operate outside their areas of expertise, they can put themselves and others at further risk. Communities often need supplies, but unsolicited goods of the wrong kind or at the wrong time can create more problems than they solve.

Local groups such as the Pasadena Community Job Center organize volunteers to send them where help is requested. This group is removing debris from streets in Pasadena, Calif., in the wake of the Eaton Fire on Jan. 14, 2025.
Zoë Meyers/AFP via Getty Images

So, what can you do to best support these local efforts?

Making a financial contribution to a trusted disaster response or local organization can go a long way to providing the support communities actually need. Organizations such as the American Red Cross or Feeding America, or local community-based groups that routinely work in the area, are often best suited to help where it’s needed the most.

Skilled help will be needed for the long term

Also, remember that disasters don’t end when the emergency is over. Survivors of the Los Angeles-area fires face years of confusing and frustrating recovery tasks ahead.

Offering help after the immediate threat has passed – particularly skilled help, such as experience in construction or expertise in managing insurance and FEMA paperwork – is just as important.

For example, after fires in 1970 destroyed hundreds of homes in the San Diego area, local architects, engineers and contractors donated their time and skills to help people rebuild. Their work was coordinated by a local architect and member of the Chamber of Commerce to ensure projects were assigned to reputable volunteers.

As we recognize the important ways that neighbors and strangers helped those around them, the broader community can support wildfire victims by responding to offering the right help as recovery needs emerge. Just about every skill that is useful in calm times will be needed in these difficult months and years ahead.

Tricia Wachtendorf receives funding from the National Science Foundation and Arnold Ventures Foundation.

James Kendra receives funding from the National Science Foundation and the Centers for Disease Control and Prevention.

– ref. Amid LA fires, neighbors helped each other survive – 60 years of research shows how local heroes are crucial to disaster response – https://theconversation.com/amid-la-fires-neighbors-helped-each-other-survive-60-years-of-research-shows-how-local-heroes-are-crucial-to-disaster-response-247660

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI USA: Commissioner Kristin Johnson’s Keynote Address at the University of Chicago Law School: Charting the Future of Financial Regulation

Source: US Commodity Futures Trading Commission

Good afternoon. Thank you to Dean Miles, Professor Birdthistle and the broader University of Chicago Law School for the kind invitation to join you for today’s event. We can often learn a great deal about the future by looking at the past. About 4,000 years ago (c. 2000 B.C.E.), Phoenician sailors developed charts and observations of the Sun and stars. Early mariners’ compasses were inaccurate or inconsistent because they lacked an understanding of magnetic variation. Later, the astrolabe, sextant, chip log, gyroscopic compass, radar, and GPS replaced earlier, primitive tools.
In remarks earlier this week at a blockchain event at the World Economic Forum in Davos, I explored rapidly advancing technologies—an area that has long been a central focus of my contributions as a lawyer in private practice, in-house counsel, an academic, and most recently, a financial market regulator at the CFTC.[1] Today, on the eve of the Commodity Futures Trading Commission’s (CFTC) 50th Anniversary, we stand, once again on the frontier—a frontier of technological development in markets—including increasingly advanced computing, predictive analytical models, and algorithmic trading, and digital trading, clearing and settlement.
During the most recent past administration, the Securities Exchange Commission Divisions of Trading and Markets and of Investment Management announced rule amendments to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (“T+2”) to one business day after the trade date (“T+1”)[2] marking faster, more efficient, less costly trading ushered in, in part, by digitization of trading market infrastructure. Many of our largest market participants have partnered with technology firms to migrate exceptional volumes of data including orders, quotes, trades, cancellations and settlement data to cloud-based storage.
Executive Orders this week on AI and digital assets or cryptocurrency indicate the new administration’s intent to focus on these new technologies. As we prepare to hear from the new administration regarding solutions to address the intricacies of balancing responsible innovation with the critical goals of ensuring market integrity, market stability, and protection of vulnerable market participants, let’s keep top-of-mind the lessons of the past and the benefits of well-honed regulatory tools which aid us in navigating the sea of technological innovation set forth before us.
Today, we will consider the two specific technologies at the center of the new administration’s Executive Orders issued yesterday—AI and crypto.
Artificial Intelligence in Financial Markets
Financial markets regulation is often defined by two salient questions—what should we regulate and, if we regulate, what should be the scope of regulation. Knowing that crypto technologies are a focus of my remarks, some of you might demand that we tailor these questions and simply focus on the legal standard for distinguishing among regulated products, namely securities and commodities, citing the debate surrounding the legal standard articulated by the Supreme Court of the United States in SCOTUS’s now (in)famous 1946 decision S.E.C. vs Howey,[3] explaining that investment contracts that involve an investment of money in a common enterprise with an expectation of profits to be derived from the efforts of others.
Leaving this question aside for a moment and focusing on the macro issue, I would note an underlying premise of these two fundamental questions. It is presumed that regulators understand both the products and the markets that are the subject of regulation—that we are clear on the benefits as well as the risks and limitations posed by products, processes, and market structures introduced in our markets. In other words, we are well-informed and deeply engaged in discussions regarding the attributes of what we regulate. I would also share that, for me, this understanding informs “how” I think about regulation.
The Ever-Expanding Universe of AI Use Cases
AI has long served financial services firms. For decades, firms have integrated standard algorithms and earlier forms of machine learning in both external client-facing applications as well as internal operations.[4] Developers tout the potential for more nascent uses of AI to enhance critical risk management tools, “inform[ing] trading strategies by identifying patterns, optimizing execution, managing portfolio workflows, and assessing risk-return tradeoffs.”[5] According to proponents, deep learning through neural networks holds promise to simulate the multi-layered, complex decision-making capabilities of the human brain.
Several years ago, the CFTC identified a number of AI use cases in our regulated markets:

Trading (including market intelligence, robo-advisory, sentiment analysis, algorithmic trading, smart routing, and transactions)
Risk Management (including margin and capital requirements, trade monitoring, fraud detection)
Risk Assessments and Hedging
Resource Optimization (including energy and computer power)
RegTech – Applications that enhance or improve compliance and oversight activities (including surveillance, reporting)
Compliance (including identity and customer validation, anti-money laundering, regulatory reporting)
Books and Records (including automated trade histories from voice or text)
Data Processing and Analytics
Cybersecurity and Resilience
Customer Service.[6]

The ever-expanding universe of AI use cases impacts investment, trading, surveillance and compliance, fraud detection, cyber security and supervision and enforcement across the derivatives and broader financial markets. In discussing AI’s application across financial markets, a Treasury report released last month stated “some financial firms have been experimenting with Generative AI tools—to explore the capabilities of AI in enhancing existing processes.”[7]
“Robo-advisors offer personalized investment advisory services, while AI-driven insights improve forecasting and trading process automation.”[8] The Treasury Department’s recent report on Artificial Intelligence in Financial Services also notes that “financial firms are increasingly using AI—and particularly experimenting with Generative AI—internal business operations, including but not limited to risk management, regulatory compliance, treasury management, fraud detection, and back-office functions.”[9]
Risks and Challenges Remain
Attendant risks associated with the increase in use of AI, however, deserves equal attention, particularly for regulators tasked with safeguarding the integrity and stability of financial markets and the global economy. In testimony before Congress and academic work prior to my service at the Commission, I have encouraged regulators and market participants to also consider the following risks fraud and market manipulation, bias and discrimination, and privacy and data protection risks.[10]
As the Financial Stability Board recently explained, “many of the potential risks of AI may seem new, but when you look beneath the surface, they are strikingly similar to traditional financial risks. Risks that we are familiar with. We already have frameworks to assess concentration risk, third party dependence and interconnectedness. This is good news. But potential new forms of interconnectedness in the financial system may emerge.”[11]
To that end, it will be imperative for regulators to understand, track, and be poised to address emerging cybersecurity, third-party, concentration, and human capital risks.

Cybersecurity

Few would disagree that cybersecurity attacks and related disruptions pose one of the most pernicious and persistent threats to global financial markets. In a timely and critical report on cybersecurity and AI, Treasury notes that “complex and persistent cyber threats continue to grow, and some experts from financial institutions believe the availability of advanced AI tools such as Generative AI will, at least initially, give threat actors an upper hand.”[12] Following a recent attack that disrupted clearing and settlement in derivatives markets in January of 2023, the Commission adopted a proposed rule enhancing operational resilience for swap dealers. In parallel to this rule, the Market Risk Advisory Committee that I sponsor, encouraged the Commission to consider comprehensive reform and consider the need for parallel reforms for our derivatives clearing organizations. While our principles-based approach to regulation enables dynamic application of existing rules, we must be ever vigilant to ensure that regulation is keeping pace and fit-for-purpose. I am looking forward to advancing these initiatives.

Third-Party Risk Management

Financial market regulators have, for several years, noted the challenges of relying on third parties for critical services. While regulated entities may have robust tools to monitor their own activities, our market participants increasingly partner with and rely upon third parties for critical services. Third party critical service providers may not have the comprehensive compliance processes and procedures the regulated entities have. The cascading impact of disruption may impact the many financial institutions that rely on the same critical third-party service providers, potentially engendering systemic risk concerns.[13]

Concentration Risk

The increasing reliance on third party service providers and the limited number of critical third-party service providers creates concentration risk. While the largest financial services firms in the world may have less exposure to these threats, smaller and medium sized firms without the technical expertise to develop high-cost technologies may need to rely on third parties and may also adapt these technologies in ways not anticipated by original developers, creating additional frictions.
At the CFTC, we have been engaged in a longstanding dialogue with our market participants and our colleagues at other federal regulatory agencies to analyze and work to address these concerns—and we plan to continue the conversation.
Last year, our staff released a request for comment, soliciting data regarding our market participants’ increasing use of AI.[14] We have not been alone in this work. The U.S. Department of Treasury similarly issued a request for information.[15] I worked with staff at the CFTC and staff at Treasury prior to and following these RFIs. The important results of these forms of engagement have only scratched the surface, given that “[o]ne of the most significant learnings from the comment responses is the reported ubiquity of AI usage—in particular traditional AI such as algorithms or machine learning—in virtually every function of financial firms, ranging from compliance management, internal operations, underwriting, customer service, treasury management, and product development and marketing.”[16]
A Roadmap for the Future
I have advanced, and will continue to advance, several policy initiatives over the course of my time at the Commission.
Collaboration is Key

Continued Dialogue

There is still much work to be done. Continuing conversations with interested stakeholders across the board is the only way to ensure that we are learning in real time and incorporating that knowledge into sensible actions, both within the regulatory sphere and in the private sector.
This dialogue “create[s] a framework that simultaneously serves two goals. The first is protecting the integrity of the trading markets so that they fairly serve the interests of participants and the larger public. The second is welcoming and encouraging the development and application of the newest technologies with responsible guardrails. In this way, we can ensure that these technologies help assure that the United States financial markets remain leaders in financial innovation in the years ahead.”[17]

Interagency coordination

In the December Treasury report, a brief discussion of the existing and proposed frameworks related to the use of AI in financial services is more than two pages long.[18] And that is just the first layer before adding state laws on AI, which can differ from each other and from federal frameworks, and finally, international standards.
Of course, each regulator has its own specific mission and mandate. However, regulators must work together to harmonize regulation.[19]
The Financial Stability Oversight Council echoes this recommendation in its annual report: “The Council supports interagency development of expertise to analyze and monitor potential systemic risks associated with the use of AI in the financial services sector, as well as further inter-agency discussions on developments in AI and associated financial stability risks.”[20]
FSOC also recognizes the need for collaboration on a global scale. “The U.S. financial system is part of a global network and could potentially be vulnerable to shocks that originate abroad. The Council supports continued engagement with international counterparts on the risks and benefits of AI in financial services.”[21]
Enhanced Resources for An Enhanced Mission

Resources Must Keep Pace with Demand

The CFTC is small but mighty, and continues to punch above its weight on all matters that come before it. In 2015 amidst the Dodd-Frank regulatory mandates, the CFTC had completed a greater percentage of its Dodd-Frank rules than other domestic financial regulatory agencies despite its smaller staff.[22] The same has been true in the past few years, as the Commission has taken on an increased role in addressing digital assets, while continuing its existing work, without any increase in budget.
As the CFTC oversees increasingly complex markets, and must identify threats from increasingly sophisticated bad actors, it must have the resources to continue to do so effectively. I feel it important to reiterate that “the Commission would benefit from increased resources dedicated to enabling several of the Divisions within the Commission to prepare for and meet the challenges of regulating innovative trading, clearing, and settlement technologies, among other changes to operational infrastructure that merits consideration.”[23]

An AI Fraud Task Force to Tackle Fraud Full Force

I have expressly called for the CFTC Division of Enforcement to create an AI Fraud Task Force. While there may be divergent opinions on the benefits and risks engendered by AI, preventing bad actors from using AI to commit fraud against consumers and potentially market participants should be common ground. “Policing derivatives markets is one of the cornerstones of the CFTC’s mission. We must adapt our surveillance technologies and enforcement penalties to keep pace with the rapidly evolving innovation that characterizes global financial markets.”[24]
A Future Framework for Digital Asset Markets
A second Executive Order released yesterday established a Presidential Working Group on Digital Asset Markets within the National Economic Council and appointed a Special Advisor for AI and Crypto to serve as Chairman of the PWG.
Meaningful regulation in any market begins with identifying and developing standards to address certain risk management concerns. Many of the risks in the digital asset markets are well known.Learning from the lessons of the past few years, I am hopeful that any action to establish digital asset regulation include needed clarity regarding the application of rules and protections that safeguard the integrity of our markets. These regulations often also serve the organizations that implement them well.
Digital asset market regulation should incorporate the same governance principles that have long governed our markets. Evidence of recent crises in digital asset markets underscore the benefits of strong corporate governance, rules governing conflicts of interest, and separation of customer property to preserve customer assets as part of a broader default management, recovery, and resilience strategy.

Segregation of Customer Assets

Our markets are built on trust. Any market that we supervise should have measures in place to protect the trust and confidence of customers and counterparties. Such recovery, resilience, and default risk management approaches should be applicable across markets that engender similar risks.
At the core these default-focused efforts create protections that preserve customer assets in the event of a liquidity or solvency crisis. The measures also guard against the commingling of customer funds witnessed in the 2022 crypto crises.[25]
The Commodity Exchange Act (CEA) expressly requires separation of customer funds in certain contexts. Section 4d(a)(2) of the CEA requires each FCM to segregate from its own assets all money, securities, and other property deposited by futures customers to margin, secure, or guarantee futures contracts and options on futures contracts traded on designated contract markets.[26] As the PGW takes up the mantle, preservation of customer capital must be a central and key issue.

Governance

Basic corporate governance and internal controls should form part of the health and welfare of any market participant subject to the Commission’s supervision. Among other obligations, our regulations uniformly call for registered entities to have boards of directors, including independent directors, risk management committees, and executive officers that include chief compliance and risk officers who possess the requisite skills and expertise.[27]
We continuously refine and update our governance standards as our markets evolve. In 2023, the Commission unanimously (please confirm) approved a final rule requiring derivatives clearing organizations (DCOs) to establish and consult with one or more risk management committees (RMCs) comprised of clearing members and customers of clearing members on matters that could materially affect the risk profile of the DCO. Section 5b(c)(2) of the CEA establishes core principles with which a DCO must comply in order to be registered and to maintain registration as a DCO (DCO Core Principles),1 and part 39 of the Commission’s regulations implement the DCO Core Principles. DCO Core Principle O requires a DCO to establish governance arrangements that are transparent, fulfill public interest requirements, and permit the consideration of the views of owners and participants.2 Regulation § 39.24 implements this aspect of Core Principle O by providing minimum requirements regarding the substance and form of a DCO’s governance arrangements.
In the earlier referenced 2023 final risk governance rule, the Commission adopted minimum requirements for RMC composition and rotation, and required DCOs to establish and enforce fitness standards for RMC members. The Commission adopted requirements for DCOs to maintain written policies and procedures governing the RMC consultation process and the role of RMC members. Finally, the Commission adopted requirements for DCOs to establish one or more market participant risk advisory working groups (RWGs) that must convene at least twice per year, and adopt written policies and procedures related to the formation and role of the RWG.

Compliance with AML/KYC laws and regulations

Our experience regulating financial markets has demonstrated that strong AML/KYC regulations protects not only market integrity and stability, but also national security interests. These regulations are foundational and define the scope of who is permitted to actively engage our markets and, in many instances, the broader financial services and banking sector of our economy.
Concluding with A Word Collaboration
One of the greatest strengths of our government and, more specifically, the federal agencies that supervise many of the largest global financial market participants in the world is the intellectual leadership that our market regulators demonstrate. Our financial market regulations enhance efficiency, reduce the costs of raising capital, attract global investments, and serve as a model for regulation around the world. Our successful regulation is due, in large part, to our engagement with markets and the global regulatory community.
As I noted in keynote remarks last year at NYU’s AI Convening, it is imperative for government and regulators to demonstrate a deep and abiding commitment to developing well-informed, research-based, data-driven regulatory solutions that are well-tailored, fit-for-purpose interventions. This requires a multi-stakeholder, public-private partnership that may include for advancing technologies developers, market participants, academics, government and industry researchers, diverse regulators across the financial markets, and public interest organizations.[28]
Last year, in response to a staff advisory on the use of AI in CFTC-regulated markets,[29] I noted that “[w]orking in partnership with market participants, we are able to enhance our ability to accomplish our mission of ensuring market stability and market integrity. .”[30]
I started this week in Davos, Switzerland, where I shared remarks at a conference about blockchain and AI, and about how the World Economic Forum Annual Meeting theme of “Collaboration for the Intelligent Age” is relevant to my work at the CFTC on these topics. World leaders in government, business, and civil society are still there, discussing the most pressing issues facing our global markets and broader societies, and trying to solve problems on a global scale. Nowhere is that more salient than in the United States, as we are close out the first week of a new executive administration.
When we reflect on the future of finance, we must think back to the lessons learned as markets navigated sustained periods of extreme distress. Collaboration has served as one of the most important tools in our toolkit.
The creation of the Financial Stability Oversight Council has proved a valuable source for convening the heads of financial market regulators across our government can carefully identifying and addressing anticipated systemic risk concerns. In addition to collaboration across market and prudential regulators, efforts by the SEC and CFTC to navigate implementation of the Dodd-Frank Act rules offers a second example of successful collaboration among market regulators. The discussions regarding regulation of AI, crypto, and other novel and emerging technologies should benefit from similar collaboration across regulators authority and across the aisle.
Navigating difficult conditions requires focus, discipline, leadership and a steady hand at the helm. In recent years, our markets have navigated the onset of a global pandemic, geopolitical conflicts, sustained inflation.
I am committed to working together to achieve this goal. As we enter this new year and new administration, collaboration will be as important as ever to achieve the benefits of scale and take advantage of all that innovation has to offer financial markets.
Simply stated, and echoing this year’s World Economic Forum theme at Davos, we must find a path to collaboration in an intelligent age.

[3] 328 U.S. 293 (1946).

[5] Treasury December Report at 15.

[7] Treasury December Report at 14.

[8] Treasury December Report at 15.

[9] Treasury December Report at 16.

[13] Treasury December Report at 25.

[16] See Treasury December Report.

[18] Treasury December Report at 30.

[19] “While many financial firms operating in the financial services sector are subject to laws and regulations that are technology-agnostic and can apply to AI technologies, respondents noted different regulatory standards among financial firms for the same activities.” Treasury December Report at 28.

[25] See 1, 17 C.F.R. Pt. 1 (segregation of futures customer funds); 17 C.F.R. Pt. 22 (segregation of swaps customer funds); 17 C.F.R. Pt. 30 (segregation of foreign futures customer funds).

[26] 7 U.S.C. § 6d(a)(2).

MIL OSI USA News –

January 25, 2025
MIL-OSI Asia-Pac: DPIIT signs MoU with a private firm to promote startup ecosystem in manufacturing sector

Source: Government of India

Posted On: 24 JAN 2025 12:38PM by PIB Delhi

Department for Promotion of Industry and Internal Trade (DPIIT) has signed a MoU with the Bhaane Group, a subsidiary of Shahi Exports Pvt Ltd, the largest manufacturer of apparel. This collaboration will launch incubation programs for startups specialising in manufacturing, along with other production areas and foster relationships with international startup ecosystems. This is part of government’s thrust on promoting new manufacturing entrepreneurs in the country.

Through its extensive experience, the private firm will support upcoming startups by providing access to market insights. The firm will facilitate them to create a holistic understanding of the workings of foreign markets, along with guidance on operational knowledge throughout the startup lifecycle.

Shri Sanjiv, Joint Secretary, DPIIT said, “This collaboration serves a greater good – to nurture a thriving entrepreneurial spirit and strengthen India’s manufacturing landscape. By facilitating connections between startups and established players like Bhaane Group, we foster a mutually beneficial environment where innovation flourishes and Indian businesses achieve global success.”

Anand Ahuja, CEO and Co-Founder of Bhaane Group said, “Global brands are eyeing investing in Indian startups, as it is one of the leading players in the South Asian market. DPIIT’s mission with Start Up India aligns with our outlook to foster innovation and global competitiveness among Indian startups.”

***

Abhisekh Dayal/Asmitabha Manna

(Release ID: 2095722) Visitor Counter : 16

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Europe: Text adopted – Need for actions to address the continued oppression and fake elections in Belarus – P10_TA(2025)0002 – Wednesday, 22 January 2025 – Strasbourg

Source: European Parliament

The European Parliament,

–  having regard to its previous resolutions on Belarus,

–  having regard to the Council conclusions on Belarus of 12 October 2020 and 19 February 2024 and to the European Council conclusions on Belarus of 21 and 22 October 2021,

–  having regard to the statements by the High Representative of the Union for Foreign Affairs and Security Policy of 1 August 2024 on the release of a number of political prisoners, and of 26 February 2024 on the parliamentary and local elections, and to the statement by the High Representative on behalf of the EU of 8 August 2023 on the third anniversary of the fraudulent presidential elections,

–  having regard to the Universal Declaration of Human Rights, the UN Charter, the International Covenant on Civil and Political Rights and other international human rights instruments to which Belarus is a party,

–  having regard to the report of the UN Office of the High Commissioner for Human Rights (OHCHR) of 25 March 2024 on the situation of human rights in Belarus in the run-up to the 2020 presidential election and in its aftermath,

–  having regard to the resolution of the General Conference of the International Labour Organization (ILO) of 12 June 2023 concerning the measures recommended by the Governing Body under article 33 of the ILO Constitution on the subject of Belarus,

–  having regard to Rule 136(2) and (4) of its Rules of Procedure,

A.  whereas the 30-year authoritarian rule of Aliaksandr Lukashenka in Belarus has been characterised by systematic repression of political opponents and dissent, including the enforced disappearance of Lukashenka’s critics; whereas since the fraudulent presidential election of August 2020, the illegitimate Lukashenka regime, with Russian support, has systematically repressed political activists, civil society, human rights defenders, lawyers, journalists, artists, religious leaders, trade unionists and other groups in Belarus and abroad, arbitrarily detaining tens of thousands of people;

B.  whereas following the fraudulent 2020 presidential election and the subsequent brutal crackdown, the EU and many of its democratic partners did not recognise the results of the elections or Aliaksandr Lukashenka as legitimate leader and President of Belarus;

C.  whereas according to the Human Rights Centre ‘Viasna’, over 1 250 political prisoners remain detained in Belarus in conditions that put their lives at risk, and many of these prisoners are in fragile health; whereas several political prisoners have died in custody, four of them in 2024 alone; whereas political prisoners face torture, denial of medical care, restricted access to visits from lawyers and family members, and solitary confinement; whereas since the summer of 2020, 3 697 people have been recognised as political prisoners; whereas in 2024 alone, over 8 800 cases of politically motivated persecution were documented, including arrests, detentions, dismissals and other forms of repression targeting political prisoners, their families and lawyers, activists, journalists, priests, doctors, returning Belarusians and others;

D.  whereas multiple international organisations, including the OHCHR, have documented systematic human rights violations in Belarus, including torture, arbitrary detentions, imprisonment or other forms of severe deprivation of physical liberty, enforced disappearances, persecution on political grounds and suppression of freedoms, which amount to crimes against humanity under international law; whereas in September 2024, Lithuania referred the situation in Belarus to the Office of the Prosecutor of the International Criminal Court (ICC) to investigate certain crimes against humanity committed by the Lukashenka regime;

E.  whereas the illegitimate Belarusian regime plans to hold sham presidential elections on 26 January 2025, with Lukashenka seeking a seventh term; whereas Belarus’ Central Election Commission has registered Lukashenka and four other pro forma ‘candidates’; whereas the current presidential election campaign is being conducted in an environment of severe repression which fails to meet even the minimum standards for democratic elections; whereas democratic candidates are barred from participating, media freedom is heavily restricted, voters face intimidation, and the absence of independent election observation further undermines the legitimacy of the electoral process;

F.  whereas both the parliamentary and local elections held on 25 February 2024 and the upcoming sham presidential election scheduled for 26 January 2025 exemplify the regime’s disregard for democratic norms as elections in Belarus are tightly controlled, with all candidates pre-approved by authorities, democratic parties eliminated and voters offered no real choice; whereas the election campaign has been marked by the detention of individuals involved in the 2020 presidential campaigns of other candidates and a clear readiness to harshly suppress dissent;

G.  whereas according to the Human Rights Centre ‘Viasna’, at least 360 people were detained between July and September 2024, and many democratic leaders, including Nobel Peace Prize Laureate Ales Bialiatski, Maria Kalesnikava, Viktar Babaryka, Pavel Seviarynets, Siarhei Tsikhanouski, Mikalai Statkevich and others remain imprisoned; whereas at least eight political prisoners are currently detained incommunicado;

H.  whereas the Lukashenka regime has stepped up pressure on the staff of Western diplomatic missions accredited in Belarus as well as other foreigners; whereas Mikalai Khila, a local member of staff of the EU delegation to Belarus, was apprehended by the Belarusian KGB in front of the EU delegation office, held in pre-trial detention from April 2024 and sentenced, in December 2024, to four years of imprisonment; whereas he has been listed as a political prisoner by the Human Rights Centre ‘Viasna’; whereas two Japanese citizens were recently detained on trumped-up charges of ‘agent activities’;

I.  whereas Lukashenka pardoned over 200 political prisoners in 2024 in an attempt to lift some Western sanctions; whereas political arrests continue despite these pardons, with at least 1 721 individuals convicted on political charges in 2024 alone;

J.  whereas the Federation of Trade Unions of Belarus has long been embedded in the Lukashenka regime’s government structure and is thought to play a significant role in organising the falsification of election results;

K.  whereas the Belarusian regime employs anti-extremism laws to obstruct media outlets, whereby most independent media have been labelled as ‘extremist’, with at least 45 media representatives detained, around 400 in exile and others facing harassment and mistreatment; whereas independent media, such as Belsat TV, Charter 97, Nexta, Radio Racyja, Radio Svaboda, Nasha Niva and others, play a crucial role in providing essential information and serving as a platform for democratic voices; whereas the Belarusian authorities employ surveillance, online censorship and disinformation, escalating digital authoritarianism and undermining the prospects for free and fair elections in 2025; whereas Belarusian propagandists regularly spread disinformation about EU Member States and their officials and suppress access to information;

L.  whereas more than 500 000 Belarusians have been forced to flee the country since 2020, with some continuing to face persecution from the Lukashenka regime, including through trials in absentia, threats from the security forces and pressure on relatives, confiscation of property and other restrictions;

M.  whereas under Lukashenka, more than 250 people sentenced to death have been executed; whereas Belarus remains the only country in Europe and Central Asia to retain the death penalty, with its scope expanded in 2022 to include vaguely defined acts of terrorism and in 2023 to include ‘treason against the state’;

N.  whereas repressive measures in Belarus have increasingly targeted religious freedom, with the recent adoption of the law on freedom of conscience and religious organisations posing a serious threat to the rights and existence of religious communities; whereas this crackdown has also targeted religious leaders, as seen in the recent sentencing of Catholic priest Reverend Henrykh Akalatovich to 11 years in prison on fabricated high treason charges, the first such case against Catholic clergy in Belarus;

O.  whereas the Lukashenka regime has proven to be instrumental to Putin by providing Russian forces with access to Belarusian territory from which to mount the full-scale invasion of Ukraine; whereas the Lukashenka regime commits crimes against Ukrainian children, including hosting re-education camps for political indoctrination and militarisation; whereas it assists attempts by Russia and others to destabilise the EU and undermine European aspirations among the EU’s neighbours, notably by weaponising migration at the EU’s borders and legitimising Bidzina Ivanishvili’s autocratic regime in Georgia;

P.  whereas the EU has imposed targeted sanctions on Belarus in response to the fraudulent 2020 elections, systematic human rights violations, and Belarus’s complicity in Russia’s war of aggression against Ukraine, including trade restrictions and sanctions on 287 individuals, among them Lukashenka, and 39 entities;

Q.  whereas the Lukashenka regime, with Russian assistance, circumvents some of these sanctions through preferential market access and the use of Russian infrastructure; whereas reports indicate that BelAZ, a sanctioned Belarusian producer of trucks, circumvents sanctions by disassembling trucks in Belarus and shipping the parts to the EU for reassembly under different brand names;

1.  Reiterates its non-recognition of the election of Aliaksandr Lukashenka to the post of President of Belarus; considers the current regime in Belarus to be illegitimate, illegal and criminal; reaffirms its unwavering support for the Belarusian people in their pursuit of democracy, freedom and human rights;

2.  Denounces the lack of freedom, fairness and transparency ahead of the so called presidential elections in Belarus and calls for the EU, its Member States and the international community to categorically reject the upcoming elections in Belarus and the run-up campaign as a sham, as they do not meet minimum international standards for democratic elections; calls for the EU, its Member States and the international community to continue not to recognise the legitimacy of Aliaksandr Lukashenka as president after 26 January 2025, and calls for free and fair elections to be held in Belarus;

3.  Deplores the ongoing grave violations of human rights and democratic principles in Belarus, which have further intensified in the run-up to the so-called presidential elections; condemns the systematic repression in Belarus, which includes arbitrary arrests, torture, harassment, ill-treatment of detainees, persistent impunity and a structural lack of respect for due process and fair trials; reiterates its demand for the immediate and unconditional release of all individuals detained in Belarus for their political views, alongside compensation and the restoration of their rights; demands an end to the repression of political opponents and the Belarusian public;

4.  Reiterates its calls on the Belarusian authorities to respect detainees’ rights, provide medical care and grant access to lawyers, families, and international organisations;

5.  Expresses grave concern about the situation of political prisoners, including Maria Kalesnikava, Siarhei Tsikhanouski, Ales Bialiatski, Mikalai Statkevich, Mikalai Khila, Valiantsin Stefanovich, Maksim Znak, Viktar Babaryka, Ihar Losik, Andrzej Poczobut, Palina Sharenda-Panasiuk, Uladzimir Matskevich, Marfa Rabkova, Uladzimir Labkovich, Aliaksandr Yarashuk, Volha Brytsikava, Aliaksandr Kapshul, Yana Pinchuk, Mikalai Bankou, Andrei Navitski, Henrykh Akalatovich, Uladzimir Kniha Dmitry Kuchuk, Pavel Seviarynets and others, many of whom are facing severe health issues without access to proper medical care, and are enduring isolation, ill treatment and torture;

6.  Considers the arrest and sentencing on politically motivated charges of Mikalai Khila, a local staff member of the EU Delegation in Minsk, a breach of diplomatic practices towards the EU; calls for the EU and its Member States to swiftly develop a credible response;

7.  Commends the resilience of Belarusian civil society and democratic forces; reiterates its solidarity with the people of Belarus and its support for their legitimate aspirations for a democratic and European future; expresses solidarity with Belarusian democratic forces and civil society organisations in their efforts to establish a sovereign, democratic and prosperous Belarus; remains committed to working with democratic forces, civil society and independent media to the benefit of the people of Belarus;

8.  Calls for the EU and its Member States to continue to investigate human rights abuses in Belarus and to support accountability measures, including through universal jurisdiction; calls for the EU and its Member States to investigate, on the basis of universal jurisdiction, the crimes against humanity committed by the Lukashenka regime in Belarus and on EU territory and, following Lithuania’s example, to refer the situation in Belarus to the International Criminal Court for investigation to the extent possible, and to consider the establishment of an international tribunal to prosecute the crimes of the Lukashenka regime; calls on the Member States to allow Belarusian lawyers expelled by the regime to practise on EU territory in order to provide legal assistance to persecuted Belarusians;

9.  Highlights the invaluable work carried out by human rights defenders and civil society representatives in Belarus in monitoring, documenting and reporting the grave human rights violations and crimes against humanity that are taking place in the country, in order to ensure subsequent accountability and justice for the victims;

10.  Reiterates its call for the EU and its Member States to support political prisoners and their families, including by demanding proof of political prisoners’ whereabouts, requesting their release, simplifying the procedures for those fleeing Belarus to obtain visas and identity documents, and providing rehabilitation and other types of support; calls on the EU Delegation and the Member State embassies in Belarus to continue observing and monitoring the trials of all political prisoners;

11.  Stresses the importance of protecting exiled Belarusians from persecution by the Lukashenka regime, and of granting them opportunities to legally stay and work in the EU; calls for the EU and its Member States to raise the issue of abuse of international arrest warrants within Interpol and calls on the countries concerned not to extradite Belarusian citizens who have fled the regime and will face persecution upon their return to Belarus;

12.  Deplores the fact that repressive measures in Belarus have expanded to include attacks on religious freedom, through the adoption of the law on freedom of conscience and religious organisations, which grossly violates the fundamental right to freedom of religion, conscience and belief; urges the Lukashenka regime to immediately halt the persecution of religious communities and churches;

13.  Calls for the continuation of EU support for Belarusian democratic forces, led by Sviatlana Tsikhanouskaya; reiterates the need to support Belarusian democratic forces, civil society, students, journalists, leaders of trade unions, exiled professionals and others by providing them with visas, scholarships, grants and networking opportunities; encourages the representatives of the democratic forces of Belarus to maintain and promote unity;

14.  Denounces the Lukashenka regime’s complicity in Russia’s war of aggression against Ukraine and condemns its deliberate subordination of Belarus to Russia in a so-called union state encompassing political, geopolitical, economic, military and cultural spheres; reiterates the need to contribute to strengthening Belarusian national identity and the Belarusian language, and to combat the distortion and manipulation of Belarusian history by the Lukashenka regime as well as by the Kremlin and its proxies;

15.  Urges the EU and its international partners to broaden and strengthen sanctions against individuals and entities responsible for the repression in Belarus and for Belarus’s participation in Russia’s war of aggression against Ukraine, while closing sanctions loopholes and addressing the main sources of income financing the regime, such as exports of potash and other fertilisers; calls for the EU to sanction Belarusian entities and individuals responsible for the forced labour of political prisoners, as well as the goods produced using such forced labour;

16.  Urges the EU and international partners to immediately identify, freeze, and find legal pathways for seizing assets of the Belarusian leadership and related Belarusian entities involved in the Russian war effort, as well as assets of entities and individuals leading Lukashenka’s so-called election campaign, including the Federation of Trade Unions of Belarus, such as Yury Sianko, Hanna Varfalameyeva and Valery Kursevich; calls on EU and Western companies to cease their activities in Belarus;

17.  Calls for the EU and its Member States to continue raising the situation in Belarus in all relevant international organisations, in particular the Organization for Security and Co-operation in Europe, the UN and its specialised bodies and the ILO, with the aim of enhancing international scrutiny of the human rights violations and international action on the situation in Belarus; calls on the Member States to ensure continued documentation and accountability for international crimes committed by the Lukashenka regime, strengthen the OHCHR’s examination of the human rights situation in Belarus by providing full support to the UN Group of Independent Experts on the Human Rights Situation in Belarus and by preserving the mandate of the UN Special Rapporteur on the situation of human rights in Belarus to monitor ongoing human rights violations;

18.  Denounces the illegal transfer of several thousand children, including orphans, from Russian-occupied areas of Ukraine to so-called recreational camps in Belarus, where they are subjected to Russification and indoctrination; strongly condemns the involvement of the Belarus Red Cross in the illegal deportation of Ukrainian children;

19.  Strongly condemns the Lukashenka regime’s weaponisation and instrumentalisation of migration to destabilise neighbouring EU Member States through orchestrated irregular flows, violating human rights, exploiting vulnerable individuals and threatening regional stability; calls for the EU and its Member States to work on a coordinated response to counter this hybrid threat while protecting EU external borders and protecting the rights and safety of vulnerable individuals;

20.  Urges Belarus to commute all death sentences, impose a moratorium on capital punishment and move towards its permanent abolition;

21.  Instructs its President to forward this resolution to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the relevant EU institutions, the governments and parliaments of the Member States, the Organization for Security and Co-operation in Europe, the Council of Europe, the UN High Commissioner for Human Rights, the Government of Japan, representatives of the Belarusian democratic forces and the Belarusian de facto authorities.

MIL OSI Europe News –

January 25, 2025
MIL-OSI Russia: The digital platform CML-Bench of St. Petersburg Polytechnic University is certified for working with commercial secrets

Translartion. Region: Russians Fedetion –

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

The digital platform for the development and application of digital twins CML-Bench®, developed by Peter the Great St. Petersburg Polytechnic University, has received a certificate of compliance with the software security requirements of the Federal Service for Technical and Export Control (FSTEC of Russia) at the sixth level of trust. CML-Bench® is the first digital platform developed by SPbPU to receive a certificate allowing the processing of information with the confidentiality modes “Commercial Secret” and “For Official Use Only”.

The sixth level of trust allows the platform to be used at significant critical information infrastructure facilities of the third category, in government information systems and as part of automated production and technological process control systems of the third class* of information security, and personal data information systems of the third level** of security.

*In state information systems, there are three classes of information security, which are determined depending on the level of significance of the information processed in the information system and its scale (federal, regional, facility-based). The first class requires the greatest protection, the third class – the least protection. **When protecting personal data, the third level is the average level of security, which is used for personal data, the leakage of which may harm the data subject, but will not lead to significant risks.

Thus, in the context of changing legislation in the field of import substitution of software and increasing requirements for software security, the FSTEC of Russia certificate allows using the CML-Bench® digital platform for working with government agencies; government institutions and enterprises; Russian legal entities that own information systems, information and telecommunications networks, automated control systems operating in the field of healthcare, science, transport, communications, energy, as well as state registration of rights to real estate and transactions with it, banking and other areas of the financial market, fuel and energy complex, in the field of nuclear energy, defense, rocket and space, mining, metallurgy and chemical industries.

To ensure that the CML-Bench® digital platform meets the requirements of the sixth level of trust, specialists from the Advanced Engineering School of SPbPU “Digital Engineering” have developed and implemented a number of microservices in the software that provide protection against unauthorized access to information, implement identification and authentication functions, access control and registration of security events, in accordance with the requirements specified in the document “Information security requirements establishing levels of trust in technical information protection tools and information technology security tools”.

In particular, authentication services, user rights management, and an LDAP (LDAP) interaction service were implemented. CML-Bench® was also integrated with Keycloak (a program that helps users log into different sites and applications under one account and allows you to manage who has access to what) with CML-Bench®. At the same time, identifiers and object types were output to the log by security event types with the ability to customize the volume of recorded information. Event logging was implemented for all account types. The Circuit Breaker template was successfully implemented and support for CSRF tokens (a security tool in web applications) was added. Healthcheck checks were also added to the new services.

In March 2023, for the first time in the history of SPbPU, a license was received from the FSTEC of Russia for the development and production of means of protecting confidential information, including software tools for information protection; secure software (software and hardware) means of information processing and software (software and hardware) means of monitoring information security. After that, active work began on the allocation and refinement of the “security module” as part of the Digital Platform for the Development and Application of Digital Twins CML-Bench®. And a year and a half later, an FSTEC certificate was received confirming the compliance of the platform’s security level with the sixth trust level. For us, this is a very important result, since the structural divisions of the Advanced Engineering School of SPbPU “Digital Engineering” implement projects with high-tech companies from various industries that are subjects of critical information infrastructure, – commented Vice-Rector for Digital Transformation of SPbPU, Head of the Advanced Engineering School of SPbPU “Digital Engineering” Alexey Borovkov.

The refinement of the “security module” as part of the Digital Platform for the Development and Application of Digital Twins CML-Bench® was accompanied by updating the technical documentation and testing.

Certification tests on a special stand were carried out by the Scientific, Technical and Certification Center for Comprehensive Information Security (JSC Center Atomzashchitainform). As a result of the preparation of the research stand, along with the creation of conditions for testing, the absence of configuration vulnerabilities and signs of malware in the object of assessment, as well as potentially dangerous functional capabilities that appear during the installation and configuration of the object of assessment were checked. As a result, the CML-Bench® digital platform, based on the test results, confirmed the absence of current vulnerabilities and protection against the threat of unauthorized access to information contained in the product; against the threat of unauthorized transfer of information to information and telecommunication networks and other information systems; against the threat of unauthorized receipt of information about the product, as well as its nodes; the threat of denial of service.

The assessment of the certification test materials for compliance with information security requirements was carried out by the expert commission of the certification body FSTEC of Russia. Based on the expert opinion on the results of comprehensive certification tests of the digital platform for the development and use of digital twins CML-Bench®, a certificate of compliance with information security requirements was issued.

The certification was carried out on an initiative basis during the implementation of a project to design and create an automated digital engineering system jointly with Greenatom JSC in a subsidiary of TVEL JSC — CentroTech-Engineering LLC for further replication in the structures of TVEL JSC and Rosatom State Corporation.

For reference:

The CML-Bench® digital platform is a digital platform for the development and application of digital twins of both high-tech industrial products and goods, as well as technological and production processes for their manufacture, a system for managing activities in the field of system digital engineering. Since 2006, the CML-Bench® digital platform has been developed by employees of the Engineering Center (CompMechLab®) “Computer Engineering Center” of SPbPU and employees of the Computational Mechanics Laboratory LLC (CompMechLab®).

The CML-Bench® Digital Platform is used to develop projects for high-tech industries: engine building, power engineering, nuclear, oil and gas, special and railway engineering, aircraft and helicopter engineering, including unmanned aerial vehicles, automotive engineering, including electric transport, shipbuilding and shipbuilding, as well as marine engineering, nuclear energy, fuel and energy complex, medicine, high-performance sports, etc.

At the end of 2022, the CML-Bench® platform was deployed on the servers of Centrotech-Engineering LLC (part of the control circuit of the TVEL fuel company of the Rosatom State Corporation) as part of the project to create an automated digital engineering system. And in 2023, specialists from the Advanced Engineering School “Digital Engineering” of SPbPU developed a software module that allows for the seamless transfer of engineering data from one of the most popular PLM systems (engineering data and production process management systems) Teamcenter by Siemens to the CML-Bench® digital platform. The CML-Bench® digital platform formed the basis for the URANIA data and process management system for computational and experimental scientific research, used at the enterprises of the Rosatom State Corporation.

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

MIL OSI Russia News –

January 25, 2025
MIL-OSI: B2TRADER 2.2: C-Book Routing, Custom Markups, and Improved Mobile Trading
Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, Jan. 24, 2025 (GLOBE NEWSWIRE) — B2BROKER has rolled out a major update for B2TRADER, its multi-asset and multi-market trading platform. The latest version, B2TRADER 2.2, introduces key improvements that enhance order execution, risk management, and trading flexibility.
This update includes the new C-Book order routing system, customisable markups, and the ability to connect multiple liquidity providers for a single asset type. Additionally, traders now have access to upgraded mobile apps for iOS and Android, ensuring a seamless experience across all devices.

C-Book: More Control Over Order Execution

B2TRADER 2.2 introduces C-Book, a new execution model that works alongside A-Book and B-Book. With this feature, brokers can decide how each order is handled—whether routed externally to liquidity providers or processed internally through B-Book.

A new reporting system in the admin panel gives brokers complete transparency over executed orders, helping them manage risks more effectively. The C-Book model also helps reduce trading costs by optimising the use of liquidity providers.

Custom Markups for Flexible Pricing

With the latest update, brokers gain greater control over pricing strategies. B2TRADER 2.2 allows them to apply commissions, markups, or both, tailored to different trading conditions and client needs.

Brokers can also create customised price streams, granting specific traders or groups access to different market conditions. This flexibility makes it easier to offer competitive and personalised trading options.

Better Risk Management with Multiple Liquidity Providers

Now, brokers can integrate multiple liquidity providers within B2TRADER, ensuring more stable and competitive trading conditions.

Using multiple providers improves market depth, speeds up order execution, and minimises risks associated with reliance on a single provider. If one provider experiences issues, the platform automatically routes orders through another, ensuring uninterrupted trading.

New Trading Tools: Take Profit, Stop Loss & Trailing Stops

B2TRADER 2.2 introduces essential risk management tools that give traders more control over their positions. The update includes:
- Take Profit: Automatically closes a position when a profit target is reached.
- Stop Loss: Helps limit losses by closing a position at a predefined level.
- Trailing Stop: Adjusts the stop level dynamically as the market moves in the trader’s favour.
These tools allow traders to execute strategies more effectively, even when they’re not actively monitoring the markets.

“At B2BROKER, we aim to stay ahead of the curve and empower brokers with innovative solutions that align with the rapidly evolving market needs. With B2TRADER 2.2, we remain committed to enabling our clients to thrive in a competitive environment while reflecting where the market is headed—towards greater customisation, advanced risk management, and unparalleled accessibility.

We are proud to continue driving innovation that helps our clients succeed in an increasingly complex trading environment.”

Mark Speare, Chief Client Officer at B2BROKER

Enhanced Mobile Trading on iOS & Android

Mobile trading has been significantly improved with the latest update. The upgraded apps for iOS and Android provide a full-featured trading experience, ensuring traders can access their accounts, monitor positions, and place orders easily from anywhere.

Among the key features of the updated B2TRADER mobile app are:
- User-Friendly Interface: The app mirrors the desktop experience, making trading on mobile simple and intuitive.
- Access Anytime, Anywhere: Traders can manage their portfolios on the go without any limitations.
- All-in-One Trading Platform: The mobile app supports complex order types, real-time chart analysis, and performance tracking.
What’s Next for B2TRADER?

B2BROKER continues to improve its multi-asset and multi-market trading platform with new features and enhancements. With B2TRADER 2.2, brokers and traders can take advantage of smarter execution models, flexible pricing strategies, and a seamless mobile trading experience.

In the near future, the platform will introduce support for perpetual futures trading, expanding its already robust offerings, which include CRYPTO SPOT, Forex, and CFDs.

Contact Details:

Ketevan Julukhadze
mail@b2broker.net

Disclaimer: This content is provided by “B2BROKER”. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/d2e93a41-e30f-4b05-9257-60cebf01ed6b

https://www.globenewswire.com/NewsRoom/AttachmentNg/761fd664-5a11-4fc2-9963-7c1ea24fafd1

https://www.globenewswire.com/NewsRoom/AttachmentNg/228625b6-fcf5-433d-a5a5-c7bf49a8dae6

https://www.globenewswire.com/NewsRoom/AttachmentNg/662971f7-d125-48c9-98d1-ff3b4738542e

https://www.globenewswire.com/NewsRoom/AttachmentNg/a380ff8d-5090-46e9-812f-0c0ef270c1bc

https://www.globenewswire.com/NewsRoom/AttachmentNg/7ef8ed23-7751-4b3e-91f7-e93b93da8caf

The MIL Network –
January 25, 2025
MIL-OSI: Written resolution passed – approved amendments to the senior secured callable bond terms
Source: GlobeNewswire (MIL-OSI)

Oslo, 24 January 2025

Reference is made to the announcement published by Interoil Exploration and Production ASA (the “Company“) on 17 January 2025 regarding summons for a written resolution with respect to the Company’s senior secured callable bonds with ISIN NO 001 0729908 (the “Bonds“).

The written resolution in respect of the Bonds has been resolved and approved by the Company’s bondholders. Please see the attached notice on the written resolution for further information.

The notice of the written resolution will be made available on http://www.stamdata.no (http://www.stamdata.no).

Please direct any further questions to: ir@Interoil.no (mailto:ir@Interoil.no)

***

Interoil Exploration and Production ASA is a Norwegian based exploration and production company – listed on the Oslo Stock Exchange with focus on Latin America. The Company is operator and license holder of several production and exploration assets in Colombia and Argentina with headquarter in Oslo.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act

Attachment
- NO0010729908_NB_20250124
The MIL Network –
January 25, 2025

MIL-OSI: South Plains Financial, Inc. Reports Fourth Quarter and Year-End 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

LUBBOCK, Texas, Jan. 24, 2025 (GLOBE NEWSWIRE) — South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter and year ended December 31, 2024.

Fourth Quarter 2024 Highlights

Net income for the fourth quarter of 2024 was $16.5 million, compared to $11.2 million for the third quarter of 2024 and $10.3 million for the fourth quarter of 2023.
Diluted earnings per share for the fourth quarter of 2024 was $0.96, compared to $0.66 for the third quarter of 2024 and $0.61 for the fourth quarter of 2023.
Average cost of deposits for the fourth quarter of 2024 was 229 basis points, compared to 247 basis points for the third quarter of 2024 and 224 basis points for the fourth quarter of 2023.
Net interest margin, calculated on a tax-equivalent basis, was 3.75% for the fourth quarter of 2024, compared to 3.65% for the third quarter of 2024 and 3.52% for the fourth quarter of 2023.
Return on average assets for the fourth quarter of 2024 was 1.53% annualized, compared to 1.05% annualized for the third quarter of 2024 and 0.99% annualized for the fourth quarter of 2023.
Tangible book value (non-GAAP) per share was $25.40 as of December 31, 2024, compared to $25.75 as of September 30, 2024 and $23.47 as of December 31, 2023.
The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at December 31, 2023 were 16.74%, 12.41%, and 11.33%, respectively. These ratios significantly exceeded the minimum regulatory levels necessary to be deemed “well-capitalized”.

Full Year 2024 Highlights

Full year net income of $49.7 million in 2024, compared to $62.7 million in 2023.
Diluted earnings per share of $2.92 in 2024, compared to $3.62 in 2023.
The Bank’s wholly-owned subsidiary, Windmark Insurance Agency, Inc. (“Windmark”), was sold in the second quarter of 2023 for $36.1 million, resulting in a gain, net of related charges and taxes, of $22.9 million or $1.32 of diluted earnings per share.
Loans held for investment grew $40.9 million, or 1.4%, during 2024.
Total assets were $4.23 billion at December 31, 2024, compared to $4.20 billion at December 31, 2023.
Return on average assets of 1.17% for the full year 2024, compared to 1.54% for 2023.

Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “I am very proud of our performance this past year as we successfully navigated a challenging environment with a focus on delivering strong financial results. We tightly managed our liquidity to optimize our profitability and return metrics while maintaining our conservative approach to underwriting and risk management. We have also managed the anticipated decline in our indirect auto portfolio as well as a heightened level of loan payoffs and paydowns that has obscured the strong, underlying loan production that has built through the year. Importantly, we are seeing a growing level of optimism across our customer base that is translating into the strongest new business production pipeline that we have seen in more than two years. This bodes positively for the year ahead where we expect to deliver low to mid-single digit loan growth for the full year 2025. Additionally, we are seeing deposit pricing fall across our markets which contributed to our strong margin expansion in the fourth quarter.”

Results of Operations, Quarter Ended December 31, 2024

Net Interest Income

Net interest income was $38.5 million for the fourth quarter of 2024, compared to $37.3 million for the third quarter of 2024 and $35.2 million for the fourth quarter of 2023. Net interest margin, calculated on a tax-equivalent basis, was 3.75% for the fourth quarter of 2024, compared to 3.65% for the third quarter of 2024 and 3.52% for the fourth quarter of 2023. The average yield on loans was 6.69% for the fourth quarter of 2024, compared to 6.68% for the third quarter of 2024 and 6.29% for the fourth quarter of 2023. The average cost of deposits was 229 basis points for the fourth quarter of 2024, which is 18 basis points lower than the third quarter of 2024 and 5 basis points higher than the fourth quarter of 2023.

Interest income was $61.3 million for the fourth quarter of 2024, compared to $61.6 million for the third quarter of 2024 and $57.2 million for the fourth quarter of 2023. Interest income decreased $316 thousand in the fourth quarter of 2024 from the third quarter of 2024, which was primarily comprised of a decrease of $243 thousand in loan interest income. The decline in loan interest income was due primarily to a decrease in average loans of $20.2 million. Interest income increased $4.1 million in the fourth quarter of 2024 compared to the fourth quarter of 2023. This increase was primarily due to an increase of average loans of $30.5 million and higher loan interest rates during the period, resulting in growth of $3.4 million in loan interest income.

Interest expense was $22.8 million for the fourth quarter of 2024, compared to $24.3 million for the third quarter of 2024 and $22.1 million for the fourth quarter of 2023. Interest expense decreased $1.6 million compared to the third quarter of 2024 and increased $702 thousand compared to the fourth quarter of 2023. The $1.6 million decrease was primarily as a result of a 24 basis point decline in the cost of interest-bearing deposits. The $702 thousand increase was primarily a result of growth in average interest-bearing deposits of $136.0 million.

Noninterest Income and Noninterest Expense

Noninterest income was $13.3 million for the fourth quarter of 2024, compared to $10.6 million for the third quarter of 2024 and $9.1 million for the fourth quarter of 2023. The increase from the third quarter of 2024 was primarily due to an increase of $3.1 million in mortgage banking revenues, mainly from an increase of $3.5 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value increased in the fourth quarter of 2024. This growth was partially offset by approximately $700 thousand in insurance proceeds received for property damage in the third quarter of 2024. The increase in noninterest income for the fourth quarter of 2024 as compared to the fourth quarter of 2023 was primarily due to an increase of $3.3 million in mortgage banking activities revenue mainly from a rise of $3.0 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value increased in the fourth quarter of 2024.

Noninterest expense was $29.9 million for the fourth quarter of 2024, compared to $33.1 million for the third quarter of 2024 and $30.6 million for the fourth quarter of 2023. The $3.2 million decrease from the third quarter of 2024 was largely the result of a decline of $1.4 million in personnel expenses, primarily from decreased health insurance costs of $668 thousand, as annual rebates were received in the fourth quarter, and a reduction of $400 thousand in mortgage commissions as mortgage activity slowed in the fourth quarter. There were also decreases in net occupancy expense, professional service expenses, and the ineffectiveness related to fair value hedges on municipal securities. The decrease in noninterest expense for the fourth quarter of 2024 as compared to the fourth quarter of 2023 was largely the result of a decrease of $593 thousand in personnel expenses, related to the decline in health insurance costs previously noted.

Loan Portfolio and Composition

Loans held for investment were $3.06 billion as of December 31, 2024, compared to $3.04 billion as of September 30, 2024 and $3.01 billion as of December 31, 2023. The $17.7 million, or 2.3% annualized, increase during the fourth quarter of 2024 as compared to the third quarter of 2024 occurred primarily as a result of organic loan growth experienced in commercial owner-occupied real estate loans. As of December 31, 2024, loans held for investment increased $40.9 million, or 1.4%, from December 31, 2023, primarily attributable to organic loan growth, occurring mainly in multi-family property loans, direct-energy loans, commercial owner-occupied real estate loans, and single-family property loans, partially offset by decreases in consumer auto loans and construction, land, and development loans.

Deposits and Borrowings

Deposits totaled $3.62 billion as of December 31, 2024, compared to $3.72 billion as of September 30, 2024 and $3.63 billion as of December 31, 2023. Deposits decreased by $94.8 million, or 2.6%, in the fourth quarter of 2024 from September 30, 2024. As of December 31, 2024, deposits were essentially unchanged, from December 31, 2023. Noninterest-bearing deposits were $935.5 million as of December 31, 2024, compared to $998.5 million as of September 30, 2024 and $974.2 million as of December 31, 2023. Noninterest-bearing deposits represented 25.8% of total deposits as of December 31, 2024. The quarterly change in total deposits was mainly due to the seasonal decline in escrow accounts of approximately $35 million and a planned reduction of approximately $50 million in customer sweep deposits as part of balance sheet management. Deposits were essentially unchanged, year-over-year, with an increase in interest-bearing deposits offset by a decline in noninterest-bearing deposits.

Asset Quality

The Company recorded a provision for credit losses in the fourth quarter of 2024 of $1.2 million, compared to $495 thousand in the third quarter of 2024 and $600 thousand in the fourth quarter of 2023. The provision during the fourth quarter of 2024 was largely attributable to net charge-off activity and increased loan balances.

The ratio of allowance for credit losses to loans held for investment was 1.42% as of December 31, 2024, compared to 1.41% as of September 30, 2024 and 1.41% as of December 31, 2023.

The ratio of nonperforming assets to total assets was 0.58% as of December 31, 2024, compared to 0.59% as of September 30, 2024 and 0.14% as of December 31, 2023. Annualized net charge-offs were 0.11% for the fourth quarter of 2024, compared to 0.11% for the third quarter of 2024 and 0.08% for the fourth quarter of 2023.

Capital

Book value per share decreased to $26.67 at December 31, 2024, compared to $27.04 at September 30, 2024. The change was primarily driven by a decrease in accumulated other comprehensive income (“AOCI”) of $18.2 million, partially offset by $14.0 million of net income after dividends paid. The decrease in AOCI was attributed to the after-tax decrease in fair value of our available for sale securities, net of fair value hedges, as a result of increases in long-term market interest rates during the period. The tangible common equity to tangible assets ratio (non-GAAP) increased 15 basis points to 9.92% in the fourth quarter of 2024.

Conference Call

South Plains will host a conference call to discuss its fourth quarter and year-end 2024 financial results today, January 24, 2025, at 10:00 a.m., Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call and conference materials will be available on the Company’s website at https://www.spfi.bank/news-events/events.

A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed on the investor section of the Company’s website as well as by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13750452. The replay will be available until February 7, 2025.

About South Plains Financial, Inc.

South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets, and Pre-Tax, Pre-Provision Income. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures.

We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies.

A reconciliation of non-GAAP financial measures to GAAP financial measures is provided at the end of this press release.

Available Information

The Company routinely posts important information for investors on its web site (under http://www.spfi.bank and, more specifically, under the News & Events tab at http://www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events and South Plains’ financial performance. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. South Plains cautions that the forward-looking statements in this press release are based largely on South Plains’ expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond South Plains’ control. Factors that could cause such changes include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from uncertainty in the banking industry as a whole; increased competition for deposits in our market areas and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; the impact of changes in U.S. presidential administrations or Congress, including potential changes in U.S. and international trade policies and the resulting impact on the Company and its customers; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential costs related to the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; and changes in applicable laws and regulations. Additional information regarding these risks and uncertainties to which South Plains’ business and future financial performance are subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents South Plains files or furnishes with the SEC from time to time, which are available on the SEC’s website, http://www.sec.gov. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which South Plains is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements presented herein are made only as of the date of this press release, and South Plains does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

Contact:	Mikella Newsom, Chief Risk Officer and Secretary
	(866) 771-3347
	investors@city.bank

Source: South Plains Financial, Inc.


South Plains Financial, Inc.
Consolidated Financial Highlights – (Unaudited)
(Dollars in thousands, except share data)

	As of and for the quarter ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Selected Income Statement Data:
Interest income	$	61,324		$	61,640		$	59,208		$	58,727		$	57,236
Interest expense		22,776			24,346			23,320			23,359			22,074
Net interest income		38,548			37,294			35,888			35,368			35,162
Provision for credit losses		1,200			495			1,775			830			600
Noninterest income		13,319			10,635			12,709			11,409			9,146
Noninterest expense		29,948			33,128			32,572			31,930			30,597
Income tax expense		4,222			3,094			3,116			3,143			2,787
Net income		16,497			11,212			11,134			10,874			10,324
Per Share Data (Common Stock):
Net earnings, basic	$	1.01		$	0.68		$	0.68		$	0.66		$	0.63
Net earnings, diluted		0.96			0.66			0.66			0.64			0.61
Cash dividends declared and paid		0.15			0.14			0.14			0.13			0.13
Book value		26.67			27.04			25.45			24.87			24.80
Tangible book value (non-GAAP)		25.40			25.75			24.15			23.56			23.47
Weighted average shares outstanding, basic		16,400,361			16,386,079			16,425,360			16,429,919			16,443,908
Weighted average shares outstanding, dilutive		17,161,646			17,056,959			16,932,077			16,938,857			17,008,892
Shares outstanding at end of period		16,455,826			16,386,627			16,424,021			16,431,755			16,417,099
Selected Period End Balance Sheet Data:
Cash and cash equivalents	$	359,082		$	471,167		$	298,006		$	371,939		$	330,158
Investment securities		577,240			606,889			591,031			599,869			622,762
Total loans held for investment		3,055,054			3,037,375			3,094,273			3,011,799			3,014,153
Allowance for credit losses		43,237			42,886			43,173			42,174			42,356
Total assets		4,232,239			4,337,659			4,220,936			4,218,993			4,204,793
Interest-bearing deposits		2,685,366			2,720,880			2,672,948			2,664,397			2,651,952
Noninterest-bearing deposits		935,510			998,480			951,565			974,174			974,201
Total deposits		3,620,876			3,719,360			3,624,513			3,638,571			3,626,153
Borrowings		110,354			110,307			110,261			110,214			110,168
Total stockholders’ equity		438,949			443,122			417,985			408,712			407,114
Summary Performance Ratios:
Return on average assets (annualized)		1.53	%		1.05	%		1.07	%		1.04	%		0.99	%
Return on average equity (annualized)		14.88	%		10.36	%		10.83	%		10.72	%		10.52	%
Net interest margin ⁽¹⁾		3.75	%		3.65	%		3.63	%		3.56	%		3.52	%
Yield on loans		6.69	%		6.68	%		6.60	%		6.53	%		6.29	%
Cost of interest-bearing deposits		3.12	%		3.36	%		3.33	%		3.27	%		3.14	%
Efficiency ratio		57.50	%		68.80	%		66.72	%		67.94	%		68.71	%
Summary Credit Quality Data:
Nonperforming loans	$	24,023		$	24,693		$	23,452		$	3,380		$	5,178
Nonperforming loans to total loans held for investment		0.79	%		0.81	%		0.76	%		0.11	%		0.17	%
Other real estate owned		530			973			755			862			912
Nonperforming assets to total assets		0.58	%		0.59	%		0.57	%		0.10	%		0.14	%
Allowance for credit losses to total loans held for investment		1.42	%		1.41	%		1.40	%		1.40	%		1.41	%
Net charge-offs to average loans outstanding (annualized)		0.11	%		0.11	%		0.10	%		0.13	%		0.08	%

	As of and for the quarter ended
	December 31 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Capital Ratios:
Total stockholders’ equity to total assets		10.37	%		10.22	%		9.90	%		9.69	%		9.68	%
Tangible common equity to tangible assets (non-GAAP)		9.92	%		9.77	%		9.44	%		9.22	%		9.21	%
Common equity tier 1 to risk-weighted assets		13.53	%		13.25	%		12.61	%		12.67	%		12.41	%
Tier 1 capital to average assets		12.04	%		11.76	%		11.81	%		11.51	%		11.33	%
Total capital to risk-weighted assets		17.86	%		17.61	%		16.86	%		17.00	%		16.74	%

(1)	Net interest margin is calculated as the annual net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.

South Plains Financial, Inc.
Average Balances and Yields – (Unaudited)
(Dollars in thousands)

	For the Three Months Ended
	December 31, 2024							December 31, 2023

	Average Balance		Interest		Yield/Rate			Average Balance		Interest		Yield/Rate
Assets
Loans	$	3,049,718	$	51,270		6.69	%	$	3,019,228	$	47,903		6.29	%
Debt securities – taxable		518,646		4,994		3.83	%		560,143		5,563		3.94	%
Debt securities – nontaxable		154,203		1,014		2.62	%		157,341		1,032		2.60	%
Other interest-bearing assets		390,090		4,267		4.35	%		255,454		2,963		4.60	%

Total interest-earning assets		4,112,657		61,545		5.95	%		3,992,166		57,461		5.71	%
Noninterest-earning assets		189,422							156,541

Total assets	$	4,302,079						$	4,148,707

Liabilities & stockholders’ equity
NOW, Savings, MMDA’s	$	2,249,062		16,570		2.93	%	$	2,201,190		16,894		3.04	%
Time deposits		445,173		4,566		4.08	%		357,067		3,325		3.69	%
Short-term borrowings		3		–		0.00	%		3		–		0.00	%
Notes payable & other long-term borrowings		–		–		0.00	%		–		–		0.00	%
Subordinated debt		63,938		834		5.19	%		73,740		981		5.28	%
Junior subordinated deferrable interest debentures		46,393		806		6.91	%		46,393		874		7.47	%

Total interest-bearing liabilities		2,804,569		22,776		3.23	%		2,678,393		22,074		3.27	%
Demand deposits		978,742							1,021,091
Other liabilities		77,732							59,808
Stockholders’ equity		441,036							389,415

Total liabilities & stockholders’ equity	$	4,302,079						$	4,148,707

Net interest income			$	38,769						$	35,387
Net interest margin ⁽²⁾						3.75	%						3.52	%

(1)	Average loan balances include nonaccrual loans and loans held for sale.
(2)	Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.

South Plains Financial, Inc.
Average Balances and Yields – (Unaudited)
(Dollars in thousands)

	For the Twelve Months Ended
	December 31, 2024							December 31, 2023

	Average Balance		Interest		Yield/Rate			Average Balance		Interest		Yield/Rate
Assets
Loans	$	3,054,189	$	202,301		6.62	%	$	2,924,473	$	176,627		6.04	%
Debt securities – taxable		532,730		21,090		3.96	%		570,655		21,590		3.78	%
Debt securities – nontaxable		155,168		4,076		2.63	%		185,205		4,901		2.65	%
Other interest-bearing assets		312,917		14,319		4.58	%		223,152		9,973		4.47	%

Total interest-earning assets		4,055,004		241,786		5.96	%		3,903,485		213,091		5.46	%
Noninterest-earning assets		179,527							176,495

Total assets	$	4,234,531						$	4,079,980

Liabilities & stockholders’ equity
NOW, Savings, MMDA’s	$	2,250,942		70,362		3.13	%	$	2,117,985		55,423		2.62	%
Time deposits		411,028		16,719		4.07	%		321,205		9,564		2.98	%
Short-term borrowings		3		–		0.00	%		84		5		5.95	%
Notes payable & other long-term borrowings		–		–		0.00	%		–		–		0.00	%
Subordinated debt		63,868		3,339		5.23	%		75,458		4,018		5.32	%
Junior subordinated deferrable interest debentures		46,393		3,381		7.29	%		46,393		3,276		7.06	%

Total interest-bearing liabilities		2,772,234		93,801		3.38	%		2,561,125		72,286		2.82	%
Demand deposits		968,307							1,069,280
Other liabilities		70,777							71,102
Stockholders’ equity		423,213							378,473

Total liabilities & stockholders’ equity	$	4,234,531						$	4,079,980

Net interest income			$	147,985						$	140,805
Net interest margin ⁽²⁾						3.65	%						3.61	%

(1)	Average loan balances include nonaccrual loans and loans held for sale.
(2)	Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.

South Plains Financial, Inc.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands)

	As of
	December 31, 2024			December 31, 2023

Assets
Cash and due from banks	$	54,114		$	62,821
Interest-bearing deposits in banks		304,968			267,337
Securities available for sale		577,240			622,762
Loans held for sale		20,542			14,499
Loans held for investment		3,055,054			3,014,153
Less: Allowance for credit losses		(43,237	)		(42,356	)
Net loans held for investment		3,011,817			2,971,797
Premises and equipment, net		52,951			55,070
Goodwill		19,315			19,315
Intangible assets		1,720			2,429
Mortgage servicing rights		26,292			26,569
Other assets		163,280			162,194
Total assets	$	4,232,239		$	4,204,793

Liabilities and Stockholders’ Equity
Noninterest-bearing deposits	$	935,510		$	974,201
Interest-bearing deposits		2,685,366			2,651,952
Total deposits		3,620,876			3,626,153
Subordinated debt		63,961			63,775
Junior subordinated deferrable interest debentures		46,393			46,393
Other liabilities		62,060			61,358
Total liabilities		3,793,290			3,797,679
Stockholders’ Equity
Common stock		16,456			16,417
Additional paid-in capital		97,287			97,107
Retained earnings		385,827			345,264
Accumulated other comprehensive income (loss)		(60,621	)		(51,674	)
Total stockholders’ equity		438,949			407,114
Total liabilities and stockholders’ equity	$	4,232,239		$	4,204,793

South Plains Financial, Inc.
Consolidated Statements of Income
(Unaudited)
(Dollars in thousands)

	Three Months Ended				Twelve Months Ended
	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023

Interest income:
Loans, including fees	$	51,262	$	47,895	$	202,270	$	176,598
Other		10,062		9,341		38,629		35,435
Total interest income		61,324		57,236		240,899		212,033
Interest expense:
Deposits		21,136		20,219		87,081		64,987
Subordinated debt		834		981		3,339		4,018
Junior subordinated deferrable interest debentures		806		874		3,381		3,276
Other		–		–		–		5
Total interest expense		22,776		22,074		93,801		72,286
Net interest income		38,548		35,162		147,098		139,747
Provision for credit losses		1,200		600		4,300		4,610
Net interest income after provision for credit losses		37,348		34,562		142,798		135,137
Noninterest income:
Service charges on deposits		2,241		1,844		8,026		7,130
Income from insurance activities		31		37		123		1,515
Mortgage banking activities		4,955		1,671		14,187		13,817
Bank card services and interchange fees		3,225		3,167		13,640		13,323
Gain on sale of subsidiary		—		—		—		33,778
Other		2,867		2,427		12,096		9,663
Total noninterest income		13,319		9,146		48,072		79,226
Noninterest expense:
Salaries and employee benefits		17,384		17,977		74,338		79,377
Net occupancy expense		3,901		3,856		16,105		16,102
Professional services		1,555		1,509		6,583		6,433
Marketing and development		1,153		880		3,782		3,453
Other		5,955		6,375		26,770		29,581
Total noninterest expense		29,948		30,597		127,578		134,946
Income before income taxes		20,719		13,111		63,292		79,417
Income tax expense		4,222		2,787		13,575		16,672
Net income	$	16,497	$	10,324	$	49,717	$	62,745

South Plains Financial, Inc.
Loan Composition
(Unaudited)
(Dollars in thousands)

	As of
	December 31, 2024		December 31, 2023

Loans:
Commercial Real Estate	$	1,119,063	$	1,081,056
Commercial – Specialized		388,955		372,376
Commercial – General		557,371		517,361
Consumer:
1-4 Family Residential		566,400		534,731
Auto Loans		254,474		305,271
Other Consumer		64,936		74,168
Construction		103,855		129,190
Total loans held for investment	$	3,055,054	$	3,014,153

South Plains Financial, Inc.
Deposit Composition
(Unaudited)
(Dollars in thousands)

	As of
	December 31, 2024		December 31, 2023

Deposits:
Noninterest-bearing deposits	$	935,510	$	974,201
NOW & other transaction accounts		498,718		562,066
MMDA & other savings		1,741,988		1,722,170
Time deposits		444,660		367,716
Total deposits	$	3,620,876	$	3,626,153

South Plains Financial, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in thousands)

	For the quarter ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Pre-tax, pre-provision income
Net income	$	16,497	$	11,212	$	11,134	$	10,874	$	10,324
Income tax expense		4,222		3,094		3,116		3,143		2,787
Provision for credit losses		1,200		495		1,775		830		600
Pre-tax, pre-provision income	$	21,919	$	14,801	$	16,025	$	14,847	$	13,711

	As of
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Tangible common equity
Total common stockholders’ equity	$	438,949		$	443,122		$	417,985		$	408,712		$	407,114
Less: goodwill and other intangibles		(21,035	)		(21,197	)		(21,379	)		(21,562	)		(21,744	)

Tangible common equity	$	417,914		$	421,925		$	396,606		$	387,150		$	385,370

Tangible assets
Total assets	$	4,232,239		$	4,337,659		$	4,220,936		$	4,218,993		$	4,204,793
Less: goodwill and other intangibles		(21,035	)		(21,197	)		(21,379	)		(21,562	)		(21,744	)

Tangible assets	$	4,211,204		$	4,316,462		$	4,199,557		$	4,197,431		$	4,183,049

Shares outstanding		16,455,826			16,386,627			16,424,021			16,431,755			16,417,099

Total stockholders’ equity to total assets		10.37	%		10.22	%		9.90	%		9.69	%		9.68	%
Tangible common equity to tangible assets		9.92	%		9.77	%		9.44	%		9.22	%		9.21	%
Book value per share	$	26.67		$	27.04		$	25.45		$	24.87		$	24.80
Tangible book value per share	$	25.40		$	25.75		$	24.15		$	23.56		$	23.47

The MIL Network –

January 25, 2025

MIL-OSI United Kingdom: Tough restrictions for Sheffield hairdresser and baker who falsely claimed £98,000 in Covid loans
Source: United Kingdom – Executive Government & Departments

Bankrupt hairdresser claimed two separate loans totalling £98,000 for a new business which only traded for two weeks
Hannah Lucy Walker applied for two Covid Bounce Back Loans to claim a total of £98,000

She took the loans for a new business which was not entitled to any money under the scheme and gave false information in her applications

Walker is now subject to 12 years of sanctions which restrict her finance and business activities to protect the public from further harm

A bankrupt former hairdresser from Sheffield is subject to 12 years of stringent sanctions after the Official Receiver found she abused the Covid Bounce Back Loan scheme to claim almost £100,000 she was not entitled to.

Hannah Lucy Walker, 31, of Pollard Crescent in Sheffield, was originally a hairdresser.

But when Covid lockdowns were in operation during May 2020, she also began a baking business, trading as Something Sweet.

And on 25 June 2020, Walker applied for a £50,000 Bounce Back Loan for Something Sweet – which only ever traded for two weeks – declaring its turnover was £256,000.

The next day she applied to a different bank for another Bounce Back Loan of £48,000 for the baking business. This time she claimed the business had a turnover of £230,000.

Walker was made bankrupt in March 2024, with outstanding debts of around £109,000 including the full amount of both loans.

The Official Receiver, whose duty includes investigating the cause of a bankruptcy, found that Something Sweet had not been eligible to apply for a loan.

Samantha Crook, Deputy Official Receiver at the Insolvency Service, said:

Hannah Walker blatantly abused a scheme designed to support existing businesses during one of the toughest times the country faced.

She breached the rules of the scheme by taking out not one, but two loans, for a business that was not even eligible for a loan.

These restrictions will curtail her business activities for a long time to help protect the public from further financial harm.

Under the rules of the Bounce Back Loan scheme, businesses must have been trading by 1 March 2020 in order to apply for a loan.

The rules allowed applications for a single loan per business of up to 25% of its 2019 turnover – or of an estimated turnover if the business had started during the previous financial year – up to a maximum of £50,000. Any money claimed was to be used for the economic support of the business.

Walker’s baking business was not entitled to any money through the scheme. She did not apply for a loan to support her hairdressing business.

Walker signed a Bankruptcy Restrictions Undertaking in which she did not dispute that she had provided false information on two Bounce Back Loan applications to receive a total of £98,000 to which she was not entitled.

She must abide by the restrictions, which extend the terms of her original bankruptcy – usually a period of 12 months – for a further 12 years.

They prevent Walker from acting as a company director without permission from the court and from borrowing more than £500 without declaring that she is subject to the sanctions. She is also restricted from holding certain roles in public organisations while subject to the measures.

The Secretary of State for Business and Trade accepted the undertaking on 14 January 2025. The restrictions will run until 13 January 2037.

Further information

Hannah Lucy Walker is of Pollard Crescent, Sheffield. Her date of birth is 15 April 1993

Further guidance about Bankruptcy Restrictions Orders and Undertakings    

Details of BRO and BRU restrictions relating to individuals can be found on the Individual Insolvency Register

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Updates to this page

Published 24 January 2025
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: Supermarket closed for persistent sale of illegal tobacco

Source: City of Coventry

A Coventry store has been ordered to close its doors for three months.

A Coventry store has been ordered to close its doors for three months, after a Council investigation discovered Saad Supermarket (which previously traded as Victoria Mini Market) on Primrose Hill Street, Coventry, persistently sold illegal tobacco and vaping products, as well as selling these items to persons under 18.

Costs of £4,974.26 were awarded to the Council, to be equally split between both the operator of the business and the landlord of the premises.

The Council’s Trading Standards and Legal teams applied to Coventry Magistrates Court for a Closure Order, which was granted on Wednesday 15 January 2025 under the Anti-Social Behaviour, Crime and Policing Act 2014.

The store has been ordered to close completely for three months and no-one is allowed to access or remain on the premises.

The Closure Order will remain in force until midnight on Tuesday 15 April 2025.

Those found to breach the Order may be imprisoned, fined or both.

The Court heard that despite warnings, there were continued sales of illicit products from the shop, as well as the sale of such to minors. Due to its proximity to a local school, this was a clear risk to the safety of the community and robust enforcement action was required.

Cllr Abdul Salam Khan, Deputy Council Leader, said: “Our trading standards and legal teams once again have taken the necessary action against businesses who ignore the law”.

“It’s important that we publicise this work because it will not be tolerated both by the Council or the police. In this case there was an added concern about the school being so close”.

“It’s a warning to any other businesses and I’d encourage any residents, who have similar concerns about local shops they suspect may be selling illegal vapes and tobacco and also selling to people under age, to contact us.”

The sale of illegal tobacco and vaping products has a detrimental effect on legitimate local businesses and also contributes to anti-social behaviour in the community.

It can also support organised crime, which may also be linked to modern-day slavery, human trafficking, and other serious criminality. Illegal tobacco and vaping products also present a serious public health issue with very high levels of tar, nicotine and other toxic chemicals. The lower prices at which these items can be sold also encourage children to start smoking or vaping.

Lord Michael Bichard, Chair of National Trading Standards, said: “The trade in illegal tobacco harms local communities and affects honest businesses operating within the law. Having removed 46 million illegal cigarettes, 12,600kg of hand-rolling tobacco and almost 175kg of shisha products from sale, Operation CeCe – the National Trading Standards initiative in partnership with HMRC – continues to successfully disrupt this illicit trade.”

Coventry Trading Standards will use all available powers to protect the local community and legitimate businesses.

We need information from the public to help us with issues like this. Information we receive about where and when this type of activity is happening will help us build an intelligence picture and enable us to act where necessary.

If you are concerned about similar activity happening where you live, you can send us an anonymous report – please search ‘Coventry Trading Standards’ and use the online reporting form, or find the anonymous form on the Council’s website.

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Economics: RBI imposes monetary penalty on Datson Exports Ltd., West Bengal

Source: Reserve Bank of India

The Reserve Bank of India (RBl) has, by an order dated January 15, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Datson Exports Ltd., West Bengal (the company) for non-compliance with certain directions issued by RBI on ‘Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 58 G(1)(b) read with Section 58B(5)(aa) of the Reserve Bank of India Act, 1934.

The statutory inspection of the company was conducted with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the company’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the company was sustained, warranting imposition of monetary penalty:

The company had outsourced one of its decision-making functions, viz., sanction of loans, to its Digital Lending Application (DLA) partner.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/1999

MIL OSI Economics –

January 25, 2025

MIL-OSI: Purpose Investments Announces Expansion of Its Yield Shares Suite with the Filling of the Preliminary Prospectus for 8 New ETFs

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 24, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose Investments”) is pleased to announce that it has filed and received a preliminary prospectus with the Canadian securities regulators for the proposed launch of eight new yield-focused single-stock ETFs, expanding its acclaimed Yield Shares suite. These ETFs are designed to provide investors with monthly income while maintaining exposure to leading global companies.

The new Yield Shares ETFs include:

Yield Shares ETF	Ticker	Underlying Company
Costco (COST) Yield Shares Purpose ETF	YCOS	Costco
Palantir (PLTR) Yield Shares Purpose ETF	YPLT	Palantir
UnitedHealth (UNH) Yield Shares Purpose ETF	YUNH	UnitedHealth Group
JPMorgan (JPM) Yield Shares Purpose ETF	YJPM	JPMorgan
Coinbase (COIN) Yield Shares Purpose ETF	YCON	Coinbase
Netflix (NFLX) Yield Shares Purpose ETF	YNET	Netflix
Broadcom (AVGO) Yield Shares Purpose ETF	YAVG	Broadcom
Tech Innovators Yield Shares Purpose ETF	YMAG	Broadcom, Amazon, Tesla, Microsoft, Meta, Alphabet, Apple, and Nvidia

“Since launching in 2022, Purpose Yield Shares has become a leading choice for investors seeking monthly income while maintaining growth exposure to the world’s top companies. In response to strong client demand, we are excited to expand our lineup to include high-growth technology and innovation leaders while also diversifying into market pioneers within the consumer staples, financial, and healthcare sectors. These new ETFs enhance the breadth of the Yield Shares suite, offering investors a wider range of opportunities to generate monthly income from industry giants while participating in their long-term growth,” said Yuan Gao, Vice President of Product. “The Yield Shares lineup remains dedicated to providing investors with access to high-quality companies with strong fundamentals and long-term growth potential. These new ETFs enable investors to continue benefiting from exposure to market leaders driving innovation and economic progress while earning monthly income. Whether in technology, consumer staples, financial services, or healthcare, our Yield Shares suite delivers a compelling mix of income and capital appreciation potential, allowing investors to share in the success of industry leaders.”

Each ETF seeks to provide shareholders with (i) long-term capital appreciation through purchasing and holding common stock of the underlying companies, including by using leverage through cash borrowing to purchase common stock of the underlying companies and (ii) distributions by writing covered call options and/or cash covered put options on a portion of the fund’s portfolio.

The Tech Innovators Yield Shares Purpose ETF (Ticker: YMAG) intends to provide investors with exposure to a basket of leading global technology and innovation-driven companies while generating income by writing covered call options and/or cash-covered put options on a portion of the portfolio.

YMAG provides investors with a one-ticket solution to gain exposure to the Nasdaq trillion-dollar market cap club while generating monthly income. Known as “BATMMAAN,” this select group of industry leaders—Broadcom, Amazon, Tesla, Microsoft, Meta, Alphabet, Apple, and Nvidia—is driving technological innovation across artificial intelligence, cloud computing, digital services, and next-generation infrastructure, positioning themselves as key players in the future of technology and economic growth.

Building on the success of the Yield Shares lineup, these new ETFs will aim to offer investors monthly cash distributions alongside exposure to the long-term growth potential of industry-leading companies.

About Purpose Investments Inc.
Purpose Investments is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

For further information, please contact:
Keera Hart
Keera.Hart@kaiserpartners.com
905-580-1257

A preliminary long-form prospectus relating to the ETFs (the “Preliminary Prospectus”) has been filed with the Canadian securities commissions or similar authorities. You cannot buy securities of the ETFs until the relevant securities commissions or similar authorities issue receipts for the final prospectus of the ETFs. Important information about the ETFs is contained in the Preliminary Prospectus. Copies of the Preliminary Prospectus may be obtained from Purpose, or at http://www.purposeinvest.com.

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. Fund distribution levels and frequencies are not guaranteed and may vary at the manager’s sole discretion.

The MIL Network –

January 25, 2025

MIL-OSI Global: The Trumps want you to buy their meme coins, but history should make us cautious about the hype

Source: The Conversation – UK – By Emmanuel Mogaji, Associate Professor in Marketing, Keele University

Just before assuming office as the 47th president of the United States, Donald Trump introduced his meme coin – $Trump. The digital token attracted lots of attention, and a couple of days after its launch the combined value of the coins was nearly US$8.5 billion (£6.9 billion).

Trump venturing into meme coins is perhaps not surprising, given his history of branding everything from sneakers to bibles. The first lady followed suit with a meme coin of her own ($Melania, which briefly outperformed her husband’s coin).

History shows us that speculative hypes like this are not new. Hype can distort rational decision-making, with investors often neglecting due diligence and failing to ask the usual important questions of their investment.

In 17th-century Netherlands, tulip bulbs became status symbols. Rare varieties could fetch six times a typical salary – until the bubble burst, leaving many financially devastated. Similarly, the South Sea Bubble of the 18th century saw the South Sea Company’s stock price skyrocket based on speculative frenzy (and a high-profile figurehead in King George I) before crashing back down. And the dotcom bubble of the early 2000s saw unproven tech startups achieve sky-high valuations on sheer optimism until the inevitable crash.

The rise of meme coins, including the Trump ventures, bears similarities to the frenzy surrounding these past phenomena. They are driven by hype, the perception of scarcity and the promise of high returns. These factors can inflate the value irrationally and lead to significant financial risks for those who invest.

Meme coins thrive on the power of hype. Prominent figures like Trump and viral sensations such as internet star Haliey Welch’s failed cryptocurrency have the power to generate enormous buzz. Like the tulip mania of the 1600s, these digital tokens don’t hold any intrinsic value but instead rely on public sentiment to drive prices up. The hype can quickly make them seem indispensable and highly valuable, even though they have no physical existence.

The ease of access to meme coins also boosts their popularity. People can buy them online using simple apps or websites – much like shopping for any other product – without the need for a broker or intermediary. This autonomy appeals to modern investors, allowing them to manage their assets from the comfort of their homes. However, the simplicity and convenience often mask the high risks involved.

Social media amplifies the excitement surrounding meme coins, creating a community vibe that fuels their popularity. The constant buzz on platforms and among influencers generates Fomo (fear of missing out), pressuring people to join the bandwagon in pursuit of the potential gains. But this rush can lead to ill-informed decisions.

Meme coins are seen as opportunities for quick and substantial profits – an anonymous buyer (the so-called Lucky Crypto Trader) reportedly made US$100 million within hours on Trump’s coin. But these successes are rare and unpredictable. For most consumers, investing in meme coins is like gambling, with no guarantees of returns and a high likelihood of losses.

Is it ethical?

As a researcher in financial services marketing and fintech, I focus on the ethical and financial implications of meme coins.

Cryptocurrencies remain largely unregulated, leaving investors without protection. So the influence of prominent figures like the Trumps hyping these assets raises questions of accountability and fairness. This lack of oversight puts inexperienced consumers at significant financial risk, which only serves to underline the need for caution.

The parallels with past speculative bubbles offer valuable lessons. From tulip mania to the dotcom bust, history shows us the dangers of unchecked hype and speculative investments. Consumers should learn from these events to avoid repeating the same mistakes in the cryptocurrency era. There are some basic principles would-be buyers should bear in mind.

To navigate the risks associated with meme coins and cryptocurrencies, consumers should find out more about the technology and become more aware of the trends and performance of the coins. Managing expectations is crucial; speculative investments are unpredictable and the hype can die away quickly. Diversifying investments rather than concentrating all funds in one asset or market can spread risk and provide greater financial stability.

Education is equally important – taking the time to read the fine print on investment opportunities, such as Trump’s coin disclaimer that it is not an investment vehicle, is essential to understanding the true nature of these assets.

Trump’s venture into meme coins is the latest in a long history of speculative financial trends, and he will probably not be the last to capitalise on this craze.

But until regulatory frameworks catch up, consumers should tread carefully, ensuring that their pursuit of profits does not come at the expense of their financial security.

Emmanuel Mogaji 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. The Trumps want you to buy their meme coins, but history should make us cautious about the hype – https://theconversation.com/the-trumps-want-you-to-buy-their-meme-coins-but-history-should-make-us-cautious-about-the-hype-248057

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Asia-Pac: London ETO supports Year of Snake screenings at British Film Institute (with photos)

Source: Hong Kong Government special administrative region

London ETO supports Year of Snake screenings at British Film Institute (with photos)
London ETO supports Year of Snake screenings at British Film Institute (with photos)
************************************************************************************

The Hong Kong Economic and Trade Office, London (London ETO) partnered with Focus Hong Kong to celebrate the Year of the Snake with a curated selection of Hong Kong films at the British Film Institute (BFI) Southbank in London from January 23 to 26 (London time). The Director-General of the London ETO, Mr Gilford Law, remarked that the office is committed to supporting initiatives that showcase the vibrancy and creativity of Hong Kong’s film industry on the international stage. “The Government will continue to strengthen support to Hong Kong film industry through the Film Development Fund, increase the exposure of the Hong Kong film industry globally, and leverage the cultural influence of films to strengthen tourism promotion and attract more visitors to Hong Kong,” Mr Law added. The Focus Hong Kong Chinese New Year programme showcases three films at the BFI, namely, the UK Premiere of “True Love, for Once in My Life”, “All Shall be Well” and “Shanghai Blues (4K Restoration)”.

Ends/Friday, January 24, 2025Issued at HKT 21:40

NNNN

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Global: Amid LA fires, neighbors helped each other survive – 60 years of research shows local heroes are crucial to disaster response

Source: The Conversation – USA – By Tricia Wachtendorf, Professor of Sociology and Director, Disaster Research Center, University of Delaware

Neighbors fill and pass a bucket of pool water to help extinguish a spot fire in Pacific Palisades, Calif., on Jan. 9, 2025. Brian van der Brug / Los Angeles Times via Getty Image

As wildfires swept through neighborhoods on the outskirts of Los Angeles in January 2025, stories about residents there helping their neighbors and total strangers began trickling out on social media.

Accounts of Hollywood stars clearing streets for emergency vehicles to get through and raising money for fire victims were widely circulated. But there were many other examples of less-famous people helping older neighbors to safety, and even showing up with trailers to evacuate horses.

Businesses, including fitness centers, opened their facilities so evacuees could shower or charge their phones. Organizations that routinely work with homeless populations quickly mobilized their members to help ensure people living on the streets and in camps could get to secure, safe locations away from the fires and hazardous air quality.

Disasters, by definition, overwhelm local resources, making civilian responders like these essential. Sixty years of research at the University of Delaware’s Disaster Research Center and by others examining the social aspects of disaster has repeatedly shown effective disaster management requires mobilizing community resources far beyond official channels.

Often the response happens through local groups that form in response to a clear need in the community and with shared skills and interests. And this is exactly what we are witnessing in Los Angeles.

Civilians helping often number in the thousands

The number of those who step up to help during disasters varies by event, but it can be tremendous.

Following the 1995 Oklahoma City bombing, over 6,800 volunteers worked with the Red Cross on the response. That same year, volunteers responding to the Kobe earthquake in Japan logged more than 1 million person-days of activity, a measure of the number of people times the hours they contributed.

People use garden hoses to try to prevent homes from catching fire in Altadena, Calif., on Jan. 8, 2025. Neighbors rushed to help neighbors as the wind blew burning embers into neighborhoods.
Mario Tama/Getty Images

In an in-depth study of the Sept. 11, 2001, World Trade Center attacks, we interviewed local residents who used their retired fireboat to pump water for the firefighters at ground zero. Operators of tug, ferry and tour boats in and around New York City immediately responded to quickly evacuate 500,000 people in the area from danger. In fact, the majority of the boats involved belonged to private companies. Other volunteers queued evacuees and organized supplies and rides to get people home.

Over 900 people, most acting in unofficial capacities, were awarded medals or ribbons for their efforts in just the marine response after the World Trade Center attack.

A survey of residents after the 1985 Mexico City earthquake found that nearly 10% of local residents volunteered in the first three weeks of the response. Following the 1989 Loma Prieta earthquake, in California, a survey of residents in Santa Cruz and San Francisco counties found that two-thirds of the public were involved in response activities.

Local businesses are often quick to help in disasters. Greg Dulan, center, who runs a soul food restaurant and food truck, hands out hot meals to wildfire evacuees at a church in Pasadena, Calif., on Jan. 15, 2025.
Jason Armond/Los Angeles Times via Getty Images

However, much of the work local residents contribute during and after disasters goes unaccounted for in official reports.

There is no mechanism to quantify the full extent to which a neighbor or a complete stranger helps someone flee from peril. Yet when people are trapped and minutes count, research shows it is family, friends and neighbors who are already on the scene and are most likely to save lives. It’s often everyday citizens who also take on immediate tasks such as debris removal. Providing a phone, a car, a place to do laundry, or a little bit of elbow grease can fill a gap and let firefighters and other formal responders focus on critical operations.

Getting the right help to where it’s needed

Every study of a large-scale disaster conducted by the Disaster Research Center has revealed some level of emergent, informal helping behavior.

The lack of public understanding about the large number of local residents already involved, often including disaster victims themselves, can lead to an influx of outsiders eager to help. Their arrival can actually pose challenges for the disaster response.

When too many people show up, or when people try to operate outside their areas of expertise, they can put themselves and others at further risk. Communities often need supplies, but unsolicited goods of the wrong kind or at the wrong time can create more problems than they solve.

Local groups such as the Pasadena Community Job Center organize volunteers to send them where help is requested. This group is removing debris from streets in Pasadena, Calif., in the wake of the Eaton Fire on Jan. 14, 2025.
Zoë Meyers/AFP via Getty Images

So, what can you do to best support these local efforts?

Making a financial contribution to a trusted disaster response or local organization can go a long way to providing the support communities actually need. Organizations such as the American Red Cross or Feeding America, or local community-based groups that routinely work in the area, are often best suited to help where it’s needed the most.

Skilled help will be needed for the long term

Also, remember that disasters don’t end when the emergency is over. Survivors of the Los Angeles-area fires face years of confusing and frustrating recovery tasks ahead.

Offering help after the immediate threat has passed – particularly skilled help, such as experience in construction or expertise in managing insurance and FEMA paperwork – is just as important.

For example, after fires in 1970 destroyed hundreds of homes in the San Diego area, local architects, engineers and contractors donated their time and skills to help people rebuild. Their work was coordinated by a local architect and member of the Chamber of Commerce to ensure projects were assigned to reputable volunteers.

As we recognize the important ways that neighbors and strangers helped those around them, the broader community can support wildfire victims by responding to offering the right help as recovery needs emerge. Just about every skill that is useful in calm times will be needed in these difficult months and years ahead.

Tricia Wachtendorf receives funding from the National Science Foundation and Arnold Ventures Foundation.

James Kendra receives funding from the National Science Foundation and the Centers for Disease Control and Prevention.

– ref. Amid LA fires, neighbors helped each other survive – 60 years of research shows local heroes are crucial to disaster response – https://theconversation.com/amid-la-fires-neighbors-helped-each-other-survive-60-years-of-research-shows-local-heroes-are-crucial-to-disaster-response-247660

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI United Kingdom: Rare Anglo-Saxon Gold Panel at risk of leaving the UK
Source: United Kingdom – Executive Government & Departments

A temporary export bar has been placed on a rare Anglo-Saxon, Gold and Garnet Panel
The panel is valued at almost £4,000

The export bar has been placed to allow time for a UK gallery or institution to acquire the panel

An export bar has been placed on a rare Anglo-Saxon, Gold and Garnet Panel (c. 600-670) to provide an opportunity for a UK gallery or institution to acquire it for the nation.

The panel was discovered with a metal detector near Pocklington, East Riding of Yorkshire, on 6 March 2013 and has never been publicly exhibited.

The discovery of the panel near Pocklington is significant as it potentially offers insight into the study of artistic, political and cultural relationships between two of the most powerful kingdoms in 7th-century England, East Anglia in the east, and Northumbria in the north.

The item comprises a gold and garnet cloisonné panel of trapezoidal shape and displays clear links to the significant gold and garnet cloisonné metalwork from the Sutton Hoo ship burial and the Staffordshire Hoard.

The upper surface is filled with tiny interlocking cloisons or cells made from upright strips of gold soldered to a sheet gold backplate and filled with hand-cut garnets.

Arts Minister, Sir Chris Bryant said:

Across the country, detectorists continue to make important discoveries, which help tell us the history of our nation.

This beautiful panel potentially holds information into how the mediaeval kingdoms of this country interacted and co-existed. I hope a UK buyer can be found so it can be studied further and its stories can be shared with the public.”

Committee Member Tim Pestell said:

Amid the bitter politics of seventh-century England, rival kingdoms fought to gain power and prestige. An important way of expressing their resulting wealth was through delicate and technically complex pieces of jewellery like this example, found near Pocklington in Yorkshire. Using tiny hand-cut garnets set in gold cells or cloisons, the designs used in this example finds ready parallels in the better-known metalwork of Sutton Hoo and the Staffordshire Hoard. I hope that the bar placed on its export allows a museum to acquire this wonderful artefact as it has much yet to tell us about this pivotal period in English history.

The RCEWA Committee found the panel met the first and third Waverley criterion for its outstanding connection with our history and national life and its outstanding significance to the study of early mediaeval English regional society, English metalwork, the study of workshop practises, collaboration, and national and international exchange.

The decision on the export licence application for the panel will be deferred for a period ending on 23 March 2025 inclusive. At the end of the first deferral period owners will have a consideration period of 15 Business Days to consider any offer(s) to purchase the panel at the recommended price of £3,968 (inclusive of VAT of £128 [which can be reclaimed by an eligible institution]). The second deferral period will commence following the signing of an Option Agreement and will last for three months.

Notes to editors

Organisations or individuals interested in purchasing the panel should contact the RCEWA on 02072680534 or rcewa@artscouncil.org.uk.

Details of the item are as follows: The object is a trapezoidal panel of unidentified function, perhaps from a larger composite object. It dates from the early to mid-7th century and is made from gold inlaid with garnets in the cloisonné technique. The object measures 21.3 mm in length, with a width of 7.3 mm (min) expanding to 14.9 mm (max), 2.8 mm thick and weighing 2.89 g. The maker is unknown, as is standard for metalwork of this period. It is in fairly good condition, with some damage to the gold framework. Nine of the original 14 garnets survive in situ.

Provenance: From the Collection of Dr Tony Abramson; Bonhams, Antiquities Sale, 2 October 2014, lot 140; Found at Pocklington area, East Yorkshire Recorded with the British Museum, ref. NLM-1A8B56 // 2013 T184

The Reviewing Committee on the Export of Works of Art and Objects of Cultural Interest is an independent body, serviced by Arts Council England (ACE), which advises the Secretary of State for Culture, Media and Sport on whether a cultural object, intended for export, is of national importance under specified criteria.

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Published 24 January 2025
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI: AvePoint Submits Application for Dual Listing on the Singapore Exchange

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Jan. 24, 2025 (GLOBE NEWSWIRE) — AvePoint (Nasdaq: AVPT), the global leader in data security, governance, and resilience, has submitted an application to list its shares of common stock, par value $0.0001 per share (the “Shares”), on the Main Board of the Singapore Exchange Securities Trading Limited (the “SGX-ST”). The Company’s Shares currently trade on the Nasdaq Global Select Market, and if such application is approved would also trade on the SGX-ST.

“Our application to list AvePoint’s common stock on the Singapore Exchange – which would be in addition to our current and continuing listing on Nasdaq – aligns with our ongoing strategy to broaden our presence in the APAC region, where we have a long and successful track record,” said Dr. Tianyi Jiang (TJ), CEO and Co-Founder, AvePoint. “We established a presence in Singapore in 2009, and since then have fostered strong relationships with governmental organizations and corporations in the region; today, Singapore serves as our Asia headquarters and International R&D Hub. Finally, we believe that our consistent execution and strong financial performance, both globally and particularly in APAC, will make us attractive to APAC-focused investors seeking in-region high quality B2B SaaS opportunities.”

No final decision or commitment has been made as to the timing, terms or conditions of any such listing on the SGX-ST, and the Company may decide to not proceed with an SGX-ST listing of its Shares.

This press release shall not constitute an offer to sell or the solicitation of an offer or an invitation to buy any securities of the Company, nor shall there be any offer or sale of the securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About AvePoint:

Securing the Future. AvePoint is a global leader in data security, governance, and resilience, and over 21,000 customers worldwide rely on our solutions to modernize the digital workplace across Microsoft, Google, Salesforce and other collaboration environments. AvePoint’s global channel partner program includes over 3,500 managed service providers, value added resellers and systems integrators, with our solutions available in more than 100 cloud marketplaces. To learn more, visit http://www.avepoint.com.

Forward-Looking Statements:

This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Copies of these and other documents filed by AvePoint from time to time are available on the SEC’s website, http://www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations. Unless the context otherwise indicates, references in this press release to the terms “AvePoint”, “the Company”, “we”, “our” and “us” refer to AvePoint, Inc. and its subsidiaries.

Disclosure Information:

AvePoint uses the https://www.avepoint.com/ir website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Investor Contact
AvePoint
Jamie Arestia
ir@avepoint.com
(551) 220-5654

Media Contact
AvePoint
Nicole Caci
pr@avepoint.com
(201) 201-8143

The MIL Network –

January 25, 2025
MIL-OSI Global: Reproductive health care faces legal and surveillance challenges post-Roe – new research offers guidance

Source: The Conversation – USA – By Nora McDonald, Assistant Professor of Information Technology, George Mason University

Providers play a central role in reproductive health privacy. FG Trade/iStock via Getty Images

Long before Roe v. Wade was overturned, reproductive justice advocates had been sounding the alarm about the increasing number of women subjected to criminal investigation for suspected abortion, stillbirth or miscarriage. These cases were often initiated by health care providers and bolstered by state laws used to prosecute women for having abortions.

Newer laws, however, incentivize people outside of health care, including friends and family members, to report someone they suspect of having an abortion or helping someone else with an abortion. Coupled with the unprecedented access that authorities now have to digital information, these laws create new avenues for prosecution.

In the post-Roe era, people capable of pregnancy face growing threats. Health care providers, family, friends, information on personal devices and virtually any activity that can be observed or recorded pose privacy risks that can lead to prosecution. I study online privacy. This vast scope for potential surveillance and privacy intrusion is a key focus of the research my colleagues and I conduct.

In a recent paper, we surveyed reproductive health care providers about their privacy and security practices. We used the results to map the path of a hypothetical “Jane” to illustrate how people can identify privacy risks in their own situations. This choose-your-adventure approach helps readers navigate the potential legal, digital and personal challenges involved in accessing reproductive health care – and reveals the grim stakes.

Privacy protections

Historically, health care providers who opposed abortion have been the primary sources for reporting patients suspected of seeking abortions. While they remain a significant threat, additional risks to patient privacy have emerged. For example, state laws increasingly compel providers to hand over medical records.

This circumvents new Health Insurance Portability and Accountability Act protections meant to shield protected reproductive health information from use in investigations when people seek abortions in states where the procedure is legal. Authorities might also be able to access records across state lines where abortion is legal – for example, when different electronic health record systems can share data.

It is also possible that, in the future, electronic health records could be seized across state lines. Last year, in a letter to the U.S. Department of Health and Human Services, 19 state attorneys general protested the new federal data privacy rules. Texas followed up with a lawsuit against the Biden administration over the rule.

Even so-called shield laws adopted by some states meant to protect people seeking abortions from record seizures have loopholes.

Under the Biden administration, the U.S. Department of Health and Human Services added a privacy rule to protect reproducitve health data.

Privacy vulnerabilities

Despite some protections offered by the Health Insurance Portability and Accountability Act, additional gaps in safeguarding reproductive health information persist. Data captured outside medical portals, such as from apps or pharmacy transactions, often falls outside the federal law’s scope.

It’s important to note that apps that capture consumer reproductive health data, like period trackers, do not necessarily pose a greater risk than informants. But the dystopian potential of governments reaching into personal intimate data, and the simplicity of the remedy – deleting an app – draw disproportionate attention.

While it’s not entirely clear whether period trackers are definitively good or bad from a digital privacy perspective, they do offer potential benefits, such as helping people prevent unwanted pregnancies and thus avoid prosecution.

Once reported to authorities, activities conducted on personal devices – browsing history, purchases, location data, and messages with friends or family – can become evidence in prosecutions. Authorities have shown a willingness to subpoena records from social media platforms, and they frequently access personal devices.

Additionally, laws that incentivize family, friends and partners to report suspected abortions create a threat of surveillance from intimate associates. These dynamics are exacerbated by new laws that criminalize “trafficking” minors – transporting them across state lines – for abortion services.

Providers’ role protecting privacy

In our research, my colleagues and I found that reproductive health care providers can play a critical role in guiding patients on adopting privacy strategies and helping them navigate an increasingly complex landscape of privacy threats. Clinics are trusted spaces for affordable, progressive care that often shield patients from judgment or harm.

Based on our interviews with reproductive health care providers, the protocols they use to manage communications, billing and other aspects of patient interactions have proved effective at protecting privacy, especially for vulnerable populations like minors or people with abusive partners. However, people seeking abortions face more nuanced threats. Providers tend to overlook digital risks and threats of prosecution tied to patients’ devices and records.

This gap in awareness leaves patients without critical guidance for protecting their privacy. Our initial research conducted in the aftermath of the Dobbs decision revealed that people capable of pregnancy express profound concerns about reproductive privacy, yet often feel inadequately prepared to navigate its complexities.

Findings from our forthcoming research suggest that many patients take extensive precautions, yet it’s not clear how effectively they can prioritize their digital strategies. At the same time, these people place significant trust in their reproductive health care providers, especially because they often deem existing guidance on privacy untrustworthy or insufficient.

Although providers may currently be less attuned to the newer privacy risks, they could play a crucial role in addressing them. By incorporating digital privacy and threat modeling into their care, providers can help patients navigate a complex landscape of threats in an environment of pervasive surveillance.

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

– ref. Reproductive health care faces legal and surveillance challenges post-Roe – new research offers guidance – https://theconversation.com/reproductive-health-care-faces-legal-and-surveillance-challenges-post-roe-new-research-offers-guidance-246869

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Asia-Pac: HKETO, Brussels promotes Hong Kong’s advantages and maritime opportunities in Antwerp, Belgium (with photo)

Source: Hong Kong Government special administrative region

The Hong Kong Economic and Trade Office in Brussels (HKETO, Brussels) joined The Beacon and the Hong Kong Trade Development Council (HKTDC) to host a compelling “lunch and learn” session on January 23 (Antwerp time), in Antwerp, Belgium, aimed at promoting Hong Kong’s advantages and opportunities to European businesses and entrepreneurs in the maritime industry.

     Based in Antwerp, the most important port city of Belgium, The Beacon is a thriving community of forward-thinking companies dedicated to addressing challenges in cities, ports, and industries through digital innovation. As a hub for collaboration, The Beacon aims to inspire technology companies and drive impactful solutions for the future.

     In the sharing session, Deputy Representative of HKETO, Brussels, Miss Fiona Li provided an in-depth overview of Hong Kong’s robust economic fundamentals, its strategic role in connecting Belgian and European businesses to Asian markets, in particular its unique position as a gateway to the Greater Bay Area and Mainland China. Miss Li stated, “Hong Kong’s strong ground rules and distinctive advantages including the rule of law, free flow of capital, a free trade and investment regime and an efficient and clean government are kept under the “One Country, Two Systems” principle. Hong Kong’s ranking fourth in the 2024 Xinhua-Baltic International Shipping Centre Development Index is a testament to our strengths and the pivotal role in global shipping and international trade.”

     Miss Li also highlighted Hong Kong fleet’s high degree of safety and reliability, “Hong Kong-registered ships rank as the fourth largest in the world in terms of gross tonnage, and the Port State Control detention rate of Hong Kong-registered ships is only 0.81 per cent, which is significantly lower than the world average of 3.39 per cent”. Miss Li also shared with the participants on the latest policies regarding the maritime industry.

     During the sharing session, Marketing Manager, Frankfurt Office, HKTDC, Ms Kristie Chu had an intriguing dialogue with Editor-in-chief of Flows magazine Mr Koen Dejaeger on the experience of his participation in the Hong Kong Maritime Week in November 2024 and the latest opportunities in Hong Kong’s maritime sector.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI: Adoption of Drones-as-a-Service Industry Explodes Along Rising Revenue Opportunities in the Billions

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., Jan. 24, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The drone market size continues to expand as the drone services industry evolves, offering a diverse range of services for both remotely controlled and autonomously flown drones. This industry integrates software-controlled flight plans into drones’ embedded systems, making it a critical component in sectors like agriculture, insurance, construction, marine, aviation, oil & gas, mining, and infrastructure. The demand for these services, which includes tasks such as search and rescue, package delivery, industrial inspections, imaging, and healthcare supply distribution to remote areas, significantly contributes to the growing drone market size. A study from MarketsAndMarkets said the Global Drone Services Market Size, which was valued at USD 17.0 billion in 2023, is estimated to reach USD 57.8 billion by 2028, growing at a CAGR of 27.7% during the forecast period. The report said: “In terms of market segmentation, drone services are categorized by the type of service provided, including platform services (further divided into flight piloting and operation, data analysis, and data processing), maintenance, repair, and operations (MRO), and simulation and training. The application-based segmentation encompasses inspection and monitoring, mapping and surveying, spraying and seeding, filming and photography, transport and delivery, as well as security, search, and rescue. The industry-based segmentation covers a wide spectrum of sectors, including construction and infrastructure, agriculture, utility, oil & gas, mining, defense and law enforcement, media and entertainment scientific research, insurance, aviation, marine, healthcare and social assistance, and transportation, logistics, and warehousing. These industries rely heavily on drones for functions like inspection, monitoring, and photography, further driving the drone market size.” Active Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), Safe Pro Group Inc. (NASDAQ: SPAI), EHang Holdings Limited (NASDAQ: EH), Unusual Machines, Inc. (NYSE: UMAC), Ondas Holdings Inc. (NASDAQ: ONDS).

MarketsAndMarkets continued: “Furthermore, the market is categorized by solution type into end-to-end solutions, which encompass all platform services like piloting and operations, data analytics, and data processing. Point solutions are specific to piloting or data processing for applications such as surveying, inspection, and monitoring. North America is expected to hold the largest share of the drone market size within the drone services industry, as these services continue to replace legacy solutions in commercial sectors.”

ZenaTech (NASDAQ:ZENA) Announces Listing of its Common Shares on the Mexican Stock Exchange – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that it its common shares are approved for listing and trading on the BMV: Bolsa Mexicana de Valores (Mexican Stock Exchange). The shares trade under the symbol “ZENA” on its International Quotation System (SIC), effective January 23, 2025.

“As we continue to expand our business into new geographical markets, this additional listing on the Mexican Stock Exchange not only broadens our international exposure but provides increased liquidity for our shareholders. We look forward to sharing our story with Mexican investors as we continue to drive value for our shareholders,” said CEO Shaun Passley, Ph.D.

In Additional ZENA News – ZenaTech Inc.’s (NASDAQ:ZENA) Acquires KJM Land Surveying LLC, a Second Acquisition to Accelerate Drone Innovation in Land Surveys and Establish a Southeast Base for its Drone as a Service Business – ZenaTech, a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that it has acquired KJM Land Surveying LLC, a well-established Pensacola Florida land survey engineering company with a long history and roster of repeat customers. This is ZenaTech’s second acquisition as part of a larger roll-up strategy to disrupt the land survey industry by accelerating the use of drones for speed, accuracy and innovation benefits. The acquisition will also form the base of the Southeast US region of its national Drone as a Service or DaaS business which utilizes drone solutions from its subsidiary company ZenaDrone.

“Closing this second acquisition is another step in our Drone as a Service or DaaS strategy, establishing a Southeast base with an experienced team and customer relationships, which adds to our Northwest base and national rollout. We have the opportunity to significantly disrupt the land survey business at scale using drone technologies. We view our DaaS business model as similar as to how Uber disrupted the taxi industry,” said CEO Shaun Passley, Ph.D. “This acquisition, as well as the 20 others we have identified, have the potential to add accretive revenue over the short term as well as the long term.”

The US Surveying and Mapping Services industry is estimated at $10.3 billion according to Business Research Insights, growing at least 3% annually. Remotely piloted drones with an array of sensors and cameras, LiDAR (Light Detection and Ranging), and GPS systems for capturing high-resolution pictures and data are revolutionizing the land survey industry gathering aerial data across expansive terrains in a matter of hours instead of weeks or months using traditional methods. Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

Other recent developments in the drone technology industry include:

EHang Holdings Limited (NASDAQ: EH), the world’s leading Urban Air Mobility (“UAM”) technology platform company, recently announced the launch of its Exhibition (Experience) Center in Shenzhen’s Luohu Sports and Leisure Park. It is the world’s first EH216-S takeoff and landing site featuring a fully automated vertical lift vertiport. It also marks a new smart infrastructure in Shenzhen dedicated to the commercial operations of the EH216-S pilotless passenger-carrying aerial vehicle, establishing a groundbreaking model for electric vertical takeoff and landing (“eVTOL”) aircraft operations in urban areas.

The Luohu UAM Center, designed by EHang, boasts an automated three-dimensional vertical lift vertiport. This innovative facility reduces labor costs and optimizes space usage through its automated operations. The Luohu UAM Center, spanning approximately 753 square meters, has brought this advanced design to life. The first floor is dedicated to a hangar and boarding area, providing passengers with a seamless and comfortable experience. The integrated takeoff and landing pad with the hangar enables rapid charging, thereby streamlining flight operations. During the launch ceremony on January 21, an EH216-S aircraft was lifted from the first to the second floor by the vertical lift platform. It then took to the skies, completing a lap over the Luohu Sports and Leisure Park before landing smoothly, marking its first flight at the Luohu UAM Center. The demonstration received widespread acclaim from attendees.

Safe Pro Group Inc. (NASDAQ: SPAI) recently announced that its ballistics protection unit, Safe-Pro USA LLC (Safe-Pro USA) will be exhibiting at the upcoming SHOT Show 2025. The event is scheduled to take place from January 21-24, 2025, at the Venetian Expo and Caesars Forum in Las Vegas, Nevada. Safe-Pro USA will be exhibiting in the Palazzo Ballroom at booth #55939 on January 22nd and 23rd.

The Shooting, Hunting and Outdoor Trade ShowSM (SHOT Show^®) is one of the largest of its kind events for target shooting, hunting, outdoor recreation and law enforcement. The annual event, attracting more than 55,000 industry professionals from around the world, serves as a premier platform to showcase new products, engage in educational sessions, and forge valuable connections. At SHOT Show 2025, Safe-Pro USA will be displaying an array of new ballistic protective solutions designed for law enforcement. Highlighted by its ultra-lightweight and ultra-thin “305 PRO” hard armor plate, Safe-Pro USA will also display newly developed high-performance ballistic plates and vests compliant with the National Institute of Justice (NIJ) latest ballistic standard, NIJ 0101.07, all designed to offer enhanced protection for law enforcement and first responders against high-power rifle threats such as AR-15s and AK-47s.

Ondas Holdings Inc. (NASDAQ: ONDS) recently announced that its Ondas Autonomous Systems Inc. (“OAS”) business unit’s Airobotics subsidiary has received a purchase order for its Iron Drone Raider from a major defense company. The order includes the integration and testing of new features required for defending from additional ground threats.

“The Iron Drone Raider is a high performing, modular platform with AI-driven navigation and operating capabilities tailored to the most demanding defense requirements,” said Eric Brock, Chairman and CEO of Ondas. “Indeed, this versatility is allowing for expanded applications further expanding the potential market size for our Iron Drone platform. These new use cases meet an additional need identified by a governmental customer with the required performance and cost parameters. Securing this platform expansion highlights the exceptional talent and experience of our Airobotics team and the confidence our defense partners and customers have in Ondas.”

During the third quarter of 2024, OAS secured several initial orders in the defense market, totaling approximately $14.4 million, which included several purchase orders totaling $9.0 million from a major government military customer for the Iron Drone Raider system. The Iron Drone Raider systems are being deployed as a core element of a multi-layered homeland security infrastructure to protect critical locations, assets and populations from the threat of hostile drones.

Unusual Machines, Inc. (NYSE American: UMAC), a leading innovator in drone technology with a current focus on U.S. based manufacturing and marketing of drone parts recently announced the release of the Rotor Riot Brave 55A ESC and its addition to the Blue UAS Framework. This product addresses the critical need for non-Chinese, NDAA-compliant components in the U.S. drone industry. Unusual machines now has two drone components placed on the Blue UAS Framework.

The Blue UAS Framework is a program established by the Defense Innovation Unit (DIU) to provide the Department of Defense and other government entities with trusted, secure drone components that meet rigorous cybersecurity, performance, and regulatory standards. Products listed on the framework ensure compliance with federal requirements, such as the National Defense Authorization Act (NDAA), reducing risks associated with foreign-made or unverified components. Inclusion in the Blue UAS Framework underscores Unusual Machines’ commitment to supplying reliable solutions for government and defense applications.

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The MIL Network –

January 25, 2025
MIL-OSI: BexBack Introduces 100x Leverage, Double Deposit Bonus, and $50 Welcome Bonus—A Game-Changer for Crypto Traders
Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Jan. 24, 2025 (GLOBE NEWSWIRE) — As Bitcoin’s price hovers around the $100,000 mark and enters a phase of high volatility, many analysts predict the market will remain active for the long term. For traders seeking to maximize profits under these conditions, BexBack Exchange has launched an unparalleled promotional package. The platform now offers a 100% deposit bonus, a $50 welcome bonus for new users, and 100x leverage on cryptocurrency trading—all while maintaining a No KYC policy, ensuring a seamless and private trading experience.

Unleash the Power of 100x Leverage

BexBack’s 100x leverage feature allows traders to control larger positions with smaller capital, offering significant profit potential. For instance:
- If Bitcoin is priced at $100,000 and you open a position with 1 BTC using 100x leverage, your trade equates to 100 BTC.
- If Bitcoin’s price rises to $105,000, your profit would be: (105,000−100,000)×100/100,000=5BTC, yielding a 500% return.
Maximize Gains with the 100% Deposit Bonus

The 100% deposit bonus is designed to double traders’ capital. For example:
- Deposit 1 BTC and receive an additional 1 BTC as a bonus, enabling you to trade with 2 BTC. While the bonus cannot be directly withdrawn, it acts as extra margin, reducing liquidation risks during volatile markets.
Why Choose BexBack?

BexBack’s innovative features and user-centric approach set it apart:
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About BexBack

BexBack is a global leader in cryptocurrency derivatives trading, offering perpetual contracts for BTC, ETH, ADA, SOL, and XRP with up to 100x leverage. Headquartered in Singapore, with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina, BexBack is trusted by over 200,000 traders worldwide. The platform holds a US MSB license and is dedicated to providing a seamless trading experience with no deposit fees, 24/7 multilingual customer support, and advanced trading tools.

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Website: http://www.bexback.com

Contact: business@bexback.com

Contact:
Amanda
business@bexback.com

Disclaimer: This content is provided by BexBack. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/055bdd3e-9532-4205-b957-764c3c1b0717

https://www.globenewswire.com/NewsRoom/AttachmentNg/665fdfca-e73b-4a8e-93ae-2ed294730a1a

https://www.globenewswire.com/NewsRoom/AttachmentNg/8d1af240-ffb5-4c85-a9e6-939c54ed7a62

https://www.globenewswire.com/NewsRoom/AttachmentNg/623cdedd-2b86-4a21-9833-8263886d659c

The MIL Network –
January 25, 2025
MIL-OSI Russia: The rector of the State University of Management took part in the meeting of the State Council Commission on Personnel

Translation. Region: Russian Federation –

Source: State University of Management – Official website of the State –

Rector of the State University of Management Vladimir Stroyev took part in the first meeting of the State Council of the Russian Federation Commission on Personnel in 2025, which took place on January 22, 2025.

The Chairman of the Commission, Governor of the Kaluga Region, and graduate of the State University of Management Vladislav Shapsha opened the meeting with a speech in which he spoke about work plans for this year.

The event was attended by representatives of the Presidential Administration, the Government, the Federation Council, the State Duma, heads of regions, federal and regional ministries, and the scientific and business community. Among them were the Minister of Labor and Social Protection Anton Kotyakov, the First Deputy Minister of Industry and Trade, a graduate of the State University of Management Vasily Osmakov, the Chairperson of the Federation Council Committee on Science, Education, and Culture Liliya Gumerova, the President of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin, and the Deputy Chairman of the State Council, Deputy Governor of the Kaluga Region, a graduate of our university Tatyana Leonova.

The participants discussed the main areas of the Commission’s work in 2025 and approved the action plan for the year. The key task is to “land” in a number of pilot regions events related to technological sovereignty, regional personnel forecasts, and the professional education system, in accordance with the updated national objectives. At the same time, the entities participating in the project will be able to receive expert assessments from leading institutes, federal ministries, and subordinate institutions.

The meeting participants identified assistance to veterans of the special military operation in adapting to civilian life, including in mastering a new profession, as a key priority.

It was also decided that in February of this year, a visiting meeting would be held in the Kaluga region, in Obninsk, which would be dedicated to the human resources potential of Russian science.

“We are working on mechanisms for mutual coordination of the goals of national projects. In our case, technological leadership with a regional personnel forecast and routing of students “school-SPO/university-employer”, – Vladislav Shapsha reported on his social networks.

Rector of the State University of Management Vladimir Stroev noted that he will take part in the next meeting of the Commission and share the experience of the State University of Management in this area.

The national project “Personnel” was launched this year by decision of President Vladimir Putin. The main objective of the national project is to help prepare employees efficiently and quickly to meet the needs of employers. This can be achieved through the coordinated work of the state, educational institutions and companies. The national project is aimed at career guidance for schoolchildren and employment of recent graduates – measures are provided for the development of targeted training and industrial practices, the formation of a flexible system of professional standards, and increased labor mobility; to transform the approach to the professional development of already working Russians – assistance will be provided in changing professions or acquiring new skills; to create conditions for the development of business competencies in young people.

Subscribe to the TG channel “Our GUU” Date of publication: 01/24/2025

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

MIL OSI Russia News –

January 25, 2025
MIL-OSI United Kingdom: Culture Secretary speech at the Creative Industries Growth Summit

Source: United Kingdom – Executive Government & Departments

Culture Secretary Lisa Nandy’s speech on government plans to grow the creative industries, at the Creative Industries Growth Summit in Gateshead.

Welcome to the first Creative Industries Growth Summit. The first national and international gathering of the industries we have chosen to be the centre of our plan for economic growth.

Today I want to talk to you about how, together, we are going to take the brakes off our fastest growing industries and from design and TV to music, video games and fashion, we are going to unleash the power of our creative industries.

To grow our economy. To create good jobs, choices and chances for all our young people. To power the world through our dynamic creative industries.

It’s no accident that we chose to meet here in Gateshead. A town with a proud industrial history. Through iron, steel and coal the people of this town – and this region – powered us through the last century. And Gateshead is now at the forefront of Britain’s cultural renaissance.

Through great institutions like the Baltic and the Glasshouse, sculptures like the Angel of the North, and a growing film industry and video games industry across the region, Gateshead and the North East are a shining example – every bit as striking as the Millennium Bridge – of how you build a living, breathing bridge from our past to our future.

That potential exists in every nation and region of the United Kingdom. Where our world class creative industries have given us a uniquely British brilliance, from the Edinburgh Festival in Scotland, Derry Girls in Northern Ireland, the Hay Festival in Wales, the Jewellery Quarter in Birmingham, and the British Museum in London which pulls in more visitors from around the world than any apart from in New York.

But while governments of every stripe have appreciated the social value of our creative industries, they have consistently underpriced the huge economic potential of industries that are already among our most powerful engines of growth. That ends with us.

I shouldn’t have to say it but I do. From theatre to fashion, advertising to publishing, the creative industries have grown one and a half times faster than the rest of the economy. You together in this room are responsible for creating one in seven jobs through the creative economy. You contribute £124 billion to our economy. Your industries generate nearly 6% of our GVA.

Paul Simon once sang: “Every generation throws a hero up the pop charts.” There are only three countries that are net exporters of music. That is so uniquely true of Britain. We are the musicians, the creators, the storytellers, who tell our story, light up the world and power this economy. That is the talent and ambition that you have, that has built sectors that were worth more to the economy in 2022 than aerospace, life sciences and the automotive industries combined.

But too often you’ve done extraordinary things, not in partnership with your government, but despite it. You’ve been knocking on doors in Whitehall for far too long with a clear message. You want the stability that gives investors confidence to back you. You want a government willing to take a bulldozer to every barrier to growth.

Well today we’re throwing those doors wide open. We share your passion. We match your ambition and we are going to back you to the hilt as one of only eight industries that we believe will power us through the next century.

I’m delighted that Baroness Shriti Vadera has agreed to lead us through this new chapter as the next chair of our revamped Creative Industries Council. She and the titan that is Sir Peter Bazalgette have wasted no time in setting to work on the Sector Plan, which is our dedicated plan in the Industrial Strategy that will guide us forwards.

But as we put those plans in place to carry the torch forwards, you’ve been nothing but straight with us about what is holding you back. And we’ve heard it loud and clear. Investment, innovation, international competitiveness, and skills. So today in all of these areas we’re taking the brakes off our fastest growing industries and inviting you to motor ahead.

We’re starting by making sure you have the investment and backing you need. Like every part of the UK economy, the creative industries have amazing start-ups that struggle to scale up. The growth potential is huge, but the investments are often wrongly deemed too risky and this is particularly true outside London and the South East – forcing great British creative businesses to look overseas to scale.

We are determined to keep that creative pound here in the UK. So as a first step to addressing that all-important finance barrier, the British Business Bank, which supports over £17 billion in finance for businesses already, is committing to increase the scale of its support for the creative industries.

Backing capital fund managers to invest in UK creatives, supporting those experts who understand the unique strengths of this sector in the UK. And we are asking the British Business Bank to report to us on its investment in the creative industries, so that we know the real world impact it is having.

Secondly, we’re taking steps today to address some of the principal barriers to innovation, research and development investment. Time and again we’ve seen examples of creative businesses coming up with innovations that go on to benefit the wider economy.

3D modelling, pioneered for video games, is now employed by Rolls Royce in developing engines.

Visualisation technologies are helping bring down the backlog in the NHS, helping surgeons at hospitals like University College Hospital, to increase the number of prostate operations they do every year. That is lives changed because of the work you are doing.

It’s why the Prime Minister’s Council of Science and Technology recommended that public investment in R&D in the creative industries reflect the size, economic contribution and future growth potential of the sector.

So today we are announcing that we will strengthen the investment from our national research funding agency UKRI into creative R&D.

This means building on the success of the Arts and Humanities Research Council, and programmes like the Creative Clusters Programme. It means UKRI will develop a specific new strategy to support the creative industries.

And it means a long-term investment plan for innovation and growth in the sector, allowing us to build world-leading infrastructure around the UK. And again, to underline this commitment, the Government will ask UKRI to report on its investment in the creative industries.

Because underpinning this is our belief that public and private investment should better reflect the creative industries’ contribution to the economy and its enormous growth potential.

But as we embrace new innovation across the country, we will do it in a way that works for creatives, rather than just paying lip service to your concerns. Creators have always been at the cutting edge of new technologies.

But we hear creators’ concerns and we recognise the worry that AI is an existential threat to livelihoods. There is no value without content. I want to assure you in the clearest possible terms: creatives are at the core of our AI strategy.

When it comes to copyright we’re unambiguous in our desire for a copyright regime that provides creators with real control, transparency and ensures they can license their content.

Thirdly, we’re taking on the skills shortages holding your industries back. We are proud to be supporting major investment projects like the Crown Works film studio in Sunderland. But too often what I hear from young people is that they could no more dream of getting those jobs than going to the moon.

That is not just a tragic waste of human potential. It’s bad business.

It’s why people like Stephen Knight, the creator of Peaky Blinders, who is working to bring in a film school in Birmingham, is recruiting and training 20% of his workforce from local postcodes.

It is essential for investors to know that they don’t have to incur the costs of shipping people in to work on a project, because that talent exists everywhere, but opportunity does not.

[political content]

So, the Education Secretary has announced a review of the curriculum. As part of that we are putting creativity, art, music, culture and sport back at the heart of the curriculum, supporting culture and creativity through the education system.

We’re going to introduce shorter apprenticeships from August 2025. This is one of our first steps towards a more flexible Growth and Skills Levy, recognising the particular needs of this sector.

A movie can take six months to film, while the inflexible apprenticeship model we inherited requires a commitment to 12. We’re knocking down these needless hurdles and this is just the start.

Skills England, along with DfE and my department, are now committing to work with creative employers to identify where else the apprenticeship system can be more flexible to help them get the skills they need, when they need them.

We want kids growing up in Gateshead and Wigan to know that they have a contribution to make, that is seen and is valued. And that contribution is not just for Britain – it’s for the world.

Because our creative industries aren’t just at the heart of our Industrial Strategy and our economic plan, but right at the centre of our ambition to reconnect Britain to the world.

This week the Foreign Secretary and I put the creative industries at the heart of our new Soft Power Council which we lead together and we launched on Wednesday.

We both know that when it comes to international competitiveness, we cannot afford to stand still. So in Europe we are working together to unlock closer cooperation to support our touring artists and those across the EU.

We’ve wasted no time in introducing tax credits for VFX and independent film. A shining example of how industry and government working together drives investment, creates jobs and allows the best storytellers in the world to tell those stories to the world.

And to drive the sector’s international impact, the Secretary of State for Business and Trade and I are extending the Music Export Growth Scheme, which will help great artists to take their talent to the next level. Because nobody has a monopoly on talent.

I spent three of the happiest years of my life just over the Tyne Bridge at Newcastle University. And apart from having to get used to being called a southerner, those years introduced me to the very rich culture and heritage here in the North East.

And when I look around this region, it is obvious to me, as it is to so many of you, that this is a region that should be the Hollywood of the UK. With its innovation, its work ethic, its ability to reinvent and reimagine itself.

There is a reason why investors are clamouring to invest here. Not just the creativity of the people, and the strong local leadership, but the beauty of the backdrops and the sheer scale of the space to build film studios like Crown Works in Sunderland.

So it is extraordinary that for 19 of the last 20 years only two regions – London and the South East – have had the backing and investment to make a net contribution to the public purse.

Trying to grow the economy while ignoring the potential in most parts of Britain is like trying to fly a jet on only one engine. So as well as breaking down the barriers to investment, innovation and skills, we are going to build on what you’ve started through the Sector Plan – learning from the success of London as a global hub, to turbocharge the growth of the creative industries right across the UK.

There is huge untapped potential across our country, from the music industry in Liverpool to film and TV production here in the North East. And we know mayors and local businesses – like Kim McGuiness here in the North East and Tracy Brabin who has led trade delegations and created cultural collaborations all over the world – know better than anyone how to unlock this creativity, innovation, and growth.

That is why today we are announcing new funding for six Mayoral Strategic Authorities with high potential, which local leaders will be able to spend and invest on what they know local creative industry businesses need. They are: the North East, Greater Manchester, Liverpool City Region, West Yorkshire, the West Midlands, and the West of England.

This is just the first step in boosting growth in all parts of the country. The Sector Plan will include further support that will benefit all businesses wherever they are based. We will work with any part of the country that wants to prioritise the creative industries in their local growth plan.

Alongside that, we are putting money where our mouth is. Today the Chancellor and I are committing £40 million of funding toward the creative industries in the next fiscal year. Including funding 127 businesses to take growth to the next level – including 11 here in the North East of England.

That’s new funding for creators and creative businesses, major music labels, film studios and fashion houses. It is a serious sign of our belief in these industries and breaking down the barriers, so that many of you in this room can do the same.

And this is just the first step. In the months ahead we will be taking more action, developing the Industrial Strategy across Whitehall and knocking down these barriers in the way of this sector’s growth.

[political content]

Updates to this page

Published 24 January 2025

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI Canada: Retail Trade Remains Strong in Saskatchewan

Source: Government of Canada regional news

Released on January 24, 2025

Province Ranks Second in Year-Over-Year Retail Trade Growth

Latest data released by Statistics Canada shows retail trade sales in the province increased by 5.1 per cent from November 2023 to November 2024 (seasonally adjusted), reaching $2.2 billion. This ranks second in terms of percentage change among the provinces.

“Saskatchewan’s nation leading retail trade numbers demonstrate the strength of our provincial economy,” Trade and Export Development Minister Warren Kaeding said. “This key economic indicator is reflective of our province’s thriving local business sector, supported by our strong and stable leadership. The growth we are experiencing is creating new jobs and opportunities for all those who call Saskatchewan home.”

The Monthly Retail Trade Survey compiles data on sales, including e-commerce sales, and the amount of retail locations by province, territory and selected census metropolitan areas from a sample of retailers.

Retail sales is a measure of total receipts at stores, or establishments, that sell goods and services to final consumers.

The province continues to see economic success across several key indicators. Saskatchewan exports totalled over $102 billion for 2022 and 2023 combined. This is an increase of more than 52 per cent from the previous two-year period, and the highest export numbers in the province’s history.

Statistics Canada’s latest GDP numbers indicate that Saskatchewan’s 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.77 billion, or 2.3 per cent from 2022. This places Saskatchewan second in the nation for real GDP growth, and above the national average of 1.2 per cent.

Private capital investment is projected to reach $14.2 billion in 2024, an increase of 14.4 per cent over 2023. This is the highest anticipated percentage increase in Canada.

The Government of Saskatchewan also unveiled its new Securing the Next Decade of Growth – Saskatchewan’s Investment Attraction Strategy last year. This strategy, combined with Saskatchewan’s trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada.

To learn more, visit: investSK.ca.

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For more information, contact:

MIL OSI Canada News –

January 25, 2025
MIL-OSI Global: Sexism linked to social ills for men and women, finds largest cross-cultural study of its kind

Source: The Conversation – UK – By Magdalena Zawisza, Associate Professor in Gender and Consumer Psychology, Director of Groups and Societies Research Centre and Chair of Faculty Athena Swan Committee, Anglia Ruskin University

Feminism is facing a backlash, with women’s rights being rolled back in many countries and a significant number of people saying feminism has gone far enough or even too far. Yet women still face basic obstacles to education in some countries and are generally paid less than men. They still suffer from male violence and, in some places, face increasing restrictions to reproductive rights. There are even some places where families force midwives to kill their newborn girls.

Many women are also fed up with doing both a full-time job and the lion’s share of domestic duties and unpaid caring jobs. It’s easy to wonder whether gender equality is simply impossible, especially as many men inaccurately perceive that gains for women equate losses for men.

But there is hope. Our 62-nation psychological study, which is largest of its kind, suggests that gender equality benefits us all and sexism is harmful to everybody – women, men and nations in many surprising ways. As such, we all have an interest in promoting egalitarianism.

As our findings show, sexism is linked with several social ills affecting us all. For example, higher sexism predicted lower GDP – indicating lower economic productivity. It also predicted a lower “global peace index”, meaning nation’s higher domestic and international conflict, militarisation and lower safety and security.

Further, sexism was linked to a greater level of antidemocratic practices in a given country. Lastly, it even predicted shorter healthy lifespans (ones without chronic disease or disability) in women and men as measured with WHO’s Healthy Life Expectancy in Women and Men. For example, our data reveals that one point increase in sexism (measured from 0-5) is linked with a 9.12 months shorter lifespan in men and 8.88 months in women.

While the type of analysis we did cannot directly prove that sexism causes these issues, the pattern of our findings aligns with theoretically driven predictions and with experiments that directly test such links on a smaller scale. It makes more sense to expect that sexism leads to poor health than that poor health leads to sexism, for example.

Specifically, other research reports that sexism reduces human capital by restricting women’s education and job opportunities, thus depleting economic productivity. A country where most women work is likely to have much higher productivity than a country where all the women stay at home.

Research also shows that sexist masculine norms encourage male violence contributing to greater conflict. And we know that sexism is linked to medical discrimination for women, such as less medical research on women and treating women’s complaints as less credible. This may lead to poorer health.

Sexism prevents men from getting help with their mental and physical health.
YURII MASLAK/Shutterstock

For men, sexism discourages seeking help for psychological or medical problems, seeing it as weakness. It also encourages risk-taking, such as aggression or not using seatbelts. This may well cause a reduction in health and wellbeing.

Two faces of sexism

Importantly, our study also reveals that affectionate but patronising attitudes to women are also harmful to all – you might not even recognise them as sexist. And you are not alone.

After 30 years of its conception, our research supports the ambivalent sexism theory. The theory proposes that sexism has two faces: hostile and benevolent. While both are ugly, the latter hides under the veil of superficial positivity. Hostile sexism is an open and overt hostility to non-traditional women and a desire to punish those who break norms, such as female politicians.

Benevolent sexism, on the other hand, is superficially positive but patronising. It includes attitudes that reward traditional women, such as stay-at-home mums, by idealising them, offering them male protection and provision. This sounds innocent, but such beliefs imply women’s weakness.

In fact, research has shown that exposure to benevolent sexism increases women’s acceptance of hostile sexism, decreases their work performance, and reduces their support for gender equality action.

Both ideologies work together to maintain men’s power over women: they form a system of rewards and punishments akin to the iron fist (hostility) in a velvet glove (benevolence). Thus, hostile and benevolent sexism are internalised also by women.

Our study shows that people who hold benevolent sexist views are also more likely to hold hostile sexist views, as the two correlate positively in 62 countries across five continents. Compared with 2000, when the last such study was done in 19 countries, average national sexism scores dropped a meagre 0.47 points (on a 0-5 scale). See our world map of this and other concepts we measured.

While men are more sexist than women around the world, women’s beliefs about themselves are also sexist to some extent. Interestingly, as men’s hostile sexism increased, women embraced benevolent sexism more (sometimes outscoring men) – probably attempting to secure the promised protection and provision.

Unfortunately, this benevolent promise appears false. Across our 62 countries, the higher benevolent sexism, the lower was the gender equality, women’s labour participation and the more time women spend on unpaid domestic chores.

Taken together, our research suggests that it may well be in the interests of women, men and nations alike to tackle sexism for a better future for us all. In other words, women’s gains mean men’s gains too.

Dr Magdalena Zawisza received funding for activities related to this study from from National Science Centre, Poland. She volunteers her expertise to Women on Boards CIC Leadership Committee and Think Tank, UK.

This research was funded by a grant from the National Science Centre in Poland (grant 18 number: 2017/26/M/HS6/00360) awarded to Natasza Kosakowska-Berezecka

– ref. Sexism linked to social ills for men and women, finds largest cross-cultural study of its kind – https://theconversation.com/sexism-linked-to-social-ills-for-men-and-women-finds-largest-cross-cultural-study-of-its-kind-247183

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI USA: Tuberville Urges Senate to Confirm Hegseth and Rollins, Secure American Farmland with the FARM Act

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)
WASHINGTON – Yesterday, U.S. Senator Tommy Tuberville (R-AL) spoke on the Senate floor in support of Pete Hegseth, President Trump’s nominee to be Secretary of Defense, who will bring much-needed change to the Department of Defense.
Additionally, Sen. Tuberville addressed legislation he reintroduced on Wednesday, the Foreign Adversary Risk Management (FARM) Act. The FARM Act will help secure America’s agricultural industry and food supply chains from foreign adversaries by creating a permanent seat for the Secretary of Agriculture on the Committee on Foreign Investment in the United States (CFIUS). Additionally, Sen. Tuberville encouraged the Senate to move quickly on confirming President Trump’s pick for Secretary of Agriculture, Brooke Rollins, who will fight for America’s farming communities and defend against foreign influence in the U.S. agricultural sector.
Read Sen. Tuberville’s remarks below or watch on YouTube or Rumble.

ON CONFIRMING PETE HEGSETH
“Thank you, Mr. President,
I want to reiterate what my colleague from Tennessee just talked about, the importance of the vote that we just took. Just a few minutes ago our nominee for new Secretary Defense, Pete Hegseth.
Now the procedure is, as we just voted, to close the vote and now, we wait 30 hours from just a few minutes ago and have the final vote on his nomination, which it looks like that he has the votes of a majority to be appointed, or sent to the White House, to be confirmed as the next Secretary of Defense.
I’m on the Armed Services Committee, and I’ve watched four years of the destruction of the best military in our world, United States of America. It is a shame what has happened, the DEI, the woke agenda that’s being pushed on the troops in our country, to me, is embarrassing.
I’m a military brat. My dad died on active duty in the military. Awarded five bronze stars and a Purple Heart at age 17 driving a tank across Europe after landing the first day at Normandy. We have to change course in our military, and we can talk about inflation and pumping gas and the crime and all the things that we’re having a lot of problems with, but if you don’t have a strong military to protect our borders and protect the citizens in our country from adversaries all over the world, we got problems. And it’s got to start there.
Pete Hegseth is the choice, the right choice. I like his age, I like his demeanor, I like the things he brings to our military. He’s exciting and he will energize this military into the next decade. And I’m excited about that.
So, hopefully in about 30 hours we’ll vote tomorrow night around 9:00 and we’ll vote to confirm Pete Hegseth as our new Secretary of Defense.
ON THE FARM ACT
Now, I’d like to turn to national security threats in our Nation’s agriculture sector and food supply chains.
I’m on the Ag Committee. Over the past few years, the United States has experienced a rapid increase in foreign investment in agricultural sector, particularly from China. We have to open our eyes. Bad things are happening around us. Growing foreign investment in agriculture and other essential industries like health care and energy is a direct threat to our country’s national security.
You know for years now I’ve been sounding the alarm about foreign ownership of American farmland and other elements of our food chain. According to USDA data from December 2023, foreign investors own approximately 45 million acres of U.S. agriculture land. Now let me say that again: 45 million acres of our forest and agriculture land in this country has been sold to foreign entities. Does that not scare us? What [did] we just see during COVID about our drug supply? We looked around, we looked for health care and help after COVID hit our hit our borders and what happened? We found out that it was all being made in China.
So, 45 million acres, this represents over 1.5 million acres in one calendar year. Foreign ownership of U.S. agricultural land in increased modestly from 2012 to [20]17 an average increase of 0.6 million acres per year, that’s 2012 to 2017. But since 2017, the number has skyrocketed to an average of 2.6 million acres a year that we’re selling, our farmland, to our adversaries. And it’s just not China. It’s Russia it’s other entities that don’t wish us well at the end of the day. So additionally, between 2010 and [20]21, entities or individuals from China increased their ownership of U.S. agriculture land more than twenty-fold from about 14,000 acres to 400,000 Acres. This is an unbelievable and unsustainable pace for the United States of America.
Now, Alabama is experiencing, my state, this firsthand. We have the fourth largest amount of foreign owned agricultural land in the United States at 2.2 million acres, most of which is forest land. It’s not really agriculture in terms of growing row crops, it’s basically our forest. You know, I represent over 62,000 farmers in the state of Alabama. I hear from them time and time again about foreign activity in our agriculture community. Threats like these are something our states can’t handle all on their own.
Which is why President Ford established, President Ford, established a Committee on Foreign Investments in the United States, also known in short terms, CFIUS. This was in 1975. In other words, this committee is supposed to keep an eye on foreign investments in our country. This is the governmental body that oversees the vetting process of foreign investments and acquisitions of American companies in the interest of national security. CFIUS is composed of nine members of President’s cabinet including the Secretaries of State, Treasury, Defense, Homeland Security, Commerce, and Energy. The Attorney General, the US Trade Representative, and the Director of Office of Science and Technology Policy also sit on this vetting board of industry and land in our country.
Nowhere on that list did you hear me say the Secretary of Agriculture. Now why is that? […] Considering the massive increase in foreign investment in our country, we need additional oversight for what’s going on in our country. We got our eyes closed. Which is why yesterday I introduced the Foreign Adversary Risk Management Act, called the FARM Act, here on the floor that will accomplish three major things.
First, it would add the Secretary of Agriculture as a permanent member of CFIUS. In other words, that somebody that’s going to help our agriculture people vet land that’s being bought by foreign entities. Second, it would protect U.S. agriculture industry from foreign control through transactions, mergers, and acquisitions, and agreements, and it would also designate agriculture supply chains as critical infrastructure and critical technology. Third, it would require a report to Congress on current and potential foreign investments in the U.S. agriculture industry. This legislation, folks, is long overdue.
These foreign investments now reach into every aspect of agriculture industry and supply chains from farming and processing, to packaging and shipping. We cannot, and I repeat, we cannot allow our adversaries to have a foot in the door to our critical supply chains. Food security is national security. We must prioritize increased oversight of foreign investment, and our food supply chains especially those coming from China, Russia, Iran, and North Korea.
This starts with giving the agriculture community a permanent seat at the table of CFIUS. The FARM Act does just that.
ON CONFIRMING BROOKE ROLLINS
And there’s no better person to fill this permanent seat on CFIUS than my good friend, who we had a hearing today, as a new nominee for Secretary of Agriculture, Brooke Rollins. I’ve known Brooke for 30 years. I met her while I was coaching at Texas A&M. She was the student body president in 1994. The students saw then what President Trump, what they see in her today, her strong leadership and her conviction of agriculture. It will be no different when she becomes the Secretary of Agriculture for the United States of America.
Brooke was brought up in a small agricultural community of Glen Rose, Texas. She comes from several generations of American farmers. She participated in levels of 4-H and FFA. She raised livestock throughout her life. Now she is [a] mother, she’s involved in the show steer industry with her four children. She received her Bachelor of Science degree in agricultural development from A&M and later earned a law degree at the University of Texas.
Later at the Texas Public Policy Foundation, she was engaged with rural and agriculture communities throughout Texas. She led litigation efforts that focused on the defense of Texas landowners and farmers against federal interference and regulations. Next, Brooke went on to serve in several roles in President Trump’s White House. She served as the Director of Domestic Policy Council, Assistant to the President for Strategic Initiatives, and Director of The Office of American Innovation. In these roles, she helped roll back terrible EPA rules like Waters of the U.S., or WOTUS, that targeted farmers and ranchers.
After the White House, she joined the American First Policy Institute, where she focused on protecting U.S. farmland and foreign entities seeking to gain control, especially from the Chinese. At AFPI, she strove to improve American food security, independence, as well as support measures that defend U.S. agriculture trade. Brooke understands these many challenges.
In short, Brooke is a conservative warrior and will be an excellent Ag Secretary. I look forward to working with her to secure our farmland from foreign entities and working with her on passing a Farm Bill that puts American producers first again.
As Alabama’s voiced on the Senate Ag Committee, I will continue fighting to secure our agriculture supply chain so our agriculture community can continue to put food on the table. And that starts with someone like Brooke Rollins as our Secretary of Agriculture. She is a terrific nominee, and I look forward to working with her on the Committee.
I expect to move, her to move easily through the Committee vote, and here on this floor. So, once she’s out of Committee, the Senate must vote on her for confirmation. She’ll do great. She’s perfect for the job and I ask that the Senate take up both efforts quickly to defend our agriculture communities which feeds not only the American people but the entire world.
I yield the floor.”
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

MIL OSI USA News –

January 25, 2025

Trading venue (MIC Code)	Number of shares	Weighted average price / share, EUR*
XHEL	872,093	4.40
CEUX	–	–
BATE	–	–
AQEU	–	–
TQEX	–	–
Total	872,093	4.40

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Two faces of sexism