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Category: Transport

  • MIL-OSI USA: Photo and Video Chronology — January 23 & 24, 2025 — Inactive vents at Kīlauea summit

    Source: US Geological Survey

    Photo and Video Chronology — January 23 & 24, 2025 — Inactive vents at Kīlauea summit

    Kīlauea summit eruption has been paused since 4:30 a.m. HST January 23. Resumption of activity possible beginning in 4-5 days at current inflation rates.

    January 24, 2025 — Kīlauea summit overflight

    On the morning of January 24th, USGS Hawaiian Volcano Observatory scientists conducted an overflight of Kīlauea summit to capture thermal and surficial imagery of the December 2024 to January 2025 paused eruption. This video compilation shows aerial views of Halema’uma’u captured during the overflight. 
    The north vent that was erupting during episode five of the recent Kīlauea summit eruption has a small patch of lava that was weakly spattering during the morning of February 24, 2025. USGS photo by J. Barnett.

    January 17, 2025 – UAS video of spattering eruptive vents in Halema‘uma‘u

    On Friday, January 17, USGS Hawaiian Volcano Observatory (HVO) geologists flew an uncrewed aircraft system (UAS, or “drone”) into Halema‘uma‘u crater to capture this close-up video of spattering at the two active vents of the ongoing Kīlauea summit eruption. Friday’s UAS flight was conducted with the permission of Hawai‘i Volcanoes National Park, owing to HVO’s mission to monitor active volcanoes in Hawaii, assess their hazards, issue warnings, and advance scientific understanding to reduce the impacts of eruptions. Unauthorized launching, landing, or operating of a UAS from or on lands and waters administered by the National Park Service is prohibited under 36 CFR Closures & Public Use.

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    MIL OSI USA News –

  • MIL-OSI USA: The science of the “X-ray vision” that reveals the magma beneath Yellowstone

    Source: US Geological Survey

    Yellowstone Caldera Chronicles is a weekly column written by scientists and collaborators of the Yellowstone Volcano Observatory. This week’s contribution is from Scott K. Johnson, Science Communication Associate at EarthScope Consortium.

    Jeopardy is unique for its question-to-the-answer format, with contestants using a clue like “this animal starred in a 1975 Steven Spielberger film and can constantly regrow lost teeth” to correctly respond “what is a shark?” The geophysical techniques that allow us to image the magma beneath Yellowstone―as in a recent study that provided a view of multiple separate magma reservoirs― work similarly. These studies are often of great public interest, producing visuals that are (relatively) easy to understand. But how exactly do they work?

    This example shows areas where seismic waves travel more quickly in blue, and slower areas in red, beneath the western United States. Faults are black lines, and blue line is the San Andreas Fault. You can explore the data at any depth beneath the surface with EarthScope’s velocity model viewer (https://observablehq.com/@earthscope/emc-horizontal-slicer).  

    Seeing below the surface is the realm of tomography―in medical imaging, the “CT” in “CT scan” stands for Computed Tomography―which can be done in several ways. The most common method uses shaking measured by seismometers to reveal variations in the physical properties of the Earth.

    The similarity to Jeopardy is that these techniques work backwards―what we call “inversion.” Because we can’t directly take a measuring tape underground and inspect a magma reservoir, we have to rely on the fact that this magma reservoir can affect measurements of other things, like seismic waves that pass through. If we knew exactly what was underground, we could pretty clearly predict its effect on the seismic waves reaching nearby seismometers. But instead, the inverse solution is to take the pattern of measured seismic waves and work backwards to find a plausible model of the conditions underground that would cause that pattern.

    It’s a bit like working out where a traffic jam is occurring in town based solely on how late each of your coworkers arrives home at the end of the workday. Knowing that they all left work at 5:15, and knowing which part of town each one was headed for, you could probably figure out where the slowdown is based on the fact that two people were delayed 15 minutes, one was delayed 5 minutes, and one experienced no delay at all.

    In fact, a common method of seismic tomography involves measuring the travel time for seismic waves from earthquakes and noting where they arrive at seismometers “late.” This allows us to map out regions of rock where seismic waves travel more quickly or more slowly. That information can then be turned into estimates of physical properties like temperature, rock type, density, or the presence (and amount) of magma. The more seismometers recording data and the more earthquakes that are measured, the better the resolution of the map.

    The same idea can be applied in other ways to seismic data. We can look at the details of the wiggles on the seismometer rather than just their arrival time, for example, seeing which areas of the Earth dampen the seismic waves and which ring like a bell. Or we can replace the earthquake with another source of shaking energy, like a truck-mounted piston that thumps the ground, the constant background din of a busy highway, or even the global noise created by ocean waves. Through different approaches, we can image something local, like a magma reservoir, or we can image the entire planet―this is how we know about the properties of the mantle, outer core, and inner core of the Earth.

    Schematic showing magma storage beneath Yellowstone caldera. Nested calderas resulting from the Huckleberry Ridge Tuff, Mesa Falls Tuff, and Lava Creek Tuff caldera forming eruptions are shown as solid black, green, and orange lines, respectively. C1 and C2 represent bodies of basaltic magma and C3 and C5-C7 represent rhyolitic magma bodies beneath Yellowstone caldera. Magnetotelluric stations occupied during experiment are shown as magenta triangles. Sour Creek and Mallard Lake resurgent domes are shown as purple lines. The locations of Lower Geyser Basin (LGB), Norris Geyser Basin (NGB), and Hot Springs Basin (HSB) are shown. Figure is from Bennington et al., “The progression of basaltic–rhyolitic melt storage at Yellowstone Caldera.” Nature 637:8044 (2025), 97-102.

    The recent image of Yellowstone’s magma system was created from yet another kind of data. Instead of using seismometers that measure shaking, magnetotelluric instruments were used to measure the electrical conductivity beneath the ground.

    The Sun’s energy and also lightning around the world induce electrical and magnetic fields within the Earth, but the strength of these fields varies from place to place depending on the conductivity of the material beneath the surface. And since measurements at different frequencies relate to the conductivity at different depths, we can collect quite a lot of information through magnetotelluric measurements. Magma has a much higher conductivity than solid rock, so the magnetotelluric technique is of obvious use around volcanoes.

    The inversion in the case of magnetotelluric data works out the 3-D pattern of conductivity underground that can explain the measurements made at the surface. And again, the more surface measurements you have close together, the more detailed the 3-D image becomes.

    All kinds of tomography have been employed at Yellowstone to give us a much richer understanding of the magma system that lies beneath the ground. Similar studies have been done at other volcanoes as well—like Mount St. Helens. Even on a much smaller scale, these techniques have been used to image the hot-water “plumbing” beneath individual geysers in Yellowstone, giving us insights into the reasons for their behavior.

    Permanent monitoring networks of instruments like seismometers around Yellowstone help make this possible―sometimes supplemented by temporary additions of even more instruments for higher-resolution imaging. The end result is a better understanding of what the system looks like beneath the surface, how it works, and how it may behave over time, which is critical to the mission of keeping people out of harm’s way―out of jeopardy, you might say.

    MIL OSI USA News –

  • MIL-OSI USA: COLUMN: Senator Davenport: A Warm Welcome to the 2025 Legislative Session

    Source: US State of Georgia

    By: Sen. Gail Davenport (D – Jonesboro)

    The 2025 Legislative Session is officially underway! On Monday, January 13, the Georgia General Assembly reconvened under the Gold Dome, marking the start of this year’s legislative session and the beginning of a new biennium. This legislative session, I am once again fighting for policies that create a more equitable and inclusive Georgia. 

    I am honored to now serve the residents of Senate District 17 after previously serving the residents of Senate District 44. I want to extend a warm greeting to my new constituents in Henry County and my longstanding constituents in Clayton County. It is my privilege to serve as your senator, and I am committed to addressing the issues and concerns of our communities at the state level.  

    I am pleased to continue serving on the Senate Committees on Appropriations, State Institutions and Property, Natural Resources and the Environment, Retirement and the Metropolitan Atlanta Rapid Transit Overview Committee this legislative session. 

    The first week of a new biennium is always filled with important events and meaningful connections. This year was no exception, with highlights including the annual Eggs & Issues Breakfast and Governor Kemp’s ‘State of the State’ address, where we accounted for the perspectives of our local businesses and citizens. These gatherings remind us of the collaborative spirit needed to address our communities’ challenges. 

    On Thursday, January 16, Governor Brian P. Kemp delivered his annual State of the State address to a joint session of the Senate and House chambers. While I welcome some of his proposals, including pay raises for teachers, state employees, and first responders and efforts to strengthen our healthcare workforce, I believe we must go further. We must ensure every Georgian has access to affordable healthcare, expand opportunities for quality public education, invest in renewable energy solutions and tackle the growing need for affordable housing across the state. These priorities are essential for creating a Georgia where every family can thrive.

    I am proud to have co-sponsored several resolutions and bills during our first week, including Senate Bill 19, sponsored by Senator David Lucas (D–Macon). The Brady Law Regulations would create a ten-day waiting period for the purchase or transfer of firearms and address the gun violence epidemic in recent legislation.  

    The second week of our Legislative Session was quite unconventional due to a winter storm that halted operations across our entire state for nearly the entire week. Leaders from state agencies will instead present their budgetary needs to legislators in the weeks to come before our House and Senate Appropriations Chairmen help lead the decision-making process on how funding is allocated for the next year. 

    Budget Week is not just about providing funding; it’s about best serving the state of Georgia through state programs like public education, health services, and infrastructure repairs.  This is our chance to advocate for funding that reflects the needs of working families, invests in underserved communities and ensures every Georgian has the resources they need to build a better future. 

    Speaking of our future, I want to invite students between 12 and 18 to serve as Senate Page. This opportunity allows students to participate in the state legislative process at our State Capitol for a day. Interested students may apply for the program by following the link here.  

    Thank you for trusting me to represent you under the Gold Dome. Your voice matters, and I encourage you to share your ideas and concerns as we work together to build a stronger, fairer Georgia. 

    # # # #

    Sen. Gail Davenport represents the 17th Senate District which includes portions of Clayton and Henry County.  She may be reached by phone at 404.463.5260 or by email at Gail.Davenport@senate.ga.gov

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov

    MIL OSI USA News –

  • MIL-Evening Report: NZ-Kiribati fallout: Maamau govt minister says ‘impacts to be felt by the people’

    By Lydia Lewis, RNZ Pacific Bulletin editor/presenter

    Kiribati President Taneti Maamau was unable to meet New Zealand Foreign Minister Winston Peters because he had “a pre-planned and significant historical event”, a Cabinet minister in Kiribati says.

    Alexander Teabo, Education Minister in Maamau’s government, told RNZ Pacific that “it is important for the truth to be conveyed accurately” after the “diplomatic tiff” between the two nations was confirmed by Peters as reported.

    Maamau is currently in Fiji for his first state visit to the country.

    Peters said New Zealand could not commit to ongoing monetary aid in Kiribati after three cancelled or postponed visits in recent months.

    A spokesperson from Peters’ office said the Deputy Prime Minister’s visit to Tarawa was set to be the first in over five years and took a “month-long effort”. However, the NZ government was informed a week prior to the meeting that Maamau was no longer available.

    His office announced that, as a result of the “lack of political-level contact”, Aotearoa was reviewing its development programme in Kiribati. It is a move that has been described as “not the best approach” by Victoria University’s professor in comparative politics Dr Jon Fraenkel.

    Minister Teabo said that Peters’ visit to Kiribati was cancelled by the NZ government.

    “It is correct that the President was unavailable in Tarawa due to a pre-planned and significant historical event hosted on his home island,” he said.

    Date set ‘several months prior’
    “This important event’s date was established by the Head of the Catholic Church several months prior.”

    He said Maamau’s presence and support were required on his home island for this event, and it was not possible for him to be elsewhere.

    Teabo pointed out that Australia’s Deputy Prime Minister was happy to meet with Kiribati’s Vice-President in a recent visit.

    “The visit by NZ Foreign Minister was cancelled by NZ itself but now the blame is on the President of Kiribati as the reason for all the cuts and the impacts to be felt by the people.

    “This is unfair to someone who is doing his best for his people who needed him at any particular time.”

    ‘Tried several times’ – Luxon
     The New Zealand aid programme is worth over NZ$100 million, but increasingly, Kiribati has been receiving money from China after ditching its diplomatic ties with Taiwan in 2019.

    Prime Minister Christopher Luxon said the country was keen to meet and work with Kiribati, like other Pacific nations.

    Luxon said he did not know whether the lack of communication was due to Kiribati and China getting closer.

    “The Foreign Minister has tried several times to make sure that as a new government, we can have a conversation with Kiribati and have a relationship there.

    “He’s very keen to meet with them and help them and work with them in a very constructive way but that hasn’t happened.”

    New Zealand’s Minister of Defence Judith Collins agrees with Peters’ decision to review aid to Kiribati.

    Collins said she would talk to Peters about it today.

    “I think we need to be very careful about where our aid goes, how it’s being used and I agree with him. We can’t have a disrespectful relationship.”

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Duckworth, Daines, Cruz, Hirono Renew Bipartisan Push to Better Protect Parents Traveling with Breast Milk

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth
    January 27, 2025
    [WASHINGTON, D.C.] – Today, U.S. Senator Tammy Duckworth (D-IL) reintroduced bipartisan legislation to make it easier for parents to safely embark on air travel with breast milk and breastfeeding supplies. The Bottles and Breastfeeding Equipment Screening (BABES) Enhancement Act, co-led by U.S. Senators Steve Daines (R-MT), Ted Cruz (R-TX) and Mazie K. Hirono (D-HI), would require the Transportation Security Administration (TSA) to clarify and regularly update guidance on the safe handling of breast milk and breastfeeding supplies, baby formula and other related products in consultation with nationally recognized maternal health organizations. This reintroduction comes after the bipartisan legislation passed the Senate by unanimous consent late last year in the 118th Congress.
    “Far too often, traveling moms are mistreated and wrongfully denied access to their breast milk and the breastfeeding equipment they need to pump and feed their babies,” said Senator Duckworth. “Ensuring that the TSA keeps its employees up to speed on their own policies and updates those policies as necessary is the least we can do to help parents travel through airports with the dignity and respect they deserve. After our bipartisan legislation passed the Senate by unanimous consent last Congress, I’m proud to work with Senators Daines, Cruz and Hirono to reintroduce the bill, and I’ll continue to do everything I can to get this done for traveling moms everywhere.”
    “Supporting moms and families will always be one of my top priorities. I’m proud to join my colleagues in supporting this bipartisan legislation that will make it easier for mothers to safely and easily travel with breast milk and formula for their babies, and I’ll continue to fight for ways to support our families in Montana and across America,” said Senator Daines.
    “Far too often, families traveling with infants and young children are subjected to inconsistencies when going through TSA’s screening, causing inconveniences that can make traveling together even more difficult. This simple legislation to update the TSA’s compliance guidance for the 3-1-1 liquids will help families travel without added hassles,” said Senator Cruz.
    “On any given day, thousands of families travel by air with milk and the supplies they need to keep their babies fed,” said Senator Hirono. “The BABES Enhancement Act will require TSA to clarify and regularly update its guidance on handling breast milk and baby formula, helping to ensure that parents and their young children can travel with peace of mind. I’m glad to join my colleagues in reintroducing this legislation to keep families and their children safe and healthy.”
    The bipartisan BABES Enhancement Act would help keep breastfeeding parents and their kids safe and healthy while traveling by air. Mishandled breast milk can become contaminated, which puts children at risk. Moreover, parents who lactate typically need to breastfeed or pump once every few hours. Failure to do so can result in a clogged milk duct, or a painful infection called mastitis. The legislation would better protect families by requiring TSA to:
    Issue guidance promoting the hygienic handling of any breast milk, baby formula and other infant nutrition products, as well as accessories required to preserve these products;
    Consult with nationally recognized maternal health organizations in establishing and communicating this guidance; and
    Update guidance every five years to respond to emerging needs of parents and to account for developments in technology.
    This legislation would also direct an independent government watchdog to conduct an audit of compliance with TSA screening policies for passengers traveling with breast milk and other infant nutrition products, providing lawmakers with information related to violations of policies. U.S. Representative Eric Swalwell (D-CA-14) is the lead sponsor of bipartisan companion legislation in the U.S. House of Representatives.
    “As a husband and father, my wife and I know how challenging traveling can be for new parents. TSA screening is already stressful enough without the added anxiety and humiliation of having your breast milk or formula heavily scrutinized and mistreated,” said Congressman Eric Swalwell. “The BABES Act will ensure TSA handles these screenings with care, consulting maternal health experts to establish proper hygienic standards while maintaining robust security measures. This bill is about giving parents peace of mind so they can focus on their families while they travel.”
    A copy of the bill text is available on the Senator’s website.
    Duckworth has been a strong advocate in ensuring moms receive the dignity and respect they deserve while traveling. In 2022, Duckworth pressed TSA Administrator David Pekoske for improved treatment of new mothers and Americans with disabilities from employees of the TSA. That same year, Duckworth also called on TSA to address inconsistent implementation of the 3-1-1 Liquids Rule Exemption travel policy for breast milk and formula at airport security checkpoints as well as ensure new moms and their infants can travel safely without fear of harassment.
    Duckworth has also championed several policies that help make air travel easier for new moms. Her bipartisan Friendly Airports for Mothers (FAM) Improvement Act, which was signed into law in 2020, is helping ensure our small airports across the country support new moms and promote breastfeeding-friendly environments. The legislation builds on Duckworth’s success in enacting a law that ensures all large and medium airports provide a clean, private space where moms can breastfeed or pump. As a result of her legislation, O’Hare and Midway Airports both installed free-standing lactation pods.
    -30-

    MIL OSI USA News –

  • MIL-OSI Submissions: Africa – Millions at Risk as Conflict Escalates in Eastern Democratic Republic of the Congo: PHR

    Source: Physicians for Human Rights (PHR)

    January 27, 2025 – In response to the escalating conflict in eastern Democratic Republic of the Congo (DRC), the following quote is attributable to Sam Zarifi, JD, executive director of PHR:

    “Civilians in DRC are again caught between regional rivals fighting for power and mineral resources, and hundreds of thousands of people have been displaced in recent weeks alone, adding to the seven million already forced to flee due to this crisis. The conflict in DRC has been ignored for too long – DRC and Rwanda must work together, with assistance from their neighbors, the African Union, and the United Nations, to ensure the civilian population is protected and has access to vital aid.  

    “PHR calls on all combatants to comply with international humanitarian law and international human rights law. Fighters must also respect and protect the area’s many internally displaced persons (IDP) camps, which are acutely vulnerable. Bombs have already fallen on some IDP sites while the M23 has reportedly forced residents to flee other camps. The M23 and Rwandan Defense Forces (RDF) have ordered the demolition of all displaced persons camps. International actors must surge humanitarian aid to the region, as millions of people are facing a humanitarian crisis.  

    “We are also alarmed by emerging reports of indiscriminate attacks impacting health care facilities and personnel, including rockets and gunshots that hit facilities connected to the Masisi General Referral hospital in North Kivu province, as well as attacks on hospitals in Goma like Hospital de la Charité and Hospital Virunga. Health workers must be protected as they respond to the mounting health care needs of their communities, including urgent threats from malaria, measles, and mpox.

    “Massive attacks on the region by the M23, which has been found by the UN to be under the control of Rwanda, threaten a human rights and humanitarian catastrophe.  The entire Kivu region could very quickly come under control of a militia that has been widely documented as responsible for atrocities over many years.

    “PHR recently published research documenting the health and human rights emergency in eastern DRC, including a ‘massive influx of cases’ of conflict-related sexual violence against children and adults. PHR has worked in DRC for the past 14 years to support survivors of conflict-related sexual violence and to help end impunity for these crimes. The ongoing escalation in the conflict has drastically heightened the risk of conflict-related sexual violence in the days ahead.”

    Physicians for Human Rights (PHR) is a New York-based advocacy organization that uses science and medicine to prevent mass atrocities and severe human rights violations.

    MIL OSI – Submitted News –

  • MIL-OSI USA: Duckworth, Durbin Statement On Trump’s Mass Deportation Actions In Chicago

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth
    January 26, 2025
    [WASHINGTON, D.C.] – U.S. Senator Tammy Duckworth and U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, (D-IL) today issued the following statement after President Donald Trump’s administration started mass deportation actions in and around Chicago: 
    “We can all agree that we must remove any dangerous individuals from our country who are here illegally. But the mass deportation actions being undertaken by President Trump’s administration go far beyond those important goals. These actions have the potential to sweep up Dreamers who came to the United States as children, Veterans who have served our nation, and essential workers who care for our family members, build our homes, and ensure we have food on our tables.
    “Instead, we should focus on deporting those who pose a danger to our country. And we should give the rest a chance to earn legal status. They would have to register with the government, pay their dues, and submit to background checks. 
    “We stand with the immigrant community in Chicago and across the country, and our offices and caseworkers are ready to help those who are improperly caught up in these raids.”
    Last month, as Chair of the Senate Judiciary Committee, Durbin held a Senate Judiciary Committee hearing entitled “How Mass Deportations Will Separate American Families, Harm Our Armed Forces, and Devastate Our Economy.” The hearing examined the consequences of mass deportations, as well as stressed the need to shift congressional efforts toward sensible solutions that bring order to the border and provide a path to citizenship to longtime residents with no serious criminal convictions.
     
    -30-

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Section 106 affordable housing: call for next level support to new clearing service as registrations near 300 in first 50 days

    Source: United Kingdom – Executive Government & Departments

    Home builders and providers looking to sell or buy homes, built as part of Section 106 planning agreements, urged to maximise use of new service.

    Nearly 300 organisations from across England have signed up to the new Section 106 Affordable Housing Clearing Service to help unlock delivery.

    More than 70 housebuilders have registered to provide details of affordable homes they have planning permission to build, alongside private homes, but have been unable to find a buyer for.

    They join 140 Registered Providers (RPs) and more than 70 Local Authorities (LAs) who have already registered for the service as potential buyers, and are viewing available information about potential opportunities on a regular basis.

    Registered users, especially sellers, are urged to continue their support by providing crucial details in addition to basic registration information; such as site location, construction progress, number of homes and types of tenure.

    It is hoped the service, created and managed by Homes England in response to sector feedback, will play its part in facilitating and accelerating the sale of uncontracted and unsold affordable homes across England, excluding London.

    Homes England Chief Customer Officer Ian Workman, said:

    This is a relatively simple but potentially impactful service that means greater visibility of opportunities to get affordable homes sold and occupied. I would urge house builders in particular to register and add as much detail as they can.

    Over 200 registered providers and local authorities have already signed up, and regularly checking for potential opportunities to acquire homes for the communities they serve.

    Listening, acting and working hand-in-glove with partners is fundamental, if we are to move forward and find solutions together to the challenges the sector is facing.  I am grateful to all those who have helped to shape this service so far, with promising early signs of uptake.

    Housing Minister, Matthew Pennycook, said:

    We recognise the challenge posed by the reduced appetite of registered providers of social housing to buy affordable homes delivered under section 106 agreements.

    The new clearing service we have worked in partnership with Homes England to establish will help improve the functioning of the market and unblock the delivery of section 106 affordable housing.

    Hundreds of developers and providers have already come forward to engage with this new service and real progress is being made as a result.

    Cllr Adam Hug, LGA housing spokesperson said:

    Councils urgently want to deliver more affordable housing including those affordable homes agreed in Section 106 agreements with developers in local planning applications.

    This service is a positive step to promoting stalled sites to registered providers of affordable housing, and the LGA encourages all local authorities to engage with it. But it is just one tool which will help bring forward more affordable housing. Much more needs to be done.

    Kate Henderson, Chief Executive of the National Housing Federation, says:

    This clearing service is a welcome tool in tackling the current issue in the delivery of Section 106 affordable homes. Building new relationships between developers and social housing providers is important in overcoming the immediate challenges, as well as helping developers to understand the requirements of housing associations in the future.

    Housing associations are facing significant competing financial pressures, which is also impacting their ability to both buy Section 106 homes and build other new affordable homes. In the longer term, housing associations are committed to working in partnership with the government on a long-term housing strategy to rebuild their capacity and deliver more much needed social and affordable homes.

    Notes to editors

    1. Homes England is the government’s homes and regeneration agency. We drive the creation of more high-quality homes and thriving places so that everyone – no matter their background – has a place to live and thrive. We work in partnership with thousands of public and private bodies including local authorities, home builders, developers, affordable housing providers, commercial real estate companies  and financial institutions to make this happen. For more information visit: Homes England – GOV.UK (www.gov.uk)
    2. A Section 106 agreement is a planning obligation that requires developers to contribute to local infrastructure and community facilities, such as affordable housing, schools, parks, or transport improvements, as a condition of planning permission.
    3. For more information about the service or to register visit: The Section 106 Affordable Housing Clearing Service – GOV.UK
    4. The service does not include London, where the Greater London Authority has responsibility for affordable housing delivery.
    5. For further information or interview requests please contact media@HomesEngland.gov.uk or 0207 874 8262.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Pension reforms to go further to unlock billions to drive growth and boost working peoples’ pension pots

    Source: United Kingdom – Executive Government & Departments

    Working people and businesses are set to benefit from new rules that will give more flexibility over how occupational defined benefit pension schemes are managed, as the government continues to remove blockages that are inhibiting its growth agenda that will improve lives of working people across the UK.

    • Prime Minister and Chancellor to tell leading CEOs that Britain is back and open for business.
    • Changes to pension rules will allow trapped surplus funds to be invested in the wider economy, fuelling economic growth.
    • Move is part of government action to remove blockages that are stopping growth – from regulation to planning processes.

    Working people and businesses are set to benefit from new rules that will give more flexibility over how occupational defined benefit pension schemes are managed, as the government continues to remove blockages that are inhibiting its growth agenda that will improve lives of working people across the UK. 

    Hosting a meeting with leaders of Britain’s biggest businesses in the City of London today (Tuesday 28 January), the Prime Minister and the Chancellor will set out the details of changes and tell some of the country’s leading CEOs that Britain is back and open for business.

    At the roundtable, the PM and Chancellor will outline how restrictions will be lifted on how well-funded, occupational defined benefit pension funds that are performing well will be able to invest their surplus funds. 

    This follows action taken by the government last week to bring a renewed focus on growth from some of the UK’s biggest regulators, a shake-up to legal challenges on planning applications, and new “brownfield passports” to speed up housing in commuter hotspots.

    Prime Minister, Keir Starmer said: 

    The number one mission of my government is to secure growth, drive higher living standards for everyone, and get more money into people’s pockets.

    To achieve the change our country needs requires nothing short of rewiring the economy. It needs creative reform, the removal of hurdles, and unrelenting focus. Whether it’s how public services are run, regulation or pension rules, my government will not accept the status quo. Today’s changes will unlock billions of investment, pushing forward in delivering my Plan for Change.

    Chancellor of the Exchequer, Rachel Reeves said:

    I know this government and businesses are united on growth being the top priority for our economy, which is why I am fighting every day to tear down the biggest barriers to growth, taking on regulators, planning processes and opposition to this urgent mission.

    The Prime Minister and Chancellor will tell CEOs from some of the UK’s most successful companies that that the government is seeking to create the best possible conditions for the private sector to thrive. They will promise to work in partnership with businesses, to deliver high-quality jobs across the country, and the economic growth that will fund the schools, hospitals and roads that we all rely on.

    Pension trustees and the sponsoring employers could then use this money to increase the productivity of their businesses – to boost wages and drive growth or unlock more money for pension scheme members. 

    High growth and more productive businesses boost the size of the economy which in turn will fund our vital public services.

    This more efficient approach demonstrates that the government has been listening to business, and will give businesses more flexibility, allowing trapped surplus funds to be invested into the wider UK economy, or given to scheme members as additional benefits.

    Where trustees agree to share a portion of scheme surplus with a sponsoring employer, the employer may choose to invest these funds in their core business, for example to purchase equipment or supplies, and/or provide additional benefits to members of the pension scheme.

    Approximately 75% of schemes are currently in surplus, worth £160 billion, but restrictions have meant that businesses have struggled to invest them.

    These reforms build on the Chancellor’s Mansion House reforms which will create pension megafunds as part of the biggest set of pension reforms in decades, unlocking billions of pounds of investment in exciting new businesses and infrastructure and local projects.     

    Over £1.1 trillion is held by pension funds in the UK and defined contribution pension schemes are set to manage £800 billion worth of assets by the end of the decade. This Government is determined to encourage these pension funds to deliver investment and drive economic growth – which is the only way to make people better off.    

    Jonathan Lipkin, Director of Policy, Strategy & Innovation at the Investment Association said:

    Unlocking surplus capital from defined benefit schemes has the potential to both boost UK growth by opening up investment opportunities for companies and their stakeholders, as well as the possibility of higher pensions for scheme members. With around £1.1 trillion in assets, defined benefit schemes already make a significant contribution to the funding of the UK economy and public services. 

    With the right guardrails in place, the government’s proposals could help channel more funding into the economy, by enabling schemes to invest more widely and take on greater risk, while allowing for members to receive an uplift to pension benefits.

    Zoe Alexander, Director of Policy and Advocacy at the Pensions and Lifetime Saving Association, said: 

    The PLSA backs surplus release, with the right protections in place to ensure member benefits are secure. Surpluses could be used to increase DB scheme benefits or could be redirected to fund contributions to sponsoring employers’ defined contribution workplace schemes.

    Lowering the legislative threshold for allowing returns of surplus could potentially encourage trustees, in conjunction with their employers, to adopt a more ambitious mindset and take on slightly riskier investment strategies for their DB assets, including greater investment in UK assets.

    Patrick Heath-Lay, Chief Executive Officer for The People’s Pension, said:

    It is positive news to see the government is looking at the pension industry as a whole. This will help unlock more of the £2.9trillion that is held in UK pension savings, to benefit savers and the economy alike.

    We look forward to other pension schemes following our plans and outlining how they will invest in private markets.

    The roundtable discussion will focus on the government’s partnership approach to growth with business, including how regulation can better support the Growth Mission, and the role of business in achieving the UK’s ambitions in AI which the Prime Minister unveiled earlier this month. Every regulator has a role to play in the Growth Mission and the Chancellor is hosting a series of roundtables with the 17 regulators that the Prime Minister wrote to in December, to discuss their proposals to support growth in the coming year. 

    The meeting with CEOs comes days after the Chancellor’s return from the World Economic Forum, where she pitched Britain’s investment credentials and let global business leaders know that the UK is open for business again. She championed early reforms to planning, pensions, and regulation that make it easier to do business in Britain and remove barriers investors from overseas face.

    On Wednesday, the Chancellor will make a speech where she will set out plans to push through further planning reforms to get Britian building again, rip up regulatory barriers so we can encourage more investment into the UK and announcements to boost trade and investment.

    The government will set out the details of the surplus policy in its response to the Options for Defined Benefits consultation, due this Spring.

    Further information: 

    • Currently DB scheme surplus can only be accessed where schemes passed a resolution by 2016, so not all schemes can access surplus even if trustees and sponsors both want to do so. 
    • Legislative changes could enable all DB schemes to change their rules to permit surplus extraction where there is trustee-employer agreement. This allows trustees to assess the suite of options available in striking a deal with employers on how best scheme members can also benefit – linked to improving member outcomes. 
    • Trustees have an overarching fiduciary duty to act in the best interests of their members. When considering surplus extraction, trustees must fund the scheme and invest its assets in a way that leads to members receiving their full benefits.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: Pension reforms to go further to unlock billions to drive growth and boost working peoples’ pension pots

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Working people and businesses are set to benefit from new rules that will give more flexibility over how occupational defined benefit pension schemes are managed, as the government continues to remove blockages that are inhibiting its growth agenda that will improve lives of working people across the UK.

    • Prime Minister and Chancellor to tell leading CEOs that Britain is back and open for business.
    • Changes to pension rules will allow trapped surplus funds to be invested in the wider economy, fuelling economic growth.
    • Move is part of government action to remove blockages that are stopping growth – from regulation to planning processes.

    Working people and businesses are set to benefit from new rules that will give more flexibility over how occupational defined benefit pension schemes are managed, as the government continues to remove blockages that are inhibiting its growth agenda that will improve lives of working people across the UK. 

    Hosting a meeting with leaders of Britain’s biggest businesses in the City of London today (Tuesday 28 January), the Prime Minister and the Chancellor will set out the details of changes and tell some of the country’s leading CEOs that Britain is back and open for business.

    At the roundtable, the PM and Chancellor will outline how restrictions will be lifted on how well-funded, occupational defined benefit pension funds that are performing well will be able to invest their surplus funds. 

    This follows action taken by the government last week to bring a renewed focus on growth from some of the UK’s biggest regulators, a shake-up to legal challenges on planning applications, and new “brownfield passports” to speed up housing in commuter hotspots.

    Prime Minister, Keir Starmer said: 

    The number one mission of my government is to secure growth, drive higher living standards for everyone, and get more money into people’s pockets.

    To achieve the change our country needs requires nothing short of rewiring the economy. It needs creative reform, the removal of hurdles, and unrelenting focus. Whether it’s how public services are run, regulation or pension rules, my government will not accept the status quo. Today’s changes will unlock billions of investment, pushing forward in delivering my Plan for Change.

    Chancellor of the Exchequer, Rachel Reeves said:

    I know this government and businesses are united on growth being the top priority for our economy, which is why I am fighting every day to tear down the biggest barriers to growth, taking on regulators, planning processes and opposition to this urgent mission.

    The Prime Minister and Chancellor will tell CEOs from some of the UK’s most successful companies that that the government is seeking to create the best possible conditions for the private sector to thrive. They will promise to work in partnership with businesses, to deliver high-quality jobs across the country, and the economic growth that will fund the schools, hospitals and roads that we all rely on.

    Pension trustees and the sponsoring employers could then use this money to increase the productivity of their businesses – to boost wages and drive growth or unlock more money for pension scheme members. 

    High growth and more productive businesses boost the size of the economy which in turn will fund our vital public services.

    This more efficient approach demonstrates that the government has been listening to business, and will give businesses more flexibility, allowing trapped surplus funds to be invested into the wider UK economy, or given to scheme members as additional benefits.

    Where trustees agree to share a portion of scheme surplus with a sponsoring employer, the employer may choose to invest these funds in their core business, for example to purchase equipment or supplies, and/or provide additional benefits to members of the pension scheme.

    Approximately 75% of schemes are currently in surplus, worth £160 billion, but restrictions have meant that businesses have struggled to invest them.

    These reforms build on the Chancellor’s Mansion House reforms which will create pension megafunds as part of the biggest set of pension reforms in decades, unlocking billions of pounds of investment in exciting new businesses and infrastructure and local projects.     

    Over £1.1 trillion is held by pension funds in the UK and defined contribution pension schemes are set to manage £800 billion worth of assets by the end of the decade. This Government is determined to encourage these pension funds to deliver investment and drive economic growth – which is the only way to make people better off.    

    Jonathan Lipkin, Director of Policy, Strategy & Innovation at the Investment Association said:

    Unlocking surplus capital from defined benefit schemes has the potential to both boost UK growth by opening up investment opportunities for companies and their stakeholders, as well as the possibility of higher pensions for scheme members. With around £1.1 trillion in assets, defined benefit schemes already make a significant contribution to the funding of the UK economy and public services. 

    With the right guardrails in place, the government’s proposals could help channel more funding into the economy, by enabling schemes to invest more widely and take on greater risk, while allowing for members to receive an uplift to pension benefits.

    Zoe Alexander, Director of Policy and Advocacy at the Pensions and Lifetime Saving Association, said: 

    The PLSA backs surplus release, with the right protections in place to ensure member benefits are secure. Surpluses could be used to increase DB scheme benefits or could be redirected to fund contributions to sponsoring employers’ defined contribution workplace schemes.

    Lowering the legislative threshold for allowing returns of surplus could potentially encourage trustees, in conjunction with their employers, to adopt a more ambitious mindset and take on slightly riskier investment strategies for their DB assets, including greater investment in UK assets.

    Patrick Heath-Lay, Chief Executive Officer for The People’s Pension, said:

    It is positive news to see the government is looking at the pension industry as a whole. This will help unlock more of the £2.9trillion that is held in UK pension savings, to benefit savers and the economy alike.

    We look forward to other pension schemes following our plans and outlining how they will invest in private markets.

    The roundtable discussion will focus on the government’s partnership approach to growth with business, including how regulation can better support the Growth Mission, and the role of business in achieving the UK’s ambitions in AI which the Prime Minister unveiled earlier this month. Every regulator has a role to play in the Growth Mission and the Chancellor is hosting a series of roundtables with the 17 regulators that the Prime Minister wrote to in December, to discuss their proposals to support growth in the coming year. 

    The meeting with CEOs comes days after the Chancellor’s return from the World Economic Forum, where she pitched Britain’s investment credentials and let global business leaders know that the UK is open for business again. She championed early reforms to planning, pensions, and regulation that make it easier to do business in Britain and remove barriers investors from overseas face.

    On Wednesday, the Chancellor will make a speech where she will set out plans to push through further planning reforms to get Britian building again, rip up regulatory barriers so we can encourage more investment into the UK and announcements to boost trade and investment.

    The government will set out the details of the surplus policy in its response to the Options for Defined Benefits consultation, due this Spring.

    Further information: 

    • Currently DB scheme surplus can only be accessed where schemes passed a resolution by 2016, so not all schemes can access surplus even if trustees and sponsors both want to do so. 
    • Legislative changes could enable all DB schemes to change their rules to permit surplus extraction where there is trustee-employer agreement. This allows trustees to assess the suite of options available in striking a deal with employers on how best scheme members can also benefit – linked to improving member outcomes. 
    • Trustees have an overarching fiduciary duty to act in the best interests of their members. When considering surplus extraction, trustees must fund the scheme and invest its assets in a way that leads to members receiving their full benefits.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI New Zealand: Awards and Recognition – Site Safe Announces 2025 Health and Safety Award Finalists

    Source: Site Safe

    Site Safe today announced the finalists for its 2025 Health and Safety Awards, celebrating excellence in workplace safety across Aotearoa New Zealand.
    The finalists, representing a diverse range of industries, will now compete at the largest health and safety event of the year, the Evening of Celebration, for top honours at a gala evening held at the Due Drop Event Centre in Auckland on 5 March 2025, attended by hundreds of industry leaders and safety professionals.
    “We are incredibly proud to announce these outstanding finalists,” said Brett Murray, Chief Executive of Site Safe.
    “The record number of entries received this year underscores the importance industry places on effectively managing health and safety risks in their workplaces. It’s inspiring to see the dedication and innovation showcased by these individuals, teams, and organisations.”
    The judging panel, comprised of respected industry representatives and safety professionals, were highly impressed by the calibre of entries.
    The judges commented, “Selecting the finalists was a challenging task, as the level of innovation, dedication, and positive impact demonstrated by all applicants was truly exceptional.”
    Here are the 2025 Site Safe Award Finalists:
    The  Safety Innovation Award:
    • Beon  Energy Solutions: Beon’s new Pile Extractor revolutionises solar farm construction by safely and efficiently removing piles. Unlike traditional methods, which are dangerous and inefficient, the Pile Extractor is operated by one person, applies controlled forces, and eliminates the need for heavy machinery. This innovation enhances worker safety, increases productivity, and promotes a safer work culture within the renewable energy sector.
    • Fulton  Hogan: The SH1 Brynderwyns Recovery Project faced challenges due to the terrain, environmental concerns, and a major slip. Despite these obstacles, the team innovated, employing remote-controlled machinery to safely clear unstable slopes. This approach ultimately ensured a safer and more efficient recovery effort.
    • Traffic  Safe NZ: Traffic Safe developed a robotic system to eliminate the dangerous manual placement of road cones. This system uses cameras, sensors, and a robotic arm mounted on a truck to automatically deploy and retrieve cones, significantly reducing worker risk.
    The  Safety Leadership Award:
    • The  DEI team, New Zealand Defence Force: Defence Estate and Infrastructure (DEI) manages health and safety for numerous contractors across NZ. DEI developed the CHESS framework, outlining minimum H&S requirements for all contractors, with a focus on high-risk work. This framework is successfully implemented and fully supported by NZDF leadership. DEI prioritises H&S in all projects, striving to ensure all personnel return home safely each day.
    • Yolanda  Oosthuizen – Horizon Energy Group: As the Horizon Energy Group GM for HSEQ, Yolanda has led safety, wellness, quality, and sustainability. She champions their ESG agenda, fostering a Switched-ON safety culture. Her focus is on visionary leadership, aligning safety with organisational goals. Effective communication and measurable impact drive initiatives like the implementation of the ecoPortal Safety System. She also mentors’ future leaders, positioning Horizon as an industry leader in safety and sustainability.
    • Jamie  Greentree – Kinetic Electrical Wellington: Jaime started an electrical business with minimal health and safety focus initially. However, post-COVID, Jaimie prioritised compliance, investing in staff training and achieving a NZ Certificate in Workplace Health and Safety Practice (Level 3). As the sole director, Jaimie led this change, influencing other franchisees. As a small business, he adapted to the economic climate by diversifying.
    The  Safety Contribution Award (Team):
    • Canterbury  Aluminium Ltd: Chris and Nicky Averill acquired Canterbury Aluminium in 2022, prioritising staff health and safety. They believe a strong health and safety culture leads to happy staff and satisfied clients. The company’s Health & Safety Committee fosters a collaborative environment where all employees are encouraged to prioritise safety in their work. This award nomination recognises the committee’s efforts to improve health and safety outcomes for all staff.
    • Mason  Clinic Project – Southbase: Southbase Construction implemented numerous safety initiatives on the Mason Clinic project, fostering a strong safety culture. These measures included Wellbeing and Suicide Prevention, Health15 Program, Collaboration with Safety Brands and Organisations, Working at Height/Dropped Objects, Emergency Scenario Drills, and Health and Safety Recognition.
    • Tradestaff  Group Ltd: Tradestaff’s Safety Team has successfully fostered a safety-first culture within the construction sector. They’ve addressed challenges specific to on-hire labour, including short-term placements and diverse demographics. By focusing on candidates, clients, and consultants, they’ve implemented initiatives that promote safer onsite outcomes and drive cultural change in health and safety.
    The  Safety Contribution Award (Individual):
    • Glen  Sturgess, Naylor Love: Glen is a dedicated Health & Safety Champion. He consistently goes above and beyond to ensure site safety. Glen excels in logistics, effectively communicating safe movement of vehicles and personnel.
    • Shelley  Compston – Apprentice Training Trust: Shelley is a Health & Safety Co-ordinator and excels in improving workplace safety. She fosters a strong safety culture, inspires colleagues, and drives continuous improvement. Through effective collaboration and communication, she encourages best practices among hosts, staff, and apprentices. Shelley’s leadership, innovation, and dedication to protecting workers are exemplary.
    • Mark  Nicholas – Accent Construction: Mark utilises weekly toolbox meetings to upskill his construction team beyond basic safety. He develops workshops and bulletins on diverse topics like site access, hot works, and mental wellbeing. These initiatives enhance worker awareness and knowledge, leading to a stronger safety culture within the company and among subcontractors. Workers are better equipped to identify and manage hazards onsite.

    The  Mental Health and Wellbeing Award:

    • Workforce  Central Dunedin: Dunedin Hospital Outpatients workers enjoy exceptional onsite care. Services include free haircuts, health screenings, physio, GP consultations, and mental health support. Recreational activities like cornhole and billiards are provided. The site promotes a positive work-life balance and worker well-being through initiatives like Maori Language Week and Suicide Awareness Day. Workers consistently praise the unique and supportive environment.
    • Anita  Teo-Tavita – Programmed: Anita leads the Programmed Mental Health First Aid training, both internally and in the community. She’s a key figure in promoting worker wellbeing, taking a holistic approach. Anita not only facilitates training but also supports workers with initiatives outside of work hours, demonstrating her commitment to their overall wellbeing.
    • Tūpore: At Tūpore, prioritising mental wellbeing is core. They have created a supportive whanau culture, with initiatives like the “Raranga Oranga” role and the Big Buds programme. These efforts, combined with tikanga Māori practices and community partnerships, foster a thriving and connected workforce. This focus on mental health has significantly improved employee wellbeing and reduced the impact of high suicide rates in Hawke’s Bay.

    The  Future Safety Leader Award:

    • Aimee  Daw – Programmed: Aimee, initially a HSEQ Administrator at AIMs, quickly advanced to HSEQ Coordinator at Programmed, providing key HSEQ support. Despite her short tenure and lack of HSEQ background, her contributions have been significant, particularly in improving safety systems and processes. She is recognized for her dedication, resilience, and impactful safety leadership.
    • Fern  Harper – Naylor Love: Fern’s outstanding contributions to health & safety and her dedication, leadership, and commitment to safety excellence have inspired others. Fern’s inclusive approach and proactive nature make her an exceptional Emerging Practitioner in the field of health and safety.
    • Fiona  Brabant – Cook Brothers Construction: Fiona, or Fi, is a passionate Health & Safety leader at Cook Brothers Construction in Queenstown and Wanaka. Joining recently, she prioritises team wellbeing, viewing colleagues as people, not just workers. Her background in health drives innovation and motivation. From onsite care to wellness initiatives, Fi strives to ensure everyone returns home safely, despite the challenges.

    The Site Safe Awards recognise and celebrate individuals, teams, and organisations that have made significant contributions to improving workplace safety in New Zealand. These awards provide valuable recognition and inspire others to prioritise safety in their workplaces. About Site Safe Site Safe is a leading provider of health and safety training and consultancy services in New Zealand. We are committed to empowering New Zealanders to work safely and return home safely every day. For more information about Site Safe’s Evening of Celebration, click HERE: https://www.sitesafe.org.nz/about/news-and-events/events/2025-auckland-evening-of-celebration/

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Housing Sector – Affordable housing project for Wānaka seniors receives $100k grant

    Source: Queenstown Lakes Housing Community Trust (QLCHT)

    A Wānaka housing project that will provide affordable rentals to seniors has received a $100,000 grant from a local trust that assists people in need in the Upper Clutha.

    The housing project, which is being developed and managed by Queenstown Lakes Housing Community Trust (QLCHT), received the six-figure donation from the Elsie and Ray Armstrong Charitable Trust recently. The financial contribution will go towards the development of 10 affordable, one-bedroom units along with two three-bedroom family units on the corners of Upton and McDougall Streets in central Wānaka.
     
    The concept first began in November 2022 when QLCHT purchased a section on McDougall Street – beside five council-owned rental properties – with the intent of developing the vacant lot into affordable rental units for seniors.
     
    Last year, the Queenstown Lakes District Council approved the transfer of ownership and operational management of the five neighbouring properties to QLCHT, following public consultation. Currently in the planning phase, the housing project will contain 12 units across both sites, with stage one consisting of civil works and new builds on the empty section, followed by the redevelopment of the existing site.
     
    Queenstown Lakes Community Housing Trust chief executive Julie Scott says the grant is greatly appreciated, especially in the current economic climate. QLCHT will fund the project, estimated to be around $5m-$6m, but grants like this one are vital to ensure ongoing costs to residents can be kept to a minimum.
     
    “There is not a lot of funding for these types of projects at the moment, and we are so grateful to the Elsie and Ray Armstrong Charitable Trust for their generous donation,” she says. “It will allow us to provide additional features such as solar panels, a communal laundry space and shared services, including a highly efficient hot water heating system to the 12-units.
     
    “These extra infrastructure benefits will provide substantial financial support to the occupants by significantly reducing power costs,” Scott adds.
     
    Elsie and Ray Armstrong Charitable Trust trustee Simon Telfer says the group is excited to contribute towards the important community project.
     
    “The elderly are an important demographic in our local community who need support and we are thrilled about what this project will provide them,” he says. “We’re pleased this grant helps to kickstart the development and hope it leads to others supporting our fellow Wānaka residents.”
     
    The site is located within 200 metres of the Wānaka Community Hub, which provides critical services and amenities to many local seniors.
     
    QLCHT Wānaka tenancy manager Emma Roberts says the demand for affordable senior housing is growing.
     
    “We have a lot of people aged over 60 living in the district, and some encounter unfortunate and unexpected circumstantial changes, which are outside of their control,” Roberts explains. “For many of these people, their only option is to upheave their lives and leave town.
     
    “By offering an alternative rental option it allows them to have a greater sense of security, which is important as the local population grows and ages. And with 250 eligible Wānaka households currently on our waiting list today, we have significant demand for this type of housing,” she says.
     
    “Tenants living in the five existing units will be cared for by our team throughout the build process and will have the opportunity to shift into one of the new units, before stage two starts,” Scott says. “All going to plan, we hope to break ground on the first stage in the middle of this year.”

    About the Queenstown Lakes Community Housing Trust:
    QLCHT is a not-for-profit, registered community housing provider created to manage and deliver affordable housing solutions to those vital to the community who cannot afford it. Initiated by Queenstown Lakes District Council in 2007, which recognised the affordability issue and acted upon it, the Trust is an independent entity operating throughout the Queenstown Lakes District.

    MIL OSI New Zealand News –

  • MIL-OSI: BlackRock® Canada Announces Final January Cash Distributions for the iShares® Premium Money Market ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 27, 2025 (GLOBE NEWSWIRE) — BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced the final January 2025 cash distributions for the iShares Premium Money Market ETF. Unitholders of record on January 28, 2025 will receive cash distributions payable on January 31, 2025.

    Details regarding the final “per unit” distribution amounts are as follows:

    Fund Name Fund
    Ticker    		 Cash
    Distribution
    Per Unit
    iShares Premium Money Market ETF CMR $0.145
     

    Further information on the iShares ETFs can be found at http://www.blackrock.com/ca.

    About BlackRock

    BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @BlackRockCA

    About iShares ETFs

    iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and US$4.2 trillion in assets under management as of December 31, 2024, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

    iShares® ETFs are managed by BlackRock Asset Management Canada Limited.

    Commissions, trailing commissions, management fees and expenses all may be associated with investing in iShares ETFs. Please read the relevant prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

    Contact for Media:
    Reem Jazar
    Email: reem.jazar@blackrock.com

    The MIL Network –

  • MIL-OSI: Purpose Investments Files Preliminary Prospectus for the World’s First Solana ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 27, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”), the pioneer behind the world’s first Bitcoin ETF and Ether ETF, is pleased to announce that it has filed a preliminary prospectus with Canadian securities regulators for the proposed launch of Purpose Solana ETF.

    The Purpose Solana ETF seeks to invest substantially all of its assets in long-term holdings of Solana and to provide holders of ETF Units with the opportunity for long-term capital appreciation.

    “At Purpose, we are committed to pioneering innovation and bridging the gap between traditional and decentralized finance to unlock new opportunities for investors,” said Som Seif, founder and CEO of Purpose Investments. “We have long believed in the transformative potential of crypto and decentralized finance and have taken a thoughtful, measured approach to making these innovations accessible to investors. In 2021, we led the way with the world’s first spot Bitcoin ETF, followed shortly by the first Ether ETF. With the continued evolution of the Solana blockchain network, we believe now is the time to provide investors with direct exposure to Solana, further expanding access to this emerging digital asset ecosystem.”

    “We are committed to providing investors with access to this exciting opportunity in a simple, secure, and efficient manner through the ETF structure,” added Vlad Tasevski, Chief Innovation Officer of Purpose.

    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 simplified prospectus relating to the ETFs (the “Preliminary Prospectus”) has been filed with the Canadian securities commissions or similar authorities. You cannot buy shares 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 www.purposeinvest.com.

    Commissions, trailing commissions, management fees, and expenses may all be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed; their values change frequently, and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI USA: Senator Marshall Joins Newsmax National Report: RFK Jr. Will Execute President Trump’s Agenda

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington, D.C. – U.S. Senator Roger Marshall, M.D. joined Newsmax: National Report to discuss CIA Director John Ratcliffe’s recent release of declassified COVID-19 origins documents confirming the intelligence community’s long-suspected lab leak theory, as well as former President Joe Biden’s preemptive pardoning of Covid Czar Dr. Anthony Fauci. Senator Marshall has been an advocate in calling for transparency around the lab leak theory and the Biden Administration’s lack of transparency. 
    Additionally, Senator Marshall shared his support for President Trump’s Secretary of Health and Human Services (HHS) Nominee, Robert F. Kennedy, Jr., as he prepares for his confirmation hearings this week in the Senate Finance and Health Committees. As the leader and founder of the Senate Make America Healthy Again Caucus, Senator Marshall discussed how RFK Jr. will combat America’s chronic disease epidemic. 
    You may click HERE or on the image above to watch Senator Marshall’s full interview. 
    Highlights from Senator Marshall’s interview include:
    On CIA Director John Ratcliffe Releasing Classified Covid Origin Reports: 
    “I think number one is this is a sign of President Trump’s more transparency model. But look, most of the evidence, the preponderance of the evidence, supports that this virus came from a lab in Wuhan China, partially funded by Dr Fauci. We’ve known that for years. Look, China’s had five years to show us some type of an intermediate species, how this virus could have came from a bat, to some type of an animal, and then to humans. We’ve known from day one that this was very suspicious.”
    “This is just transparency. Promises made, promises kept. President Trump has promised that he would make everything more transparent. Here’s John Ratcliffe implementing that plan.” 
    On President Biden’s pre-emptive pardoning of Dr. Fauci: 
    “Once again, what are they hiding? And of course, he did this with the entire Biden cartel as well. He pardoned them from future charges, which is just unheard of.”
    “I think there’s going to be a preponderance of evidence coming out showing that Dr. Fauci is partially responsible for the 1 million Americans that died due to COVID, that he funded the research to develop this COVID virus, and it was then accidentally leaked from a lab in Wuhan, China. It’s a horrible, horrible [precedent] for the President to do this.”
    On President Trump’s Nominee for HHS Secretary, Robert F. Kennedy Jr.: 
    “I don’t agree with RFK Jr. on everything, but I fully support him. I think he’s absolutely going to be a game-changer. I think there’s a groundswell of people, Americans who support RFK Jr. as well – and we need those people to reach out to their senators this week as RFK Jr. goes into nomination hearings. He actually has two hearings going forward, so we need folks to reach out and say ‘this is why we support him.’”
    “Look, RFK Jr. is going to execute the President’s agenda. There’s some things in the past that RFK Jr. and I disagree with, but he’s going to put those beside him and focus on making America healthy again, and that’s all President Trump’s goal is here.”
    “60% of Americans have some type of a chronic disease, and mostly that’s determined by what they eat and the toxins they’re exposed to. So I’m just looking forward to working with RFK Jr. again. He’s going to be a game changer and is going to give us an opportunity to address some of these challenges. He’s going to do a great job.”

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER: STANDING AT ALTON’S RESTAURANT IN CHEEKTOWAGA WITH EGG & GROCERY PRICES RISING DUE TO BIRD FLU OUTBREAK CALLS ON FEDS TO SURGE ‘BIOSECURITY’ AND GET ALL HANDS ON DECK TO HELP FARMS CONTAIN…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Schumer Says Egg Prices Already Increased $2 Per Dozen In Last Two Months And Could Get Worse If New Admin Doesn’t Surge Efforts To Beat Bird Flu; Farmers Do Not Have Resources To Contain Bird Flu Alone, Says Feds Must Ramp Up Efforts NOW Before Prices Climb Higher
    With Millions Of Birds Impacted Last Month, And More Bird Flu Being Found In NY Just Last Week, Schumer Says Biosecurity And Increased Fed Response Is Key To Isolate & Contain Bird Flu And Lower Grocery Costs
    Schumer: With New Admin, We Can’t Afford To Scramble To Keep Bird Flu Mitigation Going—Or Egg & All Grocery Prices Could Surge
    Amid the increasing price of eggs in Western NY and across Upstate New York amid the bird flu outbreak, U.S. Senator Chuck Schumer today stood at Cheektowaga’s beloved Alton’s Restaurant and called on HHS and the USDA to surge funding and get all hands on deck for coordinated federal response to stop the spread causing sky-rocketing egg prices and lower costs for families, diners, and local bakeries.
    “Alton’s has been a staple in Western New York for over 40 years, but recently restaurants like Alton’s and families in Buffalo have been shell-shocked by higher egg and grocery prices. Egg prices are skyrocketing because of bird flu, driving costs up for families, farms, diners, and small businesses. In November, a dozen eggs cost about $4 in NY which is already high, but now the average is nearly $6, and with bird flu getting worse this problem could quickly spiral into a crisis,” said Senator Schumer. “Last year I secured millions to help contain this disease and we need the new administration to surge biosecurity efforts to beat back bird flu. We need a robust, coordinated federal response to crack down on bird flu and I am committed to working in a bipartisan way with the new administration to get grocery prices lower and that starts with getting a handle on bird flu. The health of our livestock, our restaurants, and Western NY families’ wallets depend on it.”
    For decades, Alton’s has been a beloved cornerstone of Western New York’s culinary scene, serving hearty Greek-American comfort food for breakfast, lunch, and dinner. Since opening its doors in 1982, the Cheektowaga-based restaurant, owned by Milton Koutsandreas, has built a loyal following with its warm atmosphere and home-cooked meals. However, like many local businesses across the region, Alton’s has felt the strain of rising costs, particularly the significant increase in egg prices. Just a few months ago they were able to get 30 dozen eggs for $50 a case, and now the diner is seeing prices climb to $180 a case.
    Some grocery stores are limiting the number of egg cartons consumers can purchase, and the price of eggs in New York State has increased from $4.23 in November to $6.10 as of January 10 according to the U.S. Department of Agriculture. Roughly 8% of egg supply has been affected by the avian flu nationwide, and experts say prices could increase an additional 20% in 2025 if the bird flu keeps spreading.
    Schumer added, “I’ll be pushing for more federal resources in the upcoming budget bill to stop the bird flu, and the feds need to continue prioritizing biosecurity, get all hands on deck for containing bird flu. This will give farmers the resources to isolate, sanitize, and purchase the protective equipment they need.”
    More than 20 million egg-laying chickens died last quarter because of bird flu, and last week Long Island’s last commercial duck farm was forced to kill thousands of ducks after health officials detected cases of bird flu, forcing the farm to cease operations. An outbreak in Georgia last week showed how the virus can spread, and Schumer highlighted the need for federal coordination to prevent further spread and support farms in New York and across the country. With infections across the country, there have been fewer eggs available, and decreased supply has led to increasing prices at grocery stores.
    “As a restaurant manager, I know firsthand how crucial affordable ingredients are to keeping our business running and our customers happy. Eggs are a staple in so many of the dishes we serve, and rising prices significantly affect our costs and prices – something we always try to avoid,” said Alton’s Restaurant General Manager Audrea Arricale. “I want to thank Senator Chuck Schumer for taking the issue of excessively high food costs seriously.”
    “Stable egg prices are critical for the success of Cheektowaga’s local businesses, especially restaurants and grocery stores, which are already navigating the challenges of inflation,” said Cheektowaga Chamber of Commerce President and CEO James Burns. “Senator Schumer’s push to strengthen biosecurity and support farmers in fighting bird flu is essential to keeping costs down for both businesses and families in our community.”
    “I thank Senator Schumer for standing up for basic, common sense public health efforts. As the COVID-19 pandemic showed, we need everyone, from global partners and academia to local health departments in the fight together against illnesses like H5N1 highly pathogenic avian flu, which is a looming threat to the public’s health, our economy and our food security,” said Erie County Executive Mark Poloncarz.
    “I thank Senator Schumer for his efforts to advance a practical solution to an issue that has a concrete impact on all of us. Resources are already in the federal budget and should be expended to address the issue,” said Cheektowaga Town Supervisor Brian Nowak.
    Schumer said that the federal government must invest in biosecurity efforts including isolation, sanitation, and more personal protective equipment (PPE). The senator called on the U.S. Department of Agriculture (USDA), U.S. Department of Health and Human Services (HHS), Centers for Disease Control and Prevention, and National Institutes of Health, among other federal agencies, to engage in a coordinated federal response to manage this bird flu outbreak. HHS invested $300+ million dollars before the new administration took office and the USDA has said that preparedness is the key to keeping Americans healthy and our country safe. Schumer said that as Congress continues to negotiate the Farm Bill, which regulates the federal budget for agricultural-related programs, the new Congress and the new administration must continue to prioritize investing in helping farms detect and contain bird flu.
    “The bottom-line here is that we do not want farmers, the feds, or consumers at the grocery store to scramble with this threat of bird flu sustaining into 2025. We want to try and keep grocery prices in check, and that means keeping the new Congress and the new administration laser-focused on ending this latest bird flu outbreak,” said Schumer.
    Under the Biden administration, the CDC made plans to award approximately $111 million in funding to enhance our ability to monitor the bird flu at the local, state and national levels, including $103 million to increase monitoring of individuals exposed to infected animals, testing, and outreach to high-risk populations (such as livestock workers) and $8 million to manufacture, store, and distribute influenza diagnostic test kits for virologic surveillance. The NIH made plans to award approximately $11 million in funding for additional research into potential medical countermeasures for the bird flu.

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER: STANDING AT ROCHESTER’S JINES RESTAURANT WITH EGG & GROCERY PRICES RISING DUE TO BIRD FLU OUTBREAK CALLS ON FEDS TO SURGE ‘BIOSECURITY’ AND GET ALL HANDS ON DECK TO HELP FARMS CONTAIN BIRD…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Schumer Says Egg Prices Already Increased $2 Per Dozen In Last Two Months And Could Get Worse If New Admin Doesn’t Surge Efforts To Beat Bird Flu; Farmers Do Not Have Resources To Contain Bird Flu Alone, Says Feds Must Ramp Up Efforts NOW Before Prices Climb Higher
    With Millions Of Birds Impacted Last Month, And More Bird Flu Being Found In NY Just Last Week, Schumer Says Biosecurity And Increased Fed Response Is Key To Isolate & Contain Bird Flu And Lower Grocery Costs
    Schumer: With New Admin, We Can’t Afford To Scramble To Keep Bird Flu Mitigation Going—Or Egg & All Grocery Prices Could Surge
    Amid the increasing price of eggs in the Rochester-Finger Lakes region and across Upstate New York, U.S. Senator Chuck Schumer today stood at Rochester’s beloved Jines Restaurant and called on HHS and the USDA to surge funding and get all hands on deck for coordinated federal response to stop the spread causing sky-rocketing egg prices and lower costs for families, diners, and local bakeries.
    “Everyone in Rochester has eaten at Jines at some point, but diners like Jines and families in Rochester have been shell-shocked by higher egg and grocery prices. Egg prices are skyrocketing because of bird flu, driving costs up for families, farms, diners, and small businesses. In November, a dozen eggs cost about $4 in NY which is already high, but now the average is nearly $6, and with bird flu getting worse this problem could quickly spiral into a crisis,” said Senator Schumer. “Last year I secured millions to help contain this disease and we need the new administration to surge biosecurity efforts to beat back bird flu. We need a robust, coordinated federal response to crack down on bird flu and I am committed to working in a bipartisan way with the new administration to get grocery prices lower and that starts with getting a handle on bird flu. The health of our livestock, our restaurants, and Rochester families’ wallets depend on it.”
    Jines Restaurant serves thousands of eggs per week, and says the cost of egg cases has increased at unprecedented rates since the start of the avian flu. The restaurant is used to a dozen eggs costing $1.50 a dozen, but now sees prices at $6.50 a dozen and above. With the price of eggs continuing to rise steeply in Rochester and across the country, local diners like Jines are being forced to decide between absorbing the costs and raising prices for customers.
    Some grocery stores are limiting the number of egg cartons consumers can purchase, and the price of eggs in New York State has increased from $4.23 in November to $6.10 as of January 10 according to the U.S. Department of Agriculture. Roughly 8% of egg supply has been affected by the avian flu nationwide, and experts say prices could increase an additional 20% in 2025 if the bird flu keeps spreading.
    Schumer added, “I’ll be pushing for more federal resources in the upcoming budget bill to stop the bird flu, and the feds need to continue prioritizing biosecurity, get all hands on deck for containing bird flu. This will give farmers the resources to isolate, sanitize, and purchase the protective equipment they need.”
    More than 20 million egg-laying chickens died last quarter because of bird flu, and last week Long Island’s last commercial duck farm was forced to kill thousands of ducks after health officials detected cases of bird flu, forcing the farm to cease operations. An outbreak in Georgia last week showed how the virus can spread, and Schumer highlighted the need for federal coordination to prevent further spread and support farms in New York and across the country. With infections across the country, there have been fewer eggs available, and decreased supply has led to increasing prices at grocery stores.
    Peter Gines, Jines Restaurant Owner said, “Eggs are used in nearly every dish that we serve and when you need thousands of eggs a week, every cost increase multiplies quickly.  As a small business owner, and on behalf of our employees and customers, we appreciate Senator Schumer’s attention to addressing this issue.”
    Schumer said that the federal government must invest in biosecurity efforts including isolation, sanitation, and more personal protective equipment (PPE). The senator called on the U.S. Department of Agriculture (USDA), U.S. Department of Health and Human Services (HHS), Centers for Disease Control and Prevention, and National Institutes of Health, among other federal agencies, to engage in a coordinated federal response to manage this bird flu outbreak. HHS invested $300+ million dollars before the new administration took office and the USDA has said that preparedness is the key to keeping Americans healthy and our country safe. Schumer said that as Congress continues to negotiate the Farm Bill, which regulates the federal budget for agricultural-related programs, the new Congress and the new administration must continue to prioritize investing in helping farms detect and contain bird flu.
    “The bottom-line here is that we do not want farmers, the feds, or consumers at the grocery store to scramble with this threat of bird flu sustaining into 2025. We want to try and keep grocery prices in check, and that means keeping the new Congress and the new administration laser-focused on ending this latest bird flu outbreak,” said Schumer.
    Under the Biden administration, the CDC made plans to award approximately $111 million in funding to enhance our ability to monitor the bird flu at the local, state and national levels, including $103 million to increase monitoring of individuals exposed to infected animals, testing, and outreach to high-risk populations (such as livestock workers) and $8 million to manufacture, store, and distribute influenza diagnostic test kits for virologic surveillance. The NIH made plans to award approximately $11 million in funding for additional research into potential medical countermeasures for the bird flu.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: AI sensors on fridges and kettles helping vulnerable people to live independently

    Source: United Kingdom – Executive Government & Departments 2

    Councils are leveraging AI and technology to enhance public services, save money, and improve living standards, aligning with government plans for £45 billion in efficiency savings under the Plan for Change.

    10 records of how local councils use AI to help local residents and save money.

    • From estimating budgets and improving care, to getting people new bins more quickly, new records reveal how councils are using AI and tech to help local residents and save money
    • Follows government announcing plans to put technology to work across public services, targeting £45 billion in efficiency savings
    • Innovations demonstrate the potential for AI and technology to improving public services and living standards, delivering on Plan for Change

    Local councils are picking up the AI mantle to help unleash this revolutionary technology across the UK – to turbocharge the Plan for Change and deliver a decade of national renewal.

    The latest transparency data – published by the Department for Science, Innovation and Technology (DSIT) – shows that councils are wasting no time in putting the weight of the public sector behind AI and finding new and innovative ways to make it work for working people.

    It shows that AI is being used to identify when a pensioner has had a fall, to stop people fall into rent arrears, to map which houses need loft insulation, to give people bigger bins, and – instead of taking people’s jobs – to help them find work in social care.

    The publication of records follows the Technology Secretary setting out a blueprint for how his department will help the public sector use technology to transform public services, targeting £45 billion in potential productivity savings.

    The plan will see a new team, housed in the Department for Science, Innovation and Technology (DSIT), cut across barriers to join up public services, including those provided by local councils, so people do not have to tell dozens of organisations the same thing.

    The team will first start by looking at services used by people with long term health conditions across organisations like the NHS, Department for Work and Pensions, local councils and more.

    As the digital centre of government, the Department for Science, Innovation and Technology (DSIT) will champion innovation, like that shown by the London Borough of Sutton, and help to spread it around the country so it can be used to improve public services and drive the Government’s Plan for Change.

    Speaking from a trip to see the Tech Enabled Care solution in Sutton, AI and Digital Government Minister Feryal Clark said:

    AI has immense potential to make our lives easier and improve public service. The technology we are together sharing with the public today includes shining examples of innovation that does everything from speeding up crucial applications for bigger bins, to helping people live independently.

    Being transparent with the detail of how we are putting AI to work in public services is crucial to our plans to use technology to improve public services, which is a key part of our Plan for Change.

    Other initiatives include AI-enabled fridge sensors and connected kettles are being used to detect changes in the daily routines of vulnerable people that could indicate a decline in health and ultimately lead to a fall, thanks to technology used by the London Borough of Sutton.

    Helping people who would otherwise need additional care, the technology uses sensors to spot changes in behaviour, like missed meals, a skipped cup of tea or whether a door has been left open for too long, before AI analysis is used to detect whether something might be wrong. An alert is then sent to close family members or carers so they can stop by to check on how they are and offer additional support if needed.

    Details of the technology, which was developed by Loughborough tech company The Access Group and Medequip Connect, have been released today alongside nine other public sector organisations setting out how they use AI and algorithmic tools. 

    Councillor Marian James, Lead Member for People Services at the London Borough of Sutton said:

    Research shows that people live well for longer when they can maintain their sense of independence and dignity by remaining in their own home. That’s why we are using the latest digital technology to enable our residents to continue living their lives independently within the comfort of their own home, but with the peace of mind that support is available when they need it. 

    The pressures facing our adult social care services show no sign of easing, so I’m proud the Council is taking this forward-thinking approach to find solutions that will reduce the pressure on the system, as well as being beneficial for our residents.

    Among the records published today, West Berkshire Council also shared how it is using technology to help residents get a bigger black bin more quickly, if they are eligible.

    A tool, built entirely in-house by the council, takes in information from an online application form, like the number of people living in a home, and the number of children in nappies, to automatically rule out people who might not be eligible for a bigger bin.

    Though, people whose applications are declined can still appeal the crucial decision, and have a human quickly look at their request. By speeding up the processing of requests, it makes sure families with newborns can get a bigger bin to handle the increased waste much more quickly.

    Other records published today detail chatbots used to help people apply for social care qualifications in Wales, and algorithmic tools to help councils more accurately predict the cost of adult care, so they can better manage their budgets.

    Minister of State for Care, Stephen Kinnock said:

    Around a third of adults over 65 will have at least one fall a year. This can be devastating and doesn’t just risk broken bones, but a loss of confidence and independence in older people.

    I am determined that we harness cutting-edge technology to protect them – and this groundbreaking AI will help to stop accidents before they happen and cut down on hospital visits.

    Our Plan for Change will drive forward this kind of innovation, transform the NHS, and ensure people can live safely and independently.

    Andy Sparkes, Managing Director, Local Government, The Access Group, said:

    We’re delighted to support Sutton Council’s ambitious approach to AI and technology-enabled care, which offers a personalised service that enables individuals to live independently for longer.

    AI and machine learning have the potential to enable all local authorities to shift their approach to care from the traditional reactive model to a more proactive approach that allows for early intervention. By scaling these proven examples of success, councils can reduce the pressure on current services and empower residents to remain in their homes for as long as possible.

    Notes to editors

    Full list of transparency records in this bundle.

    Dorset City Council

    Formulate for Adult Care – estimates financially sustainable personal budgets for adults with eligible care and support needs.

    Camden Council

    RentSense AI Tool Pilot – analyses council housing tenants’ rent transactions to prioritise arrears cases for management.

    Ealing Council

    Adult Social Care Annual Financial Expenditure Forecast – forecasts annual adult social care expenditure more accurately to make it easier for services to allocate budgets.

    Greater London Authority

    London Building Stock Model 2 – predicts missing information about London’s properties to help inform housing improvement programmes and decisions that reduce carbon emissions and energy bills.

    London Borough of Sutton

    Access Assure, Technology Enabled Care (TEC) – helps residents live independently by monitoring their data and alerting carers and family/friends where necessary.

    Social Care Wales

    Qualifications Chatbot – helps anyone with an interest in social care qualifications find appropriate qualification and information to work in the social care, early years, and childcare sector in Wales.

    Warwickshire County Council

    Domestic EPC Estimates – estimates domestic energy performance certificates (EPC) of households that have a missing EPC to help support better outcomes for citizens.

    West Berkshire Council

    Apply for a Larger Rubbish Bin – assesses whether applicants for a larger household waste container meet the minimum threshold set out in the council’s policy to provide a faster, improved service.

    London Borough of Barnet

    Ami Chatbot – a chatbot on the council’s website to provide better customer experience.

    Bristol City Council

    Not in Education, Employment, or Training (NEET) – assesses the risk of an individual becoming NEET to enable safeguarding professionals deliver timely and targeted interventions and support.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 300

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Landmarks Lit Yellow for Holocaust Remembrance Day

    Source: US State of New York


















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    MIL OSI USA News –

  • MIL-OSI China: What to watch about China’s Spring Festival travel rush

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

    BEIJING, Jan. 24 — Chunyun, the world’s largest annual human migration, officially kicked off on Jan. 14 in China ahead of the Spring Festival. Authorities predict travel volumes will hit new highs during the 40-day travel rush.

    The latest episode of the China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency, spotlighted key trends shaping this year’s travel season, including record-breaking travel numbers, booming tourism, transformative technologies, the rise of electric vehicles and a surge in inbound travel.

    TRAVEL PEAK

    The annual travel frenzy is driven by the movement of people working, studying or living far from their hometowns as they head back to celebrate China’s most important festival.

    It is estimated that 9 billion passenger trips will be made, with car journeys accounting for 80 percent. Railway trips are projected to surpass 510 million, while air passenger volume will likely exceed 90 million.

    Faced with such a massive travel demand, transportation systems are undergoing their annual tests. “Safety remains our top priority,” Wang Xiuchun, an official of the Ministry of Transport, said on the show.

    Rail and aviation authorities have deployed robust safety measures to ensure secure and efficient operations, including addressing weather-related challenges and improving risk prevention.

    TOURISM TAKING OFF

    While family reunions remained the primary reason for travel, tourism saw a notable surge this year.

    Wang predicted a 25-percent increase in travel for leisure purposes. Popular destinations include tropical hotspots like Hainan and Yunnan, as well as winter wonderlands in Heilongjiang, Jilin and Xinjiang, said Shang Kejia, an official of the Civil Aviation Administration of China.

    Local tourism authorities are seizing the opportunity to attract visitors with unique offerings. Guangzhou’s Flower City Square is holding a spectacular lantern festival, while Tianjin’s cruise market is already bustling with holiday travelers. Harbin, the host of the 9th Asian Winter Games, is blending winter sports with holiday festivities, a combination that is a real boost to the ice-and-snow economy.

    “The way people celebrate the Chinese Lunar New Year is becoming more diverse and enriched, reflecting changing travel habits,” said Shang.

    TECHNOLOGY RESHAPING TRAVEL

    Technology has also reshaped the Spring Festival migration. Online purchases now account for over 93 percent of railway ticket sales, said Zhu Wenzhong from China State Railway Group Co., Ltd.

    As of 9 a.m. Tuesday, 12306, the railway booking platform, had sold 235 million tickets since Dec. 31. Travelers no longer need paper tickets, as ID cards grant seamless access to trains. The app also offers a wide range of additional services like hotel bookings, car rentals and food delivery.

    Beyond ticketing, innovations like smart inspection robots, drone-assisted traffic monitoring, and highway ice warning systems are also helping ensure safer and smoother journeys.

    RISE OF ELECTRIC VEHICLES

    New energy vehicles (NEVs) are joining the chunyun in growing numbers.

    NEVs accounted for 15.9 percent of road trips during the National Day holiday in October last year, and their share is expected to rise further this Spring Festival, experts said.

    To meet the rising charging demand, the country has accelerated the construction of charging infrastructure. By the end of 2024, 98 percent of highway service areas had charging facilities, with 35,000 charging stations in place. “Aside from a few remote, high-altitude areas, nearly all service areas now offer charging options,” said Hua Lei, an official with the Ministry of Transport.

    In 2024, China’s NEV production and sales hit record highs, exceeding 12.8 million units, which solidified the country’s position as the global NEV leader for a tenth consecutive year.

    CHINA TRAVEL

    Another notable highlight this year is the surge in inbound tourism. According to preliminary statistics, ticket bookings for inbound flights during the chunyun period surged 47 percent year on year, Shang said.

    “China Travel” has become a trending topic, globally. In 2024, 64.88 million foreign visitors traveled to the country, an 82.9 percent increase from the previous year. In particular, visa-free entries involved 20.12 million visits, more than double that of 2023.

    China’s commitment to opening-up is driving this tourism boom.

    Expanded visa policies, such as mutual visa waivers with 25 countries, unilateral visa-free policies for 38 countries, and transit visa exemptions for 54 countries, are making it easier for tourists to explore China.

    Additionally, improvements in payment systems, accommodations and public transport also ensure foreign visitors can fully enjoy China’s cultural and technological charms, experts said.

    MIL OSI China News –

  • MIL-OSI China: Chinese medical team provides free health checkups to rural community in South Sudan

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

    Chinese medical team provides free health checkups to rural community in South Sudan

    JUBA, Jan. 27 — The 12th batch of the Chinese medical team recently visited Juba Nabari, a local village north of Juba, the capital of South Sudan, to provide free medical checkups and treatment to hundreds of ailing patients.

    Fauzia Lotombiko, a 50-year-old mother of eight, was one of several patients who braved the sweltering heat to seek treatment under a mango shed. The Chinese doctors provided Lotombiko with medication to regulate her blood pressure and relieve some back pain.

    Since 2014, Lotombiko has endured immense back pain after a fall, and her condition worsened when she was later diagnosed with high blood pressure. This condition has robbed her of the ability to do normal chores and forced her to stay at home.

    “The arrival of the Chinese doctors in my home village gave me hope of recovery. In addition to giving me essential medicines, they also gave me advice,” Lotombiko said Saturday.

    James Jada, 41, brought his daughter to the Chinese medical team. He said he had given up trying to find proper treatment for her severe flu and cough, which had been going on since last November.

    Jada said he was hopeful that his daughter’s condition would improve with the medication he was given to treat her. The doctors did a complete physical exam on Jada’s daughter before recommending the medication.

    “I thank the Chinese doctors for taking care of my daughter. I hope that my daughter’s condition will improve, and I believe that healing is not instantaneous, but a process,” said Jada.

    Pierina Abraham Norah, a 50-year-old woman who suffered from severe back and joint pain, was visited at home by Chinese doctors to assess her condition. She thanked the Chinese doctors for their compassion for the needy in her community.

    Natalie Kon Justine, Abraham’s son, who organized the arrival of the Chinese medical team to conduct outreaches in his village, commended them for reducing the burden of disease in his community.

    “This village has a good number of health clinics, but they are very expensive, and many citizens cannot easily afford the cost of treatment at these private health facilities around here,” Justine said. “This medical outreach has eased the burden of treatment for many families because the medicines provided by the Chinese doctors are effective.”

    Du Changyong, leader of the 12th batch of the Chinese medical team, said the visit to Juba Nabari was aimed at implementing the outcomes of the 2024 Beijing Summit of the Forum on China-Africa Cooperation and the program of “100 Medical Teams in 1,000 Villages” to provide medical services to people at the grassroots level.

    According to Du, the 12th batch of the Chinese medical team arrived in South Sudan in September 2024, and they have already served 6,300 outpatients, carried out 64 surgical operations, and treated 441 patients in critical condition. The team has also provided traditional Chinese medicine treatment to 1,200 patients, carried out laboratory tests on 850 patients, provided image testing to 800 patients, and introduced the new medical technology used at the Juba Teaching Hospital.

    In early December 2024, the 12th batch of the Chinese medical team provided medical outreach services to hundreds of patients in Lobonok town on the outskirts of Juba.

    MIL OSI China News –

  • MIL-OSI China: Local power supply bureau carries out inspection, maintenance work in Liupanshui, China’s Guizhou

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

    Local power supply bureau carries out inspection, maintenance work in Liupanshui, China’s Guizhou

    Updated: January 28, 2025 07:41 Xinhua
    Staff members of local power supply bureau check power lines in Liupanshui City, southwest China’s Guizhou Province, Jan. 26, 2025. In case of power disruption due to continuous snowfall, local power supply bureau carried out an urgent inspection and maintenance work to ensure the safe and stable operation of local power grid. [Photo/Xinhua]
    Staff members of local power supply bureau patrol in Liupanshui City, southwest China’s Guizhou Province, Jan. 26, 2025. [Photo/Xinhua]
    Staff members of local power supply bureau check power lines in Liupanshui City, southwest China’s Guizhou Province, Jan. 26, 2025. [Photo/Xinhua]
    An aerial drone photo taken on Jan. 26, 2025 shows staff members of local power supply bureau on their way to a check point in Liupanshui City, southwest China’s Guizhou Province. [Photo/Xinhua]
    An aerial drone photo taken on Jan. 26, 2025 shows staff members of local power supply bureau on their way to a check point in Liupanshui City, southwest China’s Guizhou Province. [Photo/Xinhua]
    Staff members of local power supply bureau patrol in Liupanshui City, southwest China’s Guizhou Province, Jan. 26, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI New Zealand: Second arrest over Middlemore firearms incident

    Source: New Zealand Police (National News)

    A second person has appeared in court over a firearms incident at Middlemore Hospital earlier this month.

    An investigation has been ongoing since 4 January, when a firearm was allegedly fired from a vehicle.

    Detective Inspector Shaun Vickers says the Counties Manukau Offender Prevention Team executed a search warrant late last week.

    “At a Manurewa address, a 23-year-old man was located by our staff and arrested,” he says.

    “The investigation team have laid a number of serious charges against this man.”

    He has been charged with committing a dangerous act with intent to cause grievous bodily harm, and commission of an offense with a firearm.

    The 23-year-old appeared in the Manukau District Court over the weekend and will reappear today.

    Two arrests have now been made in the investigation.

    Police are not ruling out further arrests or charges being made, Detective Inspector Vickers says.

    ENDS.

    Jarred Williamson/NZ Police
     

    MIL OSI New Zealand News –

  • MIL-OSI Australia: New data shows Albanese Labor Government’s early childhood education plan is working for families and educators

    Source: Australian Ministers for Education

    New data released today shows families across Australia have saved up to $2,768 since childcare subsidies came into effect in 2023, as the Albanese Labor Government shores up the early childhood education workforce and moves towards universal childcare.

    The data, provided by the Department of Education, shows an Australian family on an income of $120,000 a year paying the average quarterly fee for 30 hours childcare per week has saved approximately $2,768 since September 2023.

    This is real cost of living relief, going back into the pockets of Australian families.  

    This comes on top of new data released by Jobs and Skills Australia showing workforce vacancy rates in the early education and care sector have plummeted over the last 12 months, with internet vacancy rates down 22 per cent since December 2023.

    The decrease coincides with the Albanese Labor Government’s commitment last year to fund a 15 per cent wage increase over two years for ECEC workers.

    In addition, Goodstart, the biggest ECEC employer in Australia, says completed job applications have increased by 35 per cent year-on-year and expressions of interest are up 50-60 per cent.

    More than 50 per cent of services have now applied for Labor’s Worker Retention Payment.

    The Worker Retention Payment supports pay rises for up to 200,000 ECEC workers, recognising the important work they do and helping with cost-of-living pressures.

    Pay rises of 10 per cent above the award rate started hitting the pay packets of eligible ECEC workers in December, with a further 5 per cent increase due in December this year.

    The wage increase will support early education and care providers to give their employees a pay boost, helping to retain the existing workforce and attract new workers to the sector.

    We know Building Australia’s Future is about more than bricks and mortar. It’s about investing in people, in skills and education.

    That’s why the Albanese Labor Government is committed to establishing a $1 billion Building Early Education Fund from July 2025 and guaranteeing every child access to at least three days of high-quality early education as critical next steps to building a universal early education and care system.

    Quotes attributable to Minister for Education Jason Clare:

    “We have cut the cost of child care for more than 1 million families. The next step is fixing the pay of some of the most important workers in this country.

    “This shows our 15 per cent pay rise for early educators is working. Applications are up and job vacancies are down.

    “If we win the next election, we will build more centres where they are needed in the outer suburbs and the regions and guarantee every child who needs it three days of subsidised early education so they start school ready to learn.”

    Quotes attributable to Minister for Early Childhood Education Anne Aly:

    “Properly valuing the early childhood education and care workforce is crucial to attracting and retaining workers and vital to achieving the quality universal early learning sector Australian families deserve.

    “We’re boosting the wages of early childhood education workers, while relieving cost of living pressures on Australian families.

    “I urge all eligible early learning services to sign up to this important initiative, so their hardworking staff get the full benefit of this wage increase.”

    MIL OSI News –

  • MIL-OSI Security: Chief Engineer of Vessel Guilty of Obstruction and Violating Ship Pollution Prevention Laws Sentenced to 3 Months Imprisonment

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – United States Attorney Duane A. Evans announced that FEI WANG “WANG,” age 38, pled guilty on January 24, 2025 to violating the Act to Prevent Pollution from Ships (APPS) and for obstructing proceedings, and was sentenced during the same proceeding to 3 months in prison, 3 years of supervised release and payment of a $200 mandatory special assessment fee.

    WANG, a Chinese national, was the Chief Engineer of the M/V ASL Singapore, a Chinese-owned bulk carrier registered in Liberia and engaged in trade in the United States. The ASL Singapore arrived in New Orleans on February 26, 2024.  The U.S. Coast Guard conducted an inspection, which included review of the vessel’s Oil Record Books.  In his plea, WANG acknowledged presenting these books to the Coast Guard knowing they contained fraudulent entries and omitted information about discharging oily bilge water directly overboard before arriving in the United States. The falsified logs were intended to conceal the fact that since at least October 2023, when WANG boarded the vessel, the crew had dumped oily bilge water overboard directly from the bilge holding tank and was not complying with international treaties regulating oil pollution from ships.

    According to court documents and statements, the crew used a portable pump and flexible hose—a so-called “magic pipe”—to dispose of oily bilge water in violation of MARPOL (the International Convention for the Prevention of Pollution from Ships), and without the use of the appropriate pollution prevention equipment and monitoring.  This was done prior to WANG  boarding the vessel and continued while he was Chief Engineer, in charge of all engine room operations.  The vessel’s Oily Water Separator was never properly used during WANG’s time as Chief Engineer.

    “Today’s sentencing highlights the commitment of the Coast Guard Investigative Service (CGIS) to hold individuals accountable for violations of MARPOL, particularly in cases involving the discharge of oily waste,” stated Damon J. Youmans, Special Agent in Charge, U.S. Department of Homeland Security, Coast Guard Investigative Service, Gulf Field Office. “CGIS will continue to collaborate with our partners from the Department of Justice’s Environmental Crimes Division, the U.S. Attorney’s Office, and the United States Coast Guard, Sector New Orleans to enforce environmental laws and investigate these offenses.”

    The Coast Guard Investigative Service and the EPA Criminal Investigations Division investigated the case with assistance from U.S. Coast Guard Sector New Orleans. Assistant U.S. Attorneys Christine M. Calogero of the General Crimes Unit, and G. Dall Kammer, Chief of the General Crimes Unit, are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Security: Joplin Man Sentenced to Life in Prison for Kidnapping That Resulted in Torture, Death of Victim

    Source: Office of United States Attorneys

    SPRINGFIELD, Mo. – A Joplin, Mo., man was sentenced in federal court today for his role in a kidnapping conspiracy that resulted in the torture and death of the victim, as well as another conspiracy to kidnap a woman who was rescued from his attack at a Neosho, Mo., hotel room.

    Freddie Lewis Tilton, also known as “Ol’ Boy,” 52, of Joplin, Mo., was sentenced by U.S. District Judge M. Douglas Harpool to life in federal prison without parole.

    Tilton pleaded guilty on Sept. 19, 2023, to his role in a kidnapping conspiracy that resulted in the torture and death of the victim, as well as two counts of being a felon in possession of firearms. The court sentenced Tilton to one term of life in prison and two terms of 10 years in prison, to be served concurrently, in this case.

    In a separate case involving a second victim, Tilton was found guilty at trial on Sept. 17, 2024, of one count of conspiracy to commit kidnapping, one count of kidnapping, and one count of stalking. The court sentenced Tilton to two terms of 30 years in prison and one term of 10 years in prison, to be served concurrently to the sentence in the first case, for a total sentence of life in prison.

    Tilton pleaded guilty to participating in a conspiracy to kidnap the victim, identified as “M.H.,” in July 2020. Tilton is among six defendants who pleaded guilty and have been sentenced in this case. James B. Gibson, also known as “Gibby,” 42, of Neosho, was sentenced to 30 years in federal prison without parole. Lawrence William Vaughan, also known as “Scary Larry,” 53, of Neosho, was sentenced to 25 years in federal prison without parole. Amy Kay Thomas, 41, of Webb City, Mo., was sentenced to 20 years in federal prison without parole. Carla Jo Ward, 50, of Joplin, was sentenced to 10 years in federal prison without parole. Russell Eugene Hurtt, also known as “Uncle,” 53, of Greenwood, Mo., was sentenced to seven years in federal prison without parole.

    Tilton offered Ward and Vaughan $5,000 each to locate and secure M.H. for him. Ward picked up M.H., whom she knew was being sought by Tilton, and took him to Vaughan’s residence.

    Tilton, Thomas, and Gibson arrived at Vaughan’s residence in the early morning hours of July 15, 2020. They bound M.H.’s hands with handcuffs, and duct tape was placed around his mouth and other parts of his body. Gibson, Thomas, and others assaulted M.H. for a period of time. M.H. was cut, beaten, and shot at. Gibson burned M.H. with a blowtorch. Tilton fatally shot M.H. in the head. Thomas and others cleaned up the blood and damage created during the assault and shooting of M.H. They wrapped M.H.’s body in plastic wrap and Thomas, Tilton, and Gibson transported it to Hurtt’s property.

    Law enforcement officers executed a search warrant at Hurtt’s property on July 28, 2020, based on information that a deceased body was located on the acreage. When officers attempted to contact the occupants of the residence, Tilton fired multiple shots from inside the residence at the officers. Tilton was apprehended.

    Officers found M.H.’s body on the property. Officers searched the residence and found a Rigarmi .25-caliber pistol, an Ithaca .22-caliber rifle, a Remington .22-caliber rifle without a serial number, a Harrington and Richardson 12-gauge shotgun, a Ruger 9mm handgun, and a Taurus 9mm handgun without a serial number.

    Under federal law, it is illegal for anyone who has been convicted of a felony to be in possession of any firearm or ammunition. Tilton has two prior felony convictions for burglary, two prior felony convictions for larceny of an automobile, and prior felony convictions for stealing, possession of a controlled substance, burglary of an automobile, possession of a chemical with intent to manufacture, receiving stolen property, unlawful use of a weapon, theft and tampering.

    In a separate case that involved another kidnapping a few days after M.H.’s death, before Tilton was apprehended by law enforcement, Tilton and co-defendant Alvin Dale Boyer, 39, of Rogers, Arkansas, conspired to kidnap the second victim, identified in court documents as “S.T.” Boyer also was found guilty at trial on Sept. 17, 2024, of his role in the kidnapping conspiracy and one count of kidnapping and is scheduled to be sentenced on Feb. 25, 2025.

    An employee at Boonslick Lodge in Neosho called police at approximately 11:46 p.m. on July 19, 2020, to report that a woman was being choked and dragged into a room. A police officer knocked on the door of the room, and S.T., bloody and injured, opened the door and ran out of the room. Tilton jumped out the back window and escaped.

    Boyer had rented a room at the motel and invited S.T. to the motel to spend time with him.  Unknown to S.T., Boyer had rented the motel room for Tilton and Tilton was waiting in the room for her.  S.T. had an ex parte order of protection against Tilton. When S.T. entered the room, she was assaulted by Tilton.  S.T. was observed on video surveillance struggling to get out of the room, but she was dragged back in by Tilton.  Tilton struck S.T. repeatedly with a firearm and his fist.  Tilton attempted to shoot S.T., but the gun jammed.  S.T. was assaulted inside the room by Tilton for more than eight minutes before law enforcement arrived.

    Tilton escaped out of a window of the motel room with a handgun. Tilton attempted to climb down a vertical rain gutter, but fell to the ground as the guttering broke then ran away.

    Officers searched the motel room and found numerous indications that a violent, physical assault had taken place inside the room. In addition to blood on the room floor and door, officers found a chair with rope and zip ties attached, more nylon rope and zip ties, duct tape, a pair of pliers, a blowtorch and lighter fluid, a butane torch, drop cloths, plastic gloves, a Taurus 9mm handgun, and a Kimber .223-caliber semi-automatic rifle.

    S.T. was transported to a hospital for treatment of her injuries.

    These cases are being prosecuted by Assistant U.S. Attorney Ami Harshad Miller. They were investigated by the FBI, Newton County Sheriff’s Office, and the Neosho, Mo., Police Department.

    MIL Security OSI –

  • MIL-OSI Security: Missouri Man Admits Transporting Minor for Sex

    Source: Office of United States Attorneys

    ST. LOUIS – A Missouri man has pleaded guilty and admitted transporting a minor across state lines for sex.

    Scott M. Arnold-Micke, 48, pleaded guilty to one count of transportation of a minor to engage in a criminal sex act. He admitted in his plea agreement that in 2021, he took the 17-year-old victim to Chicago, where they used drugs and engaged in sexual acts. Arnold-Micke met the victim that summer and began engaging in drug usage with the victim on an almost daily basis after Arnold-Micke moved from Sullivan, Missouri to Rolla, Missouri.

    Arnold-Micke is scheduled to be sentenced April 30. Both the U.S. Attorney’s office and Arnold-Micke’s lawyers have agreed to recommend 230 months in prison.

    The case was investigated by the FBI, the Rolla Police Department, and the Phelps County Sheriff’s Department.  Assistant U.S. Attorney Dianna Edwards is prosecuting the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and the Department of Justice Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

    MIL Security OSI –

  • MIL-OSI: SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR SECOND QUARTER OF FISCAL 2025; DECLARES QUARTERLY DIVIDEND OF $0.23 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, JANUARY 28, AT 9:30 AM CENTRAL TIME

    Source: GlobeNewswire (MIL-OSI)

    Poplar Bluff, Missouri, Jan. 27, 2025 (GLOBE NEWSWIRE) —

    Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the second quarter of fiscal 2025 of $14.7 million, an increase of $2.5 million, or 20.2%, as compared to the same period of the prior fiscal year. The increase was attributable to increases in net interest income and noninterest income, partially offset by increases in noninterest expense, income taxes, and provision for credit losses. Preliminary net income was $1.30 per fully diluted common share for the second quarter of fiscal 2025, an increase of $0.23 as compared to the $1.07 per fully diluted common share reported for the same period of the prior fiscal year.

    Highlights for the second quarter of fiscal 2025:

    • Earnings per common share (diluted) were $1.30, up $0.23, or 21.5%, as compared to the same quarter a year ago, and up $0.20, or 18.2% from the first quarter of fiscal 2025, the linked quarter.
    • Annualized return on average assets (“ROAA”) was 1.21%, while annualized return on average common equity was 11.5%, as compared to 1.07% and 10.6%, respectively, in the same quarter a year ago, and 1.07% and 10.0%, respectively, in the first quarter of fiscal 2025, the linked quarter.
    • Net interest margin for the quarter was 3.36%, as compared to 3.25% reported for the year ago period, and 3.37% reported for the first quarter of fiscal 2025, the linked quarter. Net interest income increased $3.7 million, or 10.6% compared to the same quarter a year ago, and increased $1.5 million, or 4.0%, from the first quarter of fiscal 2025, the linked quarter.
    • Noninterest income was up 21.7% for the quarter, as compared to the same quarter a year ago, primarily as a result of losses realized on sale of available-for-sale (AFS) securities in the prior comparable quarter, and down 4.3% from the first quarter of fiscal 2025, the linked quarter.
    • Gross loan balances as of December 31, 2024, increased by $60.5 million, or 1.5%, as compared to September 30, 2024, and by $295.1 million, or 7.9%, as compared to December 31, 2023.
    • Cash equivalent balances as of December 31, 2024, increased by $70.5 million as compared to September 30, 2024, but decreased by $71.0 million as compared to December 31, 2023.
    • Deposit balances increased by $170.5 million, or 4.2%, as compared to September 30, 2024, and by $225.1 million, or 5.6%, as compared to December 31, 2023. The increase compared to the linked quarter was primarily due to seasonal inflows of deposits from agricultural and public unit depositors.
    • Tangible book value per share was $38.91, having increased by $4.26, or 12.3%, as compared to December 31, 2023.
    • The current period effective tax rate was 23.7%, as compared to 20.6% in the same quarter of the prior fiscal year. The effective tax rate for the December 31, 2024, quarter was elevated due a $380,000 adjustment of tax accruals attributable to completed merger activity.

    Dividend Declared:

    The Board of Directors, on January 21, 2025, declared a quarterly cash dividend on common stock of $0.23, payable February 28, 2025, to stockholders of record at the close of business on February 14, 2025, marking the 123rd consecutive quarterly dividend since the inception of the Company. The Board of Directors and management believe the payment of a quarterly cash dividend enhances stockholder value and demonstrates our commitment to and confidence in our future prospects.

    Conference Call:

    The Company will host a conference call to review the information provided in this press release on Tuesday, January 28, 2025, at 9:30 a.m., central time. The call will be available live to interested parties by calling 1-833-470-1428 in the United States and from all other locations. Participants should use participant access code 230612. Telephone playback will be available beginning one hour following the conclusion of the call through February 1, 2025. The playback may be accessed by dialing 1-866-813-9403, and using the conference passcode 279309.

    Balance Sheet Summary:

    The Company experienced balance sheet growth in the first six months of fiscal 2025, with total assets of $4.9 billion at December 31, 2024, reflecting an increase of $303.4 million, or 6.6%, as compared to June 30, 2024. Growth primarily reflected increases in net loans receivable, cash and cash equivalents, and AFS securities.

    Cash and cash equivalents were a combined $146.1 million at December 31, 2024, an increase of $84.7 million, or 137.9%, as compared to June 30, 2024. The increase was primarily the result of strong deposit generation that outpaced loan growth and AFS securities purchases during the period. AFS securities were $468.1 million at December 31, 2024, up $40.2 million, or 9.4%, as compared to June 30, 2024.

    Loans, net of the allowance for credit losses (ACL), were $4.0 billion at December 31, 2024, increasing by $175.0 million, or 4.6%, as compared to June 30, 2024. The Company noted growth primarily in drawn construction, 1-4 family residential, commercial and industrial, agricultural production loan draws, owner occupied commercial real estate, and agriculture real estate loan balances. This was somewhat offset by a decrease in loans secured by non-owner occupied commercial real estate, multi-family property, and consumer loans. The table below illustrates changes in loan balances by type over recent periods:

                                             
    Summary Loan Data as of:      Dec. 31,        Sep. 30,        June 30,        Mar. 31,        Dec. 31,  
       (dollars in thousands)   2024     2024     2024     2024     2023  
                                             
    1-4 residential real estate   $ 967,196     $ 942,916     $ 925,397     $ 903,371     $ 893,940  
    Non-owner occupied commercial real estate     882,484       903,678       899,770       898,911       863,426  
    Owner occupied commercial real estate     435,392       438,030       427,476       412,958       403,109  
    Multi-family real estate     376,081       371,177       384,564       417,106       380,632  
    Construction and land development     393,388       351,481       290,541       268,315       298,290  
    Agriculture real estate     239,912       239,787       232,520       233,853       238,093  
    Total loans secured by real estate     3,294,453       3,247,069       3,160,268       3,134,514       3,077,490  
                                             
    Commercial and industrial     484,799       457,018       450,147       436,093       443,532  
    Agriculture production     188,284       200,215       175,968       139,533       146,254  
    Consumer     56,017       58,735       59,671       56,506       57,771  
    All other loans     3,628       3,699       3,981       4,799       7,106  
    Total loans     4,027,181       3,966,736       3,850,035       3,771,445       3,732,153  
                                             
    Deferred loan fees, net     (202 )      (218 )     (232 )     (251 )     (263 )
    Gross loans     4,026,979       3,966,518       3,849,803       3,771,194       3,731,890  
    Allowance for credit losses     (54,740 )     (54,437 )     (52,516 )      (51,336 )     (50,084 )
    Net loans   $ 3,972,239     $ 3,912,081     $ 3,797,287     $ 3,719,858     $ 3,681,806  
       

    Loans anticipated to fund in the next 90 days totaled $172.5 million at December 31, 2024, as compared to $168.0 million at September 30, 2024, and $140.5 million at December 31, 2023.

    The Bank’s concentration in non-owner occupied commercial real estate, as defined for regulatory purposes, is estimated at 316.9% of Tier 1 capital and ACL at December 31, 2024, as compared to 317.5% as of June 30, 2024, with these loans representing 41.0% of gross loans at December 31, 2024. Multi-family residential real estate, hospitality (hotels/restaurants), care facilities, retail stand-alone, and strip centers are the most common collateral types within the non-owner occupied commercial real estate loan portfolio. The multi-family residential real estate loan portfolio commonly includes loans collateralized by properties currently in the low-income housing tax credit (LIHTC) program or that have exited the program. The hospitality and retail stand-alone segments include primarily franchised businesses; care facilities consisting mainly of skilled nursing and assisted living centers; and strip centers, which can be defined as non-mall shopping centers with a variety of tenants. Non-owner-occupied office property types included 33 loans totaling $24.2 million, or 0.60% of gross loans at December 31, 2024, none of which were adversely classified, and are generally comprised of smaller spaces with diverse tenants. The Company continues to monitor its commercial real estate concentration and the individual segments closely.

    Nonperforming loans (NPLs) were $8.3 million, or 0.21% of gross loans, at December 31, 2024, as compared to $6.7 million, or 0.17% of gross loans at June 30, 2024. Nonperforming assets (NPAs) were $10.8 million, or 0.22% of total assets, at December 31, 2024, as compared to $10.6 million, or 0.23% of total assets, at June 30, 2024. The rise in the total dollar of NPAs reflects an increase in NPLs, which was largely offset by a reduction in other real estate owned due to property sales. The increase in NPLs was primarily attributable to the addition of three unrelated loans collateralized by single-family residential property, totaling $1.4 million.

    Our ACL at December 31, 2024, totaled $54.7 million, representing 1.36% of gross loans and 659% of NPLs, as compared to an ACL of $52.5 million, representing 1.36% of gross loans and 786% of NPLs, at June 30, 2024. The Company has estimated its expected credit losses as of December 31, 2024, under ASC 326-20, and management believes the ACL as of that date was adequate based on that estimate. There remains, however, significant uncertainty as borrowers adjust to relatively high market interest rates, although the Federal Reserve has reduced short-term rates somewhat during this fiscal year. Qualitative adjustments in the Company’s ACL model were increased compared to June 30, 2024, due to various factors that are relevant to determining expected collectability of credit. The Company decreased the allowance attributable to classified hotel loans that have been slow to recover from the COVID-19 pandemic due to updated collateral appraisals, which provided a more favorable assessment than the Company’s prior period estimates. Additionally, provision for credit loss (PCL) was required due to loan growth in the second quarter of fiscal year 2025. As a percentage of average loans outstanding, the Company recorded net charge offs of 0.02% (annualized) during the current period, as compared to 0.10% for the same period of the prior fiscal year.

    Total liabilities were $4.4 billion at December 31, 2024, an increase of $279.7 million, or 6.8%, as compared to June 30, 2024.

    Deposits were $4.2 billion at December 31, 2024, an increase of $267.6 million, or 6.8%, as compared to June 30, 2024. The deposit portfolio saw year-to-date increases primarily in certificates of deposit and savings accounts, as customers continued to move balances into high yield savings accounts and special rate time deposits in the relatively high rate environment. Public unit balances totaled $565.9 million at December 31, 2024, a decrease of $28.7 million compared to June 30, 2024, but an increase of $55.4 million, as compared to $510.5 million at September 30, 2024. Public unit balances increased compared to September 30, 2024, the linked quarter, due to seasonal inflows, but decreased year-to-date due to the loss of a large local public unit depositor. Brokered deposits totaled $254.0 million at December 31, 2024, an increase of $80.3 million as compared to June 30, 2024, but a decrease of $19.1 million compared to September 30, 2024, the linked quarter. Year-to-date, the Company increased brokered deposits due to more attractive pricing for brokered certificates of deposit relative to local market rates and the need to meet seasonal loan demand, and to build on-balance sheet liquidity. The average loan-to-deposit ratio for the second quarter of fiscal 2025 was 96.4%, as compared to 96.3% for the quarter ended June 30, 2024, and 94.3% for the same period of the prior fiscal year. The loan-to-deposit ratio at period end December 31, 2024, was 95.6%. The table below illustrates changes in deposit balances by type over recent periods:

                                   
    Summary Deposit Data as of:      Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,
    (dollars in thousands)   2024   2024   2024   2024   2023
                                   
    Non-interest bearing deposits   $ 514,199   $ 503,209   $ 514,107   $ 525,959   $ 534,194
    NOW accounts     1,211,402     1,128,917     1,239,663     1,300,358     1,304,371
    MMDAs – non-brokered     347,271     320,252     334,774     359,569     378,578
    Brokered MMDAs     3,018     12,058     2,025     10,084     20,560
    Savings accounts     573,291     556,030     517,084     455,212     372,824
    Total nonmaturity deposits     2,649,181     2,520,466     2,607,653     2,651,182     2,610,527
                                   
    Certificates of deposit – non-brokered     1,310,421     1,258,583     1,163,650     1,158,063     1,194,993
    Brokered certificates of deposit     251,025     261,093     171,756     176,867     179,980
    Total certificates of deposit     1,561,446     1,519,676     1,335,406     1,334,930     1,374,973
                                   
    Total deposits   $ 4,210,627   $ 4,040,142   $ 3,943,059   $ 3,986,112   $ 3,985,500
                                   
    Public unit nonmaturity accounts   $ 482,406   $ 447,638   $ 541,445   $ 572,631   $ 544,873
    Public unit certificates of deposit     83,506     62,882     53,144     51,834     49,237
    Total public unit deposits   $ 565,912   $ 510,520   $ 594,589   $ 624,465   $ 594,110
     

    FHLB advances were $107.1 million at December 31, 2024, an increase of $5.0 million, or 4.9%, as compared to June 30, 2024.

    The Company’s stockholders’ equity was $512.4 million at December 31, 2024, an increase of $23.6 million, or 4.8%, as compared to June 30, 2024. The increase was attributable primarily to earnings retained after cash dividends paid, in combination with a $1.0 million reduction in accumulated other comprehensive losses (AOCL) as the market value of the Company’s investments appreciated due to the decrease in market interest rates. The AOCL totaled $16.4 million at December 31, 2024 compared $17.5 million at June 30, 2024. The Company does not hold any securities classified as held-to-maturity.

    Quarterly Income Statement Summary:

    The Company’s net interest income for the three-month period ended December 31, 2024, was $38.1 million, an increase of $3.7 million, or 10.6%, as compared to the same period of the prior fiscal year. The increase was attributable to a 6.7% increase in the average balance of interest-earning assets and an 11-basis point increase in the net interest margin, from 3.25% to 3.36%, as the 32-basis point increase in the yield on interest-earning assets was partially offset by a 22-basis point increase in cost of interest-bearing liabilities.

    Loan discount accretion and deposit premium amortization related to the May 2020 acquisition of Central Federal Savings & Loan Association, the February 2022 merger of FortuneBank, and the January 2023 acquisition of Citizens Bank & Trust resulted in $987,000 in net interest income for the three-month period ended December 31, 2024, as compared to $1.5 million in net interest income for the same period a year ago. Combined, this component of net interest income contributed nine basis points to net interest margin in the three-month period ended December 31, 2024, compared to 14 basis points during the same period of the prior fiscal year, and as compared to a nine basis point contribution in the linked quarter, ended September 30, 2024, when the net interest margin was 3.37%.

    The Company recorded a PCL of $932,000 in the three-month period ended December 31, 2024, as compared to a PCL of $900,000 in the same period of the prior fiscal year. The current period PCL was the result of a $501,000 provision attributable to the ACL for loan balances outstanding and a $431,000 provision attributable to the allowance for off-balance sheet credit exposures.

    The Company’s noninterest income for the three-month period ended December 31, 2024, was $6.9 million, an increase of $1.2 million, or 21.7%, as compared to the same period of the prior fiscal year. The increase was primarily attributable to the Company’s realization of a $682,000 loss on sale of AFS securities in the year-ago period, as well as increases in deposit account charges and related fees, other loan fees, and wealth management fees. These increases were partially offset by lower net realized gains on sale of loans, which were primarily driven by a reduction in gains on sale of Small Business Administration (SBA) loans, and lower loan late charges.

    Noninterest expense for the three-month period ended December 31, 2024, was $24.9 million, an increase of $1.0 million, or 4.3%, as compared to the same period of the prior fiscal year. The increase was attributable primarily to increases in compensation and benefits, legal and professional fees, other noninterest expense, and occupancy expenses. The increase in compensation and benefits expense was primarily due to a trend increase in employee headcount, as well as annual merit increases. Legal and professional fees were elevated due to consulting fees tied to internal projects, recruiter costs, and the settlement of a legal matter. Other noninterest expense increased due to increased expenses associated with SBA loans and costs for employee travel and training. Lastly, occupancy and equipment expenses increased primarily due to depreciation on recent capitalized expenditures, including buildings, equipment, and signage. Partially offsetting these increases from the prior year period are lower data processing and telecommunication expenses, and a reduction in intangible amortization, as the core deposit intangible recognized in an older merger was fully amortized in the prior quarter.

    The efficiency ratio for the three-month period ended December 31, 2024, was 55.3%, as compared to 58.5% in the same period of the prior fiscal year. The change was attributable to net interest income and noninterest income growing faster than operating expenses.

    The income tax provision for the three-month period ended December 31, 2024, was $4.5 million, an increase of $1.4 million, or 43.3%, as compared to the same period of the prior fiscal year. The current period effective tax rate was 23.7%, as compared to 20.6% in the same quarter of the prior fiscal year. The effective tax rate for the December 31, 2024, quarter was elevated due to an adjustment of tax accruals attributable to completed merger & acquisition activity.

    Forward-Looking Information:

    Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: potential adverse impacts to the economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent expected, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention and labor shortages, might be greater than expected and goodwill impairment charges might be incurred; the strength of the United States economy in general and the strength of local economies in which we conduct operations; fluctuations in interest rates and the possibility of a recession; monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors’ products and services; fluctuations in real estate values in both residential and commercial real estate markets, as well as agricultural business conditions; demand for loans and deposits; legislative or regulatory changes that adversely affect our business; changes in accounting principles, policies, or guidelines; results of regulatory examinations, including the possibility that a regulator may, among other things, require an increase in our reserve for credit losses or write-down of assets; the impact of technological changes; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.

    Southern Missouri Bancorp, Inc.
    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
     
                                     
    Summary Balance Sheet Data as of:      Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,  
    (dollars in thousands, except per share data)   2024   2024   2024   2024   2023  
                                     
    Cash equivalents and time deposits   $ 146,078   $ 75,591   $ 61,395   $ 168,763   $ 217,090  
    Available for sale (AFS) securities     468,060     420,209     427,903     433,689     417,406  
    FHLB/FRB membership stock     18,099     18,064     17,802     17,734     18,023  
    Loans receivable, gross     4,026,979     3,966,518     3,849,803     3,771,194     3,731,890  
    Allowance for credit losses     54,740     54,437     52,516     51,336     50,084  
    Loans receivable, net     3,972,239     3,912,081     3,797,287     3,719,858     3,681,806  
    Bank-owned life insurance     74,643     74,119     73,601     73,101     72,618  
    Intangible assets     75,399     76,340     77,232     78,049     79,088  
    Premises and equipment     96,418     96,087     95,952     95,801     94,519  
    Other assets     56,738     56,709     53,144     59,997     62,952  
    Total assets   $ 4,907,674   $ 4,729,200   $ 4,604,316   $ 4,646,992   $ 4,643,502  
                                     
    Interest-bearing deposits   $ 3,696,428   $ 3,536,933   $ 3,428,952   $ 3,437,420   $ 3,451,306  
    Noninterest-bearing deposits     514,199     503,209     514,107     548,692     534,194  
    Securities sold under agreements to repurchase     15,000     15,000     9,398     9,398     9,398  
    FHLB advances     107,070     107,069     102,050     102,043     113,036  
    Other liabilities     39,424     38,191     37,905     46,712     42,256  
    Subordinated debt     23,182     23,169     23,156     23,143     23,130  
    Total liabilities     4,395,303     4,223,571     4,115,568     4,167,408     4,173,320  
                                     
    Total stockholders’ equity     512,371     505,629     488,748     479,584     470,182  
                                     
    Total liabilities and stockholders’ equity   $ 4,907,674   $ 4,729,200   $ 4,604,316   $ 4,646,992   $ 4,643,502  
                                     
    Equity to assets ratio     10.44 %     10.69 %     10.61 %     10.32 %     10.13 %
                                     
    Common shares outstanding     11,277,167     11,277,167     11,277,737     11,366,094     11,336,462  
    Less: Restricted common shares not vested     46,653     56,553     57,956     57,956     49,676  
    Common shares for book value determination     11,230,514     11,220,614     11,219,781     11,308,138     11,286,786  
                                     
    Book value per common share   $ 45.62   $ 45.06   $ 43.56   $ 42.41   $ 41.66  
    Less: Intangible assets per common share     6.71     6.80     6.88     6.90     7.01  
    Tangible book value per common share (1)     38.91     38.26     36.68     35.51     34.65  
    Closing market price     57.37     56.49     45.01     43.71     53.39  
                                     

    (1)   Non-GAAP financial measure.

                                     
    Nonperforming asset data as of:      Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,  
    (dollars in thousands)   2024   2024   2024   2024   2023  
                                     
    Nonaccrual loans   $ 8,309   $ 8,206   $ 6,680   $ 7,329   $ 5,922  
    Accruing loans 90 days or more past due     —     —     —     81     —  
    Total nonperforming loans     8,309     8,206     6,680     7,410     5,922  
    Other real estate owned (OREO)     2,423     3,842     3,865     3,791     3,814  
    Personal property repossessed     37     21     23     60     40  
    Total nonperforming assets   $ 10,769   $ 12,069   $ 10,568   $ 11,261   $ 9,776  
                                     
    Total nonperforming assets to total assets     0.22 %     0.26 %     0.23 %     0.24 %     0.21 %  
    Total nonperforming loans to gross loans     0.21 %     0.21 %     0.17 %     0.20 %     0.16 %  
    Allowance for credit losses to nonperforming loans     658.80 %     663.38 %     786.17 %     692.79 %     845.73 %  
    Allowance for credit losses to gross loans     1.36 %     1.37 %     1.36 %     1.36 %     1.34 %  
                                     
    Performing modifications to borrowers experiencing financial difficulty   $ 24,083   $ 24,340   $ 24,602   $ 24,848   $ 24,237  
                                     
                                   
        For the three-month period ended
    Quarterly Summary Income Statement Data:   Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,
    (dollars in thousands, except per share data)      2024   2024   2024   2024   2023
                                   
    Interest income:                                   
    Cash equivalents   $ 784   $ 78   $ 541   $ 2,587   $ 1,178
    AFS securities and membership stock     5,558     5,547     5,677     5,486     5,261
    Loans receivable     63,082     61,753     58,449     55,952     55,137
    Total interest income     69,424     67,378     64,667     64,025     61,576
    Interest expense:                              
    Deposits     29,538     28,796     27,999     27,893     25,445
    Securities sold under agreements to repurchase     226     160     125     128     126
    FHLB advances     1,099     1,326     1,015     1,060     1,079
    Subordinated debt     418     435     433     435     440
    Total interest expense     31,281     30,717     29,572     29,516     27,090
    Net interest income     38,143     36,661     35,095     34,509     34,486
    Provision for credit losses     932     2,159     900     900     900
    Noninterest income:                              
    Deposit account charges and related fees     2,237     2,184     1,978     1,847     1,784
    Bank card interchange income     1,301     1,499     1,770     1,301     1,329
    Loan late charges     —     —     170     150     146
    Loan servicing fees     232     286     494     267     285
    Other loan fees     944     1,063     617     757     644
    Net realized gains on sale of loans     133     361     97     99     304
    Net realized losses on sale of AFS securities     —     —     —     (807     (682
    Earnings on bank owned life insurance     522     517     498     483     472
    Insurance brokerage commissions     300     287     331     312     310
    Wealth management fees     843     730     838     866     668
    Other noninterest income     353     247     974     309     380
    Total noninterest income     6,865     7,174     7,767     5,584     5,640
    Noninterest expense:                              
    Compensation and benefits     13,737     14,397     13,894     13,750     12,961
    Occupancy and equipment, net     3,585     3,689     3,790     3,623     3,478
    Data processing expense     2,224     2,171     1,929     2,349     2,382
    Telecommunications expense     354     428     468     464     465
    Deposit insurance premiums     588     472     638     677     598
    Legal and professional fees     619     1,208     516     412     387
    Advertising     442     546     640     622     392
    Postage and office supplies     283     306     308     344     283
    Intangible amortization     897     897     1,018     1,018     1,018
    Foreclosed property expenses     73     12     52     60     44
    Other noninterest expense     2,074     1,715     1,749     1,730     1,852
    Total noninterest expense     24,876     25,841     25,002     25,049     23,860
    Net income before income taxes     19,200     15,835     16,960     14,144     15,366
    Income taxes     4,547     3,377     3,430     2,837     3,173
    Net income     14,653     12,458     13,530     11,307     12,193
    Less: Distributed and undistributed earnings allocated                              
    to participating securities     61     62     69     58     53
    Net income available to common shareholders   $ 14,592   $ 12,396   $ 13,461   $ 11,249   $ 12,140
                                   
    Basic earnings per common share   $ 1.30   $ 1.10   $ 1.19   $ 1.00   $ 1.08
    Diluted earnings per common share     1.30     1.10     1.19     0.99     1.07
    Dividends per common share     0.23     0.23     0.21     0.21     0.21
    Average common shares outstanding:                              
    Basic     11,231,000     11,221,000     11,276,000     11,302,000     11,287,000
    Diluted     11,260,000     11,240,000     11,283,000     11,313,000     11,301,000
                                   
                                     
        For the three-month period ended  
    Quarterly Average Balance Sheet Data:   Dec. 31,      Sep. 30,      June 30,      Mar. 31,      Dec. 31,  
    (dollars in thousands)      2024   2024   2024   2024   2023  
                                     
    Interest-bearing cash equivalents   $ 64,976   $ 5,547   $ 39,432   $ 182,427   $ 89,123  
    AFS securities and membership stock     479,633     460,187     476,198     472,904     468,498  
    Loans receivable, gross     3,989,643     3,889,740     3,809,209     3,726,631     3,691,586  
    Total interest-earning assets     4,534,252     4,355,474     4,324,839     4,381,962     4,249,207  
    Other assets     291,217     283,056     285,956     291,591     301,415  
    Total assets   $ 4,825,469   $ 4,638,530   $ 4,610,795   $ 4,673,553   $ 4,550,622  
                                     
    Interest-bearing deposits   $ 3,615,767   $ 3,416,752   $ 3,417,360   $ 3,488,104   $ 3,341,221  
    Securities sold under agreements to repurchase     15,000     12,321     9,398     9,398     9,398  
    FHLB advances     107,054     123,723     102,757     111,830     113,519  
    Subordinated debt     23,175     23,162     23,149     23,137     23,124  
    Total interest-bearing liabilities     3,760,996     3,575,958     3,552,664     3,632,469     3,487,262  
    Noninterest-bearing deposits     524,878     531,946     539,637     532,075     572,101  
    Other noninterest-bearing liabilities     31,442     33,737     35,198     33,902     31,807  
    Total liabilities     4,317,316     4,141,641     4,127,499     4,198,446     4,091,170  
                                     
    Total stockholders’ equity     508,153     496,889     483,296     475,107     459,452  
                                     
    Total liabilities and stockholders’ equity   $ 4,825,469   $ 4,638,530   $ 4,610,795   $ 4,673,553   $ 4,550,622  
                                     
    Return on average assets     1.21 %     1.07 %     1.17 %     0.97 %     1.07 %
    Return on average common stockholders’ equity     11.5 %     10.0 %     11.2 %     9.5 %     10.6 %
                                     
    Net interest margin     3.36 %     3.37 %     3.25 %     3.15 %     3.25 %
    Net interest spread     2.79 %     2.75 %     2.65 %     2.59 %     2.69 %
                                     
    Efficiency ratio     55.3 %     59.0 %     58.3 %     61.2 %     58.5 %

    The MIL Network –

  • MIL-OSI: Five Star Bancorp Announces Quarterly and Annual Results

    Source: GlobeNewswire (MIL-OSI)

    RANCHO CORDOVA, Calif., Jan. 27, 2025 (GLOBE NEWSWIRE) — Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the “Bank”), today reported net income of $13.3 million for the three months ended December 31, 2024, as compared to $10.9 million for the three months ended September 30, 2024 and $10.8 million for the three months ended December 31, 2023. Net income for the year ended December 31, 2024 was $45.7 million, as compared to $47.7 million for the year ended December 31, 2023.

    Financial and Other Highlights

    Performance highlights and other developments for the Company for the periods noted below included the following:

      Three months ended
    (in thousands, except per share and share data) December 31, 2024   September 30, 2024   December 31, 2023
    Return on average assets (“ROAA”)   1.31 %     1.18 %     1.26 %
    Return on average equity (“ROAE”)   13.48 %     11.31 %     15.45 %
    Pre-tax income $ 19,367     $ 15,241     $ 15,151  
    Pre-tax, pre-provision income(1) $ 20,667     $ 17,991     $ 15,951  
    Net income $ 13,317     $ 10,941     $ 10,799  
    Basic earnings per common share $ 0.63     $ 0.52     $ 0.63  
    Diluted earnings per common share $ 0.63     $ 0.52     $ 0.63  
    Weighted average basic common shares outstanding   21,182,143       21,182,143       17,175,445  
    Weighted average diluted common shares outstanding   21,235,318       21,232,758       17,193,114  
    Shares outstanding at end of period   21,319,083       21,319,583       17,256,989  
      Year ended
    (in thousands, except per share and share data) December 31, 2024   December 31, 2023
    ROAA   1.23 %     1.44 %
    ROAE   12.72 %     17.85 %
    Pre-tax income $ 64,721     $ 66,616  
    Pre-tax, pre-provision income(1) $ 71,671     $ 70,616  
    Net income $ 45,671     $ 47,734  
    Basic earnings per common share $ 2.26     $ 2.78  
    Diluted earnings per common share $ 2.26     $ 2.78  
    Weighted average basic common shares outstanding   20,154,385       17,166,592  
    Weighted average diluted common shares outstanding   20,205,440       17,187,969  
    Shares outstanding at end of period   21,319,083       17,256,989  
                   

    (1) See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

    James E. Beckwith, President and Chief Executive Officer, commented:

    “While we focus on the future and maintaining a position of distinction and respect in the markets we serve, we proudly look back at 2024 as another outstanding year of achievement. We experienced consistent, strong financial performance with year-over-year growth in loans and deposits, a consistent shareholder dividend, and stable net interest margin. We also continued our successful execution of our San Francisco market expansion and now have 27 employees in the San Francisco Bay Area who contributed $229.5 million in deposits from June 5, 2023 to December 31, 2024. We have managed expenses and executed on conservative underwriting practices, which are foundational to our success.

    Five Star Bank consistently executes on client and community-focused initiatives, and in 2024, we received a Super Premier rating from Findley Reports, an IDC Superior rating, and a Bauer Financial rating of 5 stars (out of five). We were also awarded the prestigious 2023 Raymond James Community Bankers Cup, were among S&P Global Market Intelligence’s 2023 Top 20 Best-Performing Community banks in the nation (with assets between $3 billion and $10 billion), and were ranked fifth on the 2024 Bank Director Magazine (RankingBanking) Best U.S. Banks with assets less than $5 billion. We also received the Greater Sacramento Economic Council’s Sustainability Award recognizing a company that has supported industry growth in the Greater Sacramento region.

    In 2024, our senior leadership was recognized by the Sacramento Business Journal with a C-Suite Award, a Women Who Mean Business honor, a 40 Under 40 recognition, and placement on the Power 100 list. Our senior leadership was also recognized on the San Francisco Business Times’ Newsmaker 100 list, as part of the Independent Community Bankers of America’s 40 Under 40: Emerging Community Bank Leaders, among the Association of Latino Professionals for America’s 50 Most Powerful Latinas, and with a National Association of Women Business Owners’ Sacramento Valley Outstanding Women Leaders’ Executive Woman award.

    Being recognized as community leaders ensures Five Star Bank remains top of mind in the markets we serve as we continue to build-out our market presence. I am humbled and proud of our team’s accomplishments and look forward to the future.”

    Financial highlights included the following:

    • The San Francisco Bay Area team, which increased from 24 to 27 employees during the three months ended December 31, 2024, generated deposit balances totaling $229.5 million at December 31, 2024, an increase of $40.4 million from September 30, 2024.
    • Cash and cash equivalents were $352.3 million, representing 9.90% of total deposits at December 31, 2024, as compared to 7.38% at September 30, 2024.
    • Total deposits increased by $158.0 million, or 4.65%, during the three months ended December 31, 2024, due to increases in both non-wholesale and wholesale deposits, which the Company defines as brokered deposits and public time deposits. During the three months ended December 31, 2024, non-wholesale deposits increased by $8.0 million, or 0.27%, and wholesale deposits increased by $150.0 million, or 36.59%.
    • Consistent, disciplined management of expenses contributed to our efficiency ratio of 41.21% for the three months ended December 31, 2024, as compared to 43.37% for the three months ended September 30, 2024.
    • For the three months ended December 31, 2024, net interest margin was 3.36%, as compared to 3.37% for the three months ended September 30, 2024 and 3.19% for the three months ended December 31, 2023. For the year ended December 31, 2024, net interest margin was 3.32%, as compared to 3.42% for the year ended December 31, 2023. The effective Federal Funds rate fell to 4.33% as of December 31, 2024 from 4.83% as of September 30, 2024 and 5.33% as of December 31, 2023.
    • Other comprehensive loss was $2.6 million during the three months ended December 31, 2024. Unrealized losses, net of tax effect, on available-for-sale securities were $12.4 million as of December 31, 2024. Total carrying value of held-to-maturity and available-for-sale securities represented 0.07% and 2.48% of total interest-earning assets, respectively, as of December 31, 2024.
    • The Company’s common equity Tier 1 capital ratio was 11.02% and 10.93% as of December 31, 2024 and September 30, 2024, respectively. The Bank continues to meet all requirements to be considered “well-capitalized” under applicable regulatory guidelines.
    • Loan and deposit growth in the three and twelve months ended December 31, 2024 was as follows:
    (in thousands) December 31, 2024   September 30, 2024   $ Change   % Change
    Loans held for investment $ 3,532,686   $ 3,460,565   $ 72,121   2.08 %
    Non-interest-bearing deposits   922,629     906,939     15,690   1.73 %
    Interest-bearing deposits   2,635,365     2,493,040     142,325   5.71 %
                   
    (in thousands) December 31, 2024   December 31, 2023   $ Change   % Change
    Loans held for investment $ 3,532,686   $ 3,081,719   $ 450,967   14.63 %
    Non-interest-bearing deposits   922,629     831,101     91,528   11.01 %
    Interest-bearing deposits   2,635,365     2,195,795     439,570   20.02 %
                           
    • The ratio of nonperforming loans to loans held for investment at period end decreased from 0.06% at December 31, 2023 to 0.05% at December 31, 2024.
    • The Company’s Board of Directors declared, and the Company subsequently paid, a cash dividend of $0.20 per share during the three months ended December 31, 2024. The Company’s Board of Directors subsequently declared another cash dividend of $0.20 per share on January 16, 2025, which the Company expects to pay on February 10, 2025 to shareholders of record as of February 3, 2025.

    Summary Results

    Three months ended December 31, 2024, as compared to three months ended September 30, 2024

    The Company’s net income was $13.3 million for the three months ended December 31, 2024, as compared to $10.9 million for the three months ended September 30, 2024. Net interest income increased by $3.1 million, primarily due to an increase in interest income driven by a larger average balance of interest-earning assets, partially offset by an increase in interest expense due to a larger average balance of deposits, as compared to September 30, 2024. The provision for credit losses decreased by $1.5 million, reflecting adjustments to expectations for credit losses based on economic trends and forecasts in the three months ended December 31, 2024 compared to the three months ended September 30, 2024. Non-interest income increased by $0.3 million, primarily due to income received on equity investments in venture-backed funds during the three months ended December 31, 2024, combined with a loss from equity investments in venture-backed funds during the three months ended September 30, 2024. Non-interest expense increased by $0.7 million, primarily due to: (i) increased salaries and employee benefits mainly resulting from increased loan production driving higher commissions expense period-over-period; and (ii) increased advertising and promotional expenses due to a larger number of events sponsored and attended period-over-period.

    Three months ended December 31, 2024, as compared to three months ended December 31, 2023

    The Company’s net income was $13.3 million for the three months ended December 31, 2024, as compared to $10.8 million for the three months ended December 31, 2023. Net interest income increased by $6.8 million, primarily due to an increase in interest income driven by higher average balances and yields on loans, partially offset by an increase in interest expense due to higher average balances and rates on deposits. The provision for credit losses increased by $0.5 million, reflecting adjustments to expectations for credit losses based on economic trends and forecasts in the three months ended December 31, 2024 compared to the three months ended December 31, 2023. Non-interest income decreased by $0.3 million, primarily due to lower swap referral and rate lock fees during the three months ended December 31, 2024 compared to the same quarter of the prior year. Non-interest expense increased by $1.8 million with an increase in salaries and employee benefits related to the Company’s expansion into the San Francisco Bay Area as the leading driver.

    Year ended December 31, 2024, as compared to year ended December 31, 2023

    The Company’s net income was $45.7 million for the year ended December 31, 2024, as compared to $47.7 million for the year ended December 31, 2023. Net interest income increased by $8.8 million, primarily due to an increase in interest income driven by higher average balances and yields on loans, partially offset by an increase in interest expense due to higher average balances and rates on deposits. The provision for credit losses increased by $3.0 million, or 73.75%, as loan originations in the year ended December 31, 2024 were almost double those for the year ended December 31, 2023. Non-interest income decreased by $1.1 million, primarily due to lower income received on equity investments in venture-backed funds during the year ended December 31, 2024 than during the year ended December 31, 2023. Non-interest expense increased by $6.7 million with an increase in salaries and employee benefits related to the Company’s expansion into the San Francisco Bay Area as the leading driver.

    The following is a summary of the components of the Company’s operating results and performance ratios for the periods indicated:

        Three months ended        
    (in thousands, except per share data)   December 31, 2024   September 30, 2024   $ Change   % Change
    Selected operating data:                
    Net interest income   $ 33,489     $ 30,386     $ 3,103     10.21 %
    Provision for credit losses     1,300       2,750       (1,450 )   (52.73) %
    Non-interest income     1,666       1,381       285     20.64 %
    Non-interest expense     14,488       13,776       712     5.17 %
    Pre-tax income     19,367       15,241       4,126     27.07 %
    Provision for income taxes     6,050       4,300       1,750     40.70 %
    Net income   $ 13,317     $ 10,941     $ 2,376     21.72 %
    Earnings per common share:                
    Basic   $ 0.63     $ 0.52     $ 0.11     21.15 %
    Diluted   $ 0.63     $ 0.52     $ 0.11     21.15 %
    Performance and other financial ratios:                
    ROAA     1.31 %     1.18 %        
    ROAE     13.48 %     11.31 %        
    Net interest margin     3.36 %     3.37 %        
    Cost of funds     2.65 %     2.72 %        
    Efficiency ratio     41.21 %     43.37 %        
        Three months ended        
    (in thousands, except per share data)   December 31, 2024   December 31, 2023   $ Change   % Change
    Selected operating data:                
    Net interest income   $ 33,489     $ 26,678     $ 6,811     25.53 %
    Provision for credit losses     1,300       800       500     62.50 %
    Non-interest income     1,666       1,936       (270 )   (13.95) %
    Non-interest expense     14,488       12,663       1,825     14.41 %
    Pre-tax income     19,367       15,151       4,216     27.83 %
    Provision for income taxes     6,050       4,352       1,698     39.02 %
    Net income   $ 13,317     $ 10,799     $ 2,518     23.32 %
    Earnings per common share:                
    Basic   $ 0.63     $ 0.63     $ —     — %
    Diluted   $ 0.63     $ 0.63     $ —     — %
    Performance and other financial ratios:                
    ROAA     1.31 %     1.26 %        
    ROAE     13.48 %     15.45 %        
    Net interest margin     3.36 %     3.19 %        
    Cost of funds     2.65 %     2.50 %        
    Efficiency ratio     41.21 %     44.25 %        
                             
        Year ended        
    (in thousands, except per share data)   December 31, 2024   December 31, 2023   $ Change   % Change
    Selected operating data:                
    Net interest income   $ 119,711     $ 110,880     $ 8,831     7.96 %
    Provision for credit losses     6,950       4,000       2,950     73.75 %
    Non-interest income     6,453       7,511       (1,058 )   (14.09) %
    Non-interest expense     54,493       47,775       6,718     14.06 %
    Pre-tax income     64,721       66,616       (1,895 )   (2.84) %
    Provision for income taxes     19,050       18,882       168     0.89 %
    Net income   $ 45,671     $ 47,734     $ (2,063 )   (4.32) %
    Earnings per common share:                
    Basic   $ 2.26     $ 2.78     $ (0.52 )   (18.71) %
    Diluted   $ 2.26     $ 2.78     $ (0.52 )   (18.71) %
    Performance and other financial ratios:                
    ROAA     1.23 %     1.44 %        
    ROAE     12.72 %     17.85 %        
    Net interest margin     3.32 %     3.42 %        
    Cost of funds     2.64 %     2.10 %        
    Efficiency ratio     43.19 %     40.35 %        


    Balance Sheet Summary

    (in thousands)   December 31, 2024   December 31, 2023   $ Change   % Change
    Selected financial condition data:                
    Total assets   $ 4,053,278   $ 3,593,125   $ 460,153     12.81 %
    Cash and cash equivalents     352,343     321,576     30,767     9.57 %
    Total loans held for investment     3,532,686     3,081,719     450,967     14.63 %
    Total investments     100,914     111,160     (10,246 )   (9.22) %
    Total liabilities     3,656,654     3,307,351     349,303     10.56 %
    Total deposits     3,557,994     3,026,896     531,098     17.55 %
    Subordinated notes, net     73,895     73,749     146     0.20 %
    Total shareholders’ equity     396,624     285,774     110,850     38.79 %
                               
    • Insured and collateralized deposits were approximately $2.4 billion, representing 66.92% of total deposits as of December 31, 2024. Net uninsured and uncollateralized deposits were approximately $1.2 billion as of December 31, 2024.
    • Commercial and consumer deposit accounts constituted 77.00% of total deposits. Deposit relationships of greater than $5 million represented 61.13% of total deposits and had an average age of approximately 9.28 years as of December 31, 2024.
    • Cash and cash equivalents as of December 31, 2024 were $352.3 million, representing 9.90% of total deposits at December 31, 2024, as compared to 10.62% as of December 31, 2023.
    • Total liquidity (consisting of cash and cash equivalents and unused and immediately available borrowing capacity as set forth below) was approximately $1.9 billion as of December 31, 2024.
        December 31, 2024
    (in thousands)   Line of Credit   Letters of Credit Issued   Borrowings   Available
    Federal Home Loan Bank of San Francisco (“FHLB”) advances   $ 1,212,209   $ 701,500   $ —   $ 510,709
    Federal Reserve Discount Window     862,136     —     —     862,136
    Correspondent bank lines of credit     175,000     —     —     175,000
    Cash and cash equivalents     —     —     —     352,343
    Total   $ 2,249,345   $ 701,500   $ —   $ 1,900,188

    The increase in total assets from December 31, 2023 to December 31, 2024 was primarily due to a $451.0 million increase in total loans held for investment and a $30.8 million increase in cash and cash equivalents, partially offset by a $10.2 million decrease in investments. The $451.0 million increase in total loans held for investment between December 31, 2023 and December 31, 2024 was the result of $1.1 billion in loan originations, partially offset by $263.0 million and $423.0 million in loan payoffs and paydowns, respectively. The $451.0 million increase in total loans held for investment included $281.4 million in purchased loans within the consumer concentration of the loan portfolio. The $30.8 million increase in cash and cash equivalents primarily resulted from net cash inflows related to financing and operating activities of $425.7 million and $52.3 million, respectively, partially offset by net cash outflows related to investing activities of $447.3 million.

    The increase in total liabilities from December 31, 2023 to December 31, 2024 was primarily attributable to an increase in deposits of $531.1 million, partially offset by a decrease in other borrowings of $170.0 million. The $531.1 million increase in deposits was largely due to increases in money market, time, and non-interest-bearing demand deposits of $242.9 million, $203.6 million, and $91.5 million, respectively, partially offset by decreases in interest-bearing demand and savings deposits of $5.1 million and $1.8 million, respectively.

    The increase in total shareholders’ equity from December 31, 2023 to December 31, 2024 was primarily a result of $80.9 million of additional common stock issued during the year and net income recognized of $45.7 million, partially offset by $16.2 million in cash dividends paid during the period.

    Net Interest Income and Net Interest Margin

    The following is a summary of the components of net interest income for the periods indicated:

        Three months ended        
    (in thousands)   December 31, 2024   September 30, 2024   $ Change   % Change
    Interest and fee income   $ 57,745     $ 52,667     $ 5,078   9.64 %
    Interest expense     24,256       22,281       1,975   8.86 %
    Net interest income   $ 33,489     $ 30,386     $ 3,103   10.21 %
    Net interest margin     3.36 %     3.37 %        
                     
        Three months ended        
    (in thousands)   December 31, 2024   December 31, 2023   $ Change   % Change
    Interest and fee income   $ 57,745     $ 46,180     $ 11,565   25.04 %
    Interest expense     24,256       19,502       4,754   24.38 %
    Net interest income   $ 33,489     $ 26,678     $ 6,811   25.53 %
    Net interest margin     3.36 %     3.19 %        
                     
        Year ended        
    (in thousands)   December 31, 2024   December 31, 2023   $ Change   % Change
    Interest and fee income   $ 206,951     $ 174,382     $ 32,569   18.68 %
    Interest expense     87,240       63,502       23,738   37.38 %
    Net interest income   $ 119,711     $ 110,880     $ 8,831   7.96 %
    Net interest margin     3.32 %     3.42 %        

    The following table shows the components of net interest income and net interest margin for the quarterly periods indicated:

        Three months ended
        December 31, 2024   September 30, 2024   December 31, 2023
    (in thousands)   Average Balance   Interest Income/Expense   Yield/Rate   Average Balance   Interest Income/Expense   Yield/Rate   Average Balance   Interest Income/Expense   Yield/Rate
    Assets                                    
    Interest-earning deposits in banks   $ 363,828   $ 4,335   4.74 %   $ 126,266   $ 1,657   5.22 %   $ 157,775   $ 2,100   5.28 %
    Investment securities     103,930     607   2.33 %     106,256     620   2.32 %     106,483     651   2.43 %
    Loans held for investment and sale     3,498,109     52,803   6.01 %     3,354,050     50,390   5.98 %     3,055,042     43,429   5.64 %
    Total interest-earning assets     3,965,867     57,745   5.79 %     3,586,572     52,667   5.84 %     3,319,300     46,180   5.52 %
    Interest receivable and other assets, net     91,736             91,965             80,360        
    Total assets   $ 4,057,603           $ 3,678,537           $ 3,399,660        
                                         
    Liabilities and shareholders’ equity                                    
    Interest-bearing transaction accounts   $ 298,518   $ 1,249   1.66 %   $ 302,188   $ 1,237   1.63 %   $ 291,967   $ 1,091   1.48 %
    Savings accounts     127,298     887   2.77 %     124,851     979   3.12 %     130,915     891   2.70 %
    Money market accounts     1,596,116     13,520   3.37 %     1,578,244     14,688   3.70 %     1,347,111     10,824   3.19 %
    Time accounts     617,596     7,438   4.79 %     326,640     4,172   5.08 %     417,434     5,322   5.06 %
    Subordinated notes and other borrowings     73,872     1,162   6.25 %     76,988     1,205   6.23 %     88,401     1,374   6.16 %
    Total interest-bearing liabilities     2,713,400     24,256   3.56 %     2,408,911     22,281   3.68 %     2,275,828     19,502   3.40 %
    Demand accounts     921,881             852,872             821,651        
    Interest payable and other liabilities     29,234             32,062             24,886        
    Shareholders’ equity     393,088             384,692             277,295        
    Total liabilities & shareholders’ equity   $ 4,057,603           $ 3,678,537           $ 3,399,660        
                                         
    Net interest spread           2.23 %           2.16 %           2.12 %
    Net interest income/margin       $ 33,489   3.36 %       $ 30,386   3.37 %       $ 26,678   3.19 %

    Net interest income during the three months ended December 31, 2024 increased $3.1 million, or 10.21%, to $33.5 million compared to $30.4 million during the three months ended September 30, 2024. Net interest margin totaled 3.36% for the three months ended December 31, 2024, a decrease of one basis point compared to the prior quarter. The increase in net interest income is primarily attributable to an additional $5.1 million in interest income due to a $379.3 million, or 10.58%, increase in the average balance of interest-earning assets during the three months ended December 31, 2024 compared to the prior quarter. The increase in interest income was partially offset by a $2.0 million increase in deposit interest expense due to a $376.6 million, or 11.83%, increase in the average balance of deposits during the three months ended December 31, 2024 compared to the prior quarter.

    As compared to the three months ended December 31, 2023, net interest income increased $6.8 million, or 25.53%, to $33.5 million compared to $26.7 million. Net interest margin totaled 3.36% for the three months ended December 31, 2024, an increase of 17 basis points compared to the same quarter of the prior year. The increase in net interest income is primarily attributable to an additional $9.4 million in loan interest income due to a $443.1 million, or 14.50%, increase in the average balance of loans and a 37 basis point improvement in the average yield on loans during the three months ended December 31, 2024 compared to the same quarter of the prior year. The increase in interest income was partially offset by a $5.0 million increase in deposit interest expense due to a $552.3 million, or 18.36%, increase in the average balance of deposits and a 19 basis point increase in the average cost of deposits during the three months ended December 31, 2024 compared to the same quarter of the prior year.

    The following table shows the components of net interest income and net interest margin for the annual periods indicated:

        Year ended
        December 31, 2024   December 31, 2023
    (in thousands)   Average Balance   Interest Income/Expense   Yield/Rate   Average Balance   Interest Income/Expense   Yield/Rate
    Assets                        
    Interest-earning deposits in banks   $ 218,156   $ 11,080   5.08 %   $ 184,103   $ 9,069   4.93 %
    Investment securities     106,289     2,530   2.38 %     113,515     2,600   2.29 %
    Loans held for investment and sale     3,283,874     193,341   5.89 %     2,947,603     162,713   5.52 %
    Total interest-earning assets     3,608,319     206,951   5.74 %     3,245,221     174,382   5.37 %
    Interest receivable and other assets, net     90,061             75,741        
    Total assets   $ 3,698,380           $ 3,320,962        
                             
    Liabilities and shareholders’ equity                        
    Interest-bearing transaction accounts   $ 298,137   $ 4,716   1.58 %   $ 312,944   $ 3,321   1.06 %
    Savings accounts     124,208     3,584   2.89 %     140,060     3,073   2.19 %
    Money market accounts     1,533,405     53,750   3.51 %     1,263,539     33,932   2.69 %
    Time accounts     412,007     20,348   4.94 %     372,557     17,535   4.71 %
    Subordinated notes and other borrowings     77,335     4,842   6.26 %     93,279     5,641   6.05 %
    Total interest-bearing liabilities     2,445,092     87,240   3.57 %     2,182,379     63,502   2.91 %
    Demand accounts     858,789             844,057        
    Interest payable and other liabilities     35,331             27,127        
    Shareholders’ equity     359,168             267,399        
    Total liabilities & shareholders’ equity   $ 3,698,380           $ 3,320,962        
                             
    Net interest spread           2.17 %           2.46 %
    Net interest income/margin       $ 119,711   3.32 %       $ 110,880   3.42 %

    Net interest income during the year ended December 31, 2024 increased $8.8 million, or 7.96%, to $119.7 million compared to $110.9 million during the year ended December 31, 2023. Net interest margin totaled 3.32% for the year ended December 31, 2024, a decrease of 10 basis points compared to the prior year. The increase in net interest income is primarily attributable to an additional $30.6 million in loan interest income due to a $336.3 million, or 11.41%, increase in the average balance of loans and a 37 basis point improvement in the average yield on loans as compared to the prior year. The increase in interest income was partially offset by an additional $24.5 million in deposit interest expense due to a $293.4 million, or 10.00%, increase in the average balance of deposits and a 58 basis point increase in the average cost of deposits compared to the prior year.

    Loans by Type

    The following table provides loan balances, excluding deferred loan fees, by type as of December 31, 2024:

    (in thousands)    
    Real estate:    
    Commercial   $ 2,857,173  
    Commercial land and development     3,849  
    Commercial construction     111,318  
    Residential construction     4,561  
    Residential     32,774  
    Farmland     47,241  
    Commercial:    
    Secured     170,548  
    Unsecured     27,558  
    Consumer and other     279,584  
    Net deferred loan fees     (1,920 )
    Total loans held for investment   $ 3,532,686  


    Interest-bearing Deposits

    The following table provides interest-bearing deposit balances by type as of December 31, 2024:

    (in thousands)    
    Interest-bearing demand accounts   $ 315,217
    Money market accounts     1,525,293
    Savings accounts     124,702
    Time accounts     670,153
    Total interest-bearing deposits   $ 2,635,365


    Asset Quality

    Allowance for Credit Losses

    At December 31, 2024, the Company’s allowance for credit losses was $37.8 million, as compared to $34.4 million at December 31, 2023. The $3.4 million increase in the allowance is due to a $7.5 million provision for credit losses recorded during the twelve months ended December 31, 2024, partially offset by net charge-offs of $4.1 million, mainly attributable to commercial and industrial loans, during the same period.

    The Company’s ratio of nonperforming loans to loans held for investment decreased from 0.06% at December 31, 2023 to 0.05% at December 31, 2024. Loans designated as watch increased from $39.6 million to $123.4 million between December 31, 2023 and December 31, 2024. Loans designated as substandard increased from $2.0 million to $2.6 million between December 31, 2023 and December 31, 2024. There were no loans with doubtful risk grades at December 31, 2024 or December 31, 2023.

    A summary of the allowance for credit losses by loan class is as follows:

        December 31, 2024   December 31, 2023
    (in thousands)   Amount   % of Total   Amount   % of Total
    Real estate:                
    Commercial   $ 25,864   68.44 %   $ 29,015   84.27 %
    Commercial land and development     78   0.21 %     178   0.52 %
    Commercial construction     2,268   6.00 %     718   2.08 %
    Residential construction     64   0.17 %     89   0.26 %
    Residential     270   0.71 %     151   0.44 %
    Farmland     607   1.61 %     399   1.16 %
          29,151   77.14 %     30,550   88.73 %
    Commercial:                
    Secured     5,866   15.52 %     3,314   9.62 %
    Unsecured     278   0.74 %     189   0.55 %
          6,144   16.26 %     3,503   10.17 %
    Consumer and other     2,496   6.60 %     378   1.10 %
    Total allowance for credit losses   $ 37,791   100.00 %   $ 34,431   100.00 %

    The ratio of allowance for credit losses to loans held for investment was 1.07% at December 31, 2024, as compared to 1.12% at December 31, 2023.

    Non-interest Income

    The following table presents the key components of non-interest income for the periods indicated:

        Three months ended        
    (in thousands)   December 31, 2024   September 30, 2024   $ Change   % Change
    Service charges on deposit accounts   $ 179   $ 165   $ 14     8.48 %
    Gain on sale of loans     150     306     (156 )   (50.98) %
    Loan-related fees     400     406     (6 )   (1.48) %
    FHLB stock dividends     332     327     5     1.53 %
    Earnings on bank-owned life insurance     182     162     20     12.35 %
    Other income     423     15     408     2,720.00 %
    Total non-interest income   $ 1,666   $ 1,381   $ 285     20.64 %


    Gain on sale of loans.     The decrease related primarily to an overall decline in the volume of loans sold during the three months ended December 31, 2024 compared to the three months ended September 30, 2024. During the three months ended December 31, 2024, approximately $2.0 million of loans were sold with an effective yield of 7.60%, as compared to approximately $4.4 million of loans sold with an effective yield of 7.03% during the three months ended September 30, 2024.

    Other income. The increase resulted primarily from $0.3 million of income received on equity investments in venture-backed funds during the three months ended December 31, 2024, combined with a $0.1 million loss from equity investments in venture-backed funds during the three months ended September 30, 2024.

    The following table presents the key components of non-interest income for the periods indicated:

        Three months ended      
    (in thousands)   December 31, 2024   December 31, 2023   $ Change   % Change
    Service charges on deposit accounts   $ 179   $ 165     $ 14     8.48 %
    Net gain (loss) on sale of securities     —     (167 )     167     (100.00) %
    Gain on sale of loans     150     317       (167 )   (52.68) %
    Loan-related fees     400     667       (267 )   (40.03) %
    FHLB stock dividends     332     314       18     5.73 %
    Earnings on bank-owned life insurance     182     155       27     17.42 %
    Other income     423     485       (62 )   (12.78) %
    Total non-interest income   $ 1,666   $ 1,936     $ (270 )   (13.95) %


    Net gain (loss) on sale of securities.     The decrease in the net loss on sale of securities related to the sale of two municipal securities with a par value of approximately $0.8 million for a loss of approximately $0.2 million during the three months ended December 31, 2023, with no sales occurring during the three months ended December 31, 2024.

    Gain on sale of loans. The decrease resulted from an overall decline in the volume of loans sold during the three months ended December 31, 2024, as compared to the three months ended December 31, 2023. During the three months ended December 31, 2024, approximately $2.0 million of loans were sold with an effective yield of 7.60%, as compared to approximately $5.9 million of loans sold with an effective yield of 5.41% during the three months ended December 31, 2023.

    Loan-related fees. The decrease resulted from the recognition of $0.2 million lower rate lock fees and $0.1 million lower swap referral fees during the three months ended December 31, 2024 than the three months ended December 31, 2023.

    Non-interest income for the periods indicated:

        Year ended      
    (in thousands)   December 31, 2024   December 31, 2023   $ Change   % Change
    Service charges on deposit accounts   $ 721   $ 575     $ 146     25.39 %
    Net gain (loss) on sale of securities     —     (167 )     167     (100.00) %
    Gain on sale of loans     1,274     1,952       (678 )   (34.73) %
    Loan-related fees     1,605     1,719       (114 )   (6.63) %
    FHLB stock dividends     1,320     970       350     36.08 %
    Earnings on bank-owned life insurance     644     510       134     26.27 %
    Other income     889     1,952       (1,063 )   (54.46) %
    Total non-interest income   $ 6,453   $ 7,511     $ (1,058 )   (14.09) %


    Service charges on deposit accounts.     The increase resulted primarily from a $0.2 million increase in wire transfer fees recognized, partially offset by a small decrease in other fees recognized during the year ended December 31, 2024 compared to the year ended December 31, 2023.

    Net gain (loss) on sale of securities. The decrease in the net loss on sale of securities resulted from the sale of two municipal securities with a par value of approximately $0.8 million for a loss of approximately $0.2 million during the year ended December 31, 2023, with no sales occurring during the year ended December 31, 2024.

    Gain on sale of loans. The decrease related primarily to an overall decline in the volume of loans sold during the year ended December 31, 2024 compared to the year ended December 31, 2023. During the year ended December 31, 2024, approximately $18.3 million of loans were sold with an effective yield of 6.96%, as compared to approximately $36.5 million of loans sold with an effective yield of 5.35% during the year ended December 31, 2023.

    Loan-related fees. The decrease was primarily a result of a $0.2 million net decrease in income earned from the credit card program, partially offset by a small increase in loan fee income earned on various loan types and services.

    FHLB stock dividends. The increase primarily relates to a 50 basis point increase in the annualized dividend rate earned year-over-year, while the average shares outstanding remained consistent.

    Earnings on bank-owned life insurance. The increase was primarily due to additional policies purchased between December 31, 2024 and December 31, 2023.

    Other income. The decrease resulted primarily from $0.5 million in income received on equity investments in venture-backed funds during the year ended December 31, 2024, as compared to $1.7 million in income received on equity investments in venture-back funds during the year ended December 31, 2023.

    Non-interest Expense

    The following table presents the key components of non-interest expense for the periods indicated:

        Three months ended        
    (in thousands)   December 31, 2024   September 30, 2024   $ Change   % Change
    Salaries and employee benefits   $ 8,360   $ 7,969   $ 391     4.91 %
    Occupancy and equipment     649     626     23     3.67 %
    Data processing and software     1,369     1,327     42     3.17 %
    Federal Deposit Insurance Corporation (“FDIC”) insurance     440     405     35     8.64 %
    Professional services     774     830     (56 )   (6.75) %
    Advertising and promotional     752     584     168     28.77 %
    Loan-related expenses     321     292     29     9.93 %
    Other operating expenses     1,823     1,743     80     4.59 %
    Total non-interest expense   $ 14,488   $ 13,776   $ 712     5.17 %


    Salaries and employee benefits.     The increase was primarily a result of: (i) a $0.1 million increase in salaries, benefits, and bonus expense; and (ii) a $0.5 million increase in commissions expense due to higher loan production, net of purchased consumer loans. These increases were partially offset by a $0.2 million increase in loan origination costs due to higher loan production, net of purchased consumer loans, period-over-period.

    Advertising and promotional. The increase was primarily due to the timing of events sponsored and attended during the three months ended December 31, 2024 compared to the three months ended September 30, 2024.

    The following table presents the key components of non-interest expense for the periods indicated:

        Three months ended        
    (in thousands)   December 31, 2024   December 31, 2023   $ Change   % Change
    Salaries and employee benefits   $ 8,360   $ 7,182   $ 1,178   16.40 %
    Occupancy and equipment     649     583     66   11.32 %
    Data processing and software     1,369     1,110     259   23.33 %
    FDIC insurance     440     370     70   18.92 %
    Professional services     774     658     116   17.63 %
    Advertising and promotional     752     717     35   4.88 %
    Loan-related expenses     321     268     53   19.78 %
    Other operating expenses     1,823     1,775     48   2.70 %
    Total non-interest expense   $ 14,488   $ 12,663   $ 1,825   14.41 %


    Salaries and employee benefits.     The increase was primarily a result of: (i) a $1.0 million increase in salaries, benefits, and bonus expense, of which approximately $0.8 million related to employees hired to support expansion into the San Francisco Bay Area; and (ii) a $0.7 million increase in commissions expense due to higher loan production, net of purchased consumer loans. These increases were partially offset by a $0.5 million increase in loan origination costs due to higher loan production, net of purchased consumer loans, period-over-period.

    Data processing and software. The increase was primarily due to: (i) increased usage of our digital banking platform; (ii) higher transaction volumes related to the increased number of loan and deposit accounts; and (iii) an increased number of licenses required for new users on our loan origination and documentation system.

    Professional services. The increase was primarily due to increased audit and examination fees for services provided for the three months ended December 31, 2024 compared to the three months ended December 31, 2023.

    The following table presents the key components of non-interest expense for the periods indicated:

        Year ended        
    (in thousands)   December 31, 2024   December 31, 2023   $ Change   % Change
    Salaries and employee benefits   $ 31,709   $ 27,097   $ 4,612   17.02 %
    Occupancy and equipment     2,547     2,218     329   14.83 %
    Data processing and software     5,088     4,015     1,073   26.72 %
    FDIC insurance     1,635     1,557     78   5.01 %
    Professional services     3,078     2,575     503   19.53 %
    Advertising and promotional     2,411     2,403     8   0.33 %
    Loan-related expenses     1,207     1,192     15   1.26 %
    Other operating expenses     6,818     6,718     100   1.49 %
    Total non-interest expense   $ 54,493   $ 47,775   $ 6,718   14.06 %


    Salaries and employee benefits.     The increase was the result of: (i) a $3.5 million increase in salaries, benefits, and bonus, of which approximately $3.3 million related to employees hired to support expansion into the San Francisco Bay Area; and (ii) a $1.4 million increase in commissions paid, primarily to employees in the San Francisco Bay Area. The increase was partially offset by a $0.3 million increase in loan origination costs due to higher loan production, net of purchased consumer loans, period-over-period.

    Occupancy and equipment. The increase related to rent expense for the San Francisco branch office and a new office lease to support back office staff during the year ended December 31, 2024, which did not exist for the full year ended December 31, 2023.

    Data processing and software. The increase related to: (i) increased usage of our digital banking platform; (ii) higher transaction volumes related to the increased number of loan and deposit accounts; and (iii) an increased number of licenses required for new users on our loan origination and documentation system.

    Professional services. The increase was due to an increase in audit, IT support, and other consulting fees for services provided for the year ended December 31, 2024 compared to the year ended December 31, 2023.

    Other operating expenses. The increase is primarily related to a $0.2 million increase in IntraFi Network fees resulting from an overall increase in balances carried in the network, partially offset by a $0.1 million decrease in conference and training expenses.

    Provision for Income Taxes

    Three months ended December 31, 2024, as compared to the three months ended September 30, 2024

    Provision for income taxes for the quarter ended December 31, 2024 increased by $1.8 million, or 40.70%, to $6.1 million, as compared to $4.3 million for the quarter ended September 30, 2024, which was primarily due to: (i) the increase in taxable income recognized during the three months ended December 31, 2024; and (ii) a $0.6 million provision to return true-up recorded during the three months ended December 31, 2024 related primarily to the timing of recognition of low income housing tax credits, which did not occur during the three months ended September 30, 2024. The effective tax rate was 31.24% and 28.21% for the three months ended December 31, 2024 and September 30, 2024, respectively.

    Three months ended December 31, 2024, as compared to the three months ended December 31, 2023

    Provision for income taxes increased by $1.7 million, or 39.02%, to $6.1 million for the three months ended December 31, 2024, as compared to $4.4 million for the three months ended December 31, 2023. This increase is due to: (i) the increase in taxable income for the three months ended December 31, 2024 compared to the three months ended December 31, 2023; and (ii) a $0.6 million provision to return true-up recorded during the three months ended December 31, 2024 related primarily to the timing of recognition of low income housing tax credits, which did not occur during the three months ended December 31, 2023. The effective tax rate was 31.24% and 28.72% for the three months ended December 31, 2024 and December 31, 2023, respectively.

    Year ended December 31, 2024, as compared to the year ended December 31, 2023

    Provision for income taxes increased by $0.2 million, or 0.89%, to $19.1 million for the year ended December 31, 2024, as compared to $18.9 million for the year ended December 31, 2023. This increase is due to a $0.6 million provision to return true-up recorded during the year ended December 31, 2024, partially offset by a decline in taxable income year-over-year. The effective tax rate was 29.43% and 28.34% for the years ended December 31, 2024 and December 31, 2023, respectively.

    Webcast Details

    Five Star Bancorp will host a live webcast for analysts and investors on Tuesday, January 28, 2025, at 1:00 pm ET (10:00 am PT), to discuss its fourth quarter and annual financial results. To view the live webcast, visit the “News & Events” section of the Company’s website under “Events” at https://investors.fivestarbank.com/news-events/events. The webcast will be archived on the Company’s website for a period of 90 days.

    About Five Star Bancorp

    Five Star is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. The Bank has eight branches in Northern California.

    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 represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on the Company’s 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 the Company’s control. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties, which change over time, and other factors, which could cause actual results to differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company’s forward-looking information and statements proves incorrect, then the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on the Company’s forward-looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Reports on Form 10-Q for the three months ended March 31, 2024, June 30, 2024, and September 30, 2024, in each case under the section entitled “Risk Factors,” and other documents filed by the Company with the Securities and Exchange Commission from time to time.

    The Company disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

    Condensed Financial Data (Unaudited)

        Three months ended
    (in thousands, except per share and share data)   December 31, 2024   September 30, 2024   December 31, 2023
    Revenue and Expense Data            
    Interest and fee income   $ 57,745     $ 52,667     $ 46,180  
    Interest expense     24,256       22,281       19,502  
    Net interest income     33,489       30,386       26,678  
    Provision for credit losses     1,300       2,750       800  
    Net interest income after provision     32,189       27,636       25,878  
    Non-interest income:            
    Service charges on deposit accounts     179       165       165  
    Net gain (loss) on sale of securities     —       —       (167 )
    Gain on sale of loans     150       306       317  
    Loan-related fees     400       406       667  
    FHLB stock dividends     332       327       314  
    Earnings on bank-owned life insurance     182       162       155  
    Other income     423       15       485  
    Total non-interest income     1,666       1,381       1,936  
    Non-interest expense:            
    Salaries and employee benefits     8,360       7,969       7,182  
    Occupancy and equipment     649       626       583  
    Data processing and software     1,369       1,327       1,110  
    FDIC insurance     440       405       370  
    Professional services     774       830       658  
    Advertising and promotional     752       584       717  
    Loan-related expenses     321       292       268  
    Other operating expenses     1,823       1,743       1,775  
    Total non-interest expense     14,488       13,776       12,663  
    Income before provision for income taxes     19,367       15,241       15,151  
    Provision for income taxes     6,050       4,300       4,352  
    Net income   $ 13,317     $ 10,941     $ 10,799  
                 
    Comprehensive Income            
    Net income   $ 13,317     $ 10,941     $ 10,799  
    Net unrealized holding (loss) gain on securities available-for-sale during the period     (3,747 )     3,549       5,744  
    Reclassification for net loss on sale of securities included in net income     —       —       167  
    Less: Income tax (benefit) expense related to other comprehensive (loss) income     (1,108 )     1,049       1,747  
    Other comprehensive (loss) income     (2,639 )     2,500       4,164  
    Total comprehensive income   $ 10,678     $ 13,441     $ 14,963  
                 
    Share and Per Share Data            
    Earnings per common share:            
    Basic   $ 0.63     $ 0.52     $ 0.63  
    Diluted   $ 0.63     $ 0.52     $ 0.63  
    Book value per share   $ 18.60     $ 18.29     $ 16.56  
    Tangible book value per share(1)   $ 18.60     $ 18.29     $ 16.56  
    Weighted average basic common shares outstanding     21,182,143       21,182,143       17,175,445  
    Weighted average diluted common shares outstanding     21,235,318       21,232,758       17,193,114  
    Shares outstanding at end of period     21,319,083       21,319,583       17,256,989  
                 
    Credit Quality            
    Allowance for credit losses to period end nonperforming loans     2,101.78 %     2,041.44 %     1,752.70 %
    Nonperforming loans to loans held for investment     0.05 %     0.05 %     0.06 %
    Nonperforming assets to total assets     0.05 %     0.05 %     0.05 %
    Nonperforming loans plus performing loan modifications to loans held for investment     0.05 %     0.05 %     0.06 %
                 
    Selected Financial Ratios            
    ROAA     1.31 %     1.18 %     1.26 %
    ROAE     13.48 %     11.31 %     15.45 %
    Net interest margin     3.36 %     3.37 %     3.19 %
    Loan to deposit     99.38 %     101.87 %     102.19 %


    (1)     See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

        Year ended
    (in thousands, except per share and share data)   December 31, 2024   December 31, 2023
    Revenue and Expense Data        
    Interest and fee income   $ 206,951     $ 174,382  
    Interest expense     87,240       63,502  
    Net interest income     119,711       110,880  
    Provision for credit losses     6,950       4,000  
    Net interest income after provision     112,761       106,880  
    Non-interest income:        
    Service charges on deposit accounts     721       575  
    Net gain (loss) on sale of securities     —       (167 )
    Gain on sale of loans     1,274       1,952  
    Loan-related fees     1,605       1,719  
    FHLB stock dividends     1,320       970  
    Earnings on bank-owned life insurance     644       510  
    Other income     889       1,952  
    Total non-interest income     6,453       7,511  
    Non-interest expense:        
    Salaries and employee benefits     31,709       27,097  
    Occupancy and equipment     2,547       2,218  
    Data processing and software     5,088       4,015  
    FDIC insurance     1,635       1,557  
    Professional services     3,078       2,575  
    Advertising and promotional     2,411       2,403  
    Loan-related expenses     1,207       1,192  
    Other operating expenses     6,818       6,718  
    Total non-interest expense     54,493       47,775  
    Income before provision for income taxes     64,721       66,616  
    Provision for income taxes     19,050       18,882  
    Net income   $ 45,671     $ 47,734  
             
    Comprehensive Income        
    Net income   $ 45,671     $ 47,734  
    Net unrealized holding (loss) gain on securities available-for-sale during the period     (858 )     2,228  
    Reclassification for net loss on sale of securities included in net income     —       167  
    Less: Income tax (benefit) expense related to other comprehensive (loss) income     (254 )     708  
    Other comprehensive (loss) income     (604 )     1,687  
    Total comprehensive income   $ 45,067     $ 49,421  
             
    Share and Per Share Data        
    Earnings per common share:        
    Basic   $ 2.26     $ 2.78  
    Diluted   $ 2.26     $ 2.78  
    Book value per share   $ 18.60     $ 16.56  
    Tangible book value per share(1)   $ 18.60     $ 16.56  
    Weighted average basic common shares outstanding     20,154,385       17,166,592  
    Weighted average diluted common shares outstanding     20,205,440       17,187,969  
    Shares outstanding at end of period     21,319,083       17,256,989  
             
    Credit Quality        
    Allowance for credit losses to period end nonperforming loans     2,101.78 %     1,752.70 %
    Nonperforming loans to loans held for investment     0.05 %     0.06 %
    Nonperforming assets to total assets     0.05 %     0.05 %
    Nonperforming loans plus performing loan modifications to loans held for investment     0.05 %     0.06 %
             
    Selected Financial Ratios        
    ROAA     1.23 %     1.44 %
    ROAE     12.72 %     17.85 %
    Net interest margin     3.32 %     3.42 %
    Loan to deposit     99.38 %     102.19 %
                     

    (1) See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

    (in thousands)   December 31, 2024   September 30, 2024   December 31, 2023
    Balance Sheet Data            
    Cash and due from financial institutions   $ 33,882     $ 44,531     $ 26,986  
    Interest-bearing deposits in banks     318,461       206,321       294,590  
    Time deposits in banks     4,121       4,118       5,858  
    Securities – available-for-sale, at fair value     98,194       104,238       108,083  
    Securities – held-to-maturity, at amortized cost     2,720       2,720       3,077  
    Loans held for sale     3,247       2,910       11,464  
    Loans held for investment     3,532,686       3,460,565       3,081,719  
    Allowance for credit losses     (37,791 )     (37,583 )     (34,431 )
    Loans held for investment, net of allowance for credit losses     3,494,895       3,422,982       3,047,288  
    FHLB stock     15,000       15,000       15,000  
    Operating leases, right-of-use asset     6,245       6,590       5,284  
    Premises and equipment, net     1,584       1,657       1,623  
    Bank-owned life insurance     19,375       19,192       17,180  
    Interest receivable and other assets     55,554       56,745       56,692  
    Total assets   $ 4,053,278     $ 3,887,004     $ 3,593,125  
                 
    Non-interest-bearing deposits   $ 922,629     $ 906,939     $ 831,101  
    Interest-bearing deposits     2,635,365       2,493,040       2,195,795  
    Total deposits     3,557,994       3,399,979       3,026,896  
    Subordinated notes, net     73,895       73,859       73,749  
    Other borrowings     —       —       170,000  
    Operating lease liability     6,857       7,101       5,603  
    Interest payable and other liabilities     17,908       16,135       31,103  
    Total liabilities     3,656,654       3,497,074       3,307,351  
                 
    Common stock     302,531       302,251       220,505  
    Retained earnings     106,464       97,411       77,036  
    Accumulated other comprehensive loss, net of taxes     (12,371 )     (9,732 )     (11,767 )
    Total shareholders’ equity     396,624       389,930       285,774  
    Total liabilities and shareholders’ equity   $ 4,053,278     $ 3,887,004     $ 3,593,125  
                 
    Quarterly Average Balance Data            
    Average loans held for investment and sale   $ 3,498,109     $ 3,354,050     $ 3,055,042  
    Average interest-earning assets     3,965,867       3,586,572       3,319,300  
    Average total assets     4,057,603       3,678,537       3,399,660  
    Average deposits     3,561,409       3,184,795       3,009,078  
    Average total equity     393,088       384,692       277,295  
                 
    Capital Ratios            
    Total shareholders’ equity to total assets     9.79 %     10.03 %     7.95 %
    Tangible shareholders’ equity to tangible assets(1)     9.79 %     10.03 %     7.95 %
    Total capital (to risk-weighted assets)     13.99 %     13.94 %     12.30 %
    Tier 1 capital (to risk-weighted assets)     11.02 %     10.93 %     9.07 %
    Common equity Tier 1 capital (to risk-weighted assets)     11.02 %     10.93 %     9.07 %
    Tier 1 leverage ratio     10.05 %     10.83 %     8.73 %
                             

    (1) See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

    Non-GAAP Reconciliation (Unaudited)

    The Company uses financial information in its analysis of the Company’s performance that is not in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations, and cash flows computed in accordance with GAAP. However, the Company acknowledges that its non-GAAP financial measures have a number of limitations. As such, investors should not view these disclosures as a substitute for results determined in accordance with GAAP. Additionally, these non-GAAP measures are not necessarily comparable to non-GAAP financial measures that other banking companies use. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons.

    Tangible shareholders’ equity to tangible assets is defined as total equity less goodwill and other intangible assets, divided by total assets less goodwill and other intangible assets. The most directly comparable GAAP financial measure is total shareholders’ equity to total assets. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible shareholders’ equity to tangible assets is the same as total shareholders’ equity to total assets at the end of each of the periods indicated.

    Tangible book value per share is defined as total shareholders’ equity less goodwill and other intangible assets, divided by the outstanding number of common shares at the end of the period. The most directly comparable GAAP financial measure is book value per share. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible book value per share is the same as book value per share at the end of each of the periods indicated.

    Pre-tax, pre-provision income is defined as pre-tax income plus provision for credit losses. The most directly comparable GAAP financial measure is pre-tax income.

    The following reconciliation tables provide a more detailed analysis of this non-GAAP financial measure:

        Three months ended
    (in thousands)   December 31, 2024   September 30, 2024   December 31, 2023
    Pre-tax, pre-provision income            
    Pre-tax income   $ 19,367   $ 15,241   $ 15,151
    Add: provision for credit losses     1,300     2,750     800
    Pre-tax, pre-provision income   $ 20,667   $ 17,991   $ 15,951
        Year ended
    (in thousands)   December 31, 2024   December 31, 2023
    Pre-tax, pre-provision income        
    Pre-tax income   $ 64,721   $ 66,616
    Add: provision for credit losses     6,950     4,000
    Pre-tax, pre-provision income   $ 71,671   $ 70,616


    Investor Contact:
    Heather C. Luck, Chief Financial Officer
    Five Star Bancorp
    (916) 626-5008
    hluck@fivestarbank.com

    Media Contact:
    Shelley R. Wetton, Chief Marketing Officer
    Five Star Bancorp
    (916) 284-7827
    swetton@fivestarbank.com

    The MIL Network –

  • MIL-OSI United Nations: Darfur: ICC Prosecutor urges immediate action to address atrocities

    Source: United Nations 4

    By Vibhu Mishra

    Peace and Security

    The Prosecutor of the International Criminal Court (ICC) on Monday called on the UN Security Council to act decisively to address the worsening atrocities in Sudan’s Darfur region.

    Briefing ambassadors, Karim Khan highlighted the urgent need for justice and accountability as violence and humanitarian suffering escalate.

    “Criminality is accelerating in Darfur. Civilians are being targeted, women and girls are subjected to sexual violence, and entire communities are left in destruction,” he said.

    “This is not just an assessment; it is a hard-edged analysis based on verified evidence.”

    Violence in Darfur has displaced thousands of families and devastated the region, with vital civilian infrastructure attacked, civilians killed and communities suffering from famine and disease.

    Deepening crisis

    The gravity of the situation in the wider region was underscored by UN Secretary-General António Guterres, who condemned a 24 January attack on the Saudi Teaching Hospital in El Fasher, North Darfur.

    At least 70 patients and their relatives were reportedly killed, and dozens more injured.

    “This appalling attack which affected the only functioning hospital in Darfur’s largest city comes after more than 21 months of war have left much of Sudan’s health care system in tatters,” Stéphane Dujarric, Spokesperson for the Secretary-General, said in a statement.

    The Secretary-General reiterated that international humanitarian law mandates the protection of medical facilities and personnel and that the deliberate targeting of such facilities may constitute a war crime.

    He also renewed his call for an immediate cessation of hostilities and a sustainable, inclusive political dialogue to end the conflict.

    Echoes of past crimes

    Mr. Khan urged the 15-member Council to recommit to the principles outlined in resolution 1593, adopted 20 years ago, which referred the situation in Darfur to the ICC.

    “We hear those echoes that gave rise to the original referral,” he said, warning that a new generation is suffering the same atrocities endured by their parents.

    The ICC Prosecutor announced that his office is preparing applications for new arrest warrants tied to alleged crimes committed in West Darfur.

    He emphasised that these applications would only proceed with robust evidence to ensure a realistic prospect of conviction, reinforcing the ICC’s commitment to justice for victims.

    Mr. Khan also stressed the need for greater cooperation in transferring ICC fugitives, including former President Omar al-Bashir and other high-ranking officials accused of war crimes and crimes against humanity.

    Deja vu

    The ICC Prosecutor also painted a grim picture of Darfur’s humanitarian and security landscape.

    “The same communities targeted 20 years ago are suffering today, with crimes being used as weapons of war,” Mr. Khan stated, stressing that such acts violate international humanitarian law and demanded an immediate halt to the violence.

    The trial of Ali Kushayb

    Mr. Khan also highlighted the significance of the ICC trial of Ali Muhammad Ali Abd-Al-Rahman, also known as Ali Kushayb, addressing crimes committed in 2003 and 2004.

    This trial has shown the people of Darfur that they are not forgotten and “not airbrushed out of public consciousness” he said, highlighting the efforts made by Darfuris themselves to ensure justice and accountability.

    Mr. Khan concluded by emphasising the moral and legal responsibility of the international community to deliver justice.

    “The people of Darfur are in danger, and they have a right to justice. It is time to deliver on the promise of resolution 1593,” he said.

    “It is time for us collectively to join hands and deliver on that promise to prevent this constant cycle of despair that generations of Darfuris have suffered.”

    MIL OSI United Nations News –