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Category: Transport

  • MIL-OSI Canada: New Sheriffs unit to enhance public safety

    Source: Government of Canada regional news

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    Since 2023, Alberta’s government has invested more than $27 million to help fight crime throughout the province. Building on these efforts, the government is now expanding the Alberta Sheriffs’ Safer Communities and Neighbourhoods (SCAN) unit with the creation of a new team of investigators in Red Deer. The creation of the Red Deer SCAN team is the latest in a series of measures aimed at enhancing public safety and increasing the Alberta Sheriffs’ ability to support police throughout the province.

    The move puts more resources on the ground with a team of qualified experts who will investigate properties where illegal activity has been reported and shut them down through court orders when needed. The Red Deer SCAN team – made up of four Alberta Sheriffs – joins existing SCAN teams in Calgary, Edmonton, and Lethbridge, which have proven immensely effective in working alongside local police to shutter problem properties throughout the province.

    “Alberta’s government will always maintain a zero-tolerance stance toward crime of any kind, and the expansion of the Alberta Sheriffs’ SCAN unit reflects that. With the creation of a new SCAN team in Red Deer, we’re expanding the unit’s coverage even further and putting more boots on the ground where they’re needed. Let this be a message to all criminals: you are not welcome here. Communities in the Red Deer area have a right not to be plagued by drug and other criminal activity that create dangerous environments, and Alberta’s government will do whatever it takes to keep people safe.”

    Mike Ellis, Minister of Public Safety and Emergency Services

    The Sheriffs’ SCAN unit operates under the Safer Communities and Neighbourhoods Act, which uses legal sanctions and court orders to hold owners accountable for illegal activity happening on their property, such as drug trafficking, human trafficking and child exploitation. SCAN augments and supports local police to both investigate and close properties where evidence of criminal activity has been confirmed.

    “Ensuring safety for law-abiding Albertans is of utmost importance for Alberta’s government and requires a comprehensive approach to effectively combat and prevent criminal activity. This involves enhancing law-enforcement resources, fostering community engagement, implementing crime prevention programs, and promoting collaboration between Alberta Sheriffs and local police. This SCAN team is a game-changer in central Alberta and puts criminals on notice that they are not welcome here.”

    Jason Stephan, MLA for Red Deer-South

    “The Safer Communities and Neighbourhoods Act holds property owners accountable for activities on their property that threaten public safety. Alberta’s SCAN teams support policing efforts by addressing illegal activities on these properties. This additional team will enhance RCMP community safety programs.” 

    Assistant Commissioner Trevor Daroux, criminal operations officer, Alberta RCMP

    When a community member reports a problem property to SCAN, the unit begins an investigation. Once the investigation confirms the activity, investigators contact the property owner to try and resolve the issue informally. If informal efforts are unsuccessful, SCAN can apply to the courts for a community safety order to impose restrictions and conditions on the property and its owner, which could include closing the property for up to 90 days. Any criminal activity uncovered when dealing with these properties is turned over to the police to investigate.

    “Over the years, SCAN’s impact on community safety has been profound. More often than not, we see individuals in these problem properties carrying out drug operations and other criminal activities beside homes, schools, playgrounds and other places where Albertans’ safety should never be in question. Crime has no place in any Alberta neighbourhood, and we look forward to working with our policing partners in the Red Deer area to help keep central Alberta communities safe.”

    Mike Letourneau, superintendent, Alberta Sheriffs

    SCAN continues to see tremendous success, having closed problem properties in Lethbridge, Calgary, Spruce Grove and Medicine Hat in the last six months alone. Since May 2024, Alberta’s government has publicly announced the closure of seven problem properties by SCAN, including three in Calgary, two in Lethbridge, and one each in Spruce Grove and Medicine Hat.

    “Creating a safer environment for our citizens improves the overall quality of our community in Red Deer. I would like to take this opportunity to thank Alberta’s government, SCAN and all our law enforcement partners who work tirelessly every day to keep our communities safe. This is great news for the City of Red Deer, and together, we can make our community safer. I encourage residents to report any suspicious activity to the SCAN unit.”

    Ken Johnston, mayor, City of Red Deer

    The Red Deer SCAN team’s operational boundaries encompass the city of Red Deer and its surrounding communities and rural areas, providing coverage to the central area spanning Ponoka to the north and Olds to the south.

    Related news

    • New sheriff team established in southern Alberta (Nov. 15, 2023)
    • Fighting rural crime (March 24, 2023)

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    • Watch the news conference

    MIL OSI Canada News –

  • MIL-OSI USA: American-Made Program Shines Light on Innovation at RE+

    Source: US National Renewable Energy Laboratory

    NREL Has a Major Presence at One of the Renewable Energy Industry’s Key Conferences

     

    Photo from Corcino Productions

    For 20 years, the RE+ conference has served as a gathering place for clean energy professionals who come together to engage and connect on ways to propel the industry forward. For the last five of those years, the U.S. Department of Energy’s (DOE’s) American-Made program has partnered with RE+ to become a key player at the conference, helping American-Made innovators bring their technologies closer to commercialization and showcasing easy-access opportunities for clean energy development funding.

    The American-Made program, administered by the National Renewable Energy Laboratory’s (NREL’s) Joint Institute for Strategic Energy Analysis, incentivizes clean energy innovation through prize competitions, training, teaming, and mentoring. The program boasts a suite of more than 90 prizes seeking to advance technological development and capacity building across the country, many of which were represented at this year’s RE+ in Anaheim, California.

    A Live Grand Finale

    American-Made’s partnership with RE+ began in 2019 as a venue for Go! Demo Day, the culmination of the American-Made Solar Prize. The Solar Prize is a multimillion-dollar prize competition funded by DOE’s Solar Energy Technologies Office that energizes U.S. solar innovation through a series of contests that accelerate the entrepreneurial process from years to months. Now, the Solar Prize event has become a mainstay at RE+, which hosted more than 40,000 attendees and 1,300 exhibitors this year.

    During this year’s Solar Prize Round 7 Go! Demo Day, competition finalists presented their pitches for innovative technologies that can advance solar adoption to conference attendees and a panel of industry experts. Fram Energy was selected as a grand prize winner for their solar adoption software solution, while Gritt Robotics won for their artificial intelligence solar installation robotics innovation. Two additional teams were awarded the Justice, Equity, Diversity, and Inclusion Prize for their innovations that address solar power accessibility and education.

    “The Solar Prize was the prize that launched the American-Made program, and over seven rounds, it has generated revolutionary concepts that are kickstarting the solar industry,” American-Made Program Manager Debbie Brodt-Giles said. “Having the finale at RE+ each year really magnifies the reach of the prize and these competitors’ innovations. It’s the ideal place to share how American-Made is empowering everyday citizens to contribute to the clean energy transition.”

    All 10 Solar Prize Round 7 finalists were allotted a booth at RE+ to showcase their technologies to conference attendees. Here, the EmpowerSun Solutions team—winner of the Justice, Equity, Diversity and Inclusion Prize—share their concept with Becca Jones-Albertus, director of DOE’s Solar Energy Technologies Office; Alejandro Moreno and Jeff Marootian, from DOE’s Office of Energy Efficiency and Renewable Energy; and David Crane, DOE’s Undersecretary for Infrastructure. Photo from Corcino Productions

    Expanding Presence and Purpose

    American-Made’s involvement at RE+ has grown beyond celebrating the Solar Prize to include other competition, network, and informational events to support past, current, and future prize competitors.

    Perovskite Startup Prize winner Verde Technologies made use of their time at RE+ to share their lightweight, high-performance, and low-cost solar panels. Photo from Corcino Productions

    “What’s helpful about being at a conference like RE+ is that it allows us to step out of the core technology that we’re developing and realize how it fits into the broader renewable energy transition and solar market,” said Skylar Bagdon, CEO of Verde Technologies, a past winner of the American-Made Perovskite Startup Prize. “Being here and seeing what the market really cares about helps us get out of the lab and get our technology out into the market where it will have an impact.”

    The Fall 2024 EPIC Pitch Competition featured six cleantech startups vying for cash prizes for their innovative clean energy-related pitches, with three startups and one incubator winning more than $100,000 total in cash prizes from DOE’s Office of Technology Transitions, which funds the EPIC Pitch Competition.

    DOE also announced several new prizes during the conference, including the Large Animal and Solar System Operations (LASSO) Prize, the Promoting Registration of Inverters and Modules with Ecolabel (PRIME) Prize, and the Community Power Accelerator Prize Round 3.

    Labwide Impact at a Nationwide Event

    In addition to those associated with the management of the American-Made program, NREL had robust representation at this year’s conference, with researchers from nine centers specializing in clean energy systems, technologies, deployment, and analysis. Researchers hosted tech talks at the conference, sharing NREL expertise in the areas of solar grid integration, equitable transition strategies, market analysis, and more.

    NREL’s participation at the largest clean energy industry conference in North America allows the laboratory to share cutting-edge research and identify trends in the renewable energy industry, helping inform research needs and opportunities for partnerships.

    “NREL’s leadership in the solar space continues to be well represented at RE+ with dozens of staff representing prizes and new innovative research that is integral to the industry’s success and rapid growth,” Solar Laboratory Program Manager Mary Werner said. “NREL staff coordinate prizes, present their research results, attend educational sessions, explore the extensive exhibit halls, host project booths, and help guide the development of educational sessions at RE+ to increase our impact on the market and identify new partners for future research projects.”

    Learn more about the American-Made program, and subscribe to the American-Made Newsletter for updates on all future prize opportunities.

    MIL OSI USA News –

  • MIL-OSI Security: Federal Jury Convicts Sumter Man of Gun Trafficking

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

    COLUMBIA, S.C. —A federal jury in Columbia has convicted Kelsey Antonio McCallum, 27, of Sumter, of illegally trafficking firearms.

    Evidence presented at trial revealed that McCallum and his sister, Daeja Hodge, conspired to purchase firearms and resale those firearms for profit. At least 13 times from 2020-2022, McCallum made false statements to acquire firearms at dealers in Columbia, Sumter, and the Upstate. McCallum also purchased firearms from Georgia. During each purchase, McCallum falsely stated that the firearms were intended for his personal use, knowing that he intended to sell them. McCallum would then illegally transport the firearms to Maryland and sell them there. McCallum and Hodge acquired over 100 firearms during this scheme. Most of those firearms ended up in the hands of felons prohibited from possessing firearms or at crime scenes in the Baltimore area. A few firearms were also sold in North Carolina. At trial, the Government introduced more than 30 firearms and ammunition found by law enforcement in the Baltimore area.  

    Hodge pleaded guilty to her role in the offense prior to McCallum’s trial.

    McCallum faces a maximum penalty of 10 years in federal prison. He also faces a fine of up to $250,000, restitution, and three years of supervision to follow the term of imprisonment. United States District Judge Mary Geiger Lewis will sentence McCallum after receiving and reviewing a sentencing report prepared by the U.S. Probation Office.

    This case was made possible by investigative leads generated from the ATF’s National Integrated Ballistic Information Network (NIBIN). NIBIN is the only national network that allows for the capture and comparison of ballistic evidence to aid in solving and preventing violent crimes involving firearms. NIBIN is a proven investigative and intelligence tool that can link firearms from multiple crime scenes, allowing law enforcement to quickly disrupt shooting cycles. For more information on NIBIN, visit https://www.atf.gov/firearms/national-integrated-ballistic-information-network-nibin

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

    The Bureau of Alcohol, Tobacco, Firearms and Explosives in South Carolina and Maryland, investigated the case along with assistance from numerous local agencies in South Carolina, Georgia, Maryland, and North Carolina. Assistant U.S. Attorneys Christopher D. Taylor and William K. Witherspoon are prosecuting the case.

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    MIL Security OSI –

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

    Source: GlobeNewswire (MIL-OSI)

    STRASBURG, Va., Nov. 01, 2024 (GLOBE NEWSWIRE) — First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), reported unaudited consolidated net income of $2.2 million and basic and diluted earnings per common share of $0.36 for the third quarter of 2024 and adjusted net income(1) of $2.4 million and adjusted basic and diluted earnings per common share(1) of $0.39.

    (Dollars in thousands, except earnings per share)   Three Months Ended  
        Sept 30, 2024     Jun 30, 2024     Sept 30, 2023  
    Net income   $ 2,248     $ 2,442     $ 3,121  
    Basic and diluted earnings per share   $ 0.36     $ 0.39     $ 0.50  
    Return on average assets     0.62 %     0.68 %     0.91 %
    Return on average equity     7.28 %     8.31 %     10.96 %
                             
    Non-GAAP Measures:                        
    Adjusted net income(1)   $ 2,448     $ 3,008     $ 3,121  
    Adjusted basic and diluted earnings per share(1)   $ 0.39     $ 0.48     $ 0.50  
    Adjusted return on average assets(1)     0.67 %     0.84 %     0.91 %
    Adjusted return on average equity(1)     7.93 %     10.23 %     10.96 %
    Adjusted pre-provision, pre-tax earnings(1)   $ 4,712     $ 4,092     $ 3,952  
    Adjusted pre-provision, pre-tax return on average assets(1)     1.29 %     1.14 %     1.16 %
    Net interest margin(1)     3.43 %     3.40 %     3.35 %
    Efficiency ratio(1)     67.95 %     70.65 %     70.67 %

    *See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliations” for additional information and detailed calculations of adjustments.

    “During the third quarter the company saw continued improvement in net interest margin thanks to proactive deposit pricing boosted by sticky noninterest-bearing deposits continuing to represent 31% of total deposits,” said Scott C. Harvard, President and CEO. “We also benefited from a 16% increase in ATM and check card fees and an 8% increase in wealth management fees in the quarter. During the quarter loans acquired from third party lenders continued to be a drag on what otherwise was excellent financial performance, with an adjusted pre-provision, pre-tax return on average assets of 1.29% for the period. We continue to be excited about the recent acquisition of Touchstone Bankshares, Inc., which closed on October 1, and look forward to integrating our two companies and building value for our shareholders.”

    THIRD QUARTER HIGHLIGHTS

    Key highlights of the three months ending September 30, 2024, are as follows. Comparisons are to the three-month period ending June 30, 2024, unless otherwise stated:

      ● Net interest margin(1) continued to improve to 3.43%
      ● Loan balances increased by 2%, annualized
      ● Noninterest-bearing deposits were stable at 31% of total deposits
      ● Noninterest income increased by 19%
      ● Adjusted ROA and ROE(1) of 0.67% and 7.93% respectively
      ● Tangible book value per share(1) increased to $19.37 from $17.38 one year ago


    MERGER WITH TOUCHSTONE BANKSHARES, INC.

    The Company completed the acquisition of Touchstone Bankshares, Inc. (“Touchstone”) with and into the Company, effective October 1, 2024 (the “Merger”). Immediately following the Merger, Touchstone Bank, the wholly owned subsidiary of Touchstone, was merged with and into First Bank. Pursuant to the previously announced terms of the Merger, each outstanding share of Touchstone common stock and preferred stock (on an as-converted, one-for-one basis, which shares of preferred stock converted automatically to common stock at the effective time of the Merger) received 0.8122 shares of the Company’s common stock.

    Following the Merger, the former branches of Touchstone Bank assumed in the Merger continued to operate in Virginia as Touchstone Bank, a division of First Bank, and, in North Carolina, as Touchstone Bank, a division of First Bank, Strasburg, Virginia, until the systems integration is completed in February 2025. With the addition of Touchstone, the Company would have had approximately $2.1 billion in assets, $1.5 billion in loans and $1.8 billion in deposits on a combined pro-forma basis as of September 30, 2024. The combined company delivers banking services through thirty-three branch offices in Virginia and North Carolina and three loan production offices, in addition to its full complement of online banking services. During the third quarter of 2024, the Company incurred pre-tax merger costs of approximately $219 thousand related to the Merger. Effective October 1, 2024, common stock outstanding of First National Corporation totaled 8,970,345.

    NET INTEREST INCOME

    Net interest income increased $255 thousand, or 2%, to $11.7 million for the third quarter of 2024 compared to the second quarter of 2024. Total interest income increased by $389 thousand, or 2%, and was partially offset by a $134 thousand, or 2%, increase in total interest expense. The net interest margin(1) increased to 3.43%, up from 3.40% for the second quarter.

    The $389 thousand increase in total interest income was attributable to a $475 thousand increase in interest and fees on loans, which was partially offset by a $43 thousand decrease in interest income on securities and a $41 thousand decrease in interest on deposits in banks. The increase in interest and fees on loans was attributable to a 9-basis point increase in the yield on the loan portfolio and a $9.2 million increase in the average balance of loans. The decrease in interest income on deposits in other banks was attributable to a $2.9 million decrease in average balances. The decrease in interest income on securities was attributable to a $1.7 million decrease in the average balance of total securities and an 8-basis point decrease in yield. The yield on total earning assets increased to 5.08% from 5.03% in the second quarter.

    The $134 thousand increase in total interest expense was primarily attributable to a $138 thousand increase in interest expense on deposits. The increase in interest expense on deposits resulted from a $933 thousand increase in the average balance of interest-bearing deposits and a 4-basis point increase in cost. The total cost of funds was 1.72% for the third quarter of 2024, which was a 3-basis point increase compared to the second quarter of 2024.
      
    NONINTEREST INCOME

    Noninterest income totaled $3.2 million for the third quarter of 2024, which was a $517 thousand, or 19%, increase from the second quarter of 2024 and was attributable to increases in all income categories. ATM and check card fees and fees for other customer services increased $125 thousand and $98 thousand, respectively. There were also increases in wealth management fees, service charges on deposit accounts, and brokered mortgage fees of $73 thousand, $63 thousand, and $60 thousand, respectively.

    NONINTEREST EXPENSE

    Noninterest expense totaled $10.5 million for the third quarter of 2024, which was a decrease of $200 thousand, or 2%, compared to the second quarter of 2024. The decrease was primarily attributable to a $528 thousand decrease in legal and professional fees, which was a result of lower merger-related expenses in the third quarter compared to the prior period. Merger expenses totaled $219 thousand for the third quarter of 2024 compared to $571 thousand in the second quarter of 2024.

    ASSET QUALITY

    Overview

    Loans that were past due greater than 30 days and still accruing interest as a percentage of total loans were 0.24% on September 30, 2024, 0.24% on June 30, 2024, and 0.18% on September 30, 2023. Nonperforming assets (“NPAs”) as a percentage of total assets decreased to 0.41% on September 30, 2024, compared to 0.59% on June 30, 2024, and increased from 0.23% on September 30, 2023. Annualized net charge-offs as a percentage of total loans were 0.63% for the third quarter of 2024, 0.19% for the second quarter of 2024 and 0.03% for the third quarter of 2023. The allowance for credit losses on loans totaled $12.7 million, or 1.28% of total loans on September 30, 2024, $12.6 million, or 1.27% of total loans on June 30, 2024, and $8.9 million, or 0.93% of total loans on September 30, 2023.

    Past Due Loans

    Loans past due greater than 30 days and still accruing interest totaled $2.4 million on September 30, 2024, $2.4 million on June 30, 2024, and $1.8 million on September 30, 2023. There were no loans greater than 90 days past due and still accruing on September 30, 2024 and June 30, 2024, compared to $370 thousand on September 30, 2023.

    Nonperforming Assets

    NPAs decreased to $6.0 million on September 30, 2024 from $8.5 million on June 30, 2024. NPA’s totaled $3.1 million on September 30, 2023. NPA’s represented 0.41%, 0.59%, and 0.23% of total assets, respectively. The NPAs were primarily comprised of commercial and industrial loans.

    Net Charge-offs

    Net charge-offs totaled $1.6 million for the third quarter of 2024, $482 thousand for the second quarter of 2024, and $83 thousand for the third quarter of 2023.

    Provision for Credit Losses

    The provision for credit losses totaled $1.7 million for the third quarter of 2024, $400 thousand for the second quarter of 2024, and $100 thousand in the third quarter of 2023. The provision in the third quarter of 2024 was comprised of a $1.7 million provision for credit losses on loans, a $5 thousand recovery of credit losses on held-to-maturity securities, and a $17 thousand recovery of credit losses on unfunded commitments. The provision for credit losses on loans in the third quarter of 2024 was primarily attributable to increases in specific reserves on commercial and industrial loans and an increase in the general reserve component of the allowance for credit losses on loans related to an increase in projected losses, which resulted from a higher projected unemployment rate when compared to the prior quarterly period.

    Allowance for Credit Losses on Loans

    The allowance for credit losses on loans totaled $12.7 million on September 30, 2024, $12.6 million on June 30, 2024, and $8.9 million on September 30, 2023. During the third quarter of 2024, the specific reserve component of the allowance decreased by $373 thousand, while the general reserve component of the allowance increased by $524 thousand. Net charge-offs increased in the third quarter and were primarily comprised of commercial and industrial loans with specific reserves that were established in prior periods.

    The following table provides the changes in the allowance for credit losses on loans for the three-month periods ended (dollars in thousands):

        Sept 30, 2024     Jun 30, 2024     Sept 30, 2023  
    Allowance for credit losses on loans, beginning of period   $ 12,553     $ 12,603     $ 8,858  
    Net charge-offs     (1,572 )     (482 )     (83 )
    Provision for credit losses on loans     1,723       432       121  
    Allowance for credit losses on loans, end of period   $ 12,704     $ 12,553     $ 8,896  

    The allowance for credit losses on loans as a percentage of total loans totaled 1.28% on September 30, 2024, 1.27% on June 30, 2024, and 0.93% on September 30, 2023.

     Allowance for Credit Losses on Unfunded Commitments

    The allowance for credit losses on unfunded commitments totaled $370 thousand on September 30, 2024, $387 thousand on June 30, 2024 and $189 on September 30, 2023. There was a $17 thousand recovery of credit losses on unfunded commitments in the third quarter of 2024, a $26 thousand recovery of credit losses on unfunded commitments in the second quarter of 2024, and an $8 thousand recovery of credit losses on unfunded commitments in the third quarter of 2023.

    Allowance for Credit Losses on Securities 

    The allowance for credit losses on securities held-to-maturity (“HTM”) totaled $105 thousand on September 30, 2024, compared to $110 thousand on June 30, 2024, and $131 thousand on September 30, 2023. The recovery of credit losses on securities totaled $5 thousand for the third quarter of 2024, $7 thousand for the second quarter of 2024 and $12 thousand for the third quarter of 2023.

    LIQUIDITY

    Liquidity sources available to the Bank, including interest-bearing deposits in banks, unpledged securities available for sale, at fair value, unpledged securities held-to-maturity, at par, that were eligible to be pledged to the Federal Reserve Bank through its Bank Term Funding Program, and available lines of credit totaled $499.1 million on September 30, 2024, $533.3 million on June 30, 2024, and $532.1 million on September 30, 2023.

    The Bank maintains liquidity to fund loan growth and to meet potential demand from deposit customers. The estimated amount of uninsured customer deposits totaled $400.1 million on September 30, 2024, $419.4 million on June 30, 2024, and $346.9 million on September 30, 2023. Excluding municipal deposits, the estimated amount of uninsured customer deposits totaled $322.6 million on September 30, 2024, $324.6 million on June 30, 2024, and $268.4 million on September 30, 2023.

    BALANCE SHEET

    Assets totaled $1.5 billion on September 30, 2024, which was a $6.8 million, or 2% (annualized), decrease from June 30, 2024, and an $84.8 million, or 6%, increase from September 30, 2023. The decrease in total assets from the second quarter of 2024 was primarily due to a $9.1 million decrease in cash and cash equivalents and a $2.2 million decrease in other assets, which was partially offset by a $4.6 million increase in loans, net of allowance for credit losses. Total assets increased from September 30, 2023 primarily from a $76.4 million increase in cash and cash equivalents and a $38.4 million increase in loans, net of the allowance for credit losses on loans, which were partially offset by a $28.5 million decrease in securities held to maturity.

    On September 30, 2024, loans totaled $994.7 million, an increase of $4.7 million or 1.9% (annualized) from $990.0 million, on June 30, 2024. Quarterly average loans totaled $991.2 million, an increase of $9.2 million or 3.8% (annualized) from the second quarter of 2024. On September 30, 2024, loans increased $42.2 million, or 4%, from one year ago, and quarterly average loans increased $68.2 million, or 7%, when comparing the third quarter of 2024 to the same period in 2023.

    On September 30, 2024, securities totaled $269.6 million, a decrease of $875 thousand from June 30, 2024, and a decrease of $30.7 million from September 30, 2023. AFS securities totaled $146.0 million on September 30, 2024, $144.8 million on June 30, 2024, and $148.2 million on September 30, 2023. On September 30, 2024, total net unrealized losses on the AFS securities portfolio were $17.3 million, a decrease of $4.6 million from total net unrealized losses on AFS securities of $21.9 million on June 30, 2024. HTM securities are carried at cost and totaled $121.5 million on September 30, 2024, $123.6 million on June 30, 2024, and $150.0 million on September 30, 2023, and had net unrealized losses of $7.8 million on September 30, 2024, a decrease of $3.6 million compared to the prior quarter.

    On September 30, 2024, total deposits were $1.3 billion, a decrease of $12.5 million or approximately 4% (annualized) from June 30, 2024. Quarterly average deposits decreased from the second quarter of 2024 by $5.3 million or 2% (annualized). Total deposits increased $18.1 million or 1% from September 30, 2023, and quarterly average deposits for the third quarter of 2024 increased $31.2 million or 3% from the third quarter of 2023. Total deposits decreased from the prior quarter due to a $14.4 million decrease in noninterest-bearing deposits and a $1.3 million decrease in interest-bearing demand deposits, which were partially offset by a $3.1 million increase in time deposits.

    On September 30, 2024 and June 30, 2024, other borrowings totaled $50.0 million and were comprised of funds borrowed from the Federal Reserve Bank through their Bank Term Funding Program. On September 30, 2024, other borrowings had a fixed interest rate of 4.76% and a maturity date of January 15, 2025. The Bank benefited from the borrowings with a reduction in interest rate risk and an increase in net interest income. There were no other borrowings on September 30, 2023.

    The following table provides capital ratios at the periods ended:

        Sept 30, 2024     Jun 30, 2024     Sept 30, 2023  
    Total capital ratio(2)     14.29 %     14.13 %     14.80 %
    Tier 1 capital ratio(2)     13.04 %     12.88 %     13.86 %
    Common equity Tier 1 capital ratio(2)     13.04 %     12.88 %     13.86 %
    Leverage ratio(2)     9.23 %     9.17 %     9.96 %
    Common equity to total assets(3)     8.62 %     8.23 %     8.20 %
    Tangible common equity to tangible assets(1)(3)     8.43 %     8.03 %     8.00 %

    During the third quarter of 2024, the Company declared and paid cash dividends of $0.15 per common share, which was consistent with the second quarter of 2024 and the third quarter of 2023. 

    NON-GAAP FINANCIAL MEASURES

    In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that the Company’s management believes provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this document include adjusted net income, adjusted basic and diluted earnings per share, adjusted return on average assets, adjusted return on average equity, pre-provision pre-tax earnings, adjusted pre-provision pre-tax earnings, fully taxable equivalent interest income, the net interest margin, the efficiency ratio, tangible book value per share, and tangible common equity to tangible assets.

    The Company believes certain non-GAAP financial measures enhance the understanding of its business, performance and financial position. Non-GAAP financial measures are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure is included at the end of this release.

    ABOUT FIRST NATIONAL CORPORATION

    First National Corporation (NASDAQ: FXNC) is the parent company and bank holding company of First Bank (the “Bank”), a community bank that first opened for business in 1907 in Strasburg, Virginia. The Bank offers loan and deposit products and services through its website, www.fbvirginia.com, its mobile banking platform, a network of ATMs located throughout its market area, three loan production offices, a customer service center in a retirement community, and thirty-three bank branch office locations located throughout the Shenandoah Valley, the Roanoke Valley, the central and south-central regions of Virginia, the city of Richmond, and in northern North Carolina. In addition to providing traditional banking services, the Bank operates a wealth management division under the name First Bank Wealth Management. The Bank also owns First Bank Financial Services, Inc., which owns an interest in an entity that provides title insurance services.

     FORWARD-LOOKING STATEMENTS

    Certain information contained in this discussion may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company’s plans, objectives, expectations and intentions and other statements that are not historical facts, and other statements identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” and “projects,” as well as similar expression. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties. For details on factors that could affect expectations, future events, or results, see the risk factors and other cautionary language included in First National’s Annual Report on Form 10-K for the year ended December 31, 2023, and most recent Quarterly Report on Form 10-Q and other filings with the Securities and Exchange Commission (the “SEC”).

    Additional risks and uncertainties may include, but are not limited to: (1) the risk that the cost savings and any revenue synergies from the Merger may not be realized or take longer than anticipated to be realized, including due to the state of the economy or other competitive factors in the areas in which the parties operate, (2) disruption from the Merger of customer, supplier, employee or other business partner relationships, including diversion of management’s attention from ongoing business operations and opportunities due to the Merger, (3) the possibility that the costs, fees, expenses and charges related to the Merger may be greater than anticipated, (4) reputational risk and the reaction of each of the parties’ customers, suppliers, employees or other business partners to the Merger, (5) the risks relating to the integration of Touchstone’s operations into the operations of First National, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, (6) the risk of expansion into new geographic or product markets, (7) the dilution caused by First National’s issuance of additional shares of its common stock in the Merger, and (8) general competitive, economic, political and market conditions. All subsequent written and oral forward-looking statements concerning First National or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. First National does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

    CONTACTS

    Scott C. Harvard   M. Shane Bell
    President and CEO   Executive Vice President and CFO
    (540) 465-9121   (540) 465-9121
    sharvard@fbvirginia.com   sbell@fbvirginia.com

      
    FIRST NATIONAL CORPORATION
    Performance Summary
    (in thousands, except share and per share data)
    (unaudited)

          As of or For the Three Months Ended     As of or For the Nine Months Ended  
        Sept 30, 2024     Jun 30, 2024     Sept 30, 2023     Sept 30, 2024     Sept 30, 2023  
    Income Statement                                        
    Interest and dividend income                                        
    Interest and fees on loans   $ 14,479     $ 14,004     $ 12,640     $ 41,967     $ 36,038  
    Interest on deposits in banks     1,538       1,579       338       4,405       1,441  
    Taxable interest on securities     1,091       1,134       1,323       3,449       3,968  
    Tax-exempt interest on securities     303       306       304       914       917  
    Dividends     33       32       26       98       81  
    Total interest and dividend income   $ 17,444     $ 17,055     $ 14,631     $ 50,833     $ 42,445  
    Interest expense                                        
    Interest on deposits   $ 4,958     $ 4,820     $ 3,810     $ 14,549     $ 9,428  
    Interest on subordinated debt     69       69       69       207       207  
    Interest on junior subordinated debt     68       66       69       202       203  
    Interest on other borrowings     600       606       —       1,782       3  
    Total interest expense   $ 5,695     $ 5,561     $ 3,948     $ 16,740     $ 9,841  
    Net interest income   $ 11,749     $ 11,494     $ 10,683     $ 34,093     $ 32,604  
    Provision for credit losses     1,700       400       100       3,100       200  
    Net interest income after provision for credit losses   $ 10,049     $ 11,094     $ 10,583     $ 30,993     $ 32,404  
    Noninterest income                                        
    Service charges on deposit accounts   $ 675     $ 612     $ 733     $ 1,941     $ 2,062  
    ATM and check card fees     934       809       976       2,513       2,624  
    Wealth management fees     952       879       811       2,714       2,336  
    Fees for other customer services     276       178       122       649       538  
    Brokered mortgage fees     92       32       38       162       73  
    Income from bank owned life insurance     191       149       175       491       459  
    Net gains on securities available for sale     39       —       —       39       —  
    Other operating income     44       27       198       1,427       623  
    Total noninterest income   $ 3,203     $ 2,686     $ 3,053     $ 9,936     $ 8,715  
    Noninterest expense                                        
    Salaries and employee benefits   $ 5,927     $ 5,839     $ 5,505     $ 17,637     $ 16,040  
    Occupancy     585       548       534       1,668       1,586  
    Equipment     726       691       598       2,008       1,756  
    Marketing     262       273       204       730       720  
    Supplies     123       115       128       354       423  
    Legal and professional fees     596       1,124       439       2,172       1,204  
    ATM and check card expense     394       368       440       1,123       1,265  
    FDIC assessment     195       203       161       575       479  
    Bank franchise tax     262       261       262       785       778  
    Data processing expense     290       163       266       699       720  
    Amortization expense     4       5       5       13       14  
    Other real estate owned expense (income), net     10       —       15       10       (201 )
    Net losses on disposal of premises and equipment     2       —       —       50       —  
    Other operating expense     1,083       1,069       1,227       3,181       3,358  
    Total noninterest expense   $ 10,459     $ 10,659     $ 9,784     $ 31,005     $ 28,142  
    Income before income taxes   $ 2,793     $ 3,121     $ 3,852     $ 9,924     $ 12,977  
    Income tax expense     545       679       731       2,025       2,502  
    Net income   $ 2,248     $ 2,442     $ 3,121     $ 7,899     $ 10,475  

      
    FIRST NATIONAL CORPORATION
    Performance Summary
    (in thousands, except share and per share data)
    (unaudited)

          For the Three Months Ended       For the Nine Months Ended  
        Sept 30, 2024     Jun 30, 2024     Sept 30, 2023     Sept 30, 2024     Sept 30, 2023  
    Common Share and Per Common Share Data                                        
    Earnings per common share, basic   $ 0.36     $ 0.39     $ 0.50     $ 1.26     $ 1.67  
    Adjusted earnings per common share, basic (1)   $ 0.39       0.48       0.50     $ 1.38     $ 1.67  
    Weighted average shares, basic     6,287,997       6,278,113       6,256,663       6,278,668       6,266,707  
    Earnings per common share, diluted   $ 0.36     $ 0.39     $ 0.50     $ 1.26     $ 1.67  
    Adjusted earnings per common share, diluted (1)   $ 0.39       0.48       0.50     $ 1.38     $ 1.67  
    Weighted average shares, diluted     6,303,282       6,289,405       6,271,351       6,291,775       6,276,502  
    Shares outstanding at period end     6,296,705       6,280,406       6,260,934       6,296,705       6,260,934  
    Tangible book value per share at period end (1)   $ 19.37     $ 18.59     $ 17.38     $ 19.37     $ 17.38  
    Cash dividends   $ 0.15     $ 0.15     $ 0.15     $ 0.45     $ 0.45  
                                             
    Key Performance Ratios                                        
    Return on average assets     0.62 %     0.68 %     0.91 %     0.73 %     1.03 %
    Adjusted return on average assets (1)     0.67 %     0.84 %     0.91 %     0.80 %     1.03 %
    Return on average equity     7.28 %     8.31 %     10.96 %     8.84 %     12.57 %
    Adjusted return on average equity (1)     7.93 %     10.23 %     10.96 %     9.70 %     12.57 %
    Net interest margin(1)     3.43 %     3.40 %     3.35 %     3.36 %     3.44 %
    Efficiency ratio (1)     67.95 %     70.65 %     70.67 %     68.05 %     68.17 %
                                             
    Average Balances                                        
    Average assets   $ 1,449,185     $ 1,448,478     $ 1,355,113     $ 1,441,965     $ 1,360,154  
    Average earning assets     1,374,566       1,370,187       1,275,111       1,366,639       1,278,135  
    Average shareholders’ equity     122,802       118,255       112,987       119,303       111,460  
                                             
    Asset Quality                                        
    Loan charge-offs   $ 1,667     $ 521     $ 143     $ 2,601     $ 1,228  
    Loan recoveries     95       39       60       185       326  
    Net charge-offs     1,572       482       83       2,416       902  
    Non-accrual loans     5,929       8,549       3,116       5,929       3,116  
    Other real estate owned, net     56       —       —       56       —  
    Nonperforming assets (5)     5,985       8,549       3,116       5,985       3,116  
    Loans 30 to 89 days past due, accruing     2,358       2,399       1,395       2,358       1,395  
    Loans over 90 days past due, accruing     —       —       370       —       370  
    Special mention loans     516       1,380       —       516       —  
    Substandard loans, accruing     1,713       279       1,683       1,713       1,683  
                                             
    Capital Ratios (2)                                        
    Total capital   $ 148,477     $ 147,500     $ 146,163     $ 148,477     $ 146,163  
    Tier 1 capital     135,490       134,451       136,947       135,490       136,947  
    Common equity Tier 1 capital     135,490       134,451       136,947       135,490       136,947  
    Total capital to risk-weighted assets     14.29 %     14.13 %     14.80 %     14.29 %     14.80 %
    Tier 1 capital to risk-weighted assets     13.04 %     12.88 %     13.86 %     13.04 %     13.86 %
    Common equity Tier 1 capital to risk-weighted assets     13.04 %     12.88 %     13.86 %     13.04 %     13.86 %
    Leverage ratio     9.23 %     9.17 %     9.97 %     9.23 %     9.97 %

      
    FIRST NATIONAL CORPORATION
    Performance Summary
    (in thousands, except share and per share data)
    (unaudited)

        For the Period Ended  
        Sept 30, 2024     Jun 30, 2024     Mar 31, 2024     Dec 31, 2023     Sept 30, 2023  
    Balance Sheet                                        
    Cash and due from banks   $ 18,197     $ 16,729     $ 14,476     $ 17,194     $ 17,168  
    Interest-bearing deposits in banks     108,319       118,906       124,232       69,967       32,931  
    Cash and cash equivalents   $ 126,516     $ 135,635     $ 138,708     $ 87,161     $ 50,099  
    Securities available for sale, at fair value     146,013       144,816       147,675       152,857       148,175  
    Securities held to maturity, at amortized cost (net of allowance for credit losses)     121,425       123,497       125,825       148,244       149,948  
    Restricted securities, at cost     2,112       2,112       2,112       2,078       2,077  
    Loans, net of allowance for credit losses     982,016       977,423       960,371       957,456       943,603  
    Other real estate owned, net     56       —       —       —       —  
    Premises and equipment, net     22,960       22,205       21,993       22,142       21,363  
    Accrued interest receivable     4,794       4,916       4,978       4,655       4,502  
    Bank owned life insurance     24,992       24,802       24,652       24,902       24,734  
    Goodwill     3,030       3,030       3,030       3,030       3,030  
    Core deposit intangibles, net     104       108       113       117       122  
    Other assets     16,698       18,984       17,738       16,653       18,567  
    Total assets   $ 1,450,716     $ 1,457,528     $ 1,447,195     $ 1,419,295     $ 1,366,220  
                                             
    Noninterest-bearing demand deposits   $ 383,400     $ 397,770     $ 384,092     $ 379,208     $ 403,774  
    Savings and interest-bearing demand deposits     663,925       665,208       677,458       662,169       646,980  
    Time deposits     205,930       202,818       197,587       192,349       184,419  
    Total deposits   $ 1,253,255     $ 1,265,796     $ 1,259,137     $ 1,233,726     $ 1,235,173  
    Other borrowings     50,000       50,000       50,000       50,000       —  
    Subordinated debt, net     4,999       4,998       4,998       4,997       4,997  
    Junior subordinated debt     9,279       9,279       9,279       9,279       9,279  
    Accrued interest payable and other liabilities     8,068       7,564       5,965       5,022       4,792  
    Total liabilities   $ 1,325,601     $ 1,337,637     $ 1,329,379     $ 1,303,024     $ 1,254,241  
                                             
    Preferred stock   $ —     $ —     $ —     $ —     $ —  
    Common stock     7,871       7,851       7,847       7,829       7,826  
    Surplus     33,409       33,116       33,021       32,950       32,840  
    Retained earnings     99,270       97,966       96,465       94,198       95,988  
    Accumulated other comprehensive (loss), net     (15,435 )     (19,042 )     (19,517 )     (18,706 )     (24,675 )
    Total shareholders’ equity   $ 125,115     $ 119,891     $ 117,816     $ 116,271     $ 111,979  
    Total liabilities and shareholders’ equity   $ 1,450,716     $ 1,457,528     $ 1,447,195     $ 1,419,295     $ 1,366,220  
                                             
    Loan Data                                        
    Mortgage real estate loans:                                        
    Construction and land development   $ 61,446     $ 60,919     $ 53,364     $ 52,680     $ 50,405  
    Secured by farmland     9,099       8,911       9,079       9,154       7,113  
    Secured by 1-4 family residential     351,004       346,976       347,014       344,369       340,773  
    Other real estate loans     440,648       440,857       436,006       438,118       426,065  
    Loans to farmers (except those secured by real estate)     633       349       332       455       667  
    Commercial and industrial loans (except those secured by real estate)     114,190       115,951       113,230       112,619       116,463  
    Consumer installment loans     5,396       5,068       4,808       4,753       4,596  
    Deposit overdrafts     253       365       251       222       368  
    All other loans     12,051       10,580       8,890       7,060       6,049  
    Total loans   $ 994,720     $ 989,976     $ 972,974     $ 969,430     $ 952,499  
    Allowance for credit losses     (12,704 )     (12,553 )     (12,603 )     (11,974 )     (8,896 )
    Loans, net   $ 982,016     $ 977,423     $ 960,371     $ 957,456     $ 943,603  


      
    FIRST NATIONAL CORPORATION
    Non-GAAP Reconciliations
    (in thousands, except share and per share data)
    (unaudited)

          For the Three Months Ended       For the Nine Months Ended  
        Sept 30, 2024     Jun 30, 2024     Sept 30, 2023     Sept 30, 2024     Sept 30, 2023  
    Adjusted Net Income                                        
    Net income (GAAP)   $ 2,248     $ 2,442     $ 3,121     $ 7,899     $ 10,475  
    Add: Merger-related expenses     219       571       —       790       —  
    Subtract: Tax effect of adjustment (4)     (19 )     (5 )     —       (24 )     —  
    Adjusted net income (non-GAAP)   $ 2,448     $ 3,008     $ 3,121     $ 8,665     $ 10,475  
                                             
    Adjusted Earnings Per Share, Basic                                        
    Weighted average shares, basic     6,287,997       6,278,113       6,256,663       6,278,668       6,266,707  
    Basic earnings per share (GAAP)   $ 0.36     $ 0.39     $ 0.50     $ 1.26     $ 1.67  
    Adjusted earnings per share, basic (Non-GAAP)   $ 0.39     $ 0.48     $ 0.50     $ 1.38     $ 1.67  
                                             
    Adjusted Earnings Per Share, Diluted                                        
    Weighted average shares, diluted     6,303,282       6,289,405       6,271,351       6,291,775       6,276,502  
    Diluted earnings per share (GAAP)   $ 0.36     $ 0.39     $ 0.50     $ 1.26     $ 1.67  
    Adjusted diluted earnings per share (Non-GAAP)   $ 0.39     $ 0.48     $ 0.50     $ 1.38     $ 1.67  
                                             
    Adjusted Pre-Provision, Pre-Tax Earnings                                        
    Net interest income   $ 11,749     $ 11,494     $ 10,683     $ 34,093     $ 32,604  
    Total noninterest income     3,203       2,686       3,053       9,936       8,715  
    Net revenue   $ 14,952     $ 14,180     $ 13,736     $ 44,029     $ 41,319  
    Total noninterest expense     10,459       10,659       9,784       31,005       28,142  
    Pre-provision, pre-tax earnings   $ 4,493     $ 3,521     $ 3,952     $ 13,024     $ 13,177  
    Add: Merger expenses     219       571       –       790       –  
    Adjusted pre-provision, pre-tax, earnings   $ 4,712     $ 4,092     $ 3,952     $ 13,814     $ 13,177  
                                             
    Adjusted Performance Ratios                                        
    Average assets   $ 1,449,264     $ 1,448,478     $ 1,355,178     $ 1,441,996     $ 1,360,154  
    Return on average assets (GAAP)     0.62 %     0.68 %     0.91 %     0.73 %     1.03 %
    Adjusted return on average assets (Non-GAAP)     0.67 %     0.84 %     0.91 %     0.80 %     1.03 %
                                             
    Average shareholders’ equity   $ 122,802     $ 118,255       11,309     $ 119,303     $ 111,460  
    Return on average equity (GAAP)     7.28 %     8.31 %     10.96 %     8.87 %     12.57 %
    Adjusted return on average equity (Non-GAAP)     7.93 %     10.23 %     10.96 %     9.70 %     12.57 %
                                             
    Pre-provision, pre-tax return on average assets     1.23 %     0.98 %     1.16 %     1.21 %     1.30 %
    Adjusted pre-provision, pre-tax return on average assets     1.29 %     1.14 %     1.16 %     1.28 %     1.30 %
                                             
    Net Interest Margin                                        
    Tax-equivalent net interest income   $ 11,842     $ 11,587     $ 10,764     $ 34,360     $ 32,848  
    Average earning assets     1,374,566       1,370,187       1,275,111       1,366,639       1,278,136  
    Net interest margin     3.43 %     3.40 %     3.35 %     3.36 %     3.44 %
                                             

      
    FIRST NATIONAL CORPORATION
    Non-GAAP Reconciliations
    (in thousands, except share and per share data)
    (unaudited)

        For the Three Months Ended     For the Nine Months Ended  
        Sept 30, 2024     June 30, 2024     Sept 30, 2023     Sept 30, 2024     Sept 30, 2023  
    Efficiency Ratio                                        
    Total noninterest expense   $ 10,459       $ 10,659     $ 9,784     $ 31,005     $ 28,142  
    Add: other real estate owned income, net     (10 )       —       (15 )     (10 )     201  
    Subtract: amortization of intangibles     (4 )       (4 )     (5 )     (13 )     (14 )
    Subtract: loss on disposal of premises and equipment, net     (2 )       —       —       (50 )     —  
    Subtract: merger expenses     (219 )       (571 )     —       (790 )     —  
    Subtotal   $ 10,224       $ 10,084     $ 9,764     $ 30,142     $ 28,329  
    Tax-equivalent net interest income   $ 11,842       $ 11,587     $ 10,764     $ 34,360     $ 32,848  
    Total noninterest income     3,203         2,686       3,053       9,936       8,715  
    Subtotal   $ 15,045       $ 14,273     $ 13,817     $ 44,296     $ 41,563  
                                             
    Efficiency ratio     67.95 %       70.65 %     70.67 %     68.05 %     68.16 %
    Tax-Equivalent Net Interest Income                                        
    GAAP measures:                                        
    Interest income – loans   $ 14,479     $ 14,004     $ 12,640     $ 41,967     $ 36,038  
    Interest income – investments and other     2,965       3,051       1,991       8,866       6,407  
    Interest expense – deposits     (4,958 )     (4,820 )     (3,810 )     (14,549 )     (9,428 )
    Interest expense – subordinated debt     (69 )     (69 )     (69 )     (207 )     (207 )
    Interest expense – junior subordinated debt     (68 )     (66 )     (69 )     (202 )     (203 )
    Interest expense – other borrowings     (600 )     (606 )     –       (1,782 )     (3 )
    Net interest income   $ 11,749     $ 11,494     $ 10,683     $ 34,093     $ 32,604  
    Non-GAAP measures:                                        
    Add: Tax benefit realized on non-taxable interest income – loans (4)   $ 13     $ 12     $ —     $ 25     $ —  
    Add: Tax benefit realized on non-taxable interest income – municipal securities (4)     80       81       81       242       244  
    Tax benefit realized on non-taxable interest income   $ 93     $ 93     $ 81     $ 267     $ 244  
    Tax-equivalent net interest income   $ 11,842     $ 11,587     $ 10,764     $ 34,360     $ 32,848  
                                             
                                             
    Tangible Common Equity and Tangible Assets                                        
    Total assets (GAAP)   $ 1,450,716     $ 1,457,528     $ 1,366,220     $ 1,451,032     $ 1,366,220  
    Subtract: goodwill     (3,030 )     (3,030 )     (3,030 )     (3,030 )     (3,030 )
    Subtract: core deposit intangibles, net     (104 )     (108 )     (122 )     (104 )     (122 )
    Tangible assets (Non-GAAP)   $ 1,447,582     $ 1,454,390     $ 1,363,068     $ 1,447,898     $ 1,363,068  
                                             
    Total shareholders’ equity (GAAP)   $ 125,115     $ 119,891     $ 111,979     $ 125,115     $ 111,979  
    Subtract: goodwill     (3,030 )     (3,030 )     (3,030 )     (3,030 )     (3,030 )
    Subtract: core deposit intangibles, net     (104 )     (108 )     (122 )     (104 )     (122 )
    Tangible common equity (Non-GAAP)   $ 121,981     $ 116,753     $ 108,827     $ 121,981     $ 108,827  
                                             
    Tangible common equity to tangible assets ratio     8.43 %     8.03 %     8.00 %     8.43 %     8.00 %
                                             

      
    FIRST NATIONAL CORPORATION
    Non-GAAP Reconciliations
    (in thousands, except share and per share data)
    (unaudited)

        For the Three Months Ended     For the Nine Months Ended  
        Sept 30, 2024     June 30, 2024     Sept 30, 2023     Sept 30, 2024     Sept 30, 2023  
    Tangible Book Value Per Share                                        
    Tangible common equity   $ 121,981     $ 116,753     $ 108,827     $ 121,981     $ 108,827  
    Common shares outstanding, ending     6,296,705       6,280,406       6,260,934       6,296,705       6,260,934  
    Tangible book value per share   $ 19.37     $ 18.59     $ 17.38     $ 19.37     $ 17.38  
                                             

    (1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliations” for additional information and detailed calculations of adjustments.

    (2) Capital ratios are for First Bank.

    (3) Capital ratios presented are for First National Corporation.

    (4)  The tax rate utilized in calculating the tax benefit is 21%. Certain merger-related expenses are non-deductible.

    (5) Nonperforming assets are comprised of nonaccrual loans and other real estate owned.

    The MIL Network –

  • MIL-OSI USA: Lankford Demands Answers from DHS Over Taxpayer-Funded Billboard Advancing Progressive Open-Border Policies

    US Senate News:

    Source: United States Senator for Oklahoma James Lankford
    OKLAHOMA CITY, OK – Senator James Lankford (R-OK) sent a letter to Department of Homeland Security (DHS) Secretary Alejandro Mayorkas following a politically charged billboard from the Office of Immigration Detention Ombudsman that seems to advance the Biden-Harris Administration’s progressive border agenda. Lankford serves as the lead Republican on the Homeland Security and Governmental Affairs Subcommittee on Government Operations and Border Management.
    This billboard was first shared by Bill Melugin on X.
    “The US Department of Homeland Security (DHS) has consistently told Congress that it has limited funding and resources for immigration enforcement, and this billboard raises serious concerns around an already-troubled office’s use of taxpayer resources. This matter highlights the Biden-Harris Administration’s continued efforts to handcuff the DHS’s interior enforcement mission and US Immigration and Customs Enforcement’s (ICE) efforts to carry out that mission,” Lankford wrote in the letter.
    “Since the Biden-Harris Administration took office, CBP has encountered over 8.7 million migrants at the southern border. This number does not include the hundreds of thousands of got-aways the CBP has seen but has not apprehended… The recent billboards DHS funded for OIDO raise serious concerns about whether the office is operating in an ‘independent’ and ‘neutral’ manner. These billboards can easily be read as undercutting ICE enforcement efforts and creating a mechanism for illegal immigrants in ICE custody to be released through OIDO’s advocacy,” Lankford continued.
    Read the full letter HERE or below.
    Dear Secretary Mayorkas:
    I write today to raise concerns about a recent billboard from the Office of Immigration Detention Ombudsman (OIDO). The US Department of Homeland Security (DHS) has consistently told Congress that it has limited funding and resources for immigration enforcement, and this billboard raises serious concerns around an already-troubled office’s use of taxpayer resources. This matter highlights the Biden-Harris Administration’s continued efforts to handcuff the DHS’s interior enforcement mission and US Immigration and Customs Enforcement’s (ICE) efforts to carry out that mission. To better understand OIDO’s work right now, I ask that DHS brief my staff on OIDO’s budget and work.
    Since the Biden-Harris Administration took office, CBP has encountered over 8.7 million migrants at the southern border. This number does not include the hundreds of thousands of got-aways the CBP has seen but has not apprehended. ICE has only removed fewer than 500,000 aliens from the United States under this Administration. Rather than focusing on bolstering this interior enforcement mission, the Biden-Harris Administration has sought to handcuff ICE by implementing enforcement priorities that prevent the arrest of illegal aliens who are unlawfully present in the US, by quietly canceling thousands of cases through the Doyle Memorandum, and by regularly asking Congress every year to cut ICE’s detention beds. These policies further cripple our interior enforcement and tell the world there are no consequences for overstaying a visa or being unlawfully present in the United States.
    The Homeland Security Act requires that the Immigration Detention Ombudsman carry out its work through “independent, neutral, and confidential process[es]’ and centers the Ombudsman’s work on addressing misconduct that may arise in DHS detention facilities. The current Ombudsman has previously spoken out against ICE’s detention of illegal aliens, and the Ombudsman has previously worked for organizations that have raised questions around how many detention beds ICE operates and raised concerns around the “intrusiveness” of ICE detention and the Intensive Supervision Appearance Program.
    The recent billboards DHS funded for OIDO raise serious concerns about whether the office is operating in an ‘independent’ and ‘neutral’ manner. No one wants the constitutional rights of any individual violated. However, these billboards can easily be read as undercutting ICE enforcement efforts and creating a mechanism for illegal immigrants in ICE custody to be released through OIDO’s advocacy. As noted above, OIDO’s mission under the HSA is one of monitoring, not of advocacy and release from detention. Given this, I ask that OIDO brief our staff on its work. In addition, I ask following questions:
    Please provide any personnel-related documents relating to the Ombudsman’s appointment and prior engagement with ICE.
    Has OIDO’s work resulted in the release of any illegal immigrants from ICE custody? If so, please provide reporting justifying each release from ICE custody.
    How many billboards has OIDO funded, and where are they located? How were these billboards funded? Please provide a copy of each billboard that OIDO has posted.
    How did OIDO determine the location of each billboard?
    Did the content for these billboards go through an interagency review and clearance process? If so, please provide a description of each agency which reviewed the billboards and its concurrence/non-concurrence.
    Thank you for your attention to this matter. I look forward to receiving your response by not later than November 15, 2024.
    In God We Trust,

    MIL OSI USA News –

  • MIL-OSI USA: Murphy, Blumenthal, Larson, DeLauro Announce $250,000 To Prevent Pollution

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    November 01, 2024

    EAST HARTFORD—U.S. Senators Chris Murphy (D-Conn.) and Richard Blumenthal (D-Conn.) and U.S. Representatives John Larson (D-Conn.-01) and Rosa DeLauro (D-Conn.-03) announced the Connecticut Department of Energy and Environmental Protection (CT DEEP) has been selected to receive $250,000 in federal grants to provide technical assistance to help Connecticut businesses develop and adopt pollution prevention practices in local communities.
    CT DEEP will partner with the Toxic Use Reduction Institute at University of Massachusetts Lowell to identify safer cleaning and sanitizing products for craft beverage manufacturers in Connecticutto reduce energy use and greenhouse gas emissions, solid and hazardous waste, water pollution and toxic chemicals. CT DEEP will also continue to work with other New England states to offer the BetterBev recognition program, which incentivizes businesses to carry out pollution reduction measures. Facilities in or adjacent to communities with environmental justice concerns will be prioritized.
    “We won’t achieve our climate goals unless everybody is involved in the fight, but small businesses often face greater barriers to making the upfront investments for cleaner practices. By providing direct technical support to Connecticut’s local craft beverage manufacturers, this $250,000 in federal funding from the Bipartisan Infrastructure Law will help small business owners across our state adopt more sustainable, cost-effective practices that reduce harmful emissions, strengthen our economy, and safeguard the health of our communities for generations to come,” said Murphy.
    “This investment in greener craft breweries and wineries will help them be even more successful as environmental stewards. With greater technical aid, beverage businesses can expand consumer appeal by reducing pollution and protecting natural resources. It’s a boost for our economy and environment,” said Blumenthal.
    “Addressing pollution at the source is key to protecting community health and taking on the threat of climate change,” said Larson. “I have been proud to work with the entire Connecticut Congressional delegation to deliver federal funding for projects to combat pollution and ensure all communities have access to clean air and water. This funding will support ongoing work at the state and local level to invest in innovative solutions that protect our environment, combat pollution, and help reduce energy bills.”
    “Thanks to the Infrastructure Investment and Jobs Act, CT DEEP can bolster its work with businesses across our state to reduce pollution,” said DeLauro. “These funds will help drive economic growth and ensure Connecticut leads the way in combatting pollution. The climate crisis is here, and it is an existential threat. We must do all we can to reduce pollution and protect our planet for generations to come.”
    “Every community deserves clean air, safe water, and a healthy environment—and pollution prevention grants help achieve that by reducing waste at the source. By adopting smarter and innovative practices that limit the use of toxic materials and conserve resources, these investments are helping our partners to support New England businesses to cut costs, grow sustainably, and protect the environment,” said EPA Regional Administrator David W. Cash. “Thanks to the Biden-Harris Administration, together we’re creating lasting benefits for local economies and ensuring that environmental progress and economic growth go hand in hand and reach all communities, including those that need it most. That’s Investing in America.”
    EPA’s Pollution Prevention Grant Program advances President Biden’s Justice40 Initiative, which set a goal to deliver 40% of the overall benefits from certain federal investments to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution. In total, EPA has announced 48 selectees across the country that will collectively receive nearly $19 million in grants to support states, Tribal Nations, and U.S. territories in providing technical assistance to businesses to develop and adopt pollution prevention (P2) practices in local communities. This includes any practice that reduces, eliminates, or prevents pollution at its source prior to recycling, treatment, or disposal. Thanks to President Biden’s Bipartisan Infrastructure Law, nearly half of the funds awarded this year were made available with no cost share/match requirement.
    Between 2011-2022, EPA’s Pollution Prevention program issued over 500 grants totaling more than $54 million, which have helped businesses identify, develop, and adopt P2 approaches. These approaches have resulted in 31.9 billion kWh in energy savings, eliminated 20.8 million metric tons of greenhouse gases, saved 52 billion gallons of water, reduced 1 billion pounds of hazardous materials, and saved businesses more than $2.3 billion.

    MIL OSI USA News –

  • MIL-OSI USA: Murphy, Congressional Delegation Announce $39 Million In Clean Ports Investments To Reduce Emissions, Improve Public Health In Southern Connecticut

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    November 01, 2024

    WASHINGTON—U.S. Senator Chris Murphy (D-Conn.), a member of the U.S. Senate Appropriations Committee, and U.S. Senator Richard Blumenthal (D-Conn.) on Friday joined U.S. Representatives Joe Courtney (D-Conn.-02) and Rosa DeLauro (D-Conn.-03) to announce that the Connecticut Port Authority and Gateway Terminal, in partnership with the New Haven Port Authority, have been selected to receive nearly $40 million in total through EPA’s Clean Ports Program to support the deployment of zero-emission port equipment and infrastructure.
    “Our ports are the driving force behind Connecticut’s blue economy, but the diesel-powered equipment we use to move goods through them is polluting nearby communities and taking a toll on public health. By replacing aging, polluting equipment with cleaner, zero-emission alternatives, this $39 million in federal funding will help keep ports in New Haven and New London running smoothly while improving quality of life, creating good-paying jobs, and moving us closer to achieving our climate goals,” said Murphy.
    “This milestone investment will make our ports cleaner and healthier – using zero-emission equipment. Stopping air pollution while modernizing and enhancing port facilities is a gigantic win for both our environment and economy. Communities around the ports will have better air and jobs,” said Blumenthal.
    “The redevelopment and modernization of State Pier New London in 2019 dramatically increased its square footage and weight bearing capacity, with an eye to both increased cargo activity, as well as wind turbine assembly.  With this $5 million new federal investment funded by the Inflation Reduction Act, the pier can now install zero-emission power equipment so that docked ships can power onboard services. This upgrade will keep New London State Pier competitive with the maritime industry and protect water quality in the Thames River,” said Courtney.
    “I am pleased to announce that Gateway Terminals and the Connecticut Port Authority will receive vital grant funding that will reduce diesel emissions, lower health risks and noise pollution for port workers and near-port communities, and decrease pollution in the Long Island Sound,” said DeLauro. “In New Haven, Gateway Terminal will be using this funding to replace four aging diesel-powered cranes with all-electric machines, deploy 10 all-electric tractors for terminal drayage services, and install solar infrastructure.  These efforts will reduce their reliance on the electric grid and the need for fossil fuel dependency while greatly improving air quality for residents of the City.”
    The grants are funded by President Biden’s Inflation Reduction Act and will advance environmental justice by reducing diesel air pollution from U.S. ports and near surrounding communities while promoting good-paying and union jobs that help America’s ports thrive.
    The Connecticut Port Authority has been selected to receive an anticipated $5,357,103 to acquire a mobile shore power unit and install supporting shore power infrastructure at the New London State Pier. The project will reduce diesel emissions by providing power to vessels at berth, enabling docked marine vessels to connect to the local electric grid to power onboard services instead of running their diesel engines, thereby decreasing health risks and noise pollution for port workers and the near-port communities. The State Pier was recently upgraded to enable it to serve as a marshalling port for offshore wind facility operations. CPA will engage stakeholders in New London to increase public awareness education, and ongoing communication. A workforce training program developed in coordination with unions and other stakeholders will help prepare the local labor force to fill high-quality jobs created by this project.
    Enstructure New Haven Holdings’ Gateway Terminal, in partnership with the New Haven Port Authority in Connecticut, has been selected to receive an anticipated $34,032,340 for the purchase and deployment of zero-emission cargo handling equipment with supporting charging infrastructure, as well as rooftop solar generation and battery energy storage systems to supplement grid power for the mobile equipment. The project also includes scrapping several pieces of diesel-powered cargo handling equipment to reduce air pollution at the port and in the surrounding area. Training on the all-electric equipment will be provided to the existing workforce, and the community will be engaged in project implementation and in sourcing workers for new good-paying jobs. Gateway recently joined Green Marine, a voluntary environmental benchmarking and continuous improvement program, which requires participants to annually measure, certify and publish their performance indicators, including emissions reduction and community relations.
    EPA’s Clean Ports Program advances President Biden’s Justice40 Initiative, which aims to deliver 40% of the overall benefits of certain federal investments to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution.  Disadvantaged communities will benefit from cleaner air and access to high quality jobs that will be created to operate zero emissions technologies at ports.

    MIL OSI USA News –

  • MIL-OSI USA: Salazar Urges Speaker Johnson to Prioritize Funding for Physician Training

    Source: United States House of Representatives – Congresswoman María Elvira Salazar’s (FL-27)

    WASHINGTON, D.C. – This week, Rep. María Elvira Salazar (R-FL) joined fourteen of her colleagues in a letter to Speaker Mike Johnson (R-LA) urging him to prioritize multi-year funding for teaching health centers across America. These centers and the physicians they train are a critical component of Miami and Florida’s healthcare system.

    Last year, the House of Representatives overwhelmingly passed the bipartisan Lower Costs, More Transparency Act (H.R. 5378), legislation that included a reauthorization of the Teaching Health Center Graduate Medical Education (THCGME) program through Fiscal Year 2030. The THCGME program supports the training of future physicians in community settings, providing greater access to primary care, dental care, and behavioral health services. A multi-year reauthorization will provide adequate resources for future physicians, ensuring these programs have the certainty to continue while still helping those with limited financial resources gain access to critical care.

    “As you consider possible legislation for later this session, we urge you to include in any broader legislative package a multi-year reauthorization for the Teaching Health Centers Graduate Medical Education (THCGME) program,” wrote the legislators. “Teaching health centers are a vital response to the primary care physician shortage, placing doctors in rural and underserved communities where they are needed most.”

     The letter has the support of the National Association of Community Health Centers (NACHC), the American Association of Teaching Health Centers (AATHC), and the Florida Association of Community Health Centers (FACHC). Rep. Salazar was joined in the letter by Reps. Doug LaMalfa (R-CA), Zach Nunn (R-IA), Marcus Molinaro (R-NY), Juan Ciscomani (R-AZ), David Valadao (R-CA), Young Kim (R-CA), Mike Lawler (R-NY), Andrew Garbarino (R-NY), Brandon Williams (R-NY), Nicole Malliotakis (R-NY), Laurel Lee (R-FL), Erin Houchin (R-IN), Dan Meuser (R-PA), and Michael Guest (R-MS).

    “We are grateful for Congresswoman Maria Elvira Salazar’s dedication to the Teaching Health Center Graduate Medical Education program. Her and her colleagues’ advocacy for a long-term extension and increased funding reflects their commitment to resolving the primary care workforce shortage across America. Their support will ensure we can train and retain the next generation of providers to improve the well-being of our nation,” said Joe Dunn, Chief Policy Officer of the National Association of Community Health Centers. 

    “The American Association of Teaching Health Centers is extremely grateful to Congresswoman Maria Elvira Salazar for her leadership in coordinating such an important expression of Congressional support for the Teaching Health Centers Graduate Medical Education program and to her 13 colleagues who also signed this letter to the Speaker of the House. The letter demonstrates that in medically underserved and rural communities across the nation, the residency programs our members operate are making a significant and positive impact by training the next generation of providers, whom history has shown will typically remain in such communities and reduce the physician and dentist shortage. This program has enjoyed sustained bipartisan support and in 2023, both the House and Senate took initial steps to extend it and provide a robust funding increase. As Congresswoman Salazar and her 14 colleagues indicate in the letter, it’s time for Congress to finish its work on the THCGME reauthorization and provide much-needed certainty to the organizations operating these programs across the country,” said Cristine Serrano, Executive Director of the American Association of Teaching Health Centers.

    “The Teaching Health Centers Graduate Medical Education (THCGME) program not only cultivates skilled healthcare professionals but also reinforces the vital connection between education and community health, ensuring that quality care reaches those who need it most. Representative Salazar’s commitment to increasing funding for the THCGME program demonstrates a powerful dedication to enhancing healthcare access and ensuring that future generations of physicians are trained in community-focused environments. Supporting her efforts is essential for strengthening our healthcare system and meeting the needs of underserved populations,” said Jonathan Chapman, President and CEO of the Florida Association of Community Health Centers (FACHC).

    Congresswoman Salazar has been a leader in Congress in ensuring community health centers and other important health institutions in Miami have access to adequate funding.

    Click here to read the full text of the letter.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Congresswoman Ramirez Statement on Rise of Hateful Rhetoric and Violent Crimes in Illinois

    Source: United States House of Representatives – Representative Delia Ramirez – Illinois (3rd District)

    Chicago, IL — Today, Congresswoman Delia C. Ramirez (IL-03) released the following statement:

    “Words have meaning and consequences. For more than a year, we have seen a rise in bigotry and hateful rhetoric in the media, from elected officials, and on the campaign trail by politicians. Dehumanization fuels violence and makes us all less safe. 

    From the hate crime against an Orthodox Jewish man in the West Ridge neighborhood to despicable comments about Puerto Rico, antisemitic words from school board appointees, and an Islamophobic post amplified and celebrated by a sitting Illinois legislator, our families are grappling with the painful impacts that hateful statements and actions have on our communities.  

    I have said repeatedly that our collective safety and security are interconnected. It’s why I introduced the Wadee Resolution that calls out Islamophobia, Antisemitism, and all forms of bigotry and hate. It’s also why I believe those of us in public service must lead by example, affirm our shared humanity and be held accountable. I am committed to building an Illinois where all our neighbors can live and worship as their full, authentic selves and where we appreciate that our multiracial, multi-faith communities only make us stronger.”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: S. 3679, Dr. Lorna Breen Health Care Provider Protection Reauthorization Act

    Source: US Congressional Budget Office

    S. 3679 would reauthorize the appropriation of $45 million each year from 2025 through 2029 for the Health Resources and Services Administration (HRSA) to support the mental health and wellness of healthcare professionals and provide grants for those purposes. In 2024, HRSA allocated $25 million for those activities. Based on historical spending patterns for those activities and assuming the appropriation of the authorized amounts, CBO estimates that implementing those provisions would cost $181 million over the 2025-2029 period.

    MIL OSI USA News –

  • MIL-OSI USA: S. 3765, Emergency Medical Services for Children Reauthorization Act of 2024

    Source: US Congressional Budget Office

    S. 3765 would reauthorize the appropriation of $24.3 million each year from 2025 through 2029 for the Health Resources and Services Administration (HRSA) to provide grants to support the expansion and improvement of emergency medical services for children who need treatment for trauma or critical care. In 2024, HRSA allocated $24 million for those activities. Based on historical spending patterns for those activities and assuming the appropriation of the authorized amounts, CBO estimates that implementing the bill would cost $94 million over the 2025-2029 period and $26 million after 2029.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Alan Wilson announces jury verdict of guilty in Kershaw Co. drug trafficking case; defendant sentenced to 25 years in prisonRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson announces that a Lexington County man has been sentenced to 25 years in prison for trafficking cocaine in Kershaw County. On October 31, 2024, Walter Goad was found guilty of trafficking more than 200 grams of cocaine in Kershaw County.

    In August of 2016, agents started investigating a suspected cocaine distributor in Kershaw County. During their investigation into this individual, they became aware that his supplier was Walter Goad. On or about September 22, 2016, Goad was observed by law enforcement arriving at the residence of the suspected cocaine dealer on Ward Road in Lugoff. Goad remained there for a few minutes and then left. Agents followed Goad and visually identified him. At the same time, the suspected cocaine dealer called a law enforcement confidential informant and told him that he “just got his hands on” the cocaine he was waiting for. Within minutes, agents executed a search warrant on the Ward Road residence and recovered approximately ten ounces of cocaine. The suspected cocaine dealer implicated Goad as his supplier and told agents that Goad had just delivered the cocaine. The cocaine was still in its brick form when agents recovered it, and the packaging it had been delivered in was on the floor next to the cocaine.

    Agents utilized the suspected cocaine dealer to conduct a monitored and recorded phone call with Goad. In the phone call, Goad asked where his money was and referred to the cocaine he had delivered. Immediately after hanging up, Goad called back and asked if he needed to send people over to Kershaw County to put guns in people’s faces to make them pay their drug debts.

    On October 3, 2016, DEA agents along with the Lexington County Sheriff’s Office executed a search warrant at Goad’s home in Lexington County. During the search, a K9 Officer alerted to the odor of narcotics on a large black bin in the garage. Inside the bin, agents found industrial-sized packaging materials that matched the packaging of the cocaine, along with a very large digital scale. Agents also recovered a suspected drug ledger.

    After a four-day trial, a Kershaw County jury found Goad guilty of trafficking between 200 and 400 grams of cocaine. The Honorable Judge Jocelyn Newman sentenced Goad to 25 years in prison and imposed a $100,000 fine. Goad was given credit for the two days he spent in jail immediately following his arrest. Goad will be required to serve at least eighty-five percent of his sentence before he is eligible for parole.

    Following Goad’s conviction, Kershaw County Sheriff Lee Boan said, “We are always thankful to see drug traffickers get prosecuted and sentenced to prison. These crimes often get forgotten because drug trafficking can be seen as a victimless crime. It is not.”

    Assistant Attorneys General Christina Gatte and Jennifer McKellar of the State Grand Jury Section prosecuted the case for the State. The case was investigated by Michael Sellers, formerly of the Kershaw County Sheriff’s Office, Special Agent Adam Hardin of the DEA, the Kershaw County Sheriff’s Office, and the United States Drug Enforcement Agency, with assistance from the Lexington County Sheriff’s Office and the South Carolina Law Enforcement Division.

    MIL OSI USA News –

  • MIL-OSI: Crown LNG Announces Execution of Final Agreements to Acquire Kakinada and Grangemouth LNG Import Terminal Assets

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Nov. 01, 2024 (GLOBE NEWSWIRE) — Crown LNG Holdings Limited (Nasdaq: CGBS) (“Crown” or “Crown LNG”), a leading provider of LNG liquefaction and regasification terminal technologies for harsh weather locations, today announced the conclusion of two strategic acquisition agreements forming the basis of Crown LNG’s entry into the global LNG infrastructure network: KGLNG and Grangemouth. The KGLNG agreement finalizes the acquisition of all shares of KGLNG, which owns the operating license for the Company’s planned LNG import terminal in Kakinada, India. The Grangemouth agreement finalizes the acquisition of LNG import terminal assets in Grangemouth, Scotland from GBTron Lands Limited.

    The Kakinada project, located on the East coast of India, is licensed to operate 365 days a year, a first for the harsh weather prone area. Imported gas from the planned terminal would reach demand centers via the East-West Pipeline, helping to support the Indian government’s drive to more than double the share of natural gas in the country’s energy mix to 15% by 2030.

    Total consideration for the KGLNG acquisition will be made in shares of Crown LNG equal to $60 million.

    The Grangemouth project, located on the East coast of Scotland, seeks to support the UK’s increasing drive for energy security post-Brexit and in the context of geopolitical impacts on energy markets. Currently, the UK relies on just three facilities for all of the country’s LNG imports, which increased 74% from 2021 to 2022.

    Total consideration for the GBTron acquisition will be made in shares of Crown LNG equal to $25 million.

    “We are excited and proud to announce the execution of these two transactions and move these two projects down the path,” said Swapan Kataria, Chief Executive Officer of Crown LNG. “With Crown LNG and our subsidiaries now firmly in control of the Kakinada and Grangemouth projects, we look forward to driving the success of these two transformative projects for both India and the UK.”

    Crown remains dedicated to delivering exceptional LNG liquefaction and regasification terminal infrastructure solutions services that cater to the evolving needs of the under-served markets across the globe. As we focus on expanding our operations in Europe and South Asia, we continue to forge strategic partnerships and explore new opportunities to provide efficient and reliable solutions.

    About Crown LNG Holdings Limited
    Crown LNG is a leading provider of offshore LNG liquefaction and regasification terminal infrastructure solutions for harsh weather locations, which represent a significant addressable market for bottom-fixed, gravity based (“GBS”) liquefaction and floating storage regasification units, as well as associated green and blue hydrogen, ammonia and power projects. Through this approach, Crown aims to provide lower carbon sources of energy securely to under-served markets across the globe. Visit www.crownlng.com/investors for more information.

    Forward-Looking Information and Statements

    Certain statements in this announcement are not historical facts but are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” “should,” “would,” “plan,” “future,” “outlook,” “potential,” “project” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other performance metrics and projections of market opportunity. They involve known and unknown risks and uncertainties and are based on various assumptions, whether or not identified in this press release and on current expectations of Crown’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Crown. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include changes in domestic and foreign business, market, financial, political and legal conditions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    Crown LNG Holdings Limited Contacts

    Investors
    Caldwell Bailey
    ICR, Inc.
    CrownLNGIR@icrinc.com

    Media
    Zach Gorin
    ICR, Inc.
    CrownLNGPR@icrinc.com

    The MIL Network –

  • MIL-OSI Europe: Federal Councillor Beat Jans visits international police and judicial institutions

    Source: Switzerland – Federal Administration in English

    Federal Councillor Beat Jans met with representatives of Europol, Eurojust, the International Court of Justice and the International Criminal Court in The Hague and Rotterdam on 31 October and 1 November. During his visit, Mr Jans visited the port of Rotterdam, where he was shown how the authorities are combating organised crime and international drug trafficking. In addition, the Dutch authorities provided an insight into their Passenger Information Unit (PIU), which processes air passenger data. Switzerland is currently working on legislation to establish its own PIU presumably from 2026.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Road improvement works to Fairy Pools route on Isle of Skye to begin

    Source: Scotland – Highland Council

    Works will commence on the C1237 Merkadale – Glen Brittle Road (Fairy Pools) from Monday 4 November and are expected to run until Friday 15 November.

    The road will restricted to essential local access only – during amnesty periods – and be closed to all other traffic to allow the works to progress safely.

    During the restrictions The Highland Council will undertake urgent remedial works, passing place extensions and resurfacing.

    The works will commence at 08.30 until 18.00 so evenings will be unaffected.

    The local roads team asks non-essential visitors to avoid the area while repair works are being carried out on the road.

    We appreciate your cooperation and patience as we improve the road condition so that all may benefit from the works.  

    1 Nov 2024

    MIL OSI United Kingdom –

  • MIL-OSI USA: Rep. Cuellar Announces Official Opening of New CBP Office in Laredo

    Source: United States House of Representatives – Congressman Henry Cuellar (TX-28)

    Rep. Cuellar Announces Official Opening of New CBP Office in Laredo

    Laredo, TX | Fernanda Nunez Cazares, District Press Assistant (619-209-1834), November 1, 2024

    LAREDO, TX – Today, U.S. Congressman Henry Cuellar, Ph.D. (TX-28) announced the official opening of the new Laredo Customs Trade Partnership Against Terrorism (CTPAT) Field Office at the World Trade Bridge (WTB) port of entry, in Laredo, Texas. Rep. Cuellar secured funding for this office through his support of CBP’s port of entry operations including robust staffing for the Office of Field Operations in the Fiscal Year 2024 Homeland Security Appropriations bill. 

    CTPAT is CBP’s flagship program public aimed at strengthening international supply chain security while at the same time facilitating legitimate low-risk cargo. Activities for the Laredo CTPAT office will include the review of CTPAT program applications, assessment of eligibility requirements, certification and validation of new members, and the continued maintenance of accounts and revalidation of CTPAT members in accordance with the SAFE Port Act of 2006. The area of responsibility (AOR) for the Laredo CTPAT office during its formation will include but is not limited to, the Laredo, Texas commuting area, and the cross-border cities within the state of Tamaulipas, Mexico.  

    “I am pleased to announce the official opening of this critical office,” said Dr. Henry Cuellar, Senior Member of the House Appropriations Subcommittee on Homeland Security. “Laredo is home to the nation’s number one port of entry, and we need every resource available to ensure it is not only secure but also able to process trade efficiently. That is why I fought hard to secure robust funding for CBP’s port of entry operations. I look forward to working with CBP to ensure this project is successful and that we continue to have the resources needed to keep our communities safe. I would like to thank JD Gonzalez, President of NCBFAA, as well as the Laredo trade community for their leadership and help in getting this done.” 

    ### 

    LAREDO, TX – Hoy, el congresista Henry Cuellar, Ph.D. (TX-28), anunció la apertura oficial de la nueva Oficina de Campo de la Alianza Comercial Aduanera contra el Terrorismo (CTPAT) en el puerto de entrada World Trade Bridge (WTB), en Laredo, Texas. El Rep. Cuellar aseguró la financiación de esta oficina a través de su apoyo a las operaciones de puerto de entrada de CBP, incluyendo una fuerte dotación de personal para la Oficina de Operaciones de Campo en el proyecto de ley de Asignaciones de Seguridad Nacional para el Año Fiscal 2024. 

    CTPAT es el programa insignia de CBP público destinado a reforzar la seguridad de la cadena de suministros internacionales y, al mismo tiempo, facilitar la carga legítima de bajo riesgo. Las actividades de la oficina CTPAT de Laredo incluirán la revisión de las solicitudes del programa CTPAT, la evaluación de los requisitos de elegibilidad, la certificación y validación de los nuevos miembros, y el mantenimiento continuo de las cuentas y la revalidación de los miembros CTPAT de conformidad con la Ley de Puertos Seguros de 2006. El área de responsabilidad (AOR) para la oficina CTPAT de Laredo durante su formación incluirá, pero no se limitará a, el área de Laredo, Texas, y las ciudades transfronterizas dentro del estado de Tamaulipas, México. 

    “Me alegra anunciar la apertura oficial de esta oficina fundamental,” declaró el Dr. Henry Cuellar, miembro principal del Subcomité de Asignaciones de la Cámara de Representantes para la Seguridad Nacional. “Laredo es el puerto de entrada número uno de la nación, y necesitamos todos los recursos disponibles para garantizar que no sólo es seguro, sino también capaz de procesar el comercio de manera eficiente. Es por eso que luché duro para asegurar una financiación sólida para las operaciones del puerto de entrada de CBP. Espero con interés trabajar con CBP para asegurar que este proyecto tenga éxito y que sigamos teniendo los recursos necesarios para mantener nuestras comunidades seguras. Me gustaría dar las gracias a JD González, Presidente de NCBFAA, así como a la comunidad comercial de Laredo por su liderazgo y ayuda para conseguir esto.” 

    MIL OSI USA News –

  • MIL-OSI USA: Governor Lamont Directs Flags To Half-Staff Monday in Honor of Botsford Fire Rescue Assistant Chief Pete Blomberg

    Source: US State of Connecticut

    (HARTFORD, CT) – Governor Ned Lamont today announced that he is directing U.S. and state flags in Connecticut lowered to half-staff from sunrise to sunset on Monday, November 4, 2024, in honor of Botsford Fire Rescue Assistant Chief Pete Blomberg, who died in the line of duty. A funeral service in First Assistant Chief Blomberg’s honor is scheduled to be held on Monday at St. Rose of Lima Roman Catholic Church in Newtown.

    “First Assistant Chief Pete Blomberg dedicated his career to fire prevention and the safety of our communities, and his line of duty death is an awful tragedy,” Governor Lamont said. “My prayers and condolences are with his family and friends, his fellow firefighters who serve with Botsford Fire Rescue, the entire Newtown community, and all first responders who selflessly serve the public.”

    “Our state mourns the loss of a dedicated leader and beloved community hero who never failed to do whatever he could to help,” Lt. Governor Susan Bysiewicz said. “Botsford Fire Rescue Assistant Chief Pete Blomberg devoted more than 50 years of his life to protecting and serving the community he loved so much. My heart breaks that his life was taken as he made his way to the annual Newtown Board of Fire Commissioners meeting. This is yet another tragic reminder that we must do more to take care of each other and to ensure that we all make it home safely. We must all strive to be safer drivers – go slower and be much more cautious. My thoughts are with Assistant Chief Blomberg’s loved ones and the Newtown firefighting community during this incredibly difficult time.”

    In accordance with the governor’s directive, flags will be at half-staff on the Connecticut State Capitol building and all other state-operated buildings, grounds, and facilities statewide. Individuals, businesses, schools, municipalities, and any other private entities and government subdivisions are encouraged to lower their flags for this same duration of time. Since no flag should fly higher than the U.S. flag, all other flags, including state, municipal, corporate, or otherwise, should also be lowered.

     

    MIL OSI USA News –

  • MIL-OSI USA: Statement from Governor Murphy on the Passing of Former Assembly Speaker Chuck Haytaian

    Source: US State of New Jersey

    “Tammy and I were saddened to hear of the passing of former Assembly Speaker Garabed ‘Chuck’ Haytaian. 

    “Through his storied career of service to New Jersey, including time as Speaker of the General Assembly, a U.S. Senate candidate, and Chairman of the New Jersey Republican State Committee, Chuck grew from the Bronx-born child of Armenian Genocide survivors to a household name across the Garden State. 

    “Our heartfelt prayers are with his family and friends during this difficult time.”

    MIL OSI USA News –

  • MIL-OSI USA: MTA Seeking Proposals to Redevelop Parking Lot

    Source: US State of New York

    Governor Kathy Hochul today announced that the Metropolitan Transportation Authority issued a Request for Proposals to transform a surface parking lot adjacent to the Beacon Metro-North Station into a residential development with about 300-units of mixed-income housing and replacement parking for commuters, the latest milestone in the Governor’s ongoing efforts to repurpose State-owned sites for new housing. The project aims to address the City of Beacon’s efforts to foster greater connectivity between the waterfront, the Beacon Station and its Main Street. Metro-North’s Hudson line connects Beacon to midtown Manhattan in just 78 minutes. The RFP is available on the Metropolitan Transportation Authority website. Proposals are due by Wednesday, Dec. 18, 2024.

    “Good quality housing for all New Yorkers is one of my top priorities as Governor, and I’m committed to doing all I can to make that a reality for everyone in this great state,” Governor Hochul said. “Along with the achievements made in my FY25 Enacted Budget, the MTA’s recent Request for Proposals to transform a surface parking lot adjacent to Beacon Metro-North Station not only increases housing stock, but also uplifts the local economy by attracting businesses and creates a healthier community.”

    MTA Chair and CEO Janno Lieber said, “The MTA has long been a leader in the movement for Transit-Oriented Development that creates dynamic, walkable communities. This project will not only enliven Beacon, it responds to Governor Hochul’s commitment to address the housing crisis.”

    MTA Construction & Development President Jamie Torres-Springer said, “New Yorkers deserve more housing near great transit options. This opportunity gets us a step closer to hundreds of new units in one of our state’s iconic towns, right near great Metro-North service.”

    MTA C&D Transit-Oriented Development Senior Vice President Robert Paley said, “MTA’s TOD team pursues development opportunities where MTA utilizes its assets to support thoughtful, contextual development that generates revenue for MTA’s Capital Program. All while increasing Metro-North ridership and advancing regional planning objectives. This RFP works towards that mission.”

    New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Creating homes near the Beacon Metro-North station will give hundreds of households a place to live while also enhancing the family-friendly community. Under Governor Hochul’s leadership, New York is prioritizing transit-oriented developments that address the housing crisis, boost the local economy and improve access to low-emission transportation.”

    Empire State Development President, CEO and Commissioner Hope Knight said, “This transit-oriented development project at Beacon Station exemplifies smart growth that connects housing with transportation infrastructure. By leveraging State resources through Governor Hochul’s RUSH initiative, we’re creating new housing opportunities while strengthening the economic ties between the Hudson Valley and New York City, demonstrating how strategic development can enhance both local communities and regional connectivity.”

    The RFP will facilitate the construction of as-of-right waterfront housing units in a community celebrated for its vibrancy and natural beauty, within walking distance to all the dining, entertainment and amenities that Beacon’s Main Street has to offer. It is one more example of MTA’s ongoing commitment to transit-oriented development. Working with the State, the City of Beacon, and the development community, the MTA is creatively leveraging an existing asset to generate new housing units, increase ridership and support the City’s economic development and land use goals.

    Governor Hochul and the MTA last summer opened Metro-North’s first TOD project, Avalon Harrison, at the Harrison Metro-North station. The development promotes downtown revitalization and improves the environment and healthy lifestyles by providing residents access to shops, amenities and rail stations within walking distance.

    Governor Hochul’s Housing Agenda
    Governor Hochul is committed to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives for Upstate communities, new incentives and zoning relief to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on State-owned property, including supporting the project at Beacon, an additional $600 million in funding to support a variety of housing development statewide and new protections for renters. These measures follow the historic funding the Governor secured in the FY23 Enacted Budget for a five-year, $25 billion Housing Plan to build and preserve 100,000 units of affordable housing across the State. The FY25 Enacted Budget also strengthened the Pro-Housing Community Program which the Governor launched in 2023. Pro-Housing Certification is now a requirement for localities to access up to $650 million in discretionary funding. To date, more than 200 communities have been certified, including the City of Beacon.

    For specific questions related to the RFP, please contact Nicholas Roberts at [email protected].

    MIL OSI USA News –

  • MIL-OSI: Cornerstone Funds Announce Continuing Monthly Distributions and Reset Distribution Amounts for 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Nov. 01, 2024 (GLOBE NEWSWIRE) — Cornerstone Strategic Value Fund, Inc. (NYSE American: CLM) (CUSIP: 21924B302) and Cornerstone Total Return Fund, Inc. (NYSE American: CRF) (CUSIP: 21924U300), (individually the “Fund” or, collectively, the “Funds”), each a closed-end management investment company, announced that in keeping with each Fund’s previously adopted monthly distribution policy, each Fund is declaring the following distributions, which have been reset for the calendar year 2025.

      Record Date Payable Date Per Share
    CLM January 15, 2025 January 31, 2025 $0.1224
    CLM February 14, 2025 February 28, 2025 $0.1224
    CLM March 14, 2025 March 31, 2025 $0.1224
    CRF January 15, 2025 January 31, 2025 $0.1168
    CRF February 14, 2025 February 28, 2025 $0.1168
    CRF March 14, 2025 March 31, 2025 $0.1168
       

    Each Fund’s distribution policy provides for the resetting of the monthly distribution amount per share (“Distribution Amount”) annually, based on each Fund’s net asset value on the last business day of October and the annualized distribution percentage approved by the respective Board of Directors (individually the “Board”, or collectively, the “Boards”). Each Board previously announced the distribution percentage for the calendar year 2025 would remain unchanged from the current year at 21% of the net asset value of each Fund.

    Each Board believes each Fund’s distribution policy maintains a stable, high rate of distribution. These distributions are not tied to each Fund’s investment income or capital gains and do not represent yield or investment return on each Fund’s portfolio. The Distribution Amount from one calendar year to the next will increase or decrease based on the change in each Fund’s net asset value. The terms of each distribution policy are reviewed and approved at least annually by each Fund’s Board and may be modified at their discretion for the benefit of each Fund and its stockholders.

    Each Fund’s Board remains convinced its stockholders are well served by a policy of regular distributions which increase liquidity and provide flexibility to individual stockholders in managing their investment in each Fund. Stockholders have the option of reinvesting these distributions in additional shares of their Fund or receiving them in cash. Stockholders may consider reinvesting their regular distributions through their Fund’s dividend reinvestment plan, which may at times provide additional benefit to stockholders who participate in their Fund’s plan. Stockholders should carefully read the description of the dividend reinvestment plan contained in each Fund’s report to stockholders.

    Under each Fund’s distribution policy, each Fund may distribute to stockholders each month a minimum fixed percentage per year of the net asset value or market price per share of its common stock or at least a minimum fixed dollar amount per year. In determining to adopt this policy, the Board of each Fund sought to make regular monthly distributions throughout the year. Under each policy, each Fund’s distributions will consist either of (1) earnings, (2) capital gains, or (3) return-of-capital, or some combination of one or more of these categories. A return-of-capital is the return of a portion of the stockholder’s original investment.

    Given the current economic environment and the composition of each Fund’s portfolio, a portion of each Fund’s distributions made during the current calendar year is expected to consist of a return of the stockholder’s capital. Accordingly, these distributions should not be confused with yield or investment return on each Fund’s portfolio. The final composition of the distributions for 2024 cannot be determined until after the end of the year and is subject to change depending on market conditions during the year and the magnitude of income and realized gains for the year.

    In any given year, there can be no guarantee each Fund’s investment returns will exceed the amount of the net distributions. To the extent the amount of distributions paid to stockholders in cash exceeds the total net investment returns of the Fund, the assets of a Fund will decline. If the total net investment returns exceed the amount of cash distributions, the assets of a Fund will increase. Distributions designated as return-of-capital are not taxed as ordinary income dividends and are referred to as tax-free dividends or nontaxable distributions. A return-of-capital distribution reduces the cost basis of a stockholder’s shares in the Fund. Stockholders can expect to receive tax-reporting information for 2024 distributions by the middle of February 2025 indicating the exact composition per share of the distributions received during the calendar year. Stockholders should consult their tax advisor for proper tax treatment of each Fund’s distributions.

    Volatility in the world economy helps to create what Cornerstone Advisors, LLC (the “Adviser”) views as significant opportunities through investments in closed-end funds. In addition to holding closed-end funds which invest substantially all of their assets in equity securities, the Adviser may also choose to take advantage of situations in funds which invest in fixed income or other investment categories. Closed-end funds, with their broadly diversified holdings, enhance diversification within each Fund’s portfolio.

    Investing in other investment companies involves substantially the same risks as investing directly in the underlying instruments, but the total return on such investments at the investment company level is reduced by the operating expenses and fees of such other investment companies, including advisory fees. To the extent each Fund invests its assets in investment company securities, those assets will be subject to the risks of the purchased investment company’s portfolio securities, and a stockholder in the Fund will bear not only their proportionate share of the expenses of a Fund, but also, indirectly the expenses of the purchased investment company. There can be no assurance the investment objective of any investment company in which a Fund invests will be achieved.

    Under the managed distribution policy, each Fund makes monthly distributions to stockholders at a rate which may include periodic distributions of its net income and net capital gains (“Net Earnings”), or from return-of-capital. If, for any fiscal year where total cash distributions exceeded Net Earnings (the “Excess”), the Excess would decrease each Fund’s total assets and, as a result, would have the likely effect of increasing each Fund’s expense ratio. There is a risk the total Net Earnings from each Fund’s portfolio would not be great enough to offset the amount of cash distributions paid to Fund stockholders. If this were to occur, a Fund’s assets would be depleted, and there is no guarantee a Fund would be able to replace the assets. In addition, in order to make such distributions, a Fund may have to sell a portion of its investment portfolio at a time when independent investment judgment might not dictate such action. Furthermore, such assets used to make distributions will not be available for investment pursuant to the Fund’s investment objective.

    Each Fund’s Board has previously approved a share repurchase program. The share repurchase program authorizes management to make open market purchases, from time to time. Such purchases may be made opportunistically at certain discounts to net asset value per share when management reasonably believes such repurchases may enhance stockholder value. There is no assurance each Fund will purchase any shares or the share repurchase program will have an impact on the liquidity or value of the respective Fund or the Fund’s shares. To the extent each Fund engages in share repurchase activity, such activity will be disclosed in each Fund’s stockholder reports for the relevant fiscal period.

    Cornerstone Strategic Value Fund, Inc. and Cornerstone Total Return Fund, Inc. are traded on the NYSE American LLC under the trading symbols “CLM” and “CRF”, respectively. For more information regarding each Fund please visit www.cornerstonestrategicvaluefund.com and www.cornerstonetotalreturnfund.com.

    Past performance is no guarantee of future performance. An investment in a Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price which is more or less than the original purchase price or the net asset value. A stockholder should carefully consider a Fund’s investment objective, risks, charges and expenses. Please read a Fund’s disclosure documents before investing.

    In addition to historical information, this release contains forward-looking statements, which may concern, among other things, domestic and foreign markets, industry and economic trends and developments and government regulation and their potential impact on a Fund’s investment portfolio. These statements are subject to risks and uncertainties, including the factors set forth in each Fund’s disclosure documents, filed with the U.S. Securities and Exchange Commission, and actual trends, developments and regulations in the future, and their impact on the Fund could be materially different from those projected, anticipated or implied. Each Fund has no obligation to update or revise forward-looking statements.

    The MIL Network –

  • MIL-OSI: PIMCO Closed-End Funds Declare Monthly Common Share Distributions

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Nov. 01, 2024 (GLOBE NEWSWIRE) — The Boards of Trustees/Directors of the PIMCO closed-end funds below (each, a “Fund” and, collectively, the “Funds”) have declared a monthly distribution for each Fund’s common shares as summarized below. The distributions are payable on December 2, 2024 to shareholders of record on November 12, 2024, with an ex-dividend date of November 12, 2024.

        Monthly Distribution 
    Per Share
    Fund NYSE Symbol Amount Change From
    Previous
    Month    		 Percentage
    Change From
    Previous
    Month
    PIMCO Corporate & Income Strategy Fund (NYSE: PCN) $0.112500 – –
    PIMCO Corporate & Income Opportunity Fund (NYSE: PTY) $0.118800 – –
    PIMCO Global StocksPLUS® & Income Fund (NYSE: PGP) $0.069000 – –
    PIMCO High Income Fund (NYSE: PHK) $0.048000 – –
    PIMCO Strategic Income Fund, Inc. (NYSE: RCS) $0.051000 – –
    PCM Fund, Inc. (NYSE: PCM) $0.080000 – –
    PIMCO Income Strategy Fund (NYSE: PFL) $0.081400 – –
    PIMCO Income Strategy Fund II (NYSE: PFN) $0.071800 – –
    PIMCO Dynamic Income Fund (NYSE: PDI) $0.220500 – –
    PIMCO Dynamic Income Opportunities Fund (NYSE: PDO) $0.127900 – –
    PIMCO Municipal Income Fund (NYSE: PMF) $0.042000 – –
    PIMCO California Municipal Income Fund (NYSE: PCQ) $0.036000 – –
    PIMCO New York Municipal Income Fund (NYSE: PNF) $0.033500 – –
    PIMCO Municipal Income Fund II (NYSE: PML) $0.039500 – –
    PIMCO California Municipal Income Fund II (NYSE: PCK) $0.021500 – –
    PIMCO New York Municipal Income Fund II (NYSE: PNI) $0.029500 – –
    PIMCO Municipal Income Fund III (NYSE: PMX) $0.033000 – –
    PIMCO California Municipal Income Fund III (NYSE: PZC) $0.029500 – –
    PIMCO New York Municipal Income Fund III (NYSE: PYN) $0.024800 – –
    PIMCO Access Income Fund (NYSE: PAXS) $0.149400 – –
    PIMCO Dynamic Income Strategy Fund (NYSE: PDX) $0.113300 – –
             

    Fund Distribution Information as of September 30, 2024:

    Fund NYSE Symbol Current
    Amount    		 Annualized
    current
    distribution
    rate expressed
    as a
    percentage of
    NAV as of
    09/30/2024    		 Annualized
    current
    distribution rate
    expressed as a
    percentage of
    Market Price as
    of 09/30/2024
    PIMCO Corporate & Income Strategy Fund (NYSE: PCN) $0.112500 11.28% 9.51%
    PIMCO Corporate & Income Opportunity Fund (NYSE: PTY) $0.118800 12.15% 9.91%
    PIMCO Global StocksPLUS® & Income Fund (NYSE: PGP) $0.069000 10.26% 9.87%
    PIMCO High Income Fund (NYSE: PHK) $0.048000 12.13% 11.52%
    PIMCO Strategic Income Fund, Inc. (NYSE: RCS) $0.051000 13.48% 7.96%
    PCM Fund, Inc. (NYSE: PCM) $0.080000 14.95% 12.02%
    PIMCO Income Strategy Fund (NYSE: PFL) $0.081400 11.88% 11.40%
    PIMCO Income Strategy Fund II (NYSE: PFN) $0.071800 11.90% 11.31%
    PIMCO Dynamic Income Fund (NYSE: PDI) $0.220500 15.20% 13.05%
    PIMCO Dynamic Income Opportunities Fund (NYSE: PDO) $0.127900 11.52% 10.87%
    PIMCO Municipal Income Fund (NYSE: PMF) $0.042000 5.19% 4.88%
    PIMCO California Municipal Income Fund (NYSE: PCQ) $0.036000 4.02% 4.34%
    PIMCO New York Municipal Income Fund (NYSE: PNF) $0.033500 4.50% 4.84%
    PIMCO Municipal Income Fund II (NYSE: PML) $0.039500 5.26% 5.05%
    PIMCO California Municipal Income Fund II (NYSE: PCK) $0.021500 3.74% 4.11%
    PIMCO New York Municipal Income Fund II (NYSE: PNI) $0.029500 4.10% 4.49%
    PIMCO Municipal Income Fund III (NYSE: PMX) $0.033000 4.76% 4.79%
    PIMCO California Municipal Income Fund III (NYSE: PZC) $0.029500 4.45% 4.72%
    PIMCO New York Municipal Income Fund III (NYSE: PYN) $0.024800 4.33% 4.72%
    PIMCO Access Income Fund (NYSE: PAXS) $0.149400 11.48% 10.78%
    PIMCO Dynamic Income Strategy Fund (NYSE: PDX) $0.113300 5.31% 5.76%
             

    Distribution rates are not performance and are calculated by annualizing the current distribution per share announced in this press release and dividing by the NAV or Market Price, as applicable, as of the reported date. A Fund’s distribution rate may be affected by numerous factors, including changes in realized and projected market returns, Fund performance, and other factors. There can be no assurance that a change in market conditions or other factors will not result in a change in a Fund’s distribution rate at a future time. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (“ROC”) of your investment in a Fund. Because the distribution rate may include a ROC, it should not be confused with yield or performance.

    Average Annual Total Returns Based on NAV and Market Price (“MKT”) of Common Shares as of
    September 30, 2024:

    Fund NYSE
    Symbol    		 Inception
    Date    		   1 Year 5 Year 10 Year Since
    Inception
    PIMCO Corporate & Income Strategy Fund (NYSE: PCN) 12/21/2001 NAV 23.51% 7.45% 8.44% 10.85%
    MKT 29.84% 4.85% 9.27% 10.72%
    PIMCO Corporate & Income Opportunity Fund (NYSE: PTY) 12/27/2002 NAV 26.15% 8.88% 9.91% 12.73%
    MKT 22.38% 5.99% 9.70% 12.33%
    PIMCO Global StocksPLUS® & Income Fund (NYSE: PGP) 5/31/2005 NAV 35.45% 7.99% 8.40% 10.74%
    MKT 41.62% 4.07% 1.98% 7.19%
    PIMCO High Income Fund (NYSE: PHK) 4/30/2003 NAV 23.03% 6.67% 8.67% 10.56%
    MKT 28.03% 2.60% 3.68% 7.94%
    PIMCO Strategic Income Fund, Inc. (NYSE: RCS) 2/24/1994 NAV 25.91% 3.96% 5.11% 7.70%
    MKT 60.73% 6.94% 8.09% 8.86%
    PCM Fund, Inc. (NYSE: PCM) 9/2/1993 NAV 17.12% 3.21% 6.11% 8.30%
    MKT 1.89% 3.96% 7.48% 8.30%
    PIMCO Income Strategy Fund (NYSE: PFL) 8/29/2003 NAV 22.55% 6.24% 6.95% 6.86%
    MKT 26.23% 5.41% 7.52% 6.71%
    PIMCO Income Strategy Fund II (NYSE: PFN) 10/29/2004 NAV 22.66% 5.75% 6.94% 6.14%
    MKT 30.66% 5.10% 7.79% 6.12%
    PIMCO Dynamic Income Fund (NYSE: PDI) 5/30/2012 NAV 22.25% 4.97% 7.38% 11.00%
    MKT 35.83% 3.89% 9.31% 11.54%
    PIMCO Dynamic Income Opportunities Fund (NYSE: PDO) 1/29/2021 NAV 25.12% – – 1.34%
    MKT 34.18% – – 2.67%
    PIMCO Municipal Income Fund (NYSE: PMF) 6/29/2001 NAV 19.11% -1.09% 3.02% 5.32%
    MKT 29.67% -2.20% 2.93% 4.95%
    PIMCO California Municipal Income Fund (NYSE: PCQ) 6/29/2001 NAV 19.49% -0.36% 3.28% 5.38%
    MKT 25.03% -8.48% 1.74% 4.43%
    PIMCO New York Municipal Income Fund (NYSE: PNF) 6/29/2001 NAV 17.33% -1.72% 2.44% 3.86%
    MKT 21.18% -6.10% 1.74% 3.31%
    PIMCO Municipal Income Fund II (NYSE: PML) 6/28/2002 NAV 18.92% -0.82% 3.28% 4.56%
    MKT 29.12% -4.55% 3.84% 4.40%
    PIMCO California Municipal Income Fund II (NYSE: PCK) 6/28/2002 NAV 20.62% -1.04% 3.17% 3.57%
    MKT 30.76% -3.83% 1.55% 2.60%
    PIMCO New York Municipal Income Fund II (NYSE: PNI) 6/28/2002 NAV 17.66% -1.62% 2.65% 3.94%
    MKT 28.89% -3.53% 1.69% 3.25%
    PIMCO Municipal Income Fund III (NYSE: PMX) 10/31/2002 NAV 19.57% -1.18% 3.35% 4.33%
    MKT 34.49% -3.45% 3.28% 3.91%
    PIMCO California Municipal Income Fund III (NYSE: PZC) 10/31/2002 NAV 19.28% -0.32% 3.30% 3.76%
    MKT 14.90% -3.22% 2.14% 3.12%
    PIMCO New York Municipal Income Fund III (NYSE: PYN) 10/31/2002 NAV 18.13% -1.41% 2.27% 2.65%
    MKT 24.76% -3.61% 1.28% 2.02%
    PIMCO Access Income Fund (NYSE: PAXS) 1/31/2022 NAV 21.95% – – 2.53%
    MKT 34.98% – – 5.21%
    PIMCO Dynamic Income Strategy Fund (NYSE: PDX) 02/01/2019 NAV 21.12% 14.33% – 11.89%
    MKT 25.42% 15.21% – 11.52%

    Performance for periods of more than one year is annualized.

    Past performance is not a guarantee or a reliable indicator of future results. There can be no assurance that a Fund or any investment strategy will achieve its investment objectives or structure its investment portfolio as anticipated. An investment in a Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. Shares may be worth more or less than original purchase price. Due to market volatility, current performance may be lower or higher than average annual returns shown. Returns are calculated by determining the percentage change in net asset value (“NAV”) or market price (as applicable) of the Fund’s common shares in the specific period. The calculation assumes that all dividends and distributions, if any, have been reinvested. NAV and market price returns do not reflect broker sales charges or commissions in connection with the purchase or sales of Fund shares and includes the effect of any expense reductions. Returns for a period of less than one year are not annualized. Returns for a period of more than one year represent the average annual return. Performance at market price will differ from results at NAV. Although market price returns typically reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about a Fund, market conditions, supply and demand for a Fund’s shares or changes in Fund dividends and distributions.

    Additional Information

    Distributions from PMF, PML, PMX, PCQ, PCK, PZC, PNF, PNI and PYN are generally exempt from regular federal income taxes (i.e., excluded from gross income for federal income tax purposes but not necessarily exempt from the federal alternative minimum tax). In addition, distributions from PCQ, PCK and PZC are also generally exempt from California state income taxes, and distributions from PNF, PNI and PYN are generally exempt from New York State and city income taxes. There can be no assurance that all distributions paid by these Funds will be exempt from federal income taxes or applicable state or local income taxes.

    Distributions may include ordinary income, net capital gains and/or a return of capital. Generally, a return of capital occurs when the amount distributed by a Fund includes a portion of (or is comprised entirely of) your investment in the Fund in addition to (or rather than) your pro-rata portion of the Fund’s net income or capital gains. A Fund’s distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with “yield” or “income.” A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of a Fund.

    If a Fund estimates that a portion of a distribution may be comprised of amounts from sources other than net investment income, as determined in accordance with its internal accounting records and related accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund estimates the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is estimated that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, the Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include, among others, the treatment of paydowns on mortgage-backed securities purchased at a discount and periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, and most recent shareholder reports for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

    The tax treatment and characterization of a Fund’s distributions may vary significantly from time to time because of the varied nature of the Fund’s investments. For example, a Fund may enter into opposite sides of multiple interest rate swaps or other derivatives with respect to the same underlying reference instrument (e.g., a 10-year U.S. treasury) that have different effective dates with respect to interest accrual time periods for the principal purpose of generating distributable gains (characterized as ordinary income for tax purposes) that are not part of the Fund’s duration or yield curve management strategies. In such a “paired swap transaction”, the Fund would generally enter into one or more interest rate swap agreements whereby the Fund agrees to make regular payments starting at the time the Fund enters into the agreements equal to a floating interest rate in return for payments equal to a fixed interest rate (the “initial leg”). The Fund would also enter into one or more interest rate swap agreements on the same underlying instrument, but take the opposite position (i.e., in this example, the Fund would make regular payments equal to a fixed interest rate in return for receiving payments equal to a floating interest rate) with respect to a contract whereby the payment obligations do not commence until a date following the commencement of the initial leg (the “forward leg”).

    A Fund may engage in investment strategies, including those that employ the use of derivatives, to, among other things, seek to generate current, distributable income, even if such strategies could potentially result in declines in the Fund’s NAV. A Fund’s income and gain-generating strategies, including certain derivatives strategies, may generate current income and gains taxable as ordinary income sufficient to support monthly distributions even in situations when the Fund has experienced a decline in net assets due to, for example, adverse changes in the broad U.S. or non-U.S. equity markets or the Fund’s debt investments, or arising from its use of derivatives. Because some or all of these transactions may generate capital losses without corresponding offsetting capital gains, portions of a Fund’s distributions recognized as ordinary income for tax purposes (such as from paired swap transactions) may be economically similar to a taxable return of capital when considered together with such capital losses. The tax treatment of certain derivatives in which a Fund invests may be unclear and thus subject to recharacterization. Any recharacterization of payments made or received by a Fund pursuant to derivatives potentially could affect the amount, timing or character of Fund distributions. In addition, the tax treatment of such investment strategies may be changed by regulation or otherwise.

    The common shares of the Funds trade on the New York Stock Exchange. As with any stock, the price of a Fund’s common shares will fluctuate with market conditions and other factors. If you sell your common shares of a Fund, the price received may be more or less than your original investment. Shares of closed-end investment management companies, such as the Funds, frequently trade at a discount from their net asset value and may trade at a price that is less than the initial offering price and/or the net asset value of such shares. Further, if a Fund’s shares trade at a price that is more than the initial offering price and/or the net asset value of such shares, including at a substantial premium and/or for an extended period of time, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares will not trade at a discount to net asset value thereafter.

    The Funds’ daily New York Stock Exchange closing market prices, net asset values per share, as well as other information, including updated portfolio statistics and performance are available at pimco.com/closedendfunds or by calling the Funds’ shareholder servicing agent at (844) 33-PIMCO. Updated portfolio holdings information about a Fund will be available approximately 15 calendar days after such Fund’s most recent fiscal quarter end, and will remain accessible until such Fund files a shareholder report or a publicly available Form N-PORT for the period that includes the date of the information.

    A Fund’s shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not insured by the FDIC, the Federal Reserve Board or any other government agency. You may lose money by investing in a Fund. Certain risks associated with investing in a Fund are summarized below.

    An investor should consider, among other things, a Fund’s investment objectives, risks, charges and expenses carefully before investing. A Fund’s annual report contains (or will contain) this and other information about the Fund.

    A word about risk:
    Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and low interest rate environments increase this risk. Reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Mortgage and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market’s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee there is no assurance that private guarantors will meet their obligations. Investing in foreign-denominated and/or -domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Corporate debt securities are subject to the risk of the issuer’s inability to meet principal and interest payments on the obligation and may also be subject to price volatility due to factors such as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity. Bank loans are often less liquid than other types of debt instruments and general market and financial conditions may affect the prepayment of bank loans, and as such the prepayments cannot be predicted with accuracy. There is no assurance that the liquidation of any collateral from a secured bank loan would satisfy the borrower’s obligation, or that such collateral could be liquidated. Contingent Convertible (“Coco”) Bonds are bonds that are converted into equity of the issuing company if a pre-specified trigger occurs. Co-cos are subject to a different type of risk from traditional bonds and may result in a partial or total loss of value or may be converted into shares of the issuing company which may also have suffered a loss in value. Collateralized Loan Obligations (CLOs) may involve a high degree of risk and are intended for sale to qualified investors only. Investors may lose some or all of the investment and there may be periods where no cash flow distributions are received. CLOs are exposed to risks such as credit, default, liquidity, management, volatility, interest rate, and credit risk. Convertible securities may be called before intended, which may have an adverse effect on investment objectives. Floating rate loans are not traded on an exchange and are subject to significant credit, valuation and liquidity risk. A Fund may invest without limit in below investment grade debt securities (commonly referred to as “high yield” securities or “junk bonds”), including securities of stressed and distressed issuers. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Real estate investment trusts (or REITs) are subject to risk, such as poor performance by the manager, adverse changes to tax laws or failure to qualify for tax-free pass-through of income. Investments in residential/commercial mortgage loans and commercial real estate debt are subject to risks that include prepayment, delinquency, foreclosure, risks of loss, servicing risks and adverse regulatory developments, which risks may be heightened in the case of non-performing loans. Investing in distressed loans and bankrupt companies is speculative and the repayment of default obligations contains significant uncertainties. Distressed and Defaulted Securities involve substantial risks, including the risk of default. Such investments may be in default at the time of investment. In addition, these securities may fluctuate more in price, and are typically less liquid. Commodities contain heightened risk, including market, political, regulatory and natural conditions, and may not be appropriate for all investors. Many energy sector master limited partnerships (or MLPs) and other companies in which PDX may invest operate natural gas, natural gas liquids, crude oil, refined products, coal, or other facilities within the energy sector and will be susceptible to adverse economic, environmental, or regulatory occurrences affecting the sector including sharp decreases in crude oil or natural gas prices. Energy Sector Risk. PDX will be concentrated in the energy sector, and will therefore be susceptible to adverse economic, environmental, or regulatory occurrences affecting that sector. Private credit involves an investment in non-publicly traded securities which may be subject to illiquidity risk. Portfolios that invest in private credit may be leveraged and may engage in speculative investment practices that increase the risk of investment loss. A Fund will also have exposure to such risks through its investments in mortgage and asset-backed securities, which are highly complex instruments that may be sensitive to changes in interest rates and subject to early repayment risk. Income from municipal bonds is exempt from federal income tax and may be subject to state and local taxes and at times the alternative minimum tax; a strategy concentrating in a single or limited number of states is subject to greater risk of adverse economic conditions and regulatory changes. Structured products such as collateralized debt obligations are also highly complex instruments, typically involving a high degree of risk; use of these instruments may involve derivative instruments that could lose more than the principal amount invested. Sovereign securities are generally backed by the issuing government, obligations of U.S. Government agencies and authorities are supported by varying degrees but are generally not backed by the full faith of the U.S. Government; portfolios that invest in such securities are not guaranteed and will fluctuate in value. Concentration of assets in one or a few sectors may entail greater risk than a fully diversified portfolio and should be considered as only part of a diversified portfolio. Investing in foreign-denominated and/or -domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Leveraging transactions, including borrowing, typically will cause a portfolio to be more volatile than if the portfolio had not been leveraged.  Leveraging transactions typically involve expenses, which could exceed the rate of return on investments purchased by a fund with such leverage and reduce fund returns.  The use of leverage may cause a portfolio to liquidate positions when it may not be advantageous to do so.  Leveraging transactions may increase a fund’s duration and sensitivity to interest rate movements. Derivatives may involve certain costs and risks, such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. Each of PDO, PNF and PYN is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified Fund.

    Limited Term Risk. With respect to PDX, PDO and PAXS (each, for purposes of this paragraph only, a “Limited Term Fund”), unless the limited term provision of a Limited Term Fund’s Amended and Restated Agreement and Declaration of Trust (the “Declaration of Trust”) is amended by shareholders in accordance with the Declaration of Trust, or unless a Limited Term Fund completes a tender offer, as of a date within twelve months preceding the Dissolution Date (as defined below), to all common shareholders to purchase 100% of the then outstanding common shares of such Limited Term Fund at a price equal to the NAV per common share on the expiration date of the tender offer (an “Eligible Tender Offer”), and converts to perpetual existence, such Limited Term Fund will terminate. PDX will terminate on or about January 29, 2031; PDO will terminate on or about January 27, 2033; and PAXS will terminate on or about January 27, 2034 (each such termination date, a “Dissolution Date”). No Limited Term Fund is a “target term” fund whose investment objective is to return its original net asset value on the Dissolution Date or in an Eligible Tender Offer. Because the assets of each Limited Term Fund will be liquidated in connection with the dissolution, such Limited Term Fund will incur transaction costs in connection with dispositions of portfolio securities. The Limited Term Funds do not limit their investments to securities having a maturity date prior to the applicable Dissolution Date and may be required to sell portfolio securities when they otherwise would not, including at times when market conditions are not favorable, which may cause such Limited Term Fund to lose money. In particular, a Limited Term Fund’s portfolio may still have large exposures to illiquid securities as its Dissolution Date approaches, and losses due to portfolio liquidation may be significant. Beginning one year before the applicable Dissolution Date (the “Wind-Down Period”), a Limited Term Fund may begin liquidating all or a portion of its portfolio, and may deviate from its investment strategy and may not achieve its investment objectives. As a result, during the Wind-Down Period, a Limited Term Fund’s distributions may decrease, and such distributions may include a return of capital. A Limited Term Fund’s investment objectives and policies are not designed to seek to return investors’ original investment upon termination of such Limited Term Fund, and investors may receive more or less than their original investment upon termination of such Limited Term Fund. As the assets of a Limited Term Fund will be liquidated in connection with its termination, such Limited Term Fund may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, which may cause such Limited Term Fund to lose money.

    Closed-end funds, unlike open-end funds, are not continuously offered. After the initial public offering, shares are sold on the open market through a stock exchange. Closed-end funds may be leveraged and carry various risks depending upon the underlying assets owned by a fund. Investment policies, management fees and other matters of interest to prospective investors may be found in each closed-end fund annual and semi-annual report. For additional information, please contact your investment professional or call 1-844-337-4626.

    About PIMCO

    PIMCO was founded in 1971 in Newport Beach, California and is one of the world’s premier fixed income investment managers. Today we have offices across the globe and 3,000+ professionals united by a single purpose: creating opportunities for investors in every environment. PIMCO is owned by Allianz S.E., a leading global diversified financial services provider.

    Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO’s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statement.

    This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. PIMCO Investments LLC, 1633 Broadway, New York, NY 10019, is a company of PIMCO. ©2024, PIMCO.

    For information on PIMCO Closed-End Funds:
    Financial Advisors: (800) 628-1237
    Shareholders: (844) 337-4626 or (844) 33-PIMCO
    PIMCO Media Relations: (212) 597-1054

    The MIL Network –

  • MIL-OSI USA: Shaheen Visits Public Housing Development to Discuss Weatherization, Highlights Weatherization Installer Apprenticeship

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Berlin, NH) – Today, U.S. Senator Jeanne Shaheen (D-NH), a lead negotiator of the Bipartisan Infrastructure Law, visited a multi-unit public housing development undergoing weatherization installations to improve energy efficiency and lower monthly costs. During a tour of the complex, Shaheen discussed the benefits of weatherization with residents, as well as participants in the Tri-County Community Action Program’s Registered Apprenticeship for weatherization installers, which is the first of its kind in New Hampshire. As a lead negotiator of the Bipartisan Infrastructure Law, Shaheen helped secure $3.5 billion for weatherization assistance nationwide, including more than $18 million for New Hampshire. You can find photos from the event here.
    “Weatherizing homes is one of the best things we can do to reduce monthly energy costs, all while making progress toward our climate goals and keeping Granite Staters safe from extreme temperatures,” said Senator Shaheen. “I’m proud to have secured funding for New Hampshire’s weatherization efforts through the Bipartisan Infrastructure Law that is supporting this new apprenticeship program to expand the weatherization workforce. I’ll keep working in Congress to find ways to upgrade our infrastructure while saving money for Granite State households.”
    Weatherization Assistance Program (WAP) funding helps homes become more energy efficient through measures like installing insulation, updating heating and cooling systems and updating electrical appliances. For every dollar invested by WAP, $4.50 is generated in combined energy savings and non-energy benefits such as improved health and job creation, according to the U.S. Department of Energy. In addition to saving families money, energy efficient homes also help cut down on our carbon footprint, reducing the greenhouse gas emissions that cause climate change. If you think you may be eligible for WAP funding, apply through your local Community Action Agency at CAPNH.org and check out Senator Shaheen’s recently updated Federal Energy Guide for more ways Granite Staters can save money on their utility bills.
    As a lead negotiator of the Bipartisan Infrastructure Law, Shaheen helped secure $3.5 billion in additional funding for the Weatherization Assistance Program, including $18 million for New Hampshire. Shaheen has long-championed the  Weatherization Assistance Program to lower energy costs for low-income families in New Hampshire, as well as the State Energy Program, which assists states with the development of energy efficiency renewable projects. Last year, Shaheen helped introduce the Weatherization Assistance Program Improvements Act, a bipartisan bill that would strengthen the Weatherization Assistance Program and increase the number of homes the program is able to serve. Shaheen also introduced the bipartisan Investing in State Energy Act, legislation to ensure that annual funding for weatherization and the State Energy Program is released to states as quickly as possible.
    In response to a shortage of weatherization installers in New Hampshire, Tri-County Community Action Program (TCCAP) launched an apprenticeship program to train new workers in the field. TCCAP’s program is supported by Training and Technical Assistance funds from the Bipartisan Infrastructure Law and is the first program of its kind in New Hampshire.

    MIL OSI USA News –

  • MIL-OSI USA: Shaheen, Bipartisan Colleagues Call on Mark Zuckerberg to Remove and Prevent Ads for Illicit Drugs on Meta Platforms

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    **Shaheen is building on her Cooper Davis Act and leading the push to crack down on drug trafficking through social media**
    (Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH), Chair of the U.S. Senate Appropriations Subcommittee on Commerce, Justice, Science and Related Agencies, is leading a bipartisan letter with U.S. Senators Roger Marshall, M.D. (R-KS), Amy Klobuchar (D-MN), Chuck Grassley (R-IA) and Dick Durbin (D-IL) calling on Meta CEO Mark Zuckerberg to take action to remove and prevent advertisements for illicit drugs on all Meta platforms. The letter builds on Shaheen and Marshall’s bipartisan Cooper Davis Act to hold social media companies accountable for reporting to law enforcement illicit drug and opioid activities occurring on their platforms. 
    In part, the Senators wrote: “The United States is in the midst of a drug epidemic, with more than 100,000 Americans dying from overdoses last year, and an alarming amount of these drugs are sold online. It is crucial that everyone work to ensure these illegal drugs are found and taken off the streets. Therefore, we call on Meta to improve its human automated advertising review and content moderation to address these failures that are placing lives at risk.”
    According to a Wall Street Journal report from earlier this year, the Tech Transparency Project (TTP) found that Meta has run hundreds of advertisements on Facebook and Instagram that steer users to online marketplaces for illegal drugs. The Shaheen-led letter urges Zuckerberg to support the Cooper Davis Act and work as quickly as possible to prevent further harm.
    The Senators continued: “When presented with these disturbing findings, Meta took down some advertisements off its platforms. However, Meta’s refusal to prevent illicit drug advertisements, while accepting advertisement payments that are harming families and in clear violation of Meta’s policies, is particularly alarming. Surely, this is not what Meta means when it states its ‘mission is to give people the power to build community and bring the world closer together.’”
    Text of the letter can be found here.
    Shaheen has spearheaded crucial legislation, led efforts and secured funding to stem the opioid epidemic. Earlier this week, the Senator held a roundtable with the Youth CAN coalition leadership team and community partners to discuss the organization’s work to prevent youth substance misuse in New Hampshire. Last month, Shaheen introduced the bipartisan Keeping Drugs Out of Schools Act to strengthen efforts to address the substance misuse disorder crisis that is impacting communities across the nation by establishing a new grant program.
    The Cooper Davis Act would require social media companies and other communication service providers to turn over information relating to illicit online fentanyl activity to federal agencies to combat the illegal sale and distribution of counterfeit and controlled substances occurring on their platforms.

    MIL OSI USA News –

  • MIL-OSI USA: Dr. Rand Paul Files Bipartisan, Bicameral Amicus Brief Urging Supreme Court to Restore Federal Accountability in Wrong-House Raid Case

    US Senate News:

    Source: United States Senator for Kentucky Rand Paul

    FOR IMMEDIATE RELEASE:

    November 1, 2024

     Contact: Press_Paul@paul.senate.gov, 202-224-4343

    WASHINGTON, D.C. – Today, U.S. Senators Rand Paul (R-KY), Ron Wyden (D-OR), and Cynthia Lummis (R-WY), alongside Representatives Harriet Hageman (R-WY), Nikema Williams (D-GA-5), Thomas Massie (R-KY-4), and Dan Bishop (R-NC-8) filed a bipartisan, bicameral amicus brief, urging the U.S. Supreme Court to hear Martin v. United States and address the alarming gap in federal accountability created by the Eleventh Circuit’s ruling in this case.

    This case centers around a mistaken, forceful raid by federal agents who entered the wrong home in the early hours of the morning. The family inside was jolted awake by a flashbang grenade exploding within their walls. This raid left the family not only traumatized but physically harmed. Despite the evident toll on these innocent individuals and the assault that they suffered, the Eleventh Circuit’s ruling currently bars them from any avenue for recourse under the FTCA, even though Congress designed this law in the wake of several wrong house raids to ensure accountability for federal overreach. This brief asserts that the Eleventh Circuit’s interpretation of the FTCA contradicts the FTCA’s legislative intent and threatens Americans’ protections against federal overreach.

    “Congress specifically designed the Federal Tort Claims Act (FTCA) to ensure that individuals harmed by government overreach—such as the wrongful raiding of an innocent person’s home—have a means of recourse. By blocking Trina Martin’s right to seek redress, the Eleventh Circuit’s decision not only undermines Congress’ intent and the FTCA’s fundamental purpose but also establishes troubling precedent that places government actions beyond accountability, compromising Americans’ rights. We must ensure that when the government makes a mistake, citizens can hold it accountable and seek justice. This case is a critical step in preserving that protection,” said Dr. Rand Paul.

    “Through the Federal Tort Claims Act, Congress provided a remedy for federal wrong-house raids, but the Eleventh Circuit has taken it away,” explained Patrick Jaicomo, a Senior Attorney at the Institute for Justice, which represents the innocent family. “The brief filed by members of Congress today confirms the availability of that federal remedy, and that the constitutional role of the courts is to enforce—not revoke—the remedy Congress has provided.”

    In Martin v. United States, the Eleventh Circuit ruled that victims of the wrong-house raid could not recover damages due to the Supremacy Clause, despite the FTCA’s purpose to hold federal law enforcement accountable for wrongful actions. Congress introduced the FTCA’s law enforcement provision specifically to protect citizens harmed in cases like these, yet the Eleventh Circuit’s stance nullifies that protection, leaving innocent citizens vulnerable.

    The Supremacy Clause was intended to assert the primacy of federal statutes—not to obstruct claims explicitly permitted by Congress. The bipartisan, bicameral brief makes it clear that if the Eleventh Circuit’s interpretation is upheld, it will fundamentally undermine the FTCA’s role in federal accountability, allowing agents to act with impunity and without fear of recourse from innocent citizens.

    By granting review and overturning the Eleventh Circuit’s decision, the Supreme Court would reinforce the FTCA as Congress intended—empowering Americans to hold federal agents accountable for intentional harms, particularly in cases like these that carry such personal and constitutional significance.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Significant Achievements made under Special Campaign 4.0 in Department of Health and Family Welfare

    Source: Government of India (2)

    Significant Achievements made under Special Campaign 4.0 in Department of Health and Family Welfare

    52,665 physical files reviewed, 31,659 physical files weeded out, 5,160 Public Grievances and 595 Appeals have been disposed of, Revenue of Rs.18,63,356 generated by selling of scrap materials and 1,433 Cleanliness Campaigns conducted

    Posted On: 01 NOV 2024 8:04PM by PIB Delhi

    The Department of Health and Family Welfare (DoHFW) launched Special Campaign 4.0 from October 2 to October 31, 2024, aimed at institutionalizing cleanliness (Swachhata) and reducing pending tasks across its headquarters, central government hospitals, attached offices, subordinate offices, autonomous bodies, and CPSUs nationwide.

    Under the leadership of Union Health Secretary Ms. Punya Salila Srivastava, the campaign’s implementation was regularly reviewed to ensure efficiency and meet established targets.

    Key achievements during the campaign include the disposition of 25 references from Members of Parliament, 3 Parliamentary assurances, 5,160 public grievances, and 595 associated appeals, as well as the simplification of 45 rules and processes. Additionally, 52,665 physical files were reviewed, resulting in the weeding out of 31,659 files, and 12,428 e-files were reviewed, with 10,174 closed. The campaign also saw the conduct of 1,433 cleanliness campaigns across various offices, freeing up 40,742 sq. ft. of office space, and generating revenue amounting to ₹18,63,356 from the sale of scrap materials and e-waste. These activities reflect DoHFW’s commitment to enhancing operational efficiency and promoting a culture of cleanliness within its institutions.

    The progress of implementation phase of the campaign was uploaded daily on SCDPM portal (https://scdpm.nic.in) of the Department of Administrative Reforms & Public Grievances (DARPG). Social media updates, PIB Statements and Best Practices were also uploaded on the portal by showcasing the progress in the campaign.

    Few highlights are as follows:

    On 16th October, 2024, Shri V. Srinivas, Secretary, Department of Administrative Reforms & Public Grievances (DARPG) along with Ms. Punya Salila Srivastava, Union Health Secretary reviewed the activities undertaken by DoHFW in ‘Special Campaign 4.0

     

    Training of Safai Mitras on ‘Swachhata Hi Sewa’ module on iGOT Platform was conducted on 23rd October, 2024 (chaired by Ms. Punya Salila Srivastava, Union Health Secretary) as a part of the Karmayogi Saptah (National Learning Week) and Special Campaign 4.0

     

      

    During Special Campaign 4.0, ‘Swachhata Hi Seva’ module was completed by more than 11,500 employees including officers on iGOT platform and more than 7,500 Safai Mitras in physical mode

     

    AIIMS, Jodhpur transforming plastic containers into planters which aims to minimize environmental impact of plastic while encouraging a culture of creativity and responsibility among staff

     

            

    Before                                  After

    Conversion of discarded chairs into functiona/ attractive benches and signage stands at Regional Institute of Medical Sciences (RIMS), Imphal to encourage upcycling

    DoHFW remain committed to the goals of Special Campaign 4.0 and will continue to contribute actively in the activities of the campaign even after the campaign ended on 31st October, 2024. It has been emphasised that with the combined efforts of all, lasting improvements in cleanliness and governance can be achieved.

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    MV

    HFW/ Special Campaign 4.0 /01st November 2024/1

    (Release ID: 2070237) Visitor Counter : 25

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: AIR MARSHAL AJAY KUMAR ARORA TAKES OVER AS AIR OFFICER-IN-CHARGE MAINTENANCE OF IAF

    Source: Government of India

    Posted On: 01 NOV 2024 7:47PM by PIB Delhi

    Air Marshal Ajay Kumar Arora assumed the appointment of Air Officer-in-Charge Maintenance, Indian Air Force, at Air Headquarters (Vayu Bhawan), today. The Air Marshal, after taking over, laid a wreath at the National War Memorial in honour of the armed forces personnel who have made the supreme sacrifice for the nation.

    Air Marshal Arora was commissioned in the Aeronautical Engineering stream of IAF in Aug 1986. He is a graduate of Air Force Technical College, Air Command and Staff College, USA and College of Defence Management, Secunderabad. An electronics and communication engineer by qualification, he is also an alumnus of lIT Kharagpur and a Doctrate degree holder in Management from University of Pune.

    He has held key command and staff appointments in his illustrious career of 38 years. He was the Director General (Aircraft) before assuming the appointment of Air Officer-in-charge Maintenance.

    The officer has been awarded with Vishisht Seva Medal in year 2018 and Ati Vishisht Seva Medal in 2024 for his distinguished service. He is married to Mrs Sangeeta and the couple is blessed with a son, Pulkit.

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    VK/JS/SM

    (Release ID: 2070234) Visitor Counter : 20

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Ministry of Road Transport and Highways successfully concludes Special Campaign 4.0 for disposal of Pending Matters and Cleanliness drive

    Source: Government of India (2)

    Ministry of Road Transport and Highways successfully concludes Special Campaign 4.0 for disposal of Pending Matters and Cleanliness drive

    Ministry achieves 100% targets in disposal of Public Grievances (986), Public Grievance Appeals (211), IMC references (Cabinet Proposal) and Record Management (review of old physical/e-files (25635)

    Posted On: 01 NOV 2024 5:16PM by PIB Delhi

    Ministry of Road Transport and Highways (MoRTH) and its agencies have successfully concluded the Special Campaign for Disposal of Pending Matters 4.0 from 2nd to 31st October, 2024.

    Ministry has achieved 100% targets in disposal of Public Grievances (986), Public Grievance Appeals (211), IMC references (Cabinet Proposal) and Record Management (review of old physical/e-files (25635). Further, Ministry has disposed 95% pending MP references. 555 such references out of 583 have been disposed of during the Campaign. During the period 28 out of 53 Parliamentary Assurances have also been disposed of. During the Campaign, Ministry  has earned revenue of Rs. 3,03,200/- from disposal of scraps. During Swachhata Hi Seva and Special Campaign for Disposal of Pending Matters (SCDPM) 4.0, MoRTH and its agencies carried out cleanliness activities at more than 19,000 sites, which included offices, construction camps/sites, NH stretches, Toll Plazas, wayside amenities, Road-side Dhabas, Bus Stops, flyovers etc.

    In order to achieve the identified targets under various parameters of the Campaign, Nodal Officer, MoRTH reviewed the progress of the Campaign on daily basis and followed up with all the agencies.  The officers of MoRTH, NHAI & NHIDCL actively participated in the SCDPM 4.0.

    Various Social Media Platforms such as X (Twitter), Instagram & Facebook were used for giving wide publicity of the campaign.

    *****

    NKK/AK

    (Release ID: 2070172) Visitor Counter : 22

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: New Jersey Resident Pleads Guilty to Helping Russia’s Defense Sector Evade U.S. Export Controls

    Source: Federal Bureau of Investigation FBI Crime News (b)

    Defendant Facilitated Russia’s Acquisition of Millions of Dollars of U.S.-Made Dual-Use Electronics Used in Radar, Surveillance, and Military Research and Development

    Vadim Yermolenko, 43, a dual U.S.-Russian national and resident of New Jersey, pleaded guilty to conspiracy to violate the Export Control Reform Act, conspiracy to commit bank fraud, and conspiracy to defraud the United States for his role in a transnational procurement and money laundering network that sought to acquire sensitive dual-use electronics for Russian military and intelligence services.

    “This defendant joins the nearly two dozen other criminals that our Task Force KleptoCapture has brought to justice in American courtrooms over the past two and a half years for enabling Russia’s military aggression,” said Attorney General Merrick B. Garland. “This defendant admitted to playing a central role in a now-disrupted scheme with Russian intelligence services to smuggle sniper rifle ammunition and U.S. military grade equipment into Russia. The Justice Department will never stop working to aggressively disrupt and prosecute both the criminal networks and the individuals responsible for bolstering the Russian war machine.”

    “The illegal export of sensitive, dual-use technologies in support of Russia’s war effort poses a significant threat to the United States and its allies and must not be tolerated,” said FBI Director Christopher Wray. “The defendant in this case played a key role in exporting U.S. technology that in the hands of our adversaries could pose great danger to our national security. The FBI and its partners will continue to focus on protecting strategic innovation at home and hold accountable anyone who facilitates illegal transfers to hostile nations like Russia.”

    “To facilitate the Russian war machine, the defendant played a critical role in exporting sensitive, dual-use technologies to Russia, facilitating shipping and the movement of millions of dollars through U.S. financial institutions,” said U.S. Attorney Breon Peace for the Eastern District of New York. “This plea highlights my Office and our law enforcement partners continued commitment to use all tools available to prosecute those who unlawfully procure U.S. technology to send to Russia.”

    According to court documents, the defendant was affiliated with Serniya Engineering and Sertal LLC, Moscow-based companies that operate under the direction of Russian intelligence services to procure advanced electronics and sophisticated testing equipment for Russia’s military industrial complex and research and development sector. Serniya and Sertal operated a vast network of shell companies and bank accounts throughout the world, including the United States, that were used in furtherance of the scheme to conceal the involvement of the Russian government and the true Russian end users of U.S.-origin equipment.

    The defendant and his co-conspirators unlawfully purchased and exported highly sensitive, export controlled electronic components, some of which can be used in the development of nuclear and hypersonic weapons, quantum computing and other military applications. Following Russia’s invasion of Ukraine in February 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce (DOC) Bureau of Industry and Security (BIS) levied sanctions and imposed additional export restrictions on Serniya, Sertal, and several individuals and companies used in the scheme, calling them “instrumental to the Russian Federation’s war machine.”

    Sertal was licensed to conduct highly sensitive and classified procurement activities by Russia’s Federal Security Service (FSB), Russia’s principal security agency and the main successor agency to the Soviet Union’s KGB. The Serniya network’s Russian clients included State Corporation Rostec, the state-owned defense conglomerate; State Atomic Energy Corporation Rosatom (Rosatom); the Ministry of Defense; the Foreign Intelligence Service (SVR); and various components of the FSB, including the Department of Military Counterintelligence and the Directorate for Scientific and Technological Intelligence, commonly known as “Directorate T.”

    To carry out the scheme, the defendant helped set up numerous shell companies and dozens of bank accounts in the U.S. to illicitly move money and export-controlled goods. During the period charged in the indictment, more than $12 million passed through accounts owned or controlled by the defendant. These funds were used in part to purchase sensitive equipment used in radar, surveillance and military research and development. In one instance, money from one of the defendant’s accounts was used to purchase export-controlled sniper bullets, which were intercepted in Estonia before they could be smuggled into Russia.

    Co-defendant Alexey Brayman previously pleaded guilty to conspiracy to defraud the United States and is awaiting sentence. The case against co-defendant Vadim Konoshchenok, a suspected FSB operative, was dismissed after Konoshchenok was removed from the United States as part of a prisoner exchange negotiated between the United States and Russia. Defendant Nikolaos Bogonikolos’ case remains pending. Defendants Boris Livshits, Alexey Ippolitov, Svetlana Skvortsova, and Yevgeniy Grinin remain at large.        

    The FBI, BIS, and IRS are investigating the case.

    The U.S. Customs and Border Protection, Department of Justice’s Office of International Affairs, and Estonian authorities provided valuable assistance.

    Assistant U.S. Attorneys Artie McConnell, Andrew D. Reich, and Matthew Skurnik for the Eastern District of New York are prosecuting the case, with assistance from Trial Attorney Scott A. Claffee of the National Security Division’s Counterintelligence and Export Control Section.

    Today’s actions were coordinated through the Justice Department’s Task Force KleptoCapture and the Justice and Commerce Departments’ Disruptive Technology Strike Force. Task Force KleptoCapture is an interagency law enforcement task force dedicated to enforcing the sweeping sanctions, export restrictions and economic countermeasures that the United States has imposed, along with its allies and partners, in response to Russia’s unprovoked military invasion of Ukraine. The Disruptive Technology Strike Force is an interagency law enforcement strike force co-led by the Departments of Justice and Commerce designed to target illicit actors, protect supply chains and prevent critical technology from being acquired by authoritarian regimes and hostile nation states.

    MIL Security OSI –

  • MIL-OSI Video: WHO evacuates patients from Kamal Adwan Hospital in North Gaza

    Source: United Nations (Video News)

    On 28 October, the World Health Organization reached Kamal Adwan Hospital in North Gaza for the fourth time in two weeks. The mission transferred 23 patients and 21 caregivers and from Kamal Adwan to Shifa Hospital, while also providing critical supplies.

    https://www.youtube.com/watch?v=SfqPz_BG9gA

    MIL OSI Video –

  • MIL-OSI Video: Investing in America: Western Winds of Change

    Source: United States of America – Federal Government Departments (video statements)

    Investing in America: The Power of Western Winds centers on Carbon County, Wyoming, a historic coal community that is building one of the largest wind farms and transmission systems in the United States. These projects will create over 1,500 jobs for union workers.

    In June 2023, U.S. Secretary of Energy Jennifer Granholm and U.S. Secretary of the Interior Deb Haaland visited Carbon County to celebrate the groundbreaking of the TransWest Express Transmission Project, which will carry clean energy from the Chokecherry and Sierra Madre Wind Energy Project across the American West.

    Western Winds of Change is the latest video in DOE’s new clean energy jobs series. It follows three more videos highlighting workers across the United States.



    https://youtu.be/ihuMvTllqc8?si=UjI1dxBiiy5UAC1h

    https://www.youtube.com/watch?v=fohncu9LQLY

    MIL OSI Video –