Category: Transport

  • MIL-OSI Europe: New strategy for Sweden’s global development cooperation on migration, returns and voluntary repatriation

    Source: Government of Sweden

    New strategy for Sweden’s global development cooperation on migration, returns and voluntary repatriation – Government.se

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    Press release from Ministry for Foreign Affairs

    Published

    The Government has adopted a new strategy for Sweden’s global development cooperation on migration, returns and voluntary repatriation. The strategy comprises SEK 3 billion for the period 2024–2028 and is part of governing Sweden’s development assistance to strengthen synergies between migration policy and development assistance policy.

    The new strategy plays an important role in strengthening synergies between development assistance policy and migration policy, and is based on the priorities set out in the reform agenda and the Tidö Agreement.

    “Through development assistance, we will increase support in our neighbourhood, with the long-term aim of reducing irregular migration to Sweden and the EU. The strategy will also benefit Swedish interests and counteract the negative effects of irregular migration and forced displacement,” says Minister for International Development Cooperation and Foreign Trade Benjamin Dousa.

    With the new strategy, Sweden will meet global challenges linked to irregular migration and forced displacement, and promote returns and voluntary repatriation. In practice, this may involve support for reintegration, increased capacity of partner countries to manage migration and asylum, and functioning infrastructure in countries of origin and transit.

    The strategy will complement and reinforce other parts of Sweden’s work on migration and development assistance – globally, regionally and bilaterally.

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    MIL OSI Europe News

  • MIL-OSI Europe: True or false? How to defend yourself against disinformation

    Source: European Union 2

    In today’s complex digital and media landscape, citizens must become more resilient against disinformation. This is where media literacy can help, by enhancing critical thinking and helping citizens better navigate information, especially online, and identify and counter disinformation. Between 24 and 31 October, we mark Global Media and Information Literacy week, an occasion to raise awareness about the importance of promoting media and information literacy for all.

    The EU supports EU countries and civil society in taking measures that develop media literacy skills and the Commission facilitates the sharing of best practices. Guidelines and toolkits have also been developed for teachers to help them ensure digital literacy through education.

    In the context of the 2024 European elections, the Commission also released a number of awareness-raising products for wide and continuous use by citizens and professionals, and ran an EU-wide campaign, together with the European Regulators Group for Audiovisual Media Services.

    The European Digital Media Observatory (EDMO) also brings together fact-checkers, academia and other relevant stakeholders. Supported by the Commission, EDMO contributes to identifying best practices in the field of media literacy, promoting knowledge exchange and to carrying out awareness-raising campaigns.

    Disinformation, misinformation and foreign information manipulation and interference are a serious threat to democracy and societies. 86% of Europeans agree with this, noting that the rapid spread of disinformation is a major problem for democracy, according to an EU survey. Building societal resilience against disinformation through media literacy will therefore continue to play a crucial role in helping citizens of all ages to navigate the modern news environment and take informed decisions.

    For more information

    Media literacy

    Building societal resilience against disinformation

    Strategic communication & tackling disinformation

    Protect yourself from disinformation – practical tips and material

    Video tips 

    MIL OSI Europe News

  • MIL-OSI Europe: Encyclical Letter “Dilexit nos” of the Holy Father Francis on the human and divine love of the heart of Jesus Christ

    Source: The Holy See

    Encyclical Letter “Dilexit nos” of the Holy Father Francis on the human and divine love of the heart of Jesus Christ, 24.10.2024
    ENCYCLICAL LETTER
    DILEXIT NOS
    OF THE HOLY FATHER
    FRANCIS
    ON THE HUMAN AND DIVINE LOVE
    OF THE HEART OF JESUS CHRIST
    1. HE LOVED US”, Saint Paul says of Christ (cf.Rom8:37), in order to make us realize that nothing can ever “separate us” from that love (Rom8:39).Paul could say this with certainty because Jesus himself had told his disciples, “I have loved you” (Jn15:9, 12).Even now, the Lord says to us, “I have called you friends” (Jn15:15).His open heart has gone before us and waits for us, unconditionally, asking only to offer us his love and friendship.For “he loved us first” (cf.1 Jn4:10).Because of Jesus, “we have come to know and believe in the love that God has for us” (1 Jn4:16).
    CHAPTER ONE
    THE IMPORTANCE OF THE HEART
    2. The symbol of the heart has often been used to express the love of Jesus Christ.Some have questioned whether this symbol is still meaningful today.Yet living as we do in an age of superficiality, rushing frenetically from one thing to another without really knowing why, and ending up as insatiable consumers and slaves to the mechanisms of a market unconcerned about the deeper meaning of our lives, all of us need to rediscover the importance of the heart.[1]
    WHAT DO WE MEAN BY “THE HEART”?
    3. In classical Greek, the wordkardíadenotes the inmost part of human beings, animals and plants.For Homer, it indicates not only the centre of the body, but also the human soul and spirit.In the Iliad, thoughts and feelings proceed from the heart and are closely bound one to another.[2]The heart appears as the locus of desire and the place where important decisions take shape.[3]In Plato, the heart serves, as it were, to unite the rational and instinctive aspects of the person, since the impulses of both the higher faculties and the passions were thought to pass through the veins that converge in the heart.[4]From ancient times, then, there has been an appreciation of the fact that human beings are not simply a sum of different skills, but a unity of body and soul with a coordinating centre that provides a backdrop of meaning and direction to all that a person experiences.
    4. The Bible tells us that, “the Word of God is living and active… it is able to judge the thoughts and intentions of the heart” (Heb4:12).In this way, it speaks to us of the heart as a core that lies hidden bene ath all outward appearances, even beneath the superficial thoughts that can lead us astray.The disciples of Emmaus, on their mysterious journey in the company of the risen Christ, experienced a moment of anguish, confusion, despair and disappointment.Yet, beyond and in spite of this, something was happening deep within them: “Were not our hearts burning within us while he was talking to us on the road?” (Lk 24:32).
    5. The heart is also the locus of sincerity, where deceit and disguise have no place.It usually indicates our true intentions, what we really think, believe and desire, the “secrets” that we tell no one: in a word, the naked truth about ourselves.It is the part of us that is neither appearance or illusion, but is instead authentic, real, entirely “who we are”.That is why Samson, who kept from Delilah the secret of his strength, was asked by her, “How can you say, ‘I love you’, when your heart is not with me?” (Judg16:15).Only when Samson opened his heart to her, did she realize “that he had told her his whole secret” (Judg16:18).
    6. This interior reality of each person is frequently concealed behind a great deal of “foliage”, which makes it difficult for us not only to understand ourselves, but even more to know others: “The heart is devious above all else; it is perverse, who can understand it?” (Jer17:9).We can understand, then, the advice of the Book of Proverbs: “Keep your heart with all vigilance, for from it flow the springs of life; put away from you crooked speech” (4:23-24).Mere appearances, dishonesty and deception harm and pervert the heart.Despite our every attempt to appear as something we are not, our heart is the ultimate judge, not of what we show or hide from others, but of who we truly are.It is the basis for any sound life project; nothing worthwhile can be undertaken apart from the heart.False appearances and untruths ultimately leave us empty-handed.
    7. As an illustration of this, I would repeat a story I have already told on another occasion.“For the carnival, when we were children, my grandmother would make a pastry using a very thin batter.When she dropped the strips of batter into the oil, they would expand, but then, when we bit into them, they were empty inside.In the dialect we spoke, those cookies were called ‘lies’…My grandmother explained why: ‘Like lies, they look big, but are empty inside; they are false, unreal’”.[5]
    8. Instead of running after superficial satisfactions and playing a role for the benefit of others, we would do better to think about the really important questions in life.Who am I, really?What am I looking for?What direction do I want to give to my life, my decisions and my actions?Why and for what purpose am I in this world?How do I want to look back on my life once it ends?What meaning do I want to give to all my experiences?Who do I want to be for others?Who am I for God?All these questions lead us back to the heart.
    RETURNING TO THE HEART
    9. In this “liquid” world of ours, we need to start speaking once more about the heart and thinking about this place where every person, of every class and condition, creates a synthesis, where they encounter the radical source of their strengths, convictions, passions and decisions.Yet, we find ourselves immersed in societies of serial consumers who live from day to day, dominated by the hectic pace and bombarded by technology, lacking in the patience needed to engage in the processes that an interior life by its very nature requires.In contemporary society, people “risk losing their centre, the centre of their very selves”.[6]“Indeed, the men and women of our time often find themselves confused and torn apart, almost bereft of an inner principle that can create unity and harmony in their lives and actions.Models of behaviour that, sadly, are now widespread exaggerate our rational-technological dimension or, on the contrary, that of our instincts”.[7]No room is left for the heart.
    10. The issues raised by today’s liquid society are much discussed, but this depreciation of the deep core of our humanity – the heart – has a much longer history.We find it already present in Hellenic and pre-Christian rationalism, in post-Christian idealism and in materialism in its various guises.The heart has been ignored in anthropology, and the great philosophical tradition finds it a foreign notion, preferring other concepts such as reason, will or freedom.The very meaning of the term is imprecise and hard to situate within our human experience.Perhaps this is due to the difficulty of treating it as a “clear and distinct idea”, or because it entails the question of self-understanding, where the deepest part of us is also that which is least known.Even encountering others does not necessarily prove to be a way of encountering ourselves, inasmuch as our thought patterns are dominated by an unhealthy individualism.Many people feel safer constructing their systems of thought in the more readily controllable domain of intelligence and will.The failure to make room for the heart, as distinct from our human powers and passions viewed in isolation from one another, has resulted in a stunting of the idea of a personal centre, in which love, in the end, is the one reality that can unify all the others.
    11. If we devalue the heart, we also devalue what it means to speak from the heart, to act with the heart, to cultivate and heal the heart.If we fail to appreciate the specificity of the heart, we miss the messages that the mind alone cannot communicate; we miss out on the richness of our encounters with others; we miss out on poetry.We also lose track of history and our own past, since our real personal history is built with the heart.At the end of our lives, that alone will matter.
    12. It must be said, then, that we have a heart, a heart that coexists with other hearts that help to make it a “Thou”.Since we cannot develop this theme at length, we will take a character from one of Dostoevsky’s novels, Nikolai Stavrogin.[8]Romano Guardini argues that Stavrogin is the very embodiment of evil, because his chief trait is his heartlessness: “Stavrogin has no heart, hence his mind is cold and empty and his body sunken in bestial sloth and sensuality.He has no heart, hence he can draw close to no one and no one can ever truly draw close to him.For only the heart creates intimacy, true closeness between two persons.Only the heart is able to welcome and offer hospitality.Intimacy is the proper activity and the domain of the heart.Stavrogin is always infinitely distant, even from himself, because a man can enter into himself only with the heart, not with the mind.It is not in a man’s power to enter into his own interiority with the mind.Hence, if the heart is not alive, man remains a stranger to himself”.[9]
    13. All our actions need to be put under the “political rule” of the heart.In this way, our aggressiveness and obsessive desires will find rest in the greater good that the heart proposes and in the power of the heart to resist evil.The mind and the will are put at the service of the greater good by sensing and savouring truths, rather than seeking to master them as the sciences tend to do.The will desires the greater good that the heart recognizes, while the imagination and emotions are themselves guided by the beating of the heart.
    14. It could be said, then, that I am my heart, for my heart is what sets me apart, shapes my spiritual identity and puts me in communion with other people.The algorithms operating in the digital world show that our thoughts and will are much more “uniform” than we had previously thought.They are easily predictable and thus capable of being manipulated.That is not the case with the heart.
    15. The word “heart” proves its value for philosophy and theology in their efforts to reach an integral synthesis.Nor can its meaning be exhausted by biology, psychology, anthropology or any other science.It is one of those primordial words that “describe realities belonging to man precisely in so far as he is one whole (as a corporeo-spiritual person)”.[10]It follows that biologists are not being more “realistic” when they discuss the heart, since they see only one aspect of it; the whole is not less real, but even more real.Nor can abstract language ever acquire the same concrete and integrative meaning.The word “heart” evokes the inmost core of our person, and thus it enables us to understand ourselves in our integrity and not merely under one isolated aspect.
    16. This unique power of the heart also helps us to understand why, when we grasp a reality with our heart, we know it better and more fully.This inevitably leads us to the love of which the heart is capable, for “the inmost core of reality is love”.[11]For Heidegger, as interpreted by one contemporary thinker, philosophy does not begin with a simple concept or certainty, but with a shock: “Thought must be provoked before it begins to work with concepts or while it works with them.Without deep emotion, thought cannot begin.The first mental image would thus be goose bumps.What first stirs one to think and question is deep emotion.Philosophy always takes place in a basic mood (Stimmung)”.[12]That is where the heart comes in, since it “houses the states of mind and functions as a ‘keeper of the state of mind’.The ‘heart’ listens in a non-metaphoric way to ‘the silent voice’ of being, allowing itself to be tempered and determined by it”.[13]
    THE HEART UNITES THE FRAGMENTS
    17. At the same time, the heart makes all authentic bonding possible, since a relationship not shaped by the heart is incapable of overcoming the fragmentation caused by individualism.Two monads may approach one another, but they will never truly connect.A society dominated by narcissism and self-centredness will increasingly become “heartless”.This will lead in turn to the “loss of desire”, since as other persons disappear from the horizon we find ourselves trapped within walls of our own making, no longer capable of healthy relationships.[14]As a result, we also become incapable of openness to God.As Heidegger puts it, to be open to the divine we need to build a “guest house”.[15]
    18. We see, then, that in the heart of each person there is a mysterious connection between self-knowledge and openness to others, between the encounter with one’s personal uniqueness and the willingness to give oneself to others.We become ourselves only to the extent that we acquire the ability to acknowledge others, while only those who can acknowledge and accept themselves are then able to encounter others.
    19. The heart is also capable of unifying and harmonizing our personal history, which may seem hopelessly fragmented, yet is the place where everything can make sense.The Gospel tells us this in speaking of Our Lady, who saw things with the heart.She was able to dialogue with the things she experienced by pondering them in her heart, treasuring their memory and viewing them in a greater perspective.The best expression of how the heart thinks is found in the two passages in Saint Luke’s Gospel that speak to us of how Mary “treasured (synetérei) all these things and pondered (symbállousa) them in her heart” (cf.Lk2:19 and 51).The Greek verbsymbállein, “ponder”, evokes the image of putting two things together (“symbols”) in one’s mind and reflecting on them, in a dialogue with oneself.In Luke 2:51, the verb used isdietérei, which has the sense of “keep”.What Mary “kept” was not only her memory of what she had seen and heard, but also those aspects of it that she did not yet understand; these nonetheless remained present and alive in her memory, waiting to be “put together” in her heart.
    20. In this age of artificial intelligence, we cannot forget that poetry and love are necessary to save our humanity.No algorithm will ever be able to capture, for example, the nostalgia that all of us feel, whatever our age, and wherever we live, when we recall how we first used a fork to seal the edges of the pies that we helped our mothers or grandmothers to make at home. It was a moment of culinary apprenticeship, somewhere between child-play and adulthood, when we first felt responsible for working and helping one another.Along with the fork, I could also mention thousands of other little things that are a precious part of everyone’s life: a smile we elicited by telling a joke, a picture we sketched in the light of a window, the first game of soccer we played with a rag ball, the worms we collected in a shoebox, a flower we pressed in the pages of a book, our concern for a fledgling bird fallen from its nest, a wish we made in plucking a daisy.All these little things, ordinary in themselves yet extraordinary for us, can never be captured by algorithms.The fork, the joke, the window, the ball, the shoebox, the book, the bird, the flower: all of these live on as precious memories “kept” deep in our heart.
    21. This profound core, present in every man and woman, is not that of the soul, but of the entire person in his or her unique psychosomatic identity.Everything finds its unity in the heart, which can be the dwelling-place of love in all its spiritual, psychic and even physical dimensions.In a word, if love reigns in our heart, we become, in a complete and luminous way, the persons we are meant to be, for every human being is created above all else for love.In the deepest fibre of our being, we were made to love and to be loved.
    22. For this reason, when we witness the outbreak of new wars, with the complicity, tolerance or indifference of other countries, or petty power struggles over partisan interests, we may be tempted to conclude that our world is losing its heart.We need only to see and listen to the elderly women – from both sides – who are at the mercy of these devastating conflicts.It is heart-breaking to see them mourning for their murdered grandchildren, or longing to die themselves after losing the homes where they spent their entire lives.Those women, who were often pillars of strength and resilience amid life’s difficulties and hardships, now, at the end of their days, are experiencing, in place of a well-earned rest, only anguish, fear and outrage.Casting the blame on others does not resolve these shameful and tragic situations.To see these elderly women weep, and not feel that this is something intolerable, is a sign of a world that has grown heartless.
    23. Whenever a person thinks, questions and reflects on his or her true identity, strives to understand the deeper questions of life and to seek God, or experiences the thrill of catching a glimpse of truth, it leads to the realization that our fulfilment as human beings is found in love.In loving, we sense that we come to know the purpose and goal of our existence in this world.Everything comes together in a state of coherence and harmony.It follows that, in contemplating the meaning of our lives, perhaps the most decisive question we can ask is, “Do I have a heart?”
    FIRE
    24. All that we have said has implications for the spiritual life.For example, the theology underlying the Spiritual Exercises of Saint Ignatius Loyola is based on “affection” (affectus).The structure of the Exercises assumes a firm and heartfelt desire to “rearrange” one’s life, a desire that in turn provides the strength and the wherewithal to achieve that goal.The rules and the compositions of place that Ignatius furnishes are in the service of something much more important, namely, the mystery of the human heart.Michel de Certeau shows how the “movements” of which Ignatius speaks are the “inbreaking” of God’s desire and the desire of our own heart amid the orderly progression of the meditations.Something unexpected and hitherto unknown starts to speak in our heart, breaking through our superficial knowledge and calling it into question.This is the start of a new process of “setting our life in order”, beginning with the heart.It is not about intellectual concepts that need to be put into practice in our daily lives, as if affectivity and practice were merely the effects of – and dependent upon – the data of knowledge.[16]
    25. Where the thinking of the philosopher halts, there the heart of the believer presses on in love and adoration, in pleading for forgiveness and in willingness to serve in whatever place the Lord allows us to choose, in order to follow in his footsteps.At that point, we realize that in God’s eyes we are a “Thou”, and for that very reason we can be an “I”.Indeed, only the Lord offers to treat each one of us as a “Thou”, always and forever.Accepting his friendship is a matter of the heart; it is what constitutes us as persons in the fullest sense of that word.
    26. Saint Bonaventure tells us that in the end we should not pray for light, but for “raging fire”.[17]He teaches that, “faith is in the intellect, in such a way as to provoke affection.In this sense, for example, the knowledge that Christ died for us does not remain knowledge, but necessarily becomes affection, love”.[18]Along the same lines, Saint John Henry Newman took as his motto the phraseCor ad cor loquitur, since, beyond all our thoughts and ideas, the Lord saves us by speaking to our hearts from his Sacred Heart.This realization led him, the distinguished intellectual, to recognize that his deepest encounter with himself and with the Lord came not from his reading or reflection, but from his prayerful dialogue, heart to heart, with Christ, alive and present.It was in the Eucharist that Newman encountered the living heart of Jesus, capable of setting us free, giving meaning to each moment of our lives, and bestowing true peace: “O most Sacred, most loving Heart of Jesus, Thou art concealed in the Holy Eucharist, and Thou beatest for us still…I worship Thee then with all my best love and awe, with my fervent affection, with my most subdued, most resolved will.O my God, when Thou dost condescend to suffer me to receive Thee, to eat and drink Thee, and Thou for a while takest up Thy abode within me, O make my heart beat with Thy Heart.Purify it of all that is earthly, all that is proud and sensual, all that is hard and cruel, of all perversity, of all disorder, of all deadness.So fill it with Thee, that neither the events of the day nor the circumstances of the time may have power to ruffle it, but that in Thy love and Thy fear it may have peace”.[19]
    27. Before the heart of Jesus, living and present, our mind, enlightened by the Spirit, grows in the understanding of his words and our will is moved to put them into practice.This could easily remain on the level of a kind of self-reliant moralism.Hearing and tasting the Lord, and paying him due honour, however, is a matter of the heart. Only the heart is capable of setting our other powers and passions, and our entire person, in a stance of reverence and loving obedience before the Lord.
    THE WORLD CAN CHANGE, BEGINNING WITH THE HEART
    28. It is only by starting from the heart that our communities will succeed in uniting and reconciling differing minds and wills, so that the Spirit can guide us in unity as brothers and sisters.Reconciliation and peace are also born of the heart.The heart of Christ is “ecstasy”, openness, gift and encounter.In that heart, we learn to relate to one another in wholesome and happy ways, and to build up in this world God’s kingdom of love and justice.Our hearts, united with the heart of Christ, are capable of working this social miracle.
    29. Taking the heart seriously, then, has consequences for society as a whole.The Second Vatican Council teaches that, “every one of us needs a change of heart; we must set our gaze on the whole world and look to those tasks we can all perform together in order to bring about the betterment of our race”.[20]For “the imbalances affecting the world today are in fact a symptom of a deeper imbalance rooted in the human heart”.[21]In pondering the tragedies afflicting our world, the Council urges us to return to the heart.It explains that human beings “by their interior life, transcend the entire material universe; they experience this deep interiority when they enter into their own heart, where God, who probes the heart, awaits them, and where they decide their own destiny in the sight of God”.[22]
    30. This in no way implies an undue reliance on our own abilities.Let us never forget that our hearts are not self-sufficient, but frail and wounded.They possess an ontological dignity, yet at the same time must seek an ever more dignified life.[23]The Second Vatican Council points out that “the ferment of the Gospel has aroused and continues to arouse in human hearts an unquenchable thirst for human dignity”.[24]Yet to live in accordance with this dignity, it is not enough to know the Gospel or to carry out mechanically its demands.We need the help of God’s love.Let us turn, then, to the heart of Christ, that core of his being, which is a blazing furnace of divine and human love and the most sublime fulfilment to which humanity can aspire.There, in that heart, we truly come at last to know ourselves and we learn how to love.
    31. In the end, that Sacred Heart is the unifying principle of all reality, since “Christ is the heart of the world, and the paschal mystery of his death and resurrection is the centre of history, which, because of him, is a history of salvation”.[25]All creatures “are moving forward with us and through us towards a common point of arrival, which is God, in that transcendent fullness where the risen Christ embraces and illumines all things”.[26]In the presence of the heart of Christ, I once more ask the Lord to have mercy on this suffering world in which he chose to dwell as one of us.May he pour out the treasures of his light and love, so that our world, which presses forward despite wars, socio-economic disparities and uses of technology that threaten our humanity, may regain the most important and necessary thing of all: its heart.
    CHAPTER TWO
    ACTIONS AND WORDS OF LOVE
    32. The heart of Christ, as the symbol of the deepest and most personal source of his love for us, is the very core of the initial preaching of the Gospel.It stands at the origin of our faith, as the wellspring that refreshes and enlivens our Christian beliefs.
    ACTIONS THAT REFLECT THE HEART
    33. Christ showed the depth of his love for us not by lengthy explanations but by concrete actions.By examining his interactions with others, we can come to realize how he treats each one of us, even though at times this may be difficult to see.Let us now turn to the place where our faith can encounter this truth: the word of God.
    34. The Gospel tells us that Jesus “came to his own” (cf.Jn1:11).Those words refer to us, for the Lord does not treat us as strangers but as a possession that he watches over and cherishes.He treats us truly as “his own”.This does not mean that we are his slaves, something that he himself denies: “I do not call you servants” (Jn15:15).Rather, it refers to the sense of mutual belonging typical of friends.Jesus came to meet us, bridging all distances; he became as close to us as the simplest, everyday realities of our lives.Indeed, he has another name, “Emmanuel”, which means “God with us”, God as part of our lives, God as living in our midst.The Son of God became incarnate and “emptied himself, taking the form of a slave” (Phil2:7).
    35. This becomes clear when we see Jesus at work.He seeks people out, approaches them, ever open to an encounter with them.We see it when he stops to converse with the Samaritan woman at the well where she went to draw water (cf.Jn4:5-7).We see it when, in the darkness of night, he meets Nicodemus, who feared to be seen in his presence (cf.Jn3:1-2).We marvel when he allows his feet to be washed by a prostitute (cf.Lk7:36-50), when he says to the woman caught in adultery, “Neither do I condemn you” (Jn8:11), or again when he chides the disciples for their indifference and quietly asks the blind man on the roadside, “What do you want me to do for you?” (Mk10:51).Christ shows that God is closeness, compassion and tender love.
    36. Whenever Jesus healed someone, he preferred to do it, not from a distance but in close proximity: “He stretched out his hand and touched him” (Mt8:3).“He touched her hand” (Mt8:15).“He touched their eyes” (Mt9:29).Once he even stopped to cure a deaf man with his own saliva (cf.Mk7:33), as a mother would do, so that people would not think of him as removed from their lives.“The Lord knows the fine science of the caress.In his compassion, God does not love us with words; he comes forth to meet us and, by his closeness, he shows us the depth of his tender love”.[27]
    37. If we find it hard to trust others because we have been hurt by lies, injuries and disappointments, the Lord whispers in our ear: “Take heart, son!” (Mt9:2), “Take heart, daughter!” (Mt9:22).He encourages us to overcome our fear and to realize that, with him at our side, we have nothing to lose.To Peter, in his fright, “Jesus immediately reached out his hand and caught him”, saying, “You of little faith, why did you doubt?” (Mt14:31).Nor should you be afraid.Let him draw near and sit at your side.There may be many people we distrust, but not him.Do not hesitate because of your sins.Keep in mind that many sinners “came and sat with him” (Mt9:10), yet Jesus was scandalized by none of them.It was the religious élite that complained and treated him as “a glutton and a drunkard, a friend of tax collectors and sinners” (Mt11:19).When the Pharisees criticized him for his closeness to people deemed base or sinful, Jesus replied, “I desire mercy, not sacrifice” (Mt9:13).
    38. That same Jesus is now waiting for you to give him the chance to bring light to your life, to raise you up and to fill you with his strength.Before his death, he assured his disciples, “I will not leave you orphaned; I am coming to you.In a little while the world will no longer see me, but you will see me” (Jn14:18-19).Jesus always finds a way to be present in your life, so that you can encounter him.
    JESUS’ GAZE
    39. The Gospel tells us that a rich man came up to Jesus, full of idealism yet lacking in the strength needed to change his life.Jesus then “looked at him” (Mk10:21).Can you imagine that moment, that encounter between his eyes and those of Jesus?If Jesus calls you and summons you for a mission, he first looks at you, plumbs the depths of your heart and, knowing everything about you, fixes his gaze upon you.So it was when, “as he walked by the Sea of Galilee, he saw two brothers… and as he went from there, he saw two other brothers” (Mt4:18, 21).
    40. Many a page of the Gospel illustrates how attentive Jesus was to individuals and above all to their problems and needs.We are told that, “when he saw the crowds, he had compassion for them, because they were harassed and helpless” (Mt9:36).Whenever we feel that everyone ignores us, that no one cares what becomes of us, that we are of no importance to anyone, he remains concerned for us.To Nathanael, standing apart and busy about his own affairs, he could say, “I saw you under the fig tree before Philip called you” (Jn1:48).
    41. Precisely out of concern for us, Jesus knows every one of our good intentions and small acts of charity.The Gospel tells us that once he “saw a poor widow put in two small copper coins” in the Temple treasury (Lk21:2) and immediately brought it to the attention of his disciples.Jesus thus appreciates the good that he sees in us. When the centurion approached him with complete confidence, “Jesus listened to him and was amazed” (Mt8:10).How reassuring it is to know that, even if others are not aware of our good intentions or actions, Jesus sees them and regards them highly.
    42. In his humanity, Jesus learned this from Mary, his mother.Our Lady carefully pondered the things she had experienced; she “treasured them… in her heart” (Lk2:19, 51) and, with Saint Joseph, she taught Jesus from his earliest years to be attentive in this same way.
    JESUS’ WORDS
    43. Although the Scriptures preserve Jesus’ words, ever alive and timely, there are moments when he speaks to us inwardly, calls us and leads us to a better place.That better place is his heart.There he invites us to find fresh strength and peace: “Come to me, all who are weary and are carrying heavy burdens, and I will give you rest” (Mt11:28).In this sense, he could say to his disciples, “Abide in me” (Jn15:4).
    44. Jesus’ words show that his holiness did not exclude deep emotions.On various occasions, he demonstrated a love that was both passionate and compassionate.He could be deeply moved and grieved, even to the point of shedding tears.It is clear that Jesus was not indifferent to the daily cares and concerns of people, such as their weariness or hunger: “I have compassion for this crowd… they have nothing to eat… they will faint on the way, and some of them have come from a great distance” (Mk8:2-3).
    45. The Gospel makes no secret of Jesus’ love for Jerusalem: “As he came near and saw the city, he wept over it” (Lk19:41).He then voiced the deepest desire of his heart: “If you had only recognized on this day the things that make for peace” (Lk19:42).The evangelists, while at times showing him in his power and glory, also portray his profound emotions in the face of death and the grief felt by his friends.Before recounting how Jesus, standing before the tomb of Lazarus, “began to weep” (Jn11:35), the Gospel observes that, “Jesus loved Martha and her sister and Lazarus” (Jn11:5) and that, seeing Mary and those who were with her weeping, “he was greatly disturbed in spirit and deeply moved” (Jn11:33).The Gospel account leaves no doubt that his tears were genuine, the sign of inner turmoil.Nor do the Gospels attempt to conceal Jesus’ anguish over his impending violent death at the hands of those whom he had loved so greatly: he “began to be distressed and agitated” (Mk14:33), even to the point of crying out, “I am deeply grieved, even to death” (Mk14:34).This inner turmoil finds its most powerful expression in his cry from the cross: “My God, my God, why have you forsaken me?” (Mk15:34).
    46. At first glance, all this may smack of pious sentimentalism.Yet it is supremely serious and of decisive importance, and finds its most sublime expression in Christ crucified.The cross is Jesus’ most eloquent word of love.A word that is not shallow, sentimental or merely edifying.It is love, sheer love.That is why Saint Paul, struggling to find the right words to describe his relationship with Christ, could speak of “the Son of God, who loved me and gave himself for me” (Gal2:20).This was Paul’s deepest conviction: the knowledge that he was loved.Christ’s self-offering on the cross became the driving force in Paul’s life, yet it only made sense to him because he knew that something even greater lay behind it: the fact that “he loved me”.At a time when many were seeking salvation, prosperity or security elsewhere, Paul, moved by the Spirit, was able to see farther and to marvel at the greatest and most essential thing of all: “Christ loved me”.
    47. Now, after considering Christ and seeing how his actions and words grant us insight into his heart, let us turn to the Church’s reflection on the holy mystery of the Lord’s Sacred Heart.
    CHAPTER THREE
    THIS IS THE HEART THAT HAS LOVED SO GREATLY
    48. Devotion to the heart of Christ is not the veneration of a single organ apart from the Person of Jesus.What we contemplate and adore is the whole Jesus Christ, the Son of God made man, represented by an image that accentuates his heart.That heart of flesh is seen as the privileged sign of the inmost being of the incarnate Son and his love, both divine and human.More than any other part of his body, the heart of Jesus is “the natural sign and symbol of his boundless love”.[28]
    WORSHIPING CHRIST
    49. It is essential to realize that our relationship to the Person of Jesus Christ is one of friendship and adoration, drawn by the love represented under the image of his heart.We venerate that image, yet our worship is directed solely to the living Christ, in his divinity and his plenary humanity, so that we may be embraced by his human and divine love.
    50. Whatever the image employed, it is clear that the living heart of Christ – not its representation – is the object of our worship, for it is part of his holy risen body, which is inseparable from the Son of God who assumed that body forever.We worship it because it is “the heart of the Person of the Word, to whom it is inseparably united”.[29]Nor do we worship it for its own sake, but because with this heart the incarnate Son is alive, loves us and receives our love in return.Any act of love or worship of his heart is thus “really and truly given to Christ himself”,[30]since it spontaneously refers back to him and is “a symbol and a tender image of the infinite love of Jesus Christ”.[31]
    51. For this reason, it should never be imagined that this devotion may distract or separate us from Jesus and his love.In a natural and direct way, it points us to him and to him alone, who calls us to a precious friendship marked by dialogue, affection, trust and adoration.The Christ we see depicted with a pierced and burning heart is the same Christ who, for love of us, was born in Bethlehem, passed through Galilee healing the sick, embracing sinners and showing mercy.The same Christ who loved us to the very end, opening wide his arms on the cross, who then rose from the dead and now lives among us in glory.
    VENERATING HIS IMAGE
    52. While the image of Christ and his heart is not in itself an object of worship, neither is it simply one among many other possible images.It was not devised at a desk or designed by an artist; it is “no imaginary symbol, but a real symbol which represents the centre, the source from which salvation flowed for all humanity”.[32]
    53. Universal human experience has made the image of the heart something unique.Indeed, throughout history and in different parts of the world, it has become a symbol of personal intimacy, affection, emotional attachment and capacity for love.Transcending all scientific explanations, a hand placed on the heart of a friend expresses special affection: when two persons fall in love and draw close to one another, their hearts beat faster; when we are abandoned or deceived by someone we love, our hearts sink.So too, when we want to say something deeply personal, we often say that we are speaking “from the heart”.The language of poetry reflects the power of these experiences.In the course of history, the heart has taken on unique symbolic value that is more than merely conventional.
    54. It is understandable, then, that the Church has chosen the image of the heart to represent the human and divine love of Jesus Christ and the inmost core of his Person.Yet, while the depiction of a heart afire may be an eloquent symbol of the burning love of Jesus Christ, it is important that this heart not be represented apart from him.In this way, his summons to a personal relationship of encounter and dialogue will become all the more meaningful.[33]The venerable image portraying Christ holding out his loving heart also shows him looking directly at us, inviting us to encounter, dialogue and trust; it shows his strong hands capable of supporting us and his lips that speak personally to each of us.
    55. The heart, too, has the advantage of being immediately recognizable as the profound unifying centre of the body, an expression of the totality of the person, unlike other individual organs.As a part that stands for the whole, we could easily misinterpret it, were we to contemplate it apart from the Lord himself.The image of the heart should lead us to contemplate Christ in all the beauty and richness of his humanity and divinity.
    56. Whatever particular aesthetic qualities we may ascribe to various portrayals of Christ’s heart when we pray before them, it is not the case that “something is sought from them or that blind trust is put in images as once was done by the Gentiles”.Rather, “through these images that we kiss, and before which we kneel and uncover our heads, we are adoring Christ”.[34]
    57. Certain of these representations may indeed strike us as tasteless and not particularly conducive to affection or prayer.Yet this is of little importance, since they are only invitations to prayer, and, to cite an Eastern proverb, we should not limit our gaze to the finger that points us to the moon.Whereas the Eucharist is a real presence to be worshiped, sacred images, albeit blessed, point beyond themselves, inviting us to lift up our hearts and to unite them to the heart of the living Christ.The image we venerate thus serves as a summons to make room for an encounter with Christ, and to worship him in whatever way we wish to picture him.Standing before the image, we stand before Christ, and in his presence, “love pauses, contemplates mystery, and enjoys it in silence”.[35]
    58. At the same time, we must never forget that the image of the heart speaks to us of the flesh and of earthly realities.In this way, it points us to the God who wished to become one of us, a part of our history, and a companion on our earthly journey.A more abstract or stylized form of devotion would not necessarily be more faithful to the Gospel, for in this eloquent and tangible sign we see how God willed to reveal himself and to draw close to us.
    A LOVE THAT IS TANGIBLE
    59. On the other hand, love and the human heart do not always go together, since hatred, indifference and selfishness can also reign in our hearts.Yet we cannot attain our fulfilment as human beings unless we open our hearts to others; only through love do we become fully ourselves.The deepest part of us, created for love, will fulfil God’s plan only if we learn to love.And the heart is the symbol of that love.
    60. The eternal Son of God, in his utter transcendence, chose to love each of us with a human heart.His human emotions became the sacrament of that infinite and endless love.His heart, then, is not merely a symbol for some disembodied spiritual truth.In gazing upon the Lord’s heart, we contemplate a physical reality, his human flesh, which enables him to possess genuine human emotions and feelings, like ourselves, albeit fully transformed by his divine love.Our devotion must ascend to the infinite love of the Person of the Son of God, yet we need to keep in mind that his divine love is inseparable from his human love.The image of his heart of flesh helps us to do precisely this.
    61. Since the heart continues to be seen in the popular mind as the affective centre of each human being, it remains the best means of signifying the divine love of Christ, united forever and inseparably to his wholly human love.Pius XII observed that the Gospel, in referring to the love of Christ’s heart, speaks “not only of divine charity but also human affection”.Indeed, “the heart of Jesus Christ, hypostatically united to the divine Person of the Word, beyond doubt throbbed with love and every other tender affection”.[36]
    62. The Fathers of the Church, opposing those who denied or downplayed the true humanity of Christ, insisted on the concrete and tangible reality of the Lord’s human affections.Saint Basil emphasized that the Lord’s incarnation was not something fanciful, and that “the Lord possessed our natural affections”.[37]Saint John Chrysostom pointed to an example: “Had he not possessed our nature, he would not have experienced sadness from time to time”.[38]Saint Ambrose stated that “in taking a soul, he took on the passions of the soul”.[39]For Saint Augustine, our human affections, which Christ assumed, are now open to the life of grace: “The Lord Jesus assumed these affections of our human weakness, as he did the flesh of our human weakness, not out of necessity, but consciously and freely…lest any who feel grief and sorrow amid the trials of life should think themselves separated from his grace”.[40]Finally, Saint John Damascene viewed the genuine affections shown by Christ in his humanity as proof that he assumed our nature in its entirety in order to redeem and transform it in its entirety: Christ, then, assumed all that is part of human nature, so that all might be sanctified.[41]
    63. Here, we can benefit from the thoughts of a theologian who maintains that, “due to the influence of Greek thought, theology long relegated the body and feelings to the world of the pre-human or sub-human or potentially inhuman; yet what theology did not resolve in theory, spirituality resolved in practice.This, together with popular piety, preserved the relationship with the corporal, psychological and historical reality of Jesus.The Stations of the Cross, devotion to Christ’s wounds, his Precious Blood and his Sacred Heart, and a variety of Eucharist devotions… all bridged the gaps in theology by nourishing our hearts and imagination, our tender love for Christ, our hope and memory, our desires and feelings.Reason and logic took other directions”.[42]
    A THREEFOLD LOVE
    64. Nor do we remain only on the level of the Lord’s human feelings, beautiful and moving as they are.In contemplating Christ’s heart we also see how, in his fine and noble sentiments, his kindness and gentleness and his signs of genuine human affection, the deeper truth of his infinite divine love is revealed.In the words of Benedict XVI, “from the infinite horizon of his love, God wished to enter into the limits of human history and the human condition.He took on a body and a heart.Thus, we can contemplate and encounter the infinite in the finite, the invisible and ineffable mystery in the human heart of Jesus the Nazarene”.[43]
    65. The image of the Lord’s heart speaks to us in fact of a threefold love.First, we contemplate his infinite divine love.Then our thoughts turn to the spiritual dimension of his humanity, in which the heart is “the symbol of that most ardent love which, infused into his soul, enriches his human will”.Finally, “it is a symbol also of his sensible love”.[44]
    66. These three loves are not separate, parallel or disconnected, but together act and find expression in a constant and vital unity.For “by faith, through which we believe that the human and divine nature were united in the Person of Christ, we can see the closest bonds between the tender love of the physical heart of Jesus and the twofold spiritual love, namely human and divine”.[45]
    67. Entering into the heart of Christ, we feel loved by a human heart filled with affections and emotions like our own.Jesus’ human will freely chooses to love us, and that spiritual love is flooded with grace and charity.When we plunge into the depths of his heart, we find ourselves overwhelmed by the immense glory of his infinite love as the eternal Son, which we can no longer separate from his human love.It is precisely in his human love, and not apart from it, that we encounter his divine love: we discover “the infinite in the finite”.[46]
    68. It is the constant and unequivocal teaching of the Church that our worship of Christ’s person is undivided, inseparably embracing both his divine and his human natures.From ancient times, the Church has taught that we are to “adore one and the same Christ, the Son of God and of man, consisting of and in two inseparable and undivided natures”.[47]And we do so “with one act of adoration… inasmuch as the Word became flesh”.[48]Christ is in no way “worshipped in two natures, whereby two acts of worship are introduced”; instead, we venerate “by one act of worship God the Word made flesh, together with his own flesh”.[49]
    69. Saint John of the Cross sought to explain that in mystical experience the infinite love of the risen Christ is not perceived as alien to our lives.The infinite in some way “condescends” to enable us, through the open heart of Christ, to experience an encounter of truly reciprocal love, for “it is indeed credible that a bird of lowly flight can capture the royal eagle of the heights, if this eagle descends with the desire of being captured”.[50]He also explains that the Bridegroom, “beholding that the bride is wounded with love for him, because of her moan he too is wounded with love for her.Among lovers, the wound of one is the wound of both”.[51]John of the Cross regards the image of Christ’s pierced side as an invitation to full union with the Lord.Christ is the wounded stag, wounded when we fail to let ourselves be touched by his love, who descends to the streams of water to quench his thirst and is comforted whenever we turn to him:
    “Return, dove!
    The wounded stag
    is in sight on the hill,
    cooled by the breeze of your flight”.[52]
    TRINITARIAN PERSPECTIVES
    70. Devotion to the heart of Jesus, as a direct contemplation of the Lord that draws us into union with him, is clearly Christological in nature.We see this in the Letter to the Hebrews, which urges us to “run with perseverance the race that is set before us, looking to Jesus” (12:2).At the same time, we need to realize that Jesus speaks of himself as the way to the Father: “I am the way…No one comes to the Father except through me” (Jn14:6).Jesus wants to bring us to the Father.That is why, from the very beginning, the Church’s preaching does not end with Jesus, but with the Father.As source and fullness, the Father is ultimately the one to be glorified.[53]
    71. If we turn, for example, to the Letter to the Ephesians, we can see clearly how our worship is directed to the Father: “I bow my knees before the Father” (3:14).There is “one God and Father of all, who is above all and through all and in all” (4:6).“Give thanks to God the Father at all times and for everything” (5:20).It is the Father “for whom we exist” (1 Cor8:6).In this sense, Saint John Paul II could say that, “the whole of the Christian life is like a greatpilgrimage to the house of the Father”.[54]This too was the experience of Saint Ignatius of Antioch on his path to martyrdom: “In me there is left no spark of desire for mundane things, but only a murmur of living water that whispers within me, ‘Come to the Father’”.[55]
    72. The Father is, before all else, the Father of Jesus Christ: “Blessed be the God and Father of our Lord Jesus Christ”(Eph1:3).He is “the God of our Lord Jesus Christ, the Father of glory” (Eph1:17).When the Son became man, all the hopes and aspirations of his human heart were directed towards the Father.If we consider the way Christ spoke of the Father, we can grasp the love and affection that his human heart felt for him, this complete and constant orientation towards him.[56]Jesus’ life among us was a journey of response to the constant call of his human heart to come to the Father.[57]
    73. We know that the Aramaic word Jesus used to address the Father was “Abba”, an intimate and familiar term that some found disconcerting (cf.Jn5:18).It is how he addressed the Father in expressing his anguish at his impending death: “Abba,Father, for you all things are possible; remove this cup from me; yet, not what I want, but what you want” (Mk14:36).Jesus knew well that he had always been loved by the Father: “You loved me before the foundation of the world” (Jn17:24).In his human heart, he had rejoiced at hearing the Father say to him: “You are my Son, the Beloved; with you I am well pleased” (Mk1:11).
    74. The Fourth Gospel tells us that the eternal Son was always “close to the Father’s heart” (Jn1:18).[58]Saint Irenaeus thus declares that “the Son of God was with the Father from the beginning”.[59]Origen, for his part, maintains that the Son perseveres “in uninterrupted contemplation of the depths of the Father”.[60]When the Son took flesh, he spent entire nights conversing with his beloved Father on the mountaintop (cf.Lk6:12).He told us, “I must be in my Father’s house” (Lk2:49).We see too how he expressed his praise: “Jesus rejoiced in the Holy Spirit and said, ‘I thank you, Father, Lord of heaven and earth’ (Lk10:21).His last words, full of trust, were, “Father, into your hands I commend my spirit” (Lk23:46).
    75. Let us now turn to the Holy Spirit, whose fire fills the heart of Christ.As Saint John Paul II once said, Christ’s heart is “the Holy Spirit’s masterpiece”.[61]This is more than simply a past event, for even now “the heart of Christ is alive with the action of the Holy Spirit, to whom Jesus attributed the inspiration of his mission (cf.Lk4:18;Is61:1) and whose sending he had promised at the Last Supper.It is the Spirit who enables us to grasp the richness of the sign of Christ’s pierced side, from which the Church has sprung (cf.Sacrosanctum Concilium, 5)”.[62]In a word, “only the Holy Spirit can open up before us the fullness of the ‘inner man’, which is found in the heart of Christ.He alone can cause our human hearts to draw strength from that fullness, step by step”.[63]
    76. If we seek to delve more deeply into the mysterious working of the Spirit, we learn that he groans within us, saying “Abba!”Indeed,“the proof that you are children is that God has sent the Spirit of his Son into our hearts, crying, ‘Abba! Father!’” (Gal4:6).For “the Spirit bears witness with our spirit that we are children of God” (Rom8:16).The Holy Spirit at work in Christ’s human heart draws him unceasingly to the Father.When the Spirit unites us to the sentiments of Christ through grace, he makes us sharers in the Son’s relationship to the Father, whereby we receive “a spirit of adoption through which we cry out, ‘Abba! Father!’” (Rom8:15).
    77.Our relationship with the heart of Christ is thus changed, thanks to the prompting of the Spirit who guides us to the Father, the source of life and the ultimate wellspring of grace.Christ does not expect us simply to remain in him.His love is “the revelation of the Father’s mercy”,[64]and his desire is that, impelled by the Spirit welling up from his heart, we should ascend to the Father “with him and in him”.We give glory to the Father “through” Christ,[65]“with” Christ,[66]and “in” Christ.[67]Saint John Paul II taught that, “the Saviour’s heart invites us to return to the Father’s love, which is the source of every authentic love”.[68]This is precisely what the Holy Spirit, who comes to us through the heart of Christ, seeks to nurture in our hearts.For this reason, the liturgy, through the enlivening work of the Spirit, always addresses the Father from the risen heart of Christ.
    RECENT TEACHINGS OF THE MAGISTERIUM
    78.In numerous ways, Christ’s heart has always been present in the history of Christian spirituality.In the Scriptures and in the early centuries of the Church’s life, it appeared under the image of the Lord’s wounded side, as a fountain of grace and a summons to a deep and loving encounter.In this same guise, it has reappeared in the writings of numerous saints, past and present.In recent centuries, this spirituality has gradually taken on the specific form of devotion to the Sacred Heart of Jesus.
    79. A number of my Predecessors have spoken in various ways about the heart of Christ and exhorted us to unite ourselves to it.At the end of the nineteenth century, Leo XIII encouraged us to consecrate ourselves to the Sacred Heart, thus uniting our call to union with Christ and our wonder before the magnificence of his infinite love.[69]Some thirty years later, Pius XI presented this devotion as a “summa” of the experience of Christian faith.[70]Pius XII went on to declare that adoration of the Sacred Heart expresses in an outstanding way, as a sublime synthesis, the worship we owe to Jesus Christ.[71]
    80. More recently, Saint John Paul II presented the growth of this devotion in recent centuries as a response to the rise of rigorist and disembodied forms of spirituality that neglected the richness of the Lord’s mercy.At the same time, he saw it as a timely summons to resist attempts to create a world that leaves no room for God.“Devotion to the Sacred Heart, as it developed in Europe two centuries ago, under the impulse of the mystical experiences of Saint Margaret Mary Alacoque, was aresponse to Jansenist rigor, which ended up disregarding God’s infinite mercy…The men and women of the third millennium need the heart of Christin order to know God and to know themselves; they need it to build the civilization of love”.[72]
    81. Benedict XVI asked us to recognize in the heart of Christ an intimate and daily presence in our lives: “Every person needs a ‘centre’ for his or her own life, a source of truth and goodness to draw upon in the events, situations and struggles of daily existence.All of us, when we pause in silence, need to feel not only the beating of our own heart, but deeper still, the beating of a trustworthy presence, perceptible with faith’s senses and yet much more real: the presence of Christ, the heart of the world”.[73]
    FURTHER REFLECTIONS AND RELEVANCE FOR OUR TIMES
    82. The expressive and symbolic image of Christ’s heart is not the only means granted us by the Holy Spirit for encountering the love of Christ, yet it is, as we have seen, an especially privileged one.Even so, it constantly needs to be enriched, deepened and renewed through meditation, the reading of the Gospel and growth in spiritual maturity.Pius XII made it clear that the Church does not claim that, “we must contemplate and adore in the heart of Jesus a ‘formal’ image, that is, a perfect and absolute sign of his divine love, for the essence of this love can in no way be adequately expressed by any created image whatsoever”.[74]
    83. Devotion to Christ’s heart is essential for our Christian life to the extent that it expresses our openness in faith and adoration to the mystery of the Lord’s divine and human love.In this sense, we can once more affirm that the Sacred Heart is a synthesis of the Gospel.[75]We need to remember that the visions or mystical showings related by certain saints who passionately encouraged devotion to Christ’s heart are not something that the faithful are obliged to believe as if they were the word of God.[76]Nonetheless, they are rich sources of encouragement and can prove greatly beneficial, even if no one need feel forced to follow them should they not prove helpful on his or her own spiritual journey.At the same time, however, we should be mindful that, as Pius XII pointed out, this devotion cannot be said “to owe its origin to private revelations”.[77]
    84. The promotion of Eucharistic communion on the first Friday of each month, for example, sent a powerful message at a time when many people had stopped receiving communion because they were no longer confident of God’s mercy and forgiveness and regarded communion as a kind of reward for the perfect.In the context of Jansenism, the spread of this practice proved immensely beneficial, since it led to a clearer realization that in the Eucharist the merciful and ever-present love of the heart of Christ invites us to union with him.It can also be said that this practice can prove similarly beneficial in our own time, for a different reason.Amid the frenetic pace of today’s world and our obsession with free time, consumption and diversion, cell phones and social media, we forget to nourish our lives with the strength of the Eucharist.
    85. While no one should feel obliged to spend an hour in adoration each Thursday, the practice ought surely to be recommended.When we carry it out with devotion, in union with many of our brothers and sisters and discover in the Eucharist the immense love of the heart of Christ, we “adore, together with the Church, the sign and manifestation of the divine love that went so far as to love, through the heart of the incarnate Word, the human race”.[78]
    86. Many Jansenists found this difficult to comprehend, for they looked askance on all that was human, affective and corporeal, and so viewed this devotion as distancing us from pure worship of the Most High God.Pius XII described as “false mysticism”[79]the elitist attitude of those groups that saw God as so sublime, separate and distant that they regarded affective expressions of popular piety as dangerous and in need of ecclesiastical oversight.
    87. It could be argued that today, in place of Jansenism, we find ourselves before a powerful wave of secularization that seeks to build a world free of God.In our societies, we are also seeing a proliferation of varied forms of religiosity that have nothing to do with a personal relationship with the God of love, but are new manifestations of a disembodied spirituality.I must warn that within the Church too, a baneful Jansenist dualism has re-emerged in new forms.This has gained renewed strength in recent decades, but it is a recrudescence of that Gnosticism which proved so great a spiritual threat in the early centuries of Christianity because it refused to acknowledge the reality of “the salvation of the flesh”.For this reason, I turn my gaze to the heart of Christ and I invite all of us to renew our devotion to it.I hope this will also appeal to today’s sensitivities and thus help us to confront the dualisms, old and new, to which this devotion offers an effective response.
    88. I would add that the heart of Christ also frees us from another kind of dualism found in communities and pastors excessively caught up in external activities, structural reforms that have little to do with the Gospel, obsessive reorganization plans, worldly projects, secular ways of thinking and mandatory programmes.The result is often a Christianity stripped of the tender consolations of faith, the joy of serving others, the fervour of personal commitment to mission, the beauty of knowing Christ and the profound gratitude born of the friendship he offers and the ultimate meaning he gives to our lives.This too is the expression of an illusory and disembodied otherworldliness.
    89. Once we succumb to these attitudes, so widespread in our day, we tend to lose all desire to be cured of them.This leads me to propose to the whole Church renewed reflection on the love of Christ represented in his Sacred Heart.For there we find the whole Gospel, a synthesis of the truths of our faith, all that we adore and seek in faith, all that responds to our deepest needs.
    90. As we contemplate the heart of Christ, the incarnate synthesis of the Gospel, we can, following the example of Saint Therese of the Child Jesus, “place heartfelt trust not in ourselves but in the infinite mercy of a God who loves us unconditionally and has already given us everything in the cross of Jesus Christ”.[80]Therese was able to do this because she had discovered in the heart of Christ that God is love: “To me he has granted his infinite mercy, and through it I contemplate and adore the other divine perfections”.[81]That is why a popular prayer, directed like an arrow towards the heart of Christ, says simply: “Jesus, I trust in you”.[82]No other words are needed.
    91. In the following chapters, we will emphasize two essential aspects that contemporary devotion to the Sacred Heart needs to combine, so that it can continue to nourish us and bring us closer to the Gospel: personal spiritual experience and communal missionary commitment.
    CHAPTER FOUR
    A LOVE THAT GIVES ITSELF AS DRINK
    92. Let us now return to the Scriptures, the inspired texts where, above all, we encounter God’s revelation.There, and in the Church’s living Tradition, we hear what the Lord has wished to tell us in the course of history.By reading several texts from the Old and the New Testaments, we will gain insight into the word of God that has guided the great spiritual pilgrimage of his people down the ages.
    A GOD WHO THIRSTS FOR LOVE
    93. The Bible shows that the people that journeyed through the desert and yearned for freedom received the promise of an abundance of life-giving water: “With joy you will draw water from the wells of salvation” (Is12:3).The messianic prophecies gradually coalesced around the imagery of purifying water: “I will sprinkle clean water upon you, and you shall be clean… a new spirit I will put within you” (Ezek36:25-26).This water would bestow on God’s people the fullness of life, like a fountain flowing from the Temple and bringing a wealth of life and salvation in its wake.“I saw on the bank of the river a great many trees on the one side and on the other… and wherever that river goes, every living creature will live… and when that river enters the sea, its waters will become fresh; everything will live where the river goes” (Ezek47:7-9).
    94. The Jewish festival of Booths (Sukkot), which recalls the forty-year sojourn of Israel in the desert, gradually adopted the symbolism of water as a central element.It included a rite of offering water each morning, which became most solemn on the final day of the festival, when a great procession took place towards the Temple, the altar was circled seven times and the water was offered to God amid loud cries of joy.[83]
    95. The dawn of the messianic era was described as a fountain springing up for the people: “I will pour out a spirit of compassion and supplication on the house of David and the inhabitants of Jerusalem, and they shall look on him whom they have pierced…On that day, a fountain shall be opened for the house of David and the inhabitants of Jerusalem, to cleanse them from sin and impurity” (Zech12:10; 13:1).
    96. One who is pierced, a flowing fountain, the outpouring of a spirit of compassion and supplication: the first Christians inevitably considered these promises fulfilled in the pierced side of Christ, the wellspring of new life.In the Gospel of John, we contemplate that fulfilment.From Jesus’ wounded side, the water of the Spirit poured forth: “One of the soldiers pierced his side with a spear, and at once blood and water flowed out” (Jn19:34).The evangelist then recalls the prophecy that had spoken of a fountain opened in Jerusalem and the pierced one (Jn19:37; cf.Zech12:10).The open fountain is the wounded side of Christ.
    97. Earlier, John’s Gospel had spoken of this event, when on “the last day of the festival” (Jn7:37), Jesus cried out to the people celebrating the great procession: “Let anyone who is thirsty come to me and drink… out of his heart shall flow rivers of living water” (Jn7:37-38).For this to be accomplished, however, it was necessary for Jesus’ “hour” to come, for he “was not yet glorified” (Jn7:39).That fulfilment was to come on the cross, in the blood and water that flowed from the Lord’s side.
    98. The Book of Revelation takes up the prophecies of the pierced one and the fountain: “every eye will see him, even those who pierced him” (Rev1:7); “Let everyone who is thirsty come; let anyone who wishes take the water of life as a gift” (Rev22:17).
    99. The pierced side of Jesus is the source of the love that God had shown for his people in countless ways.Let us now recall some of his words:
    “Because you are precious in my sight and honoured, I love you” (Is43:4).
    “Can a woman forget her nursing child, or show no compassion for the child of her womb?Even if these may forget, yet I will not forget you.See, I have inscribed you on the palms of my hands” (Is49:15-16).
    “For the mountains may depart, and the hills be removed, but my steadfast love shall not depart from you, and my covenant of peace shall not be removed” (Is54:10).
    “I have loved you with an everlasting love; therefore I have continued my faithfulness to you” (Jer31:3).
    “The Lord, your God, is in your midst, a warrior who gives you victory; he will rejoice over you with gladness, he will renew you in his love; he will exult over you with loud singing” (Zeph3:17).
    100.The prophet Hosea goes so far as to speak of the heart of God, who “led them with cords of human kindness, with bands of love” (Hos11:4).When that love was spurned, the Lord could say, “My heart is stirred within me; my compassion grows warm and tender (Hos11:8).God’s merciful love always triumphs (cf.Hos11:9), and it was to find its most sublime expression in Christ, his definitive Word of love.
    101.The pierced heart of Christ embodies all God’s declarations of love present in the Scriptures.That love is no mere matter of words; rather, the open side of his Son is a source of life for those whom he loves, the fount that quenches the thirst of his people.As Saint John Paul II pointed out, “the essential elements of devotion [to the Sacred Heart] belong in a permanent fashion to the spirituality of the Church throughout her history; for since the beginning, the Church has looked to the heart of Christ pierced on the Cross”.[84]
    ECHOES OF THE WORD IN HISTORY
    102.Let us consider some of the ways that, in the history of the Christian faith, these prophecies were understood to have been fulfilled.Various Fathers of the Church, especially those in Asia Minor, spoke of the wounded side of Jesus as the source of the water of the Holy Spirit: the word, its grace and the sacraments that communicate it.The courage of the martyrs is born of “the heavenly fount of living waters flowing from the side of Christ”[85]or, in the version of Rufinus, “the heavenly and eternal streams that flow from the heart of Christ”.[86]We believers, reborn in the Spirit, emerge from the cleft in the rock; “we have come forth from the heart of Christ”.[87]His wounded side, understood as his heart, filled with the Holy Spirit, comes to us as a flood of living water. “The fount of the Spirit is entirely in Christ”.[88]Yet the Spirit whom we have received does not distance us from the risen Lord, but fills us with his presence, for by drinking of the Spirit we drink of the same Christ.In the words of Saint Ambrose: “Drink of Christ, for he is the rock that pours forth a flood of water.Drink of Christ, for he is the source of life.Drink of Christ, for he is the river whose streams gladden the city of God.Drink of Christ, for he is our peace.Drink of Christ, for from his side flows living water”.[89]
    103.Saint Augustine opened the way to devotion to the Sacred Heart as the locus of our personal encounter with the Lord.For Augustine, Christ’s wounded side is not only the source of grace and the sacraments, but also the symbol of our intimate union with Christ, the setting of an encounter of love.There we find the source of the most precious wisdom of all, which is knowledge of him.In effect, Augustine writes that John, the beloved disciple, reclining on Jesus’ bosom at the Last Supper, drew near to the secret place of wisdom.[90]Here we have no merely intellectual contemplation of an abstract theological truth.As Saint Jerome explains, a person capable of contemplation “does not delight in the beauty of that stream of water, but drinks of the living water flowing from the side of the Lord”.[91]
    104.Saint Bernard takes up the symbolism of the pierced side of the Lord and understands it explicitly as a revelation and outpouring of all of the love of his heart.Through that wound, Christ opens his heart to us and enables us to appropriate the boundless mystery of his love and mercy: “I take from the bowels of the Lord what is lacking to me, for his bowels overflow with mercy through the holes through which they stream.Those who crucified him pierced his hands and feet, they pierced his side with a lance.And through those holes I can taste wild honey and oil from the rocks of flint, that is, I can taste and see that the Lord is good…A lance passed through his soul even to the region of his heart.No longer is he unable to take pity on my weakness.The wounds inflicted on his body have disclosed to us the secrets of his heart; they enable us to contemplate the great mystery of his compassion”.[92]
    105.This theme reappears especially in William of Saint-Thierry, who invites us to enter into the heart of Jesus, who feeds us from his own breast.[93]This is not surprising if we recall that for William, “the art of arts is the art of love…Love is awakened by the Creator of nature, and is a power of the soul that leads it, as if by its natural gravity, to its proper place and end”.[94]That proper place, where love reigns in fullness, is the heart of Christ: “Lord, where do you lead those whom you embrace and clasp to your heart?Your heart, Jesus, is the sweet manna of your divinity that you hold within the golden jar of your soul (cf.Heb9:4), and that surpasses all knowledge.Happy those who, having plunged into those depths, have been hidden by you in the recess of your heart”.[95]
    106.Saint Bonaventure unites these two spiritual currents.He presents the heart of Christ as the source of the sacraments and of grace, and urges that our contemplation of that heart become a relationship between friends, a personal encounter of love.
    107.Bonaventure makes us appreciate first the beauty of the grace and the sacraments flowing from the fountain of life that is the wounded side of the Lord.“In order that from the side of Christ sleeping on the cross, the Church might be formed and the Scripture fulfilled that says: ‘They shall look upon him whom they pierced’, one of the soldiers struck him with a lance and opened his side.This was permitted by divine Providence so that, in the blood and water flowing from that wound, the price of our salvation might flow from the hidden wellspring of his heart, enabling the Church’s sacraments to confer the life of grace and thus to be, for those who live in Christ, like a cup filled from the living fount springing up to life eternal”.[96]
    108.Bonaventure then asks us to take another step, in order that our access to grace not be seen as a kind of magic or neo-platonic emanation, but rather as a direct relationship with Christ, a dwelling in his heart, so that whoever drinks from that source becomes a friend of Christ, a loving heart.“Rise up, then, O soul who are a friend of Christ, and be the dove that nests in the cleft in the rock; be the sparrow that finds a home and constantly watches over it; be the turtledove that hides the offspring of its chaste love in that most holy cleft”.[97]
    THE SPREAD OF DEVOTION TO THE HEART OF CHRIST
    109.Gradually, the wounded side of Christ, as the abode of his love and the wellspring of the life of grace, began to be associated with his heart, especially in monastic life.We know that in the course of history, devotion to the heart of Christ was not always expressed in the same way, and that its modern developments, related to a variety of spiritual experiences, cannot be directly derived from the mediaeval forms, much less the biblical forms in which we glimpse the seeds of that devotion.This notwithstanding, the Church today rejects nothing of the good that the Holy Spirit has bestowed on us down the centuries, for she knows that it will always be possible to discern a clearer and deeper meaning in certain aspects of that devotion, and to gain new insights over the course of time.
    110.A number of holy women, in recounting their experiences of encounter with Christ, have spoken of resting in the heart of the Lord as the source of life and interior peace.This was the case with Saints Lutgarde and Mechtilde of Hackeborn, Saint Angela of Foligno and Dame Julian of Norwich, to mention only a few.Saint Gertrude of Helfta, a Cistercian nun, tells of a time in prayer when she reclined her head on the heart of Christ and heard its beating.In a dialogue with Saint John the Evangelist, she asked him why he had not described in his Gospel what he experienced when he did the same.Gertrude concludes that “the sweet sound of those heartbeats has been reserved for modern times, so that, hearing them, our aging and lukewarm world may be renewed in the love of God”.[98]Might we think that this is indeed a message for our own times, a summons to realize how our world has indeed “grown old”, and needs to perceive anew the message of Christ’s love?Saint Gertrude and Saint Mechtilde have been considered among “the most intimate confidants of the Sacred Heart”.[99]
    111.The Carthusians, encouraged above all by Ludolph of Saxony, found in devotion to the Sacred Heart a means of growth in affection and closeness to Christ.All who enter through the wound of his heart are inflamed with love.Saint Catherine of Siena wrote that the Lord’s sufferings are impossible for us to comprehend, but the open heart of Christ enables us to have a lively personal encounter with his boundless love.“I wished to reveal to you the secret of my heart, allowing you to see it open, so that you can understand that I have loved you so much more than I could have proved to you by the suffering that I once endured”.[100]
    112.Devotion to the heart of Christ slowly passed beyond the walls of the monasteries to enrich the spirituality of saintly teachers, preachers and founders of religious congregations, who then spread it to the farthest reaches of the earth.[101]
    113.Particularly significant was the initiative taken by Saint John Eudes, who, “after preaching with his confrères a fervent mission in Rennes, convinced the bishop of that diocese to approve the celebration of the feast of the Adorable Heart of our Lord Jesus Christ.This was the first time that such a feast was officially authorized in the Church.Following this, between the years 1670 and 1671, the bishops of Coutances, Evreux, Bayeux, Lisieux and Rouen authorized the celebration of the feast for their respective dioceses”.[102]
    SAINT FRANCIS DE SALES
    114.In modern times, mention should be made of the important contribution of Saint Francis de Sales.Francis frequently contemplated Christ’s open heart, which invites us to dwell therein, in a personal relationship of love that sheds light on the mysteries of his life.In his writings, the saintly Doctor of the Church opposes a rigorous morality and a legalistic piety by presenting the heart of Jesus as a summons to complete trust in the mysterious working of his grace.We see this expressed in his letter to Saint Jane Francis de Chantal: “I am certain that we will remain no longer in ourselves… but dwell forever in the Lord’s wounded side, for apart from him not only can we do nothing, but even if we were able, we would lack the desire to do anything”.[103]
    115.For Francis de Sales, true devotion had nothing to do with superstition or perfunctory piety, since it entails a personal relationship in which each of us feels uniquely and individually known and loved by Christ.“This most adorable and lovable heart of our Master, burning with the love which he professes to us, [is] a heart on which all our names are written…Surely it is a source of profound consolation to know that we are loved so deeply by our Lord, who constantly carries us in his heart”.[104]With the image of our names written on the heart of Christ, Saint Francis sought to express the extent to which Christ’s love for each of us is not something abstract and generic, but utterly personal, enabling each believer to feel known and respected for who he or she is.“How lovely is this heaven, in which the Lord is its sun and his breast a fountain of love from which the blessed drink to their heart’s content!Each of us can look therein and see our name carved in letters of love, which true love alone can read and true love has written.Dear God!And what too, beloved daughter, of our loved ones?Surely they will be there too; for even if our hearts have no love, they nonetheless possess a desire for love and the beginnings of love”.[105]
    116.Francis saw this experience of Christ’s love as essential to the spiritual life, indeed one of the great truths of faith: “Yes, my beloved daughter, he thinks of you and not only, but even the smallest hair of your head: this is an article of faith and in no way must it be doubted”.[106]It follows that the believer becomes capable of complete abandonment in the heart of Christ, in which he or she finds repose, comfort and strength: “Oh God!What happiness to be thus embraced and to recline in the bosom of the Saviour.Remain thus, beloved daughter, and like another little one, Saint John, while others are tasting different kinds of food at the table of the Lord, lay your head, your soul and your spirit, in a gesture of utter trust, on the loving bosom of this dear Lord”.[107]“I hope that you are resting in the cleft of the turtledove and in the pierced side of our beloved Saviour…How good is this Lord, my beloved daughter!How loving is his Heart!Let us remain here, in this holy abode”.[108]
    117.At the same time, faithful to his teaching on the sanctification of ordinary life, Francis proposes that this experience take place in the midst of the activities, tasks and obligations of our daily existence.“You asked me how souls that are attracted in prayer to this holy simplicity, to this perfect abandonment in God, should conduct themselves in all their actions?I would reply that, not only in prayer, but also in the conduct of everyday life they should advance always in the spirit of simplicity, abandoning and completely surrendering their soul, their actions and their accomplishments to God’s will.And to do so with a love marked by perfect and absolute trust, abandoning themselves to grace and to the care of the eternal love that divine Providence feels for them”.[109]
    118.For this reason, when looking for a symbol to convey his vision of spiritual life, Francis de Sales concluded: “I have thought, dear Mother, if you agree, that we should take as our emblem a single heart pierced by two arrows, the whole enclosed in a crown of thorns”.[110]
    A NEW DECLARATION OF LOVE
    119.Under the salutary influence of this Salesian spirituality, the events of Paray-le-Monial took place at the end of the seventeenth century.Saint Margaret Mary Alacoque reported a remarkable series of apparitions of Christ between the end of December 1673 and June of 1675.Fundamental to these was a declaration of love that stood out in the first apparition.Jesus said: “My divine Heart is so inflamed with love for men, and for you in particular, that, no longer able to contain in itself the flames of its ardent charity, it must pour them out through you and be manifested to them, in order to enrich them with its precious treasures which I now reveal to you”.[111]
    120.Saint Margaret Mary’s account is powerful and deeply moving: “He revealed to me the wonders of his love and the inexplicable secrets of his Sacred Heart which he had hitherto kept hidden from me, until he opened it to me for the first time, in such a striking and sensible manner that he left me no room for doubt”.[112]In subsequent appearances, that consoling message was reiterated: “He revealed to me the ineffable wonders of his pure love and to what extremes it had led him to love mankind”.[113]
    121.This powerful realization of the love of Jesus Christ bequeathed to us by Saint Margaret Mary can spur us to greater union with him.We need not feel obliged to accept or appropriate every detail of her spiritual experience, in which, as often happens, God’s intervention combines with human elements related to the individual’s own desires, concerns and interior images.[114]Such experiences must always be interpreted in the light of the Gospel and the rich spiritual tradition of the Church, even as we acknowledge the good they accomplish in many of our brothers and sisters.In this way, we can recognize the gifts of the Holy Spirit present in those experiences of faith and love.More important than any individual detail is the core of the message handed on to us, which can be summed up in the words heard by Saint Margaret Mary: “This is the heart that so loved human beings that it has spared nothing, even to emptying and consuming itself in order to show them its love”.[115]
    122.This apparition, then, invites us to grow in our encounter with Christ, putting our trust completely in his love, until we attain full and definitive union with him.“It is necessary that the divine heart of Jesus in some way replace our own; that he alone live and work in us and for us; that his will… work absolutely and without any resistance on our part; and finally that its affections, thoughts and desires take the place of our own, especially his love, so that he is loved in himself and for our sakes.And so, this lovable heart being our all in all, we can say with Saint Paul that we no longer live our own lives, but it is he who lives within us”.[116]
    123.In the first message that Saint Margaret Mary received, this invitation was expressed in vivid, fervent and loving terms.“He asked for my heart, which I asked him to take, which he did and then placed myself in his own adorable heart, from which he made me see mine like a little atom consumed in the fiery furnace of his own”.[117]
    124.At another point, we see that the one who gives himself to us is the risen and glorified Christ, full of life and light.If indeed, at different times, he spoke of the suffering that he endured for our sake and of the ingratitude with which it is met, what we see here are not so much his blood and painful wounds, but rather the light and fire of the Lord of life.The wounds of the passion have not disappeared, but are now transfigured.Here we see the paschal mystery in all its splendour: “Once, when the Blessed Sacrament was exposed, Jesus appeared, resplendent in glory, with his five wounds that appeared as so many suns blazing forth from his sacred humanity, but above all from his adorable breast, which seemed a fiery furnace.Opening his robe, he revealed his most loving and lovable heart, which was the living source of those flames.Then it was that I discovered the ineffable wonders of his pure love, with which he loves men to the utmost, yet receives from them only ingratitude and indifference”.[118]
    SAINT CLAUDE DE LA COLOMBIÈRE
    125.When Saint Claude de La Colombière learned of the experiences of Saint Margaret Mary, he immediately undertook her defence and began to spread word of the apparitions.Saint Claude played a special role in developing the understanding of devotion to the Sacred Heart and its meaning in the light of the Gospel.
    126.Some of the language of Saint Margaret Mary, if poorly understood, might suggest undue trust in our personal sacrifices and offerings.Saint Claude insists that contemplation of the heart of Jesus, when authentic, does not provoke self-complacency or a vain confidence in our own experiences or human efforts, but rather an ineffable abandonment in Christ that fills our life with peace, security and decision.He expressed this absolute confidence most eloquently in a celebrated prayer:
    “My God, I am so convinced that you keep watch over those who hope in you, and that we can want for nothing when we look for all in you, that I am resolved in the future to live free from every care and to turn all my anxieties over to you…I shall never lose my hope.I shall keep it to the last moment of my life; and at that moment all the demons in hell will strive to tear it from me…Others may look for happiness from their wealth or their talents; others may rest on the innocence of their life, or the severity of their penance, or the amount of their alms, or the fervour of their prayers.As for me, Lord, all my confidence is confidence itself.This confidence has never deceived anyone…I am sure, therefore, that I shall be eternally happy, since I firmly hope to be, and because it is from you, O God, that I hope for it”.[119]
    127.In a note of January 1677, after mentioning the assurance he felt regarding his mission, Claude continued: “I have come to know that God wanted me to serve him by obtaining the fulfilment of his desires regarding the devotion that he suggested to a person to whom he communicates in confidence, and for whose sake he has desired to make use of my weakness.I have already used it to help several persons”.[120]
    128.It should be recognized that the spirituality of Blessed Claude de La Colombière resulted in a fine synthesis of the profound and moving spiritual experience of Saint Margaret Mary and the vivid and concrete form of contemplation found in the Spiritual Exercises of Saint Ignatius Loyola.At the beginning of the third week of the Exercises, Claude reflected:“Two things have moved me in a striking way.First, the attitude of Christ towards those who sought to arrest him.His heart is full of bitter sorrow; every violent passion is unleashed against him and all nature is in turmoil, yet amid all this confusion, all these temptations, his heart remains firmly directed to God.He does not hesitate to take the part that virtue and the highest virtue suggested to him.Second, the attitude of that same heart towards Judas who betrayed him, the apostles who cravenly abandoned him, the priests and the others responsible for the persecution he suffered; none of these things was able to arouse in him the slightest sentiment of hatred or indignation.I present myself anew to this heart free of anger, free of bitterness, filled instead with genuine compassion towards its enemies”.[121]
    SAINT CHARLES DE FOUCAULD AND SAINT THERESE OF THE CHILD JESUS
    129.Saint Charles de Foucauld and Saint Therese of the Child Jesus, without intending to, reshaped certain aspects of devotion to the heart of Christ and thus helped us understand it in an even more evangelical spirit.Let us now examine how this devotion found expression in their lives.In the following chapter, we will return to them, in order to illustrate the distinctively missionary dimension that each of them brought to the devotion.
    Iesus Caritas
    130.In Louye, Charles de Foucauld was accustomed to visit the Blessed Sacrament with his cousin, Marie de Bondy.One day she showed him an image of the Sacred Heart.[122]His cousin played a fundamental role in Charles’s conversion, as he himself acknowledged: “Since God has made you the first instrument of his mercies towards me, from you everything else began.Had you not converted me, brought me to Jesus and taught me little by little, letter by letter, all that is holy and good, where would I be today?”[123]What Marie awakened in him was an intense awareness of the love of Jesus.That was the essential thing, and centred on devotion to the heart of Jesus, in which he encountered unbounded mercy: “Let us trust in the infinite mercy of the one whose heart you led me to know”.[124]
    131.Later, his spiritual director, Father Henri Huvelin, helped Charles to deepen his understanding of the inestimable mystery of “this blessed heart of which you spoke to me so often”.[125]On 6 June 1889, Charles consecrated himself to the Sacred Heart, in which he found a love without limits.He told Christ, “You have bestowed on me so many benefits, that it would appear ingratitude towards your heart not to believe that it is disposed to bestow on me every good, however great, and that your love and your generosity are boundless”.[126]He was to become a hermit “under the name of the heart of Jesus”.[127]
    132.On 17 May 1906, the same day in which Brother Charles, alone, could no longer celebrate Mass, he wrote of his promise “to let the heart of Jesus live in me, so that it is no longer I who live, but the heart of Jesus that lives in me, as he lived in Nazareth”.[128]His friendship with Jesus, heart to heart, was anything but a privatized piety.It inspired the austere life he led in Nazareth, born of a desire to imitate Christ and to be conformed to him.His loving devotion to the heart of Jesus had a concrete effect on his style of life, and his Nazareth was nourished by his personal relationship with the heart of Christ.
    Saint Therese of the Child Jesus
    133.Like Saint Charles de Foucauld, Saint Therese of the Child Jesus was influenced by the great renewal of devotion that swept nineteenth-century France.Father Almire Pichon, the spiritual director of her family, was seen as a devoted apostle of the Sacred Heart.One of her sisters took as her name in religion “Sister Marie of the Sacred Heart”, and the monastery that Therese entered was dedicated to the Sacred Heart.Her devotion nonetheless took on certain distinctive traits with regard to the customary piety of that age.
    134.When Therese was fifteen, she could speak of Jesus as the one “whose heart beats in unison with my own”.[129]Two years later, speaking of the image of Christ’s heart crowned with thorns, she wrote in a letter: “You know that I myself do not see the Sacred Heart as everyone else.I think that the Heart of my Spouse is mine alone, just as mine is his alone, and I speak to him then in the solitude of this delightful heart to heart, while waiting to contemplate him one day face to face”.[130]
    135.In one of her poems, Therese voiced the meaning of her devotion, which had to do more with friendship and assurance than with trust in her sacrifices:
    “I need a heart burning with tenderness,
    Who will be my support forever,
    Who loves everything in me, even my weakness…
    And who never leaves me day or night…
    I must have a God who takes on my nature,
    And becomes my brother and is able to suffer! …
    Ah! I know well, all our righteousness
    Is worthless in your sight…
    So I, for my purgatory,
    Choose your burning love, O heart of my God!”[131]
    136.Perhaps the most important text for understanding the devotion of Therese to the heart of Christ is a letter that she wrote three months before her death to her friend Maurice Bellière.“When I see Mary Magdalene walking up before the many guests, washing with her tears the feet of her adored Master, whom she is touching for the first time, I feel that her hearthas understood the abysses of love and mercy of the heart of Jesus, and, sinner though she is, this heart of love was disposed not only to pardon her but to lavish on her the blessings of his divine intimacy, to lift her to the highest summits of contemplation.Ah! dear little Brother, ever since I have been given the grace to understand also the love of the heart of Jesus, I admit that it has expelled all fear from my heart.The remembrance of my faults humbles me, draws me never to depend on my strength which is only weakness, but this remembrance speaks to me of mercy and love even more”.[132]
    137.Those moralizers who want to keep a tight rein on God’s mercy and grace might claim that Therese could say this because she was a saint, but a simple person could not say the same.In that way, they excise from the spirituality of Saint Therese its wonderful originality, which reflects the heart of the Gospel.Sadly, in certain Christian circles we often encounter this attempt to fit the Holy Spirit into a certain preconceived pattern in a way that enables them to keep everything under their supervision.Yet this astute Doctor of the Church reduces them to silence and directly contradicts their reductive view in these clear words: “If I had committed all possible crimes, I would always have the same confidence; I feel that this whole multitude of offenses would be like a drop of water thrown into a fiery furnace”.[133]
    138.To Sister Marie, who praised her generous love of God, prepared even to embrace martyrdom, Therese responded at length in a letter that is one of the great milestones in the history of spirituality.This page ought to be read a thousand times over for its depth, clarity and beauty.There, Therese helps her sister, “Marie of the Sacred Heart”, to avoid focusing this devotion on suffering, since some had presented reparation primarily in terms of accumulating sacrifices and good works.Therese, for her part, presents confidence as the greatest and best offering, pleasing to the heart of Christ: “My desires of martyrdom are nothing; they are not what give me the unlimited confidence that I feel in my heart.They are, to tell the truth, the spiritual riches that render one unjust, when one rests in them with complacence and one believes that they are something great…what pleases [Jesus] is that he sees me loving my littleness and my poverty, the blind hope that I have in his mercy…That is my only treasure…If you want to feel joy, to have an attraction for suffering, it is your consolation that you are seeking…Understand that to be his victim of love, the weaker one is, without desires or virtues, the more suited one is for the workings of this consuming and transforming Love…Oh!How I would like to be able to make you understand what I feel! …It is confidence and nothing but confidence that must lead us to Love”.[134]
    139.In many of her writings, Therese speaks of her struggle with forms of spirituality overly focused on human effort, on individual merit, on offering sacrifices and carrying out certain acts in order to “win heaven”.For her, “merit does not consist in doing or in giving much, but rather in receiving”.[135]Let us read once again some of these deeply meaningful texts where she emphasizes this and presents it as a simple and rapid means of taking hold of the Lord “by his heart”.
    140.To her sister Léonie she writes, “I assure you that God is much better than you believe.He is content with a glance, a sigh of love…As for me, I find perfection very easy to practise because I have understood it is a matter of taking hold of Jesus by his heart…Look at a little child who has just annoyed his mother… If he comes to her, holding out his little arms, smiling and saying: ‘Kiss me, I will not do it again’, will his mother be able not to press him to her heart tenderly and forget his childish mischief?However, she knows her dear little one will do it again on the next occasion, but this does not matter; if he takes her again by her heart, he will not be punished”.[136]
    141.So too, in a letter to Father Adolphe Roulland she writes, “[M]y way is all confidence and love.I do not understand souls who fear a friend so tender.At times, when I am reading certain spiritual treatises in which perfection is shown through a thousand obstacles, surrounded by a crowd of illusions, my poor little mind quickly tires; I close the learned book that is breaking my head and drying up my heart, and I take up Holy Scripture.Then all seems luminous to me; a single word uncovers for my soul infinite horizons, perfection seems simple to me.I see that it is sufficient to recognize one’s nothingness and to abandon oneself like a child into God’s arms”.[137]
    142.In yet another letter, she relates this to the love shown by a parent: “I do not believe that the heart of [a] father could resist the filial confidence of his child, whose sincerity and love he knows.He realizes, however, that more than once his son will fall into the same faults, but he is prepared to pardon him always, if his son always takes him by his heart”.[138]
    RESONANCES WITHIN THE SOCIETY OF JESUS
    143.We have seen how Saint Claude de La Colombière combined the spiritual experience of Saint Margaret Mary with the aim of the Spiritual Exercises.I believe that the place of the Sacred Heart in the history of the Society of Jesus merits a few brief words.
    144.The spirituality of the Society of Jesus has always proposed an “interior knowledge of the Lord in order to love and follow him more fully”.[139]Saint Ignatius invites us in his Spiritual Exercises to place ourselves before the Gospel that tells us that, “[Christ’s] side was pierced by the lance and blood and water flowed forth”.[140]When retreatants contemplate the wounded side of the crucified Lord, Ignatius suggests that they enter into the heart of Christ.Thus we have a way to enlarge our own hearts, recommended by one who was a “master of affections”, to use the words of Saint Peter Faber in one of his letters to Saint Ignatius.[141]Father Juan Alfonso de Polanco echoed that same expression in his biography of Saint Ignatius: “He [Cardinal Gasparo Contarini] realized that in Father Ignatius he had encountered a master of affections”.[142]The colloquies that Saint Ignatius proposed are an essential part of this training of the heart, for in them we sense and savour with the heart a Gospel message and converse about it with the Lord.Saint Ignatius tells us that we can share our concerns with the Lord and seek his counsel.Anyone who follows the Exercises can readily see that they involve a dialogue, heart to heart.
    145.Saint Ignatius brings his contemplations to a crescendo at the foot of the cross and invites the retreatant to ask the crucified Lord with great affection, “as one friend to another, as a servant to his master”, what he or she must do for him.[143]The progression of the Exercises culminates in the “Contemplation to Attain Love”, which gives rise to thanksgiving and the offering of one’s “memory, understanding and will” to the heart which is the fount and origin of every good thing.[144]This interior contemplation is not the fruit of our understanding and effort, but is to be implored as a gift.
    146.This same experience inspired the great succession of Jesuit priests who spoke explicitly of the heart of Jesus: Saint Francis Borgia, Saint Peter Faber, Saint Alphonsus Rodriguez, Father Álvarez de Paz, Father Vincent Carafa, Father Kasper Drużbicki and countless others.In 1883, the Jesuits declared that, “the Society of Jesus accepts and receives with an overflowing spirit of joy and gratitude the most agreeable duty entrusted to it by our Lord Jesus Christ to practise, promote and propagate devotion to his divine heart”.[145]In September 1871, Father Pieter Jan Beckx consecrated the Society to the Sacred Heart of Jesus and, as a sign that it remains an outstanding element in the life of the Society, Father Pedro Arrupe renewed that consecration in 1972, with a conviction that he explained in these words: “I therefore wish to say to the Society something about which I feel I cannot remain silent.From my novitiate on, I have always been convinced that what we call devotion to the Sacred Heart contains a symbolic expression of what is most profound in Ignatian spirituality, and of an extraordinary efficacy –ultra quam speraverint– both for its own perfection and for its apostolic fruitfulness.I continue to have this same conviction…In this devotion I encounter one of the deepest sources of my interior life”.[146]
    147.When Saint John Paul II urged “all the members of the Society to be even more zealous in promoting this devotion, which corresponds more than ever to the expectations of our time”, he did so because he recognized the profound connection between devotion to the heart of Christ and Ignatian spirituality.For “the desire to ‘know the Lord intimately’ and to ‘have a conversation’ with him, heart to heart, is characteristic of the Ignatian spiritual and apostolic dynamism, thanks to the Spiritual Exercises, and this dynamism is wholly at the service of the love of the heart of God”.[147]
    A BROAD CURRENT OF THE INTERIOR LIFE
    148.Devotion to the heart of Christ reappears in the spiritual journey of many saints, all quite different from each other; in every one of them, the devotion takes on new hues.Saint Vincent de Paul, for example, used to say that what God desires is the heart: “God asks primarily for our heart – our heart – and that is what counts.How is it that a man who has no wealth will have greater merit than someone who has great possessions that he gives up?Because the one who has nothing does it with greater love; and that is what God especially wants…”[148]This means allowing one’s heart to be united to that of Christ.“What blessing should a Sister not hope for from God if she does her utmost to put her heart in the state of being united with the heart of our Lord!”[149]
    149.At times, we may be tempted to consider this mystery of love as an admirable relic from the past, a fine spirituality suited to other times.Yet we need to remind ourselves constantly that, as a saintly missionary once said, “this divine heart, which let itself be pierced by an enemy’s lance in order to pour forth through that sacred wound the sacraments by which the Church was formed, has never ceased to love”.[150]More recent saints, like Saint Pius of Pietrelcina, Saint Teresa of Calcutta and many others, have spoken with deep devotion of the heart of Christ.Here I would also mention the experiences of Saint Faustina Kowalska, which re-propose devotion to the heart of Christ by greatly emphasizing the glorious life of the risen Lord and his divine mercy.Inspired by her experiences and the spiritual legacy of Saint Józef Sebastian Pelczar (1842-1924),[151]Saint John Paul II intimately linked his reflections on divine mercy with devotion to the heart of Christ: “The Church seems in a singular way to profess the mercy of God and to venerate it when she directs herself to the heart of Christ.In fact, it is precisely this drawing close to Christ in the mystery of his heart which enables us to dwell on this point of the revelation of the merciful love of the Father, a revelation that constituted the central content of the messianic mission of the Son of Man”.[152]Saint John Paul also spoke of the Sacred Heart in very personal terms, acknowledging that, “it has spoken to me ever since my youth”.[153]
    150.The enduring relevance of devotion to the heart of Christ is especially evident in the work of evangelization and education carried out by the numerous male and female religious congregations whose origins were marked by this profoundly Christological devotion.Mentioning all of them by name would be an endless undertaking. Let us simply consider two examples taken at random: “The Founder [Saint Daniel Comboni] discovered in the mystery of the heart of Jesus the source of strength for his missionary commitment”.[154]“Caught up as we are in the desires of the heart of Jesus, we want people to grow in dignity, as human beings and as children of God.Our starting point is the Gospel, with all that it demands from us of love, forgiveness and justice, and of solidarity with those who are poor and rejected by the world”.[155]So too, the many shrines worldwide that are consecrated to the heart of Christ continue to be an impressive source of renewal in prayer and spiritual fervour.To all those who in any way are associated with these spaces of faith and charity I send my paternal blessing.
    THE DEVOTION OF CONSOLATION
    151.The wound in Christ’s side, the wellspring of living water, remains open in the risen body of the Saviour.The deep wound inflicted by the lance and the wounds of the crown of thorns that customarily appear in representations of the Sacred Heart are an inseparable part of this devotion, in which we contemplate the love of Christ who offered himself in sacrifice to the very end.The heart of the risen Lord preserves the signs of that complete self-surrender, which entailed intense sufferings for our sake.It is natural, then, that the faithful should wish to respond not only to this immense outpouring of love, but also to the suffering that the Lord chose to endure for the sake of that love.
    With Jesus on the cross
    152.It is fitting to recover one particular aspect of the spirituality that has accompanied devotion to the heart of Christ, namely, the interior desire to offer consolation to that heart.Here I will not discuss the practice of “reparation”, which I deem better suited to the social dimension of this devotion to be discussed in the next chapter.I would like instead to concentrate on the desire often felt in the hearts of the faithful who lovingly contemplate the mystery of Christ’s passion and experience it as a mystery which is not only recollected but becomes present to us by grace, or better, allows us to be mystically present at the moment of our redemption.If we truly love the Lord, how could we not desire to console him?
    153.Pope Pius XI wished to ground this particular devotion in the realization that the mystery of our redemption by Christ’s passion transcends, by God’s grace, all boundaries of time and space.On the cross, Jesus offered himself for all sins, including those yet to be committed, including our own sins.In the same way, the acts we now offer for his consolation, also transcending time, touch his wounded heart.“If, because of our sins too, as yet in the future but already foreseen, the soul of Jesus became sorrowful unto death, it cannot be doubted that at the same time he derived some solace from our reparation, likewise foreseen, at the moment when ‘there appeared to him an angel from heaven’ (Lk22:43), in order that his heart, oppressed with weariness and anguish, might find consolation.And so even now, in a wondrous yet true manner, we can and ought to console that Most Sacred Heart, which is continually wounded by the sins of thankless men”.[156]
    Reasons of the heart
    154.It might appear to some that this aspect of devotion to the Sacred Heart lacks a firm theological basis, yet the heart has its reasons.Here thesensus fideliumperceives something mysterious, beyond our human logic, and realizes that the passion of Christ is not merely an event of the past, but one in which we can share through faith.Meditation on Christ’s self-offering on the cross involves, for Christian piety, something much more than mere remembrance.This conviction has a solid theological grounding.[157]We can also add the recognition of our own sins, which Jesus took upon his bruised shoulders, and our inadequacy in the face of that timeless love, which is always infinitely greater.
    155.We may also question how we can pray to the Lord of life, risen from the dead and reigning in glory, while at the same time comforting him in the midst of his sufferings.Here we need to realize that his risen heart preserves its wound as a constant memory, and that the working of grace makes possible an experience that is not restricted to a single moment of the past.In pondering this, we find ourselves invited to take a mystical path that transcends our mental limitations yet remains firmly grounded in the word of God.Pope Pius XI makes this clear: “How can these acts of reparation offer solace now, when Christ is already reigning in the beatitude of heaven?To this question, we may answer in the words of Saint Augustine, which are very apposite here – ‘Give me the one who loves, and he will understand what I say’.Anyone possessed of great love for God, and who looks back to the past, can dwell in meditation on Christ, and see him labouring for man, sorrowing, suffering the greatest hardships, ‘for us men and for our salvation’, well-nigh worn out with sadness, with anguish, nay ‘bruised for our sins’ (Is53:5), and bringing us healing by those very bruises.The more the faithful ponder all these things the more clearly they see that the sins of mankind, whenever they were committed, were the reason why Christ was delivered up to death”.[158]
    156.Those words of Pius XI merit serious consideration.When Scripture states that believers who fail to live in accordance with their faith “are crucifying again the Son of God” (Heb6:6), or when Paul, offering his sufferings for the sake of others, says that, “in my flesh I am completing what is lacking in Christ’s afflictions” (Col1:24), or again, when Christ in his passion prays not only for his disciples at that time, but also for “those who will believe in me through their word” (Jn17:20), all these statements challenge our usual way of thinking.They show us that it is not possible to sever the past completely from the present, however difficult our minds find this to grasp.The Gospel, in all its richness, was written not only for our prayerful meditation, but also to enable us to experience its reality in our works of love and in our interior life.This is certainly the case with regard to the mystery of Christ’s death and resurrection.The temporal distinctions that our minds employ appear incapable of embracing the fullness of this experience of faith, which is the basis both of our union with Christ in his suffering and of the strength, consolation and friendship that we enjoy with him in his risen life.
    157.We see, then, the unity of the paschal mystery in these two inseparable and mutually enriching aspects.The one mystery, present by grace in both these dimensions, ensures that whenever we offer some suffering of our own to Christ for his consolation, that suffering is illuminated and transfigured in the paschal light of his love.We share in this mystery in our own life because Christ himself first chose to share in that life.He wished to experience first, as Head, what he would then experience in his Body, the Church: both our wounds and our consolations.When we live in God’s grace, this mutual sharing becomes for us a spiritual experience.In a word, the risen Lord, by the working of his grace, mysteriously unites us to his passion.The hearts of the faithful, who experience the joy of the resurrection, yet at the same time desire to share in the Lord’s passion, understand this.They desire to share in his sufferings by offering him the sufferings, the struggles, the disappointments and the fears that are part of their own lives.Nor do they experience this as isolated individuals, since their sufferings are also a participation in the suffering of the mystical Body of Christ, the holy pilgrim People of God, which shares in the passion of Christ in every time and place.The devotion of consolation, then, is in no way ahistorical or abstract; it becomes flesh and blood in the Church’s pilgrimage through history.
    Compunction
    158.The natural desire to console Christ, which begins with our sorrow in contemplating what he endured for us, grows with the honest acknowledgment of our bad habits, compulsions, attachments, weak faith, vain goals and, together with our actual sins, the failure of our hearts to respond to the Lord’s love and his plan for our lives.This experience proves purifying, for love needs the purification of tears that, in the end, leave us more desirous of God and less obsessed with ourselves.
    159.In this way, we see that the deeper our desire to console the Lord, the deeper will be our sincere sense of “compunction”.Compunction is “not a feeling of guilt that makes us discouraged or obsessed with our unworthiness, but a beneficial ‘piercing’ that purifies and heals the heart.Once we acknowledge our sin, our hearts can be opened to the working of the Holy Spirit, the source of living water that wells up within us and brings tears to our eyes…This does not mean weeping in self-pity, as we are so often tempted to do…To shed tears of compunction means seriously to repent of grieving God by our sins; recognizing that we always remain in God’s debt…Just as drops of water can wear down a stone, so tears can slowly soften hardened hearts.Here we see the miracle of sorrow, that ‘salutary sorrow’ which brings great peace…Compunction, then, is not our work but a grace and, as such, it must be sought in prayer.”[159]It means, “asking for sorrow in company with Christ in his sorrow, for anguish with Christ in his anguish, for tears and a deep sense of pain at the great pains that Christ endured for my sake”.[160]
    160.I ask, then, that no one make light of the fervent devotion of the holy faithful people of God, which in its popular piety seeks to console Christ.I also encourage everyone to consider whether there might be greater reasonableness, truth and wisdom in certain demonstrations of love that seek to console the Lord than in the cold, distant, calculated and nominal acts of love that are at times practised by those who claim to possess a more reflective, sophisticated and mature faith.
    Consoled ourselves in order to console others
    161.In contemplating the heart of Christ and his self-surrender even to death, we ourselves find great consolation.The grief that we feel in our hearts gives way to complete trust and, in the end, what endures is gratitude, tenderness, peace; what endures is Christ’s love reigning in our lives.Compunction, then, “is not a source of anxiety but of healing for the soul, since it acts as a balm on the wounds of sin, preparing us to receive the caress of the Lord”.[161]Our sufferings are joined to the suffering of Christ on the cross.If we believe that grace can bridge every distance, this means that Christ by his sufferings united himself to the sufferings of his disciples in every time and place.In this way, whenever we endure suffering, we can also experience the interior consolation of knowing that Christ suffers with us.In seeking to console him, we will find ourselves consoled.
    162.At some point, however, in our contemplation, we should likewise hear the urgent plea of the Lord: “Comfort, comfort my people!” (Is40:1).As Saint Paul tells us, God offers us consolation “so that we may be able to console those who are in any affliction, with the consolation by which we ourselves are consoled by God” (2 Cor1:4).
    163.This then challenges us to seek a deeper understanding of the communitarian, social and missionary dimension of all authentic devotion to the heart of Christ.For even as Christ’s heart leads us to the Father, it sends us forth to our brothers and sisters.In the fruits of service, fraternity and mission that the heart of Christ inspires in our lives, the will of the Father is fulfilled.In this way, we come full circle: “My Father is glorified by this, that you bear much fruit” (Jn15:8).
    CHAPTER FIVE
    LOVE FOR LOVE
    164.In the spiritual experiences of Saint Margaret Mary Alacoque, we encounter, along with an ardent declaration of love for Jesus Christ, a profoundly personal and challenging invitation to entrust our lives to the Lord.The knowledge that we are loved, and our complete confidence in that love, in no way lessens our desire to respond generously, despite our frailty and our many shortcomings.
    A LAMENT AND A REQUEST
    165.Beginning with his second great apparition to Saint Margaret Mary, Jesus spoke of the sadness he feels because his great love for humanity receives in exchange “nothing but ingratitude and indifference”, “coldness and contempt”.And this, he added, “is more grievous to me than all that I endured in my Passion”.[162]
    166.Jesus spoke of his thirst for love and revealed that his heart is not indifferent to the way we respond to that thirst.In his words, “I thirst, but with a thirst so ardent to be loved by men in the Most Blessed Sacrament, that this thirst consumes me; and I have not encountered anyone who makes an effort, according to my desire, to quench my thirst, giving back a return for my love”.[163]Jesus asks for love.Once the faithful heart realizes this, its spontaneous response is one of love, not a desire to multiply sacrifices or simply discharge a burdensome duty: “I received from my God excessive graces of his love, and I felt moved by the desire to respond to some of them and to respond with love for love”.[164]As my Predecessor Leo XIII pointed out, through the image of his Sacred Heart, the love of Christ “moves us to return love for love”.[165]
    EXTENDING CHRIST’S LOVE TO OUR BROTHERS AND SISTERS
    167.We need once more to take up the word of God and to realize, in doing so, that our best response to the love of Christ’s heart is to love our brothers and sisters.There is no greater way for us to return love for love.The Scriptures make this patently clear:
    “Just as you did it to one of the least of these my brethren, you did it to me” (Mt25:40).
    “For the whole law is summed up in a single commandment: ‘You shall love your neighbour as yourself’” (Gal5:14).
    “We know that we have passed from death to life because we love one another. Whoever does not love abides in death” (1Jn3:14).
    “Those who do not love a brother or sister whom they have seen, cannot love God whom they have not seen” (1 Jn4:20).
    168.Love for our brothers and sisters is not simply the fruit of our own efforts; it demands the transformation of our selfish hearts.This realization gave rise to the oft-repeated prayer: “Jesus, make our hearts more like your own”.Saint Paul, for his part, urged his hearers to pray not for the strength to do good works, but “to have the same mind among you that was in Christ Jesus” (Phil2:5).
    169.We need to remember that in the Roman Empire many of the poor, foreigners and others who lived on the fringes of society met with respect, affection and care from Christians.This explains why the apostate emperor Julian, in one of his letters, acknowledged that one reason why Christians were respected and imitated was the assistance they gave the poor and strangers, who were ordinarily ignored and treated with contempt.For Julian, it was intolerable that the Christians whom he despised, “in addition to feeding their own, also feed our poor and needy, who receive no help from us”.[166]The emperor thus insisted on the need to create charitable institutions to compete with those of the Christians and thus gain the respect of society: “There should be instituted in each city many accommodations so that the immigrants may enjoy our philanthropy… and make the Greeks accustomed to such works of generosity”.[167]Julian did not achieve his objective, no doubt because underlying those works there was nothing comparable to the Christian charity that respected the unique dignity of each person.
    170.By associating with the lowest ranks of society (cf.Mt25:31-46), “Jesusbrought the great novelty of recognizing the dignity of every person, especially those who were considered ‘unworthy’.This new principle in human history – which emphasizes that individuals are even more ‘worthy’ of our respect and love when they are weak, scorned, or suffering, even to the point of losing the human ‘figure’ – has changed the face of the world.It has given life to institutions that take care of those who find themselves in disadvantaged conditions, such as abandoned infants, orphans, the elderly who are left without assistance, the mentally ill, people with incurable diseases or severe deformities, and those living on the streets”.[168]
    171.In contemplating the pierced heart of the Lord, who “took our infirmities and bore our diseases” (Mt8:17), we too are inspired to be more attentive to the sufferings and needs of others, and confirmed in our efforts to share in his work of liberation as instruments for the spread of his love.[169]As we meditate on Christ’s self-offering for the sake of all, we are naturally led to ask why we too should not be ready to give our lives for others: “We know love by this, that he laid down his life for us – and that we ought to lay down our lives for one another” (1 Jn3:16).
    ECHOES IN THE HISTORY OF SPIRITUALITY
    172.This bond between devotion to the heart of Jesus and commitment to our brothers and sisters has been a constant in the history of Christian spirituality.Let us consider a few examples.
    Being a fountain from which others can drink
    173.Starting with Origen, various Fathers of the Church reflected on the words of John 7:38 – “out of his heart shall flow rivers of living water” – which refer to those who, having drunk of Christ, put their faith in him.Our union with Christ is meant not only to satisfy our own thirst, but also to make us springs of living water for others.Origen wrote that Christ fulfils his promise by making fountains of fresh water well up within us: “The human soul, made in the image of God, can itself contain and pour forth wells, fountains and rivers”.[170]
    174.Saint Ambrose recommended drinking deeply of Christ, “in order that the spring of water welling up to eternal life may overflow in you”.[171]Marius Victorinus was convinced that the Holy Spirit has given of himself in such abundance that, “whoever receives him becomes a heart that pours forth rivers of living water”.[172]Saint Augustine saw this stream flowing from the believer as benevolence.[173]Saint Thomas Aquinas thus maintained that whenever someone “hastens to share various gifts of grace received from God, living water flows from his heart”.[174]
    175.Although “the sacrifice offered on the cross in loving obedience renders most abundant and infinite satisfaction for the sins of mankind”,[175]the Church, born of the heart of Christ, prolongs and bestows, in every time and place, the fruits of that one redemptive passion, which lead men and women to direct union with the Lord.
    176.In the heart of the Church, the mediation of Mary, as our intercessor and mother, can only be understood as “a sharing in the one source, which is the mediation of Christ himself”,[176]the sole Redeemer.For this reason, “the Church does not hesitate to profess the subordinate role of Mary”.[177]Devotion to the heart of Mary in no way detracts from the sole worship due the heart of Christ, but rather increases it: “Mary’s function as mother of humanity in no way obscures or diminishes this unique mediation of Christ, but rather shows its power”.[178]Thanks to the abundant graces streaming from the open side of Christ, in different ways the Church, the Virgin Mary and all believers become themselves streams of living water.In this way, Christ displays his glory in and through our littleness.
    Fraternity and mysticism
    177.Saint Bernard, in exhorting us to union with the heart of Christ, draws upon the richness of this devotion to call for a conversion grounded in love.Bernard believed that our affections, enslaved by pleasures, may nonetheless be transformed and set free, not by blind obedience to a commandment but rather in response to the delectable love of Christ.Evil is overcome by good, conquered by the flowering of love: “Love the Lord your God with the full and deep affection of all your heart; love him with your mind wholly alert and intent; love him with all your strength, so much so that you would not even fear to die for love of him…Your affection for the Lord Jesus should be both sweet and intimate, to oppose the sweet enticements of the sensual life.Sweetness conquers sweetness, as one nail drives out another”.[179]
    178.Saint Francis de Sales was particularly taken by Jesus’ words, “Learn from me; for I am gentle and humble in heart” (Mt11:29).Even in the most simple and ordinary things, he said, we can “steal” the Lord’s heart.“Those who would serve him acceptably must give heed not only to lofty and important matters, but to things mean and little, since by both alike we may win his heart and love…I mean the acts of daily forbearance, the headache, the toothache, the heavy cold; the tiresome peculiarities of a husband or wife, the broken glass, the loss of a ring, a handkerchief, a glove; the sneer of a neighbour; the effort of going to bed early in order to rise early for prayer or communion, the little shyness some people feel in openly performing religious duties… Be sure that all these sufferings, small as they are, if accepted lovingly, are most pleasing to God’s goodness”.[180]Ultimately, however, our response to the love of the heart of Christ is manifested in love of our neighbour: “a love that is firm, constant, steady, unconcerned with trivial matters or people’s station in life, not subject to changes or animosity…Our Lord loves us unceasingly, puts up with so many of our defects and our flaws.Precisely because of this, we must do the same with our brothers and sisters, never tiring of putting up with them”.[181]
    179.Saint Charles de Foucauld sought to imitate Jesus by living and acting as he did, in a constant effort to do what Jesus would have done in his place.Only by being conformed to the sentiments of the heart of Christ could he fully achieve this goal.Here too we find the idea of “love for love”.In his words, “I desire sufferings in order to return love for love, to imitate him… to enter into his work, to offer myself with him, the nothingness that I am, as a sacrifice, as a victim, for the sanctification of men”.[182]The desire to bring the love of Jesus to others, his missionary outreach to the poorest and most forgotten of our world, led him to take as his emblem the words, “Iesus-Caritas”, with the symbol of the heart of Christ surmounted by a cross.[183]Nor was this a light decision: “With all my strength I try to show and prove to these poor lost brethren that our religion is all charity, all fraternity, and that its emblem is a heart”.[184]He wanted to settle with other brothers “in Morocco, in the name of the heart of Jesus”.[185]In this way, their evangelizing work could radiate outwards: “Charity has to radiate from our fraternities, as it radiates from the heart of Jesus”.[186]This desire gradually made him a “universal brother”.Allowing himself to be shaped by the heart of Christ, he sought to shelter the whole of suffering humanity in his fraternal heart: “Our heart, like that of Jesus, must embrace all men and women”.[187]“The love of the heart of Jesus for men and women, the love that he demonstrated in his passion, this is what we need to have for all human beings”.[188]
    180.Father Henri Huvelin, the spiritual director of Saint Charles de Foucauld, observed that, “when our Lord dwells in a heart, he gives it such sentiments, and this heart reaches out to the least of our brothers and sisters.Such was the heart of Saint Vincent de Paul…When our Lord lives in the soul of a priest, he makes him reach out to the poor”.[189]It is important to realize that the apostolic zeal of Saint Vincent, as Father Huvelin describes it, was also nurtured by devotion to the heart of Christ.Saint Vincent urged his confreres to “find in the heart of our Lord a word of consolation for the poor sick person”.[190]If that word is to be convincing, our own heart must first have been changed by the love and tenderness of the heart of Christ.Saint Vincent often reiterated this conviction in his homilies and counsels, and it became a notable feature of the Constitutions of his Congregation: “We should make a great effort to learn the following lesson, also taught by Christ: ‘Learn from me, for I am gentle and humble of heart’.We should remember that he himself said that by gentleness we inherit the earth.If we act on this, we will win people over so that they will turn to the Lord.That will not happen if we treat people harshly or sharply”.[191]
    REPARATION: BUILDING ON THE RUINS
    181.All that has been said thus far enables us to understand in the light of God’s word the proper meaning of the “reparation” to the heart of Christ that the Lord expects us, with the help of his grace, to “offer”.The question has been much discussed, but Saint John Paul II has given us a clear response that can guide Christians today towards a spirit of reparation more closely attuned to the Gospels.
    The social significance of reparation to the heart of Christ
    182.Saint John Paul explained that by entrusting ourselves together to the heart of Christ, “over the ruins accumulated by hatred and violence, the greatly desired civilization of love, the Kingdom of the heart of Christ, can be built”.This clearly requires that we “unite filial love for God and love of neighbour”, and indeed this is “the true reparation asked by the heart of the Saviour”.[192]In union with Christ, amid the ruins we have left in this world by our sins, we are called to build a new civilization of love.That is what it means to make reparation as the heart of Christ would have us do.Amid the devastation wrought by evil, the heart of Christ desires that we cooperate with him in restoring goodness and beauty to our world.
    183.All sin harms the Church and society; as a result, “every sin can undoubtedly be considered as a social sin” and this is especially true for those sins that “by their very matter constitute a direct attack on one’s neighbour”.[193]Saint John Paul II explained that the repetition of these sins against others often consolidates a “structure of sin” that has an effect on the development of peoples.[194]Frequently, this is part of a dominant mind-set that considers normal or reasonable what is merely selfishness and indifference.This then gives rise to social alienation: “A society is alienated if its forms of social organization, production and consumption make it more difficult to offer the gift of self and to establish solidarity between people”.[195]It is not only a moral norm that leads us to expose and resist these alienated social structures and to support efforts within society to restore and consolidate the common good.Rather, it is our “conversion of heart” that “imposes the obligation”[196]to repair these structures.It is our response to the love of the heart of Jesus, which teaches us to love in turn.
    184.Precisely because evangelical reparation possesses this vital social dimension, our acts of love, service and reconciliation, in order to be truly reparative, need to be inspired, motivated and empowered by Christ.Saint John Paul II also observed that “to build the civilization of love”,[197]our world today needs the heart of Christ.Christian reparation cannot be understood simply as a congeries of external works, however indispensable and at times admirable they may be.These need a “mystique”, a soul, a meaning that grants them strength, drive and tireless creativity.They need the life, the fire and the light that radiate from the heart of Christ.
    Mending wounded hearts
    185.Nor is a merely outward reparation sufficient, either for our world or for the heart of Christ.If each of us considers his or her own sins and their effect on others, we will realize that repairing the harm done to this world also calls for a desire to mend wounded hearts where the deepest harm was done, and the hurt is most painful.
    186.A spirit of reparation thus “leads us to hope that every wound can be healed, however deep it may be.Complete reparation may at times seem impossible, such as when goods or loved ones are definitively lost, or when certain situations have become irremediable.Yet the intention to make amends, and to do so in a concrete way, is essential for the process of reconciliation and a return to peace of heart”.[198]
    The beauty of asking forgiveness
    187.Good intentions are not enough.There has to be an inward desire that finds expression in our outward actions.“Reparation, if it is to be Christian, to touch the offended person’s heart and not be a simple act of commutative justice, presupposes two demanding things:acknowledging our guiltandasking forgiveness…It is from the honest acknowledgment of the wrong done to our brother or sister, and from the profound and sincere realization that love has been compromised, that the desire to make amends arises”.[199]
    188.We should never think that acknowledging our sins before others is somehow demeaning or offensive to our human dignity.On the contrary, it demands that we stop deceiving ourselves and acknowledge our past for what it is, marred by sin, especially in those cases when we caused hurt to our brothers and sisters.“Self-accusation is part of Christian wisdom…It is pleasing to the Lord, because the Lord accepts a contrite heart”.[200]
    189.Part of this spirit of reparation is the custom of asking forgiveness from our brothers and sisters, which demonstrates great nobility amid our human weakness.Asking forgiveness is a means of healing relationships, for it “re-opens dialogue and manifests the will to re-establish the bond of fraternal charity…It touches the heart of our brother or sister, brings consolation and inspires acceptance of the forgiveness requested. Even if the irreparable cannot be completely repaired, love can always be reborn, making the hurt bearable”.[201]
    190.A heart capable of compunction will grow in fraternity and solidarity.Otherwise, “we regress and grow old within”, whereas when “our prayer becomes simpler and deeper, grounded in adoration and wonder in the presence of God, we grow and mature.We become less attached to ourselves and more attached to Christ.Made poor in spirit, we draw closer to the poor, those who are dearest to God”.[202]This leads to a true spirit of reparation, for “those who feel compunction of heart increasingly feel themselves brothers and sisters to all the sinners of the world; renouncing their airs of superiority and harsh judgments, they are filled with a burning desire to show love and make reparation”.[203]The sense of solidarity born of compunction also enables reconciliation to take place.The person who is capable of compunction, “rather than feeling anger and scandal at the failings of our brothers and sisters, weeps for their sins.There occurs a sort of reversal, where the natural tendency to be indulgent with ourselves and inflexible with others is overturned and, by God’s grace, we become strict with ourselves and merciful towards others”.[204]
    REPARATION: AN EXTENSION OF THE HEART OF CHRIST
    191.There is another, complementary, approach to reparation, which allows us to set it in an even more direct relationship with the heart of Christ, without excluding the aspect of concrete commitment to our brothers and sisters.
    192.Elsewhere I have suggested that, “God has in some way sought to limit himself in such a way that many of the things we think of as evils, dangers or sources of suffering, are in reality part of the pains of childbirth which he uses to draw us into the act of cooperation with the Creator”.[205]This cooperation on our part can allow the power and the love of God to expand in our lives and in the world, whereas our refusal or indifference can prevent it.Several passages of the Bible express this metaphorically, as when the Lord cries out, “If only you would return to me, O Israel!” (cf.Jer4:1).Or when, confronted with rejection by his people, he says, “My heart recoils within me; my compassion grows warm and tender” (Hos11:8).
    193.Even though it is not possible to speak of new suffering on the part of the glorified Lord,“the paschal mystery of Christ… and all that Christ is – all that he did and suffered for all men – participates in the divine eternity, and so transcends all times while being made present in them all”.[206]We can say that he has allowed the expansive glory of his resurrection to be limited and the diffusion of his immense and burning love to be contained, in order to leave room for our free cooperation with his heart.Our rejection of his love erects a barrier to that gracious gift, whereas our trusting acceptance of it opens a space, a channel enabling it to pour into our hearts.Our rejection or indifference limits the effects of his power and the fruitfulness of his love in us.If he does not encounter openness and confidence in me, his love is deprived – because he himself has willed it – of its extension, unique and unrepeatable, in my life and in this world, where he calls me to make him present.Again, this does not stem from any weakness on his part but rather from his infinite freedom, his mysterious power and his perfect love for each of us.When God’s power is revealed in the weakness of our human freedom, “only faith can discern it”.[207]
    194.Saint Margaret Mary recounted that, in one of Christ’s appearances, he spoke of his heart’s passionate love for us, telling her that, “unable to contain the flames of his burning charity, he must spread them abroad”.[208]Since the Lord, who can do all things, desired in his divine freedom to require our cooperation, reparation can be understood as our removal of the obstacles we place before the expansion of Christ’s love in the world by our lack of trust, gratitude and self-sacrifice.
    An Oblation to Love
    195.To help us reflect more deeply on this mystery, we can turn once more to the luminous spirituality of Saint Therese of the Child Jesus.Therese was aware that in certain quarters an extreme form of reparation had developed, based on a willingness to offer oneself in sacrifice for others, and to become in some sense a “lightning rod” for the chastisements of divine justice.In her words, “I thought about the souls who offer themselves as victims of God’s justice in order to turn away the punishments reserved to sinners, drawing them upon themselves”.[209]However, as great and generous as such an offering might appear, she did not find it overly appealing: “I was far from feeling attracted to making it”.[210]So great an emphasis on God’s justice might eventually lead to the notion that Christ’s sacrifice was somehow incomplete or only partly efficacious, or that his mercy was not sufficiently powerful.
    196.With her great spiritual insight, Saint Therese discovered that we can offer ourselves in another way, without the need to satisfy divine justice but by allowing the Lord’s infinite love to spread freely: “O my God!Is your disdained love going to remain closed up within your heart?It seems to me that if you were to find souls offering themselves as victims of holocaust to your love, you would consume them rapidly; it seems to me, too, that you would be happy not to hold back the waves of infinite tenderness within you”.[211]
    197.While nothing need be added to the one redemptive sacrifice of Christ, it remains true that our free refusal can prevent the heart of Christ from spreading the “waves of his infinite tenderness” in this world.Again, this is because the Lord wishes to respect our freedom.More than divine justice, it was the fact that Christ’s love might be refused that troubled the heart of Saint Therese, because for her, God’s justice is understood only in the light of his love.As we have seen, she contemplated all God’s perfections through his mercy, and thus saw them transfigured and resplendent with love.In her words, “even his justice (and perhaps this even more so than the others) seems to me clothed in love”.[212]
    198.This was the origin of her Act of Oblation, not to God’s justice but to his merciful love.“I offer myself as a victim of holocaust to your merciful love, asking you to consume me incessantly, allowing the waves of infinite tenderness shut up within you to overflow into my soul, and that thus I may become a martyr of your love”.[213]It is important to realize that, for Therese, this was not only about allowing the heart of Christ to fill her heart, through her complete trust, with the beauty of his love, but also about letting that love, through her life, spread to others and thus transform the world.Again, in her words, “In the heart of the Church, my Mother, I shall be love… and thus my dream will be realized”.[214]The two aspects were inseparably united.
    199.The Lord accepted her oblation.We see that shortly thereafter she stated that she felt an intense love for others and maintained that it came from the heart of Christ, prolonged through her.So she told her sister Léonie: “I love you a thousand times more tenderly than ordinary sisters love each other, for I can love you with the heart of our celestial spouse”.[215]Later, to Maurice Bellière she wrote, “How I would like to make you understand the tenderness of the heart of Jesus, what he expects from you!”[216]
    Integrity and Harmony
    200.Sisters and brothers, I propose that we develop this means of reparation, which is, in a word, to offer the heart of Christ a new possibility of spreading in this world the flames of his ardent and gracious love.While it remains true that reparation entails the desire to “render compensation for the injuries inflicted on uncreated Love, whether by negligence or grave offense”,[217]the most fitting way to do this is for our love to offer the Lord a possibility of spreading, in amends for all those occasions when his love has been rejected or refused.This involves more than simply the “consolation” of Christ of which we spoke in the previous chapter; it finds expression in acts of fraternal love by which we heal the wounds of the Church and of the world.In this way, we offer the healing power of the heart of Christ new ways of expressing itself.
    201.The sacrifices and sufferings required by these acts of love of neighbour unite us to the passion of Christ.In this way, “by that mystic crucifixion of which the Apostle speaks, we shall receive the abundant fruits of its propitiation and expiation, for ourselves and for others”.[218]Christ alone saves us by his offering on the cross; he alone redeems us, for “there is one God; there is also one mediator between God and men, the man Christ Jesus, who gave himself as a ransom for all” (1Tim2:5-6).The reparation that we offer is a freely accepted participation in his redeeming love and his one sacrifice.We thus complete in our flesh “what is lacking in Christ’s afflictions for the sake of his body, that is, the Church” (Col1:24); and Christ himself prolongs through us the effects of his complete and loving self-oblation.
    202.Often, our sufferings have to do with our own wounded ego.The humility of the heart of Christ points us towards the path of abasement.God chose to come to us in condescension and littleness.The Old Testament had already shown us, with a variety of metaphors, a God who enters into the heart of history and allows himself to be rejected by his people.Christ’s love was shown amid the daily life of his people, begging, as it were, for a response, as if asking permission to manifest his glory.Yet “perhaps only once did the Lord Jesus refer to his own heart, in his own words.And he stresses this sole feature: ‘gentleness and lowliness’, as if to say that only in this way does he wish to win us to himself”.[219]When he said, “Learn from me, for I am gentle and humble in heart” (Mt11:29), he showed us that “to make himself known, he needs our littleness, our self-abasement”.[220]
    203.In what we have said, it is important to note several inseparable aspects.Acts of love of neighbour, with the renunciation, self-denial, suffering and effort that they entail, can only be such when they are nourished by Christ’s own love.He enables us to love as he loved, and in this way he loves and serves others through us.He humbles himself to show his love through our actions, yet even in our slightest works of mercy, his heart is glorified and displays all its grandeur.Once our hearts welcome the love of Christ in complete trust, and enable its fire to spread in our lives, we become capable of loving others as Christ did, in humility and closeness to all.In this way, Christ satisfies his thirst and gloriously spreads the flames of his ardent and gracious love in us and through us.How can we fail to see the magnificent harmony present in all this?
    204.Finally, in order to appreciate this devotion in all of its richness, it is necessary to add, in the light of what we have said about its Trinitarian dimension, that the reparation made by Christ in his humanity is offered to the Father through the working of the Holy Spirit in each of us.Consequently, the reparation we offer to the heart of Christ is directed ultimately to the Father, who is pleased to see us united to Christ whenever we offer ourselves through him, with him and in him.
    BRINGING LOVE TO THE WORLD
    205.The Christian message is attractive when experienced and expressed in its totality: not simply as a refuge for pious thoughts or an occasion for impressive ceremonies.What kind of worship would we give to Christ if we were to rest content with an individual relationship with him and show no interest in relieving the sufferings of others or helping them to live a better life?Would it please the heart that so loved us, if we were to bask in a private religious experience while ignoring its implications for the society in which we live?Let us be honest and accept the word of God in its fullness.On the other hand, our work as Christians for the betterment of society should not obscure its religious inspiration, for that, in the end, would be to seek less for our brothers and sisters than what God desires to give them.For this reason, we should conclude this chapter by recalling the missionary dimension of our love for the heart of Christ.
    206.Saint John Paul II spoke of the social dimension of devotion to the heart of Christ, but also about “reparation, which is apostolic cooperation in the salvation of the world”.[221]Consecration to the heart of Christ is thus “to be seen in relation to the Church’s missionary activity, since it responds to the desire of Jesus’ heart to spread throughout the world, through the members of his Body, his complete commitment to the Kingdom”.[222]As a result, “through the witness of Christians, love will be poured into human hearts, to build up the body of Christ which is the Church, and to build a society of justice, peace and fraternity”.[223]
    207.The flames of love of the Sacred Heart of Jesus also expand through the Church’s missionary outreach, which proclaims the message of God’s love revealed in Christ.Saint Vincent de Paul put this nicely when he invited his disciples to pray to the Lord for “this spirit, this heart that causes us to go everywhere, this heart of the Son of God, the heart of our Lord, that disposes us to go as he went…he sends us, like [the apostles], to bring fire everywhere”.[224]
    208.Saint Paul VI, addressing religious Congregations dedicated to the spread of devotion to the Sacred Heart, made the following observation.“There can be no doubt that pastoral commitment and missionary zeal will fan into flame, if priests and laity alike, in their desire to spread the glory of God, contemplate the example of eternal love that Christ has shown us, and direct their efforts to make all men and women sharers in the unfathomable riches of Christ”.[225]As we contemplate the Sacred Heart, mission becomes a matter of love.For the greatest danger in mission is that, amid all the things we say and do, we fail to bring about a joyful encounter with the love of Christ who embraces us and saves us.
    209.Mission, as a radiation of the love of the heart of Christ, requires missionaries who are themselves in love and who, enthralled by Christ, feel bound to share this love that has changed their lives.They are impatient when time is wasted discussing secondary questions or concentrating on truths and rules, because their greatest concern is to share what they have experienced.They want others to perceive the goodness and beauty of the Beloved through their efforts, however inadequate they may be.Is that not the case with any lover?We can take as an example the words with which Dante Alighieri sought to express this logic of love:
    “Io dico che, pensando al suo valore
    amor si dolce si mi si fa sentire,
    che s’io allora non perdessi ardire
    farei parlando innamorar la gente”.[226]
    210.To be able to speak of Christ, by witness or by word, in such a way that others seek to love him, is the greatest desire of every missionary of souls.This dynamism of love has nothing to do with proselytism; the words of a lover do not disturb others, they do not make demands or oblige, they only lead others to marvel at such love.With immense respect for their freedom and dignity, the lover simply waits for them to inquire about the love that has filled his or her life with such great joy.
    211.Christ asks you never to be ashamed to tell others, with all due discretion and respect, about your friendship with him.He asks that you dare to tell others how good and beautiful it is that you found him.“Everyone who acknowledges me before others, I also will acknowledge before my Father in heaven” (Mt10:32).For a heart that loves, this is not a duty but an irrepressible need: “Woe to me if I do not proclaim the Gospel!” (1 Cor9:16).“Within me there is something like a burning fire shut up in my bones; I am weary with holding it in, and I cannot” (Jer20:9).
    In communion of service
    212.We should not think of this mission of sharing Christ as something only between Jesus and me.Mission is experienced in fellowship with our communities and with the whole Church.If we turn aside from the community, we will be turning aside from Jesus.If we turn our back on the community, our friendship with Jesus will grow cold.This is a fact, and we must never forget it.Love for the brothers and sisters of our communities – religious, parochial, diocesan and others – is a kind of fuel that feeds our friendship with Jesus.Our acts of love for our brothers and sisters in community may well be the best and, at times, the only way that we can witness to others our love for Jesus Christ.He himself said, “By this everyone will know that you are my disciples, if you have love for one another” (Jn13:35).
    213.This love then becomes service within the community.I never tire of repeating that Jesus told us this in the clearest terms possible: “Just as you did it to one of the least of these my brethren, you did it to me” (Mt25:40).He now asks you to meet him there, in every one of our brothers and sisters, and especially in the poor, the despised and the abandoned members of society.What a beautiful encounter that can be!
    214.If we are concerned with helping others, this in no way means that we are turning away from Jesus.Rather, we are encountering him in another way.Whenever we try to help and care for another person, Jesus is at our side.We should never forget that, when he sent his disciples on mission, “the Lord worked with them” (Mk16:20).He is always there, always at work, sharing our efforts to do good.In a mysterious way, his love becomes present through our service.He speaks to the world in a language that at times has no need of words.
    215.Jesus is calling you and sending you forth to spread goodness in our world.His call is one of service, a summons to do good, perhaps as a physician, a mother, a teacher or a priest.Wherever you may be, you can hear his call and realize that he is sending you forth to carry out that mission.He himself told us, “I am sending you out” (Lk10:3).It is part of our being friends with him.For this friendship to mature, however, it is up to you to let him send you forth on a mission in this world, and to carry it out confidently, generously, freely and fearlessly.If you stay trapped in your own comfort zone, you will never really find security; doubts and fears, sorrow and anxiety will always loom on the horizon.Those who do not carry out their mission on this earth will find not happiness, but disappointment.Never forget that Jesus is at your side at every step of the way.He will not cast you into the abyss, or leave you to your own devices.He will always be there to encourage and accompany you.He has promised, and he will do it: “For I am with you always, to the end of the age” (Mt28:20).
    216.In your own way, you too must be a missionary, like the apostles and the first disciples of Jesus, who went forth to proclaim the love of God, to tell others that Christ is alive and worth knowing.Saint Therese experienced this as an essential part of her oblation to merciful Love: “I wanted to give my Beloved to drink and I felt myself consumed with a thirst for souls”.[227]That is your mission as well.Each of us must carry it out in his or her own way; you will come to see how you can be a missionary.Jesus deserves no less.If you accept the challenge, he will enlighten you, accompany you and strengthen you, and you will have an enriching experience that will bring you much happiness.It is not important whether you see immediate results; leave that to the Lord who works in the secret of our hearts.Keep experiencing the joy born of our efforts to share the love of Christ with others.
    CONCLUSION
    217.The present document can help us see that the teaching of the social EncyclicalsLaudato Si’andFratelli Tuttiis not unrelated to our encounter with the love of Jesus Christ.For it is by drinking of that same love that we become capable of forging bonds of fraternity, of recognizing the dignity of each human being, and of working together to care for our common home.
    218.In a world where everything is bought and sold, people’s sense of their worth appears increasingly to depend on what they can accumulate with the power of money.We are constantly being pushed to keep buying, consuming and distracting ourselves, held captive to a demeaning system that prevents us from looking beyond our immediate and petty needs.The love of Christ has no place in this perverse mechanism, yet only that love can set us free from a mad pursuit that no longer has room for a gratuitous love.Christ’s love can give a heart to our world and revive love wherever we think that the ability to love has been definitively lost.
    219.The Church also needs that love, lest the love of Christ be replaced with outdated structures and concerns, excessive attachment to our own ideas and opinions, and fanaticism in any number of forms, which end up taking the place of the gratuitous love of God that liberates, enlivens, brings joy to the heart and builds communities.The wounded side of Christ continues to pour forth that stream which is never exhausted, never passes away, but offers itself time and time again to all those who wish to love as he did.For his love alone can bring about a new humanity.
    220.I ask our Lord Jesus Christ to grant that his Sacred Heart may continue to pour forth the streams of living water that can heal the hurt we have caused, strengthen our ability to love and serve others, and inspire us to journey together towards a just, solidary and fraternal world.Until that day when we will rejoice in celebrating together the banquet of the heavenly kingdom in the presence of the risen Lord, who harmonizes all our differences in the light that radiates perpetually from his open heart.May he be blessed forever.
    Given in Rome, at Saint Peter’s, on 24 October of the year 2024, the twelfth of my Pontificate.
    FRANCIS
    ______________________________
    [1]Many of the reflections in this first chapter were inspired by the unpublished writings of the late Father Diego Fares, S.J.May the Lord grant him eternal rest.
    [2]Cf. HOMER,Iliad, XXI, 441.
    [3]Cf.Iliad, X, 244.
    [4]Cf. PLATO,Timaeus, 65 c-d; 70.
    [5]Homily at Morning Mass in Domus Sanctae Marthae, 14 October 2016:L’Osservatore Romano, 15 October 2016, p. 8.
    [6]SAINT JOHN PAUL II,Angelus, 2 July 2000:L’Osservatore Romano, 3-4 July 2000, p. 4.
    [7]ID.,Catechesis, 8 June 1994:L’Osservatore Romano, 9 June 1994, p. 5.
    [8]The Demons(1873).
    [9]ROMANO GUARDINI,Religiöse Gestalten in Dostojewskijs Werk, Mainz/Paderborn, 1989, pp. 236ff.
    [10]KARL RAHNER,“Some Theses for a Theology of Devotion to the Sacred Heart”, inTheological Investigations, vol. III, Baltimore-London, 1967, p. 332.
    [11]Ibid., p. 333.
    [12]BYUNG-CHUL HAN,Heideggers Herz.Zum Begriff der Stimmung bei Martin Heidegger, München, 1996, p. 39.
    [13]Ibid., p. 60; cf. p. 176.
    [14]Cf. ID.,Agonie des Eros, Berlin, 2012.
    [15]Cf. MARTIN HEIDEGGER,Erläuterungen zu Hölderlins Dichtung, Frankfürt a. M., 1981, p. 120.
    [16]Cf. MICHEL DE CERTEAU,L’espace du désir ou le «fondement» des Exercises Spirituels:Christus77 (1973), pp. 118-128.
    [17]Itinerarium Mentis in Deum, VII, 6.
    [18]ID.,Proemium in I Sent.,q. 3.
    [19]SAINT JOHN HENRY NEWMAN,Meditations and Devotions, London, 1912, Part III [XVI], par. 3, pp. 573-574.
    [20]Pastoral ConstitutionGaudium et Spes, 82.
    [21]Ibid., 10.
    [22]Ibid., 14.
    [23]Cf.DICASTERY FOR THE DOCTRINE OF THE FAITH, DeclarationDignitas Infinita(2 April 2024), 8.Cf.L’Osservatore Romano, 8 April 2024.
    [24]Pastoral ConstitutionGaudium et Spes, 26.
    [25]SAINT JOHN PAUL II,Angelus, 28 June 1998:L’Osservatore Romano, 30 June-1 July 1998, p. 7.
    [26]Encyclical LetterLaudato Si’(24 May 2015),83: AAS 107 (2015), 880.
    [27]Homily at Morning Mass in Domus Sanctae Marthae, 7 June 2013:L’Osservatore Romano, 8 June 2013, p. 8.
    [28]PIUS XII, Encyclical LetterHaurietis Aquas(15 May 1956), I: AAS 48 (1956), 316.
    [29]PIUS VI, ConstitutionAuctorem Fidei(28 August 1794), 63: DH 2663.
    [30]LEO XIII,Encyclical LetterAnnum Sacrum(25 May 1899): ASS 31 (1898-1899), 649.
    [31]Ibid:“Inest in Sacro Corde symbolum et expressa imago infinitæ Iesu Christi caritatis”.
    [32]Angelus, 9 June 2013:L’Osservatore Romano, 10-11 June 2013, p. 8.
    [33]We canthus understand why the Church has forbidden placing on the altar representations of the heart of Jesus or Mary alone (cf. Response of the Congregation of Sacred Rites to the Reverend Charles Lecoq, P.S.S., 5 April 1879:Decreta Authentica Congregationis Sacrorum Rituum ex Actis ejusdem Collecta, vol. III, 107-108, n. 3492).Outside the liturgy, “for private devotion” (ibid.), the symbolism of a heart can be used as a teaching aid, an aesthetic figure or an emblem that invites one to meditate on the love of Christ, but this risks taking the heart as an object of adoration or spiritual dialogue apart from the Person of Christ.On 31 March 1887, the Congregation gave another, similar response (ibid., 187, n. 3673).
    [34]ECUMENICAL COUNCIL OF TRENT, Session XXV, DecreeMandat Sancta Synodus(3 December 1563): DH 1823.
    [35]FIFTH GENERAL CONFERENCE OF THE LATIN AMERICAN AND CARIBBEAN BISHOPS,Aparecida Document(29 June 2007), n. 259.
    [36]Encyclical LetterHaurietis Aquas(15 May 1956), I: AAS 48 (1956), 323-324.
    [37]Ep. 261, 3: PG 32, 972.
    [38]In Io. homil.63, 2: PG 59, 350.
    [39]De fide ad Gratianum, II, 7, 56: PL 16, 594 (ed. 1880).
    [40]Enarr. in Ps. 87, 3: PL 37, 1111.
    [41]Cf.De fide orth. 3, 6, 20: PG 94, 1006, 1081.
    [42]OLEGARIO GONZÁLEZ DE CARDEDAL,La entraña del cristianismo, Salamanca, 2010, 70-71.
    [43]Angelus, 1 June 2008:L’Osservatore Romano, 2-3 June 2008, p. 1.
    [44]PIUS XII, Encyclical LetterHaurietis Aquas(15 May 1956), II: AAS 48 (1956), 327-328.
    [45]Ibid.: AAS 48 (1956), 343-344.
    [46]BENEDICT XVI,Angelus, 1 June 2008:L’Osservatore Romano, 2-3 June 2008, p. 1.
    [47]VIGILIUS,ConstitutionInter Innumeras Sollicitudines(14 May 553):DH 420.
    [48]ECUMENICAL COUNCIL OF EPHESUS,Anathemas of Cyril of Alexandria, 8: DH 259.
    [49]SECOND ECUMENICAL COUNCIL OF CONSTANTINOPLE, Session VIII (2 June 553), Canon 9: DH 431.
    [50]SAINT JOHN OF THE CROSS,Spiritual Canticle, red.A, Stanza 22, 4.
    [51]Ibid., Stanza 12, 8.
    [52]Ibid., Stanza 12, 1.
    [53]“There is one God, the Father, from whom are all things and for whom we exist” (1 Cor8:6).“To our God and Father be glory forever and ever. Amen”(Phil4:20).“Blessed be the God and Father of our Lord Jesus Christ, the Father of mercies and the God of all consolation”(2 Cor1:3).
    [54]Apostolic LetterTertio Millennio Adveniente(10 November 1994), 49: AAS 87 (1995), 35.
    [55]Ad Rom., 7: PG 5, 694.
    [56]“That the world may know that I love the Father” (Jn14:31); “The Father and I are one” (Jn10:30); “I am in the Father and the Father is in me” (Jn14:10).
    [57]“Iam going to the Father” (pros ton Patéra:Jn16:28).“I am coming to you” (pros se:Jn17:11).
    [58]“eis ton kolpon tou Patrós”.
    [59]Adv. Haer., III, 18, 1: PG 7, 932.
    [60]In Joh.II, 2: PG 14, 110.
    [61]Angelus, 23 June 2002:L’Osservatore Romano, 24-25 June 2002, p. 1.
    [62]SAINT JOHN PAUL II,Message on the Hundredth Anniversary of the Consecration of the Human Race to the Divine Heart of Jesus, Warsaw, 11 June 1999, Solemnity of the Sacred Heart of Jesus, 3:L’Osservatore Romano, 12 June 1999, p. 5.
    [63]ID.,Angelus, 8 June 1986:L’Osservatore Romano, 9-10 June 1986, p. 5
    [64]Homily, Visit to the Gemelli Hospital and to the Faculty of Medicine of the Catholic University of the Sacred Heart, 27 June 2014:L’Osservatore Romano, 29 June 2014, p. 7.
    [65]Eph1:5, 7; 2:18; 3:12.
    [66]Eph2:5, 6; 4:15.
    [67]Eph1:3, 4, 6, 7, 11, 13, 15; 2:10, 13, 21, 22; 3:6, 11, 21.
    [68]Message on the Hundredth Anniversary of the Consecration of the Human Race to the Divine Heart of Jesus, Warsaw, 11 June 1999, Solemnity of the Sacred Heart of Jesus, 2:L’Osservatore Romano, 12 June 1999, p. 5.
    [69]“Since there is in the Sacred Heart a symbol and the express image of the infinite love of Jesus Christ that moves us to love one another, it is fit and proper that we should consecrate ourselves to his most Sacred Heart – an act that is nothing else than an offering and a binding of oneself to Jesus Christ, for whatever honour, veneration and love is given to this divine Heart is really and truly given to Christ himself…And now, today, behold another blessed and heavenly token is offered to our sight – the most Sacred Heart of Jesus, with a cross rising from it and shining forth with dazzling splendour amidst flames of love.In that Sacred Heart all our hopes should be placed, and from it the salvation of men is to be confidently besought” (Encyclical LetterAnnum Sacrum[25 May 1899]: ASS 31 [1898-1899], 649, 651).
    [70]“For is not the sum of all religion and therefore the pattern of more perfect life, contained in that most auspicious sign and in the form of piety that follows from it inasmuch as it more readily leads the minds of men to an intimate knowledge of Christ our Lord, and more efficaciously moves their hearts to love him more vehemently and to imitate him more closely?”(Encyclical LetterMiserentissimus Redemptor[8 May 1928]: AAS 20 [1928], 167).
    [71]“For it is perfectly clear that this devotion, if we examine its proper nature, is a most excellent act of religion, inasmuch as it demands the full and absolute determination of surrendering and consecrating oneself to the love of the divine Redeemer whose wounded heart is the living sign and symbol of that love…In it, we can contemplate not only the symbol, but also, as it were, the synthesis of the whole mystery of our redemption…Christ expressly and repeatedly pointed to his heart as the symbol by which men are drawn to recognize and acknowledge his love, and at the same time constituted it as the sign and pledge of his mercy and his grace for the needs of the Church in our time” (Encyclical LetterHaurietis Aquas[15 May 1956], Proemium, III, IV: AAS 48 [1956], 311, 336, 340).
    [72]Catechesis, 8 June 1994, 2:L’Osservatore Romano, 9 June 1994, p. 5.
    [73]Angelus, 1 June 2008:L’Osservatore Romano, 2-3 June 2008, p. 1.
    [74]Encyclical LetterHaurietis Aquas(15 May 1956), IV: AAS 48 (1956), 344.
    [75]Cf.ibid.: AAS 48 (1956), 336.
    [76]“The value of private revelations is essentially different from that of the one public revelation: the latter demands faith…A private revelation… is a help which is proffered, but its use is not obligatory” (BENEDICT XVI, Apostolic ExhortationVerbum Domini[30 September 2010], 14: AAS 102 [2010]), 696).
    [77]Encyclical LetterHaurietis Aquas(15 May 1956), IV: AAS 48 (1956), 340.
    [78]Ibid.: AAS 48 (1956), 344.
    [79]Ibid.
    [80]Apostolic ExhortationC’est la Confiance(15 October 2023), 20:L’Osservatore Romano, 16 October 2023.
    [81]SAINT THERESE OF THE CHILD JESUS,Autobiography, Ms A, 83v°.
    [82]SAINT MARIA FAUSTINA KOWALSKA,Diary, 47 (22 February 1931),Marian Press, Stockbridge, 2011, p. 46.
    [83]Mishnah Sukkah, IV, 5, 9.
    [84]Letter to the Superior General of the Society of Jesus, Paray-le-Monial (France), 5 October 1986:L’Osservatore Romano, 7 October 1986, p. IX.
    [85]Acta Martyrum Lugdunensium, in EUSEBIUS OF CAESARIA,Historia Ecclesiastica, V, 1: PG 20, 418.
    [86]RUFINUS, V, 1, 22, in GCS,EusebiusII, 1, p. 411, 13ff.
    [87]SAINT JUSTIN,Dial.135,3: PG 6, 787
    [88]NOVATIAN,De Trinitate, 29: PL 3, 994; cf. SAINT GREGORY OF ELVIRA,Tractatus Origenis de libris Sanctarum Scripturarum, XX, 12: CSSL 69, 144.
    [89]Expl. Ps.1:33: PL 14, 983-984.
    [90]Cf.Tract. in Ioannem61, 6: PL 35, 1801.
    [91]Ep. ad Rufinum, 3, 4.3: PL 22, 334.
    [92]Sermones in Cant.61, 4: PL 183, 1072.
    [93]Expositio altera super Cantica Canticorum, c. 1: PL 180, 487.
    [94]WILLIAM OF SAINT-THIERRY,De natura et dignitate amoris, 1: PL 184, 379.
    [95]ID.,Meditivae Orationes, 8, 6: PL 180, 230.
    [96]SAINT BONAVENTURE,Lignum Vitae.De mysterio passionis, 30.
    [97]Ibid., 47.
    [98]Legatus divinae pietatis, IV, 4, 4: SCh 255, 66.
    [99]LÉON DEHON,Directoire spirituel des prêtres su Sacré Cœur de Jésus, Turnhout, 1936, II, ch. VII, n. 141.
    [100]Dialogue on Divine Providence, LXXV: FIORILLI M.-CARAMELLA S., eds., Bari, 1928, 144.
    [101]Cf., for example, ANGELUS WALZ,De veneratione divini cordis Iesu in Ordine Praedicatorum, Pontificium Institutum Angelicum, Rome, 1937.
    [102]RAFAEL GARCÍA HERREROS, Vida de San Juan Eudes, Bogotá, 1943, 42.
    [103]SAINT FRANCIS DE SALES,Letter to Jane Frances de Chantal, 24 April 1610.
    [104]Sermon forthe Second Sunday of Lent, 20 February 1622.
    [105]Letter to Jane Frances de Chantal, Solemnity of the Ascension, 1612.
    [106]Letter to Marie Aimée de Blonay, 18 February 1618.
    [107]Letter to Jane Frances de Chantal, late November 1609.
    [108]Letter to Jane Frances de Chantal, ca. 25 February 1610.
    [109]Entretien XIV, on religious simplicity and prudence.
    [110]Letter to Jane Frances de Chantal,10 June 1611.
    [111]SAINT MARGARET MARY ALACOQUE,Autobiography, n. 53.
    [112]Ibid.
    [113]Ibid., n. 55.
    [114]Cf. DICASTERY FOR THE DOCTRINE OF THE FAITH,Norms for Proceeding in the Discernment of Alleged Supernatural Phenomena, 17 May 2024, I, A, 12.
    [115]SAINT MARGARET MARY ALACOQUE,Autobiography, n. 92.
    [116]Letter to Sœur de la Barge, 22 October 1689.
    [117]Autobiography, n. 53.
    [118]Ibid., n. 55.
    [119]Sermon on Trust in God, inŒuvres du R.P de La Colombière, t. 5, Perisse, Lyon, 1854, p. 100.
    [120]Spiritual Exercises in London, 1-8 February 1677, inŒuvres du R.P de La Colombière, t. 7, Seguin, Avignon, 1832, p. 93.
    [121]Spiritual Exercises in Lyon, October-November 1674, ibid., p. 45.
    [122]SAINT CHARLES DE FOUCAULD,Letter to Madame de Bondy, 27 April 1897.
    [123]Letter to Madame de Bondy, 28 April 1901.Cf.Letter to Madame de Bondy, 5 April 1909: “Through you I came to know the adoration of the Blessed Sacrament, the benedictions and the Sacred Heart”.
    [124]Letter to Madame de Bondy, 7 April 1890.
    [125]Letter to l’Abbé Huvelin, 27 June 1892.
    [126]SAINT CHARLES DE FOUCAULD,Méditations sur l’Ancien Testament (1896-1897), XXX, 1-21.
    [127]ID.,Letter to l’Abbé Huvelin, 16 May 1900.
    [128]ID.,Diary, 17 May 1906.
    [129]Letter 67 to Mme. Guérin, 18 November 1888.
    [130]Letter 122 to Céline, 14 October 1890.
    [131]Poem 23, “To the Sacred Heart of Jesus”, June or October 1895.
    [132]Letter 247 to l’Abbé Maurice Bellière, 21 June 1897.
    [133]Last Conversations. Yellow Notebook, 11 July 1897, 6.
    [134]Letter 197 to Sister Marie of the Sacred Heart, 17 September 1896.This does not mean that Therese did not offer sacrifices, sorrows and troubles as a way of associating herself with the suffering of Christ, but that, in the end, she was concerned not to give these offerings an importance they did not have.
    [135]Letter 142 to Céline, 6 July 1893.
    [136]Letter 191 to Léonie, 12 July 1896.
    [137]Letter 226 to Father Roulland, 9 May 1897.
    [138]Letter 258 to l’Abbé Maurice Bellière, 18 July 1897.
    [139]Cf. SAINT IGNATIUS LOYOLA,Spiritual Exercises, 104.
    [140]Ibid., 297.
    [141]Cf.Letter to Ignatius Loyola, 23 January 1541.
    [142]De Vita P. Ignatii et Societatis Iesu initiis, ch. 8.96.
    [143]Spiritual Exercises, 54.
    [144]Ibid., 230ff.
    [145]THIRTY-THIRD GENERAL CONGREGATION OF THE SOCIETY OF JESUS, Decree 46, 1:Institutum Societatis Iesu, 2, Florence, 1893, 511.
    [146]In Him Alone is Our Hope. Texts on the Heart of Christ, St. Louis, 1984.
    [147]Letter to the Superior General of the Society of Jesus, Paray-le-Monial, 5 October 1986:L’Osservatore Romano, 6 October 1986, p. 7.
    [148]Conference to Priests, “Poverty”, 13 August 1655.
    [149]Conference to the Daughters of Charity, “Mortification, Correspondence, Meals and Journeys (Common Rules,art. 24-27), 9 December 1657.
    [150]SAINT DANIELE COMBONI,Gli scritti,Bologna, 1991, 998 (n. 3324).
    [151]Homily at the Mass of Canonization, 18 May 2003:L’Osservatore Romano, 19-20 May 2003, p. 6.
    [152]SAINT JOHN PAUL II, Encyclical LetterDives in Misericordia(30 November 1980), 1: AAS 72 (1980), 1219.
    [153]ID.,Catechesis, 20 June 1979:L’Osservatore Romano, 22 June 1979, 1.
    [154]COMBONIAN MISSIONARIES OF THE HEART OF JESUS,Rule of Life, 3.
    [155]SOCIETY OF THE SACRED HEART,Constitutions of 1982, 7.
    [156]Encyclical LetterMiserentissimus Redemptor(8 May 1928): AAS 20 (1928), 174.
    [157]The believer’s act of faith has as its object not simply the doctrine proposed, but also union with Christ himself in the reality of his divine life (cf. SAINT THOMAS AQUINAS,Summa Theologiae, II-II, q. 1, a. 2, ad 2; q. 4, a. 1).
    [158]PIUS XI, Encyclical LetterMiserentissimus Redemptor(8 May 1928): AAS 20 (1928), 174.
    [159]Homily at the Chrism Mass, 28 March 2024:L’Osservatore Romano, 28 March 2024, p. 2.
    [160]SAINT IGNATIUS LOYOLA,Spiritual Exercises, 203.
    [161]Homily at the Chrism Mass, 28 March 2024:L’Osservatore Romano, 28 March 2024, p. 2.
    [162]SAINT MARGARET MARY ALACOQUE,Autobiography, n. 55.
    [163]Letter 133 to Father Croiset.
    [164]Autobiography, n. 92.
    [165]Encyclical LetterAnnum Sacrum(25 May 1899): ASS 31 (1898-1899), 649.
    [166]IULIANUS IMP.,Ep. XLIX ad Arsacium Pontificem Galatiae, Mainz, 1828, 90-91.
    [167]Ibid.
    [168]DICASTERY FOR THE DOCTRINE OF THE FAITH, DeclarationDignitas Infinita(2 April 2024), 19:L’Osservatore Romano, 8 April 2024.
    [169]Cf. BENEDICT XVI,Letter to the Superior General of the Society of Jesus on the Fiftieth Anniversary of the Encyclical“Haurietis Aquas”(15 May 2006): AAS 98 (2006), 461.
    [170]In Num. homil.12, 1: PG 12, 657.
    [171]Epist. 29, 24: PL 16, 1060.
    [172]Adv.Arium1, 8: PL 8, 1044.
    [173]Tract. in Joannem32, 4: PL 35, 1643.
    [174]Expos. in Ev. S. Joannis, cap. VII, lectio 5.
    [175]PIUS XII, Encyclical LetterHaurietis Aquas, 15 May 1956: AAS 48 (1956), 321.
    [176]SAINT JOHN PAUL II, Encyclical LetterRedemptoris Mater(25 March 1987), 38: AAS 79 (1987), 411.
    [177]SECOND VATICAN ECUMENICAL COUNCIL, Dogmatic ConstitutionLumen Gentium, 62.
    [178]Ibid., 60.
    [179]Sermones super Cant.,XX, 4: PL 183, 869.
    [180]Introduction to the Devout Life, Part III, xxxv.
    [181]Sermon for the XVII Sunday after Pentecost.
    [182]Écrits spirituels, Paris 1947, 67.
    [183]After 19 March 1902, all his letters begin with the wordsJesus Caritasseparated by a heart surmounted by the cross.
    [184]Letter to l’Abbé Huvelin, 15 July 1904.
    [185]Letter to Dom Martin, 25 January 1903.
    [186]Cited in RENÉVOILLAUME, Les fraternités du Père de Foucauld, Paris, 1946, 173.
    [187]Méditations des saints Évangiles sur les passages relatifs à quinze vertus, Nazareth, 1897-1898,Charité(Mt13:3), 60.
    [188]Ibid.,Charité(Mt22:1), 90.
    [189]H. HUVELIN,Quelques directeurs d’âmes au XVII siècle, Paris, 1911, 97.
    [190]Conference, “Service of the Sick and Care of One’s own Health”, 11 November 1657.
    [191]Common Rules of the Congregation of the Mission, 17 May 1658, c. 2, 6.
    [192]Letter to the Superior General of the Society of Jesus, Paray-le-Monial, 5 October 1986:L’Osservatore Romano, 6 October 1986, p. 7.
    [193]SAINT JOHN PAUL II, Post-Synodal Apostolic ExhortationReconciliatio et Paenitentia(2 December 1984), 16: AAS 77 (1985), 215.
    [194]Cf. Encyclical LetterSollicitudo Rei Socialis(30 December 1987), 36: AAS 80 (1988), 561-562.
    [195]Encyclical LetterCentesimus Annus(1 May 1991), 41: AAS 83 (1991), 844-845.
    [196]Catechism of the Catholic Church, 1888.
    [197]Catechesis, 8 June 1994, 2:L’Osservatore Romano, 4 May 1994, p. 5.
    [198]Address to the Participants in the International Colloquium “Réparer L’Irréparable”, on the 350thAnniversary of the Apparitions of Jesus in Paray-le-Monial, 4 May 2024:L’Osservatore Romano, 4 May 2024, p. 12.
    [199]Ibid.
    [200]Homily at Morning Mass in Domus Sanctae Marthae, 6 March 2018:L’Osservatore Romano, 5-6 March 2018, p. 8.
    [201]Address to the Participants in the International Colloquium “Réparer L’Irréparable”, on the 350thAnniversary of the Apparitions of Jesus in Paray-le-Monial, 4 May 2024:L’Osservatore Romano, 4 May 2024, p. 12.
    [202]Homily at the Chrism Mass, 28 March 2024:L’Osservatore Romano, 28 March 2024, p. 2.
    [203]Ibid.
    [204]Ibid.
    [205]Encyclical LetterLaudato Si’(24 May 2015), 80: AAS 107 (2015), 879.
    [206]Catechism of the Catholic Church, No. 1085.
    [207]Ibid., No. 268.
    [208]Autobiography, n. 53.
    [209]Ms A, 84r.
    [210]Ibid.
    [211]Ibid.
    [212]Ms A, 83v.; cf.Letter 226 to Father Roulland, 9 May 1897.
    [213]Act of Oblation to Merciful Love, 9 June 1895, 2r-2v.
    [214]Ms B, 3v.
    [215]Letter 186 to Léonie,11 April 1896.
    [216]Letter 258 to l’Abbé Bellière, 18 July 1897.
    [217]Cf. PIUS XI, Encyclical LetterMiserentissimus Redemptor, 8 May 1928: AAS 20 (1928), 169.
    [218]Ibid.: AAS 20 (1928), 172.
    [219]SAINT JOHN PAUL II, Catechesis, 20 June 1979:L’Osservatore Romano, 22 June 1979, p. 1.
    [220]Homily at Mass in Domus Sanctae Marthae, 27 June 2014:L’Osservatore Romano, 28 June 2014, p. 8.
    [221]Message for the Centenary of the Consecration of the Human Race to the Divine Heart of Jesus, Warsaw, 11 June 1999, Solemnity of the Sacred Heart of Jesus.L’Osservatore Romano, 12 June 1999, p. 5.
    [222]Ibid.
    [223]Letter to the Archbishop of Lyon on the occasion of the Pilgrimage of Paray-le-Monial for the Centenary of the Consecration of the Human Race to the Divine Heart of Jesus, 4 June 1999:L’Osservatore Romano, 12 June 1999, p. 4.
    [224]Conference,“Repetition of Prayer”, 22 August 1655.
    [225]LetterDiserti interpretes(25 May 1965), 4:Enchiridion della Vita Consacrata, Bologna-Milano, 2001, n. 3809.
    [226]Vita NuovaXIX, 5-6: “I declare that, in thinking of its worth, love so sweet makes me feel that, if my courage did not fail me, I would speak out and make everyone else fall in love”.
    [227] Ms A, 45v.

    MIL OSI Europe News

  • MIL-OSI United Kingdom: Launch of new Chell Heath Family Hub provides vital early help to children and families

    Source: City of Stoke-on-Trent

    Published: Thursday, 24th October 2024

    Families in Stoke-on-Trent are benefitting from help and support from a range of city council, NHS and voluntary sector services, thanks to the continued rollout of Family Hubs in the city.

    Chell Heath Family Hub officially launches on 24 October at the site of the former Stoke North Children’s Centre, Bishop Road, Chell Heath, as part of a project being delivered with over £3.5 million of Government funding.

    Family Hubs offer bespoke advice and guidance to local communities, empowering families and offering advice, guidance and support.

    They are also an important part of the city council’s Family Matters programme, which provides families in the city with all the tips, advice and opportunities they need to thrive.

    Councillor Sarah Hill, cabinet member for children’s services, said: “It’s great news that a brand-new Family Hub is launching in Chell Heath. The vision for Family Hubs is to create easily accessible family support for everyone, in the knowledge that strong family relationships enhance the wellbeing of individuals and communities alike. 

    “We know that more early support means more children can remain with their families and fewer children need to come into care. This means every Family Hub is extra vital early help to keep children safely with their families.

    “A Family Hub means that families in the area will have access to a wider range of services and activities with the ability to drop in and link with services to support families. It’s also a new and improved centre after we’ve carried out works to the building so I’d encourage families in the area to come down on 24 October and find out what’s on offer.”

    Alongside supporting children’s educational attainment, wellbeing and life chances, the Family Hub will provide activities and groups for children and families as well as help with household budgeting, discounted food, pregnancy advice and support. Previously these services could be disjointed and hard to navigate but Family Hubs provide a single access point to support from a range of services.

    At the launch event there was:

    • A market stall event for organisations to promote their services and talk to families about how these can be accessed
    • The Bread and Butter Thing offering affordable food
    • Activities and taster sessions for children and families including:
      • Taster sessions of free universal groups we offer for families (sensory activities, babbling babies sessions, craft activities etc)
      •  Parenting courses – practitioners will be on hand to talk about the group work offer, what sessions cover, share feedback from families and explain how families can access these groups
      • Peer support groups who will speak to families about the services and support they offer
      • Outdoor activities for children and families run by partner agencies  

    Family Hubs are currently open in Tunstall, Normacot and Bentilee with other sites currently being developed. For 24/7 access to services, or for families that prefer to access online, the city council’s Digital Family Hub is available at https://familyhub.stoke.gov.uk/

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Preston’s Activation of Active Travel Project

    Source: City of Preston

    Preston City Council are seeking proposals from potential partners to deliver high-quality active travel programmes in Preston.

    These programmes are:

    About the Activation of Active Travel Commissioning Fund

    Preston City Council has £30,000 of funding to invest in active travel from Lancashire County Council’s Activation of Active Travel Fund. This fund aims to put in place soft measures to support and encourage residents to change their behaviour and use existing active travel infrastructure.  

    The funding has been divided into three projects, tailored to the needs of Preston; Supporting Cycle Commuting, Accessible cycling events and widening participation in walking.

    The application process is now open, closing on Monday 18 November. Details on each of the three active travel projects for which the council are seeking to appoint delivery partners.

    Supporting cycle commuting

    This project aims to enable residents to use cycling as a mode of transport for shorter journeys such as travelling to work or the shops.

    The project will target underrepresented or vulnerable groups in the city and will support them to develop the confidence and skills needed to commute by bike and assist with route planning and testing.

    Accessible cycling events

    This project aims to increase the accessibility of cycling for those with a disability or long-term health condition.  

    The project will involve the organisation and hosting of a range of free of charge, accessible rides using existing cycling infrastructure in Preston. These events should take place in different areas of the city to allow all residents to take part. Adapted cycles and safety equipment should be available free of charge as part of these rides so that anyone can attend. 

    Widening participation in walking

    This project aims to increase the uptake of walking for underrepresented groups in the city such as ethnic minority groups or those with a physical and/or mental health condition.

    The project will train a network of walk leaders who will then lead walks on a voluntary basis for residents, who can take part free of charge. These walks will explore different areas of the city, this will help residents to discover local amenities and build their confidence to go out on walks in these areas on their own or with friends/family in the future.

    More details on each of the three projects and the application process can be viewed on the Preston’s Activation of Active Travel project page.  

    The timeline for these programmes

    The timeline for this project is:

    • Deadline for receipt of applications – 18 November 2024 at 17:00
    • Notification of application outcomes – W/C 2 December 2024 
    • Issuing of grant agreements – W/C 16 December 2024 
    • Project delivery commences – 5 February 2025 
    • Project delivery ends – 6 February 2026 
    • Final project report – By 28 February 2026 

    Additional Information

    Preston City Council actively applies and prioritises the principles of Community Wealth Building wherever applicable and appropriate. Community Wealth Building is an approach which aims to ensure the economic system builds wealth and prosperity for everyone.

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: Report of Strategic Feasibility Study on the Development of Wetland Conservation Parks System released

    Source: Hong Kong Government special administrative region

         The report of the Strategic Feasibility Study on the Development of the Wetland Conservation Parks (WCPs) System was released today (October 24).  

         The development of a WCPs System was promulgated in the Northern Metropolis Development Strategy in 2021, with a view to conserving the Deep Bay wetlands with ecological value, and creating environmental capacity for the Northern Metropolis to achieve co-existence of conservation and development. The Strategic Feasibility Study on the Development of the WCPs System, commissioned by the Agriculture, Fisheries and Conservation Department (AFCD) in August 2022, had reviewed the ecological conditions, land use and planning matters, aquaculture activities, eco-education and recreation facilities, etc, in the proposed areas of the proposed WCPs System. The Feasibility Study also formulated recommendations on the overall implementation strategy for the development of the WCPs System, including the proposed boundaries, positioning and functions, conceptual plans and management options of the proposed Parks under the System. The consultant also collected views from the public and stakeholders on the initiative through two stages of public engagement exercises, and suitably incorporated such views.

         The Feasibility Study considered that the development of the WCPs System was feasible and worthwhile, which could effectively conserve the wetlands in the Deep Bay area and enhance their ecological value, promote the modernisation of the aquaculture industry, and provide eco-education and recreation facilities for public enjoyment. At the same time, the development of the WCPs System could also create environmental capacity for the development of the Northern Metropolis, and achieve co-existence of conservation and development.

         The Feasibility Study recommended developing the WCPs System in phases by developing the Sam Po Shue WCP first. Subsequently, by making reference to the experience of planning and establishing the Sam Po Shue WCP, further studies on the remaining proposed Parks, i.e. Hong Kong Wetland Park Expansion Area, Nam Sang Wai WCP, and Hoo Hok Wai WCP (including Sha Ling/Nam Hang area), would be reviewed in due course.

         Specific positioning and functions for each Park were recommended by the consultant based on their respective conditions, and broad zonings, including Biodiversity Zone, Eco-friendly Aquaculture Zone, Fisheries Enhancement Zone and Visitor Zone, were delineated under the conceptual plan of each Park. It was recommended that the Government oversee the overall management of the whole WCPs System, and manage the different zones within the Parks in co-operation with different parties, including non-governmental organisations, agriculture and fisheries associations, local communities, private landowners and private sector, depending on the relevant functions and operational needs. 

         A spokesman for the AFCD said that the department considered the recommendations of the report of the Feasibility Study generally acceptable, and these recommendations would be taken into consideration in the next stage when carrying out detailed studies on the investigation, design and construction of the Parks.  

         The report of the Feasibility Study is available on the AFCD website (www.afcd.gov.hk/english/conservation/con_wet/wcps_system/wcps_system.html). 

    MIL OSI Asia Pacific News

  • MIL-OSI USA: AUKUS Partners Complete Successful Tests of Autonomous and Networked Systems in Maritime Experimentation

    Source: United States Department of Defense

    In a significant development for maritime security, the United States, Australia, and the United Kingdom (AUKUS) have completed successful tests of several autonomous and networked systems during a three-week maritime experimentation called Autonomous Warrior 24 in Australia. The event was part of the Maritime Big Play (MBP) initiative and ongoing efforts to develop AUKUS Pillar II capabilities, a trilateral collaboration to improve maritime awareness through networked autonomy, decision advantage, and enhanced strike.

    The Maritime Big Play is a series of integrated trilateral experiments and exercises that are enhancing capability development, improving interoperability, and increasing the sophistication and scale of autonomous systems in the maritime domain. Australia led the Autonomous Warrior event, the signature MBP event in 2024. Other events associated with Maritime Big Play included the Robotic Experimentation and Prototyping Augmented by Maritime Unmanned Systems (REPMUS); and Technology Readiness Experimentation (T-REX).

    Through these experiments and exercises, AUKUS partners are further testing and refining the ability to jointly operate uncrewed maritime systems, share and process maritime data from all three nations, and provide real-time maritime domain awareness to support decision-making.

    “Autonomous Warrior/Maritime Big Play creates a unique opportunity for our three countries to work together, which will ultimately improve operational efficiency and allow us to work more cohesively against common threats,” said Heidi Shyu, Under Secretary of Defense for Research and Engineering. “This collaborative approach enables us to reduce acquisition, maintenance, and training cost by creating economies of scale.”

    The technologies tested during the October event support operations from deep under water to the edge of space. This included software-defined acoustic modems, multi-model autonomous underwater and surface vessels, and low-cost attritable unmanned surface vehicles. The tests also featured a low-cost gondola, which supports operations in the upper stratosphere with minimum manpower or logistics requirements, and T-200 high-altitude balloons, which provide resilient communications in denied environments from the stratosphere.

    A versatile and robust software-defined network architecture called Multi-Domain Uncrewed Secure Integrated Communications (MUSIC) was tested for its ability to enable seamless communication and coordination across diverse unmanned systems and operational environments. The Common Control System (CCS) was also featured in the exercise, built on an open architecture to provide uncrewed vehicles hardware and software that works across several different systems. This effort supports future work to create an AUKUS-wide Common Control System, fusing best elements of the three countries’ existing systems.

    “AUKUS partners have long histories of working together on defense and security issues, and have deep, enduring partnerships based on shared values, said Shyu. “By investing in novel and innovative capabilities directly aligned to AUKUS mission priorities, as well as making future advancements in emerging technologies like AI and Quantum, we support a more stable region — one where all nations are empowered to make their own sovereign decisions free from coercion — a world that centers on hope for the opportunity and prosperity of the future.”

    MIL OSI USA News

  • MIL-OSI USA: Meet the Researcher: Derek Aguiar, CoE

    Source: US State of Connecticut

    Looking at the research published by Derek Aguiar and his lab over the past few years – ranging from drug side effect prediction to modeling genetic variation to predicting the outcomes of motions submitted in legal trial proceedings – one might conclude he’s a jack of all trades. 

    Aguiar and Jonathan XIV. (Courtesy of Derek Aguiar)

    Actually, he’s a master of one: computer science (CS).

    Aguiar is an associate professor in the College of Engineering who believes there’s no limit to the potential applications of CS. He follows his own curiosity, which frequently lands him in interdisciplinary projects involving other schools and colleges at UConn or multi-institutional collaboratives. And he encourages his students to do the same. 

    “I’ve ‘adopted’ some students that specialized in other areas,” he jokes, by way of explaining the astonishing diversity of his lab’s research subject matter. 

    For his own part, Aguiar is chiefly interested in blending graph-theoretic algorithms with probabilistic machine learning approaches. These are the CS techniques he studied in his Ph.D. at Brown University and his postdoctoral scholarship at Princeton University. Combining them, he has developed new applications for genomics and genetic data to help understand complex disease. 

    Launching the Next Generation of Computer Scientists

    As a first-generation undergraduate at the University of Rhode Island, Aguiar didn’t yet realize that he wanted to pursue a career in research, or that such a thing was even possible. He graduated without lab experience (“This isn’t a good template for other people to follow,” he notes).  

    But then, while pursuing graduate studies at Brown, he realized how “beautifully” his life-long interest in CS could combine with biology. 

    “I really saw the mathematical, statistical, and algorithmic beauty in biology,” he says. “It has a long history – some very important and deep results [in biology] have come from statistics and computer science. That’s where I fell in love and became enamored with the blending of CS and biology.” 

    Now, Aguiar is dedicated to pursuing original research and mentoring students in CS. He doesn’t want any would-be computer scientists to miss the chance to conduct research in college, like he did – in fact, he’s helping them get a head start, by mentoring high schoolers from across the region. 

    Most of Aguiar’s high school mentees are from Glastonbury, where students are paired with researchers through the Advanced Research Mentorship program. A few enterprising students from other schools have also sought him out for mentorship as well. He recently worked virtually with a protege from Massachusetts who went on to enroll at UConn. 

    “They come to UConn for about two hours after their high school gets out, once a week,” Aguiar says, “and we work on CS and research projects together. Eventually, they present their research internally at their high schools, and some go on to present at the CT Science and Engineering Fair.” 

    Aguiar was also a co-organizer of the New England Computer Science Teachers Association New England conference, which was held at UConn Storrs for the first time last year. 

    From DNA to Honest Abe

    Most recently, Aguiar’s work has been supported by an NSF CAREER award; a four-year, nearly $200,000 award from the National Institutes of Health (NIH); and an award from the Horace Bushnell Memorial Hall Corporation, the foundation that operates the Bushnell Performing Arts Center in Hartford. 

    The first two awards support Aguiar’s work on genomics projects. The CAREER award will allow him to continue his work in modeling haplotypes: sets of DNA variants co-inherited along a single chromosome. Aguiar develops algorithms to help understand how these haplotypes are inherited and how they relate to complex diseases. 

    With the NIH funding, Aguiar is developing novel computational immunology programs to help determine the risk of cardiovascular disease among people with type 2 diabetes. One of the ultimate aims of this research is to enable further investigation into the casual relationship between type 2 diabetes and heart disease, a puzzle scientists have been trying to solve since the correlation was first identified. 

    With the Bushnell group, the research looks a bit different. Aguiar is working on a project that seeks to infuse a little theater and CS magic into middle school history lessons: he’s developing an AI version of Abraham Lincoln, using a large language model fed on Lincoln’s extensive body of written work and verbal addresses. 

    “The idea behind this project is to rethink how middle schoolers learn,” Aguiar says. 

    Instead of just reading or watching a documentary about Lincoln, this project will allow students to actually have a conversation with him, learning about his viewpoints and gaining a better understanding of his historical milieu. It seeks to fill a gap in middle-grade learning that Aguiar identifies as critical. 

    “Middle school students don’t really skip school – they’re always there – they’re just not very engaged,” he explains. “We’re trying to increase engagement by providing an experience in the social sciences where you don’t just read a book or listen to your teacher and then regurgitate facts. We’re trying to turn this into an experiential process where instruction is personalized for each student.” 

    What’s Next?

    Aguiar is currently collaborating with Rachel O’Neill, director of UConn’s Institute for Systems Genomics, on a project that will help identify irregular DNA formations that have been linked to increased mutation rates and cancer. 

    “DNA can actually fold into different structures, other than what’s known as B DNA – the canonical double helix structure,” he explains.  

    One of the major ways geneticists sequence DNA is through nanopore sequencing. In this process, an enzyme unzips DNA into single strands, which are then pushed through a microscopic sequencing device.  

    Aguiar and O’Neill discovered that these irregular DNA formations can impact the time it takes DNA to move through the process, since it takes longer for enzymes to disentangle these structures. 

    “We discovered that the genomic locations where these structures can form are associated with differential nanopore translocation times,” Aguiar says. “That hadn’t been done before.” 

    As he continues his career at UConn, Aguiar anticipates embarking on more exciting research across all domains.  He’ll also work to keep enacting his other central focus – supporting students, on whatever paths they choose to pursue. 

    “It’s super important that my students are well-rounded researchers, which includes being good communicators and educators,” he says. “But it’s not important for my students to follow in my footsteps – I want them all to do whatever makes them happy, and hopefully they are using what they learned in the process of earning their degrees!” 

    MIL OSI USA News

  • MIL-OSI United Kingdom: Gorton Park mural revealed to remember historical roots

    Source: City of Manchester

    A vibrant new mural has been revealed in Gorton Park to remember the history of the area and celebrate its local people.

    The artwork follows several murals already hand-painted around Manchester including Levenshulme and the Gorton and Abbey Hey areas as part of a wider project to commemorate the community and encourage engagement with art and nature.

    The mural, designed and created by Richard Preston, ​​reflects the rich history of Belle Vue and Gorton as well as the local environment and wildlife of the surrounding Gorton Park.

    The Manchester artist, also known as Hearts Mural, has described his art as paying homage to the locomotive industry featuring the Gorton Tank, wildlife at the former Belle Vue Zoological Gardens and the area’s first Monastery built in 1872.

    The street art is displayed at Hideout Youth Zone, opposite Gorton Park, who have supported the project by involving the young people at their youth centre. 

    The excited youngsters joined in with a collaborative paint pen workshop and learned essential spray can techniques to help with the finishing touches to the mural. 

    Members of Gorton’s local community were present to see the mural officially revealed including those whose family worked on the steam engines and a racer from the Speedway races. 

    Other supportive partners and sponsors have been Brewers Stockport Decorators, Rosgal, Belle Vue Aces and Gorton Monastery.

    By going to see the artworks, residents and visitors alike are able to explore and learn more about the areas, helping to foster a greater sense of appreciation for the beauty and variety of their local area.

    Lee-Ann Igbon, Executive Member for Vibrant Neighbourhoods, said: “I am thrilled to be supporting the introduction of this new mural in Gorton Park to recognise and remember the terrific contributions of its community.

    “This mural follows on from several which have been hand-painted as part of bringing vibrancy to our green spaces, learning history and harnessing a thriving community spirit.

    “I want to say a huge thank you to our brilliant partners and the young people involved who helped make this latest art installation possible which will serve as a reminder and mark the trailblazers in their community for years to come.”

    Richard Preston, a local artist, said: “It was great to be a part of this project. I got to paint the history of the area on the best community centre, in a beautiful park and it was great to see the locals enjoying it coming together.

    “It’s great to work with the young people on this; it’s very important to me to show them that choosing art as a career is possible. They did a great job and hopefully I’ll return to teach them more.

    “Art is important for mental health and inspiring people. We all use art for different reasons. I use it because I think it’s important to make people smile.”

    Corey, a young member who supported the project, said: “It was really cool getting to help spray paint the wall design. I got to learn different tricks and techniques like how to round off and complete certain areas and create bold outlines to make things stand out even more. It was a fun challenge, and I really enjoyed it.”

    MIL OSI United Kingdom

  • MIL-OSI United Nations: Secretary-General’s remarks to the 16th BRICS Summit [as delivered]

    Source: United Nations secretary general

    Excellencies, ladies and gentlemen,
     
    I am grateful to participate in the 16th BRICS Summit. 
     
    Collectively, your countries represent nearly half of the world’s population.
     
    And I salute your valuable commitment and support for international problem-solving as clearly reflected in your theme this year.
     
    But no single group and no single country can act alone or in isolation.
     
    It takes a community of nations, working as one global family, to address global challenges.
     
    Challenges like the rising number of conflicts.
     
    The devastation of climate change, pollution and biodiversity loss…
     
    Rising inequalities and lingering poverty and hunger…
     
    A debt crisis that threatens to smother plans for the future of many vulnerable countries… 
     
    The fact that fewer than one-fifth of the Sustainable Development Goals are on-track…
     
    A growing digital divide, and a lack of guardrails for artificial intelligence and other frontier technologies…
     
    And a lack of representation and voice for developing countries at global decision-making tables. From the Security Council to the Bretton-Woods institution and beyond. This must change.
     
    September’s Summit of the Future offered a roadmap for strengthening multilateralism, and advancing peace, sustainable development and human rights.
     
    I see four areas for action.
     
    First — finance.
     
    Today’s international financial system is not offering many vulnerable countries the safety net or level of support they need.
     
    The Pact for the Future calls for accelerating reform of the international financial architecture that is outdated, ineffective and unfair.
     
    And it includes a commitment to move forward with an SDG Stimulus to change the business model to substantially increase the lending capacity of Multilateral Development Banks to developing countries.
     
    To recycle more Special Drawing Rights…
     
    To restructure loans for countries drowning in debt…
     
    And to mobilize more international and domestic resources, public and private, for vital investments in developing countries.
     
    Next year’s Conference on Financing for Development and the Summit on Social Development are two milestones to carry these efforts forward.
     
    We must also recognize the importance of South-South cooperation.
     
    It doesn’t replace the commitments and obligations of developed countries.
     
    But it is providing a growing contribution to supporting developing countries in overcoming obstacles to reaching the SDGs. 
     
    Second — climate.
     
    Every country has committed to limit temperature rise to 1.5 degrees Celsius.
     
    That requires dramatic action to reduce emissions now — with the G20 in the lead.
     
    COP29 is just weeks away. 
     
    That starts the clock for countries to produce new Nationally Determined Contributions plans with 2035 targets that are aligned with the 1.5 degree goal.
     
    COP29 must deliver an ambitious and credible outcome on the new climate finance goal.
     
    Developed countries must also keep promises to double adaptation finance, and ensure meaningful contributions to the Loss and Damage Fund, which was not the case when it was created.
     
    Third — technology.
     
    Every country must be able to access the benefits of technology.
     
    The Global Digital Compact commits to enhanced global cooperation and capacity-building.
     
    It includes the first truly universal agreement on the international governance of Artificial Intelligence to give every country a seat at the AI table.
     
    It calls for an independent international Scientific Panel on AI and initiating a global dialogue on its governance within the United Nations with the participations of all countries.
     
    And it requests options for innovative financing for AI capacity-building in developing countries.
     
    And fourth — peace.
     
    We must strengthen and update the machinery of peace.
     
    This includes reforms to make the United Nations Security Council reflective of today’s world.
     
    The Pact for the Future includes important steps on disarmament — including the first multilateral agreement on nuclear disarmament in more than a decade — and steps that address the weaponization of outer space and the use of lethal autonomous weapons.
     
    Across the board, we need peace.
     
    We need peace in Gaza with an immediate cease-fire, the immediate and unconditional release of all hostages, the effective delivery of humanitarian aid without obstacles, and we need to make irreversible progress to end the occupation and establish the two state solution, as it was recently reaffirmed once again by a UN General Assembly resolution.
     
    We need peace in Lebanon with an immediate cessation of hostilities, moving to the full implementation of Security Council resolution 1701. 

    We need peace in Ukraine. A just peace in line with the UN Charter, international law and General Assembly resolutions.
     
    We need peace in Sudan, with all parties silencing their guns and committing to a path towards sustainable peace.
     
    Those were the messages I have delivered to the High-Level segment of the General Assembly in September in New York. Unfortunately, they remain valid here and now.
     
    Everywhere, we must uphold the values of the UN Charter, the rule of law, and the principles of sovereignty, territorial integrity and political independence of all States. 
     
    Excellencies, ladies and gentlemen,
     
    The Summit of the Future charted a course to strengthen multilateralism for global development and security.
     
    Now we must turn words into deeds and we believe BRICS can play a very important role in this direction.
     
    Thank you.

    MIL OSI United Nations News

  • MIL-OSI: Invesco Ltd: Form 8.3 – PRS REIT PLC/The; Opening Position Disclosure

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    OPENING POSITION DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1. KEY INFORMATION  
       
    (a) Full name of discloser: Invesco Ltd.  
    (b) Owner or controller of interests and short positions disclosed, if different from 1(a):
    The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
       
    (c) Name of offeror/offeree in relation to whose relevant securities this form relates:
    Use a separate form for each offeror/offeree
    PRS REIT plc, The  
    (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:    
    (e) Date position held/dealing undertaken:
    For an opening position disclosure, state the latest practicable date prior to the disclosure
    23.10.2024  
    (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
    If it is a cash offer or possible cash offer, state “N/A”
    N/A  
       
    2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE  
       
    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.  
    (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)  
       
    Class of relevant security: 1p ordinary GB00BF01NH51  
      Interests Short Positions  
      Number % Number %  
    (1) Relevant securities owned and/or controlled: 71,666,700 13.04      
    (2) Cash-settled derivatives:          
    (3) Stock-settled derivatives (including options) and agreements to purchase/sell:          
      Total 71,666,700 13.04      
       
       
    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

     
       
       
    (b) Rights to subscribe for new securities (including directors’ and other employee options)  
       
    Class of relevant security in relation to which subscription right exists:    
    Details, including nature of the rights concerned and relevant percentages:    
       
    3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE  
       
    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

     
    (a) Purchases and sales  
       
    Class of relevant security Purchase/sale Number of securities Price per unit  
             
             
       
    (b) Cash-settled derivative transactions  
       
    Class of relevant security Product description e.g. CFD Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities Price per unit  
               
       
    (c) Stock-settled derivative transactions (including options)
     
    (i) Writing, selling, purchasing or varying
     
    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type e.g. American, European etc. Expiry date Option money paid/ received per unit
                   
       
    (ii) Exercise  
       
    Class of relevant security Product description e.g. call option Exercising/ exercised against Number of securities Exercise price per unit  
               
       
    (d) Other dealings (including subscribing for new securities)  
                 
    Class of relevant security Nature of dealing e.g. subscription, conversion Details Price per unit (if applicable)  
             
       
    4. OTHER INFORMATION  
       
    (a) Indemnity and other dealing arrangements  
       
    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
     
    None  
       
    (b) Agreements, arrangements, or understandings relating to options or derivatives  
       
    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i) the voting rights of any relevant securities under any option; or
    (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
     
    None  
       
    (c) Attachments  
       
    Is a Supplemental Form 8 (Open Positions) attached? NO  
       
    Date of disclosure 24.10.2024  
    Contact name Philippa Holmes  
    Telephone number +441491417447  
       

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network

  • MIL-OSI: AGF Investments Announces October 2024 Cash Distributions for AGF Enhanced U.S. Equity Income Fund, AGF Total Return Bond Fund and AGF Systematic Global Infrastructure ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — AGF Investments Inc. (AGF Investments) today announced the October 2024 cash distributions for AGF Enhanced U.S. Equity Income Fund*, AGF Total Return Bond Fund* and AGF Systematic Global Infrastructure ETF, which pay monthly distributions. Unitholders of record on October 31, 2024 will receive cash distributions payable on November 6, 2024.

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

    ETF Ticker Exchange Cash Distribution Per Unit ($)
    AGF Enhanced U.S. Equity Income Fund* AENU Cboe Canada Inc. $0.138874
    AGF Total Return Bond Fund* ATRB Cboe Canada Inc. $0.123000
    AGF Systematic Global Infrastructure ETF QIF Cboe Canada Inc. $0.138692

    *AGF Enhanced U.S. Equity Income Fund and AGF Total Return Bond Fund are mutual funds with an ETF series option.

    Further information about the AGF ETFs can be found at AGF.com.

    This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $51 billion in total assets under management and fee-earning assets, AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

    AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

    Media Contact
    Amanda Marchment
    Director, Corporate Communications
    416-865-4160
    amanda.marchment@agf.com

    The MIL Network

  • MIL-OSI: TeraWulf Inc. Announces Upsize and Pricing of $425 Million Convertible Notes Offering

    Source: GlobeNewswire (MIL-OSI)

    EASTON, Md., Oct. 24, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced the upsize and pricing of its offering of $425 million aggregate principal amount of 2.75% Convertible Senior Notes due 2030 (the “Convertible Notes”). The Convertible Notes will be sold in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).

    Key Elements of the Transaction:

    • $425 million 2.75% Convertible Senior Notes offering (32.50% conversion premium)
    • Capped call transactions entered into in connection with the 2.75% Convertible Senior Notes due 2030 with an initial cap price of $12.80 per share of common stock, which represents a 100% premium to the closing sale price of TeraWulf’s common stock on October 23, 2024
    • Concurrent repurchase of approximately $115 million of common stock

    TeraWulf has granted the initial purchasers of the Convertible Notes a 13-day option to purchase up to an additional $75 million aggregate principal amount of the Convertible Notes. The offering is expected to close on October 25, 2024, subject to satisfaction of customary closing conditions. 

    Use of Proceeds:

    The Company anticipates that the aggregate net proceeds from the offering will be approximately $414.9 million (or approximately $488.1 million if the initial purchasers exercise in full their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions payable by TeraWulf. The Company intends to use approximately $51 million of the net proceeds from the offering to pay the cost of the capped call transactions (as described below), $115 million to repurchase shares of the Company’s common stock (the “common stock”), and the remainder for general corporate purposes, which may include working capital, strategic acquisitions, expansion of data center infrastructure to support HPC activities and expansion of existing assets.

    Additional Details of the Convertible Notes:

    The Convertible Notes will be senior unsecured obligations of the Company and will accrue interest at a rate of 2.75% per annum, payable semi-annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2025. The Convertible Notes will mature on February 1, 2030, unless earlier repurchased, redeemed or converted in accordance with their terms. Prior to November 1, 2029, the Convertible Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, the Convertible Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.

    The Convertible Notes will be convertible into cash in respect of the aggregate principal amount of the Convertible Notes to be converted and cash, shares of the common stock or a combination of cash and shares of the common stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted. The conversion rate will initially be 117.9245 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $8.48 per share of the common stock). The initial conversion price of the Convertible Notes represents a premium of approximately 32.50% to the $6.40 closing price per share of the common stock on The Nasdaq Capital Market on October 23, 2024. The conversion rate will be subject to adjustment in certain circumstances. In addition, upon conversion in connection with certain corporate events or a notice of redemption, the Company will increase the conversion rate.

    The Company may not redeem the Convertible Notes prior to November 6, 2027. The Company may redeem for cash all or any portion of the Convertible Notes, at its option, on or after November 6, 2027, if the last reported sale price of the common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption to holders at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

    Holders of the Convertible Notes will have the right to require the Company to repurchase all or a portion of their Convertible Notes upon the occurrence of a fundamental change (as defined in the indenture governing the Convertible Notes) at a cash repurchase price of 100% of their principal amount plus any accrued and unpaid interest, if any, to, but excluding the applicable repurchase date. 

    Capped Call Transactions:

    In connection with the pricing of the Convertible Notes, the Company entered into privately negotiated capped call transactions with certain financial institutions (the “option counterparties”). The cap price of the capped call transactions will initially be $12.80 per share of common stock, which represents a premium of 100% over the last reported sale price of the common stock of $6.40 per share on The Nasdaq Capital Market on October 23, 2024 and will be subject to customary anti-dilution adjustments. If the initial purchasers of the Convertible Notes exercise their option to purchase additional Convertible Notes, the Company expects to use a portion of the net proceeds from the sale of the additional Convertible Notes to enter into additional capped call transactions with the option counterparties.

    The capped call transactions are expected generally to reduce potential dilution to the common stock upon conversion of any Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap.

    In connection with establishing their initial hedges of the capped call transactions, the Company expects the option counterparties or their respective affiliates to purchase shares of the common stock and/or enter into various derivative transactions with respect to the common stock concurrently with or shortly after the pricing of the Convertible Notes. This activity could increase (or reduce the size of any decrease in) the market price of the common stock or the Convertible Notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common stock and/or purchasing or selling shares of the common stock or other securities of the Company in secondary market transactions following the pricing of the Convertible Notes and prior to the maturity of the Convertible Notes (and are likely to do so on each exercise date for the capped call transactions or following any termination of any portion of the capped call transactions in connection with any repurchase, redemption or early conversion of the Convertible Notes). This activity could also cause or avoid an increase or decrease in the market price of the common stock or the Convertible Notes, which could affect holders of the Convertible Notes’ ability to convert the Convertible Notes and, to the extent the activity occurs following conversion of the Convertible Notes or during any observation period related to a conversion of the Convertible Notes, it could affect the amount and value of the consideration that holders of the Convertible Notes will receive upon conversion of such Convertible Notes.

    Share Repurchases:

    The Company entered into transactions to repurchase approximately 17.97 million shares of the common stock for an aggregate purchase price of approximately $115 million from purchasers of the Convertible Notes in privately negotiated transactions effected concurrently with the pricing of the Convertible Notes, and the purchase price per share of the common stock repurchased in such transactions will equal the $6.40 closing price per share of the common stock on The Nasdaq Capital Market on October 23, 2024.

    The Convertible Notes and any shares of common stock issuable upon conversion of the Convertible Notes, if any, have not been registered under the Securities Act, securities laws of any other jurisdiction, and the Convertibles Notes and such shares of common stock may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and any applicable state securities laws. The Convertible Notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act.

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

    About TeraWulf

    TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and high-performance computing. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including nuclear and hydroelectric power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts, such as statements concerning the terms of the notes and the capped call transactions, the completion, timing and size of the offering of the notes and the capped call transactions, and the anticipated use of proceeds from the offering (including the proposed share repurchases). All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

    Investors:
    Investors@terawulf.com

    Media:
    media@terawulf.com

    The MIL Network

  • MIL-OSI: Orezone Provides Hard Rock Expansion Update for Its Bomboré Gold Mine

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Oct. 24, 2024 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone”) is pleased to provide an update on the hard rock expansion at its Bomboré Gold Mine. The hard rock expansion is forecasted to increase annual gold production to over 170,000 ounces, an approximate 50% increase from current levels, with first gold planned in Q4-2025.

    Site works are well-advanced with the plant-site area cleared and all major earthworks complete. Laydown areas have been prepared and are ready to receive construction equipment, offices, and major plant deliveries. Camp upgrades for construction supervision and teams are also now operational.

    Engineering and Procurement

    Lycopodium Minerals Canada (“Lycopodium”) was awarded the engineering and procurement contract and is ahead of schedule on both activities. Lycopodium was selected due to their successful track record of designing and constructing numerous gold plants in West Africa, including the Company’s Phase I oxide plant that is currently in operation and exceeding nameplate design.

    In terms of procurement, the Company has placed over 50% of all packages including CIL tank platework and 95% of all process equipment. This includes the purchase of a 9MW 26’ diameter SAG mill. The SAG mill is a new, pre-owned mill that was never installed and carries a full warranty by the supplier. Substantial savings in costs and schedule are being realized from the purchase of this manufactured mill. The mill shells, heads and ring gear are now being packaged for shipment later this quarter which is well ahead of schedule.

    Site Construction Activities

    The concrete installation contract was recently awarded with mobilization of the batch plant and equipment scheduled for mid-November, three months ahead of schedule.

    The tank platework supply was awarded in September, and bids for the structural steel and general platework are under evaluation and will be awarded in November.

    The main Structural, Mechanical, and Piping installation contract is expected to be awarded in Q1-2025, which again will be ahead of schedule.

    Mining Fleet and Explosives Magazine

    The first shipment of the hard rock fleet by the mining contractor, which includes new trucks and excavators, has arrived in Burkina Faso and will be transported to site in late October. This early delivery will allow for systematic training of operators well ahead of the start of hard rock mining and will facilitate more cost-effective mining of the lower transition material in the near-term. The remaining hard rock fleet will be delivered to site over the coming six to eight months.

    The explosives magazine is in the final stages of completion. Once in service, the Company will be able to purchase and store bulk explosives for mixing and preparation at site, eliminating the need for the more costly pre-mix batch deliveries. A full-service team from AECI will be on site to mix and supply the downhole explosives for blasting of transition and hard rock material.

    Patrick Downey, President & CEO stated, “I am extremely pleased with the fast progress made to date on the hard rock expansion. The team has focused on critical areas to accelerate site activities and to meet or exceed key milestones. We look forward to sharing regular updates on this important expansion.”

    Figure 1: Hard Rock Plant Area

    About Orezone Gold Corporation

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focused on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets and M&A.

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Patrick Downey
    President and Chief Executive Officer

    Vanessa Pickering
    Manager, Investor Relations

    Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
    info@orezone.com / www.orezone.com

    For further information please contact Orezone at +1 (778) 945 8977 or visit the Company’s website at www.orezone.com.

    The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

    QUALIFIED PERSONS

    Dale Tweed, P. Eng., VP Engineering and Rob Henderson, P. Eng. VP Technical Services of Orezone, are Qualified Persons under NI 43-101 and have reviewed and approved the scientific and technical information contained in this news release.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur. Forward-looking statements in this press release include, but are not limited to, statements with respect to the hard rock expansion including the increase in gold production.

    All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances.

    All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, delays caused by pandemics, terrorist or other violent attacks (including cyber security attacks), the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management discussion and analysis filed on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking statements.

    Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a33214c6-4db5-42c0-8910-83291abd3045

    The MIL Network

  • MIL-OSI: Columbia Financial, Inc. Announces Financial Results for the Third Quarter Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    FAIR LAWN, N.J., Oct. 24, 2024 (GLOBE NEWSWIRE) — Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank (“Columbia”), reported net income of $6.2 million, or $0.06 per basic and diluted share, for the quarter ended September 30, 2024, as compared to $9.1 million, or $0.09 per basic and diluted share, for the quarter ended September 30, 2023. The income for the quarter ended September 30, 2024 reflected lower net interest income, mainly due to an increase in interest expense, and higher provision for credit losses, partially offset by higher non-interest income and lower income tax expense.

    For the nine months ended September 30, 2024, the Company reported net income of $9.6 million, or $0.09 per basic and diluted share, as compared to $29.5 million, or $0.29 per basic and diluted share, for the nine months ended September 30, 2023. Earnings for the nine months ended September 30, 2024 reflected lower net interest income, mainly due to an increase in interest expense, and higher provision for credit losses, partially offset by higher non-interest income and lower income tax expense. Non-interest income for the 2023 period included a $10.8 million loss on securities transactions.

    Mr. Thomas J. Kemly, President and Chief Executive Officer commented: “The third quarter earnings have been challenged by continuing pressure on funding costs. Our net interest margin, which has increased 9 basis points since the first quarter of 2024, and our expense management, we believe, will contribute to improved earnings on a go forward basis. The Company’s balance sheet and capital remain strong. We successfully closed the merger and performed the system conversion of Freehold Bank into Columbia Bank in October 2024. This was the final step of our fourth completed merger over the last five years.”

    Results of Operations for the Three Months Ended September 30, 2024 and September 30, 2023

    Net income of $6.2 million was recorded for the quarter ended September 30, 2024, a decrease of $2.9 million, or 32.3%, compared to $9.1 million for the quarter ended September 30, 2023. The decrease in net income was primarily attributable to a $3.2 million decrease in net interest income, and a $1.7 million increase in provision for credit losses, partially offset by a $376,000 increase in non-interest income, and a $1.6 million decrease in income tax expense.

    Net interest income was $45.3 million for the quarter ended September 30, 2024, a decrease of $3.2 million, or 6.7%, from $48.5 million for the quarter ended September 30, 2023. The decrease in net interest income was primarily attributable to a $20.7 million increase in interest expense on deposits and borrowings, partially offset by a $17.5 million increase in interest income. The increase in interest income was primarily due to an increase in the average balance of total interest-earning assets coupled with an increase in average yields due to market interest rate increases that occurred throughout 2023, and adjustable rate securities and loans tied to various indexes that repriced higher in the 2024 period. The 50 basis point decrease in market rates in September 2024 did not significantly impact the 2024 period results. The increase in interest expense on deposits was driven by the 2023 rate increases and an increase in the average balance of interest-bearing deposits, coupled with the continued intense competition for deposits in the market and the repricing of existing deposits into higher cost products. The increase in interest expense on borrowings was also impacted by an increase in the average balance of borrowings and the increase in interest rates for new borrowings. Prepayment penalties, which are included in interest income on loans, totaled $171,000 for the quarter ended September 30, 2024, compared to $83,000 for the quarter ended September 30, 2023.

    The average yield on loans for the quarter ended September 30, 2024 increased 53 basis points to 5.00%, as compared to 4.47% for the quarter ended September 30, 2023, as interest income was influenced by rising interest rates and the average balance of loans. The average yield on securities for the quarter ended September 30, 2024 increased 53 basis points to 2.90%, as compared to 2.37% for the quarter ended September 30, 2023, as new securities purchased during the 2024 period were at higher rates. The average yield on other interest-earning assets for the quarter ended September 30, 2024 increased 81 basis points to 6.72%, as compared to 5.91% for the quarter ended September 30, 2023, due to the rise in average balances and interest rates paid on cash balances and an increase in the dividend rate paid on Federal Home Loan Bank stock.

    Total interest expense was $70.6 million for the quarter ended September 30, 2024, an increase of $20.7 million, or 41.6%, from $49.9 million for the quarter ended September 30, 2023. The increase in interest expense was primarily attributable to a 90 basis point increase in the average cost of interest-bearing deposits, coupled with an increase in the average balance of interest-bearing deposits, along with a 17 basis point increase in the average cost of borrowings, coupled with an increase in the average balance of borrowings. Interest expense on deposits increased $16.3 million, or 45.3%, and interest expense on borrowings increased $4.5 million, or 31.9%.

    The Company’s net interest margin for the quarter ended September 30, 2024 decreased 22 basis points to 1.84%, when compared to 2.06% for the quarter ended September 30, 2023. The weighted average yield on interest-earning assets increased 53 basis points to 4.70% for the quarter ended September 30, 2024, as compared to 4.17% for the quarter ended September 30, 2023. The average cost of interest-bearing liabilities increased 82 basis points to 3.52% for the quarter ended September 30, 2024, as compared to 2.70% for the quarter ended September 30, 2023. The increase in yields for the quarter ended September 30, 2024 was due to the impact of market interest rate increases in 2023. The net interest margin decreased for the quarter ended September 30, 2024, as the increase in the average cost of interest-bearing liabilities outweighed the increase in the average yield on interest-earning assets. The Company’s net interest margin for the quarter ended September 30, 2024 when compared to the quarter ended March 31, 2024 increased 9 basis points from 1.75% to 1.84%.

    The provision for credit losses for the quarter ended September 30, 2024 was $4.1 million, an increase of $1.7 million, from $2.4 million for the quarter ended September 30, 2023. The increase in provision for credit losses during the quarter was primarily attributable to net charge-offs totaling $2.7 million and an increase in the loan performance qualitative factors.

    Non-interest income was $9.0 million for the quarter ended September 30, 2024, an increase of $376,000, from $8.6 million for the quarter ended September 30, 2023. The increase was primarily attributable to an increase of $347,000 in demand deposit account fees, mainly related to commercial account treasury services.

    Non-interest expense was $42.8 million for the quarter ended September 30, 2024, a decrease of $76,000, from $42.9 million for the quarter ended September 30, 2023. The decrease was primarily attributable to a decrease in compensation and employee benefits expense of $1.0 million, partially offset by an increase in data processing fees of $666,000, and federal deposit insurance premiums of $317,000. The decrease in compensation and employee benefits expense was the result of workforce reduction and lower incentive compensation related to employee cost cutting strategies implemented during 2023 and 2024. Data processing and software expenses increased due to costs related to cybersecurity and technology enhancements, and federal deposit insurance premiums increased due to the 2024 quarter including an increase in a one-time special assessment charge.

    Income tax expense was $1.1 million for the quarter ended September 30, 2024, a decrease of $1.6 million, as compared to income tax expense of $2.7 million for the quarter ended September 30, 2023, mainly due to a decrease in pre-tax income. The Company’s effective tax rate was 15.5% and 22.9% for the quarters ended September 30, 2024 and 2023, respectively. The effective tax rate for the 2024 quarter was primarily impacted by permanent income tax differences.

    Results of Operations for the Nine Months Ended September 30, 2024 and September 30, 2023

    Net income of $9.6 million was recorded for the nine months ended September 30, 2024, a decrease of $19.9 million, or 67.6%, compared to $29.5 million for the nine months ended September 30, 2023. The decrease in net income was primarily attributable to a $29.0 million decrease in net interest income and a $7.9 million increase in provision for credit losses, partially offset by a $9.5 million increase in non-interest income and a $7.8 million decrease in income tax expense.

    Net interest income was $131.6 million for the nine months ended September 30, 2024, a decrease of $29.0 million, or 18.1%, from $160.5 million for the nine months ended September 30, 2023. The decrease in net interest income was primarily attributable to a $79.4 million increase in interest expense on deposits and borrowings, partially offset by a $50.4 million increase in interest income. The increase in interest income was primarily due to an increase in the average balance of total interest-earning assets coupled with an increase in average yields due to market interest rate increases that occurred throughout 2023, and adjustable rate securities and loans tied to various indexes that repriced higher in the 2024 period. The 50 basis point decrease in market rates in September 2024 did not significantly impact the 2024 period results. The increase in interest expense on deposits was driven by the 2023 rate increases and an increase in the average balance of interest-bearing deposits, coupled with the continued intense competition for deposits in the market and the repricing of existing deposits into higher cost products. The increase in interest expense on borrowings was also impacted by an increase in the average balance of borrowings and the increase in interest rates for new borrowings. Prepayment penalties, which are included in interest income on loans, totaled $875,000 for the nine months ended September 30, 2024, compared to $339,000 for the nine months ended September 30, 2023.

    The average yield on loans for the nine months ended September 30, 2024 increased 55 basis points to 4.91%, as compared to 4.36% for the nine months ended September 30, 2023, as interest income was influenced by higher interest rates and loan growth. The average yield on securities for the nine months ended September 30, 2024 increased 40 basis points to 2.82%, as compared to 2.42% for the nine months ended September 30, 2023, as a number of adjustable rate securities tied to various indexes repriced higher during the nine months, and new securities purchased during the 2024 period were at higher yields. The average yield on other interest-earning assets for the nine months ended September 30, 2024 increased 90 basis points to 6.35%, as compared to 5.45% for the nine months ended September 30, 2023, due to the rise in average balances and interest rates paid on cash balances and an increase in the dividend rate paid on Federal Home Loan Bank stock.

    Total interest expense was $206.2 million for the nine months ended September 30, 2024, an increase of $79.4 million, 62.5%, from $126.9 million for the nine months ended September 30, 2023. The increase in interest expense was primarily attributable to a 134 basis point increase in the average cost of interest-bearing deposits, coupled with an increase in the average balance of interest-bearing deposits, along with a 25 basis point increase in the average cost of borrowings, and an increase in the average balance of borrowings. Interest expense on deposits increased $68.7 million, or 84.1%, and interest expense on borrowings increased $10.6 million, or 23.6%.

    The Company’s net interest margin for the nine months ended September 30, 2024 decreased 47 basis points to 1.80%, when compared to 2.27% for the nine months ended September 30, 2023. The weighted average yield on interest-earning assets increased 55 basis points to 4.61% for the nine months ended September 30, 2024, as compared to 4.06% for the nine months ended September 30, 2023. The average cost of interest-bearing liabilities increased 118 basis points to 3.47% for the nine months ended September 30, 2024, as compared to 2.29% for the nine months ended September 30, 2023. The increase in yields for the nine months ended September 30, 2024 was due to the impact of market interest rate increases between periods. The net interest margin decreased for the nine months ended September 30, 2024, as the increase in the average cost of interest-bearing liabilities outweighed the increase in the average yield on interest-earning assets.

    The provision for credit losses for the nine months ended September 30, 2024 was $11.6 million, an increase of $7.9 million, from $3.6 million for the nine months ended September 30, 2023. The increase in provision for credit losses was primarily attributable to net charge-offs totaling $8.2 million and an increase in the loan performance qualitative factors.

    Non-interest income was $25.6 million for the nine months ended September 30, 2024, an increase of $9.5 million, from $16.1 million for the nine months ended September 30, 2023. The increase was primarily attributable to a decrease in the loss on securities transactions of $9.6 million.

    Non-interest expense was $134.7 million for the nine months ended September 30, 2024, an increase of $321,000, from $134.4 million for the nine months ended September 30, 2023. The increase was primarily attributable to an increase in federal deposit insurance premiums of $2.1 million, due to the 2024 period including an increase in a one-time special assessment charge. In addition, there was an increase in professional fees of $4.9 million, an increase in data processing and software expenses of $1.1 million, an increase in merger-related expense of $457,000, and an increase in other non-interest expense of $1.2 million, partially offset by a decrease in compensation and employee benefits expense of $9.5 million. Professional fees included an increase in legal, regulatory and compliance-related costs while data processing and software expenses increased due to costs related to cybersecurity and technology enhancements. The decrease in compensation and employee benefits expense was the result of workforce reduction and lower incentive compensation related to employee cost cutting strategies implemented during 2023 and 2024.

    Income tax expense was $1.3 million for the nine months ended September 30, 2024, a decrease of $7.8 million, as compared to income tax expense of $9.1 million for the nine months ended September 30, 2023, mainly due to a decrease in pre-tax income. The Company’s effective tax rate was 11.8% and 23.6% for the nine months ended September 30, 2024 and 2023, respectively. The effective tax rate for the 2024 period was also impacted by permanent income tax differences.

    Balance Sheet Summary

    Total assets increased $40.9 million, or 0.4%, to $10.7 billion at September 30, 2024 as compared to $10.6 billion at December 31, 2023. The increase in total assets was primarily attributable to an increase in debt securities available for sale of $178.9 million, and an increase in other assets of $21.3 million, partially offset by a decrease in cash and cash equivalents of $139.7 million, and a decrease in loans receivable, net, of $20.7 million.

    Cash and cash equivalents decreased $139.7 million, or 33.0%, to $283.5 million at September 30, 2024 from $423.2 million at December 31, 2023. The decrease was primarily attributable to purchases of securities of $283.5 million and repurchases of common stock under our stock repurchase program of $5.9 million, partially offset by proceeds from principal repayments on securities of $119.3 million, and repayments on loans receivable.

    Debt securities available for sale increased $178.9 million, or 16.4%, to $1.3 billion at September 30, 2024 from $1.1 billion at December 31, 2023. The increase was attributable to the purchases of debt securities available for sale of $266.9 million, consisting primarily of U.S. government obligations and mortgage-backed securities, and a decrease in gross unrealized losses on securities of $34.3 million, partially offset by repayments on securities of $107.8 million, maturities of securities of $10.0 million, and the sale of one corporate debt security with a carrying value of $4.8 million, resulting in a loss of $1.3 million.

    Loans receivable, net, decreased $20.7 million, or 0.3%, with a balance of $7.8 billion at both September 30, 2024 and December 31, 2023. One-to-four family real estate loans, multifamily loans, commercial real estate loans, and home equity loans and advances decreased $55.6 million, $10.2 million, $64.3 million, and $5.6 million, respectively, partially offset by increases in construction loans of $67.3 million and commercial business loans of $53.4 million. The allowance for credit losses for loans increased $3.4 million to $58.5 million at September 30, 2024 from $55.1 million at December 31, 2023.

    Other assets increased $21.3 million or 6.9%, to $329.7 million at September 30, 2024 compared to $308.4 million at December 31, 2023, primarily due to a $10.4 million increase in the Company’s pension plan balance, as the return on plan assets outpaced the growth in the plan’s obligations and a $12.6 million increase in the Company’s collateral posting with certain of its derivative counterparties.

    Total liabilities increased $2.1 million, or 0.02%, totaling $9.6 billion at both September 30, 2024 and December 31, 2023. The increase was primarily attributable to an increase in total deposits of $111.5 million, or 1.4%, partially offset by a decrease in borrowings of $108.1 million, or 7.1%. The increase in total deposits primarily consisted of an increase in certificates of deposit and interest-bearing demand deposits of $195.7 million, and $13.8 million, respectively, partially offset by decreases in non-interest-bearing demand deposits, money market accounts, and savings and club accounts of $31.2 million, $16.3 million, and $50.5 million, respectively. The Bank has priced select certificates of deposit accounts very competitively to the market to attract new customers. The $108.1 million decrease in borrowings was primarily driven by a net decrease in short-term borrowings of $167.8 million and repayments of $175.5 million in maturing long-term borrowings, partially offset by an increase in long-term borrowings of $235.2 million.

    Total stockholders’ equity increased $38.8 million, or 3.7%, to $1.1 billion at September 30, 2024 as compared to $1.0 billion at December 31, 2023. The increase in total stockholders’ equity was primarily attributable to net income of $9.6 million, a $5.5 million increase in stock based compensation and an increase of $27.7 million in other comprehensive income, which includes changes in unrealized losses on debt securities available for sale and unrealized gains on swap contracts, net of taxes, included in other comprehensive income. These increases were partially offset by the repurchase of 365,116 shares of common stock at a cost of approximately $5.9 million, or $16.14 per share, under our stock repurchase program. Repurchases have been paused in order to retain capital.

    Asset Quality

    The Company’s non-performing loans at September 30, 2024 totaled $28.0 million, or 0.36% of total gross loans, as compared to $12.6 million, or 0.16% of total gross loans, at December 31, 2023. The $15.4 million increase in non-performing loans was primarily attributable to an increase in non-performing one-to-four family real estate loans of $4.2 million, an increase in non-performing commercial real estate loans of $6.7 million, and an increase in non-performing commercial business loans of $4.5 million. One borrower with an outstanding $5.7 million commercial real estate loan and a related $3.5 million commercial business loan was placed on non-accrual status, representing approximately 60% of the increase in non-performing loans during the 2024 period. This borrower is a healthcare facility that was acquired by another healthcare provider in 2024. The acquiring entity has strong cash flow, has guaranteed the commercial business loan and has provided cash collateral. The Company has the first lien on the healthcare facility which has a 2024 appraised value of approximately $18.5 million along with additional collateral. One commercial real estate loan for $2.0 million secured by a medical condominium was transferred to other real estate owned in May 2024, and a related commercial business loan to the same borrower for $54,000 was charged-off during the nine months ended September 30, 2024.

    The increase in non-performing one-to-four family real estate loans was due to an increase in the number of loans from 17 non-performing loans at December 31, 2023 to 27 loans at September 30, 2024. Non-performing assets as a percentage of total assets totaled 0.28% and 0.12% at September 30, 2024 and December 31, 2023, respectively.

    For the quarter ended September 30, 2024, net charge-offs totaled $2.7 million, as compared to $1.7 million in net charge-offs recorded for the quarter ended September 30, 2023. For the nine months ended September 30, 2024, net charge-offs totaled $8.2 million, as compared to $2.3 million in net charge-offs recorded for the nine months ended September 30, 2023. Net charge-offs recorded for the nine months ended September 30, 2024 included charge-offs related to 15 commercial business loans totaling $7.7 million. The majority of these loans have continued making monthly payments, and management expects additional recoveries from these borrowers on a go forward basis.

    The Company’s allowance for credit losses on loans was $58.5 million, or 0.75% of total gross loans, at September 30, 2024, compared to $55.1 million, or 0.70% of total gross loans, at December 31, 2023.

    Additional Liquidity, Loan, and Deposit Information

    The Company services a diverse retail and commercial deposit base through its 68 branches. With approximately 215,000 accounts, the average deposit account balance was approximately $37,000 at September 30, 2024.

    Deposit balances are summarized as follows:

      At September 30, 2024   At June 30, 2024
      Balance   Weighted
    Average
    Rate
      Balance   Weighted
    Average
    Rate
      (Dollars in thousands)
                   
    Non-interest-bearing demand $ 1,406,152       %   $ 1,405,441       %
    Interest-bearing demand   1,980,298       2.41       1,904,483       2.37  
    Money market accounts   1,239,204       2.92       1,246,663       3.17  
    Savings and club deposits   649,858       0.79       673,031       0.83  
    Certificates of deposit   2,682,547       4.45       2,551,929       4.34  
    Total deposits $ 7,958,059       2.62 %   $ 7,781,547       2.56 %
                                   

    The Company continues to maintain strong liquidity and capital positions. The Company had no outstanding borrowings from the Federal Reserve Discount Window at September 30, 2024. As of September 30, 2024, the Company had immediate access to approximately $2.6 billion of funding, with additional unpledged loan collateral in excess of $1.8 billion.

    At September 30, 2024, the Company’s non-performing commercial real estate loans totaled $9.4 million, or 0.12%, of the total loans receivable loan portfolio balance.

    The following table presents multifamily real estate, owner occupied commercial real estate, and the components of investor owned commercial real estate loans included in the real estate loan portfolio.

      At September 30, 2024
      (Dollars in thousands)
      Balance   % of Gross Loans   Weighted Average
    Loan to Value Ratio
      Weighted
    Average
    Debt Service
    Coverage

    Multifamily Real Estate $ 1,399,000       17.8 %     61.0 %     1.62 x
                       
    Owner Occupied Commercial Real Estate $ 683,523       8.7 %     53.6 %     2.10 x
                       
    Investor Owned Commercial Real Estate:                  
    Retail / Shopping centers $ 484,121       6.2 %     51.7 %     1.59 x
    Mixed Use   211,853       2.7       58.1       1.61  
    Industrial / Warehouse   389,470       5.0       54.9       1.70  
    Non-Medical Office   197,768       2.5       54.2       1.64  
    Medical Office   126,947       1.6       57.9       1.50  
    Single Purpose   94,497       1.2       54.5       3.23  
    Other   124,580       1.6       52.0       1.67  
    Total $ 1,629,236       20.7 %     54.3 %     1.72 x
                       
    Total Multifamily and Commercial Real Estate Loans $ 3,711,759       47.2 %     56.7 %     1.75 x
                                   

    As of September 30, 2024, the Company had less than $1.0 million in loan exposure to office or rent stabilized multifamily loans in New York City.

    About Columbia Financial, Inc.

    The consolidated financial results include the accounts of Columbia Financial, Inc., its wholly-owned subsidiary Columbia Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries. Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank’s mid-tier stock holding company. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 68 full-service banking offices and offers traditional financial services to consumers and businesses in its market area.

    Forward Looking Statements

    Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “projects,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates, higher inflation and their impact on national and local economic conditions; changes in monetary and fiscal policies of the U.S. Treasury, the Board of Governors of the Federal Reserve System and other governmental entities; the impact of legal, judicial and regulatory proceedings or investigations, competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect a borrowers’ ability to service and repay the Company’s loans; the effect of acts of terrorism, war or pandemics,, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; changes in the value of securities in the Company’s portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and securities; legislative changes and changes in government regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s consolidated financial statements will become impaired; cyber-attacks, computer viruses and other technological risks that may breach the security of our systems and allow unauthorized access to confidential information; the inability of third party service providers to perform; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits and effectively manage liquidity; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that the Company may not be successful in the implementation of its business strategy, or its integration of acquired financial institutions and businesses, and changes in assumptions used in making such forward-looking statements which are subject to numerous risks and uncertainties, including but not limited to, those set forth in Item 1A of the Company’s Annual Report on Form 10-K and those set forth in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

    Non-GAAP Financial Measures

    Reported amounts are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release also contains certain supplemental non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. Specifically, the Company provides measures based on what it believes are its operating earnings on a consistent basis and excludes material non-routine operating items which affect the GAAP reporting of results of operations. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s core financial results for the periods presented. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

    The Company also provides measurements and ratios based on tangible stockholders’ equity. These measures are commonly utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors.

    A reconciliation of GAAP to non-GAAP financial measures are included at the end of this press release. See “Reconciliation of GAAP to Non-GAAP Financial Measures”.

           
    COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
    Consolidated Statements of Financial Condition
    (In thousands)
           
      September 30,   December 31,
      2024
      2023
    Assets (Unaudited)    
    Cash and due from banks $ 283,391     $ 423,140  
    Short-term investments   110       109  
    Total cash and cash equivalents   283,501       423,249  
           
    Debt securities available for sale, at fair value   1,272,464       1,093,557  
    Debt securities held to maturity, at amortized cost (fair value of $367,559, and $357,177 at September 30, 2024 and December 31, 2023, respectively)   401,331       401,154  
    Equity securities, at fair value   4,504       4,079  
    Federal Home Loan Bank stock   75,847       81,022  
           
    Loans receivable   7,857,190       7,874,537  
    Less: allowance for credit losses   58,495       55,096  
    Loans receivable, net   7,798,695       7,819,441  
           
    Accrued interest receivable   41,659       39,345  
    Office properties and equipment, net   82,248       83,577  
    Bank-owned life insurance   272,970       268,362  
    Goodwill and intangible assets   121,569       123,350  
    Other real estate owned   1,974        
    Other assets   329,741       308,432  
    Total assets $ 10,686,503     $ 10,645,568  
           
    Liabilities and Stockholders’ Equity      
    Liabilities:      
    Deposits $ 7,958,059     $ 7,846,556  
    Borrowings   1,420,640       1,528,695  
    Advance payments by borrowers for taxes and insurance   42,793       43,509  
    Accrued expenses and other liabilities   185,861       186,473  
    Total liabilities   9,607,353       9,605,233  
           
    Stockholders’ equity:      
    Total stockholders’ equity   1,079,150       1,040,335  
    Total liabilities and stockholders’ equity $ 10,686,503     $ 10,645,568  
                   
    COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
    Consolidated Statements of Income
    (In thousands, except per share data)
           
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
      2024   2023   2024   2023
    Interest income: (Unaudited)   (Unaudited)
    Loans receivable $ 97,863     $ 87,548     $ 286,064     $ 252,026  
    Debt securities available for sale and equity securities   9,592       6,147       26,618       21,043  
    Debt securities held to maturity   2,616       2,434       7,487       7,338  
    Federal funds and interest-earning deposits   3,850       747       11,872       3,360  
    Federal Home Loan Bank stock dividends   1,966       1,529       5,759       3,661  
    Total interest income   115,887       98,405       337,800       287,428  
    Interest expense:              
    Deposits   52,196       35,918       150,440       81,733  
    Borrowings   18,416       13,965       55,805       45,158  
    Total interest expense   70,612       49,883       206,245       126,891  
                   
    Net interest income   45,275       48,522       131,555       160,537  
                   
    Provision for credit losses   4,103       2,379       11,575       3,632  
                   
    Net interest income after provision for credit losses   41,172       46,143       119,980       156,905  
                   
    Non-interest income:              
    Demand deposit account fees   1,695       1,348       4,698       3,815  
    Bank-owned life insurance   1,669       2,014       5,253       5,670  
    Title insurance fees   688       629       1,935       1,840  
    Loan fees and service charges   951       969       3,290       3,366  
    Loss on securities transactions               (1,256 )     (10,847 )
    Change in fair value of equity securities   (27 )     (81 )     425       249  
    Gain on sale of loans   459       397       825       1,060  
    Other non-interest income   3,543       3,326       10,440       10,977  
    Total non-interest income   8,978       8,602       25,610       16,130  
                   
    Non-interest expense:              
    Compensation and employee benefits   27,738       28,765       82,910       92,383  
    Occupancy   5,594       5,845       17,621       17,337  
    Federal deposit insurance premiums   1,518       1,201       5,752       3,624  
    Advertising   766       834       2,053       2,307  
    Professional fees   2,454       2,490       11,597       6,741  
    Data processing and software expenses   4,125       3,459       12,006       10,885  
    Merger-related expenses   23       14       737       280  
    Other non-interest expense, net   616       302       2,063       861  
    Total non-interest expense   42,834       42,910       134,739       134,418  
                   
    Income before income tax expense   7,316       11,835       10,851       38,617  
                   
    Income tax expense   1,131       2,705       1,281       9,100  
                   
    Net income $ 6,185     $ 9,130     $ 9,570     $ 29,517  
                   
    Earnings per share-basic $ 0.06     $ 0.09     $ 0.09     $ 0.29  
    Earnings per share-diluted $ 0.06     $ 0.09     $ 0.09     $ 0.29  
    Weighted average shares outstanding-basic   101,623,160       101,968,294       101,673,619       102,993,215  
    Weighted average shares outstanding-diluted   101,832,048       102,097,491       101,813,253       103,257,616  
                                   
    COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
    Average Balances/Yields
       
      For the Three Months Ended September 30,
      2024   2023
      Average
    Balance
      Interest
    and
    Dividends
      Yield / Cost   Average
    Balance
      Interest
    and
    Dividends
      Yield / Cost
      (Dollars in thousands)
    Interest-earnings assets:                      
    Loans $ 7,791,131     $ 97,863       5.00 %   $ 7,763,368     $ 87,548       4.47 %
    Securities   1,676,781       12,208       2.90 %     1,437,944       8,581       2.37 %
    Other interest-earning assets   344,560       5,816       6.72 %     152,900       2,276       5.91 %
    Total interest-earning assets   9,812,472       115,887       4.70 %     9,354,212       98,405       4.17 %
    Non-interest-earning assets   870,155               844,884          
    Total assets $ 10,682,627             $ 10,199,096          
                           
    Interest-bearing liabilities:                      
    Interest-bearing demand $ 1,970,444     $ 14,581       2.94 %   $ 2,054,464     $ 10,274       1.98 %
    Money market accounts   1,250,676       8,256       2.63 %     1,049,277       7,763       2.94 %
    Savings and club deposits   658,628       1,313       0.79 %     758,999       691       0.36 %
    Certificates of deposit   2,589,190       28,046       4.31 %     2,296,573       17,190       2.97 %
    Total interest-bearing deposits   6,468,938       52,196       3.21 %     6,159,313       35,918       2.31 %
    FHLB advances   1,497,580       18,249       4.85 %     1,142,484       13,508       4.69 %
    Notes payable               %     29,925       297       3.94 %
    Junior subordinated debentures   7,028       164       9.28 %     7,315       160       8.68 %
    Other borrowings   217       3       5.50 %                 %
    Total borrowings   1,504,825       18,416       4.87 %     1,179,724       13,965       4.70 %
    Total interest-bearing liabilities   7,973,763     $ 70,612       3.52 %     7,339,037     $ 49,883       2.70 %
                           
    Non-interest-bearing liabilities:                      
    Non-interest-bearing deposits   1,411,622               1,498,726          
    Other non-interest-bearing liabilities   235,990               241,463          
    Total liabilities   9,621,375               9,079,226          
    Total stockholders’ equity   1,061,252               1,119,870          
    Total liabilities and stockholders’ equity $ 10,682,627             $ 10,199,096          
                           
    Net interest income     $ 45,275             $ 48,522      
    Interest rate spread           1.18 %             1.47 %
    Net interest-earning assets $ 1,838,709             $ 2,015,175          
    Net interest margin           1.84 %             2.06 %
    Ratio of interest-earning assets to interest-bearing liabilities   123.06 %             127.46 %        
                                   
    COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
    Average Balances/Yields
       
      For the Nine Months Ended September 30,
      2024   2023
      Average
    Balance
      Interest
    and
    Dividends
      Yield / Cost   Average
    Balance
      Interest
    and
    Dividends
      Yield / Cost
      (Dollars in thousands)
    Interest-earnings assets:                      
    Loans $ 7,789,356     $ 286,064       4.91 %   $ 7,725,121     $ 252,026       4.36 %
    Securities   1,618,319       34,105       2.82 %     1,569,999       28,381       2.42 %
    Other interest-earning assets   370,749       17,631       6.35 %     172,151       7,021       5.45 %
    Total interest-earning assets   9,778,424       337,800       4.61 %     9,467,271       287,428       4.06 %
    Non-interest-earning assets   864,036               835,459          
    Total assets $ 10,642,460             $ 10,302,730          
                           
    Interest-bearing liabilities:                      
    Interest-bearing demand $ 1,972,520     $ 41,673       2.82 %   $ 2,244,978     $ 25,465       1.52 %
    Money market accounts   1,235,520       25,349       2.74 %     894,520       15,334       2.29 %
    Savings and club deposits   673,930       3,920       0.78 %     819,804       1,384       0.23 %
    Certificates of deposit   2,550,634       79,498       4.16 %     2,165,778       39,550       2.44 %
    Total interest-bearing deposits   6,432,604       150,440       3.12 %     6,125,080       81,733       1.78 %
    FHLB advances   1,507,045       55,316       4.90 %     1,254,637       43,806       4.67 %
    Notes payable               %     30,148       895       3.97 %
    Junior subordinated debentures   7,023       486       9.24 %     7,377       457       8.28 %
    Other borrowings   73       3       5.49 %                 %
    Total borrowings   1,514,141       55,805       4.92 %     1,292,162       45,158       4.67 %
    Total interest-bearing liabilities   7,946,745     $ 206,245       3.47 %     7,417,242     $ 126,891       2.29 %
                           
    Non-interest-bearing liabilities:                      
    Non-interest-bearing deposits   1,406,666               1,572,497          
    Other non-interest-bearing liabilities   243,848               225,629          
    Total liabilities   9,597,259               9,215,368          
    Total stockholders’ equity   1,045,201               1,087,362          
    Total liabilities and stockholders’ equity $ 10,642,460             $ 10,302,730          
                           
    Net interest income     $ 131,555             $ 160,537      
    Interest rate spread           1.15 %             1.77 %
    Net interest-earning assets $ 1,831,679             $ 2,050,029          
    Net interest margin           1.80 %             2.27 %
    Ratio of interest-earning assets to interest-bearing liabilities   123.05 %             127.64 %        
                                   
    COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
    Components of Net Interest Rate Spread and Margin
       
      Average Yields/Costs by Quarter
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Yield on interest-earning assets:                  
    Loans   5.00 %     4.93 %     4.79 %     4.66 %     4.47 %
    Securities   2.90       2.89       2.65       2.58       2.37  
    Other interest-earning assets   6.72       6.30       6.06       5.64       5.91  
    Total interest-earning assets   4.70 %     4.64 %     4.50 %     4.39 %     4.17 %
                       
    Cost of interest-bearing liabilities:                  
    Total interest-bearing deposits   3.21 %     3.14 %     3.02 %     2.76 %     2.31 %
    Total borrowings   4.87       4.92       4.98       4.96       4.70  
    Total interest-bearing liabilities   3.52 %     3.49 %     3.38 %     3.18 %     2.70 %
                       
    Interest rate spread   1.18 %     1.15 %     1.12 %     1.21 %     1.47 %
    Net interest margin   1.84 %     1.81 %     1.75 %     1.85 %     2.06 %
                       
    Ratio of interest-earning assets to interest-bearing liabilities   123.06 %     123.03 %     123.06 %     125.32 %     127.46 %
                                           
    COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
    Selected Financial Highlights
       
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    SELECTED FINANCIAL RATIOS (1):                  
    Return on average assets   0.23 %     0.17 %     (0.04 )%     0.25 %     0.36 %
    Core return on average assets   0.23 %     0.20 %     0.02 %     0.38 %     0.36 %
    Return on average equity   2.32 %     1.77 %     (0.45 )%     2.31 %     3.23 %
    Core return on average equity   2.29 %     2.06 %     0.18 %     3.55 %     3.24 %
    Core return on average tangible equity   2.58 %     2.34 %     0.20 %     3.99 %     3.64 %
    Interest rate spread   1.18 %     1.15 %     1.12 %     1.21 %     1.47 %
    Net interest margin   1.84 %     1.81 %     1.75 %     1.85 %     2.06 %
    Non-interest income to average assets   0.33 %     0.35 %     0.28 %     0.42 %     0.33 %
    Non-interest expense to average assets   1.60 %     1.74 %     1.74 %     1.80 %     1.67 %
    Efficiency ratio   78.95 %     86.83 %     91.96 %     84.82 %     75.12 %
    Core efficiency ratio   79.14 %     85.34 %     88.39 %     76.93 %     75.09 %
    Average interest-earning assets to average interest-bearing liabilities   123.06 %     123.03 %     123.06 %     125.32 %     127.46 %
    Net charge-offs to average outstanding loans   0.14 %     0.03 %     0.26 %     0.01 %     0.09 %
                       
    (1) Ratios are annualized when appropriate.
     
    ASSET QUALITY DATA:  
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
      (Dollars in thousands)
                       
    Non-accrual loans $ 28,014     $ 25,281     $ 22,935     $ 12,618     $ 15,150  
    90+ and still accruing                            
    Non-performing loans   28,014       25,281       22,935       12,618       15,150  
    Real estate owned   1,974       1,974                    
    Total non-performing assets $ 29,988     $ 27,255     $ 22,935     $ 12,618     $ 15,150  
                       
    Non-performing loans to total gross loans   0.36 %     0.33 %     0.30 %     0.16 %     0.19 %
    Non-performing assets to total assets   0.28 %     0.25 %     0.22 %     0.12 %     0.15 %
    Allowance for credit losses on loans (“ACL”) $ 58,495     $ 57,062     $ 55,401     $ 55,096     $ 54,113  
    ACL to total non-performing loans   208.81 %     225.71 %     241.56 %     436.65 %     357.18 %
    ACL to gross loans   0.75 %     0.73 %     0.71 %     0.70 %     0.69 %
                                           
    LOAN DATA:  
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
      (In thousands)
    Real estate loans:          
    One-to-four family $ 2,737,190     $ 2,764,177     $ 2,778,932     $ 2,792,833     $ 2,791,939  
    Multifamily   1,399,000       1,409,316       1,429,369       1,409,187       1,417,233  
    Commercial real estate   2,312,759       2,316,252       2,318,178       2,377,077       2,374,488  
    Construction   510,439       462,880       437,566       443,094       390,940  
    Commercial business loans   586,447       554,768       538,260       533,041       546,750  
    Consumer loans:                  
    Home equity loans and advances   261,041       260,427       260,786       266,632       267,016  
    Other consumer loans   2,877       2,689       2,601       2,801       2,586  
    Total gross loans   7,809,753       7,770,509       7,765,692       7,824,665       7,790,952  
    Purchased credit deteriorated loans   11,795       12,150       14,945       15,089       15,228  
    Net deferred loan costs, fees and purchased premiums and discounts   35,642       36,352       34,992       34,783       34,360  
    Allowance for credit losses   (58,495 )     (57,062 )     (55,401 )     (55,096 )     (54,113 )
    Loans receivable, net $ 7,798,695     $ 7,761,949     $ 7,760,228     $ 7,819,441     $ 7,786,427  
                                           
    CAPITAL RATIOS:      
      September 30,   December 31,
      2024 (1)   2023
    Company:      
    Total capital (to risk-weighted assets)   14.37 %     14.08 %
    Tier 1 capital (to risk-weighted assets)   13.59 %     13.32 %
    Common equity tier 1 capital (to risk-weighted assets)   13.50 %     13.23 %
    Tier 1 capital (to adjusted total assets)   10.16 %     10.04 %
           
    Columbia Bank:      
    Total capital (to risk-weighted assets)   14.44 %     14.02 %
    Tier 1 capital (to risk-weighted assets)   13.61 %     13.22 %
    Common equity tier 1 capital (to risk-weighted assets)   13.61 %     13.22 %
    Tier 1 capital (to adjusted total assets)   9.62 %     9.48 %
           
    Freehold Bank:      
    Total capital (to risk-weighted assets)   25.98 %     22.49 %
    Tier 1 capital (to risk-weighted assets)   25.41 %     21.81 %
    Common equity tier 1 capital (to risk-weighted assets)   25.41 %     21.81 %
    Tier 1 capital (to adjusted total assets)   16.63 %     15.27 %
           
    (1) Estimated ratios at September 30, 2024
           
    Reconciliation of GAAP to Non-GAAP Financial Measures
           
    Book and Tangible Book Value per Share
      September 30,   December 31,
      2024   2023
      (Dollars in thousands)
       
    Total stockholders’ equity $ 1,079,150     $ 1,040,335  
    Less: goodwill   (110,715 )     (110,715 )
    Less: core deposit intangible   (9,496 )     (11,155 )
    Total tangible stockholders’ equity $ 958,939     $ 918,465  
           
    Shares outstanding   104,725,436       104,918,905  
           
    Book value per share $ 10.30     $ 9.92  
    Tangible book value per share $ 9.16     $ 8.75  
                   
    Reconciliation of Core Net Income              
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
      2024   2023
      2024
      2023
      (In thousands)
                   
    Net income $ 6,185     $ 9,130     $ 9,570     $ 29,517  
    Add: loss on securities transactions, net of tax               1,130       9,249  
    Less/add: FDIC special assessment, net of tax   (107 )           385        
    Add: severance expense from reduction in workforce, net of tax               67       1,390  
    Add: merger-related expenses, net of tax   19       11       691       241  
    Add: litigation expenses, net of tax                     262  
    Core net income $ 6,097     $ 9,141     $ 11,843     $ 40,659  
                                   
    Return on Average Assets              
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
      2024   2023   2024   2023
      (Dollars in thousands)
                   
    Net income $ 6,185     $ 9,130     $ 9,570     $ 29,517  
                   
    Average assets $ 10,682,627     $ 10,199,096     $ 10,642,460     $ 10,302,730  
                   
    Return on average assets   0.23 %     0.36 %     0.12 %     0.38 %
                   
    Core net income $ 6,097     $ 9,141     $ 11,843     $ 40,659  
                   
    Core return on average assets   0.23 %     0.36 %     0.15 %     0.53 %
                                   
    Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
                   
    Return on Average Equity              
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
      2024   2023   2024   2023
      (Dollars in thousands)
                   
    Total average stockholders’ equity $ 1,061,252     $ 1,119,870     $ 1,045,201     $ 1,087,362  
    Add: loss on securities transactions, net of tax               1,130       9,249  
    Less/add: FDIC special assessment, net of tax   (107 )           385        
    Add: severance expense from reduction in workforce, net of tax               67       1,390  
    Add: merger-related expenses, net of tax   19       11       691       241  
    Add: litigation expenses, net of tax                     262  
    Core average stockholders’ equity $ 1,061,164     $ 1,119,881     $ 1,047,474     $ 1,098,504  
                   
    Return on average equity   2.32 %     3.23 %     1.22 %     3.63 %
                   
    Core return on core average equity   2.29 %     3.24 %     1.51 %     4.95 %
                                   
    Return on Average Tangible Equity        
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
      2024   2023   2024   2023
      (Dollars in thousands)
                   
    Total average stockholders’ equity $ 1,061,252     $ 1,119,870     $ 1,045,201     $ 1,087,362  
    Less: average goodwill   (110,715 )     (110,715 )     (110,715 )     (110,715 )
    Less: average core deposit intangible   (9,842 )     (12,109 )     (10,391 )     (12,989 )
    Total average tangible stockholders’ equity $ 940,695     $ 997,046     $ 924,095     $ 963,658  
                   
    Core return on average tangible equity   2.58 %     3.64 %     1.71 %     5.64 %
                                   
    Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
                   
    Efficiency Ratios              
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
      2024   2023   2024   2023
      (Dollars in thousands)
                   
    Net interest income $ 45,275     $ 48,522     $ 131,555     $ 160,537  
    Non-interest income   8,978       8,602       25,610       16,130  
    Total income $ 54,253     $ 57,124     $ 157,165     $ 176,667  
                   
    Non-interest expense $ 42,834     $ 42,910     $ 134,739     $ 134,418  
                   
    Efficiency ratio   78.95 %     75.12 %     85.73 %     76.09 %
                   
    Non-interest income $ 8,978     $ 8,602     $ 25,610     $ 16,130  
    Add: loss on securities transactions               1,256       10,847  
    Core non-interest income $ 8,978     $ 8,602     $ 26,866     $ 26,977  
                   
    Non-interest expense $ 42,834     $ 42,910     $ 134,739     $ 134,418  
    Add/less: FDIC special assessment, net   126             (439 )      
    Less: severance expense from reduction in workforce               (74 )     (1,605 )
    Less: merger-related expenses   (23 )     (14 )     (737 )     (280 )
    Less: litigation expenses                     (317 )
    Core non-interest expense $ 42,937     $ 42,896     $ 133,489     $ 132,216  
                   
    Core efficiency ratio   79.14 %     75.09 %     84.26 %     70.51 %
                                   

    Columbia Financial, Inc.
    Investor Relations Department
    (833) 550-0717

    The MIL Network

  • MIL-OSI: Independent Bank Corporation Reports 2024 Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter Highlights

    Highlights for the third quarter of 2024 include:

    • Increases in net interest income of $0.5 million (or 4.9% annualized) from June 30, 2024;
    • An increase in tangible book value per share of $3.69 (22.3%) over the third quarter of 2023;
    • Net growth in core deposits of $100.1 million (or 8.9% annualized) from June 30, 2024;
    • Net growth in loans of $90.4 million (or 9.3% annualized) from June 30, 2024; and
    • The payment of a 24 cent per share dividend on common stock on August 15, 2024.

    GRAND RAPIDS, Mich., Oct. 24, 2024 (GLOBE NEWSWIRE) — Independent Bank Corporation (NASDAQ: IBCP) reported third quarter 2024 net income of $13.8 million, or $0.65 per diluted share, versus net income of $17.5 million, or $0.83 per diluted share, in the prior-year period.

    William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “I am proud of our team and very pleased with our third quarter 2024 results, driving organic growth on both sides of the balance sheet. Overall loans increased 9.3% (annualized), while core deposits are up 8.9% (annualized). We were able to generate net interest income growth on both a linked quarter basis and on a year over year quarterly basis. We believe that our expenses continue to be well managed, and we continue to see improved operational scale from strategic investments we have made in recent years. Our credit metrics continue to be excellent, with watch credits and non-performing assets near historic lows. These fundamentals continue to drive good growth in tangible book value per share (22%) compared to the prior year quarter. Based on a robust commercial loan pipeline, the past record of our core group of professionals and the on-going strategic initiative to add talented bankers to our team, we are optimistic about continuing these growth trends for the remainder of the year and into 2025.”

    Significant items impacting comparable third quarter 2024 and 2023 results include the following:

    • Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of  $(4.2) million ($(0.16) per diluted share, after taxes) for the three-month period ended September 30, 2024, as compared to $1.6 million ($0.06 per diluted share, after taxes) for the three-months ended September 30, 2023.

    Operating Results

    The Company’s net interest income totaled $41.9 million during the third quarter of 2024, an increase of $2.4 million, or 6.2% from the year-ago period, and an increase of $0.5 million, or 1.2%, from the second quarter of 2024. The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.37% during the third quarter of 2024, compared to 3.23% in the year-ago period, and 3.40% in the second quarter of 2024. The year-over-year quarterly increase in net interest income was due to an increase in average interest-earning assets and the net interest margin. The increase in net interest income compared to the linked quarter was due to an increase in average interest earning assets that was partially offset by a decrease in the net interest margin. Average interest-earning assets were $4.99 billion in the third quarter of 2024, compared to $4.89 billion in the year ago quarter and $4.89 billion in the second quarter of 2024.

    Non-interest income totaled $9.5 million for the third quarter of 2024, compared to $15.6 million in the comparable prior year period. This change was primarily due to variances in mortgage banking related revenues.

    Net gains on mortgage loans in the third quarters of 2024 and 2023, were approximately $2.2 million and $2.1 million, respectively. The comparative quarterly increase in net gains on mortgage loans was primarily due to an increase in both gain on sale margin on mortgage loans sold and a increase in the volume of mortgage loans sold.

    Mortgage loan servicing, net, generated income (expense) of $(3.1) million and $2.7 million in the third quarters of 2024 and 2023, respectively. The significant variance in mortgage loan servicing, net is primarily due to changes in the fair value of capitalized mortgage loan servicing rights associated with changes in interest rates and the associated expected future prepayment levels and expected float rates. Mortgage loan servicing, net activity is summarized in the following table:

      Three months ended   Nine months ended
      9/30/2024   9/30/2023   9/30/2024   9/30/2023
      (In thousands)
    Mortgage loan servicing, net:              
    Revenue, net $ 2,248     $ 2,197     $ 6,681     $ 6,612  
    Fair value change due to price   (4,155 )     1,556       (1,979 )     3,364  
    Fair value change due to pay-downs   (1,223 )     (1,085 )     (3,016 )     (2,908 )
    Total $ (3,130 )   $ 2,668     $ 1,686     $ 7,068  
     

    Non-interest expenses totaled $32.6 million in the third quarter of 2024, compared to $32.0 million in the year-ago period.

    The Company recorded income tax expense of $3.5 million in the third quarter of 2024. This compares to an income tax expense of $4.1 million in the third quarter of 2023. The changes in income tax expense principally reflect changes in pre-tax earnings in 2024 relative to 2023.

    Asset Quality

    A breakdown of non-performing loans by loan type is as follows:

      9/30/2024   12/31/2023   9/30/2023
    Loan Type (Dollars in thousands)
    Commercial $ 59     $ 28     $ 31  
    Mortgage   6,525       6,425       6,137  
    Installment   666       970       801  
    Sub total   7,250       7,423       6,969  
    Less – government guaranteed loans   2,102       2,191       2,254  
    Total non-performing loans $ 5,148     $ 5,232     $ 4,715  
    Ratio of non-performing loans to total portfolio loans   0.13 %     0.14 %     0.13 %
    Ratio of non-performing assets to total assets   0.11 %     0.11 %     0.10 %
    Ratio of allowance for credit losses to total non-performing loans   1115.85 %     1044.69 %     1176.99 %
                           

    The provision for credit losses was an expense of $1.49 million and $1.35 million in the third quarters of 2024 and 2023, respectively. We recorded loan net charge offs (recoveries) of $0.31 million and $(0.18) million in the third quarters of 2024 and 2023, respectively. At September 30, 2024, the allowance for credit losses for loans totaled $57.4 million, or 1.46% of total portfolio loans compared to $54.7 million, or 1.44% of total portfolio loans at December 31, 2023.

    Balance Sheet, Capital and Liquidity

    Total assets were $5.26 billion at September 30, 2024, a decrease of $4.5 million from December 31, 2023. Loans, excluding loans held for sale, were $3.94 billion at September 30, 2024, compared to $3.79 billion at December 31, 2023.  Deposits totaled $4.63 billion at September 30, 2024, an increase of $4.0 million from December 31, 2023. This increase is primarily due to increases in savings and interest-bearing checking, reciprocal and time deposits that were partially offset by a decrease in non-interest bearings deposits and brokered time deposits.

    Cash and cash equivalents totaled $121.6 million at September 30, 2024, versus $169.8 million at December 31, 2023. Securities available for sale (“AFS”) totaled $589.0 million at September 30, 2024, versus $679.4 million at December 31, 2023.

    Total shareholders’ equity was $452.4 million at September 30, 2024, or 8.60% of total assets compared to $404.4 million or 7.68% at December 31, 2023. Tangible common equity totaled $422.5 million at September 30, 2024, or $20.22 per share compared to $374.1 million or $17.96 per share at December 31, 2023. The increase in shareholder equity as well as tangible common equity are primarily the result of earnings retention and a decrease in accumulated other comprehensive loss.

    The Company’s wholly owned subsidiary, Independent Bank, remains significantly above “well capitalized” for regulatory purposes with the following ratios:

    Regulatory Capital Ratios 9/30/2024   12/31/2023   Well
    Capitalized
    Minimum
               
    Tier 1 capital to average total assets   9.36 %     8.80 %     5.00 %
    Tier 1 common equity  to risk-weighted assets   11.74 %     11.21 %     6.50 %
    Tier 1 capital to risk-weighted assets   11.74 %     11.21 %     8.00 %
    Total capital to risk-weighted assets   13.00 %     12.46 %     10.00 %
                           

    At September 30, 2024, in addition to liquidity available from our normal operating, funding, and investing activities, we had unused credit lines with the FHLB and FRB of approximately $1.11 billion and $471.7 million, respectively. We also had approximately $771.3 million in fair value of unpledged securities AFS and HTM at September 30, 2024 which could be pledged for an estimated additional borrowing capacity at the FHLB and FRB of approximately $718.0 million.

    Share Repurchase Plan

    On December 19, 2023, the Board of Directors of the Company authorized the 2024 share repurchase plan. Under the terms of the 2024 share repurchase plan, the Company is authorized to purchase up to 1,100,000 shares, or approximately 5% of its then outstanding common stock. The repurchase plan is authorized to last through December 31, 2024. The Company did not repurchase any shares of common stock during the first nine months of 2024.

    Earnings Conference Call

    Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP – Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, October 24, 2024.

    To participate in the live conference call, please dial 1-833-470-1428 (Access Code # 957797). Also, the conference call will be accessible through an audio webcast with user-controlled slides via the following site/URL: https://events.q4inc.com/attendee/824908063.

    A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 159381). The replay will be available through October 31, 2024.

    About Independent Bank Corporation

    Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $5.3 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan’s Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, consumer banking, investments and insurance. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.

    For more information, please visit our Web site at: IndependentBank.com.

    Forward-Looking Statements
    This presentation contains forward-looking statements, which are any statements or information that are not historical facts. These forward-looking statements include statements about our anticipated future revenue and expenses and our future plans and prospects.

    Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2023 and the other reports we file with the SEC, including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of our future results.

    Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Consolidated Statements of Financial Condition
     
      September 30, 2024   December 31, 2023
      (Unaudited)
      (In thousands, except share
    amounts)
    Assets      
    Cash and due from banks $ 61,503     $ 68,208  
    Interest bearing deposits   60,057       101,573  
    Cash and Cash Equivalents   121,560       169,781  
    Securities available for sale   588,950       679,350  
    Securities held to maturity (fair value of $314,638 at September 30, 2024 and $318,606 at December 31, 2023)   343,362       353,988  
    Federal Home Loan Bank and Federal Reserve Bank stock, at cost   16,099       16,821  
    Loans held for sale, carried at fair value   14,029       12,063  
    Loans      
    Commercial   1,825,247       1,679,731  
    Mortgage   1,511,400       1,485,872  
    Installment   605,640       625,298  
    Total Loans   3,942,287       3,790,901  
    Allowance for credit losses   (57,444 )     (54,658 )
    Net Loans   3,884,843       3,736,243  
    Other real estate and repossessed assets, net   781       569  
    Property and equipment, net   35,250       35,523  
    Bank-owned life insurance   54,017       54,341  
    Capitalized mortgage loan servicing rights, carried at fair value   40,204       42,243  
    Other intangibles   1,617       2,004  
    Goodwill   28,300       28,300  
    Accrued income and other assets   130,256       132,500  
    Total Assets $ 5,259,268     $ 5,263,726  
    Liabilities and Shareholders’ Equity      
    Deposits      
    Non-interest bearing $ 1,023,739     $ 1,076,093  
    Savings and interest-bearing checking   1,947,571       1,905,701  
    Reciprocal   995,469       832,020  
    Time   620,446       524,325  
    Brokered time   39,650       284,740  
    Total Deposits   4,626,875       4,622,879  
    Other borrowings         50,026  
    Subordinated debt   39,567       39,510  
    Subordinated debentures   39,779       39,728  
    Accrued expenses and other liabilities   100,678       107,134  
    Total Liabilities   4,806,899       4,859,277  
           
    Shareholders’ Equity      
    Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding          
    Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,893,800 shares at September 30, 2024 and 20,835,633 shares at December 31, 2023   318,216       317,483  
    Retained earnings   192,405       159,108  
    Accumulated other comprehensive loss   (58,252 )     (72,142 )
    Total Shareholders’ Equity   452,369       404,449  
    Total Liabilities and Shareholders’ Equity $ 5,259,268     $ 5,263,726  
    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Consolidated Statements of Operations
     
      Three Months Ended   Nine Months Ended
      September 30,   June 30,   September 30,   September 30,
      2024   2024   2023   2024   2023
      (Unaudited)
      (In thousands, except per share amounts)
    Interest Income                                      
    Interest and fees on loans $ 58,410     $ 56,786     $ 51,419     $ 170,239     $ 143,392  
    Interest on securities                  
    Taxable   4,502       4,713       5,865       14,466       17,668  
    Tax-exempt   3,404       3,400       3,409       10,195       9,775  
    Other investments   2,018       1,439       1,739       4,898       3,481  
    Total Interest Income   68,334       66,338       62,432       199,798       174,316  
    Interest Expense                  
    Deposits   24,462       22,876       20,743       70,148       51,964  
    Other borrowings and subordinated debt and debentures   2,018       2,116       2,262       6,253       6,134  
    Total Interest Expense   26,480       24,992       23,005       76,401       58,098  
    Net Interest Income   41,854       41,346       39,427       123,397       116,218  
    Provision for credit losses   1,488       19       1,350       2,251       6,827  
    Net Interest Income After Provision for Credit Losses   40,366       41,327       38,077       121,146       109,391  
    Non-interest Income                  
    Interchange income   4,146       3,401       4,100       10,698       10,660  
    Service charges on deposit accounts   3,085       2,937       3,309       8,894       9,300  
    Net gains (losses) on assets                  
    Mortgage loans   2,177       1,333       2,099       4,874       5,475  
    Equity securities at fair value   (8 )     2,693             2,685        
    Securities available for sale   (145 )                 (414 )     (222 )
    Mortgage loan servicing, net   (3,130 )     2,091       2,668       1,686       7,068  
    Other   3,383       2,717       3,435       8,818       9,298  
    Total Non-interest Income   9,508       15,172       15,611       37,241       41,579  
    Non-interest Expense                  
    Compensation and employee benefits   20,048       21,251       19,975       62,069       59,916  
    Data processing   3,379       3,257       3,071       9,891       8,953  
    Occupancy, net   1,893       1,886       1,971       5,853       5,975  
    Interchange expense   1,149       1,127       1,119       3,373       3,222  
    Furniture, fixtures and equipment   932       948       927       2,834       2,782  
    FDIC deposit insurance   664       695       677       2,141       2,209  
    Loan and collection   657       699       520       1,868       1,718  
    Advertising   581       788       360       1,860       1,286  
    Legal and professional   687       544       543       1,717       1,623  
    Communications   519       499       568       1,633       1,871  
    Costs (recoveries) related to unfunded lending commitments   113       (137 )     451       (676 )     76  
    Other   1,961       1,776       1,854       5,546       5,610  
    Total Non-interest Expense   32,583       33,333       32,036       98,109       95,241  
    Income Before Income Tax   17,291       23,166       21,652       60,278       55,729  
    Income tax expense   3,481       4,638       4,109       11,949       10,405  
    Net Income $ 13,810     $ 18,528     $ 17,543     $ 48,329     $ 45,324  
    Net Income Per Common Share                  
    Basic $ 0.66     $ 0.89     $ 0.84     $ 2.31     $ 2.16  
    Diluted $ 0.65     $ 0.88     $ 0.83     $ 2.29     $ 2.14  
    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Selected Financial Data
     
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
      (unaudited)
      (Dollars in thousands except per share data)
    Three Months Ended                  
    Net interest income $ 41,854     $ 41,346     $ 40,197     $ 40,111     $ 39,427  
    Provision for credit losses   1,488       19       744       (617 )     1,350  
    Non-interest income   9,508       15,172       12,561       9,097       15,611  
    Non-interest expense   32,583       33,333       32,193       31,878       32,036  
    Income before income tax   17,291       23,166       19,821       17,947       21,652  
    Income tax expense   3,481       4,638       3,830       4,204       4,109  
    Net income $ 13,810     $ 18,528     $ 15,991     $ 13,743     $ 17,543  
                       
    Basic earnings per share $ 0.66     $ 0.89     $ 0.77     $ 0.66     $ 0.84  
    Diluted earnings per share   0.65       0.88       0.76       0.65       0.83  
    Cash dividend per share   0.24       0.24       0.24       0.23       0.23  
                       
    Average shares outstanding   20,896,019       20,901,741       20,877,067       20,840,680       20,922,431  
    Average diluted shares outstanding   21,115,273       21,105,387       21,079,607       21,049,030       21,114,445  
                       
    Performance Ratios                  
    Return on average assets   1.04 %     1.44 %     1.24 %     1.04 %     1.34 %
    Return on average equity   12.54       17.98       15.95       14.36       18.68  
    Efficiency ratio (1)   62.82       61.49       60.26       64.27       57.52  
                       
    As a Percent of Average Interest-Earning Assets (1)                
    Interest income   5.48 %     5.45 %     5.34 %     5.29 %     5.10 %
    Interest expense   2.11       2.05       2.04       2.03       1.87  
    Net interest income   3.37       3.40       3.30       3.26       3.23  
                       
    Average Balances                  
    Loans $ 3,909,954     $ 3,849,199     $ 3,810,526     $ 3,764,752     $ 3,694,534  
    Securities   933,750       944,435       999,140       1,027,240       1,071,211  
    Total earning assets   4,985,842       4,893,367       4,910,669       4,928,697       4,892,208  
    Total assets   5,275,623       5,181,317       5,201,452       5,233,666       5,192,114  
    Deposits   4,616,119       4,531,917       4,561,645       4,612,797       4,577,796  
    Interest bearing liabilities   3,689,684       3,611,972       3,627,446       3,635,771       3,554,179  
    Shareholders’ equity   438,077       414,549       403,225       379,614       372,667  

    (1) Presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.

    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Selected Financial Data (continued)
     
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
      (unaudited)
      (Dollars in thousands except per share data)
    End of Period                  
    Capital                  
    Tangible common equity ratio   8.08 %     7.63 %     7.41 %     7.15 %     6.67 %
    Tangible common equity ratio excluding accumulated other comprehensive loss   8.99       8.76       8.57       8.31       8.20  
    Average equity to average assets   8.30       8.00       7.75       7.25       7.18  
    Total capital to risk-weighted assets (2)   14.25       14.21       13.85       13.71       13.58  
    Tier 1 capital to risk-weighted assets (2)   12.06       12.01       11.65       11.50       11.37  
    Common equity tier 1 capital to risk-weighted assets (2)   11.16       11.09       10.73       10.58       10.44  
    Tier 1 capital to average assets (2)   9.63       9.59       9.29       9.03       8.94  
    Common shareholders’ equity per share of common stock $ 21.65     $ 20.60     $ 19.88     $ 19.41     $ 17.99  
    Tangible common equity per share of common stock   20.22       19.16       18.44       17.96       16.53  
    Total shares outstanding   20,893,800       20,899,358       20,903,677       20,835,633       20,850,455  
                       
    Selected Balances                  
    Loans $ 3,942,287     $ 3,851,889     $ 3,839,965     $ 3,790,901     $ 3,741,486  
    Securities   932,312       936,194       963,577       1,033,338       1,043,540  
    Total earning assets   4,964,784       4,979,555       4,949,496       4,954,696       4,884,720  
    Total assets   5,259,268       5,277,500       5,231,255       5,263,726       5,200,018  
    Deposits   4,626,875       4,614,328       4,582,414       4,622,879       4,585,612  
    Interest bearing liabilities   3,682,482       3,694,025       3,677,060       3,676,050       3,573,187  
    Shareholders’ equity   452,369       430,459       415,570       404,449       374,998  

    (2) September 30, 2024 are Preliminary.

     
    Reconciliation of Non-GAAP Financial Measures
    Independent Bank Corporation

    Independent Bank Corporation believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and performance trends.  Tangible common equity is used by the Company to measure the quality of capital.

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024       2023       2024       2023  
      (Dollars in thousands)
    Net Interest Margin, Fully Taxable Equivalent (“FTE”)              
                   
    Net interest income $ 41,854     $ 39,427     $ 123,397     $ 116,218  
    Add:  taxable equivalent adjustment   158       202       513       722  
    Net interest income – taxable equivalent $ 42,012     $ 39,629     $ 123,910     $ 116,940  
    Net interest margin (GAAP) (1)   3.35 %     3.21 %     3.34 %     3.25 %
    Net interest margin (FTE) (1)   3.37 %     3.23 %     3.35 %     3.26 %

    (1) Annualized.

    Tangible Common Equity Ratio

      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
      (Dollars in thousands)
    Common shareholders’ equity $ 452,369     $ 430,459     $ 415,570     $ 404,449     $ 374,998  
    Less:                  
    Goodwill   28,300       28,300       28,300       28,300       28,300  
    Other intangibles   1,617       1,746       1,875       2,004       2,141  
    Tangible common equity   422,452       400,413       385,395       374,145       344,557  
    Addition:                  
    Accumulated other comprehensive loss for regulatory purposes   52,454       65,030       65,831       66,344       86,507  
    Tangible common equity excluding other comprehensive loss adjustments $ 474,906     $ 465,443     $ 451,226     $ 440,489     $ 431,064  
                       
    Total assets $ 5,259,268     $ 5,277,500     $ 5,231,255     $ 5,263,726     $ 5,200,018  
    Less:                  
    Goodwill   28,300       28,300       28,300       28,300       28,300  
    Other intangibles   1,617       1,746       1,875       2,004       2,141  
    Tangible assets   5,229,351       5,247,454       5,201,080       5,233,422       5,169,577  
    Addition:                  
    Net unrealized losses on available for sale securities and derivatives, net of tax   52,454       65,030       65,831       66,344       86,507  
    Tangible assets excluding other comprehensive loss adjustments $ 5,281,805     $ 5,312,484     $ 5,266,911     $ 5,299,766     $ 5,256,084  
                       
    Common equity ratio   8.60 %     8.16 %     7.94 %     7.68 %     7.21 %
    Tangible common equity ratio   8.08 %     7.63 %     7.41 %     7.15 %     6.67 %
    Tangible common equity ratio excluding other comprehensive loss   8.99 %     8.76 %     8.57 %     8.31 %     8.20 %
                       
    Tangible Common Equity per Share of Common Stock:
                       
    Common shareholders’ equity $ 452,369     $ 430,459     $ 415,570     $ 404,449     $ 374,998  
    Tangible common equity $ 422,452     $ 400,413     $ 385,395     $ 374,145     $ 344,557  
    Shares of common stock outstanding (in thousands)   20,894       20,899       20,904       20,836       20,850  
                       
    Common shareholders’ equity per share of common stock $ 21.65     $ 20.60     $ 19.88     $ 19.41     $ 17.99  
    Tangible common equity per share of common stock $ 20.22     $ 19.16     $ 18.44     $ 17.96     $ 16.53  
     

    The tangible common equity ratio removes the effect of goodwill and other intangible assets from capital and total assets.  Tangible common equity per share of common stock removes the effect of goodwill and other intangible assets from common shareholders’ equity per share of common stock.

    Contact: William B. Kessel, President and CEO, 616.447.3933
      Gavin A. Mohr, Chief Financial Officer, 616.447.3929  

    The MIL Network

  • MIL-OSI: NANO Nuclear Energy Announces Pricing of Upsized $36 Million Underwritten Offering

    Source: GlobeNewswire (MIL-OSI)

    New York, N.Y., Oct. 24, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear”), a vertically integrated advanced nuclear energy and technology company developing portable clean nuclear energy solutions, today announced that it has priced an upsized firm commitment, registered underwritten public offering of 2,117,646 shares of common stock and common stock purchase warrants to purchase 1,058,823 shares of common stock.

    Each share and associated warrant is being sold at a public offering price of $17.00, for gross proceeds of approximately $36 million, before deducting underwriting discounts and offering expenses. In addition, NANO Nuclear has granted the underwriter a 30-day overallotment option to purchase up to an additional 317,646 shares common stock and/or common stock purchase warrants to purchase 158,823 shares of common stock at the public offering price for gross proceeds of up to $5.4 million, less underwriting discounts and expenses.

    While the shares and associated warrants were marketed as a unit, such units have no stand-alone rights and will not be certificated or issued as stand-alone securities.

    The warrants are exercisable immediately, have a term of five years, and have an exercise price of $17.00 per share. The warrants will not trade on any market.

    The Benchmark Company, LLC is acting as sole book-running manager for the offering.

    NANO Nuclear intends to use the net proceeds from this offering for (i) research and development of its products and technologies, including its ‘ZEUS’ and ‘ODIN’ microreactors and nuclear fuel transportation design optimization, fuel facility investigations and development, test work and scoping studies, and other technology research and development; (ii) marketing, promotion and business development activities; and (iii) regulatory compliance, intellectual property protection, hiring additional employees, retaining additional contractors and building out NANO Nuclear’s new Nuclear Technology Headquarters in Oak Ridge, Tennessee. NANO Nuclear may also use a portion of the net proceeds to acquire, license and invest in complementary products, technologies, or additional businesses, although NANO Nuclear currently has no agreements or commitments with respect to any such transaction.

    The offering is expected to close on or about October 25, 2024, subject to the satisfaction of customary closing conditions.

    Registration statements relating to these securities were previously filed with the U.S. Securities and Exchange Commission (“SEC”) and have become effective. The offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from The Benchmark Company, LLC, 150 East 58th St., 17th Floor, New York, NY 10155, by telephone: (212) 312-6700, or by email at Prospectus@benchmarkcompany.com.

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

    About NANO Nuclear Energy Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across four business lines: (i) cutting edge portable microreactor technology, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation and (iv) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s products in technical development are “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For further information, please contact:

    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release or related events contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements (including statements related to the public offering, including the proposed use of proceeds from such offering, as described herein) related to future events, which may impact our expected future business and financial performance, and often contain words such as “seek,” “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, some of which may be beyond our control. Readers are cautioned that actual results may differ materially and adversely from the results implied in forward-looking statements. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology, including difficulties with design and testing, cost overruns, regulatory delays and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the business of a start-up business operating a highly regulated industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all of the factors that could cause actual results to differ from those discussed in any forward-looking statement, and the Company therefore encourages investors to review other factors that may affect future results in the Company’s filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Readers are cautioned not to place undue reliance on forward-looking statements, which apply only as of the date of this news release, and forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network

  • MIL-OSI: Key Advocates Urge CMS to Clarify that Fully Implanted Active Middle Ear Hearing Devices are Prosthetic Devices for Purposes of Medicare Coverage

    Source: GlobeNewswire (MIL-OSI)

    Twelve Members of the Independence Through Enhancement of Medicare and Medicaid (ITEM) Coalition Sign Letter to CMS Seeking Clarification of Prior Decision Making and Action to Bring Novel Hearing Technology to Medicare Beneficiaries

    WHITE BEAR LAKE, Minnesota, Oct. 24, 2024 (GLOBE NEWSWIRE) — Envoy Medical®, Inc. (“Envoy Medical”) (NASDAQ: “COCH”), a hearing health company focused on fully implanted hearing systems, expresses gratitude to the Independence Through Enhancement of Medicare and Medicaid (“ITEM”) Coalition and the twelve ITEM member signatories for sending a strong letter to CMS supporting a reconsideration of the benefit category for fully implanted active middle ear hearing devices.

    The letter states in part: “[W]e request that you please provide an explanation as to CMS’ reasoning for determining that fully implanted active middle ear hearing devices do not qualify as an exception to the hearing aid exclusion under statute. In addition, we believe CMS has the authority to reconsider their decision and urge you to clarify that this technology qualifies as a prosthetic device for purposes of Medicare coverage.”
    ITEM is a national consumer- and clinician-led coalition advocating for access to and coverage of assistive devices, technologies, and related services for people with injuries, illnesses, disabilities, and chronic conditions of all ages. Members represent individuals with a wide range of disabling conditions, as well as the providers who serve them.

    In the letter to CMS, ITEM referenced the profound impact that hearing loss has on quality of life of Medicare beneficiaries. The Hearing Loss Association of America (HLAA) and Alexander Graham Bell Association for the Deaf and Hard of Hearing (AGBA) were two of the twelve organizations willing to lend their voice and influence to the Medicare beneficiaries with significant hearing loss who want access to novel hearing implants.

    “We are grateful that the ITEM Coalition took up such a critically important issue and that twelve coalition member organizations signed the letter urging CMS to do the right thing,” commented Brent Lucas, Envoy Medical CEO. “It especially hits home that the Coalition’s mission is in their name — ‘Independence Through Enhancement of Medicare and Medicaid’ – and we strongly believe that fully implanted hearing devices can help Medicare beneficiaries with hearing impairments significantly regain, or maintain, a level of independence that is good for them and for society as a whole.”

    Envoy Medical is one of the few companies worldwide that has a fully implanted active middle ear implant and is currently the only company that has an FDA-approved, fully implanted active middle ear hearing device.

    About the Esteem® Fully Implanted Active Middle Ear Implant (FI-AMEI)

    The Esteem fully implanted active middle ear implant (FI-AMEI) is the only FDA-approved, fully implanted* hearing device for adults diagnosed with moderate to severe sensorineural hearing loss allowing for 24/7 hearing capability using the ear’s natural anatomy. The Esteem FI-AMEI hearing implant is invisible and requires no externally worn components and nothing is placed in the ear canal for it to function. Unlike hearing aids, you never put it on or take it off. You can’t lose it. You don’t clean it. The Esteem FI-AMEI hearing implant offers true 24/7 hearing.

    *Once activated, the external Esteem FI-AMEI Personal Programmer is not required for daily use.

    Important safety information for the Esteem FI-AMEI can be found at: https://www.envoymedical.com/safety-information.

    About the Fully Implanted Acclaim® Cochlear Implant

    We believe the fully implanted Acclaim Cochlear Implant (“Acclaim CI”) will be a first-of-its-kind fully implanted cochlear implant. Envoy Medical’s fully implanted technology includes a sensor designed to leverage the natural anatomy of the ear instead of a microphone to capture sound.

    The Acclaim CI is designed to address severe to profound sensorineural hearing loss that is not adequately addressed by hearing aids. The Acclaim CI is expected to be indicated for adults who have been deemed adequate candidates by a qualified physician.

    The Acclaim Cochlear Implant received the Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) in 2019. We believe the Acclaim CI was the first hearing-focused device to receive Breakthrough Device Designation.

    CAUTION The fully implanted Acclaim Cochlear Implant is an investigational device. Limited by Federal (or United States) law to investigational use.

    Additional Information and Where to Find It

    Copies of the documents filed by Envoy Medical with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.

    Forward-Looking Statements

    This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-Looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other 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. Such statements may include, but are not limited to, statements regarding the expectations of Envoy Medical concerning the outlook for its business, productivity, plans and goals for future operational improvements and capital investments; the potential for passage of legislation or change to CMS’ position related to reimbursement for active middle ear hearing devices; the impact that such proposed legislation might have on the hearing health market, reimbursement for the Esteem FI-AMEI device, and the Envoy Medical business, and future market conditions or economic performance, as well as any information concerning possible or assumed future operations of Envoy Medical. The forward-looking statements contained in this press release reflect Envoy Medical’s current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause its actual results to differ significantly from those expressed in any forward-looking statement. Envoy Medical does not guarantee that the events described will happen as described (or that they will happen at all). These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to changes in the market price of shares of Envoy Medical’s Class A Common Stock; changes in or removal of Envoy Medical’s shares inclusion in any index; Envoy Medical’s success in retaining or recruiting, or changes required in, its officers, key employees or directors; unpredictability in the medical device industry, the regulatory process to approve medical devices, and the clinical development process of Envoy Medical products; competition in the medical device industry, and the failure to introduce new products and services in a timely manner or at competitive prices to compete successfully against competitors; disruptions in relationships with Envoy Medical’s suppliers, or disruptions in Envoy Medical’s own production capabilities for some of the key components and materials of its products; changes in the need for capital and the availability of financing and capital to fund these needs; changes in interest rates or rates of inflation; legal, regulatory and other proceedings could be costly and time-consuming to defend; changes in applicable laws or regulations, or the application thereof on Envoy Medical; a loss of any of Envoy Medical’s key intellectual property rights or failure to adequately protect intellectual property rights; the effects of catastrophic events, including war, terrorism and other international conflicts; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward Looking Statements” in the Annual Report on Form 10-K filed by Envoy Medical on April 1, 2024, and in other reports Envoy Medical files, with the SEC. If any of these risks materialize or Envoy Medical’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While forward-looking statements reflect Envoy Medical’s good faith beliefs, they are not guarantees of future performance. Envoy Medical disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Envoy Medical. 

    ###

    Investor Contact:
    CORE IR
    516-222-2560
    investorrelations@envoymedical.com

    The MIL Network

  • MIL-OSI: Equipment Leasing and Finance Association CapEx Finance Index: September 2024

    Source: GlobeNewswire (MIL-OSI)

    ********************************************************************************************************
    Note to readers: ELFA has updated the name of the Monthly Leasing and Finance Index (MLFI-25) to the CapEx Finance Index (CFI) to better reflect what it measures and how it impacts the broader U.S. economy.
    ********************************************************************************************************

    WASHINGTON, Oct. 24, 2024 (GLOBE NEWSWIRE) —

    Demand for equipment picked up. New business volume grew by $10.0 billion from August to September, a monthly increase of 2.2% before rounding. Growth in business volume has been uneven in 2024 but continues to hover around historic highs. The September release suggests that equipment investment continued to expand at a healthy pace at the end of the third quarter.  

    Bank lending drove new business growth. The sub-index for business volume at banks grew by 10.9% from August to September, which was more than enough to offset the contraction in activity at captives and independents, which declined by 2.3% and 9.8%, respectively. The figure below shows that bank activity has lagged other sources over the last few years, but the latest data suggests that banks may be easing back into the lending and leasing market.

    Lenders continue to add headcount. The 12-month change in employment was just over 1.0%, slightly slowing from the 1.2% pace recorded in August. Employment has been a source of strength this year, following nearly five years of persistent declines in headcount.

    Credit approvals remained steady. The percentage of credit applications approved ticked down 0.7 percentage points to 75.6%. The approval rate has been hovering around 75% for most of 2024.

    Lender balance sheets improved for a second consecutive month. The percentage of credit lines over 30 days past due and charge-offs declined. Both have been trending up over the last two years as borrowing conditions tightened due to the rapid increase in interest rates.

    Industry Confidence
    The Monthly Confidence Index from ELFA’s affiliate, the Equipment Leasing & Finance Foundation, is 61.8 in October, steady with the September index of 61.9, which was the highest level since January 2022.

    Industry Voices

    “Our latest CapEx Finance Survey showed that equipment demand continued to defy high interest rates in September. The uptick in bank lending was particularly encouraging and is something I will be watching closely as we approach the end of the year. I wouldn’t be surprised if the next few surveys show a cooling in lending volumes as election uncertainty peaks and some businesses wait for rates to drop further. That said, balance sheets continued to improve, and the percentage of approved new credit applications remained healthy, signs that lenders and borrowers are in a great position to weather any gusts that might come along in the fourth quarter.”
    ELFA President and CEO, Leigh Lytle

    “A healthy increase in YOY business volume, especially in August and September, validates our 12-month increase in headcount as we continue strengthening our value proposition for all of CEFI’s stakeholders. A decreasing interest rate environment driving increased business volume and net interest margin will enhance bottom-line returns for CEFI and the industry until competitors become more aggressive.” Ricardo E. Rios, CFA, CLFP, President & COO, Commercial Equipment Finance, Inc (CEFI)

    About ELFA’s CFI
    The CFI is the only near-real-time index that reflects capex, or the volume of commercial equipment financed in the U.S. It is released monthly from Washington, D.C., one day before the U.S. Department of Commerce’s durable goods report. This financial indicator complements reports like the Institute for Supply Management Index, providing a comprehensive view of productive assets in the U.S. economy—equipment produced, acquired and financed. The CFI consists of two years of business activity data from 25 participating companies. For more details, including methodology and participants, visit www.elfaonline.org/CFI.

    About ELFA
    The Equipment Leasing and Finance Association (ELFA) represents financial services companies and manufacturers in the $1 trillion U.S. equipment finance sector. ELFA’s 575 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses’ success, U.S. economic growth, manufacturing and jobs at http://www.elfaonline.org.

    Media/Press Contact: Amy Vogt, Vice President, Communications and Marketing, ELFA, avogt@elfaonline.org

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/cee789e6-c777-4190-9b5d-4361b6712379

    https://www.globenewswire.com/NewsRoom/AttachmentNg/721cf1e0-33c3-4767-882b-bceb720b01b1

    The MIL Network

  • MIL-OSI: CareCloud To Announce Third Quarter 2024 Results on November 12, 2024

    Source: GlobeNewswire (MIL-OSI)

    SOMERSET, N.J., Oct. 24, 2024 (GLOBE NEWSWIRE) — CareCloud, Inc. (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology and generative AI solutions for medical practices and health systems nationwide, will release its financial results for the quarter ended September 30, 2024 before the market opens on Tuesday, November 12, 2024. The Company will follow with a conference call for investors at 8:30 a.m. Eastern Time.

    The live webcast of the conference call and related presentation slides can be accessed at ir.carecloud.com/events. An audio-only option is available by dialing 201-389-0920 and referencing “CareCloud Third Quarter 2024 Earnings Call.” Investors who opt for audio-only will need to download the related slides at ir.carecloud.com/events.

    A replay of the conference call and related presentation slides will be available approximately one hour after conclusion of the call at the same link. An audio-only option can also be accessed by dialing 412-317-6671 and providing the access code 13749163.

    About CareCloud

    CareCloud (Nasdaq: CCLD, CCLDP, CCLDO) brings disciplined innovation and generative AI solutions to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health, at www.carecloud.com.

    Follow CareCloud on LinkedInX and Facebook.

    For additional information, please visit our website at www.carecloud.com. To listen to video presentations by CareCloud’s management team, read recent press releases and view the latest investor presentation, please visit ir.carecloud.com.

    SOURCE CareCloud

    Company Contact:
    Norman Roth
    Interim Chief Financial Officer and Corporate Controller
    CareCloud, Inc.
    nroth@carecloud.com

    Investor Contact:
    Stephen Snyder
    President
    CareCloud, Inc.
    ir@carecloud.com

    The MIL Network

  • MIL-OSI: Nasdaq Giants and Rising Innovators Face Critical Earnings Reports This Quarter

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Oct. 24, 2024 (GLOBE NEWSWIRE) — FN Media Group Market Commentary – Investors Brace for a High-Stakes Earnings Season as Key Players in Tech, EVs, and AI Reveal Their Performance. As earnings season heats up, several companies listed on the Nasdaq exchange are under the microscope. From emerging innovators to established market leaders, each faces unique challenges that will be revealed in their quarterly reports. The stakes are high, with market sentiment, stock prices, and future growth trajectories hanging in the balance. This quarter, Siyata Mobile (NASDAQ: SYTA), Rivian (NASDAQ: RIVN), Tesla (NASDAQ: TSLA), and Nvidia (NASDAQ: NVDA) are at critical junctures that could shift the momentum of their stocks and influence broader market trends.

    Siyata Mobile (NASDAQ: SYTA), a growing micro-cap, is set to take center stage on November 14 when it releases earnings. The company’s aggressive strategy of partnering with major wireless carriers is being put to the test following a recently inked deal with T-Mobile (NASDAQ: TMUS). Siyata’s push-to-talk (PTT) technology promises to disrupt traditional communication methods, and investors are watching closely to see if these efforts result in significant revenue growth. CEO Marc Seelenfreund has touted the potential for transformation, but the company now faces its most pivotal moment. The upcoming earnings will reveal whether the capital raised to meet carrier demands will pay off or leave investors disappointed. To read a recent MicroCapReports article on Siyata Mobile, please visit: https://microcapreports.com/lander/siyata-mobile/

    Rivian (NASDAQ: RIVN) is a company striving to balance growth and cost control. As a prominent name in the electric vehicle (EV) market, Rivian has rapidly scaled its operations, but the rising costs of production are raising questions about long-term profitability. This quarter, the pressure is on for Rivian to deliver strong financial results that reassure investors about its capacity to manage expenses while continuing to grow its EV footprint. Rivian’s performance will be scrutinized as the company seeks to maintain its valuation and prove it can stand alongside giants like Tesla in the competitive EV space.

    Tesla (NASDAQ: TSLA), a leader in the global EV market, faces increasing competition from both established automakers and new entrants. Despite being a market darling for years, Tesla’s margins are under pressure due to the rising costs of materials, increased production, and the need to invest in new technologies like autonomous driving and battery development. Investors will be looking for signs of resilience in Tesla’s earnings report, particularly in how the company manages competition and continues to grow its international market share while staying profitable.

    Nvidia (NASDAQ: NVDA), a heavyweight in the tech sector, has enjoyed an extraordinary run as demand for its advanced chips surged alongside the rise of AI applications. However, recent regulatory pressures and slowing growth in consumer-facing products have placed Nvidia at a crossroads. This quarter, Nvidia must demonstrate that its strength in AI and data centers will continue to drive revenue growth, even as global chip demand cools. Investors are particularly eager to see whether Nvidia’s strategic investments in AI can maintain its dominant position in the semiconductor industry.

    For each of these Nasdaq-listed companies, the upcoming earnings reports are far more than just financial check-ins—they are critical milestones that could determine the trajectory of these businesses in the near term. Whether they meet or exceed expectations will shape not only their individual stock movements but also broader market trends in sectors like technology, EVs, and AI.

    As investor sentiment builds, market participants should prepare for a high-stakes season filled with opportunity, risk, and potential surprises.

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

    Follow us on Facebook to receive the latest news updates: https://www.facebook.com/financialnewsmedia
    Follow us on Twitter for real time Market News: https://twitter.com/FNMgroup
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    DISCLAIMER: MicroCapReports is the originator of the content set forth above. References to any issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has not been compensated by any publicly listed company listed herein. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

    Contact Information:
    Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

    SOURCE: FN Media Group

    The MIL Network

  • MIL-OSI: Oma Savings Bank Plc’s Financial reporting and AGM in 2025

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 24 OCTOBER 2024 AT 15.00 P.M. EET, FINANCIAL CALENDAR

    Oma Savings Bank Plc’s Financial reporting and AGM in 2025

    Oma Savings Bank Plc (OmaSp) will publish financial information in 2025 as follows:

    • 10 February 2025 Financial Statements Release for 2024
    • 5 May 2025 Interim Report January-March 2025
    • 4 August 2025 Interim Report January-June 2025
    • 3 November 2025 Interim Report January-September 2025

    The 2024 Financial Statements, Annual Report, Sustainability Report and Auditor’s Report will be published week 11. The Annual General Meeting is planned to be held on Tuesday 8 April in 2025. The Board of Directors will convene the Annual General Meeting separately.

    Oma Savings Bank Plc

    Additional information:
    Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi

    DISTRIBUTION
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 46 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    The MIL Network

  • MIL-OSI: First Merchants Corporation Announces Third Quarter 2024 Earnings per Share

    Source: GlobeNewswire (MIL-OSI)

    MUNCIE, Ind., Oct. 24, 2024 (GLOBE NEWSWIRE) — First Merchants Corporation (NASDAQ – FRME)

    Third Quarter 2024 Highlights:

    • Net income available to common stockholders was $48.7 million and diluted earnings per common share totaled $0.84, compared to $55.9 million and $0.94 in the third quarter of 2023, and $39.5 million and $0.68 in the second quarter of 2024.   Excluding the loss from repositioning of the available for sale securities portfolio, adjusted net income was $55.6 million or $0.95 per share for the third quarter of 2024.
    • Strong capital position with Common Equity Tier 1 Capital Ratio of 11.25% and Tangible Common Equity to Tangible Assets Ratio of 8.76%.
    • Net interest margin was 3.23% compared to 3.16% on a linked quarter basis.
    • Total loans grew $15.5 million, or 0.5% annualized, on a linked quarter basis, and $385.1 million, or 3.1% during the last twelve months.
    • Total deposits grew by $83.7 million, or 2.3% annualized, on a linked quarter basis after normalizing for $287.7 million of deposits reclassified to held for sale.
    • Nonperforming assets to total assets were 35 basis points compared to 36 basis points on a linked quarter basis.
    • The efficiency ratio totaled 53.76% for the quarter.
    • Announced sale of five Illinois branches and certain loans and deposits to Old Second National Bank on August 27, 2024.

    “We are pleased with our third quarter results and the focused momentum that we are building,” said Mark Hardwick, Chief Executive Officer. “The pending sale of five non-core Illinois branches, restructure of the securities portfolio, and successful completion of four major technology initiatives provides us with the opportunity to reprioritize our core markets and introduce innovative customer acquisition strategies.”

    Third Quarter Financial Results:

    First Merchants Corporation (the “Corporation”) has reported third quarter 2024 net income available to common stockholders of $48.7 million compared to $55.9 million during the same period in 2023. Diluted earnings per common share for the period totaled $0.84 compared to the third quarter of 2023 result of $0.94. Excluding the $9.1 million pre-tax loss from repositioning of the available for sale securities portfolio, adjusted net income was $55.6 million, or $0.95 diluted earnings per common share for the third quarter of 2024.

    During the quarter, the Corporation signed a definitive agreement to sell five Illinois branches along with certain loans and deposits, representing an exit from suburban Chicago markets. Loans of $9.2 million, deposits of $287.7 million and fixed assets of $3.4 million have been moved to held for sale categories as of September 30, 2024. The transaction is expected to close in the fourth quarter of this year.

    Total assets equaled $18.3 billion as of quarter-end and loans totaled $12.7 billion. During the past twelve months, total loans grew by $385.1 million, or 3.1%. On a linked quarter basis, loans grew $15.5 million, or 0.5%, with growth primarily in commercial & industrial loans.

    Investments totaling $3.7 billion decreased $51.6 million, or 1.4%, during the last twelve months and decreased $90.9 million, or 9.7% annualized, on a linked quarter basis. The decline during the quarter was due to $158.9 million in sales of available for sale securities with a weighted average tax-equivalent yield of 2.85%, partially offset by an increase in the securities portfolio valuation.

    Total deposits were $14.4 billion as of quarter-end and decreased by $281.5 million, or 1.9%, over the past twelve months. The decline was primarily due to $287.7 million of deposits being reclassified to held for sale. Excluding this impact, deposits increased by $6.2 million. On a linked quarter basis, deposits grew organically by $83.7 million or 2.3%. The loan to deposit ratio increased to 88.0% at period end from 86.8% in the prior quarter, primarily due to the reclassification of deposits to held for sale as previously described.

    The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $187.8 million as of quarter-end, or 1.48% of total loans, a decrease of $1.7 million from prior quarter. Loan charge-offs, net of recoveries totaled $6.7 million and provision for loans of $5.0 million was recorded during the quarter. Reserves for unfunded commitments totaled $19.5 million and remained unchanged from the prior quarter. Non-performing assets to total assets were 35 basis points for the third quarter of 2024, a decrease of one basis point compared to 36 basis points in the prior quarter.

    Net interest income totaled $131.1 million for the quarter, an increase of $2.5 million, or 2.0%, compared to prior quarter and a decrease of $2.3 million, or 1.7%, compared to the third quarter of 2023. Fully-tax equivalent net interest margin was 3.23%, an increase of 7 basis points compared to the second quarter of 2024, and a decrease of 6 basis points compared to the third quarter of 2023. The increase in net interest margin compared to the second quarter was due to higher earning asset yields.

    Non-interest income totaled $24.9 million for the quarter, a decrease of $6.5 million, or 20.6%, compared to the second quarter of 2024 and a decrease of $3.0 million, or 6.7% from the third quarter of 2023. The decrease from second quarter of 2024 was driven by realized losses on sales of available for sale securities associated with the repositioning of the bond portfolio, partially offset by increases in gains on sales of mortgage loans and earnings on cash surrender value of life insurance.

    Non-interest expense totaled $94.6 million for the quarter, an increase of $3.2 million from the second quarter of 2024 and an increase of $0.8 million from the third quarter of 2023. The increase from the linked quarter was from higher salaries and employee benefits primarily driven by higher incentives.

    The Corporation’s total risk-based capital ratio equaled 13.18%, common equity tier 1 capital ratio equaled 11.25%, and the tangible common equity ratio totaled 8.76%. These ratios continue to reflect the Corporation’s strong liquidity and capital positions.

    CONFERENCE CALL

    First Merchants Corporation will conduct a third quarter earnings conference call and web cast at 11:30 a.m. (ET) on Thursday, October 24, 2024.

    To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register.vevent.com/register/BI34430e309ed545808c7c8195f36e86b6)

    To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/6grv3upw) during the time of the call. A replay of the webcast will be available until October 24, 2025.

    Detailed financial results are reported on the attached pages.

    About First Merchants Corporation

    First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

    First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

    FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

    Forward-Looking Statements

    This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These statements include statements about First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.

     
    CONSOLIDATED BALANCE SHEETS
    (Dollars In Thousands) September 30,
        2024       2023  
    ASSETS      
    Cash and due from banks $ 84,719     $ 125,173  
    Interest-bearing deposits   359,126       348,639  
    Investment securities, net of allowance for credit losses of $245,000 and $245,000   3,662,145       3,713,724  
    Loans held for sale   40,652       30,972  
    Loans   12,646,808       12,271,422  
    Less: Allowance for credit losses – loans   (187,828 )     (205,782 )
    Net loans   12,458,980       12,065,640  
    Premises and equipment   129,582       132,441  
    Federal Home Loan Bank stock   41,716       41,797  
    Interest receivable   92,055       90,011  
    Goodwill and other intangibles   733,601       741,283  
    Cash surrender value of life insurance   304,613       306,106  
    Other real estate owned   5,247       6,480  
    Tax asset, deferred and receivable   86,732       135,521  
    Other assets   348,384       340,476  
    TOTAL ASSETS $ 18,347,552     $ 18,078,263  
    LIABILITIES      
    Deposits:      
    Noninterest-bearing $ 2,334,197     $ 2,554,984  
    Interest-bearing   12,030,903       12,091,592  
    Total Deposits   14,365,100       14,646,576  
    Borrowings:      
    Federal funds purchased   30,000        
    Securities sold under repurchase agreements   124,894       152,537  
    Federal Home Loan Bank advances   832,629       713,384  
    Subordinated debentures and other borrowings   93,562       158,665  
    Total Borrowings   1,081,085       1,024,586  
    Deposits and other liabilities held for sale   288,476        
    Interest payable   18,089       16,473  
    Other liabilities   292,429       297,984  
    Total Liabilities   16,045,179       15,985,619  
    STOCKHOLDERS’ EQUITY      
    Preferred Stock, $1,000 par value, $1,000 liquidation value:      
    Authorized — 600 cumulative shares      
    Issued and outstanding – 125 cumulative shares   125       125  
    Preferred Stock, Series A, no par value, $2,500 liquidation preference:      
    Authorized — 10,000 non-cumulative perpetual shares      
    Issued and outstanding – 10,000 non-cumulative perpetual shares   25,000       25,000  
    Common Stock, $.125 stated value:      
    Authorized — 100,000,000 shares      
    Issued and outstanding – 58,117,115 and 59,398,022 shares   7,265       7,425  
    Additional paid-in capital   1,192,683       1,234,402  
    Retained earnings   1,229,125       1,132,962  
    Accumulated other comprehensive loss   (151,825 )     (307,270 )
    Total Stockholders’ Equity   2,302,373       2,092,644  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,347,552     $ 18,078,263  
                   
                   
           
    CONSOLIDATED STATEMENTS OF INCOME Three Months Ended   Nine Months Ended
    (Dollars In Thousands, Except Per Share Amounts) September 30,   September 30,
        2024       2023       2024       2023  
    INTEREST INCOME              
    Loans receivable:              
    Taxable $ 206,680     $ 191,705     $ 606,116     $ 550,314  
    Tax-exempt   8,622       8,288       25,242       23,757  
    Investment securities:              
    Taxable   9,263       8,590       27,062       26,563  
    Tax-exempt   13,509       13,947       40,733       44,296  
    Deposits with financial institutions   2,154       5,884       11,642       9,685  
    Federal Home Loan Bank stock   855       719       2,569       2,281  
    Total Interest Income   241,083       229,133       713,364       656,896  
    INTEREST EXPENSE              
    Deposits   98,856       85,551       296,292       209,437  
    Federal funds purchased   329             455       1,420  
    Securities sold under repurchase agreements   700       797       2,377       2,624  
    Federal Home Loan Bank advances   8,544       6,896       21,715       20,775  
    Subordinated debentures and other borrowings   1,544       2,506       5,781       7,303  
    Total Interest Expense   109,973       95,750       326,620       241,559  
    NET INTEREST INCOME   131,110       133,383       386,744       415,337  
    Provision for credit losses   5,000       2,000       31,500       2,000  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   126,110       131,383       355,244       413,337  
    NONINTEREST INCOME              
    Service charges on deposit accounts   8,361       7,975       24,482       23,147  
    Fiduciary and wealth management fees   8,525       7,394       25,550       22,653  
    Card payment fees   5,121       4,716       14,360       14,425  
    Net gains and fees on sales of loans   6,764       5,517       15,159       11,548  
    Derivative hedge fees   736       516       1,488       2,336  
    Other customer fees   344       384       1,231       1,643  
    Earnings on cash surrender value of life insurance   2,755       1,761       6,276       5,145  
    Net realized losses on sales of available for sale securities   (9,114 )     (1,650 )     (9,165 )     (4,613 )
    Other income   1,374       1,229       3,457       2,874  
    Total Noninterest Income   24,866       27,842       82,838       79,158  
    NONINTEREST EXPENSES              
    Salaries and employee benefits   55,223       55,566       165,730       167,778  
    Net occupancy   6,994       6,837       21,052       20,770  
    Equipment   6,949       5,698       19,774       18,005  
    Marketing   1,836       2,369       4,807       4,780  
    Outside data processing fees   7,150       6,573       21,111       19,290  
    Printing and office supplies   378       333       1,085       1,150  
    Intangible asset amortization   1,772       2,182       5,500       6,561  
    FDIC assessments   3,720       2,981       11,285       7,117  
    Other real estate owned and foreclosure expenses   942       677       1,849       1,575  
    Professional and other outside services   3,035       3,833       10,809       12,191  
    Other expenses   6,630       6,805       19,975       20,950  
    Total Noninterest Expenses   94,629       93,854       282,977       280,167  
    INCOME BEFORE INCOME TAX   56,347       65,371       155,105       212,328  
    Income tax expense   7,160       9,005       18,052       31,021  
    NET INCOME   49,187       56,366       137,053       181,307  
    Preferred stock dividends   468       468       1,406       1,406  
    NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 48,719     $ 55,898     $ 135,647     $ 179,901  
    Per Share Data:              
    Basic Net Income Available to Common Stockholders $ 0.84     $ 0.95     $ 2.32     $ 3.04  
    Diluted Net Income Available to Common Stockholders $ 0.84     $ 0.94     $ 2.31     $ 3.03  
    Cash Dividends Paid to Common Stockholders $ 0.35     $ 0.34     $ 1.04     $ 1.00  
    Average Diluted Common Shares Outstanding (in thousands)   58,289       59,503       58,629       59,465  
                                   
                                   
     
    FINANCIAL HIGHLIGHTS
    (Dollars in thousands) Three Months Ended   Nine Months Ended
      September 30,   September 30,
        2024       2023       2024       2023  
    NET CHARGE-OFFS $ 6,709     $ 20,365     $ 48,606     $ 22,495  
                   
    AVERAGE BALANCES:              
    Total Assets $ 18,360,580     $ 18,152,239     $ 18,374,370     $ 18,115,504  
    Total Loans   12,680,166       12,287,632       12,592,907       12,264,787  
    Total Earning Assets   16,990,358       16,947,669       17,042,540       16,913,965  
    Total Deposits   14,702,454       14,735,592       14,826,056       14,627,448  
    Total Stockholders’ Equity   2,251,547       2,154,232       2,232,419       2,126,005  
                   
    FINANCIAL RATIOS:              
    Return on Average Assets   1.07 %     1.24 %     0.99 %     1.33 %
    Return on Average Stockholders’ Equity   8.66       10.38       8.10       11.28  
    Return on Tangible Common Stockholders’ Equity   13.39       16.54       12.64       18.10  
    Average Earning Assets to Average Assets   92.54       93.36       92.75       93.37  
    Allowance for Credit Losses – Loans as % of Total Loans   1.48       1.67       1.48       1.67  
    Net Charge-offs as % of Average Loans (Annualized)   0.21       0.66       0.51       0.24  
    Average Stockholders’ Equity to Average Assets   12.26       11.87       12.15       11.74  
    Tax Equivalent Yield on Average Earning Assets   5.82       5.55       5.72       5.32  
    Interest Expense/Average Earning Assets   2.59       2.26       2.56       1.90  
    Net Interest Margin (FTE) on Average Earning Assets   3.23       3.29       3.16       3.42  
    Efficiency Ratio   53.76       53.91       55.54       52.60  
    Tangible Common Book Value Per Share $ 26.64     $ 22.43     $ 26.64     $ 22.43  
                                   
                                   
     
    NONPERFORMING ASSETS
    (Dollars In Thousands) September 30,   June 30,   March 31,   December 31,   September 30,
        2024       2024       2024       2023       2023  
    Nonaccrual Loans $ 59,088     $ 61,906     $ 62,478     $ 53,580     $ 53,102  
    Other Real Estate Owned and Repossessions   5,247       4,824       4,886       4,831       6,480  
    Nonperforming Assets (NPA)   64,335       66,730       67,364       58,411       59,582  
    90+ Days Delinquent   14,105       1,686       2,838       172       89  
    NPAs & 90 Day Delinquent $ 78,440     $ 68,416     $ 70,202     $ 58,583     $ 59,671  
                       
    Allowance for Credit Losses – Loans $ 187,828     $ 189,537     $ 204,681     $ 204,934     $ 205,782  
    Quarterly Net Charge-offs   6,709       39,644       2,253       3,148       20,365  
    NPAs / Actual Assets %   0.35 %     0.36 %     0.37 %     0.32 %     0.33 %
    NPAs & 90 Day / Actual Assets %   0.43 %     0.37 %     0.38 %     0.32 %     0.33 %
    NPAs / Actual Loans and OREO %   0.51 %     0.53 %     0.54 %     0.47 %     0.48 %
    Allowance for Credit Losses – Loans / Actual Loans (%)   1.48 %     1.50 %     1.64 %     1.64 %     1.67 %
    Net Charge-offs as % of Average Loans (Annualized)   0.21 %     1.26 %     0.07 %     0.10 %     0.66 %
                                           
                                           
     
    CONSOLIDATED BALANCE SHEETS
    (Dollars In Thousands) September 30,   June 30,   March 31,   December 31,   September 30,
        2024       2024       2024       2023       2023  
    ASSETS                  
    Cash and due from banks $ 84,719     $ 105,372     $ 100,514     $ 112,649     $ 125,173  
    Interest-bearing deposits   359,126       168,528       410,497       436,080       348,639  
    Investment securities, net of allowance for credit losses   3,662,145       3,753,088       3,783,574       3,811,364       3,713,724  
    Loans held for sale   40,652       32,292       15,118       18,934       30,972  
    Loans   12,646,808       12,639,650       12,465,582       12,486,027       12,271,422  
    Less: Allowance for credit losses – loans   (187,828 )     (189,537 )     (204,681 )     (204,934 )     (205,782 )
    Net loans   12,458,980       12,450,113       12,260,901       12,281,093       12,065,640  
    Premises and equipment   129,582       133,245       132,706       133,896       132,441  
    Federal Home Loan Bank stock   41,716       41,738       41,758       41,769       41,797  
    Interest receivable   92,055       97,546       92,550       97,664       90,011  
    Goodwill and other intangibles   733,601       735,373       737,144       739,101       741,283  
    Cash surrender value of life insurance   304,613       306,379       306,028       306,301       306,106  
    Other real estate owned   5,247       4,824       4,886       4,831       6,480  
    Tax asset, deferred and receivable   86,732       107,080       101,121       99,883       135,521  
    Other assets   348,384       367,845       331,006       322,322       340,476  
    TOTAL ASSETS $ 18,347,552     $ 18,303,423     $ 18,317,803     $ 18,405,887     $ 18,078,263  
    LIABILITIES                  
    Deposits:                  
    Noninterest-bearing $ 2,334,197     $ 2,303,313     $ 2,338,364     $ 2,500,062     $ 2,554,984  
    Interest-bearing   12,030,903       12,265,757       12,546,220       12,321,391       12,091,592  
    Total Deposits   14,365,100       14,569,070       14,884,584       14,821,453       14,646,576  
    Borrowings:                  
    Federal funds purchased   30,000       147,229                    
    Securities sold under repurchase agreements   124,894       100,451       130,264       157,280       152,537  
    Federal Home Loan Bank advances   832,629       832,703       612,778       712,852       713,384  
    Subordinated debentures and other borrowings   93,562       93,589       118,612       158,644       158,665  
    Total Borrowings   1,081,085       1,173,972       861,654       1,028,776       1,024,586  
    Deposits and other liabilities held for sale   288,476                          
    Interest payable   18,089       18,554       19,262       18,912       16,473  
    Other liabilities   292,429       329,302       327,500       289,033       297,984  
    Total Liabilities   16,045,179       16,090,898       16,093,000       16,158,174       15,985,619  
    STOCKHOLDERS’ EQUITY                  
    Preferred Stock, $1,000 par value, $1,000 liquidation value:                  
    Authorized — 600 cumulative shares                  
    Issued and outstanding – 125 cumulative shares   125       125       125       125       125  
    Preferred Stock, Series A, no par value, $2,500 liquidation preference:                  
    Authorized — 10,000 non-cumulative perpetual shares                  
    Issued and outstanding – 10,000 non-cumulative perpetual shares   25,000       25,000       25,000       25,000       25,000  
    Common Stock, $.125 stated value:                  
    Authorized — 100,000,000 shares                  
    Issued and outstanding   7,265       7,256       7,321       7,428       7,425  
    Additional paid-in capital   1,192,683       1,191,193       1,208,447       1,236,506       1,234,402  
    Retained earnings   1,229,125       1,200,930       1,181,939       1,154,624       1,132,962  
    Accumulated other comprehensive loss   (151,825 )     (211,979 )     (198,029 )     (175,970 )     (307,270 )
    Total Stockholders’ Equity   2,302,373       2,212,525       2,224,803       2,247,713       2,092,644  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,347,552     $ 18,303,423     $ 18,317,803     $ 18,405,887     $ 18,078,263  
                       
                       
     
    CONSOLIDATED STATEMENTS OF INCOME
    (Dollars In Thousands, Except Per Share Amounts) September 30,   June 30,   March 31,   December 31,   September 30,
        2024       2024       2024       2023       2023  
    INTEREST INCOME                  
    Loans receivable:                  
    Taxable $ 206,680     $ 201,413     $ 198,023     $ 197,523     $ 191,705  
    Tax-exempt   8,622       8,430       8,190       8,197       8,288  
    Investment securities:                  
    Taxable   9,263       9,051       8,748       8,644       8,590  
    Tax-exempt   13,509       13,613       13,611       13,821       13,947  
    Deposits with financial institutions   2,154       2,995       6,493       8,034       5,884  
    Federal Home Loan Bank stock   855       879       835       771       719  
    Total Interest Income   241,083       236,381       235,900       236,990       229,133  
    INTEREST EXPENSE                  
    Deposits   98,856       99,151       98,285       96,655       85,551  
    Federal funds purchased   329       126             1        
    Securities sold under repurchase agreements   700       645       1,032       827       797  
    Federal Home Loan Bank advances   8,544       6,398       6,773       6,431       6,896  
    Subordinated debentures and other borrowings   1,544       1,490       2,747       3,013       2,506  
    Total Interest Expense   109,973       107,810       108,837       106,927       95,750  
    NET INTEREST INCOME   131,110       128,571       127,063       130,063       133,383  
    Provision for credit losses   5,000       24,500       2,000       1,500       2,000  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   126,110       104,071       125,063       128,563       131,383  
    NONINTEREST INCOME                  
    Service charges on deposit accounts   8,361       8,214       7,907       7,690       7,975  
    Fiduciary and wealth management fees   8,525       8,825       8,200       8,187       7,394  
    Card payment fees   5,121       4,739       4,500       4,437       4,716  
    Net gains and fees on sales of loans   6,764       5,141       3,254       4,111       5,517  
    Derivative hedge fees   736       489       263       1,049       516  
    Other customer fees   344       460       427       237       384  
    Earnings on cash surrender value of life insurance   2,755       1,929       1,592       3,202       1,761  
    Net realized losses on sales of available for sale securities   (9,114 )     (49 )     (2 )     (2,317 )     (1,650 )
    Other income (loss)   1,374       1,586       497       (152 )     1,229  
    Total Noninterest Income   24,866       31,334       26,638       26,444       27,842  
    NONINTEREST EXPENSES                  
    Salaries and employee benefits   55,223       52,214       58,293       60,967       55,566  
    Net occupancy   6,994       6,746       7,312       9,089       6,837  
    Equipment   6,949       6,599       6,226       6,108       5,698  
    Marketing   1,836       1,773       1,198       2,647       2,369  
    Outside data processing fees   7,150       7,072       6,889       5,875       6,573  
    Printing and office supplies   378       354       353       402       333  
    Intangible asset amortization   1,772       1,771       1,957       2,182       2,182  
    FDIC assessments   3,720       3,278       4,287       7,557       2,981  
    Other real estate owned and foreclosure expenses   942       373       534       1,743       677  
    Professional and other outside services   3,035       3,822       3,952       3,981       3,833  
    Other expenses   6,630       7,411       5,934       7,552       6,805  
    Total Noninterest Expenses   94,629       91,413       96,935       108,103       93,854  
    INCOME BEFORE INCOME TAX   56,347       43,992       54,766       46,904       65,371  
    Income tax expense   7,160       4,067       6,825       4,425       9,005  
    NET INCOME   49,187       39,925       47,941       42,479       56,366  
    Preferred stock dividends   468       469       469       469       468  
    NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 48,719     $ 39,456     $ 47,472     $ 42,010     $ 55,898  
    Per Share Data:                  
    Basic Net Income Available to Common Stockholders $ 0.84     $ 0.68     $ 0.80     $ 0.71     $ 0.95  
    Diluted Net Income Available to Common Stockholders $ 0.84     $ 0.68     $ 0.80     $ 0.71     $ 0.94  
    Cash Dividends Paid to Common Stockholders $ 0.35     $ 0.35     $ 0.34     $ 0.34     $ 0.34  
    Average Diluted Common Shares Outstanding (in thousands)   58,289       58,328       59,273       59,556       59,503  
    FINANCIAL RATIOS:                  
    Return on Average Assets   1.07 %     0.87 %     1.04 %     0.92 %     1.24 %
    Return on Average Stockholders’ Equity   8.66       7.16       8.47       7.89       10.38  
    Return on Tangible Common Stockholders’ Equity   13.39       11.29       13.21       12.75       16.54  
    Average Earning Assets to Average Assets   92.54       92.81       92.91       93.62       93.36  
    Allowance for Credit Losses – Loans as % of Total Loans   1.48       1.50       1.64       1.64       1.67  
    Net Charge-offs as % of Average Loans (Annualized)   0.21       1.26       0.07       0.10       0.66  
    Average Stockholders’ Equity to Average Assets   12.26       12.02       12.17       11.58       11.87  
    Tax Equivalent Yield on Average Earning Assets   5.82       5.69       5.65       5.64       5.55  
    Interest Expense/Average Earning Assets   2.59       2.53       2.55       2.48       2.26  
    Net Interest Margin (FTE) on Average Earning Assets   3.23       3.16       3.10       3.16       3.29  
    Efficiency Ratio   53.76       53.84       59.21       63.26       53.91  
    Tangible Common Book Value Per Share $ 26.64     $ 25.10     $ 25.07     $ 25.06     $ 22.43  
                                           
                                           
     
    LOANS
    (Dollars In Thousands) September 30,   June 30,   March 31,   December 31,   September 30,
        2024       2024       2024       2023       2023  
    Commercial and industrial loans $ 4,041,217     $ 3,949,817     $ 3,722,365     $ 3,670,948     $ 3,490,953  
    Agricultural land, production and other loans to farmers   238,743       239,926       234,431       263,414       233,838  
    Real estate loans:                  
    Construction   814,704       823,267       941,726       957,545       1,022,261  
    Commercial real estate, non-owner occupied   2,251,351       2,323,533       2,368,360       2,400,839       2,360,596  
    Commercial real estate, owner occupied   1,152,751       1,174,195       1,137,894       1,162,083       1,153,707  
    Residential   2,366,943       2,370,905       2,316,490       2,288,921       2,257,385  
    Home equity   641,188       631,104       618,258       617,571       609,352  
    Individuals’ loans for household and other personal expenditures   158,480       162,089       161,459       168,388       176,523  
    Public finance and other commercial loans   981,431       964,814       964,599       956,318       966,807  
    Loans   12,646,808       12,639,650       12,465,582       12,486,027       12,271,422  
    Allowance for credit losses – loans   (187,828 )     (189,537 )     (204,681 )     (204,934 )     (205,782 )
    NET LOANS $ 12,458,980     $ 12,450,113     $ 12,260,901     $ 12,281,093     $ 12,065,640  
                                           
                                           
     
    DEPOSITS
    (Dollars In Thousands) September 30,   June 30,   March 31,   December 31,   September 30,
        2024     2024     2024     2023     2023
    Demand deposits $ 7,678,510   $ 7,757,679   $ 7,771,976   $ 7,965,862   $ 7,952,040
    Savings deposits   4,302,236     4,339,161     4,679,593     4,516,433     4,572,162
    Certificates and other time deposits of $100,000 or more   1,277,833     1,415,131     1,451,443     1,408,985     1,280,607
    Other certificates and time deposits   802,949     889,949     901,280     849,906     761,196
    Brokered certificates of deposits1   303,572     167,150     80,292     80,267     80,571
    TOTAL DEPOSITS2 $ 14,365,100   $ 14,569,070   $ 14,884,584   $ 14,821,453   $ 14,646,576

    1 – Total brokered deposits of $838.3 million, which includes brokered CD’s of $303.6 million at September 30, 2024.
    2 – Total deposits at September 30, 2024 excludes $287.7 million of deposits reclassified to Deposits and other liabilities held for sale related to the pending Illinois branch sale.

     
    CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
    (Dollars in Thousands)                      
      For the Three Months Ended
      September 30, 2024   September 30, 2023
      Average Balance   Interest
     Income /
    Expense
      Average
    Rate
      Average Balance   Interest
     Income /
    Expense
      Average
    Rate
    ASSETS                      
    Interest-bearing deposits $ 252,113   $ 2,154   3.42 %   $ 502,967   $ 5,884   4.68 %
    Federal Home Loan Bank stock   41,730     855   8.20       41,826     719   6.88  
    Investment Securities: (1)                      
    Taxable   1,789,526     9,263   2.07       1,817,219     8,590   1.89  
    Tax-exempt (2)   2,226,823     17,100   3.07       2,298,025     17,655   3.07  
    Total Investment Securities   4,016,349     26,363   2.63       4,115,244     26,245   2.55  
    Loans held for sale   31,991     483   6.04       24,227     386   6.37  
    Loans: (3)                      
    Commercial   8,699,733     164,922   7.58       8,456,527     153,993   7.28  
    Real estate mortgage   2,183,095     24,333   4.46       2,079,067     21,618   4.16  
    Installment   832,222     16,942   8.14       827,318     15,708   7.59  
    Tax-exempt (2)   933,125     10,914   4.68       900,493     10,491   4.66  
    Total Loans   12,680,166     217,594   6.86       12,287,632     202,196   6.58  
    Total Earning Assets   16,990,358     246,966   5.82 %     16,947,669     235,044   5.55 %
    Total Non-Earning Assets   1,370,222             1,204,570        
    TOTAL ASSETS $ 18,360,580           $ 18,152,239        
    LIABILITIES                      
    Interest-Bearing Deposits:                      
    Interest-bearing deposits $ 5,455,298   $ 40,450   2.97 %   $ 5,425,829   $ 37,780   2.79 %
    Money market deposits   2,974,188     25,950   3.49       2,923,798     23,607   3.23  
    Savings deposits   1,425,047     4,208   1.18       1,641,338     3,844   0.94  
    Certificates and other time deposits   2,499,655     28,248   4.52       2,106,910     20,320   3.86  
    Total Interest-Bearing Deposits   12,354,188     98,856   3.20       12,097,875     85,551   2.83  
    Borrowings   1,071,440     11,117   4.15       1,032,180     10,199   3.95  
    Total Interest-Bearing Liabilities   13,425,628     109,973   3.28       13,130,055     95,750   2.92  
    Noninterest-bearing deposits   2,348,266             2,637,717        
    Other liabilities   335,139             230,235        
    Total Liabilities   16,109,033             15,998,007        
    STOCKHOLDERS’ EQUITY   2,251,547             2,154,232        
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,360,580     109,973       $ 18,152,239     95,750    
    Net Interest Income (FTE)     $ 136,993           $ 139,294    
    Net Interest Spread (FTE) (4)         2.54 %           2.63 %
                           
    Net Interest Margin (FTE):                      
    Interest Income (FTE) / Average Earning Assets         5.82 %           5.55 %
    Interest Expense / Average Earning Assets         2.59 %           2.26 %
    Net Interest Margin (FTE) (5)         3.23 %           3.29 %
                           
    (1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
    (2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $5,883 and $5,911 for the three months ended September 30, 2024 and 2023, respectively.
    (3) Non accruing loans have been included in the average balances.
    (4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
    (5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.
     
     
    CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
    (Dollars in Thousands)                      
      For the Nine Months Ended
      September 30, 2024   September 30, 2023
      Average Balance   Interest
     Income /
    Expense
      Average
    Rate
      Average Balance   Interest
     Income /
    Expense
      Average
    Rate
    ASSETS                      
    Interest-bearing deposits $ 383,007   $ 11,642   4.05 %   $ 340,887   $ 9,685   3.79 %
    Federal Home Loan Bank stock   41,748     2,569   8.20       41,160     2,281   7.39  
    Investment Securities: (1)                      
    Taxable   1,787,119     27,062   2.02       1,872,267     26,563   1.89  
    Tax-exempt (2)   2,237,759     51,561   3.07       2,394,864     56,071   3.12  
    Total Investment Securities   4,024,878     78,623   2.60       4,267,131     82,634   2.58  
    Loans held for sale   27,735     1,242   5.97       22,398     1,046   6.23  
    Loans: (3)                      
    Commercial   8,659,088     484,979   7.47       8,515,148     444,422   6.96  
    Real estate mortgage   2,159,738     70,489   4.35       2,008,852     60,354   4.01  
    Installment   825,060     49,406   7.98       833,133     44,492   7.12  
    Tax-exempt (2)   921,286     31,952   4.62       885,256     30,072   4.53  
    Total Loans   12,592,907     638,068   6.76       12,264,787     580,386   6.31  
    Total Earning Assets   17,042,540     730,902   5.72 %     16,913,965     674,986   5.32 %
    Total Non-Earning Assets   1,331,830             1,201,539        
    TOTAL ASSETS $ 18,374,370           $ 18,115,504        
    LIABILITIES                      
    Interest-Bearing deposits:                      
    Interest-bearing deposits $ 5,487,106   $ 120,935   2.94 %   $ 5,412,482   $ 97,016   2.39 %
    Money market deposits   3,018,526     80,563   3.56       2,812,891     55,868   2.65  
    Savings deposits   1,497,620     11,485   1.02       1,730,110     10,693   0.82  
    Certificates and other time deposits   2,447,684     83,309   4.54       1,821,408     45,860   3.36  
    Total Interest-Bearing Deposits   12,450,936     296,292   3.17       11,776,891     209,437   2.37  
    Borrowings   990,022     30,328   4.08       1,144,368     32,122   3.74  
    Total Interest-Bearing Liabilities   13,440,958     326,620   3.24       12,921,259     241,559   2.49  
    Noninterest-bearing deposits   2,375,120             2,850,557        
    Other liabilities   325,873             217,683        
    Total Liabilities   16,141,951             15,989,499        
    STOCKHOLDERS’ EQUITY   2,232,419             2,126,005        
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,374,370     326,620       $ 18,115,504     241,559    
    Net Interest Income (FTE)     $ 404,282           $ 433,427    
    Net Interest Spread (FTE) (4)         2.48 %           2.83 %
                           
    Net Interest Margin (FTE):                      
    Interest Income (FTE) / Average Earning Assets         5.72 %           5.32 %
    Interest Expense / Average Earning Assets         2.56 %           1.90 %
    Net Interest Margin (FTE) (5)         3.16 %           3.42 %
                           
    (1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
    (2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $17,538 and $18,090 for the nine months ended September 30, 2024 and 2023, respectively.
    (3) Non accruing loans have been included in the average balances.                      
    (4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
    (5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.
     
     
    ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE – NON-GAAP
    (Dollars In Thousands, Except Per Share Amounts) Three Months Ended   Nine Months Ended
      September 30,   June 30,   March 31,   December 31,   September 30,   September 30,   September 30,
        2024       2024       2024       2023       2023       2024       2023  
    Net Income Available to Common Stockholders – GAAP $ 48,719     $ 39,456     $ 47,472     $ 42,010     $ 55,898     $ 135,647     $ 179,901  
    Adjustments:                          
    PPP loan income                     (7 )     (8 )           (42 )
    Net realized losses on sales of available for sale securities   9,114       49       2       2,317       1,650       9,165       4,613  
    Non-core expenses1,2               3,481       12,682             3,481        
    Tax on adjustments   (2,220 )     (12 )     (848 )     (3,652 )     (403 )     (3,081 )     (1,121 )
    Adjusted Net Income Available to Common Stockholders – Non-GAAP $ 55,613     $ 39,493     $ 50,107     $ 53,350     $ 57,137     $ 145,212     $ 183,351  
                               
    Average Diluted Common Shares Outstanding (in thousands)   58,289       58,328       59,273       59,556       59,503       58,629       59,465  
                               
    Diluted Earnings Per Common Share – GAAP $ 0.84     $ 0.68     $ 0.80     $ 0.71     $ 0.94     $ 2.31     $ 3.03  
    Adjustments:                          
    PPP loan income                                        
    Net realized losses on sales of available for sale securities   0.15                   0.04       0.03       0.16       0.07  
    Non-core expenses1,2               0.06       0.21             0.06        
    Tax on adjustments   (0.04 )           (0.01 )     (0.06 )     (0.01 )     (0.05 )     (0.02 )
    Adjusted Diluted Earnings Per Common Share – Non-GAAP $ 0.95     $ 0.68     $ 0.85     $ 0.90     $ 0.96     $ 2.48     $ 3.08  

    1 – Non-core expenses in 4Q23 included $6.3 million from early retirement and severance costs, $4.3 million from the FDIC special assessment, and $2.1 million from a lease termination.
    2 – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.

     
    NET INTEREST MARGIN (“NIM”), ADJUSTED
    (Dollars in Thousands, Except Per Share Amounts)                
      Three Months Ended   Nine Months Ended
      September 30,   June 30,   March 31,   December 31,   September 30,   September 30,   September 30,
        2024       2024       2024       2023       2023       2024       2023  
    Net Interest Income (GAAP) $ 131,110     $ 128,571     $ 127,063     $ 130,063     $ 133,383     $ 386,744     $ 415,337  
    Fully Taxable Equivalent (“FTE”) Adjustment   5,883       5,859       5,795       5,853       5,911       17,538       18,090  
    Net Interest Income (FTE) (non-GAAP) $ 136,993     $ 134,430     $ 132,858     $ 135,916     $ 139,294     $ 404,282     $ 433,427  
                               
    Average Earning Assets (GAAP) $ 16,990,358     $ 17,013,984     $ 17,123,851     $ 17,222,714     $ 16,947,669     $ 17,042,540     $ 16,913,965  
    Net Interest Margin (GAAP)   3.09 %     3.02 %     2.97 %     3.02 %     3.15 %     3.03 %     3.27 %
    Net Interest Margin (FTE) (non-GAAP)   3.23 %     3.16 %     3.10 %     3.16 %     3.29 %     3.16 %     3.42 %
                                                           
                                                           
     
    RETURN ON TANGIBLE COMMON EQUITY – NON-GAAP
    (Dollars In Thousands) Three Months Ended   Nine Months Ended
      September 30,   June 30,   March 31,   December 31,   September 30,   September 30,   September 30,
        2024       2024       2024       2023       2023       2024       2023  
    Total Average Stockholders’ Equity (GAAP) $ 2,251,547     $ 2,203,361     $ 2,242,139     $ 2,130,993     $ 2,154,232     $ 2,232,419     $ 2,126,005  
    Less: Average Preferred Stock   (25,125 )     (25,125 )     (25,125 )     (25,125 )     (25,125 )     (25,125 )     (25,125 )
    Less: Average Intangible Assets, Net of Tax   (729,581 )     (730,980 )     (732,432 )     (734,007 )     (735,787 )     (730,993 )     (737,476 )
    Average Tangible Common Equity, Net of Tax (Non-GAAP) $ 1,496,841     $ 1,447,256     $ 1,484,582     $ 1,371,861     $ 1,393,320     $ 1,476,301     $ 1,363,404  
                               
    Net Income Available to Common Stockholders (GAAP) $ 48,719     $ 39,456     $ 47,472     $ 42,010     $ 55,898     $ 135,647     $ 179,901  
    Plus: Intangible Asset Amortization, Net of Tax   1,399       1,399       1,546       1,724       1,724       4,345       5,182  
    Tangible Net Income (Non-GAAP) $ 50,118     $ 40,855     $ 49,018     $ 43,734     $ 57,622     $ 139,992     $ 185,083  
                               
    Return on Tangible Common Equity (Non-GAAP)   13.39 %     11.29 %     13.21 %     12.75 %     16.54 %     12.64 %     18.10 %
                                                           
                                                           

    For more information, contact:
    Nicole M. Weaver, Vice President and Director of Corporate Administration
    765-521-7619
    http://www.firstmerchants.com

    SOURCE: First Merchants Corporation, Muncie, Indiana

    The MIL Network

  • MIL-OSI: Form 8.3 – AXA INVESTMENT MANAGERS: PRS REIT plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: AXA Investment Managers S.A.
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
     
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree
    PRS REIT plc
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure
    23 October 2024
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”
    NO

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 1p ordinary
      Interests Short positions
      Number % Number %
    (1)   Relevant securities owned and/or controlled: 18,647,391 3.40    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 18,647,391 3.40    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
           

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD
    Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position
    Number of reference securities Price per unit
             

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.
    Expiry date Option money paid/ received per unit
                   

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option
    Exercising/ exercised against Number of securities Exercise price per unit
             

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion
    Details Price per unit (if applicable)
           

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 24 October 2024
    Contact name: Sabrina AID
    Telephone number*: +33 1 44 45 59 79

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    *If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel’s Market Surveillance Unit.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network

  • MIL-OSI Video: National Guard Airmen, Soldiers train for the duty of caring for fallen comrades

    Source: US National Guard (video statements)

    U.S. National Guard fatality search and recovery team Airmen and mortuary affairs Soldiers practice skills during an exercise that focused on the storage and temporary interment of simulated contaminated human remains at Fort Gregg-Adams, Virginia, Sept. 8-20, 2024. The exercise was part of a quick reaction test, led by the Joint Mortuary Affairs Center and evaluated by members of the Joint Test and Evaluation Program, to refine the techniques, tactics and procedures for managing and caring for the remains of fallen service members. (U.S. Air National Guard photo by Master Sgt. Brandy Fowler)

    https://www.youtube.com/watch?v=QpYL-VXP8bo

    MIL OSI Video

  • MIL-OSI Security: Abraham Lincoln Carrier Strike Group Conducts Second Multi-Large Deck Event with Italian ITS Cavour CSG

    Source: United States Naval Central Command

    U.S. CENTRAL COMMAND AREA OF RESPONSIBILITY —

    The Abraham Lincoln Carrier Strike Group (CSG) conducted a Multi-Large Deck Event (MLDE) with the Italian Navy’s ITS Cavour CSG, Oct. 18.

    MLDE provide the ships and aircrafts of the two naval forces, comprised of more than 7,500 U.S. and Italian Sailors and Marines, an opportunity to advance interoperability by carrying out integrated planning and coordination, communications, cross-deck leadership exchanges, a fast-roping exercise, and an air defense exercise to strengthen combined maritime operations and combat readiness.

    “The opportunity to exercise our interoperability with our Cavour CSG counterparts for a second time in our deployment, highlights our strategic advantage inherent to our network of strong alliances,” said Rear Adm. Adan Cruz, commander, Carrier Strike Group (CSG) 3. “We have seized every opportunity to fly and sail with our Italian counterparts to deepen our combined operational capacity anywhere in international waters.”  

    During the event, Rear Adm. Giancarlo Ciappina, commander, Cavour Carrier Strike Group, hosted Cruz, aboard the ITS Cavour for a visit focused on building relationships.

    “We are proud to work once again alongside Lincoln Carrier Strike Group, after almost two months from our first interaction in the Pacific Ocean,” said Ciappina. “[It] has represented another precious opportunity to train together and to exchange experiences and knowledge, highlighting the versatility and flexibility of Navies operating on a global scale, wherever a presence is required to keep maritime lines of communication open and safe to strengthen our bonds and to enhance levels of cooperation with commitment to security.”

    This marks the second time the Abraham Lincoln CSG participated in an MLDE with the Italian Navy during the 2024 deployment. The previous event in August marked the first-ever MLDE between U.S. and Italian Navies in the Indo-Pacific.

    Participating ships in the MLDE included Nimitz-Class aircraft carrier USS Abraham Lincoln (CVN 72), Integrated Air and Missile Defense Commander (IAMDC) USS Frank E. Petersen, Jr. (DDG 121), Arleigh Burke-class guided-missile destroyers USS O’Kane (DDG 77) & USS Michael Murphy (DDG 111), assigned to Destroyer Squadron 21, Italian aircraft carrier ITS Cavour (CVH 550), Italian Frigate ITS Alpino (F 594), and Italian Multipurpose Combat Ship Raimondo Montecuccoli (P 432).

    Participating aircraft included MH-60S and MH-60R Sea Hawks, F/A-18E & F Super Hornets, E/A-18G Growlers, F-35C Lightning II, and E-2D Hawkeye, all assigned to Carrier Air Wing 9; and Italian F-35B Lightning II and AV-8B Harrier II assigned to Cavour CSG.

    Cruz and Ciappina conducted a conditions check via virtual teleconference prior to the commencement to ensure all participants were ready, Oct. 17. The exercise started with personnel exchanges where key Abraham Lincoln CSG leadership toured Cavour and Italian officers toured the USS Abraham Lincoln.  USS O’Kane and ITS Raimondo Montecuccoli conducted a joint live-fire exercise, while the embarked U.S. explosive ordnance disposal team conducted a subject matter expert exchange and fast rope exercise with Italian counterparts. The event concluded with a complex air defense exercise involving both CSG’s tactical aircraft.

    “It is an honor to once again have the opportunity to work jointly with our NATO Allies,” said Cruz. “I am grateful to Rear Adm. Ciappina and his entire crew of the ITS Cavour for their gracious hospitality aboard their ship. I am also grateful to continue training and operating together to drive interoperability forward.”

    Ciappina responded with his reflection on the MLDE.

    “I am very grateful to Adm. Cruz and to the whole crew of ABE CSG for their great effort and professionalism continuously shown during these challenging times for peace and international stability and that clearly confirm their strong commitment towards own common values, which are shared within the allied and partner Navies on a global scale,” concluded Ciappina.

    The Abraham Lincoln Carrier Strike Group stands ready to successfully conduct any mission essential to U.S. National security, spanning combat operations to integrated maritime operations with our allies and partners to maritime security and stability in the U.S. Central Command area of responsibility. It also operates postured to deliver unfaltering maritime force to deter, defend, and if necessary, defeat coercive behavior from those who seek to challenge the rules-based international order.

    The Abraham Lincoln Carrier Strike Group consists of USS Abraham Lincoln (CVN 72), embarked staffs of Carrier Strike Group (CSG) Three and Destroyer Squadron (DESRON) 21, squadrons of Carrier Air Wing (CVW) Nine, IAMDC USS Frank E. Petersen Jr. (DDG 121), and USS O’Kane (DDG 77), USS Spruance (DDG 111), and USS Michael Murphy (DDG 112).

    CVW-9 consists of an F-35C squadron, the “Black Knights” of Marine Fighter Attack Squadron (VMFA) 314; three F/A-18E/F Super Hornet squadrons, the “Tophatters” of Strike Fighter Squadron (VFA) 14; “Black Aces” of Strike Fighter Squadron (VFA) 41, the “Vigilantes” of Strike Fighter Squadron (VFA) 151; “Wizards” of Electronic Attack Squadron (VAQ) 133, operating the EA-18G Growler; “Wallbangers” of Carrier Airborne Early Warning Squadron (VAW) 117, operating the E-2D Advanced Hawkeye; “Chargers” of Helicopter Sea Combat Squadron (HSC) 14 operating the MH-60S Sea Hawk; and “Raptors” of Helicopter Maritime Strike Squadron (HSM) 71, operating the MH-60R Sea Hawk.

    For more news from CSG-3, http://www.dvidshub.net/unit/USSAL-CVN72#

    MIL Security OSI

  • MIL-OSI Africa: Secretary-General’s remarks to the 16th BRICS Summit [as delivered]

    Source: United Nations – English

    xcellencies, ladies and gentlemen,
     
    I am grateful to participate in the 16th BRICS Summit. 
     
    Collectively, your countries represent nearly half of the world’s population.
     
    And I salute your valuable commitment and support for international problem-solving as clearly reflected in your theme this year.
     
    But no single group and no single country can act alone or in isolation.
     
    It takes a community of nations, working as one global family, to address global challenges.
     
    Challenges like the rising number of conflicts.
     
    The devastation of climate change, pollution and biodiversity loss…
     
    Rising inequalities and lingering poverty and hunger…
     
    A debt crisis that threatens to smother plans for the future of many vulnerable countries… 
     
    The fact that fewer than one-fifth of the Sustainable Development Goals are on-track…
     
    A growing digital divide, and a lack of guardrails for artificial intelligence and other frontier technologies…
     
    And a lack of representation and voice for developing countries at global decision-making tables. From the Security Council to the Bretton-Woods institution and beyond. This must change.
     
    September’s Summit of the Future offered a roadmap for strengthening multilateralism, and advancing peace, sustainable development and human rights.
     
    I see four areas for action.
     
    First — finance.
     
    Today’s international financial system is not offering many vulnerable countries the safety net or level of support they need.
     
    The Pact for the Future calls for accelerating reform of the international financial architecture that is outdated, ineffective and unfair.
     
    And it includes a commitment to move forward with an SDG Stimulus to change the business model to substantially increase the lending capacity of Multilateral Development Banks to developing countries.
     
    To recycle more Special Drawing Rights…
     
    To restructure loans for countries drowning in debt…
     
    And to mobilize more international and domestic resources, public and private, for vital investments in developing countries.
     
    Next year’s Conference on Financing for Development and the Summit on Social Development are two milestones to carry these efforts forward.
     
    We must also recognize the importance of South-South cooperation.
     
    It doesn’t replace the commitments and obligations of developed countries.
     
    But it is providing a growing contribution to supporting developing countries in overcoming obstacles to reaching the SDGs. 
     
    Second — climate.
     
    Every country has committed to limit temperature rise to 1.5 degrees Celsius.
     
    That requires dramatic action to reduce emissions now — with the G20 in the lead.
     
    COP29 is just weeks away. 
     
    That starts the clock for countries to produce new Nationally Determined Contributions plans with 2035 targets that are aligned with the 1.5 degree goal.
     
    COP29 must deliver an ambitious and credible outcome on the new climate finance goal.
     
    Developed countries must also keep promises to double adaptation finance, and ensure meaningful contributions to the Loss and Damage Fund, which was not the case when it was created.
     
    Third — technology.
     
    Every country must be able to access the benefits of technology.
     
    The Global Digital Compact commits to enhanced global cooperation and capacity-building.
     
    It includes the first truly universal agreement on the international governance of Artificial Intelligence to give every country a seat at the AI table.
     
    It calls for an independent international Scientific Panel on AI and initiating a global dialogue on its governance within the United Nations with the participations of all countries.
     
    And it requests options for innovative financing for AI capacity-building in developing countries.
     
    And fourth — peace.
     
    We must strengthen and update the machinery of peace.
     
    This includes reforms to make the United Nations Security Council reflective of today’s world.
     
    The Pact for the Future includes important steps on disarmament — including the first multilateral agreement on nuclear disarmament in more than a decade — and steps that address the weaponization of outer space and the use of lethal autonomous weapons.
     
    Across the board, we need peace.
     
    We need peace in Gaza with an immediate cease-fire, the immediate and unconditional release of all hostages, the effective delivery of humanitarian aid without obstacles, and we need to make irreversible progress to end the occupation and establish the two state solution, as it was recently reaffirmed once again by a UN General Assembly resolution.
     
    We need peace in Lebanon with an immediate cessation of hostilities, moving to the full implementation of Security Council resolution 1701. 

    We need peace in Ukraine. A just peace in line with the UN Charter, international law and General Assembly resolutions.
     
    We need peace in Sudan, with all parties silencing their guns and committing to a path towards sustainable peace.
     
    Those were the messages I have delivered to the High-Level segment of the General Assembly in September in New York. Unfortunately, they remain valid here and now.
     
    Everywhere, we must uphold the values of the UN Charter, the rule of law, and the principles of sovereignty, territorial integrity and political independence of all States. 
     
    Excellencies, ladies and gentlemen,
     
    The Summit of the Future charted a course to strengthen multilateralism for global development and security.
     
    Now we must turn words into deeds and we believe BRICS can play a very important role in this direction.
     
    Thank you.

    MIL OSI Africa

  • MIL-OSI Canada: Parliamentary Appearance by the Governor and the Senior Deputy Governor of the Bank of Canada

    Source: Bank of Canada


















  • MIL-OSI China: BRICS countries enhance cooperation through close economic, trade exchanges

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

    BEIJING, Oct. 24 — Economic and trade ties among BRICS countries are becoming increasingly close, and China is playing an important role in driving mutually beneficial BRICS cooperation.

    The term BRIC was initially coined in 2001 as a concept referring to the emerging market economies of Brazil, Russia, India and China. With South Africa’s inclusion in 2010, BRICS officially took shape.

    Following last year’s expansion, the BRICS grouping now represents approximately 30 percent of global GDP, nearly half of the world’s population, and one-fifth of global trade. It has become the world’s most important platform for solidarity and cooperation among emerging markets and developing countries.

    The 16th BRICS Summit, held Tuesday to Thursday in Kazan, Russia, has drawn global attention and is believed to bring new economic and trade cooperation opportunities between China and other BRICS nations.

    China’s foreign trade with other BRICS member countries reached 4.62 trillion yuan (648 billion U.S. dollars) in the first nine months of 2024, a year-on-year increase of 5.1 percent, customs data showed.

    The trade growth can be attributed to a high degree of economic complementarity, as well as China’s commitment to high-level opening up and the free trade agreements between China and other BRICS countries, said Hong Yong, a researcher with the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce.

    In the industrial sector, China’s exports of steel and textile raw materials to other BRICS nations grew by 8.6 percent and 13.4 percent year on year in the first three quarters.

    During the same period, China’s exports of intermediate goods such as integrated circuits, tablet display modules and aircraft parts to other BRICS countries achieved double-digit growth, helping other BRICS members boost their emerging industries.

    Trade in agricultural products has also been robust. In the first three quarters, over 80 percent of poultry and frozen pollack and over 50 percent of crabs imported by China came from BRICS members.

    “For BRICS countries, trade cooperation is not only conducive to promoting technological exchanges and innovation but also to bringing more development opportunities for member countries and even the world,” Hong added.

    Regarding the financial sector, the New Development Bank is a flagship project of BRICS cooperation. As the first multilateral development bank established by emerging economies, the Shanghai-headquartered institution provides financing support for infrastructure development, clean energy, environmental protection, and the building of cyber infrastructure across BRICS countries.

    Funding a raft of projects ranging from India’s urban rail to Brazil’s wind power complexes, the bank has cumulatively approved loans of 35 billion U.S. dollars for more than 100 projects to date.

    Building on its commitment to multilateralism, BRICS has taken practical steps to unlock the potential of economic and trade cooperation and create new growth areas. These include policy coordination and joint initiatives to enhance trade and investment opportunities among member states.

    At the 14th BRICS Economic and Foreign Trade Ministers’ Meeting held in Moscow in July, participants agreed to step up exchanges and cooperation in emerging areas such as global value chains, digital technologies and special economic zones, conduct practical cooperation in green product standards, electronic documentation and e-commerce, and strengthen policy exchanges, capacity building and best practice sharing.

    By enhancing economic and trade exchanges, BRICS countries have capitalized on their complementary advantages, serving as an important force to oppose trade protectionism and promote global economic growth, noted Liu Ying, a researcher with the Chongyang Institute for Financial Studies, Renmin University of China.

    MIL OSI China News

  • MIL-OSI China: Innovation and quality propel global confidence in Chinese products

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

    GUANGZHOU, Oct. 24 — After walking more than 10,000 steps through the exhibition halls of the 136th Canton Fair, officially known as the China Import and Export Fair, U.S. buyer Kristen Palacio sat comfortably in an armchair for a much-needed rest.

    The chair was so comfortable that she was reluctant to get up for another walk. Anji Longwin Furniture Co., Ltd showcased the armchairs. Yuan Fengyi, senior business manager at Longwin, noted that the American and European markets account for over 90 percent of the company’s sales.

    Having attended the Canton Fair for ten years, Yuan has met numerous buyers from around the world, forging close ties with major partners like e-commerce giant Amazon and retail leader Walmart.

    “We are committed to upgrading our factory for greater efficiency and strengthening quality control to better meet the demands of the U.S. and European markets,” Yuan said, adding that the company also focuses heavily on design, which helps their products stand out in an increasingly competitive market.

    As the second phase of the Canton Fair kicked off on Wednesday, international buyers flooded the exhibition hall in search of innovative ideas and products. Under the awnings and pergolas produced by Zhejiang Hooeasy Technology Co., Ltd., eager buyers inquired about prices and sizes for their new orders.

    Excited by his findings, Frans Davelaar, a buyer from Aruba in the southern Caribbean, stood in front of the booth for over 15 minutes. He noted that the products have great market potential, given the hot and humid climate of Caribbean countries like Aruba.

    “Awnings and pergolas originated in Europe, where they are used to provide shade from strong sunlight. As a Chinese company, we’ve enhanced these products with innovative ideas and superior quality,” said Li Tao, an export manager at Hooeasy.

    The latest products showcased by Hooeasy can be integrated with Amazon’s Alexa and Apple’s HomeKit through their proprietary app, Tuya Smart, allowing users to control the opening and closing of the awnings and pergolas via smartphone.

    Li added that over the past two decades at the Canton Fair, Hooeasy’s booth has moved from the exhibition hall’s edge to a central location, reflecting the company’s growing influence and market share. The company has also established design teams in France and Germany to offer customized products tailored to the European market.

    In another exhibition hall at the Canton Fair, U.S. buyer Rob Mons carried a backpack filled with leaflets, brochures, and samples. He attended the fair to source innovative, well-priced seasonal festival products.

    “It’s my first time at the fair, and I’ve already found some suppliers for the upcoming seasons. These products are new and very interesting, probably the most unique items we’ve seen,” Mons said.

    Regarding business in the U.S., Mons believes Chinese products will continue to hold a significant market share despite the trade tensions between the two countries.

    “I hope business will run more smoothly, because we need these fine products to make kids happy and enjoy the festivals,” he added.

    MIL OSI China News