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Category: Transport

  • MIL-OSI USA: GAO Makes 2024 PTAC Appointments

    Source: US Government Accountability Office

    WASHINGTON, DC (October 24, 2024) – Gene L. Dodaro, Comptroller General of the United States and head of the U.S. Government Accountability Office (GAO), today announced the appointment of two new members to the Physician-Focused Payment Model Technical Advisory Committee (PTAC).

    “PTAC provides valuable information to the Department of Health and Human Services aimed at maximizing the value of the $1 trillion in annual Medicare spending,” Dodaro said. “I am pleased to announce the appointment of two new committee members with extensive knowledge and experience in value-based payment and care models.”

    PTAC was created by the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) to improve how the federal Medicare program pays physicians for the care they provide to Medicare beneficiaries. This independent advisory committee makes recommendations to the Secretary of HHS on physician payment models and related topics.

    The Comptroller General is responsible for appointing members to the committee.

    The newly appointed members are Henish Bhansali, MD, FACP and Krishna Ramachandran, MBA, MS. Their terms will expire in 2027. In addition, current members Lawrence R. Kosinski, MD, MBA and Soujanya R. Pulluru, MD have been reappointed. Their terms will also expire in 2027.

    Brief biographies of the new committee members follow:

    Henish Bhansali, MD, FACP, is Chief Medical Officer for Medical Home Network, a healthcare organization that partners with Federally Qualified Health Centers, Primary Care Associations, and Clinically Integrated Networks to build the capabilities to succeed in value-based care. He also serves on the National Association of ACOs (NAACOS) Board of Directors and as an Adjunct Professor at the University of Illinois at Chicago School of Public Health. Previously, he served as Senior Vice President and Medical Director of Medicare Advantage at Duly Health and Care and as Vice President and Senior Medical Director of Care Navigation at Oak Street Health. Board certified in internal medicine and obesity medicine, Dr. Bhansali received his medical degree from the University of Illinois at Chicago College of Medicine graduating with Honors (AOA) and trained in Internal Medicine at Washington University/Barnes Jewish Hospital in St. Louis.

    Krishna Ramachandran, MBA, MS, is Senior Vice President of Health Transformation and Provider Adoption at Blue Shield of California. In this position, he leads partnerships and innovations aimed at improving health care quality and affordability for members and providing tools and support for providers. Previously, he served as Divisional Senior Vice President of Health Care Delivery at Blue Cross and Blue Shield of Illinois, Chief Administrative Officer at Duly Health and Care, and as Director of Technical Services at Epic Systems Corporation. Mr. Ramachandran received his MBA from Northwestern University’s Kellogg School of Management and his Master of Science in Electrical and Computer Engineering from the University of Illinois at Chicago.

    For more information about PTAC, contact Lisa Shats, PTAC Designated Federal Officer, at PTAC@hhs.gov. Other calls should be directed to Sarah Kaczmarek in GAO’s Office of Public Affairs at (202) 512-4800.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: NJBPU Announces Adoption of Minimum Filing Requirements for Medium-and-Heavy-Duty Electric Vehicles

    Source: US State of New Jersey

    TRENTON – The New Jersey Board of Public Utilities (NJBPU) announced on Wednesday the adoption of minimum filing requirements (MFRs) that direct the state’s investor-owned electric distribution companies (EDCs) to propose programs to expand charging access for medium-and-heavy-duty (MHD) electric vehicles (EVs) and fleets. The expansion of New Jersey’s EV charging ecosystem will catalyze the ongoing clean transition of the state’s fleet, yielding significant greenhouse gas (GHG) emissions reductions within the state’s transportation sector and improving localized air quality.

    New Jersey’s transportation sector accounts for nearly 40% of the state’s net GHG emissions, with MHD trucks and busses emitting an outsized share of those emissions. Low-income neighborhoods and communities of color are more likely to be exposed to these pollutants due to their disproportionate proximity to freight corridors, ports, and distribution centers. The adopted MFRs allow utilities to provide additional “bonus” incentives for overburdened municipalities and overburdened communities adjacent to Freight EV Corridors, as well as small businesses.

    “Today’s announcement by the BPU is a key part of my Administration’s whole-of-government approach to reducing harmful emissions from the transportation sector that negatively impact the health of our residents,” said Governor Phil Murphy. “Along with New Jersey’s action on Advanced Clean Trucks and the Clean Corridors Coalition, we are building a robust charging infrastructure for a clean transportation future.”

    “Under Governor Murphy’s leadership and in coordination with New Jersey’s EDCs, the NJBPU remains at the forefront of advancing smart, clean transportation initiatives and infrastructure that provide considerable health and environmental benefits,” said NJBPU President Christine Guhl-Sadovy. “These benefits are especially vital to the overburdened communities that have borne the brunt of air pollution and its health effects for far too long.”

    The MFRs will allow EDCs to propose incentives for the “Make Ready” chargers for public-serving fleets and certain private fleets located in or serving overburdened municipalities and overburdened communities adjacent to Freight EV Corridors.

    To ensure that MHD EV charging is built in scalable ways that take capacity into account, the MFRs will connect applicants to utilities and require that utilities create and update capacity maps demonstrating where the grid is capable of supporting MHD charging. In addition, they provide the framework for proactive planning for public charging stations over 500 kW, fleets, and multi-unit dwellings. These planning and technical services will help ensure that these projects are connecting with utilities early and often, allowing for better grid planning and accelerating this critical piece of the 2019 Energy Master Plan.

    The MFRs also require that EDCs create managed charging programs to balance the demand on the grid and encourage users to charge at night.

    The adopted MFRs build upon the Murphy Administration’s ongoing efforts to promote clean transportation and expand EV charging infrastructure across the state. EDCs will be required to file their proposed programs with the Board within 120 days of the Order.

    In July, the U.S. Environmental Protection Agency announced the selection of the Clean Corridor Coalition, led by the New Jersey Department of Environmental Protection, to receive a nearly $250 million Climate Pollution Reduction Grant. The Clean Corridor Coalition – which includes the Connecticut Department of Energy and Environmental Protection, the Delaware Department of Transportation, and the Maryland Departments of the Environment and Transportation – aims to deploy EV charging infrastructure for commercial zero-emission MHD vehicles along the Interstate-95 freight corridor.

    On Wednesday, the U.S. EPA and NJDEP announced the arrival of this historic funding at the Vince Lombardi Service Area in Ridgefield, New Jersey.

    About New Jersey’s Clean Energy Program (NJCEP)
    NJCEP, established on January 22, 2003, in accordance with the Electric Discount and Energy Competition Act (EDECA), provides financial and other incentives to the State’s residential customers, businesses and schools that install high-efficiency or renewable energy technologies, thereby reducing energy usage, lowering customers’ energy bills and reducing environmental impacts. The program is authorized and overseen by the New Jersey Board of Public Utilities (NJBPU), and its website is www.NJCleanEnergy.com.

    About the New Jersey Board of Public Utilities (NJBPU) 
    NJBPU is a state agency and regulatory authority mandated to ensure safe, adequate and proper utility services at reasonable rates for New Jersey customers. Critical services regulated by NJBPU include natural gas, electricity, water, wastewater, telecommunications and cable television. The Board has general oversight and responsibility for monitoring utility service, responding to consumer complaints, and investigating utility accidents. To find out more about NJBPU, visit our website at www.nj.gov/bpu.

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

    GETTYSBURG, Pa., Oct. 24, 2024 (GLOBE NEWSWIRE) — ACNB Corporation (NASDAQ: ACNB) (“ACNB” or the “Corporation”), financial holding company for ACNB Bank and ACNB Insurance Services, Inc., announced net income of $7.2 million, or $0.84 diluted earnings per share, for the three months ended September 30, 2024 compared to net income of $9.0 million, or $1.06 diluted earnings per share, for the three months ended September 30, 2023 and net income of $11.3 million, or $1.32 diluted earnings per share, for the three months ended June 30, 2024. Financial results for the three months ended September 30, 2024 were impacted by $1.1 million in merger-related expense due to the pending acquisition of Traditions Bancorp, Inc. Financial results for the three month period ended June 30, 2024 were impacted by a $3.2 million reversal of the provisions for credit losses and unfunded commitments.

    2024 Third Quarter Highlights

    • Return on average assets was 1.17% and return on average equity was 9.63% for the three months ended September 30, 2024. Core return on average assets1 was 1.32% and core return on average equity1 was 10.81% for the three months ended September 30, 2024.
    • Fully taxable equivalent (“FTE”) net interest margin was 3.77% for the three months ended September 30, 2024 compared to 3.82% for the three months ended June 30, 2024 and 4.01% for the three months ended September 30, 2023.
    • Total non-performing loans to total loans, net of unearned income, was 0.39% at September 30, 2024 compared to 0.19% at June 30, 2024 and 0.22% at September 30, 2023. The increase in non-performing loans to total loans, net of unearned income, for the three months ended September 30, 2024 was the result of one long-standing commercial relationship in the healthcare industry, comprised of both owner-occupied commercial real estate and commercial and industrial loans, that moved into non-performing loan status during the current quarter.
    • Net charge-offs to average loans outstanding (annualized) were 0.01% for the three months ended September 30, 2024 and 0.00% for the three months ended June 30, 2024 compared to 0.03% for the three months ended September 30, 2023.
    • Tangible common equity to tangible assets ratio1 of 10.74% at September 30, 2024 compared to 9.84% at June 30, 2024 and 8.65% at September 30, 2023. The net unrealized loss on the available for sale securities portfolio was $36.8 million at September 30, 2024 compared to a net unrealized loss of $52.7 million at June 30, 2024 and a net unrealized loss of $75.2 million at September 30, 2023.
    • ACNB and ACNB Bank capital levels remain well in excess of ACNB’s internal minimums and those required to be categorized as a well-capitalized institution by our bank regulators.

    “We are once again pleased to share strong operating results for the third quarter of 2024. Our continued focus on profitability and asset quality as evidenced by our return on average assets and return on average equity are a testament to the continued focus on our strategic objectives,” said James P. Helt, ACNB Corporation President and Chief Executive Officer.

    “During the third quarter, we were also pleased to announce the strategic acquisition of Traditions Bancorp, Inc. This acquisition will create the largest community bank in Pennsylvania with assets less than $5 billion and enhances our presence in York County and expands our branch footprint in neighboring Lancaster County. We are excited to welcome Traditions as ACNB continues to expand our market presence. This strategic acquisition will complement our current operations with profitable growth opportunities in adjacent markets while contributing to the Corporation’s established commitment of enhancing long-term shareholder value.”

    Mr. Helt continued, “As we look forward to the remainder of 2024 and the start of a new year in 2025, we are excited that our strong foundation based on community banking principles combined with the growth opportunities now before us through our strategic planning objectives will enable us to continue to deliver on our commitment to our stakeholders.”

    Net Interest Income and Margin

    Net interest income for the three months ended September 30, 2024 totaled $20.9 million, a decrease of $803 thousand, or 3.7%, compared to the three months ended September 30, 2023 driven by a decrease in the FTE net interest margin over the same period. The FTE net interest margin for the three months ended September 30, 2024 was 3.77%, a decrease of 24 basis points from 4.01% for the three months ended September 30, 2023. The decrease in FTE net interest margin was driven primarily by an increase in long-term borrowings and promotional time deposit balances and costs. Total average borrowings increased $132.5 million for the three months ended September 30, 2024 compared to the same period in September 30, 2023. The average rate paid on total borrowings was 4.31% for the three months ended September 30, 2024, an increase of 48 basis points from the three months ended September 30, 2023. Total average interest-bearing deposits decreased $54.4 million, or 3.9%, for the three months ended September 30, 2024 compared to September 30, 2023; however, average time deposit balances increased $45.9 million due to ongoing promotions. The average rate paid on interest-bearing deposits was 0.92% for the three months ended September 30, 2024, an increase of 66 basis points from the three months ended September 30, 2023.

    Net interest income for the three months ended September 30, 2024 totaled $20.9 million, a decrease of $22 thousand, or 0.1%, compared to $21.0 million for the three months ended June 30, 2024 driven by a decrease in the FTE net interest margin over the same period. The FTE net interest margin for the three months ended September 30, 2024 decreased 5 basis points from 3.82% for the three months ended June 30, 2024. The decrease in FTE net interest margin was driven primarily by the recognition of nonaccrual interest income related to a specific large relationship during the three months ended June 30, 2024 and increases in the cost of average interest-bearing deposits during the three months ended September 30, 2024. Excluding nonaccrual interest income related to the payoff of a specific large relationship, the FTE net interest margin was 3.79% for the three months ended June 30, 2024. The average rate paid on interest-bearing deposits was 0.92% for the three months ended September 30, 2024, an increase of 13 basis points from the three months ended June 30, 2024.

    Noninterest Income

    Noninterest income for the three months ended September 30, 2024 was $6.8 million, an increase of $536 thousand, or 8.5%, from the three months ended September 30, 2023. Wealth management income for the three months ended September 30, 2024 was $1.2 million, an increase of $235 thousand from the three months ended September 30, 2023 driven primarily by portfolio market appreciation, estate income and new business generation. Insurance commissions for the three months ended September 30, 2024 were $2.8 million, an increase of $158 thousand from the three months ended September 30, 2023 driven primarily by growth in commissions on policy renewals and new business in the current quarter. Gain from mortgage loans held for sale totaled $112 thousand for the three months ended September 30, 2024 compared to none for the three months ended September 30, 2023.

    Noninterest income for the three months ended September 30, 2024 increased $406 thousand, or 6.3%, from the three months ended June 30, 2024. The increase was driven primarily by increases in wealth management income driven by higher estate income and other income driven by annual check ordering incentives received during the three months ended September 30, 2024. Additionally, there was a higher volume of mortgages sold in the current quarter, which resulted in a higher gain from mortgage loans held for sale for the three months ended September 30, 2024 compared to the three months ended June 30, 2024.

    Noninterest Expense

    Noninterest expense for the three months ended September 30, 2024 was $18.2 million, an increase of $1.9 million, or 11.7%, from the three months ended September 30, 2023. The increase was driven primarily by merger-related and salaries and employee benefits expenses. The increase in merger-related expense was driven primarily by professional service expenses incurred for the Traditions acquisition and totaled $1.1 million for the three months ended September 30, 2024. Salaries and employee benefits expense increased $948 thousand driven primarily by $682 thousand in higher employee health insurance expense and $273 thousand higher base wages. In addition, equipment expense increased $144 thousand driven primarily by higher core processing expenses and incremental purchases of office equipment. Partially offsetting these increases, professional services decreased $208 thousand for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 driven primarily by lower recruiting expenses for talent acquisition and consulting expenses. Marketing and corporate relations declined $60 thousand in the current quarter primarily due to rebranding expenses incurred for the three months ended September 30, 2023.

    Noninterest expense for the three months ended September 30, 2024 increased $1.9 million, or 11.3%, from the three months ended June 30, 2024. The increase was driven primarily by merger-related and salaries and employee benefits expenses. Merger-related expense totaled $1.1 million for the three months ended September 30, 2024 compared to $23 thousand for the three months ended June 30, 2024. Salaries and employee benefits expense increased $591 thousand during the three months ended September 30, 2024 compared to the three months ended June 30, 2024 driven primarily by higher employee health insurance expense of $519 thousand. Additionally, equipment expense increased $128 thousand driven primarily by higher core processing and software maintenance expenses coupled with incremental purchases of office equipment. Professional services expense decreased $120 thousand during the three months ended September 30, 2024 compared to the three months ended June 30, 2024 driven primarily by lower transfer agent and audit expenses.

    Loans and Asset Quality

    Total loans outstanding were $1.68 billion at September 30, 2024, a decrease of $2.5 million, or 0.1%, from June 30, 2024 and an increase of $61.1 million, or 3.8%, from September 30, 2023. The decrease from June 30, 2024 was driven primarily by real estate construction. The increase from September 30, 2023 was driven primarily by growth in the commercial real estate portfolio in our core markets. Growth in the commercial real estate portfolio was spread throughout the Bank’s geographic footprint and across various property types. The commercial real estate portfolio grew $59.2 million, or 6.6%, in 2024. The collateral for these loans is primarily spread across our Pennsylvania and Maryland market areas. Despite the intense competition in the Corporation’s market areas, management continues to focus on asset quality and disciplined underwriting standards in the loan origination process.

    Asset quality metrics continue to be stable. The provision for credit losses was $81 thousand and the provision for unfunded commitments was $40 thousand for the three months ended September 30, 2024 compared to a reversal to the provision for credit losses of $3.0 million and a reversal to the provision for unfunded commitments of $259 thousand for the three months ended June 30, 2024. For the three months ended September 30, 2023, there was a provision for credit losses of $250 thousand and a $171 thousand reversal to the provision for unfunded commitments. The increase in the provision for credit losses and unfunded commitments for the three months ended September 30, 2024 compared to the prior quarter was driven primarily by a $3.2 million reversal of the provision for credit losses and unfunded commitments in the prior quarter and one long-standing commercial relationship in the healthcare industry, comprised of both owner-occupied commercial real estate and commercial and industrial loans, that moved into non-performing loan status during the current quarter.

    Non-performing loans were $6.6 million, or 0.39%, of total loans, net of unearned income, at September 30, 2024 compared to $3.1 million, or 0.19%, of total loans at June 30, 2024 and $3.6 million, or 0.22%, of total loans at September 30, 2023. The increase in non-performing loans at September 30, 2024 compared to the prior quarter was primarily the result of one long-standing commercial relationship in the healthcare industry, comprised of both owner-occupied commercial real estate and commercial and industrial loans, that moved into non-performing loan status during the current quarter. Annualized net charge-offs for the three months ended September 30, 2024 were 0.01% of total average loans compared to 0.00% and 0.03% for the three months ended June 30, 2024 and September 30, 2023, respectively.

    Deposits and Borrowings

    Deposits totaled $1.79 billion at September 30, 2024, a decrease of $47.3 million, or 2.6%, since June 30, 2024 and a decrease of $160.0 million, or 8.2%, from September 30, 2023. Included in total deposits were $1.33 billion interest-bearing deposits at September 30, 2024 which decreased $31.0 million, or 2.3%, from June 30, 2024 and decreased $58.0 million, or 4.2%, from September 30, 2023. Time deposits, included in interest-bearing deposits, increased $1.3 million, or 0.5%, and $43.5 million, or 20.4%, since June 30, 2024 and September 30, 2023, respectively. Total noninterest-bearing deposits were $463.5 million at September 30, 2024 compared to $479.7 million at June 30, 2024 and $565.5 million at September 30, 2023.

    Total borrowings were $293.1 million at September 30, 2024, a decrease of $11.2 million, or 3.7%, compared to June 30, 2024 and an increase of $139.7 million, or 91.1%, compared to September 30, 2023. A $25.0 million short-term borrowing was paid off during the quarter. The average rate on total borrowings was 4.31% for the three months ended September 30, 2024 compared to 4.48% for the three months ended June 30, 2024 and 3.83% for the three months ended September 30, 2023.

    Stockholders’ Equity, Dividends and Share Repurchases

    Total stockholders’ equity was $306.8 million at September 30, 2024 compared to $289.3 million at June 30, 2024 and $255.6 million at September 30, 2023. Tangible book value2 per share was $29.90, $27.82 and $23.80 at September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

    As announced on Form 8-K on October 16, 2024, the Board of Directors approved and declared a regular quarterly cash dividend of $0.32 per share of ACNB Corporation common stock payable on December 13, 2024, to shareholders of record as of November 29, 2024. This per share amount reflects a $0.02, or 6.7%, increase over the same quarter of 2023.

    ACNB repurchased 2,642 shares of ACNB common stock during the three months ended September 30, 2024.

    About ACNB Corporation

    ACNB Corporation, headquartered in Gettysburg, PA, is the $2.42 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and ACNB Insurance Services, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 27 community banking offices and two loan offices located in the Pennsylvania counties of Adams, Cumberland, Franklin, Lancaster and York and the Maryland counties of Baltimore, Carroll and Frederick. ACNB Insurance Services, Inc. is a full-service insurance agency with licenses in 46 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster and Jarrettsville, MD, and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit investor.acnb.com.

    SAFE HARBOR AND FORWARD-LOOKING STATEMENTS – Should there be a material subsequent event prior to the filing of the Quarterly Report on Form 10-Q with the Securities and Exchange Commission, the financial information reported in this press release is subject to change to reflect the subsequent event. In addition to historical information, this press release may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of Management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Corporation’s market areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “intends”, “will”, “should”, “anticipates”, or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as national, regional and local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties, and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: short-term and long-term effects of inflation and rising costs on the Corporation, customers and economy; banking instability caused by bank failures and continuing financial uncertainty of various banks which may adversely impact the Corporation and its securities and loan values, deposit stability, capital adequacy, financial condition, operations, liquidity, and results of operations; effects of governmental and fiscal policies, as well as legislative and regulatory changes; effects of new laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which the Corporation and its subsidiaries must comply; impacts of the capital and liquidity requirements of the Basel III standards; effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of the business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the effects of short-term and long-term federal budget and tax negotiations and a failure to increase the government debt limit or a prolonged shutdown of the federal government; effects of economic conditions particularly with regard to the negative impact of any pandemic, epidemic or health-related crisis and the responses thereto on the operations of the Corporation and current customers, specifically the effect of the economy on loan customers’ ability to repay loans; effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; inflation, securities market and monetary fluctuations; risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest rate protection agreements, as well as interest rate risks; difficulties in acquisitions and integrating and operating acquired business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; effects of technology changes; effects of general economic conditions and more specifically in the Corporation’s market areas; failure of assumptions underlying the establishment of reserves for credit losses and estimations of values of collateral and various financial assets and liabilities; acts of war or terrorism or geopolitical instability; disruption of credit and equity markets; ability to manage current levels of impaired assets; loss of certain key officers; ability to maintain the value and image of the Corporation’s brand and protect the Corporation’s intellectual property rights; continued relationships with major customers; and, potential impacts to the Corporation from continually evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial losses. Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of the Corporation’s consolidated financial statements when filed with the SEC. Accordingly, the financial information in this announcement is subject to change. We caution readers not to place undue reliance on these forward-looking statements. They only reflect Management’s analysis as of this date. The Corporation does not revise or update these forward-looking statements to reflect events or changed circumstances. Please carefully review the risk factors described in other documents the Corporation files from time to time with the SEC, including the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Please also carefully review any Current Reports on Form 8-K filed by the Corporation with the SEC.

    ACNB #2024-17
    October 24, 2024

     
    ACNB Corporation Financial Highlights
    Selected Financial Data by Respective Quarter End
    (Unaudited)
                       
    (Dollars in thousands, except per share data) September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023
    BALANCE SHEET DATA                  
    Assets $ 2,420,914     $ 2,457,753     $ 2,414,288     $ 2,418,847     $ 2,388,522  
    Investment securities   483,604       483,868       490,626       517,221       501,063  
    Total loans, net of unearned income   1,677,112       1,679,600       1,664,980       1,627,988       1,615,966  
    Allowance for credit losses   (17,214 )     (17,162 )     (20,172 )     (19,969 )     (19,264 )
    Deposits   1,791,317       1,838,588       1,835,224       1,861,813       1,951,359  
    Allowance for unfunded commitments   1,349       1,310       1,569       1,719       1,962  
    Borrowings   293,091       304,286       272,605       252,174       153,388  
    Stockholders’ equity   306,755       289,331       279,920       277,461       255,638  
    INCOME STATEMENT DATA                  
    Interest and dividend income $ 27,241     $ 26,869     $ 25,974     $ 25,284     $ 24,234  
    Interest expense   6,299       5,905       5,381       3,791       2,489  
    Net interest income   20,942       20,964       20,593       21,493       21,745  
    Provision for (reversal of ) credit losses   81       (2,990 )     223       786       250  
    Provision for (reversal of) unfunded commitments   40       (259 )     (151 )     (242 )     (171 )
    Net interest income after provisions for credit losses and unfunded commitments   20,821       24,213       20,521       20,949       21,666  
    Noninterest income   6,833       6,427       5,667       970       6,297  
    Noninterest expenses   18,244       16,391       17,662       17,173       16,336  
    Income before income taxes   9,410       14,249       8,526       4,746       11,627  
    Provision for income taxes   2,206       2,970       1,758       649       2,583  
    Net income $ 7,204     $ 11,279     $ 6,768     $ 4,097     $ 9,044  
    PROFITABILITY RATIOS                  
    Total loans, net of unearned income to deposits   93.62 %     91.35 %     90.72 %     87.44 %     82.81 %
    Return on average assets (annualized)   1.17       1.86       1.12       0.68       1.52  
    Return on average equity (annualized)   9.63       16.12       9.76       6.09       13.84  
    Efficiency ratio3   60.56       58.61       66.18       62.48       56.97  
    FTE Net interest margin   3.77       3.82       3.77       3.93       4.01  
    Yield on average earning assets   4.90       4.89       4.74       4.62       4.46  
    Yield on investment securities   2.59       2.65       2.70       2.36       2.24  
    Yield on total loans   5.56       5.53       5.37       5.29       5.16  
    Cost of funds   1.19       1.12       1.02       0.71       0.47  
    PER SHARE DATA                  
    Diluted earnings per share $ 0.84     $ 1.32     $ 0.80     $ 0.48     $ 1.06  
    Cash dividends paid per share   0.32       0.32       0.30       0.30       0.28  
    Tangible book value per share3   29.90       27.82       26.70       26.44       23.80  
    Tangible book value per share3 (excluding AOCI)4   33.87       33.28       32.21       31.74       31.43  
    CAPITAL RATIOS5                  
    Tier 1 leverage ratio   12.46 %     12.25 %     11.91 %     11.57 %     11.97 %
    Common equity tier 1 ratio   16.07       15.78       15.40       15.16       15.30  
    Tier 1 risk based capital ratio   16.36       16.07       15.69       15.45       15.59  
    Total risk based capital ratio   18.15       17.86       17.68       17.41       17.49  
    CREDIT QUALITY                  
    Net charge-offs to average loans outstanding (annualized)   0.01 %     0.00 %     0.00 %     0.02 %     0.03 %
    Total non-performing loans to total loans, net of unearned income6   0.39       0.19       0.24       0.26       0.22  
    Total non-performing assets to total assets7   0.29       0.14       0.18       0.19       0.17  
    Allowance for credit losses to total loans, net of unearned income   1.03       1.02       1.21       1.23       1.19  
                                           
     
    Consolidated Balance Sheet
    (Unaudited)
                 
    (Dollars in thousands, except per share data)   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    ASSETS            
    Cash and due from banks   $ 24,636     $ 26,681     $ 17,395  
    Interest-bearing deposits with banks     33,456       59,593       35,740  
    Total Cash and Cash Equivalents     58,092       86,274       53,135  
    Equity securities with readily determinable fair values     947       919       918  
    Investment securities available for sale, at estimated fair value     418,079       418,364       425,114  
    Investment securities held to maturity, at amortized cost (fair value $59,038, $57,026, and $58,084)     64,578       64,585       64,594  
    Loans held for sale     1,080       1,801       88  
    Total loans, net of unearned income     1,677,112       1,679,600       1,664,980  
    Less: Allowance for credit losses     (17,214 )     (17,162 )     (20,172 )
    Loans, net     1,659,898       1,662,438       1,644,808  
    Premises and equipment, net     25,542       25,760       25,916  
    Right of use asset     2,110       2,278       2,447  
    Restricted investment in bank stocks     10,853       11,853       10,877  
    Investment in bank-owned life insurance     81,344       80,841       80,348  
    Investments in low-income housing partnerships     909       940       971  
    Goodwill     44,185       44,185       44,185  
    Intangible assets, net     8,142       8,446       8,761  
    Foreclosed assets held for resale     406       406       467  
    Other assets     44,749       48,663       51,659  
    Total Assets   $ 2,420,914     $ 2,457,753     $ 2,414,288  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Deposits:            
    Noninterest-bearing   $ 463,501     $ 479,726     $ 499,583  
    Interest-bearing     1,327,816       1,358,862       1,335,641  
    Total Deposits     1,791,317       1,838,588       1,835,224  
    Short-term borrowings     37,769       48,974       17,303  
    Long-term borrowings     255,322       255,312       255,302  
    Lease liability     2,110       2,278       2,447  
    Allowance for unfunded commitments     1,349       1,310       1,569  
    Other liabilities     26,292       21,960       22,523  
    Total Liabilities     2,114,159       2,168,422       2,134,368  
                 
    Stockholders’ Equity:            
    Preferred Stock, $2.50 par value; 20,000,000 shares authorized; no shares outstanding at September 30, 2024, June 30, 2024 and March 31, 2024     —       —       —  
    Common stock, $2.50 par value; 20,000,000 shares authorized; 8,940,133, 8,934,495, and 8,928,441 shares issued; 8,548,625, 8,545,629, and 8,539,575 shares outstanding at September 30, 2024, June 30, 2024 and March 31, 2024, respectively     22,344       22,330       22,315  
    Treasury stock, at cost; 391,508, at September 30, 2024, and 388,866 at both June 30, 2024 and March 31, 2024     (11,203 )     (11,101 )     (11,101 )
    Additional paid-in capital     98,697       98,230       97,818  
    Retained earnings     230,752       226,271       217,712  
    Accumulated other comprehensive loss     (33,835 )     (46,399 )     (46,824 )
    Total Stockholders’ Equity     306,755       289,331       279,920  
    Total Liabilities and Stockholders’ Equity   $ 2,420,914     $ 2,457,753     $ 2,414,288  
                             
     
    Consolidated Income Statements
    (Unaudited)
           
      Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
    (Dollars in thousands, except per share data) 2024
    		   2023   2024   2023
    INTEREST AND DIVIDEND INCOME              
    Loans, including fees              
    Taxable $ 23,108     $ 20,285     $ 67,253     $ 58,130  
    Tax-exempt   311       361       943       1,069  
    Investment securities:              
    Taxable   2,617       2,477       8,193       8,451  
    Tax-exempt   284       284       852       883  
    Dividends   251       104       739       196  
    Other   670       723       2,104       2,627  
    Total Interest and Dividend Income   27,241       24,234       80,084       71,356  
    INTEREST EXPENSE              
    Deposits   3,112       928       7,915       1,887  
    Short-term borrowings   204       439       847       564  
    Long-term borrowings   2,983       1,122       8,823       2,078  
    Total Interest Expense   6,299       2,489       17,585       4,529  
    Net Interest Income   20,942       21,745       62,499       66,827  
    Provision for (reversal of) credit losses   81       250       (2,686 )     74  
    Provision for (reversal of) unfunded commitments   40       (171 )     (370 )     226  
    Net Interest Income after Provisions for (Reversal of) Credit Losses and Unfunded Commitments   20,821       21,666       65,555       66,527  
    NONINTEREST INCOME              
    Insurance commissions   2,787       2,629       7,649       7,371  
    Service charges on deposits   1,048       1,000       3,060       2,951  
    Wealth management   1,188       953       3,219       2,772  
    ATM debit card charges   828       845       2,488       2,502  
    Earnings on investment in bank-owned life insurance   503       473       1,473       1,399  
    Gain from mortgage loans held for sale   112       —       194       31  
    Net gains (losses) on sales or calls of investment securities   —       —       69       (739 )
    Net gains (losses) on equity securities   28       (27 )     19       (22 )
    Gain on assets held for sale   —       14       —       337  
    Other   339       410       756       873  
    Total Noninterest Income   6,833       6,297       18,927       17,475  
    NONINTEREST EXPENSES              
    Salaries and employee benefits   11,017       10,069       32,611       30,335  
    Equipment   1,698       1,554       4,997       4,784  
    Net occupancy   945       942       3,066       2,981  
    Professional services   409       617       1,554       1,600  
    FDIC and regulatory   365       388       1,088       932  
    Other tax   360       323       1,086       965  
    Intangible assets amortization   304       352       940       1,072  
    Supplies and postage   236       229       610       633  
    Marketing and corporate relations   99       159       275       472  
    Merger-related   1,137       —       1,160       —  
    Other   1,674       1,703       4,910       5,125  
    Total Noninterest Expenses   18,244       16,336       52,297       48,899  
    Income Before Income Taxes   9,410       11,627       32,185       35,103  
    Provision for income taxes   2,206       2,583       6,934       7,512  
    Net Income $ 7,204     $ 9,044     $ 25,251     $ 27,591  
    PER SHARE DATA              
    Basic earnings $ 0.85     $ 1.06     $ 2.97     $ 3.24  
    Diluted earnings $ 0.84     $ 1.06     $ 2.96     $ 3.23  
    Weighted average shares basic   8,507,140       8,517,917       8,500,860       8,518,006  
    Weighted average shares diluted   8,545,578       8,551,545       8,532,691       8,544,732  
                                   
     
    Average Balances, Income and Expenses, Yields and Rates
                         
        Three months ended   Three months ended   Three months ended   Three months ended   Three months ended
        September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023
    (Dollars in thousands)   Average
    Balance    		   Interest8   Yield/
    Rate    		   Average
    Balance    		   Interest8   Yield/
    Rate    		   Average
    Balance    		   Interest8   Yield/
    Rate    		   Average
    Balance    		   Interest8   Yield/
    Rate    		   Average
    Balance    		   Interest8   Yield/
    Rate
    ASSETS                                                            
    Loans:                                                            
    Taxable   $ 1,618,879     $ 23,108     5.68 %   $ 1,612,380     $ 22,675     5.66 %   $ 1,573,109     $ 21,470     5.49 %   $ 1,559,411     $ 21,303     5.42 %   $ 1,520,134     $ 20,285     5.29 %
    Tax-exempt     62,401       394     2.51       64,276       396     2.48       65,825       404     2.47       69,058       425     2.44       73,995       457     2.45  
    Total Loans9     1,681,280       23,502     5.56       1,676,656       23,071     5.53       1,638,934       21,874     5.37       1,628,469       21,728     5.29       1,594,129       20,742     5.16  
    Investment Securities:                                                            
    Taxable     441,135       2,868     2.59       442,390       2,913     2.65       467,466       3,151     2.71       453,713       2,669     2.33       466,402       2,581     2.20  
    Tax-exempt     54,549       359     2.62       54,644       359     2.64       54,740       359     2.64       54,835       361     2.61       55,027       359     2.59  
    Total Investments10     495,684       3,227     2.59       497,034       3,272     2.65       522,206       3,510     2.70       508,548       3,030     2.36       521,429       2,940     2.24  
    Interest-bearing deposits with banks     48,794       670     5.46       50,851       684     5.41       54,156       750     5.57       50,225       691     5.46       53,324       723     5.38  
    Total Earning Assets     2,225,758       27,399     4.90       2,224,541       27,027     4.89       2,215,296       26,134     4.74       2,187,242       25,449     4.62       2,168,882       24,405     4.46  
    Cash and due from banks     21,684               21,041               20,540               21,578               23,783          
    Premises and equipment     25,716               25,903               26,102               25,983               25,980          
    Other assets     184,105               187,937               187,075               191,329               165,821          
    Allowance for credit losses     (17,147 )             (20,124 )             (19,963 )             (19,232 )             (19,101 )        
    Total Assets   $ 2,440,116             $ 2,439,298             $ 2,429,050             $ 2,406,900             $ 2,365,365          
    LIABILITIES                                                            
    Interest-bearing demand deposits   $ 518,368     $ 552     0.42 %   $ 513,163     $ 275     0.22 %   $ 512,701     $ 264     0.21 %   $ 560,510     $ 275     0.19 %   $ 571,314     $ 185     0.13 %
    Money markets     246,653       692     1.12       248,191       613     0.99       248,297       536     0.87       274,226       707     1.02       245,899       312     0.50  
    Savings deposits     318,291       26     0.03       327,274       30     0.04       335,215       29     0.03       348,244       28     0.03       366,398       30     0.03  
    Time deposits     258,053       1,842     2.84       263,045       1,725     2.64       244,481       1,331     2.19       221,778       798     1.43       212,159       401     0.75  
    Total Interest-Bearing Deposits     1,341,365       3,112     0.92       1,351,673       2,643     0.79       1,340,694       2,160     0.65       1,404,758       1,808     0.51       1,395,770       928     0.26  
    Short-term borrowings     38,666       204     2.10       37,256       304     3.28       47,084       339     2.90       56,872       334     2.33       66,942       439     2.60  
    Long-term borrowings     255,316       2,983     4.65       255,305       2,958     4.66       248,701       2,882     4.66       137,026       1,649     4.77       94,554       1,122     4.71  
    Total Borrowings     293,982       3,187     4.31       292,561       3,262     4.48       295,785       3,221     4.38       193,898       1,983     4.06       161,496       1,561     3.83  
    Total Interest-Bearing Liabilities     1,635,347       6,299     1.53       1,644,234       5,905     1.44       1,636,479       5,381     1.32       1,598,656       3,791     0.94       1,557,266       2,489     0.63  
    Noninterest-bearing demand deposits     477,350               485,351               486,648               519,797               541,995          
    Other liabilities     29,946               28,348               26,904               21,648               6,820          
    Stockholders’ Equity     297,473               281,365               279,019               266,799               259,284          
    Total Liabilities and Stockholders’ Equity   $ 2,440,116             $ 2,439,298             $ 2,429,050             $ 2,406,900             $ 2,365,365          
    Taxable Equivalent Net Interest Income         21,100               21,122               20,753               21,658               21,916      
    Taxable Equivalent Adjustment         (158 )             (158 )             (160 )             (165 )             (171 )    
    Net Interest Income       $ 20,942             $ 20,964             $ 20,593             $ 21,493             $ 21,745      
    Cost of Funds           1.19 %           1.12 %           1.02 %           0.71 %           0.47 %
    FTE Net Interest Margin           3.77 %           3.82 %           3.77 %           3.93 %           4.01 %
                                                                           
     
    Average Balances, Income and Expenses, Yields and Rates
           
      Nine Months Ended September 30, 2024   Nine Months Ended September 30, 2023
    (Dollars in thousands) Average
    Balance    		   Interest11   Yield/
    Rate    		   Average
    Balance    		   Interest11   Yield/
    Rate
    ASSETS                      
    Loans:                      
    Taxable $ 1,601,520     $ 67,253     5.61 %   $ 1,479,690     $ 58,130     5.25 %
    Tax-exempt   64,161       1,194     2.49       75,657       1,353     2.39  
    Total Loans12   1,665,681       68,447     5.49       1,555,347       59,483     5.11  
    Investment Securities:                      
    Taxable   450,297       8,932     2.65       507,061       8,647     2.28  
    Tax-exempt   54,644       1,078     2.64       55,307       1,118     2.70  
    Total Investments13   504,941       10,010     2.65       562,368       9,765     2.32  
    Interest-bearing deposits with banks   51,258       2,104     5.48       71,645       2,627     4.90  
    Total Earning Assets   2,221,880       80,561     4.84       2,189,360       71,875     4.39  
    Cash and due from banks   21,091               30,891          
    Premises and equipment   25,939               26,415          
    Other assets   186,330               159,544          
    Allowance for credit losses   (19,071 )             (18,807 )        
    Total Assets $ 2,436,169             $ 2,387,403          
    LIABILITIES                      
    Interest-bearing demand deposits $ 514,757     $ 1,092     0.28 %   $ 580,180     $ 690     0.16 %
    Money markets   247,710       1,841     0.99       276,154       277     0.13  
    Savings deposits   326,895       84     0.03       385,753       94     0.03  
    Time deposits   255,203       4,898     2.56       234,951       826     0.47  
    Total Interest-Bearing Deposits   1,344,565       7,915     0.79       1,477,038       1,887     0.17  
    Short-term borrowings   40,993       847     2.76       47,852       564     1.58  
    Long-term borrowings   253,116       8,823     4.66       58,333       2,078     4.76  
    Total Borrowings   294,109       9,670     4.39       106,185       2,642     3.33  
    Total Interest-Bearing Liabilities   1,638,674       17,585     1.43       1,583,223       4,529     0.38  
    Noninterest-bearing demand deposits   483,095               550,206          
    Other liabilities   28,406               (2,552 )        
    Stockholders’ Equity   285,994               256,526          
    Total Liabilities and Stockholders’ Equity $ 2,436,169             $ 2,387,403          
    Taxable Equivalent Net Interest Income       62,976               67,346      
    Taxable Equivalent Adjustment       (477 )             (519 )    
    Net Interest Income     $ 62,499             $ 66,827      
    Cost of Funds         1.11 %           0.28 %
    FTE Net Interest Margin         3.79 %           4.11 %
                               

    Non-GAAP Reconciliation
    Note: The Corporation has presented the following non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation’s results of operations and financial condition. These non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation’s industry. Investors should recognize that the Corporation’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other corporations. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety.

        Three Months Ended
    (Dollars in thousands, except per share data)   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023
    Tangible book value per share                    
    Stockholders’ equity   $ 306,755     $ 289,331     $ 279,920     $ 277,461     $ 255,638  
    Less: Goodwill and intangible assets     (52,327 )     (52,631 )     (52,946 )     (53,267 )     (53,619 )
    Tangible common stockholders’ equity (numerator)   $ 254,428     $ 236,700     $ 226,974     $ 224,194     $ 202,019  
    Shares outstanding, less unvested shares, end of period (denominator)     8,510,187       8,507,191       8,501,137       8,478,460       8,488,446  
    Tangible book value per share   $ 29.90     $ 27.82     $ 26.70     $ 26.44     $ 23.80  
    Tangible book value per share (excluding AOCI)                    
    Tangible common stockholders’ equity   $ 254,428     $ 236,700     $ 226,974     $ 224,194     $ 202,019  
    Less: AOCI     (33,835 )     (46,399 )     (46,824 )     (44,909 )     (64,767 )
    Tangible equity (excluding AOCI)   $ 288,263     $ 283,099     $ 273,798     $ 269,103     $ 266,786  
    Tangible book value per share (excluding AOCI)   $ 33.87     $ 33.28     $ 32.21     $ 31.74     $ 31.43  
    Tangible common equity to tangible assets (TCE/TA Ratio)                    
    Tangible common stockholders’ equity (numerator)   $ 254,428     $ 236,700     $ 226,974     $ 224,194     $ 202,019  
    Total assets   $ 2,420,914     $ 2,457,753     $ 2,414,288     $ 2,418,847     $ 2,388,522  
    Less: Goodwill and intangible assets     (52,327 )     (52,631 )     (52,946 )     (53,267 )     (53,619 )
    Total tangible assets (denominator)   $ 2,368,587     $ 2,405,122     $ 2,361,342     $ 2,365,580     $ 2,334,903  
    Tangible common equity to tangible assets     10.74 %     9.84 %     9.61 %     9.48 %     8.65 %
    Efficiency Ratio                    
    Noninterest expense   $ 18,244     $ 16,391     $ 17,662     $ 17,173     $ 16,336  
    Less: Intangible amortization     304       315       321       352       352  
    Less: Merger-related expense     1,137       23       —       —       —  
    Noninterest expense (numerator)   $ 16,803     $ 16,053     $ 17,341     $ 16,821     $ 15,984  
    Net interest income   $ 20,942     $ 20,964     $ 20,593     $ 21,493     $ 21,745  
    Plus: Total noninterest income     6,833       6,427       5,667       970       6,297  
    Less: Net gains (losses) on sales or calls of securities     —       —       69       (4,501 )     —  
    Less: Net gains (losses) on equity securities     28       1       (10 )     40       (27 )
    Less: Gain on assets held for sale     —       —       —       —       14  
    Total revenue (denominator)   $ 27,747     $ 27,390     $ 26,201     $ 26,924     $ 28,055  
    Efficiency ratio     60.56 %     58.61 %     66.18 %     62.48 %     56.97 %
                                             

    Non-GAAP Reconciliation

    Note: The Corporation has presented the following non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation’s results of operations and financial condition. These non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation’s industry. Investors should recognize that the Corporation’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other corporations. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety.

    (Dollars in thousands)   Three Months Ended
    September 30, 2024
    Core return on average assets    
    Net income   $ 7,204  
    Merger-related expense, net of taxes     879  
    Core net income (numerator)   $ 8,083  
    Average assets (denominator)   $ 2,440,116  
    Core return on average assets     1.32 %
         
    Core return on average equity    
    Core net income (numerator)   $ 8,083  
    Average equity (denominator)   $ 297,473  
    Core return on average equity     10.81 %
             

    1 Non-GAAP financial measure. Please refer to the calculation on the pages titled “Non-GAAP Reconciliation” at the end of this document.
    2 Non-GAAP financial measure. Please refer to the calculation on the pages titled “Non-GAAP Reconciliation” at the end of this document.
    3 Non-GAAP financial measure. Please refer to the calculation on the pages titled “Non-GAAP Reconciliation” at the end of this document.
    4 Accumulated Other Comprehensive Loss.
    5 Regulatory capital ratios as of September 30, 2024 are preliminary.
    6 Non-performing Loans consists of loans on nonaccrual status and loans greater than 90 days past due and still accruing interest.
    7 Non-performing Assets consists of Non-performing Loans and Foreclosed assets held for resale.
    8 Income on interest-earning assets has been computed on a fully taxable equivalent (FTE) basis using the 21% federal income tax statutory rate.
    9 Average balances include non-accrual loans and are net of unearned income.
    10 Average balances of investment securities is computed at fair value.
    11 Income on interest-earning assets has been computed on a fully taxable equivalent basis (FTE) using the 21% federal income tax statutory rate.
    12 Average balances include non-accrual loans and are net of unearned income.
    13 Average balances of investment securities is computed at fair value.

       
    Contact: Jason H. Weber
      EVP/Treasurer &
      Chief Financial Officer
      717.339.5090
      jweber@acnb.com
       

    The MIL Network –

  • MIL-OSI: HomeTrust Bancshares, Inc. Announces Financial Results for the Third Quarter of the Year Ending December 31, 2024 and an Increase in the Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    ASHEVILLE, N.C., Oct. 24, 2024 (GLOBE NEWSWIRE) — HomeTrust Bancshares, Inc. (NASDAQ: HTBI) (“Company”), the holding company of HomeTrust Bank (“Bank”), today announced preliminary net income for the third quarter of the year ending December 31, 2024 and an increase in its quarterly cash dividend.

    For the quarter ended September 30, 2024 compared to the quarter ended June 30, 2024:

    • net income was $13.1 million compared to $12.4 million;
    • diluted earnings per share (“EPS”) were $0.76 compared to $0.73;
    • annualized return on assets (“ROA”) was 1.17% compared to 1.13%;
    • annualized return on equity (“ROE”) was 9.76% compared to 9.58%;
    • net interest margin was 4.00% compared to 4.08%;
    • provision for credit losses was $3.0 million compared to $4.3 million; and
    • quarterly cash dividends continued at $0.11 per share totaling $1.9 million for both periods.

    For the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023:

    • net income was $40.6 million compared to $36.6 million;
    • diluted EPS were $2.37 compared to $2.18;
    • annualized ROA was 1.22% compared to 1.15%;
    • annualized ROE was 10.39% compared to 10.56%;
    • net interest margin was 4.03% compared to 4.29%;
    • provision for credit losses was $8.4 million compared to $11.7 million;
    • tax-free death benefit proceeds from life insurance were $1.1 million for both periods; and
    • cash dividends of $0.33 per share totaling $5.6 million compared to $0.30 per share totaling $5.1 million.

    Results for the nine months ended September 30, 2023 include the impact of the merger of Quantum Capital Corp. (“Quantum”) into the Company effective February 12, 2023. The addition of Quantum contributed total assets of $656.7 million, including loans of $561.9 million, and $570.6 million of deposits, all reflecting the impact of purchase accounting adjustments. Merger-related expenses of $4.7 million were recognized during the nine months ended September 30, 2023, while a $5.3 million provision for credit losses was recognized during the same period to establish allowances for credit losses on both Quantum’s loan portfolio and off-balance-sheet credit exposure.

    The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.12 per common share, reflecting a $0.01, or 9.0%, increase over the previous quarter’s dividend. This is the sixth increase of the quarterly dividend since the Company initiated cash dividends in November 2018. The dividend is payable on November 27, 2024 to shareholders of record as of the close of business on November 14, 2024.

    “We are pleased to report another quarter of strong financial results,” said Hunter Westbrook, President and Chief Executive Officer. “We maintained our top quartile net interest margin, our ninth straight quarter at 4.00% or more. In addition, noninterest income and expense were both in line with prior quarters. Our provision for credit losses of $3.0 million included an additional $2.2 million as a reserve build for the potential impact of Hurricane Helene upon our loan portfolio. We have begun working with our loan customers on payment deferrals of up to six months, and although we aren’t currently aware of any collectability issues, we will continue assessing the impact of the storm upon our customer base.

    “As you know, many of the communities we serve were affected by this storm, impacting both our employees and customers. I’d first like to thank our employees who have assisted in maintaining bank operations while also tending to their personal and familial responsibilities. It has been amazing to watch the teamwork, collaboration and personal sacrifice across all areas of the Bank as we remained functionally operational throughout the storm, including our electronic banking services and online operations. Currently, all of our banking locations are open with most of the affected areas in our markets recovering well and operating close to normal. As for our customers in the affected areas, it will take time to assess, react and recover from Hurricane Helene. We are committed to working with them to provide the banking support needed for their businesses and homes.

    “Lastly, I am thankful for the Company’s financial strength and geographic diversification which we have built over the last decade, with respect to both our employees and customer base, which provides the foundation to overcome unforeseen events such as this storm. We remain optimistic as we work together to continue the recovery.”

    WEBSITE: WWW.HTB.COM

    Comparison of Results of Operations for the Three Months Ended September 30, 2024 and June 30, 2024
    Net Income.  Net income totaled $13.1 million, or $0.76 per diluted share, for the three months ended September 30, 2024 compared to $12.4 million, or $0.73 per diluted share, for the three months ended June 30, 2024, an increase of $694,000, or 5.6%. Results for the three months ended September 30, 2024 were positively impacted by a decrease of $1.3 million in the provision for credit losses. Details of the changes in the various components of net income are further discussed below.

    Net Interest Income.  The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.

      Three Months Ended
      September 30, 2024   June 30, 2024
    (Dollars in thousands) Average
    Balance
    Outstanding    		   Interest
    Earned /
    Paid    		   Yield /
    Rate    		   Average
    Balance
    Outstanding    		   Interest
    Earned /
    Paid    		   Yield /
    Rate
    Assets                      
    Interest-earning assets                      
    Loans receivable(1) $ 3,899,460     $ 63,305   6.46 %   $ 3,885,222     $ 62,161   6.43 %
    Debt securities available for sale   140,246       1,616   4.58       134,334       1,495   4.48  
    Other interest-earning assets(2)   144,931       1,728   4.74       140,376       1,758   5.04  
    Total interest-earning assets   4,184,637       66,649   6.34       4,159,932       65,414   6.32  
    Other assets   264,579               266,983          
    Total assets $ 4,449,216             $ 4,426,915          
    Liabilities and equity                      
    Interest-bearing liabilities                      
    Interest-bearing checking accounts $ 548,024     $ 1,278   0.93 %   $ 586,396     $ 1,445   0.99 %
    Money market accounts   1,335,798       10,757   3.20       1,298,177       10,221   3.17  
    Savings accounts   182,618       40   0.09       188,028       41   0.09  
    Certificate accounts   1,012,765       11,617   4.56       902,864       9,976   4.44  
    Total interest-bearing deposits   3,079,205       23,692   3.06       2,975,465       21,683   2.93  
    Junior subordinated debt   10,079       235   9.28       10,054       234   9.36  
    Borrowings   40,399       648   6.38       87,315       1,331   6.13  
    Total interest-bearing liabilities   3,129,683       24,575   3.12       3,072,834       23,248   3.04  
    Noninterest-bearing deposits   719,710               769,016          
    Other liabilities   65,097               63,503          
    Total liabilities   3,914,490               3,905,353          
    Stockholders’ equity   534,726               521,562          
    Total liabilities and stockholders’ equity $ 4,449,216             $ 4,426,915          
    Net earning assets $ 1,054,954             $ 1,087,098          
    Average interest-earning assets to average interest-bearing liabilities   133.71 %             135.38 %        
    Non-tax-equivalent                      
    Net interest income     $ 42,074           $ 42,166    
    Interest rate spread         3.22 %           3.28 %
    Net interest margin(3)         4.00 %           4.08 %
    Tax-equivalent(4)                      
    Net interest income     $ 42,442           $ 42,520    
    Interest rate spread         3.25 %           3.32 %
    Net interest margin(3)         4.03 %           4.11 %

    (1)  Average loans receivable balances include loans held for sale and nonaccruing loans.
    (2)  Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.
    (3)  Net interest income divided by average interest-earning assets.
    (4)  Tax-equivalent results include adjustments to interest income of $368 and $354 for the three months ended September 30, 2024 and June 30, 2024, respectively, calculated based on a combined federal and state tax rate of 24%.

    Total interest and dividend income for the three months ended September 30, 2024 increased $1.2 million, or 1.9%, compared to the three months ended June 30, 2024, which was driven by a $1.1 million, or 1.8%, increase in loan interest income primarily due to the difference in the number of days in each quarter. Accretion income on acquired loans of $640,000 and $678,000 was recognized during the same periods, respectively, and was included in interest income on loans.

    Total interest expense for the three months ended September 30, 2024 increased $1.3 million, or 5.7%, compared to the three months ended June 30, 2024. The increase was primarily the result of increases in the average balances of money market and certificate accounts, partially offset by a decline in average borrowings outstanding.

    The following table shows the effects that changes in average balances (volume), including the difference in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:

      Increase / (Decrease)
    Due to    		   Total
    Increase /
    (Decrease)
    (Dollars in thousands) Volume   Rate  
    Interest-earning assets          
    Loans receivable $ 916     $ 228     $ 1,144  
    Debt securities available for sale   83       38       121  
    Other interest-earning assets   76       (106 )     (30 )
    Total interest-earning assets   1,075       160       1,235  
    Interest-bearing liabilities          
    Interest-bearing checking accounts   (81 )     (86 )     (167 )
    Money market accounts   413       123       536  
    Savings accounts   (1 )     —       (1 )
    Certificate accounts   1,341       300       1,641  
    Junior subordinated debt   3       (2 )     1  
    Borrowings   (708 )     25       (683 )
    Total interest-bearing liabilities   967       360       1,327  
    Decrease in net interest income         $ (92 )


    Provision for Credit Losses.      The provision for credit losses is the amount of expense that, based on our judgment, is required to maintain the allowance for credit losses (“ACL”) at an appropriate level under the current expected credit losses model.

    The following table presents a breakdown of the components of the provision for credit losses:

      Three Months Ended      
    (Dollars in thousands) September 30, 2024   June 30, 2024   $ Change   % Change
    Provision for credit losses                
    Loans $ 2,990     $ 4,300     $ (1,310 )   (30 )%
    Off-balance-sheet credit exposure   (15 )     (40 )     25     63  
    Total provision for credit losses $ 2,975     $ 4,260     $ (1,285 )   (30 )%

    For the quarter ended September 30, 2024, the “loans” portion of the provision for credit losses was the result of the following, offset by net charge-offs of $4.1 million during the quarter:

    • $0.4 million benefit driven by changes in the loan mix.
    • $1.2 million provision due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments. Included in this change was the addition of a $2.2 million qualitative allocation for the potential impact of Hurricane Helene upon our loan portfolio.
    • $1.9 million decrease in specific reserves on individually evaluated loans as we charged-off specific reserves which had previously been established.

    For the quarter ended June 30, 2024, the “loans” portion of the provision for credit losses was the result of the following, in addition to net charge-offs of $2.6 million during the quarter:

    • $0.1 million provision driven by changes in the loan mix.
    • $0.4 million benefit due to changes in the projected economic forecast and changes in qualitative adjustments.
    • $2.0 million increase in specific reserves on individually evaluated loans which was proportional to the increase in the associated loan balances which increased from $8.3 million to $16.3 million quarter-over-quarter, concentrated in the equipment finance and SBA portfolios.

    For the quarters ended September 30, 2024 and June 30, 2024, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and projected economic forecast as outlined above.

    Noninterest Income.  Noninterest income for the three months ended September 30, 2024 increased $169,000, or 2.1%, when compared to the quarter ended June 30, 2024. Changes in the components of noninterest income are discussed below:

      Three Months Ended    
    (Dollars in thousands) September 30, 2024   June 30, 2024   $ Change   % Change
    Noninterest income              
    Service charges and fees on deposit accounts $ 2,336     $ 2,354     $ (18 )   (1 )%
    Loan income and fees   684       647       37     6  
    Gain on sale of loans held for sale   1,900       1,828       72     4  
    Bank owned life insurance (“BOLI”) income   828       807       21     3  
    Operating lease income   1,637       1,591       46     3  
    Other   897       886       11     1  
    Total noninterest income $ 8,282     $ 8,113     $ 169     2 %
                                 
    • Gain on sale of loans held for sale: The increase was primarily driven by residential mortgage loans sold during the period. There were $21.7 million of residential mortgage loans originated for sale which were sold during the current quarter with gains of $479,000 compared to $21.3 million sold with gains of $351,000 in the prior quarter, with the improvement in profitability due to movement in interest rates. There were $54.6 million of HELOCs sold for a gain of $414,000 compared to $32.9 million sold with gains of $457,000 in the prior quarter. There were $12.9 million in sales of the guaranteed portion of SBA commercial loans with gains of $1.0 million for the quarter compared to $12.7 million sold and gains of $1.1 million for the prior quarter. Our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a gain of $18,000 for the quarter ended September 30, 2024 versus a loss of $58,000 for the quarter ended June 30, 2024.

    Noninterest Expense.  Noninterest expense for the three months ended September 30, 2024 increased $375,000, or 1.2%, when compared to the three months ended June 30, 2024. Changes in the components of noninterest expense are discussed below:

      Three Months Ended    
    (Dollars in thousands) September 30, 2024   June 30, 2024   $ Change   % Change
    Noninterest expense              
    Salaries and employee benefits $ 17,082     $ 16,608     $ 474     3 %
    Occupancy expense, net   2,436       2,419       17     1  
    Computer services   3,192       3,116       76     2  
    Telephone, postage and supplies   547       580       (33 )   (6 )
    Marketing and advertising   408       606       (198 )   (33 )
    Deposit insurance premiums   589       531       58     11  
    Core deposit intangible amortization   567       567       —     —  
    Other   5,764       5,783       (19 )   —  
    Total noninterest expense $ 30,585     $ 30,210     $ 375     1 %
                                 
    • Salaries and employee benefits: The quarter-over-quarter increase was primarily the result of executive pay increases effective this quarter and additional stock incentive expense associated with the vesting of performance-based equity awards.
    • Marketing and advertising: The decrease in expense was the result of both differences in the timing of when expenses were incurred quarter-over-quarter as well as a reduction in traditional media advertising (print, billboards, etc.) in favor of digital platforms at lower costs.

    Income Taxes.  The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the three months ended September 30, 2024 and June 30, 2024 were 21.9% and 21.4%, respectively.

    Comparison of Results of Operations for the Nine Months Ended September 30, 2024 and September 30, 2023
    Net Income.  Net income totaled $40.6 million, or $2.37 per diluted share, for the nine months ended September 30, 2024 compared to $36.6 million, or $2.18 per diluted share, for the nine months ended September 30, 2023, an increase of $4.0 million, or 11.0%. The results for the nine months ended September 30, 2024 were positively impacted by a decrease of $3.3 million in the provision for credit losses, a $1.4 million increase in noninterest income, and a $2.6 million decrease in noninterest expense, partially offset by a $2.0 million decrease in net interest income and a $1.3 million increase in income tax expense. Details of the changes in the various components of net income are further discussed below.

    Net Interest Income.  The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.

      Nine Months Ended
      September 30, 2024   September 30, 2023
    (Dollars in thousands) Average
    Balance
    Outstanding    		   Interest
    Earned /
    Paid    		   Yield /
    Rate    		   Average
    Balance
    Outstanding    		   Interest
    Earned /
    Paid    		   Yield /
    Rate
    Assets                      
    Interest-earning assets                      
    Loans receivable(1) $ 3,883,040     $ 185,418   6.38 %   $ 3,684,518     $ 162,526   5.90 %
    Debt securities available for sale   133,779       4,424   4.42       155,884       3,780   3.24  
    Other interest-earning assets(2)   138,956       5,576   5.36       137,065       5,356   5.22  
    Total interest-earning assets   4,155,775       195,418   6.28       3,977,467       171,662   5.77  
    Other assets   276,516               266,867          
    Total assets $ 4,432,291             $ 4,244,334          
    Liabilities and equity                      
    Interest-bearing liabilities                      
    Interest-bearing checking accounts $ 574,954     $ 4,149   0.96 %   $ 627,200     $ 3,241   0.69 %
    Money market accounts   1,305,217       30,642   3.14       1,206,119       18,604   2.06  
    Savings accounts   187,447       124   0.09       218,683       143   0.09  
    Certificate accounts   934,702       30,778   4.40       649,755       14,967   3.08  
    Total interest-bearing deposits   3,002,320       65,693   2.92       2,701,757       36,955   1.83  
    Junior subordinated debt   10,054       705   9.37       8,428       563   8.93  
    Borrowings   76,823       3,550   6.17       158,965       6,634   5.58  
    Total interest-bearing liabilities   3,089,197       69,948   3.02       2,869,150       44,152   2.06  
    Noninterest-bearing deposits   766,110               857,315          
    Other liabilities   55,217               54,513          
    Total liabilities   3,910,524               3,780,978          
    Stockholders’ equity   521,767               463,356          
    Total liabilities and stockholders’ equity $ 4,432,291             $ 4,244,334          
    Net earning assets $ 1,066,578             $ 1,108,317          
    Average interest-earning assets to average interest-bearing liabilities   134.53 %             138.63 %        
    Non-tax-equivalent                      
    Net interest income     $ 125,470           $ 127,510    
    Interest rate spread         3.26 %           3.71 %
    Net interest margin(3)         4.03 %           4.29 %
    Tax-equivalent                      
    Net interest income     $ 126,542           $ 128,413    
    Interest rate spread         3.30 %           3.74 %
    Net interest margin(3)         4.07 %           4.32 %

    (1)  Average loans receivable balances include loans held for sale and nonaccruing loans.
    (2)  Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.
    (3)  Net interest income divided by average interest-earning assets.
    (4)  Tax-equivalent results include adjustments to interest income of $1,072 and $903 for the nine months ended September 30, 2024 and September 30, 2023, respectively, calculated based on a combined federal and state tax rate of 24%.

    Total interest and dividend income for the nine months ended September 30, 2024 increased $23.8 million, or 13.8%, compared to the nine months ended September 30, 2023, which was driven by a $22.9 million, or 14.1%, increase in interest income on loans. Accretion income on acquired loans of $2.0 million and $1.7 million was recognized during the same periods, respectively, and was included in interest income on loans. The overall increase in average yield on interest-earning assets was the result of both higher average balances and rising interest rates.

    Total interest expense for the nine months ended September 30, 2024 increased $25.8 million, or 58.4%, compared to the nine months ended September 30, 2023. The change was primarily the result of increases in the cost of funds across all funding sources driven by higher market interest rates and increases in the average balances of money market and certificate accounts, partially offset by a decline in average borrowings outstanding.

    The following table shows the effects that changes in average balances (volume), including the difference in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:

      Increase / (Decrease)
    Due to    		   Total
    Increase /
    (Decrease)
    (Dollars in thousands) Volume   Rate  
    Interest-earning assets          
    Loans receivable $ 8,927     $ 13,965     $ 22,892  
    Debt securities available for sale   (532 )     1,176       644  
    Other interest-earning assets   79       141       220  
    Total interest-earning assets   8,474       15,282       23,756  
    Interest-bearing liabilities          
    Interest-bearing checking accounts   (266 )     1,174       908  
    Money market accounts   1,557       10,481       12,038  
    Savings accounts   (20 )     1       (19 )
    Certificate accounts   6,592       9,219       15,811  
    Junior subordinated debt   109       33       142  
    Borrowings   (3,425 )     341       (3,084 )
    Total interest-bearing liabilities   4,547       21,249       25,796  
    Decrease in net interest income         $ (2,040 )

    Provision for Credit Losses.  The following table presents a breakdown of the components of the provision for credit losses:

      Nine Months Ended      
    (Dollars in thousands) September 30, 2024   September 30, 2023   $ Change   % Change
    Provision for credit losses                
    Loans $ 8,435     $ 12,120     $ (3,685 )   (30 )%
    Off-balance-sheet credit exposure   (35 )     (385 )     350     91  
    Total provision for credit losses $ 8,400     $ 11,735     $ (3,335 )   (28 )%

    For the nine months ended September 30, 2024, the “loans” portion of the provision for credit losses was the result of net charge-offs of $8.9 million during the period, partially offset by a $0.4 million benefit due to changes in the loan mix.

    For the nine months ended September 30, 2023, the “loans” portion of the provision for credit losses was the result of the following, in addition to net charge-offs of $3.9 million during the period:

    • $4.9 million provision to establish an allowance on Quantum’s loan portfolio.
    • $3.0 million provision due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
    • $0.3 million increase in specific reserves on individually evaluated credits.

    For the nine months ended September 30, 2024 and September 30, 2023, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and projected economic forecast as outlined above.

    Noninterest Income.  Noninterest income for the nine months ended September 30, 2024 increased $1.4 million, or 5.8%, when compared to the same period last year. Changes in the components of noninterest income are discussed below:

      Nine Months Ended    
    (Dollars in thousands) September 30, 2024   September 30, 2023   $ Change   % Change
    Noninterest income              
    Service charges and fees on deposit accounts $ 6,839     $ 6,967     $ (128 )   (2 )%
    Loan income and fees   2,009       1,913       96     5  
    Gain on sale of loans held for sale   5,185       4,213       972     23  
    BOLI income   3,470       2,844       626     22  
    Operating lease income   5,087       4,515       572     13  
    Gain (loss) on sale of premises and equipment   (9 )     982       (991 )   (101 )
    Other   2,625       2,391       234     10  
    Total noninterest income $ 25,206     $ 23,825     $ 1,381     6 %
                                 
    • Gain on sale of loans held for sale: The increase in the gain on sale of loans held for sale was primarily driven by residential mortgage and SBA loans sold during the period. During the nine months ended September 30, 2024, there were $58.3 million of residential mortgage loans originated for sale which were sold with gains of $1.1 million compared to $48.7 million sold with gains of $633,000 for the corresponding period in the prior year, with the improvement in profitability due to movement in interest rates. There were $38.5 million of sales of the guaranteed portion of SBA commercial loans with gains of $3.1 million compared to $41.1 million sold and gains of $2.6 million for the corresponding period in the prior year. There were $95.4 million of HELOCs sold during the current period for a gain of $887,000 compared to $66.4 million sold and gains of $552,000 for the corresponding period in the prior year. Our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a gain of $15,000 for the nine months ended September 30, 2024 versus a gain of $426,000 for the nine months ended September 30, 2023.
    • BOLI income: The increase was due to higher yielding policies as a result of restructuring the portfolio at the end of the prior calendar year.
    • Operating lease income: The increase in operating lease income was the result of $1.7 million in additional contractual earnings on a higher average outstanding balance of the associated contracts, partially offset by losses incurred on previously leased equipment, where we recognized a net loss of $1.3 million for the nine months ended September 30, 2024 versus a net loss of $210,000 in the same period last year.
    • Gain (loss) on sale of premises and equipment: During the nine months ended September 30, 2023, two properties were sold for a combined gain of $982,000. No material disposal activity occurred during the nine months ended September 30, 2024.

    Noninterest Expense.  Noninterest expense for the nine months ended September 30, 2024 decreased $2.6 million, or 2.8%, when compared to the same period last year. Changes in the components of noninterest expense are discussed below:

      Nine Months Ended    
    (Dollars in thousands) September 30, 2024   September 30, 2023   $ Change   % Change
    Noninterest expense              
    Salaries and employee benefits $ 50,666     $ 49,436     $ 1,230     2 %
    Occupancy expense, net   7,292       7,556       (264 )   (3 )
    Computer services   9,396       9,386       10     —  
    Telephone, postage and supplies   1,712       1,942       (230 )   (12 )
    Marketing and advertising   1,659       1,555       104     7  
    Deposit insurance premiums   1,674       1,878       (204 )   (11 )
    Core deposit intangible amortization   1,896       2,324       (428 )   (18 )
    Merger-related expenses   —       4,741       (4,741 )   (100 )
    Other   16,364       14,490       1,874     13  
    Total noninterest expense $ 90,659     $ 93,308     $ (2,649 )   (3 )%
                               
    • Salaries and employee benefits: The increase was primarily the result of pay increases, partially offset by reductions in incentive pay.
    • Core deposit intangible amortization: The intangible recorded associated with the Quantum merger is being amortized on an accelerated basis, so the rate of amortization slowed year-over-year.
    • Merger-related expenses: The prior period included expenses associated with the Company’s merger with Quantum. No such expenses were incurred in the nine months ended September 30, 2024.
    • Other: The increase period-over-period was primarily driven by $1.7 million of additional depreciation expense on equipment subject to operating leases.

    Income Taxes. The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the nine months ended September 30, 2024 and September 30, 2023 were 21.3% and 21.0%, respectively.

    Balance Sheet Review
    Total assets decreased by $35.3 million to $4.6 billion and total liabilities decreased by $75.5 million to $4.1 billion, respectively, at September 30, 2024 as compared to December 31, 2023. The majority of these changes were the result of an increase in deposits, which, combined with the collection of BOLI redemption proceeds and cash and cash equivalents, were used to fund growth in loans and pay down borrowings.

    Stockholders’ equity increased $40.1 million to $540.0 million at September 30, 2024 as compared to December 31, 2023. Activity within stockholders’ equity included $40.6 million in net income and $4.5 million in stock-based compensation and stock option exercises, partially offset by $5.6 million in cash dividends declared. In addition, the improvement in the accumulated other comprehensive income was driven by a $1.6 million reduction of the unrealized loss on available for sale securities as a result of a decrease in market interest rates.

    As of September 30, 2024, the Bank was considered “well capitalized” in accordance with its regulatory capital guidelines and exceeded all regulatory capital requirements.

    Asset Quality
    The ACL on loans was $48.1 million, or 1.30% of total loans, at September 30, 2024 compared to $48.6 million, or 1.34% of total loans, at December 31, 2023. The drivers of this change are discussed in the “Comparison of Results of Operations for the Nine Months Ended September 30, 2024 and September 30, 2023 – Provision for Credit Losses” section above.

    Net loan charge-offs totaled $8.9 million for the nine months ended September 30, 2024 compared to $3.9 million for the same period last year. As discussed in previous quarters, the increase in net charge-offs has been concentrated in our equipment finance portfolio, primarily smaller over-the-road truck loans, with net charge-offs of $5.1 million during the nine months ended September 30, 2024. In response, during the first quarter of calendar year 2024 the Company elected to cease further originations within the transportation sector of equipment finance loans. In spite of the increase, annualized net charge-offs as a percentage of average assets for the loan portfolio as a whole were 0.31% for the nine months ended September 30, 2024, in line with the Company’s historical experience, as compared to 0.14% for the nine months ended September 30, 2023.

    Nonperforming assets, made up of nonaccrual loans and repossessed assets, increased by $10.4 million, or 54.0%, to $29.8 million, or 0.64% of total assets, at September 30, 2024 compared to $19.3 million, or 0.41% of total assets, at December 31, 2023. Consistent with the change in net charge-offs, equipment finance loans made up the largest portion of nonperforming assets at $8.5 million and $6.5 million, respectively, at these same dates. In addition, owner occupied commercial real estate totaled $7.2 million and $912,000, respectively, at these same dates. These increases were mainly the result of a $3.1 million medical equipment relationship and $5.1 million owner occupied commercial real estate (OO CRE) relationship; however, in both cases losses are not currently anticipated. The ratio of nonperforming loans to total loans was 0.78% at September 30, 2024 compared to 0.53% at December 31, 2023.

    The ratio of classified assets to total assets increased to 0.99% at September 30, 2024 from 0.90% at December 31, 2023 as classified assets increased $4.1 million, or 9.8%, to $46.1 million at September 30, 2024 compared to $42.0 million at December 31, 2023. The largest portfolios of classified assets at September 30, 2024 included $11.7 million of non-owner occupied commercial real estate loans, $8.4 million of equipment finance loans, $7.1 million of SBA loans, $6.0 million of 1-4 family residential real estate loans, and $6.0 million of OO CRE loans.

    About HomeTrust Bancshares, Inc.
    HomeTrust Bancshares, Inc. is the holding company for the Bank. As of September 30, 2024, the Company had assets of $4.6 billion. The Bank, founded in 1926, is a North Carolina state chartered, community-focused financial institution committed to providing value added relationship banking with over 30 locations as well as online/mobile channels. Locations include: North Carolina (the Asheville metropolitan area, the “Piedmont” region, Charlotte and Raleigh/Cary), South Carolina (Greenville and Charleston), East Tennessee (Kingsport/Johnson City, Knoxville and Morristown), Southwest Virginia (the Roanoke Valley) and Georgia (Greater Atlanta).

    Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to, the impact of bank failures or adverse developments involving other banks and related negative press about the banking industry in general on investor and depositor sentiment; the remaining effects of the COVID-19 pandemic on general economic and financial market conditions and on public health, both nationally and in the Company’s market areas; natural disasters, including the effects of Hurricane Helene; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred; increased competitive pressures among financial services companies; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission – which are available on the Company’s website at www.htb.com and on the SEC’s website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or in the documents the Company files with or furnishes to the SEC are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Consolidated Balance Sheets (Unaudited)

    (Dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    (1)    		   September 30,
    2023
    Assets                  
    Cash $ 18,980     $ 18,382     $ 16,134     $ 18,307     $ 18,090  
    Interest-bearing deposits   274,497       275,808       364,359       328,833       306,924  
    Cash and cash equivalents   293,477       294,190       380,493       347,140       325,014  
    Certificates of deposit in other banks   29,290       32,131       33,625       34,722       35,380  
    Debt securities available for sale, at fair value   140,552       134,135       120,807       126,950       134,348  
    FHLB and FRB stock   18,384       19,637       13,691       18,393       19,612  
    SBIC investments, at cost   15,489       15,462       14,568       13,789       14,586  
    Loans held for sale, at fair value   2,968       1,614       2,764       3,359       4,616  
    Loans held for sale, at the lower of cost or fair value   189,722       224,976       220,699       198,433       200,834  
    Total loans, net of deferred loan fees and costs   3,698,892       3,701,454       3,648,152       3,640,022       3,659,914  
    Allowance for credit losses – loans   (48,131 )     (49,223 )     (47,502 )     (48,641 )     (47,417 )
    Loans, net   3,650,761       3,652,231       3,600,650       3,591,381       3,612,497  
    Premises and equipment, net   69,603       69,880       70,588       70,937       72,463  
    Accrued interest receivable   17,523       18,412       16,944       16,902       16,513  
    Deferred income taxes, net   10,100       10,512       11,222       11,796       9,569  
    BOLI   90,021       89,176       88,369       88,257       106,059  
    Goodwill   34,111       34,111       34,111       34,111       34,111  
    Core deposit intangibles, net   7,162       7,730       8,297       9,059       9,918  
    Other assets   68,130       66,667       67,183       107,404       56,477  
    Total assets $ 4,637,293     $ 4,670,864     $ 4,684,011     $ 4,672,633     $ 4,651,997  
    Liabilities and stockholders’ equity                  
    Liabilities                  
    Deposits $ 3,761,588     $ 3,707,779     $ 3,799,807     $ 3,661,373     $ 3,640,961  
    Junior subordinated debt   10,096       10,070       10,045       10,021       9,995  
    Borrowings   260,013       364,513       291,513       433,763       452,263  
    Other liabilities   65,592       64,874       69,473       67,583       64,367  
    Total liabilities   4,097,289       4,147,236       4,170,838       4,172,740       4,167,586  
    Stockholders’ equity                  
    Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding   —       —       —       —       —  
    Common stock, $0.01 par value, 60,000,000 shares authorized(2)   175       175       175       174       174  
    Additional paid in capital   175,495       172,907       172,919       172,366       171,663  
    Retained earnings   368,383       357,147       346,598       333,401       321,799  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares   (4,099 )     (4,232 )     (4,364 )     (4,497 )     (4,629 )
    Accumulated other comprehensive income (loss)   50       (2,369 )     (2,155 )     (1,551 )     (4,596 )
    Total stockholders’ equity   540,004       523,628       513,173       499,893       484,411  
    Total liabilities and stockholders’ equity $ 4,637,293     $ 4,670,864     $ 4,684,011     $ 4,672,633     $ 4,651,997  

    (1)  Derived from audited financial statements.
    (2)  Shares of common stock issued and outstanding were 17,514,922 at September 30, 2024; 17,437,326 at June 30, 2024; 17,444,787 at March 31, 2024; 17,387,069 at December 31, 2023; and 17,380,307 at September 30, 2023.

    Consolidated Statements of Income (Unaudited)

      Three Months Ended   Nine Months Ended
    (Dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2024    		   September 30,
    2023
    Interest and dividend income              
    Loans $ 63,305     $ 62,161     $ 185,418     $ 162,526  
    Debt securities available for sale   1,616       1,495       4,424       3,780  
    Other investments and interest-bearing deposits   1,728       1,758       5,576       5,356  
    Total interest and dividend income   66,649       65,414       195,418       171,662  
    Interest expense              
    Deposits   23,692       21,683       65,693       36,955  
    Junior subordinated debt   235       234       705       563  
    Borrowings   648       1,331       3,550       6,634  
    Total interest expense   24,575       23,248       69,948       44,152  
    Net interest income   42,074       42,166       125,470       127,510  
    Provision for credit losses   2,975       4,260       8,400       11,735  
    Net interest income after provision for credit losses   39,099       37,906       117,070       115,775  
    Noninterest income              
    Service charges and fees on deposit accounts   2,336       2,354       6,839       6,967  
    Loan income and fees   684       647       2,009       1,913  
    Gain on sale of loans held for sale   1,900       1,828       5,185       4,213  
    BOLI income   828       807       3,470       2,844  
    Operating lease income   1,637       1,591       5,087       4,515  
    Gain (loss) on sale of premises and equipment   —       —       (9 )     982  
    Other   897       886       2,625       2,391  
    Total noninterest income   8,282       8,113       25,206       23,825  
    Noninterest expense              
    Salaries and employee benefits   17,082       16,608       50,666       49,436  
    Occupancy expense, net   2,436       2,419       7,292       7,556  
    Computer services   3,192       3,116       9,396       9,386  
    Telephone, postage and supplies   547       580       1,712       1,942  
    Marketing and advertising   408       606       1,659       1,555  
    Deposit insurance premiums   589       531       1,674       1,878  
    Core deposit intangible amortization   567       567       1,896       2,324  
    Merger-related expenses   —       —       —       4,741  
    Other   5,764       5,783       16,364       14,490  
    Total noninterest expense   30,585       30,210       90,659       93,308  
    Income before income taxes   16,796       15,809       51,617       46,292  
    Income tax expense   3,684       3,391       11,020       9,712  
    Net income $ 13,112     $ 12,418     $ 40,597     $ 36,580  

    Per Share Data

        Three Months Ended    Nine Months Ended
        September 30,
    2024    		   June 30,
    2024    		   September 30,
    2024    		   September 30,
    2023
    Net income per common share(1)                
    Basic   $ 0.77     $ 0.73     $ 2.38     $ 2.19  
    Diluted   $ 0.76     $ 0.73     $ 2.37     $ 2.18  
    Average shares outstanding                
    Basic     16,931,793       16,883,028       16,891,619       16,532,335  
    Diluted     17,027,824       16,904,098       16,938,328       16,553,319  
    Book value per share at end of period   $ 30.83     $ 30.03     $ 30.83     $ 27.87  
    Tangible book value per share at end of period(2)   $ 28.57     $ 27.73     $ 28.57     $ 25.47  
    Cash dividends declared per common share   $ 0.11     $ 0.11     $ 0.33     $ 0.30  
    Total shares outstanding at end of period     17,514,922       17,437,326       17,514,922       17,380,307  

    (1)  Basic and diluted net income per common share have been prepared in accordance with the two-class method.
    (2)  See Non-GAAP reconciliations below for adjustments.

    Selected Financial Ratios and Other Data

      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2024    		   September 30,
    2023
    Performance ratios(1)          
    Return on assets (ratio of net income to average total assets) 1.17 %   1.13 %   1.22 %   1.15 %
    Return on equity (ratio of net income to average equity) 9.76     9.58     10.39     10.56  
    Yield on earning assets 6.34     6.32     6.28     5.77  
    Rate paid on interest-bearing liabilities 3.12     3.04     3.02     2.06  
    Average interest rate spread 3.22     3.28     3.26     3.71  
    Net interest margin(2) 4.00     4.08     4.03     4.29  
    Average interest-earning assets to average interest-bearing liabilities 133.71     135.38     134.53     138.63  
    Noninterest expense to average total assets 2.73     2.74     2.73     2.94  
    Efficiency ratio 60.74     60.08     60.17     61.66  
    Efficiency ratio – adjusted(3) 60.30     59.66     60.19     58.98  

    (1)  Ratios are annualized where appropriate.
    (2)  Net interest income divided by average interest-earning assets.
    (3)  See Non-GAAP reconciliations below for adjustments.

      At or For the Three Months Ended
      September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Asset quality ratios                  
    Nonperforming assets to total assets(1) 0.64 %   0.54 %   0.43 %   0.41 %   0.25 %
    Nonperforming loans to total loans(1) 0.78     0.68     0.55     0.53     0.32  
    Total classified assets to total assets 0.99     0.91     0.80     0.90     0.76  
    Allowance for credit losses to nonperforming loans(1) 166.51     194.80     235.18     251.60     400.41  
    Allowance for credit losses to total loans 1.30     1.33     1.30     1.34     1.30  
    Net charge-offs to average loans (annualized) 0.42     0.27     0.24     0.29     0.27  
    Capital ratios                  
    Equity to total assets at end of period 11.64 %   11.21 %   10.96 %   10.70 %   10.41 %
    Tangible equity to total tangible assets(2) 10.88     10.44     10.18     9.91     9.60  
    Average equity to average assets 12.02     11.78     11.51     11.03     10.84  

    (1)  Nonperforming assets include nonaccruing loans and repossessed assets. There were no accruing loans more than 90 days past due at the dates indicated. At September 30, 2024, $8.7 million, or 30.4%, of nonaccruing loans were current on their loan payments as of that date.
    (2)  See Non-GAAP reconciliations below for adjustments.

    Loans

    (Dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Commercial real estate loans                  
    Construction and land development $ 300,905     $ 316,050     $ 304,727     $ 305,269     $ 352,143  
    Commercial real estate – owner occupied   544,689       545,631       532,547       536,545       526,534  
    Commercial real estate – non-owner occupied   881,340       892,653       881,143       875,694       880,348  
    Multifamily   114,155       92,292       89,692       88,623       83,430  
    Total commercial real estate loans   1,841,089       1,846,626       1,808,109       1,806,131       1,842,455  
    Commercial loans                  
    Commercial and industrial   286,809       266,136       243,732       237,255       237,366  
    Equipment finance   443,033       461,010       462,649       465,573       470,387  
    Municipal leases   158,560       152,509       151,894       150,292       147,821  
    Total commercial loans   888,402       879,655       858,275       853,120       855,574  
    Residential real estate loans                  
    Construction and land development   63,016       70,679       85,840       96,646       103,381  
    One-to-four family   627,845       621,196       605,570       584,405       560,399  
    HELOCs   194,909       188,465       184,274       185,878       185,289  
    Total residential real estate loans   885,770       880,340       875,684       866,929       849,069  
    Consumer loans   83,631       94,833       106,084       113,842       112,816  
    Total loans, net of deferred loan fees and costs   3,698,892       3,701,454       3,648,152       3,640,022       3,659,914  
    Allowance for credit losses – loans   (48,131 )     (49,223 )     (47,502 )     (48,641 )     (47,417 )
    Loans, net $ 3,650,761     $ 3,652,231     $ 3,600,650     $ 3,591,381     $ 3,612,497  

    Deposits

    (Dollars in thousands) September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Core deposits                  
    Noninterest-bearing accounts $ 684,501     $ 683,346     $ 773,901     $ 784,950     $ 827,362  
    NOW accounts   534,517       561,789       600,561       591,270       602,804  
    Money market accounts   1,345,289       1,311,940       1,308,467       1,246,807       1,195,482  
    Savings accounts   179,762       185,499       191,302       194,486       202,971  
    Total core deposits   2,744,069       2,742,574       2,874,231       2,817,513       2,828,619  
    Certificates of deposit   1,017,519       965,205       925,576       843,860       812,342  
    Total $ 3,761,588     $ 3,707,779     $ 3,799,807     $ 3,661,373     $ 3,640,961  

    Non-GAAP Reconciliations
    In addition to results presented in accordance with generally accepted accounting principles utilized in the United States (“GAAP”), this earnings release contains certain non-GAAP financial measures, which include: the efficiency ratio, tangible book value, tangible book value per share and the tangible equity to tangible assets ratio. The Company believes these non-GAAP financial measures and ratios as presented are useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time and in comparison to its competitors. These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders’ equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

    Set forth below is a reconciliation to GAAP of the Company’s efficiency ratio:

        Three Months Ended   Nine Months Ended
    (Dollars in thousands)   September 30,
    2024    		   June 30,
    2024    		   September 30,
    2024    		   September 30,
    2023
    Noninterest expense   $ 30,585     $ 30,210     $ 90,659     $ 93,308  
    Less: merger expense     —       —       —       4,741  
    Noninterest expense – adjusted   $ 30,585     $ 30,210     $ 90,659     $ 88,567  
                     
    Net interest income   $ 42,074     $ 42,166     $ 125,470     $ 127,510  
    Plus: tax-equivalent adjustment     368       354       1,072       903  
    Plus: noninterest income     8,282       8,113       25,206       23,825  
    Less: BOLI death benefit proceeds in excess of cash surrender value     —       —       1,143       1,092  
    Less: loss (gain) on sale of premises and equipment     —       —       (9 )     982  
    Net interest income plus noninterest income – adjusted   $ 50,724     $ 50,633     $ 150,614     $ 150,164  
    Efficiency ratio   60.74 %   60.08 %   60.17 %   61.66 %
    Efficiency ratio – adjusted   60.30 %   59.66 %   60.19 %   58.98 %
                             

    Set forth below is a reconciliation to GAAP of tangible book value and tangible book value per share:

        As of
    (Dollars in thousands, except per share data)   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Total stockholders’ equity   $ 540,004     $ 523,628     $ 513,173     $ 499,893     $ 484,411  
    Less: goodwill, core deposit intangibles, net of taxes     39,626       40,063       40,500       41,086       41,748  
    Tangible book value   $ 500,378     $ 483,565     $ 472,673     $ 458,807     $ 442,663  
    Common shares outstanding     17,514,922       17,437,326       17,444,787       17,387,069       17,380,307  
    Book value per share   $ 30.83     $ 30.03     $ 29.42     $ 28.75     $ 27.87  
    Tangible book value per share   $ 28.57     $ 27.73     $ 27.10     $ 26.39     $ 25.47  

    Set forth below is a reconciliation to GAAP of tangible equity to tangible assets:

        As of
    (Dollars in thousands)   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Tangible equity(1)   $ 500,378     $ 483,565     $ 472,673     $ 458,807     $ 442,663  
    Total assets     4,637,293       4,670,864       4,684,011       4,672,633       4,651,997  
    Less: goodwill, core deposit intangibles, net of taxes     39,626       40,063       40,500       41,086       41,748  
    Total tangible assets   $ 4,597,667     $ 4,630,801     $ 4,643,511     $ 4,631,547     $ 4,610,249  
    Tangible equity to tangible assets   10.88 %   10.44 %   10.18 %   9.91 %   9.60 %

    (1)  Tangible equity (or tangible book value) is equal to total stockholders’ equity less goodwill and core deposit intangibles, net of related deferred tax liabilities.

    The MIL Network –

  • MIL-OSI: ConnectM Launches Intelligent AI-Driven Heat Pump Following AHRI Cold Climate Certification

    Source: GlobeNewswire (MIL-OSI)

    MARLBOROUGH, Mass., Oct. 24, 2024 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (NASDAQ: CNTM) (“ConnectM” or the “Company”), a technology company focused on the electrification economy, today announced its groundbreaking AI-powered heat pump has received the prestigious AHRI (Air-Conditioning Heating and Refrigeration Institute) Cold Climate Certification, representing a significant milestone in energy-efficient heating solutions. This certification follows the previously announced launch and underscores ConnectM’s commitment to delivering state-of-the-art technology that meets the highest standards for performance in even the harshest of winter conditions.

    The AHRI Cold Climate Certification is awarded to products that demonstrate superior heating efficiency, especially in cold environments where traditional heat pumps struggle. ConnectM’s heat pump excels in maintaining warmth without the energy consumption spikes which are typically associated with extreme cold weather. By achieving this certification, our system stands out as a reliable, eco-friendly solution for homes in colder regions, aligning perfectly with global decarbonization and sustainability goals.

    Bhaskar Panigrahi, Chairman and Chief Executive Officer of ConnectM, commented, “Receiving AHRI Cold Climate Certification validates the Company’s AI-driven heat pump’s ability to operate efficiently and effectively in temperatures as low as -15°F. This certification is crucial as it provides consumers with the assurance that ConnectM’s heat pump not only meets but exceeds the industry benchmarks, specifically 5ºF and below, for energy savings and comfort. Homeowners in colder climates can now benefit from cutting-edge technology that drastically reduces their energy consumption, lowers heating costs, and helps to decrease their carbon footprint.”

    As part of the Company’s ongoing efforts to make advanced heating technology accessible, ConnectM is proud to announce that its certified heat pump will be available through its nationwide network of ConnectM Service providers in Q4 2024. Customers can now enjoy the benefits of this intelligent heat pump, powered by advanced AI algorithms that optimize performance based on real-time environmental data. These features ensure not only energy efficiency but also peak performance during the most challenging cold weather conditions.

    About ConnectM Technology Solutions, Inc.   

    ConnectM is a technology company focused on advancing the electrification economy by integrating electrified energy assets with its AI-powered technology solutions platform. The Company provides residential and light commercial buildings and all-electric original equipment manufacturers with a proprietary Energy Intelligence Network platform to accelerate the transition to solar and all-electric heating, cooling, and transportation. Leveraging technology, data, artificial intelligence, contemporary design, and behavioral economics, ConnectM aims to make electrification more user-friendly, affordable, precise, and socially impactful. As a vertically integrated company with wholly owned service networks and a comprehensive technology stack, ConnectM empowers customers to reduce their reliance on fossil fuels, lower overall energy costs, and minimize their carbon footprint.

    For more information, please visit: https://www.connectm.com/

    Contact:

    MZ North America
    (203) 741-8811

    ConnectM@mzgroup.us

    The MIL Network –

  • MIL-OSI: Jackery Introduces Solar Generator 5000 Plus – “Most Trusted Whole-Home Backup Power”

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Oct. 24, 2024 (GLOBE NEWSWIRE) — Jackery, a global leader of innovative solar generators and green off-grid energy solutions, has launched its newest and most advanced product yet – the Jackery Solar Generator 5000 Plus. Powerful, portable and compact, the 5000 Plus is the lightest generator in its class and ensures people will stay connected, powered and secure, even in the most difficult and unexpected circumstances.

    “Safety, sustainability and convenience are at the forefront of every solar generator we produce, and the 5000 Plus delivers at every turn,” said Jack Sun, CEO of Jackery. “Whether you need to power your entire home during an outage or emergency, need additional power while embracing outdoor living or reliable everyday power, the 5000 Plus provides the performance, safety and convenience that people need.”        

    With LFP battery cells, the 5000 Plus offers 4,000 life cycles, ensuring long-term reliability. It operates quietly and requires no maintenance, making it a better option for indoor use compared to traditional gas generators, especially during extreme weather conditions. The UPS feature allows for instantaneous switching to backup power during an outage, ensuring sensitive equipment like computers and other essential devices keep running without interruption and with zero downtime.

    When paired with Jackery’s Smart Transfer Switch (STS), a single 5000 Plus delivers up to 7200W of power. And, when connected to a second unit, users can get up to 14400W, making it more than sufficient to power a home in the most unpredictable situation. When equipped with all modular extensions and add-ons available, the full 5000 Plus ecosystem capability reaches an impressive 60kWh – enough power to sustain the average American household necessities for up to several days (based on an average daily usage of 30kWh/day).

    The modular design of the 5000 Plus ensures users can extend power capacity to fit their individual needs. This flexibility also offers users complete control over the power usage, capacity, spending, and savings, making it a truly personalized backup power solution. The Jackery 5000 Plus not only meets 120V load demands, but can also power 240V appliances, such as dryers, water pumps, ovens, and high-power electric tools. It is also capable of recharging RVs and electric vehicles.

    The 5000 Plus is also equipped with dual-voltage solar charging, meaning that the system can recharge through a high voltage rooftop solar system and with Jackery’s portable solar panels. The 5000 Plus is compatible with most solar panels that use an MC4 connector, supporting up to 4000W of charging power for fast and efficient recharging. Compatible with up to six Jackery SolarSaga 200W portable solar panels or two new Jackery SolarSaga 500W portable solar panels, it is an eco-friendly, cost-saving solution for long-term use.

    For added convenience, users can utilize smart app control to activate UPS mode, schedule charging, and more. This convenient app control also provides quick access to the 5000 Plus’s status with easy-to-set charge/discharge parameters and modes.

    Further, the 5000 Plus is built to last, with fireproof, shockproof and IPX4 water-resistant certifications. Combined with Jackery’s 5+2 year warranty, the 5000 Plus is an investment in safety, sustainability, and convenience, ensuring long-term peace of mind.

    Jackery is dedicated to developing reliable technology and offers the industry’s exclusive ChargeShield 2.0 and Class B standard, providing up to 62 layers of protection for charging, discharging, and battery management systems (BMS). The Company’s AI-driven variable speed charging technology ensures dependable power usage every time.

    Whether for emergencies, off-grid living, or reliable everyday power, the 5000 Plus delivers the performance, safety, and ease that people need and have come to rely on from Jackery’s solar generators.

    Finally, while designed with whole-home backup in mind, the 5000 Plus is also perfect for off-grid living and grid arbitrage, offering features like peak shaving and valley lifting to balance energy consumption, reduce energy bills, and alleviate pressure on the grid. Whether you need power for an off-grid cabin, RV, job site, or even film production, the 5000 Plus is the perfect green-energy solution.

    For more information on Jackery, the 5000 Plus and other products, please visit www.jackery.com. Be sure to follow Jackery on social media at @JackeryUSA for the latest updates in real time.

    ABOUT JACKERY
    Founded in California in 2012, Jackery is the world’s leading provider of innovative solar generators and off-grid green energy solutions. As a global top-selling solar generator brand, Jackery is driven by its mission to “Bring Green Energy to All.” By integrating with Geneverse in 2024, Jackery has expanded its product offerings and is able to deliver a comprehensive range of energy solutions, from portable solar generators for outdoor use to whole-home backup systems, furthering its commitment to making green energy accessible for all. Jackery has consistently fulfilled its social responsibility on a global scale, maintaining long-term partnerships with global public welfare organizations such as WWF, NFF, and IRC. Through these collaborations, Jackery continues to contribute to global sustainable development and other public welfare initiatives, reinforcing its dedication to creating a greener, more sustainable future.

    MEDIA CONTACTS
    ICR
    jackery@icrinc.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/910a7380-9682-4ba7-acd6-8c69fba4e929

    The MIL Network –

  • MIL-OSI: Ozop Energy Solutions, Inc. Selected as National Field Service Partner for Leviton through Ozop Engineering and Design

    Source: GlobeNewswire (MIL-OSI)

    Warwick, NY, Oct. 24, 2024 (GLOBE NEWSWIRE) — Ozop Energy Solutions, Inc. (OZSC) is proud to announce that its subsidiary, Ozop Engineering and Design (OED), has been selected by Leviton Manufacturing Co., Inc. to serve as field service technicians for their advanced lighting control systems. This significantly enhances OED’s profile within the lighting industry, positioning it as a go-to service provider for sophisticated control systems across the United States.

    Elevating OED’s National Presence

    The agreement marks a major expansion of OED’s role in the lighting controls market. As a field service representative, OED is responsible for installation verification, system commissioning, troubleshooting, and ongoing maintenance across a broad range of Leviton projects nationwide. This role extends OED’s footprint, providing access to new territories and reinforcing its presence on a national level.

    This partnership not only elevates OED’s reach but also demonstrates its capability to support high-demand, large-scale operations. By being entrusted with this critical role, OED is solidifying its reputation as a trusted partner capable of meeting rigorous standards in the lighting control industry.

    Specialized Training for GreenMAX and DRC Systems

    In preparation for this role, OED’s technicians have received specialized training and have been certified on Leviton’s GreenMAX and GreenMAX DRC systems. This training included in-depth technical education on system installation, programming, and troubleshooting, enabling OED to deliver best-in-class service quality. Such training underlines OED’s commitment to continuous improvement and its focus on staying ahead in a rapidly evolving industry. With these certifications, OED is well-equipped to manage Leviton’s sophisticated systems, ensuring reliable performance for clients nationwide.

    A Strategic Growth Opportunity for OED

    This collaboration with Leviton represents a strategic growth opportunity for OED, allowing the company to diversify and enhance its revenue streams by taking on a role of national significance. It supports OED’s vision to grow as a premier provider of lighting controls commissioning and field services, building upon its established expertise in handling complex systems. This partnership highlights OED’s technical expertise and underscores its capacity to collaborate with major industry players.

    Brian Conway, CEO of Ozop Energy Solutions, commented:

    “We are extremely proud to have been selected by Leviton as a national field service representative. This is a significant step forward for Ozop Engineering and Design, expanding our capabilities and our footprint across the country. Our technicians are trained and ready to handle the most sophisticated lighting control systems. This marks a major milestone in OED’s growth trajectory. We see this as an opportunity to demonstrate our expertise and dedication to high-quality field service across the industry.”

    Tom Leonard, Vice President and General Manager of Leviton Lighting & Controls, noted:

    “Leviton is pleased to have OZOP Engineering and Design join our team of Field Service Centers. Their proven experience and technical expertise make them ideal partners to support Leviton’s commitment to delivering exceptional customer experiences. We are certain this partnership will enhance our service capabilities nationwide and contribute to the success of our projects.”

    Supporting OED’s Broader Vision

    This partnership aligns with Ozop Engineering and Design’s broader vision of becoming a dominant player in the lighting control industry, known for reliability and technical excellence. By partnering with one of the leading manufacturers in the sector, OED gains the opportunity to showcase its capabilities on a larger stage, reinforcing its standing as an expert provider of comprehensive field services.

    About Ozop Energy Solutions.

    Ozop Energy Solutions (Ozop Energy Solutions (http://ozopenergy.com/) is the flagship company that oversees a wide variety of products in various stages of development in the renewable energy sector. Our strategy focuses on capturing a significant share of the rapidly growing renewable energy market as a provider of assets and infrastructure needed to store energy.

    About Automated Room Controls, Inc.

    Also known as ARC, Inc. its mission is to deliver cutting-edge technology that simplifies complex control needs, ensuring seamless integration and exceptional performance. We aim to lead the industry by continuously innovating and providing solutions that meet the evolving demands of our customers. Our vision is to make control systems smarter, more efficient, and more accessible to everyone.

    www.ARControl.com

    About Ozop Energy Systems, Inc.

    Ozop Energy Systems is a manufacturer and distributor of Renewable Energy products in the Energy Storage, Solar, Microgrids, and EV charging Station space. We offer a broad portfolio of Renewable Energy products at competitive prices with a commitment to customer satisfaction from selection, to ordering, shipping, and delivery.

    About Ozop Engineering and Design

    Ozop Engineering and Design engineers’ energy efficient, easy to install and use, digital lighting controls solutions for commercial buildings, campuses, and sports complexes throughout North America. Products include relays panels, controllers, occupancy/vacancy sensors, daylight sensors and wall switch stations. Ozop has a dedicated design team that produces system drawings and a technical support group for product questions and onsite system commissioning. Our mission is to be recognized for our deep understanding of power management systems and ability to provide the right solution for each facility.

    www.ozopengineering.com

    About Ozop Capital Partners

    Ozop Capital Partners, Inc. is a wholly owned subsidiary of the Company, and wholly owns EV Insurance Company, Inc. (“EVIC”). EVIC, DBA Ozop Plus is licensed as a captive insurer that reinsures. www.OzopPlus.com

    https://twitter.com/OzopEnergy

    https://www.facebook.com/OzopEnergy/

    About Leviton Lighting + Controls

    Leviton Lighting & Controls brings innovative lighting solutions to life in commercial, healthcare, industrial, and residential buildings with an extensive lighting and controls designed towards enhancing people’s lives. With a collection of five of the most well-respected lighting brands on the market bolstered by a commitment to continuously improving the controls and technology that power them, Leviton Lighting & Controls exceeds customers’ expectations every day. Leviton is a single-source partner of highly innovative and energy-efficient products, backed by unsurpassed customer service and support. For more information, visit https://www.leviton.com/en/solutions/commercial-lighting-and-controls.

    About Leviton

    Every day, Leviton is engineering possibilities that make the future happen, meeting the needs of today’s residential, commercial, and industrial customers globally. From electrical, to lighting, to data networks, and energy management, Leviton develops thoughtful solutions that help make its customers’ lives easier, safer, more efficient and more productive. Driven by its commitment to its customers, the ingenuity of its employees and the safety and quality of its products and solutions, with Leviton, the FUTURE IS ON. For more information, visit www.leviton.com, www.facebook.com/leviton, www.twitter.com/leviton, or www.youtube.com/Levitonmfg.

    Safe Harbor Statement

    “This press release contains or may contain, among other things, certain forward-looking statements. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or 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, including those detailed in the company’s filings with the Securities and Exchange Commission. Actual results may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the company’s control). The company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.”

    Investor Relations Contact – Ozop
    The Waypoint Refinery, LLC
    845-397-2956
    Visit our Discord:
    https://discord.gg/waypoint

    The MIL Network –

  • MIL-OSI: West Bancorporation, Inc. Announces Third Quarter 2024 Financial Results and Declares Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, Oct. 24, 2024 (GLOBE NEWSWIRE) — West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported third quarter 2024 net income of $6.0 million, or $0.35 per diluted common share, compared to second quarter 2024 net income of $5.2 million, or $0.31 per diluted common share, and third quarter 2023 net income of $5.9 million, or $0.35 per diluted common share. On October 23, 2024, the Company’s Board of Directors declared a regular quarterly dividend of $0.25 per common share. The dividend is payable on November 20, 2024, to stockholders of record on November 6, 2024.

    David Nelson, President and Chief Executive Officer of the Company, commented, “Our third quarter results include moderate growth in loans and core deposits along with an increase in quarterly net interest income and net interest margin. Our credit quality remains pristine as a result of our disciplined loan growth and credit risk management practices. The ratio of nonperforming assets to total assets remains negligible at 0.01%.”

    David Nelson added, “West Bank is focused on initiatives that will drive sustained core profitability. Those initiatives are centered around our culture of building strong relationships and providing exceptional personal service to drive growth in both commercial and consumer banking services.”

    Third Quarter 2024 Financial Highlights

        Quarter Ended
    September 30, 2024    		   Nine Months Ended
    September 30, 2024
      Net income (in thousands) $5,952     $16,953  
      Return on average equity   10.41%       10.18%  
      Return on average assets   0.60%       0.59%  
      Efficiency ratio (a non-GAAP measure)   63.28%       64.16%  
      Nonperforming assets to total assets   0.01%       0.01%  
                     

    Third Quarter 2024 Compared to Second Quarter 2024 Overview

    • Loans increased $22.4 million in the third quarter of 2024, or 3.0 percent annualized. The increase is primarily due to the funding of previously committed construction loans.
    • A provision for credit losses on loans of $1.0 million was recorded in the third quarter of 2024, compared to no provision in the second quarter of 2024. A negative provision for credit losses on unfunded commitments of $1.0 million was recorded in the third quarter of 2024, compared to no provision in the second quarter of 2024. The provision for loans in the third quarter of 2024 was primarily due to changes in the forecasted loss rates due to increases in forecasted unemployment rates. The negative provision for unfunded commitments was primarily due to the decline in unfunded commitments resulting primarily from the funding of construction loans.
    • The allowance for credit losses to total loans was 0.97 percent and 0.95 percent at September 30, 2024 and June 30, 2024, respectively. Nonaccrual loans at September 30, 2024 consisted of two loans with a total balance of $233 thousand, compared to three loans with a balance of $521 thousand at June 30, 2024.
    • Deposits increased $97.6 million, or 3.1 percent, in the third quarter of 2024. Brokered deposits totaled $425.9 million at September 30, 2024, compared to $370.3 million at June 30, 2024, an increase of $55.6 million. Excluding brokered deposits, deposits increased $42.0 million during the third quarter of 2024. As of September 30, 2024, estimated uninsured deposits, which exclude deposits in the IntraFi® reciprocal network, brokered deposits and public funds protected by state programs, accounted for approximately 27.8 percent of total deposits.
    • Borrowed funds decreased to $438.8 million at September 30, 2024, compared to $525.5 million at June 30, 2024. The decrease was primarily due to the balance of federal funds purchased and other short-term borrowings decreasing to $0 as of September 30, 2024, from $85.5 million as of June 30, 2024 as a result of growth in deposits.
    • The efficiency ratio (a non-GAAP measure) was 63.28 percent for the third quarter of 2024, compared to 67.14 percent for the second quarter of 2024. The improvement in the efficiency ratio was primarily due to the increase in net interest income. In the third quarter of 2024, the increase in interest income on loans outpaced the increase in interest expense on deposits and borrowed funds.
    • Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 1.91 percent for the third quarter of 2024, compared to 1.86 percent for the second quarter of 2024. Net interest income for the third quarter of 2024 was $18.0 million, compared to $17.2 million for the second quarter of 2024.
    • The tangible common equity ratio was 5.90 percent as of September 30, 2024, compared to 5.65 percent as of June 30, 2024. The increase in the tangible common equity ratio was driven by retained net income and the decrease in accumulated other comprehensive loss, which was primarily the result of the increase in the market value of our available for sale investment portfolio.

    Third Quarter 2024 Compared to Third Quarter 2023 Overview

    • Loans increased $171.4 million at September 30, 2024, or 6.0 percent, compared to September 30, 2023. The increase is primarily due to increases in commercial real estate loans and the funding of previously committed construction loans.
    • Deposits increased to $3.3 billion at September 30, 2024, compared to $2.8 billion at September 30, 2023. Included in deposits were brokered deposits totaling $425.9 million at September 30, 2024, compared to $237.0 million at September 30, 2023. Brokered deposits were used to reduce short-term borrowed funds and to fund loan growth. Excluding brokered deposits, deposits increased $334.2 million, or 13.3 percent, as of September 30, 2024, compared to September 30, 2023. Deposit growth included a mix of public funds and commercial and consumer deposits.
    • Borrowed funds decreased to $438.8 million at September 30, 2024, compared to $705.1 million at September 30, 2023. The decrease was primarily attributable to a decrease of $261.5 million in federal funds purchased and other short-term borrowings as a result of growth in deposits.
    • The efficiency ratio (a non-GAAP measure) was 63.28 percent for the third quarter of 2024, compared to 60.83 percent for the third quarter of 2023. The increase in the efficiency ratio in the third quarter of 2024 compared to the third quarter of 2023 was primarily due to the increase in noninterest expense, partially offset by an increase in net interest income. Occupancy and equipment expense increased primarily due to the occupancy costs associated with the Company’s newly constructed headquarters.
    • Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 1.91 percent for both the third quarter of 2024 and the third quarter of 2023. Net interest income for the third quarter of 2024 was $18.0 million, compared to $16.6 million for the third quarter of 2023.

    The Company filed its report on Form 10-Q with the Securities and Exchange Commission today. Please refer to that document for a more in-depth discussion of the Company’s financial results. The Form 10-Q is available on the Investor Relations section of West Bank’s website at www.westbankstrong.com.

    The Company will discuss its results in a conference call scheduled for 2:00 p.m. Central Time on Thursday, October 24, 2024. The telephone number for the conference call is 800-715-9871. The conference ID for the conference call is 7846129. A recording of the call will be available until November 7, 2024, by dialing 800-770-2030. The conference ID for the replay call is 7846129, followed by the # key.

    About West Bancorporation, Inc. (Nasdaq: WTBA)

    West Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving customers since 1893, West Bank, a wholly-owned subsidiary of West Bancorporation, Inc., is a community bank that focuses on lending, deposit services, and trust services for small- to medium-sized businesses and consumers. West Bank has six offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud.

    Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may appear throughout this report. These forward-looking statements are generally identified by the words “believes,” “expects,” “intends,” “anticipates,” “projects,” “future,” “confident,” “may,” “should,” “will,” “strategy,” “plan,” “opportunity,” “will be,” “will likely result,” “will continue” or similar references, or references to estimates, predictions or future events. Such forward-looking statements are based upon certain underlying assumptions, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements. Risks and uncertainties that may affect future results include: interest rate risk, including the effects of changes in interest rates; fluctuations in the values of the securities held in our investment portfolio, including as a result of changes in interest rates; competitive pressures, including from non-bank competitors such as credit unions, “fintech” companies and digital asset service providers; pricing pressures on loans and deposits; our ability to successfully manage liquidity risk; changes in credit and other risks posed by the Company’s loan portfolio, including declines in commercial or residential real estate values or changes in the allowance for credit losses dictated by new market conditions, accounting standards or regulatory requirements; the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; changes in local, national and international economic conditions, including the level and impact of inflation and possible recession; the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in recent bank failures; changes in legal and regulatory requirements, limitations and costs including in response to the recent bank failures; changes in customers’ acceptance of the Company’s products and services; the occurrence of fraudulent activity, breaches or failures of our or our third-party partners’ information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; unexpected outcomes of existing or new litigation involving the Company; the monetary, trade and other regulatory policies of the U.S. government; acts of war or terrorism, including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine, widespread disease or pandemics, or other adverse external events; risks related to climate change and the negative impact it may have on our customers and their businesses; changes to U.S. tax laws, regulations and guidance; potential changes in federal policy and at regulatory agencies as a result of the upcoming 2024 presidential election; talent and labor shortages; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

    For more information contact:
    Jane Funk, Executive Vice President, Treasurer and Chief Financial Officer (515) 222-5766

                 
    WEST BANCORPORATION, INC. AND SUBSIDIARY            
    Financial Information (unaudited)                    
    (in thousands)                    
        As of
    CONDENSED BALANCE SHEETS   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Assets                    
    Cash and due from banks   $ 34,157     $ 27,994     $ 27,071     $ 33,245     $ 18,819  
    Interest-bearing deposits     123,646       121,825       120,946       32,112       1,802  
    Securities available for sale, at fair value     597,745       588,452       605,735       623,919       609,365  
    Federal Home Loan Bank stock, at cost     17,195       21,065       26,181       22,957       26,691  
    Loans     3,021,221       2,998,774       2,980,133       2,927,535       2,849,777  
    Allowance for credit losses     (29,419 )     (28,422 )     (28,373 )     (28,342 )     (28,147 )
    Loans, net     2,991,802       2,970,352       2,951,760       2,899,193       2,821,630  
    Premises and equipment, net     106,771       101,965       95,880       86,399       75,675  
    Bank-owned life insurance     44,703       44,416       44,138       43,864       43,589  
    Other assets     72,547       89,046       90,981       84,069       104,329  
    Total assets   $ 3,988,566     $ 3,965,115     $ 3,962,692     $ 3,825,758     $ 3,701,900  
                         
    Liabilities and Stockholders’ Equity                    
    Deposits   $ 3,278,553     $ 3,180,922     $ 3,065,030     $ 2,973,779     $ 2,755,529  
    Federal funds purchased and other short-term borrowings     —       85,500       198,500       150,270       261,510  
    Other borrowings     438,814       439,998       441,183       442,367       443,552  
    Other liabilities     35,846       34,812       34,223       34,299       37,376  
    Stockholders’ equity     235,353       223,883       223,756       225,043       203,933  
    Total liabilities and stockholders’ equity   $ 3,988,566     $ 3,965,115     $ 3,962,692     $ 3,825,758     $ 3,701,900  
                         
        For the Quarter Ended
    AVERAGE BALANCES   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Assets   $ 3,973,824     $ 3,964,109     $ 3,812,199     $ 3,706,497     $ 3,679,541  
    Loans     2,991,272       2,994,492       2,949,672       2,857,594       2,813,213  
    Deposits     3,258,669       3,123,282       2,956,635       2,878,676       2,764,184  
    Stockholders’ equity     227,513       219,771       219,835       201,920       215,230  
                                             
                 
    WEST BANCORPORATION, INC. AND SUBSIDIARY            
    Financial Information (unaudited)                    
    (in thousands)                    
        As of
    LOANS   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Commercial   $ 512,884     $ 526,589     $ 544,293     $ 531,594     $ 529,293  
    Real estate:                    
    Construction, land and land development     520,516       496,864       465,247       413,477       399,253  
    1-4 family residential first mortgages     89,749       92,230       108,065       106,688       89,713  
    Home equity     17,140       15,264       14,020       14,618       12,429  
    Commercial     1,870,132       1,856,301       1,839,580       1,854,510       1,812,816  
    Consumer and other     14,261       15,234       12,844       10,930       10,123  
          3,024,682       3,002,482       2,984,049       2,931,817       2,853,627  
    Net unamortized fees and costs     (3,461 )     (3,708 )     (3,916 )     (4,282 )     (3,850 )
    Total loans   $ 3,021,221     $ 2,998,774     $ 2,980,133     $ 2,927,535     $ 2,849,777  
    Less: allowance for credit losses     (29,419 )     (28,422 )     (28,373 )     (28,342 )     (28,147 )
    Net loans   $ 2,991,802     $ 2,970,352     $ 2,951,760     $ 2,899,193     $ 2,821,630  
                         
    CREDIT QUALITY                    
    Pass   $ 3,016,493     $ 2,994,310     $ 2,983,618     $ 2,931,377     $ 2,853,100  
    Watch     7,956       7,651       142       144       184  
    Substandard     233       521       289       296       343  
    Doubtful     —       —       —       —       —  
    Total loans   $ 3,024,682     $ 3,002,482     $ 2,984,049     $ 2,931,817     $ 2,853,627  
                         
    DEPOSITS                    
    Noninterest-bearing demand   $ 525,332     $ 530,441     $ 521,377     $ 548,726     $ 551,688  
    Interest-bearing demand     438,402       443,658       449,946       481,207       417,802  
    Savings and money market – non-brokered     1,481,840       1,483,264       1,315,698       1,315,741       1,249,309  
    Money market – brokered     123,780       97,259       119,840       124,335       99,282  
    Total nonmaturity deposits     2,569,354       2,554,622       2,406,861       2,470,009       2,318,081  
    Time – non-brokered     407,109       353,269       381,646       322,694       299,683  
    Time – brokered     302,090       273,031       276,523       181,076       137,765  
    Total time deposits     709,199       626,300       658,169       503,770       437,448  
    Total deposits   $ 3,278,553     $ 3,180,922     $ 3,065,030     $ 2,973,779     $ 2,755,529  
                         
    BORROWINGS                    
    Federal funds purchased and other short-term borrowings   $ —     $ 85,500     $ 198,500     $ 150,270     $ 261,510  
    Subordinated notes, net     79,828       79,762       79,697       79,631       79,566  
    Federal Home Loan Bank advances     315,000       315,000       315,000       315,000       315,000  
    Long-term debt     43,986       45,236       46,486       47,736       48,986  
    Total borrowings   $ 438,814     $ 525,498     $ 639,683     $ 592,637     $ 705,062  
                         
    STOCKHOLDERS’ EQUITY                    
    Preferred stock   $ —     $ —     $ —     $ —     $ —  
    Common stock     3,000       3,000       3,000       3,000       3,000  
    Additional paid-in capital     34,960       34,322       33,685       34,197       33,487  
    Retained earnings     275,724       273,981       272,997       271,369       271,025  
    Accumulated other comprehensive loss     (78,331 )     (87,420 )     (85,926 )     (83,523 )     (103,579 )
    Total stockholders’ equity   $ 235,353     $ 223,883     $ 223,756     $ 225,043     $ 203,933  
                                             
                     
    WEST BANCORPORATION, INC. AND SUBSIDIARY                
    Financial Information (unaudited)                    
    (in thousands)                    
        For the Quarter Ended
    CONSOLIDATED STATEMENTS OF INCOME   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Interest income:                    
    Loans, including fees   $ 42,504     $ 41,700     $ 40,196     $ 38,208     $ 36,756  
    Securities:                    
    Taxable     3,261       3,394       3,416       3,521       3,427  
    Tax-exempt     806       808       810       869       880  
    Interest-bearing deposits     2,041       1,666       148       85       29  
    Total interest income     48,612       47,568       44,570       42,683       41,092  
    Interest expense:                    
    Deposits     26,076       23,943       21,559       20,024       17,156  
    Federal funds purchased and other short-term borrowings     115       1,950       2,183       2,024       3,165  
    Subordinated notes     1,112       1,105       1,108       1,114       1,113  
    Federal Home Loan Bank advances     2,748       2,718       2,325       2,482       2,329  
    Long-term debt     601       622       645       678       695  
    Total interest expense     30,652       30,338       27,820       26,322       24,458  
    Net interest income     17,960       17,230       16,750       16,361       16,634  
    Credit loss expense     —       —       —       500       200  
    Net interest income after credit loss expense     17,960       17,230       16,750       15,861       16,434  
    Noninterest income:                    
    Service charges on deposit accounts     459       462       460       476       463  
    Debit card usage fees     500       490       458       488       495  
    Trust services     828       794       776       782       831  
    Increase in cash value of bank-owned life insurance     287       278       274       275       262  
    Loan swap fees     —       —       —       —       431  
    Realized securities losses, net     —       —       —       (431 )     —  
    Other income     285       322       331       308       340  
    Total noninterest income     2,359       2,346       2,299       1,898       2,822  
    Noninterest expense:                    
    Salaries and employee benefits     6,823       7,169       6,489       6,468       6,696  
    Occupancy and equipment     1,926       1,852       1,447       1,499       1,359  
    Data processing     771       754       714       723       703  
    Technology and software     722       731       700       676       573  
    FDIC insurance     711       631       519       475       439  
    Professional fees     239       244       257       235       254  
    Director fees     223       236       199       240       196  
    Other expenses     1,477       1,577       1,543       1,845       1,685  
    Total noninterest expense     12,892       13,194       11,868       12,161       11,905  
    Income before income taxes     7,427       6,382       7,181       5,598       7,351  
    Income taxes     1,475       1,190       1,372       1,073       1,445  
    Net income   $ 5,952     $ 5,192     $ 5,809     $ 4,525     $ 5,906  
                         
    Basic earnings per common share   $ 0.35     $ 0.31     $ 0.35     $ 0.27     $ 0.35  
    Diluted earnings per common share   $ 0.35     $ 0.31     $ 0.35     $ 0.27     $ 0.35  
                                             
         
    WEST BANCORPORATION, INC. AND SUBSIDIARY    
    Financial Information (unaudited)        
    (in thousands)        
        For the Nine Months Ended
    CONSOLIDATED STATEMENTS OF INCOME   September 30, 2024   September 30, 2023
    Interest income:        
    Loans, including fees   $ 124,400     $ 104,715  
    Securities:        
    Taxable     10,071       10,175  
    Tax-exempt     2,424       2,648  
    Interest-bearing deposits     3,855       84  
    Total interest income     140,750       117,622  
    Interest expense:        
    Deposits     71,578       46,772  
    Federal funds purchased and other short-term borrowings     4,248       7,508  
    Subordinated notes     3,325       3,328  
    Federal Home Loan Bank advances     7,791       5,212  
    Long-term debt     1,868       2,132  
    Total interest expense     88,810       64,952  
    Net interest income     51,940       52,670  
    Credit loss expense     —       200  
    Net interest income after credit loss expense     51,940       52,470  
    Noninterest income:        
    Service charges on deposit accounts     1,381       1,383  
    Debit card usage fees     1,448       1,492  
    Trust services     2,398       2,286  
    Increase in cash value of bank-owned life insurance     839       769  
    Loan swap fees     —       431  
    Gain from bank-owned life insurance     —       691  
    Other income     938       1,116  
    Total noninterest income     7,004       8,168  
    Noninterest expense:        
    Salaries and employee benefits     20,481       20,592  
    Occupancy and equipment     5,225       4,008  
    Data processing     2,239       2,067  
    Technology and software     2,153       1,665  
    FDIC insurance     1,861       1,275  
    Professional fees     740       791  
    Director fees     658       652  
    Other expenses     4,597       5,400  
    Total noninterest expense     37,954       36,450  
    Income before income taxes     20,990       24,188  
    Income taxes     4,037       4,576  
    Net income   $ 16,953     $ 19,612  
             
    Basic earnings per common share   $ 1.01     $ 1.17  
    Diluted earnings per common share   $ 1.00     $ 1.17  
                     
                 
    WEST BANCORPORATION, INC. AND SUBSIDIARY            
    Financial Information (unaudited)                            
                                 
        As of and for the Quarter Ended   For the Nine Months Ended
    COMMON SHARE DATA   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Earnings per common share (basic)   $ 0.35     $ 0.31     $ 0.35     $ 0.27     $ 0.35     $ 1.01     $ 1.17  
    Earnings per common share (diluted)     0.35       0.31       0.35       0.27       0.35       1.00       1.17  
    Dividends per common share     0.25       0.25       0.25       0.25       0.25       0.75       0.75  
    Book value per common share(1)     13.98       13.30       13.31       13.46       12.19          
    Closing stock price     19.01       17.90       17.83       21.20       16.31          
    Market price/book value(2)     135.98 %     134.59 %     133.96 %     157.50 %     133.80 %        
    Price earnings ratio(3)     13.65       14.36       12.77       19.79       11.75          
    Annualized dividend yield(4)     5.26 %     5.59 %     5.61 %     4.72 %     6.13 %        
                                 
    REGULATORY CAPITAL RATIOS                            
    Consolidated:                            
    Total risk-based capital ratio     11.95 %     11.85 %     11.78 %     11.88 %     11.96 %        
    Tier 1 risk-based capital ratio     9.39       9.30       9.23       9.30       9.37          
    Tier 1 leverage capital ratio     8.15       8.08       8.36       8.50       8.58          
    Common equity tier 1 ratio     8.83       8.74       8.67       8.74       8.80          
    West Bank:                            
    Total risk-based capital ratio     12.73 %     12.66 %     12.63 %     12.76 %     12.89 %        
    Tier 1 risk-based capital ratio     11.86       11.79       11.76       11.89       12.01          
    Tier 1 leverage capital ratio     10.29       10.25       10.65       10.86       11.00          
    Common equity tier 1 ratio     11.86       11.79       11.76       11.89       12.01          
                                 
    KEY PERFORMANCE RATIOS AND OTHER METRICS                            
    Return on average assets(5)     0.60 %     0.53 %     0.61 %     0.48 %     0.64 %     0.59 %     0.72 %
    Return on average equity(6)     10.41       9.50       10.63       8.89       10.89       10.18       12.22  
    Net interest margin(7)(13)     1.91       1.86       1.88       1.87       1.91       1.88       2.05  
    Yield on interest-earning assets(8)(13)     5.16       5.13       4.99       4.87       4.70       5.10       4.56  
    Cost of interest-bearing liabilities     3.84       3.83       3.70       3.60       3.38       3.79       3.09  
    Efficiency ratio(9)(13)     63.28       67.14       62.04       64.66       60.83       64.16       59.52  
    Nonperforming assets to total assets(10)     0.01       0.01       0.01       0.01       0.01          
    ACL ratio(11)     0.97       0.95       0.95       0.97       0.99          
    Loans/total assets     75.75       75.63       75.20       76.52       76.98          
    Loans/total deposits     92.15       94.27       97.23       98.44       103.42          
    Tangible common equity ratio(12)     5.90       5.65       5.65       5.88       5.51          
                                                     
    (1) Includes accumulated other comprehensive loss.
    (2) Closing stock price divided by book value per common share.
    (3) Closing stock price divided by annualized earnings per common share (basic).
    (4) Annualized dividend divided by period end closing stock price.
    (5) Annualized net income divided by average assets.
    (6) Annualized net income divided by average stockholders’ equity.
    (7) Annualized tax-equivalent net interest income divided by average interest-earning assets.
    (8) Annualized tax-equivalent interest income on interest-earning assets divided by average interest-earning assets.
    (9) Noninterest expense (excluding other real estate owned expense and write-down of premises) divided by noninterest income (excluding net securities gains/losses and gains/losses on disposition of premises and equipment) plus tax-equivalent net interest income.
    (10) Total nonperforming assets divided by total assets.
    (11) Allowance for credit losses on loans divided by total loans.
    (12) Common equity less intangible assets (none held) divided by tangible assets.
    (13) A non-GAAP measure.
       

    NON-GAAP FINANCIAL MEASURES

    This report contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company’s presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis and the presentation of the efficiency ratio on an adjusted and FTE basis, excluding certain income and expenses. Management believes these non-GAAP financial measures provide useful information to both management and investors to analyze and evaluate the Company’s financial performance. These measures are considered standard measures of comparison within the banking industry. Additionally, management believes providing measures on a FTE basis enhances the comparability of income arising from taxable and nontaxable sources. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company’s GAAP results. The following table reconciles the non-GAAP financial measures of net interest income and net interest margin on a fully taxable equivalent basis and efficiency ratio on an adjusted and FTE basis.

             
    (in thousands)   For the Quarter Ended   For the Nine Months Ended
        September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Reconciliation of net interest income and net interest margin on a FTE basis to GAAP:                            
    Net interest income (GAAP)   $ 17,960     $ 17,230     $ 16,750     $ 16,361     $ 16,634     $ 51,940     $ 52,670  
    Tax-equivalent adjustment (1)     29       55       82       95       113       166       396  
    Net interest income on a FTE basis (non-GAAP)     17,989       17,285       16,832       16,456       16,747       52,106       53,066  
    Average interest-earning assets     3,749,688       3,731,674       3,595,954       3,487,799       3,478,053       3,692,647       3,458,606  
    Net interest margin on a FTE basis (non-GAAP)     1.91 %     1.86 %     1.88 %     1.87 %     1.91 %     1.88 %     2.05 %
                                 
    Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP:                            
    Net interest income on a FTE basis (non-GAAP)   $ 17,989     $ 17,285     $ 16,832     $ 16,456     $ 16,747     $ 52,106     $ 53,066  
    Noninterest income     2,359       2,346       2,299       1,898       2,822       7,004       8,168  
    Adjustment for realized securities losses, net     —       —       —       431       —       —       —  
    Adjustment for losses on disposal of premises and equipment, net     26       21       —       24       3       47       5  
    Adjusted income     20,374       19,652       19,131       18,809       19,572       59,157       61,239  
    Noninterest expense     12,892       13,194       11,868       12,161       11,905       37,954       36,450  
    Efficiency ratio on an adjusted and FTE basis (non-GAAP) (2)     63.28 %     67.14 %     62.04 %     64.66 %     60.83 %     64.16 %     59.52 %
                                                             
    (1) Computed on a tax-equivalent basis using a federal income tax rate of 21 percent, adjusted to reflect the effect of the nondeductible interest expense associated with owning tax-exempt securities and loans. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results, as it enhances the comparability of income arising from taxable and nontaxable sources.
    (2) The efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income, excluding specific noninterest income and expenses. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the Company’s financial performance. It is a standard measure of comparison within the banking industry. A lower ratio is more desirable.

    The MIL Network –

  • MIL-OSI: Billion Dollar Commercial Drone Market Poised for Continued Growth, Driven by A.I. Technological Advances

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Oct. 24, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The commercial drone market is experiencing significant growth due to increasing demand from various industries such as construction, agriculture, security, military applications and so much more. Drones offer benefits like cost savings, improved efficiency, and enhanced safety for businesses. Market size is projected to reach USD12.3 billion by 2025, driven by technological advancements and regulatory approvals. AI is driving market transformation… The global commercial drones market size is estimated to grow by USD $126.87 billion from 2024-2028, according to a report from Technavio. The market is estimated to grow at a CAGR of 57.74% during the forecast period. Rising applications of drones is driving market growth, with a trend towards new developments and launches of commercial drones. The report continued: “The commercial drones market is experiencing significant growth due to the continuous introduction of new drones, components, and software solutions by vendors. Companies across various industries are integrating drones into their operations for managing assets, monitoring sites, inspecting facilities, and capturing real-time data… featuring advanced autonomous flight technology and Artificial Intelligence, ensuring safe and stable flight in challenging environments. Such innovations increase the availability of advanced drone products and software solutions, fueling the adoption of commercial drones in the forecast period.” Active Tech Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), C3 AI (NYSE: AI), NVIDIA Corporation (NASDAQ: NVDA), SoundHound AI, Inc. (NASDAQ: SOUN), AeroVironment (NASDAQ: AVAV).

    “The Commercial Drone Market is experiencing significant growth, particularly in sectors like… Agriculture. Drones equipped with high-quality Cameras are trending, with VAPOR Helicopter leading the way. Artificial Intelligence and Machine Learning are revolutionizing Decision making in industries, from Inspection activities to Farm management. Hybrid drones, combining features of Quadcopters, Octocopters, and Hexacopters, are gaining popularity. In Agriculture, drones help reduce costs, increase Yield, and monitor crops using services like Raptor Maps. Filmmakers and Ecommerce sectors also benefit from aerial photography and warehouse management. The Commercial Drone Market is experiencing significant growth as Quadcopters, Octocopters, and Hexacopters find increasing applications in various sectors. Challenges in flight control, firmware, middleware, computer vision, and environmental awareness are being addressed through technological advances in electronics, computing, microcontrollers, and processors.”

    ZenaTech Inc. (NASDAQ:ZENA) Issues Big Development News Today on Adding Patent Assets to the Company – Get the full details by visiting: https://www.financialnewsmedia.com/news-zena/

    Additional Groundbreaking ZenaTech Inc. Developments this week include:

    ZenaTech Announced a Software Company Acquisition Adding Significant Capabilities to Building AI Drones – ZenaTech also announced that it has entered into an agreement to acquire ZooOffice Inc., the holding company for software companies Jadian and DeskFlex, from ZenaTech’s former parent company. The acquisition of these two software companies will provide important compliance and inspection software as well as scheduling and mapping software that will be incorporated into ZenaTech’s ZenaDrone AI drone solutions. This transaction further expands ZenaTech’s portfolio of SaaS software solutions and customer base and is expected to add to recurring revenue in the government sector among others. The acquisition is subject to shareholder and regulatory approvals that may be required.

    “Adding Jadian and DeskFlex software capabilities to the ZenaTech portfolio is part of our strategy to offer full stack, integrated AI drone solutions targeted to multiple sectors such as Agriculture. Jadian’s compliance software will be integrated with ZenaDrone drone hardware and sensors to help farmers track and manage regulatory and environmental requirements such as crop traceability, fertilizer and pesticide use, water conservation, and greenhouse gas emissions. Deskflex scheduling and mapping software will add value integrated into our property management sector solutions,” said CEO Shaun Passley, Ph.D. Read this full release at: https://finance.yahoo.com/news/zenatech-announces-software-company-acquisition-113000656.html

    Other recent developments in the technology industry include:

    C3 AI (NYSE: AI) recently announced the newly re-branded C3 AI Asset Performance Suite, a collection of powerful, purpose-built AI applications that work together to help enterprises maximize value and improve sustainability performance. The C3 AI Asset Performance Suite includes C3 AI Reliability, C3 AI Process Optimization, and C3 AI Energy Management. These applications offer enterprises optimized asset performance through improvements in operational efficiency across business units.

    “C3 AI is the leader in AI-powered predictive maintenance, and our customers are some of the most satisfied in the industry because our technology makes a positive impact on their bottom line and continually maximizes their investments,” said Thomas M. Siebel, CEO, C3 AI. “This re-brand of the C3 AI Asset Performance Suite is in recognition that customers realize the most value by deploying applications that work in concert together and address entire value chains; in this case, with predictive maintenance, process optimization, and energy management.”

    SoundHound AI, Inc. (NASDAQ: SOUN), a global leader in voice artificial intelligence, recently announced its SoundHound Chat AI voice assistant has launched new customization tools to help transform how automotive brands interact with their customers within the vehicle. The new features are currently being piloted with some of SoundHound’s OEM partners.

    In addition to the core features offered from SoundHound Chat AI’s best-in-class voice assistant – which integrates generative AI capabilities with car controls and real-time domains like flight times, navigation, and weather – OEMs will be able to take control with customizations that work for their loyal consumers and align closely with their identity as an automaker. This new layer of customization will provide drivers with a more engaging and informative experience, allowing them to explore vehicle features and functionalities with greater ease and effectiveness.

    AeroVironment (NASDAQ: AVAV) recently announced that the U.S. Army has awarded a $54.9 million delivery order for the production of Switchblade® loitering munition systems. The recently announced award includes an additional contract ceiling of $743 million with $54.9 million in new funding. This contract is issued as part of a broader, previously executed, indefinite delivery, indefinite quantity contract, and ensures continued support for both the U.S. Army and several allied partners, including Lithuania, Romania, and Sweden.

    Work on this contract will be performed in Simi Valley, California, with an estimated completion date of June 30, 2026. The award, which leverages fiscal 2023 and 2024 Army funds along with Foreign Military Sales, highlights AV’s ongoing commitment to delivering proven, battlefield-ready technology that meets the evolving needs of modern armed forces.

    NVIDIA Corporation (NASDAQ: NVDA) recently announced that it has contributed foundational elements of its NVIDIA Blackwell accelerated computing platform design to the Open Compute Project (OCP) and broadened NVIDIA Spectrum-X™ support for OCP standards.

    At this year’s OCP Global Summit, NVIDIA will be sharing key portions of the NVIDIA GB200 NVL72 system electro-mechanical design with the OCP community — including the rack architecture, compute and switch tray mechanicals, liquid-cooling and thermal environment specifications, and NVIDIA NVLink™ cable cartridge volumetrics — to support higher compute density and networking bandwidth.

    NVIDIA has already made several official contributions to OCP across multiple hardware generations, including its NVIDIA HGX™ H100 baseboard design specification, to help provide the ecosystem with a wider choice of offerings from the world’s computer makers and expand the adoption of AI.

    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

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    DISCLAIMER: 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 been compensated forty nine hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. 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.

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    SOURCE: FN Media Group

    The MIL Network –

  • MIL-OSI: MINT Income Fund Distributions

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — MINT Income Fund (TSX: MID.UN) (the “Fund”) is pleased to announce that distributions for the fourth quarter of 2024 will be payable to unitholders of MINT Income Fund as follows:

    Record Date Payable Date Distribution Per Trust Unit
    October 31, 2024 November 15, 2024 $0.04
    November 30, 2024 December13, 2024 $0.04
    December 31, 2024 January 15, 2025 $0.04


    The trust units trade on the Toronto Stock Exchange under the symbol MID.UN.

    The Fund offers a distribution reinvestment plan (“DRIP”) for unitholders which provides unitholders with the ability to automatically reinvest distributions, commission free, and realize the benefits of compound growth. Unitholders can enroll in the DRIP program by contacting their investment advisor.

    Middlefield

    Founded in 1979, Middlefield is a specialist equity income asset manager with offices in Toronto, Canada and London, England. Our investment team utilizes active management to select high-quality, global companies across a variety of sectors and themes. Our product offerings include proven dividend-focused strategies that span real estate, healthcare, innovation, infrastructure, energy, diversified income and more. We offer these solutions in a variety of product types including ETFs, Mutual Funds, Closed-End Funds, Split-Share Funds and Flow-through LPs.

    For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

    This press release contains forward-looking information. The forward-looking information contained in this press release is based on historical information concerning the distributions and dividends paid on the securities of issuers historically included in the portfolio of the Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the monthly distribution amount. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Fund’s portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains. The risks, uncertainties and other factors that could influence actual results are described in the Fund’s prospectus and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the Fund’s current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund’s estimate as of any date other than the date of this press release.

    The MIL Network –

  • MIL-Evening Report: Want to build healthier cities? Make room for bird and tree diversity

    Source: The Conversation (Au and NZ) – By Rachel Buxton, Assistant Professor, Department of Biology, Carleton University

    More than five million Canadians — approximately one in eight of us — are living with a mood, anxiety or substance use disorder. The prevalence of mental disorders is on the rise, with a third of those with a disorder reporting unmet or partially met needs for mental health-care services.

    The stresses of the city, where more than 70 per cent of Canadians now live, can increase the risk of poor mental health even further.

    When most people think about caring for their mental health, they may think about getting more exercise, getting more sleep and making sure they’re eating healthy. Increasingly, research is showing that spending time in nature surrounded by plants and wildlife can also contribute to preventing and treating mental illness.

    Our research focuses on the importance of birds and trees in urban neighbourhoods in promoting mental well-being. In our study, we combined more than a decade of health and ecological data across 36 Canadian cities and found a positive association between greater bird and tree diversity and self-rated mental health.

    The well-being benefits of healthy ecosystems will probably not come as a great surprise to urban dwellers who relish days out in the park or hiking in a nearby nature reserve. Still, the findings of our study speak to the potential of a nature-based urbanism that promotes the health of its citizens.



    Read more:
    How the health of honeybee hives can inform environmental policies in Canadian cities

    Birds, trees and human connection

    Across cultures and societies, people have strong connections with birds. The beauty of their bright song and colour have inspired art, music and poetry. Their contemporary cultural relevance has even earned them an affectionate, absurdist internet nickname: “birbs”.

    There’s something magical about catching a glimpse of a bird and hearing birdsong. For many urbanites, birds are our daily connection to wildlife and a gateway to nature. In fact, even if we don’t realize it, humans and birds are intertwined. Birds provide us with many essential services — controlling insects, dispersing seeds and pollinating our crops.

    People have similarly intimate connections with trees. The terms tree of life, family trees, even tree-hugger all demonstrate the central cultural importance trees have in many communities around the world. In cities, trees are a staple of efforts to bring beauty and tranquility.

    When the Australian city of Melbourne gave urban trees email addresses for people to report problems, residents responded by writing thousands of love letters to their favourite trees. Forest bathing, a practice of being calm and quiet among trees, is a growing wellness trend.

    Birds and trees as promoters of urban wellness

    Contact with nature and greenspace have a suite of mental health benefits.

    Natural spaces reduce stress and offer places for recreation and relaxation for urban dwellers, but natural diversity is key. A growing amount of research shows that the extent of these benefits may be related to the diversity of different natural features.

    For example, in the United States, higher bird diversity is associated with lower hospitalizations for mood and anxiety disorders and longer life expectancy. In a European study, researchers found that bird diversity was as important for life satisfaction as income.

    People’s connection to a greater diversity of birds and trees could be because we evolved to recognize that the presence of more species indicates a safer environment — one with more things to eat and more shelter. Biodiverse environments are also less work for the brain to interpret, allowing restoration of cognitive resources.

    To explore the relationship between biodiversity and mental health in urban Canada, we brought together unique datasets. First, we collected bird data sourced from community scientists, where people logged their bird sightings on an app. We then compared this data with tree diversity data from national forest inventories.

    Finally, we compared both of these data sets to a long-standing health survey that has interviewed approximately 65,000 Canadians each year for over two decades.

    We found that living in a neighbourhood with higher than average bird diversity increased reporting of good mental health by about seven per cent. While living in a neighbourhood with higher than average tree diversity increased good mental health by about five per cent.

    Importance of urban birds and trees

    The results of our study, and those of others, show a connection between urban bird and tree diversity, healthy ecosystems and people’s mental well-being. This underscores the importance of urban biodiversity conservation as part of healthy living promotion.

    Protecting wild areas in parks, planting pollinator gardens and reducing pesticide use could all be key strategies to protect urban wildlife and promote people’s well-being. Urban planners should take note.



    Read more:
    Eco-anxiety: climate change affects our mental health – here’s how to cope

    We’re at a critical juncture: just as we are beginning to understand the well-being benefits of birds and trees, we’re losing species at a faster rate than ever before. It’s estimated that there are three billion fewer birds in North America compared to the 1970s and invasive pests will kill 1.4 million street trees over the next 30 years.

    By promoting urban biodiversity, we can ensure a sustainable and healthy future for all species, including ourselves.

    Rachel Buxton receives funding from Natural Sciences and Engineering Research Council of Canada, National Institutes of Health, and Environment and Climate Change Canada.

    Emma J. Hudgins received funding from the Natural Sciences and Engineering Research Council of Canada and the Fonds de Recherche du Québec – Nature et Technologies for this work. She currently receives funding from Plant Health Australia.

    Stephanie Prince Ware has received funding from the Canadian Institutes of Health Research.

    – ref. Want to build healthier cities? Make room for bird and tree diversity – https://theconversation.com/want-to-build-healthier-cities-make-room-for-bird-and-tree-diversity-235379

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Want to build healthier cities? Make room for bird and tree diversity

    Source: The Conversation – Canada – By Rachel Buxton, Assistant Professor, Department of Biology, Carleton University

    More than five million Canadians — approximately one in eight of us — are living with a mood, anxiety or substance use disorder. The prevalence of mental disorders is on the rise, with a third of those with a disorder reporting unmet or partially met needs for mental health-care services.

    The stresses of the city, where more than 70 per cent of Canadians now live, can increase the risk of poor mental health even further.

    When most people think about caring for their mental health, they may think about getting more exercise, getting more sleep and making sure they’re eating healthy. Increasingly, research is showing that spending time in nature surrounded by plants and wildlife can also contribute to preventing and treating mental illness.

    Our research focuses on the importance of birds and trees in urban neighbourhoods in promoting mental well-being. In our study, we combined more than a decade of health and ecological data across 36 Canadian cities and found a positive association between greater bird and tree diversity and self-rated mental health.

    The well-being benefits of healthy ecosystems will probably not come as a great surprise to urban dwellers who relish days out in the park or hiking in a nearby nature reserve. Still, the findings of our study speak to the potential of a nature-based urbanism that promotes the health of its citizens.



    Read more:
    How the health of honeybee hives can inform environmental policies in Canadian cities

    Birds, trees and human connection

    Across cultures and societies, people have strong connections with birds. The beauty of their bright song and colour have inspired art, music and poetry. Their contemporary cultural relevance has even earned them an affectionate, absurdist internet nickname: “birbs”.

    There’s something magical about catching a glimpse of a bird and hearing birdsong. For many urbanites, birds are our daily connection to wildlife and a gateway to nature. In fact, even if we don’t realize it, humans and birds are intertwined. Birds provide us with many essential services — controlling insects, dispersing seeds and pollinating our crops.

    People have similarly intimate connections with trees. The terms tree of life, family trees, even tree-hugger all demonstrate the central cultural importance trees have in many communities around the world. In cities, trees are a staple of efforts to bring beauty and tranquility.

    When the Australian city of Melbourne gave urban trees email addresses for people to report problems, residents responded by writing thousands of love letters to their favourite trees. Forest bathing, a practice of being calm and quiet among trees, is a growing wellness trend.

    Birds and trees as promoters of urban wellness

    Contact with nature and greenspace have a suite of mental health benefits.

    Natural spaces reduce stress and offer places for recreation and relaxation for urban dwellers, but natural diversity is key. A growing amount of research shows that the extent of these benefits may be related to the diversity of different natural features.

    For example, in the United States, higher bird diversity is associated with lower hospitalizations for mood and anxiety disorders and longer life expectancy. In a European study, researchers found that bird diversity was as important for life satisfaction as income.

    People’s connection to a greater diversity of birds and trees could be because we evolved to recognize that the presence of more species indicates a safer environment — one with more things to eat and more shelter. Biodiverse environments are also less work for the brain to interpret, allowing restoration of cognitive resources.

    To explore the relationship between biodiversity and mental health in urban Canada, we brought together unique datasets. First, we collected bird data sourced from community scientists, where people logged their bird sightings on an app. We then compared this data with tree diversity data from national forest inventories.

    Finally, we compared both of these data sets to a long-standing health survey that has interviewed approximately 65,000 Canadians each year for over two decades.

    We found that living in a neighbourhood with higher than average bird diversity increased reporting of good mental health by about seven per cent. While living in a neighbourhood with higher than average tree diversity increased good mental health by about five per cent.

    Importance of urban birds and trees

    The results of our study, and those of others, show a connection between urban bird and tree diversity, healthy ecosystems and people’s mental well-being. This underscores the importance of urban biodiversity conservation as part of healthy living promotion.

    Protecting wild areas in parks, planting pollinator gardens and reducing pesticide use could all be key strategies to protect urban wildlife and promote people’s well-being. Urban planners should take note.



    Read more:
    Eco-anxiety: climate change affects our mental health – here’s how to cope

    We’re at a critical juncture: just as we are beginning to understand the well-being benefits of birds and trees, we’re losing species at a faster rate than ever before. It’s estimated that there are three billion fewer birds in North America compared to the 1970s and invasive pests will kill 1.4 million street trees over the next 30 years.

    By promoting urban biodiversity, we can ensure a sustainable and healthy future for all species, including ourselves.

    Rachel Buxton receives funding from Natural Sciences and Engineering Research Council of Canada, National Institutes of Health, and Environment and Climate Change Canada.

    Emma J. Hudgins received funding from the Natural Sciences and Engineering Research Council of Canada and the Fonds de Recherche du Québec – Nature et Technologies for this work. She currently receives funding from Plant Health Australia.

    Stephanie Prince Ware has received funding from the Canadian Institutes of Health Research.

    – ref. Want to build healthier cities? Make room for bird and tree diversity – https://theconversation.com/want-to-build-healthier-cities-make-room-for-bird-and-tree-diversity-235379

    MIL OSI – Global Reports –

  • MIL-OSI Global: Colorado’s Amendment 80 wants to make school choice ‘a right’ when it already is – an expert in educational policy explains the disconnect

    Source: The Conversation – USA – By Christopher Lubienski, Professor of Education Policy, Indiana University

    In November, Colorado voters will decide whether the state’s constitution should be amended to specify a right to school choice.

    But school choice is already guaranteed by state statute and federal courts. So why is this initiative being posed at all?

    Even the initiative’s backers acknowledge that Colorado already has “one of the best school choice statutes in the nation.” Moreover, the ability for parents to choose private schools has been affirmed by the U.S. Supreme Court for at least a century.

    I have been studying school choice for almost three decades and can say Amendment 80 raises serious questions about the strategies being used by the school choice advocates who put it on the ballot.

    School choice in Colorado

    School choice options have expanded rapidly across the U.S. in recent years. Currently, it is estimated that over 3.5 million students now attend charter schools, and in the past three years, nine states have approved new programs that provide public funds for private schooling.

    In 1993, Colorado became one of the first states to authorize charter schools. Charter schools are publicly funded but privately or independently managed. They are now legal in 45 states.

    Likewise, Colorado law enables parents to choose public schools outside their district — an open-enrollment option that is also quite common throughout the U.S., permitted in 43 states.

    But a new wave of school choice policies is emerging from conservative legislatures. Several red states, like Utah, Iowa and Indiana, recently created policies to fund universal or near-universal private school choice. These programs – vouchers or education savings accounts – use taxpayer funds to pay for private school tuition and, with education savings accounts, other educational expenses as well. Unlike charter schools, which are technically public schools and accountable to public authorities, these programs funding private schools have few if any regulations on the schools receiving taxpayer dollars.

    Colorado is in a different category altogether.

    Indeed, Colorado voters have repeatedly rejected ballot measures to implement private school choice. That mirrors voters across the country, who tend to reject these intiatives, often resoundingly.

    Moreover, Colorado’s original state constitution explicitly prohibits sending public funds to private schools.

    In essence, Colorado is a trailblazer when it comes to funding school choice in the public sector – but not the private sector. Like all Americans, Coloradans have every right under federal law to choose a private school at their own expense.

    Amendment 80 would give children the ‘right’ to choose from neighborhood, charter, private and home schools, as well as ‘future innovations in education.’
    Ed Andrieski/AP Photo

    Who supports Amendment 80

    Amendment 80 reflects a familiar political divide when it comes to school choice policies.

    Republicans largely support more parental prerogatives to choose schools, including private schools, and fewer restrictions on those schools.

    Democrats tend to oppose unregulated choice and programs that fund private schools, and support accountability measures for schools that receive public funds.

    There are, of course, exceptions to this partisan divide.

    Some Democrats, including Colorado Gov. Jared Polis, who founded two charter schools, have objected to efforts to regulate charters.

    Meanwhile, some conservatives, including Christian homeschoolers, have expressed concerns about government involvement in private schooling, which they fear could lead to regulation.

    The proposal frames school choice as a child’s right, leading some to worry it will give a student’s wishes legal predominance over their parents’.

    Those skeptics may have a point. Rather than push directly for school vouchers, backers of Amendment 80 simply make the seemingly innocuous assertion that school choice is a “right.”

    School choice as a ‘right’

    The fact that advocates for this measure are framing the issue this way – rather than as an effective taxpayer-funded policy, for example – is telling.

    While there are different forms of school choice, like charter and magnet schools, the modern private school choice movement emerged as a way for Southern segregationists to avoid integration.

    The movement gained momentum in the 1990s by asserting that choice leads to better educational outcomes, and that it gives low-income students an equitable opportunity to attend better schools.

    Those claims have not stood up.

    Every rigorous study of statewide voucher programs in the past 10 years has shown that they do not improve student outcomes. In fact, they have led to some of the largest learning losses ever measured — comparable to the losses from the COVID-19 pandemic.

    Rather than simply giving low-income students opportunities beyond their segregated schools, charter schools lead to higher levels of segregation.

    Additionally, statewide private school choice programs, such as what one might envision arising from Amendment 80, are budget-busters for state treasuries and for rural schools as they channel public funds away from high-need areas to affluent families using these programs.

    In light of that track record, it is not surprising to see choice advocates move away from their earlier equity claims and focus instead on “rights” — even when such a right can lead to worse educational outcomes for kids.

    But even if the rhetorical strategy around Amendment 80 is clear, the question still stands: Why push to enshrine rights that are already effectively available through both Colorado law and U.S. Supreme Court rulings?

    The full text of Amendment 80 that appears on the November 2024 ballot in Colorado.
    Colorado Secretary of State

    Public funds for private schools

    Michael Fields, the president of Advance Colorado, the organization that promoted the proposal, noted that the idea is to “preserve” and “protect families’ ability to choose the best educational options for themselves.”

    Elsewhere, he said, “It’s really just cementing the school choice laws that we have in Colorado right now into the constitution.”

    Essentially he is arguing that Amendment 80 would confirm the status quo in Colorado.

    But the actual language of the initiative tells a different story.

    Rather than simply affirming an existing right to choose a public, charter or homeschool, the more important issue here is the right to choose a private school.

    Of course, this right already exists. Since at least 1925, parents across the U.S. have been guaranteed the right to choose private schools for their children, but at their own expense.

    If Amendment 80 passes, I expect we will see the argument that such a right is meaningless without funding to support the choice of private schools. After all, when people talk about the right to public education or health care, the underlying assumption is that there is no cost barrier to exercising that right, which is funded by taxpayers.

    Recent rulings by the U.S. Supreme Court suggest Colorado’s prohibition on the use of public funds for “church or sectarian” schools could be challenged in court. Adding a right to private school choice to the state’s constitution through Amendment 80 appears to be designed to provide the basis for such a challenge.

    Early voting is happening now in Colorado. Find your polling place here.

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

    – ref. Colorado’s Amendment 80 wants to make school choice ‘a right’ when it already is – an expert in educational policy explains the disconnect – https://theconversation.com/colorados-amendment-80-wants-to-make-school-choice-a-right-when-it-already-is-an-expert-in-educational-policy-explains-the-disconnect-240896

    MIL OSI – Global Reports –

  • MIL-OSI Global: Tiny airborne particles within air pollution could be a silent killer – new study uncovers hidden risks and reveals who’s most at risk in New York state

    Source: The Conversation – USA – By Shao Lin, Professor of Public Health, University at Albany, State University of New York

    Ultrafine particles stem from a variety of natural and human-made sources, including vehicle exhaust. Joe Raedle/Getty Images

    Long-term high ultrafine particle concentrations in New York state neighborhoods are linked to higher numbers of deaths. That is the key finding of our new research, published in the Journal of Hazardous Materials.

    Our study shows that high levels of ultrafine particles in the atmosphere over long periods of time are significantly associated with increased non-accidental deaths, particularly from cardiovascular and respiratory diseases.

    Ultrafine particles are aerosols less than 0.1 micrometers, or 100 nanometers, in diameter — about one-thousandth the width of a human hair. Due to their tiny size, they can be easily inhaled into the distal branches of lungs, quickly absorbed into the bloodstream and even pass through organ barriers.

    We also found that certain underserved populations, including Hispanics, non-Hispanic Black people, children under 5, older adults and non-New York City residents, are more susceptible to the adverse effects of ultrafine particles. The disparities our study uncovered underscore the necessity for public health agencies to focus on and protect high-risk populations.

    We quantified the long-term health impacts of exposure to these pollutants by combining mortality data from vital records in New York state and using a model that tracks how particles move and change through the air.

    Because ultrafine particles are so small, they are difficult to study, and more research is needed to determine how unsafe they are.

    Why it matters

    Air pollution is now ranked the second-leading risk factor for death, accounting for about 8.1 million deaths globally and about 600,000 deaths in the United States in 2021.

    Most air pollution standards and regulations have been focused on larger particulate matter, such as PM2.5 – which includes organic compounds and metal particulates – and PM10, a category that includes dust, pollen and mold.

    In comparison, ultrafine particles are typically much greater in number and have a much larger surface area-to-volume ratio, allowing them to carry substantial amounts of hazardous metals and organic compounds. Furthermore, because of their smaller size, ultrafine particles can follow the air flow and get deep into the lungs when inhaled. These unique characteristics make ultrafine particles particularly dangerous, leading to a range of adverse health problems.

    Despite this understanding, ultrafine particles remain largely unregulated, while larger particulates are regulated under the National Ambient Air Quality Standards.

    Due to their unique characteristics, ultrafine particles require additional, tailored attention.

    Ultrafine particles, not shown, are about one-thousandth the width of a human hair.
    U.S. Environmental Protection Agency

    Ultrafine particles stem from both natural sources and human activity – primarily from combustion processes such as motor vehicles, power plants, wood burning and wildfires. A large share of ultrafine particles is created by chemical reactions in the atmosphere involving acidic gases from fossil fuel burning and ammonia from farming and residential wastes.

    As cities continue to expand and urban populations grow, people’s exposure to these harmful particles is likely to increase. Both PM2.5 and ultrafine particles come from similar sources and can also form through chemical reactions in the atmosphere, but their trends diverge.

    PM2.5 mass has been declining in many places, including New York, thanks to air quality regulations. However, recent research suggests that ultrafine particle numbers are not going down and have been increasing since 2017.

    What still isn’t known

    There are currently no large-scale monitoring sites in the U.S. dedicated to tracking ultrafine particles in the environment. This limits the ability of researchers like us to comprehend the extent of ultrafine particle exposure and its impact on public health.

    What’s more, the exact biological mechanisms through which ultrafine particles cause harm are not yet fully understood. Increasing research evidence suggests that ultrafine particles can affect heart function, causing hardening of arteries, lung inflammation and systemic inflammation.

    There have been few prior studies looking at death rates related to ultrafine particle exposure by demographics and seasonality. By understanding which groups are most vulnerable to ultrafine particle exposure, interventions can be more effectively tailored to lower the risks and protect those who are disproportionately affected. Our study, which is funded by the New York State Energy Research and Development Authority, helps fill in these critical knowledge gaps.

    The Research Brief is a short take on interesting academic work.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Tiny airborne particles within air pollution could be a silent killer – new study uncovers hidden risks and reveals who’s most at risk in New York state – https://theconversation.com/tiny-airborne-particles-within-air-pollution-could-be-a-silent-killer-new-study-uncovers-hidden-risks-and-reveals-whos-most-at-risk-in-new-york-state-236299

    MIL OSI – Global Reports –

  • MIL-OSI Global: For many Latter-day Saints, America has a special relationship with God − but Christian nationalism is a step too far

    Source: The Conversation – USA – By Nicholas Shrum, Doctoral Student in Religious Studies, University of Virginia

    Patriotism and faith can weave together in complicated ways − but when does that count as ‘Christian nationalism’? RiverNorthPhotography/iStock via Getty Images Plus

    On the verge of the 2024 elections, Donald Trump and Kamala Harris are ramping up their campaigns in Arizona and Nevada. Beyond being considered swing states, the two have something else in common: Latter-day Saint voters.

    About 5% to 10% of Arizonans and Nevadans belong to the Church of Jesus Christ of Latter-day Saints – among the highest percentages in the country, outside of Utah and Idaho. For decades, a steep majority of Latter-day Saints, often called Mormons, were regarded as reliable Republican voters. But the Trump era has tested that alliance, especially when it comes to many of his backers’ support for Christian nationalism.

    Christian nationalism is often described as the belief that American identity and Christianity are deeply intertwined and, therefore, the U.S. government should promote Christian-based values. Using questions such as whether “being Christian is an important part of being truly American,” a Public Religion Research Institute poll in 2024 found that about 4 in 10 Latter-day Saints nationwide are at least sympathetic to Christian nationalist ideas, if not clear “adherents.” This was the third-highest rate among religious groups, behind white evangelicals and Hispanic Protestants.

    Yet the report also found a seeming contradiction. Utah, home to the church’s headquarters, “is the only red state in which support for Christian nationalism falls below the national average.”

    As a scholar of Mormonism and nationalism, I believe the church’s history and beliefs help explain why so many members wrestle with Christian nationalist ideas – and that this complexity illustrates the difficulty of defining Christian nationalism in the first place. America is sacred in Latter-day Saint doctrine: both the land itself and its constitutional structures. But as a minority that has often faced discrimination from other Christians, the church displays profound skepticism about combining religion and state.

    Sacred space

    The Book of Mormon – one of the church’s key scriptures, alongside the Bible – describes the Americas as “choice above all other lands” and provides an account of Jesus Christ visiting ancient civilizations there after his resurrection.

    In addition, Latter-day Saint doctrine considers the United States’ government to be divinely inspired. In 1833 the church’s founder, Joseph Smith, dictated a revelation wherein God declared “I established the Constitution of this land, by the hands of wise men whom I raised up for this very purpose.”

    In the 1830s, Latter-day Saints migrated from New York and Ohio to western Missouri, where they believed themselves divinely commanded to build a sacred city called Zion. By the end of the decade, however, they had been forced out of Missouri by mob violence and an order from the governor, who called for the group to be “exterminated or driven from the State.”

    Church members fled to neighboring Illinois, then began a long trek west after Smith’s death in 1844. The first pioneers reached Utah Territory in 1847, where they set up a society shaped by their beliefs – including, most famously, the practice of plural marriage. But when Utah applied for statehood, tensions with the federal government mounted.

    Congress enacted anti-polygamy legislation that seized some church property, imprisoned more than 1,000 church members, disenfranchised anyone who supported the practice, and revoked Utah’s 1870 decision to give women the right to vote.

    A photo of Utah polygamists in prison, taken around 1889 by Charles Roscoe Savage.
    Harold B. Lee Library, Brigham Young University, via Wikimedia Commons

    By 1896, church leaders had begun the process of ending plural marriage, and Utah was admitted to the union. Latter-day Saints also adopted the two-party system and embraced free-market capitalism, giving up their more insular and communal system – adapting to dominant ideas of what it meant to be properly American.

    Constitutional patriots

    These experiences tested Latter-day Saints’ faith in the U.S. government – particularly its failure to intervene as members were forced out of Missouri and Illinois. Nevertheless, church doctrine emphasizes duty to one’s country. One of the church’s 13 Articles of Faith explains that “we believe in being subject to kings, presidents, rulers, and magistrates, and in obeying, honoring, and sustaining the law.”

    Latter-day Saints have “a unique responsibility to uphold and defend the United States Constitution and principles of constitutionalism,” as Dallin H. Oaks, a member of the church’s highest governing body, said in 2021.

    I would argue that beliefs in the country’s divine purpose and potential, and the close relationship between faith and patriotism, may illuminate Latter-day Saint sympathy for Christian nationalist ideas. Yet the church’s previously fraught relations with the federal government, and with wider American culture, help explain why a majority of Latter-day Saints remain skeptical of Christian nationalism.

    For much of the 19th and 20th centuries, hostility against the church was so high and widespread that if the U.S. had declared itself a Christian nation, Latter-day Saints would likely have been excluded – and around one-third of Americans still do not consider them “Christian.” According to a 2023 Pew survey, only 15% of Americans say they have a favorable impression of Latter-day Saints, while 25% report unfavorable views.

    Latter-day Saint leaders believe they have a right to exert moral influence on public policy. But the church’s awareness of its own precarious position in U.S. culture has made it wary of policies that put some people’s religious freedom above others.

    Church members wait for The Church of Jesus Christ of Latter-day Saints’ biannual general conference to begin on Oct. 5, 2024, in Salt Lake City, Utah.
    AP Photo/Hannah Schoenbaum

    A step too far

    This wariness has also shaped Latter-day Saint culture’s inclination to avoid extremes. After decades of being marginalized for practices considered radical, the modern church and its adherents have walked a delicate tightrope. And for many, Christian nationalism and the candidate many adherents put their hope in – Donald Trump – seem a step too far.

    Over the past half-century, Latter-day Saints tended to align politically and culturally with conservative Catholics and evangelicals. On balance, the church remains highly conservative on social issues, especially gender and sexuality, and 70% of its American members lean Republican. However, more younger Latter-day Saints have much more progressive views – and even the leadership has parted ways with the GOP on some issues, such as strict immigration proposals. While the church opposes “elective abortion,” it allows for several exceptions.

    During the 2016 election, only about half of the church’s members voted for Trump; 15% voted for Evan McMullin, a Latter-day Saint who positioned himself as a moderate choice between Trump and Hillary Clinton. In 2020, Trump garnered about 7 in 10 Latter-day Saint votes.

    During congressional hearings about the Jan. 6, 2021, attack on the U.S. Capitol, Arizona House Speaker Russell “Rusty” Bowers, who resisted pressure from the Trump administration to recall the state’s electors, cited his Latter-day Saint beliefs. “It is a tenet of my faith that the Constitution is divinely inspired,” Bowers said, explaining his refusal to go along with the scheme.

    Arizona House Speaker Rusty Bowers, left, is sworn in before testimony at the Capitol on June 21, 2022, alongside Georgia Secretary of State Brad Raffensperger and Georgia Deputy Secretary of State Gabriel Sterling.
    AP Photo/J. Scott Applewhite

    In June 2023, church leaders issued a statement against straight-ticket voting, saying “voting based on ‘tradition’ without careful study of candidates and their positions on important issues is a threat to democracy.”

    Holy purpose

    Ever since the Puritans, many people in what became the United States have believed God has a special plan for their society – part of the same current that drives Christian nationalism today.

    Latter-day Saints, however, have a specific vision of that plan. According to the church’s teachings and scriptures, the country’s establishment was a necessary step toward restoring the “only true and living church” – their own. And that church is a global one, not just American. More than half of all Latter-day Saints today live outside the U.S.

    Ultimately, Latter-day Saint teachings consider America’s story part of a greater goal: ushering in the second coming of Jesus Christ. As the church’s name suggests, Latter-day Saints believe that they are living in the last days, just before the millennial reign of Jesus – a kingdom where national and political distinctions melt away.

    But as with all other churches, its members live in the current day, where political, cultural and social realities shape how they interact with the world around them – and how they vote.

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

    – ref. For many Latter-day Saints, America has a special relationship with God − but Christian nationalism is a step too far – https://theconversation.com/for-many-latter-day-saints-america-has-a-special-relationship-with-god-but-christian-nationalism-is-a-step-too-far-228594

    MIL OSI – Global Reports –

  • MIL-OSI Global: Proof that immigrants fuel the US economy is found in the billions they send back home

    Source: The Conversation – USA – By Ernesto Castañeda, Professor, American University

    Migrant workers pick strawberries during harvest south of San Francisco, Calif. Visions of America/Joe Sohm/Universal Images Group via Getty Images

    Donald Trump has vowed to deport millions of immigrants if he is elected to a second term, claiming that, among other things, foreign-born workers take jobs from others. His running mate JD Vance has echoed those anti-immigrant views.

    Researchers, however, generally agree that massive deportations would hurt the U.S. economy, perhaps even triggering a recession.

    Social scientists and analysts tend to concur that immigration — both documented and undocumented — spurs economic growth. But it is almost impossible to calculate directly how much immigrants contribute to the economy. That’s because we don’t know the earnings of every immigrant worker in the United States.

    We do, however, have a good idea of how much they send back to their home countries – more than US$81 billion in 2022, according to the World Bank. And we can use this figure to indirectly calculate the total economic value of immigrant labor in the U.S.

    Economic contributions are likely underestimated

    I conducted a study with researchers at the Center for Latin American and Latino Studies and the Immigration Lab at American University to quantify how much immigrants contribute to the U.S. economy based on their remittances, or money sent back home.

    Several studies indicate that remittances constitute 17.5% of immigrants’ income.

    Given that, we estimate that the immigrants who remitted in 2022 had take-home wages of over $466 billion. Assuming their take-home wages are around 21% of the economic value of what they produce for the businesses they work for – like workers in similar entry-level jobs in restaurants and construction – then immigrants added a total of $2.2 trillion to the U.S. economy yearly.

    That is about 8% of the gross domestic product of the United States and close to the entire GDP of Canada in 2022 – the world’s ninth-largest economy.

    Immigration strengthens the US

    Beyond its sheer value, this figure tells us something important about immigrant labor: The main beneficiaries of immigrant labor are the U.S. economy and society.

    The $81 billion that immigrants sent home in 2022 is a tiny fraction of their total economic value of $2.2 trillion. The vast majority of immigrant wages and productivity – 96% – stayed in the United States.

    Remittances from the U.S. represent a substantial income source for the people who receive them. But they do not represent a siphoning of U.S. dollars, as Trump has implied when he called remittances “welfare” for people in other countries and suggested taxing them to pay for the construction of a border wall.

    The economic contributions of U.S. immigrants are likely to be even more substantial than what we calculate.

    For one thing, the World Bank’s estimate of immigrant remittances is probably an undercount, since many immigrants send money abroad with people traveling to their home countries.

    In prior research, my colleagues and I have also found that some groups of immigrants are less likely to remit than others.

    One is white-collar professionals – immigrants with careers in banking, science, technology and education, for example. Unlike many undocumented immigrants, white-collar professionals typically have visas that allow them to bring their families with them, so they do not need to send money abroad to cover their household expenses back home.

    Immigrants who have been working in the country for decades and have more family in the country also tend to send remittances less often.

    Both of these groups have higher earnings, and their specialized contributions are not included in our $2.2 trillion estimate.

    A Somali business owner stocks her store in Lewiston, Maine.
    Tom Williams/CQ Roll Call

    Additionally, our estimates do not account for the economic growth stimulated by immigrants when they spend money in the U.S., creating demand, generating jobs and starting businesses that hire immigrants and locals.

    For example, we calculate the contributions of Salvadoran immigrants and their children alone added roughly $223 billion to the U.S. economy in 2023. That’s about 1% of the country’s entire GDP.

    Considering that the U.S. economy grew by about 2% in 2022 and 2023, that’s a substantial sum.

    These figures are a reminder that the financial success of the U.S. relies on immigrants and their labor.

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

    – ref. Proof that immigrants fuel the US economy is found in the billions they send back home – https://theconversation.com/proof-that-immigrants-fuel-the-us-economy-is-found-in-the-billions-they-send-back-home-227542

    MIL OSI – Global Reports –

  • MIL-OSI Global: Is America ready for a woman president? Voters’ attitudes to women politicians are radically different from a decade ago

    Source: The Conversation – USA – By Angela L. Bos, Dean and Professor, School of Public Service, Boise State University, Boise State University

    Voters hold clear and positive stereotypes of women politicians − while they don’t think as positively about men in politics. Artis777/iStock/Getty Images

    If U.S. voters elect Kamala Harris – a Black, Asian American woman – president, it would be historic on multiple levels. This is now a real possibility due to voters’ positively evolving stereotypes of women politicians.

    Stereotypes have long hindered female candidates, casting them as emotional, weak and sensitive. But now our political science research shows that voters in the U.S. increasingly see women leaders as synonymous with political leadership – and as more effective than men politicians.

    This transformation reflects a broader change in what voters expect in political leaders. They are now more likely to see a woman candidate as a better “fit” for public office. This might help pave the way for Harris to break through the highest glass ceiling in U.S. politics.

    The classic double bind

    Gender stereotypes are the assumptions and expectations people have about men and women. They traditionally present an obstacle for women leaders, including in politics.

    Among the many barriers to a woman becoming president in the U.S. are voters’ gender stereotypes. Men are generally assumed to have masculine traits such as being ambitious and competitive, while women are assumed to possess feminine traits such as being warm and compassionate. In applying gender stereotypes to politicians, voters end up with very different expectations for men and women candidates.

    Democratic candidate Kamala Harris, left, campaigns with former GOP congresswoman and supporter Liz Cheney in Malvern, Pa., on Oct. 21, 2024.
    Melina Mara/The Washington Post via Getty Images

    This presents a classic double bind for women leaders. If they behave like leaders and act dominantly and assertively, they violate expectations of femininity. But if they behave in a stereotypical way, they are not seen as strong leaders.

    The double bind extends to politics. It was long the case that stereotypes of men politicians, but not women politicians, aligned with the leadership qualities that voters desire in political leaders. These traits include competence, strong leadership, empathy and integrity. A 2011 study showed that stereotypes of women politicians lacked clarity, meaning people had no clear expectations. Voters also did not see women politicians in alignment with those same four leadership qualities that voters seek.

    But by 2021, prominent women political leaders such as Hillary Clinton, Nikki Haley and Nancy Pelosi had reshaped the landscape for women seeking office by shaping and solidifying public expectations.

    More women politicians in the spotlight

    More women have assumed political leadership roles in the U.S. over the past decade than in previous decades. The number of women in Congress increased from 90 to 145 between the 111th Congress, which met from 2009 to 2011, to the 117th Congress, which met from 2021 to 2023.

    In addition, high-profile women politicians such as Democrats Pelosi and Clinton, as well as Liz Cheney, a Republican, have received considerable attention from both the media and the electorate. Gender stereotypes about women politicians evolved from being ambiguous to becoming both well defined and positive as voters grew more familiar with them. This has created a political landscape for Harris today that is notably different from the early 2010s.

    We are political scientists whose research examines how gender stereotypes affect women’s political underrepresentation. In 2021, we conducted a study of how voters’ gender stereotypes of politicians had evolved over the previous decade. These are the three main lessons:

    1. Stereotypes of women politicians are increasingly positive

    A decade ago, people did not agree on the traits that defined women politicians. While some people described them as tough, others thought they were weak. Similarly, some reported them as rational, while others saw them as unable to separate feelings from ideas. There were no traits that large groups of people agreed upon to describe women politicians.

    But our study shows that voters now hold clear and positive stereotypes of them.

    When asked about the traits they associate with women politicians, respondents listed positive traits such as intelligent, rational, analytical, ambitious and moral. At the same time, women politicians are least associated with negative traits such as being weak and spineless.

    While stereotypes of women politicians have become more positive, stereotypes of male politicians are now much more negative.
    Image Source/Getty Images

    2. Stereotypes of men politicians have shifted to increased negativity and distrust

    Male politicians were previously seen as confident, well educated, charismatic and driven. But there’s bad news for men in politics: This perception has shifted. Our study revealed that stereotypes of male politicians became much more negative over the decade we studied.

    Today, male politicians are more commonly viewed as power-hungry, selfish, manipulative and self-interested. They are least associated with traits such as being sympathetic or caring about “people like me.” This indicates that voters have become more negative and distrustful toward male politicians.

    3. Women politicians have gained ground on leadership perceptions, surpassing men politicians

    In the past, stereotypes of women politicians were incompatible with leadership stereotypes. But our study shows that this mismatch has subsided. In fact, between 2011 and 2021, scores for women politicians increased on all four leadership traits valued by voters: competence, leadership, empathy and integrity.

    Men politicians, in contrast, have lost ground on all four leadership traits. Women politicians now surpass men politicians in three out of the four leadership traits: competence, empathy and integrity. Expectations of men politicians concerning the fourth trait, strong leadership, are now equal to those of female politicians.

    Kamala Harris may benefit

    Gender stereotypes have long hindered women seeking political office, but more women in prominent leadership positions have fostered positive stereotype change.

    Granted, highly visible women leaders such as Pelosi and Clinton excite both admiration and intense dislike. But seeing them and many other examples in their wake has familiarized voters with women holding power in politics. Voters are thus now more likely to view women candidates like Harris as fitting into leadership roles such as the presidency.

    With growing distrust in politics, and of male politicians specifically, women political leaders – who are viewed as agents of change – may have an opportunity to restore trust in politics.

    Daphne Joanna van der Pas receives funding from the Dutch Research Council.

    Loes Aaldering receives funding from the Dutch Research Council. She is a member of Groenlinks, the Green party in the Netherlands.

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

    – ref. Is America ready for a woman president? Voters’ attitudes to women politicians are radically different from a decade ago – https://theconversation.com/is-america-ready-for-a-woman-president-voters-attitudes-to-women-politicians-are-radically-different-from-a-decade-ago-240326

    MIL OSI – Global Reports –

  • MIL-OSI Global: Your next favorite story won’t be written by AI – but it could be someday

    Source: The Conversation – USA – By Haoran Chu, Assistant Professor of Communications, University of Florida

    AI language models are getting pretty good at writing – but not so much at creative storytelling. Moor Studio/DigitalVision Vectors via Getty Images

    Stories define people – they shape our relationships, cultures and societies. Unlike other skills replaced by technology, storytelling has remained uniquely human, setting people apart from machines. But now, even storytelling is being challenged. Artificial intelligence, powered by vast datasets, can generate stories that sometimes rival, or even surpass, those written by humans.

    Creative professionals have been among the first to feel the threat of AI. Last year, Hollywood screenwriters protested, demanding – and winning – protections against AI replacing their jobs. As university professors, we’ve seen student work that seems suspiciously AI-generated, which can be frustrating.

    Beyond the threat to livelihoods, AI’s ability to craft compelling, humanlike stories also poses a societal risk: the spread of misinformation. Fake news, which once required significant effort, can now be produced with ease. This is especially concerning because decades of research have shown that people are often more influenced by stories than by explicit arguments and entreaties.

    We set out to study how well AI-written stories stack up against those by human storytellers. We found that AI storytelling is impressive, but professional writers needn’t worry – at least not yet.

    The power of stories

    How do stories influence people? Their power often lies in transportation – the feeling of being transported to and fully immersed in an imagined world. You’ve likely experienced this while losing yourself in the wizarding world of Harry Potter or 19th-century English society in “Pride and Prejudice.” This kind of immersion lets you experience new places and understand others’ perspectives, often influencing how you view your own life afterward.

    When you’re transported by a story, you not only learn by observing, but your skepticism is also suspended. You’re so engrossed in the storyline that you let your guard down, allowing the story to influence you without triggering skepticism in it or the feeling of being manipulated.

    Given the power of stories, can AI tell a good one? This question matters not only to those in creative industries but to everyone. A good story can change lives, as evidenced by mythical and nationalist narratives that have influenced wars and peace.

    Storytelling can be powerfully influential – especially if people sense the human behind the words.
    georgeclerk/E+ via Getty Images

    Studying whether AI can tell compelling stories also helps researchers like us understand what makes narratives effective. Unlike human writers, AI provides a controlled way to experiment with storytelling techniques.

    Head-to-head results

    In our experiments, we explored whether AI could tell compelling stories. We used descriptions from published studies to prompt ChatGPT to generate three narratives, then asked over 2,000 participants to read and rate their engagement with these stories. We labeled half as AI-written and half as human-written.

    Our results were mixed. In three experiments, participants found human-written stories to be generally more “transporting” than AI-generated ones, regardless of how the source was labeled. However, they were not more likely to raise questions about AI-generated stories. In multiple cases, they even challenged them less than human-written ones. The one clear finding was that labeling a story as AI-written made it less appealing to participants and led to more skepticism, no matter the actual author.

    Why is this the case? Linguistic analysis of the stories showed that AI-generated stories tended to have longer paragraphs and sentences, while human writers showed more stylistic diversity. AI writes coherently, with strong links between sentences and ideas, but human writers vary more, creating a richer experience. This also points to the possibility that prompting AI models to write in more diverse tones and styles may improve their storytelling.

    These findings provide an early look at AI’s potential for storytelling. We also looked at research in storytelling, psychology and philosophy to understand what makes a good story.

    We believe four things make stories engaging: good writing, believability, creativity and lived experience. AI is great at writing fluently and making stories believable. But creativity and real-life experiences are where AI falls short. Creativity means coming up with new ideas, while AI is designed to predict the most likely outcome. And although AI can sound human, it lacks the real-life experiences that often make stories truly compelling.

    Closing in?

    It’s too early to come to a definitive conclusion about whether AI can eventually be used for high-quality storytelling. AI is good at writing fluently and coherently, and its creativity may rival that of average writers. However, AI’s strength lies in predictability. Its algorithms are designed to generate the most likely outcome based on data, which can make its stories appealing in a familiar way. This is similar to the concept of beauty in averageness, the documented preference people have for composite images that represent the average face of a population. This predictability, though limiting true creativity, can still resonate with audiences.

    For now, screenwriters and novelists aren’t at risk of losing their jobs. AI can tell stories, but they aren’t quite on par with the best human storytellers. Still, as AI continues to evolve, we may see more compelling stories generated by machines, which could pose serious challenges, especially when they’re used to spread misinformation.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Your next favorite story won’t be written by AI – but it could be someday – https://theconversation.com/your-next-favorite-story-wont-be-written-by-ai-but-it-could-be-someday-239284

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: CMA response to the Welsh Government consultation on inspection ratings for care home services and domiciliary support services

    Source: United Kingdom – Executive Government & Departments

    The CMA has published its response to the Welsh Government consultation on inspection ratings for care home services and domiciliary support services.

    Applies to Wales

    Documents

    CMA response to the Welsh Government consultation on inspection ratings for care home services and domiciliary support services

    PDF, 117 KB, 4 pages

    Details

    The Competition and Markets Authority (CMA) has responded to the Inspection ratings for care homes and domiciliary support services consultation, led by the Welsh Government.

    The CMA’s response draws on some if its findings and recommendations in the care homes market study final report (2017), highlighting evidence from the study’s consumer research and its findings on inspection reports.  We also draw on the report’s recommendations on supported decision making, helping people consider their care needs earlier, and protecting residents and their consumer rights.

    For queries relating to the CMA’s response, please contact the CMA Wales team by email at wales@cma.gov.uk.

    Updates to this page

    Published 24 October 2024

    Sign up for emails or print this page

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Audience with the Community of the College of Vatican Penitentiaries

    Source: The Holy See

    This morning, in the Vatican Apostolic Palace, the Holy Father Francis received in audience the Community of Vatican Penitentiaries on the occasion of the 250th anniversary of the entrustment of the Ministry of Confessions in Saint Peter’s Basilica to the Friars Minor Conventual.
    The following is the address delivered by the Pope to those present at the audience:

    Address of the Holy Father
    Dear brothers and sisters, Your Eminence, good morning!
    I greet Fr. Vincenzo Cosatti and all of you. I am happy to meet you on the occasion of the 250th anniversary of the entrustment to the Friars Minor Conventual of the ministry of Confessions in Saint Peter’s Basilica (cf. Clement XIV, Motu proprio Miserator Dominus, 10 August 1774). Clement XIV did this, perhaps one of the good things he did. But, poor man, the other things he did were inspired by that friar of yours, Bontempi, whom I believe is still in hell [laughter], but I am not sure. When Clement XVI died, Bontempi sought refuge in the Spanish Embassy, because he was afraid. After a few months had passed, when there was peace, he went to the General and said: “Father General, I am bringing three Bulls here. [In exchange I ask] first, that I may have money – a Franciscan! -; second, that I may live outside the community; and third, that I may travel where I please”. And the General, a wise Conventual, took the Bulls: “But, dear man, one is missing”. “Which one, Father?”.  “The one that will guarantee the salvation of your soul!”. This is historic, because he had deceived Pope Ganganelli with all these things. Bontempi was wily!
    Every day Saint Peter’s Basilica is visited by more than forty thousand people, every day! Many come from far away and face journeys, expenses and long queues to be able to arrive; others come for tourism, the majority. But among them, very many come to pray at the tomb of the First of the Apostles, to confirm their faith and their communion with the Church, to entrust dear intentions to the Lord, or to take vows. Others, even of different faiths, enter it as “tourists”, attracted by the beauty, the history, the charm of the art. But in everyone there is one great quest, conscious or unconscious: the quest for God, Beauty and eternal Goodness, whose desire lives and pulsates in every heart of man and woman living in this world. The desire for God.
    And your presence in this context is important. For the faithful and pilgrims, because it enables them to encounter the Lord of mercy in the Sacrament of Reconciliation. Dear friends, forgive everything, everything, everything. Do it always: forgive everything! We are here to forgive, there will be someone else to quarrel! And for all the others, because it bears witness before them that the Church welcomes them first of all as a community of the saved, forgiven, who believe, hope and love in the light and with the strength of God’s tenderness. Let us therefore pause a moment to reflect on the ministry you carry out, emphasizing three particular aspects: humility, listening and mercy.
    First: humility. This is taught to us by the Apostle Peter, the forgiven disciples, who goes so far as to shed his blood in martyrdom only after having wept humbly for his own sins (Lk 22:56-62). He reminds us that every Apostle – and every Penitentiary – bears the treasure of grace that is dispensed in an earthen vessel, “to show that the transcendent power belongs to God and not to us” (2 Cor 4:7). Therefore, dear brothers, to be good confessors, let us be the first to “allow ourselves to be penitents in search of his mercy” (Bull Misericordiae Vultus, 17), diffusing beneath the imposing vaults of the Vatican Basilica the perfume of a humble prayer, that implores and begs for mercy.
    Second, listening, for everyone and especially for the young and the small. It is the witness of Peter the shepherd, who walks among his flock and who grows in listening to the Spirit through the voice of his brethren (Acts, 10:34-48). Indeed, listening is not merely hearing what people say, but first of all welcoming their words as a gift of God for their conversion, docilely, like clay in the potter’s hands (cf. Is 64:7). It will be good for us, in this regard, never to forget that “By truly listening to a brother or sister in the sacramental dialogue, we listen to Jesus himself, poor and humble … we become hearers of the Word” (Address to participants in the Course on the Internal Forum organized by the Apostolic Penitentiary, 9 March 2018), and that only in this way can we hope to offer them the greatest service: that of putting them “in contact with Jesus” (ivi). Listen, without asking too many questions; do not be a psychiatrist, please: listen, always listen, meekly. And when you see that a penitent starts to get into difficulty, because he or she is ashamed, say “I understand”; I haven’t understood anything, but I understand; God understands and that is the important thing. This was taught to me by a great Cardinal penitentiary: “I understand”, the Lord has understood. But please do not be a psychiatrist: the less you speak, the better. Listen, console and forgive. You are there to forgive!
    Finally, the third: mercy. As dispensers of God’s forgiveness, it is important to be “men of mercy”, cheerful men, generous, ready to understand and to console, in words and in attitudes. Here too Peter is an example to us, with his discourses full of forgiveness (cf. Acts, 3:12-20). The confessor – an earthen vessel, as we have said – has a sole medicine to pour on the wounds of his brethren: God’s mercy. These three aspects of God: closeness, mercy and compassion. The confessor must be close, merciful and compassionate. When a confessor starts to ask… no, you are acting like a psychiatrist, stop, please. This was taught by Saint Leopold Mandić, who liked to repeat: “Why should we humiliate the most the souls who come to prostrate themselves at our feet? Are they not already humiliated enough? Did Jesus perhaps humiliate the publican, the adulteress, the Magdalene?” and he added, “And if the Lord were to reproach me for being too lenient, I would be able to say, ‘Blessed Father, you set a bad example to me, dying on the cross for our souls, moved by your divine charity” (cf. Lorenzo da Fara, Leopold Mandić. L’umanità la santità, Velar, 1989). May the Lord give us the grace to be able to repeat the same words!
    Several times I have told the story of that Capuchin who was a confessor in Buenos Aires – I don’t know if I have told you this – I made him Cardinal, not this time, the other. He is 96 years old and continues to confess; I went to him, he forgives everything! Once he came to tell me that he was afraid he had forgiven too much. “And what will you do?”, I asked him. “I will go before the Lord: Lord, will you forgive me? I am sorry, I have forgiven too much! But, mind, it was you who gave me the bad example!”. Always forgive, everything and without asking too much. And if I do not understand? God understands, keep going! Let them feel mercy.
    Dear brothers, thank you for your service, for your assiduity and patience, for your fidelity! My confessor died a few months ago, I go to confess to you, at Saint Peter’s. You do well! Thank you for being, in the heart of the Church, ministers of the sacramental presence of God-Love. Continue your ministry in this way: in humility – I am worse than you; in listening, and not so much in asking questions; and in mercy.
    Please, do not forget to pray for me. And every time I come to you, forgive me, you understand.

    MIL OSI Europe News –

  • MIL-OSI Security: Defense News: NAVIFOR Officer Provides Critical Relief to Asheville Following Hurricane Helene’s Impact

    Source: United States Navy

    With a background shaped by multiple deployments in challenging environments, McQueen was well-prepared for the devastation he encountered. His experience taught him to remain focused under pressure, prioritize critical tasks, and, above all, keep pushing the mission forward. He quickly organized supplies and departed Norfolk for Asheville, making stops to pick up additional equipment and resources along the way.

    Brock felt a deep sense of urgency as he headed to North Carolina after receiving a call from his family about the devastation in his childhood town. Upon arriving in Asheville, he immediately recognized the severity of the situation and saw the path of devastation Helene had left firsthand. His brother, a member of the local firefighting team, had already been on the front lines of the relief effort. McQueen saw an opportunity to help not only his family but the wider community, where his leadership and problem-solving skills were quickly put to use. “When I saw the state of things, I knew I had to jump in,” McQueen said. “Helping my family was a priority, but this was about the whole community coming together.”

    Reporting to the Volunteer Fire Department in Fairview, a Buncombe County community just outside of Asheville, McQueen’s military training in logistics and coordination proved invaluable.

    For six days, McQueen was fully immersed in the recovery effort. His military training became an indispensable asset to the local response teams, who relied on his expertise to organize and conduct welfare checks across the region. Working alongside firefighters, law enforcement, and emergency medical personnel, McQueen assisted with the search and rescue of residents that were unaccounted for after floodwaters damaged multiple neighborhoods, ensuring no one was left behind.

    McQueen’s ability to communicate effectively with the local community played a key role in dispelling misinformation and ensuring the right resources went to those in need. His attention to detail, honed by years of military service, helped him identify discrepancies in reports and correct false information spreading through the area.

    One of his most significant contributions was turning a small UAV (Unmanned Aerial Vehicle) project into a highly effective data collection asset. He spearheaded the integration of UAV operators from different departments, ensuring their platforms worked together seamlessly.

    “Seeing how quickly the UAV team became a critical tool for recovery was rewarding,” McQueen reflected. “It was just an idea at first, but everyone came together to make it work.”

    The result was a vital resource for first responders—real-time aerial mapping of damaged homes, infrastructure, and roadways. His efforts also led to the discovery of missing persons and damaged areas that had gone unnoticed.

    A local fire chief noted that Lt. Cmdr. McQueen’s involvement was transformative for the team. He handled complex tasks that enabled the personnel to focus on other emergency responses, and his leadership provided the additional support needed to navigate those critical days.

    Yet, despite his success, McQueen understood that the road to recovery was far from over. “The community came together after the storm, which was amazing to see,” he said. “But I know that the hard work doesn’t end when the relief trucks leave. It’s going to take a long time to rebuild.”

    McQueen’s warfighter resiliency and the mental toughness developed through multiple deployments enabled him to remain focused on the daily challenges of the relief effort, keeping the mission on track. His training and experience, combined with a deep sense of duty to his family and community, made a lasting impact on the Fairview Community as it began the long process of recovery from Hurricane Helene.

    As Lt. Cmdr. McQueen packed up and prepared to leave Asheville on the seventh day, a mix of emotions weighed on him. Driving out of the storm-ravaged town, he glanced at the landscape one last time—the uprooted trees, battered homes, and streets still lined with debris. The devastation was still everywhere, and the work was far from finished. He had done everything he could in the short time he had, but as he started the long drive back to Virginia, he couldn’t help but feel a pull to stay longer, to continue helping the community that had welcomed him so warmly.

    “Disaster doesn’t discriminate,” McQueen said. “It hits everyone, and when it does, all we can do is come together to lift each other up. I’m just grateful I could play a part in that.”

    As he crossed the state line back into Virginia, McQueen’s thoughts turned to his own family. He knew they needed him, too, especially with his upcoming Permanent Change of Station (PCS) looming. His role as a father and husband couldn’t be put on hold, even for a crisis like this one. Still, he found solace in the fact that he had made a meaningful impact, and that others would carry on the work he had started.

    “It was tough to leave,” McQueen admitted. “But I felt like I’d done all I could for now. I just hope the efforts we started there will continue.”

    For more information on NAVIFOR, visit the command Facebook page at https://www.facebook.com/NavalInformationForces/ or the public web page at https://www.navifor.usff.navy.mil.

    MIL Security OSI –

  • MIL-OSI Global: Declaration of Helsinki turns 60 – how this foundational document of medical ethics has stood the test of time

    Source: The Conversation – UK – By Dominic Wilkinson, Consultant Neonatologist and Professor of Ethics, University of Oxford

    The declaration of Helsinki recently turned 60, but don’t feel bad if you missed the celebrations. It probably passed unnoticed by most people not working in the medical field – and possibly even a good few in the field.

    If you’re not familiar with the declaration – adopted by the World Medical Association on October 19 1964 – here is an explainer on this highly influential document: how it emerged, how it evolved and where it may be heading.

    What is the declaration of Helsinki?

    The World Medical Association was set up in the late 1940s in response to atrocities committed in the name of medical research during the second world war. It was focused on promoting and safeguarding medical ethics and human rights.

    Agreed at a meeting in Finland in 1964, the first version of the declaration included principles that have become the cornerstone of global research ethics. These include the importance of carefully assessing the risks and benefits of research projects, and seeking informed consent from those taking part in research.

    The declaration has been hugely influential and has been incorporated into national guidelines relating to medical research around the world. (For example, in the UK it is cited in legislation and policy relating to research.)

    However, it is not legally binding. It has also, at times, been the focus of controversy. For example, following an intense debate in the early 2000s – about the use of placebos in drug trials and the ethics of conducting research in low-income countries – the US Food and Drug Administration removed reference to the declaration in its own guidance.

    The declaration updated

    It has been revised several times (the new version is the eighth edition), reflecting an evolving understanding of medical ethics, contemporary debates about when research would be ethical, as well changes in the nature and landscape of research.

    Some of these reflect important shifts in values and language. In 1964, the declaration stated that clinical research “should be conducted … under the supervision of a qualified medical man” – sexist language that has long since gone by the wayside.

    The 2024 version refers to “research participants” rather than “research subjects” – in response to a wider shift to greater inclusion of patients and research volunteers as partners in research. There are also new references to concern for the environment and sustainability, as well as attention to issues relating to stored data and biomaterial, such as tissue samples.

    Continuing uncertainty

    Some questions remain. One change in the recent document emphasises the importance of including participants from different backgrounds in research, including those who are potentially “vulnerable” in one or more ways.

    Older versions of the declaration emphasised avoiding research wherever possible involving children, older patients, pregnant women, those with mental illness and prisoners. This came from a need to learn from past scandals and avoid exploiting vulnerable groups.

    However, more recently, it has been recognised that excluding these groups can cause even greater harm, since it leads to a lack of evidence on how best to treat some patients. This then leads to disparities in health. For example, a large proportion of medicines commonly used for children lack high-quality evidence to support them.

    The 2024 declaration tries to balance the priority to include vulnerable groups in research with the need to protect and avoid research that could be feasibly performed in other groups.

    However, this highlights a deeper problem. Ethical problems arise when research is inhibited or discouraged.

    Regulation of research (as encouraged by the declaration) is hugely important, but it can also make it extremely difficult, time consuming and resource intensive to perform. Doctors may change practice based on experience, intuition or inspiration. If they do so outside of a trial, they are not required to seek the approval of any review body.

    As noted by a British paediatrician Richard Smithells in the 1970s: “I need permission to give a drug to half of my patients [to find out whether it does more good than harm], but not [if I want] to give it to them all.”

    One particular form of research that can be important to drive improvements in care are so-called comparative effectiveness trials. Within many areas of medicine, there are variations in practice, where some professionals will take one approach, while others will take another.

    Depending on which doctor you happen to see, (perhaps which clinic you attend, or which day of the week you become unwell), you might receive one treatment or the other.

    Since variations like this affect many patients, it would be important to determine which is the better option, potentially involving a randomised controlled trial, where one group of patients is randomly selected to receive the treatment and another group (the control group), a placebo. These trials take years to conduct and are very expensive to run.

    However, the declaration seems to encourage a one-size-fits-all approach and potentially implies that such trials should go through a formal and lengthy research ethics approval process, with participants providing explicit informed consent. However, many ethicists and researchers have argued in favour of a more slimmed-down regulatory approach focusing on what matters: do trials meaningfully add risk or burden to those that patients would have encountered outside the trial. And would taking part in research restrict patients’ ability to make meaningful decisions, and to make choices that would ordinarily have been offered?

    For example, imagine a trial of two different antiseptics that are commonly used for surgery. Being involved in the trial wouldn’t impose additional risk (since patients ordinarily receive those antiseptics), and it wouldn’t remove an ordinary choice, since it would be rare for medical professionals to ask patients which antiseptic they would like.

    The Declaration of Helsinki may be 60 years old, but it continues to both stimulate debate and inspire ethical practice in medical research. It has been newly revised but it is likely that innovations in research, such as the growing use of AI in medicine, will require further changes in the years ahead. It isn’t time to retire it yet.

    Dominic Wilkinson receives funding from The Wellcome Trust. He is a member of the British Medical Association Medical Ethics Committee (the views in this article are his own).

    – ref. Declaration of Helsinki turns 60 – how this foundational document of medical ethics has stood the test of time – https://theconversation.com/declaration-of-helsinki-turns-60-how-this-foundational-document-of-medical-ethics-has-stood-the-test-of-time-241769

    MIL OSI – Global Reports –

  • MIL-OSI Global: Light and sound art show Eclipse by Nonotak is an immersive and sensory experience

    Source: The Conversation – UK – By Rob Flint, Senior Lecturer Nottingham in the School of Art and Design, Nottingham Trent University

    Audiovisual art is changing rapidly. Increasingly powerful projectors, screens and lighting rigs with integrated control systems, pervade the interwoven worlds of cinema, gallery and concert halls. These changes blur the borders of the art form with gaming, club and gig visuals, semi-permanent immersive experiences, and giant outdoor screens and projection-mapped buildings.

    I’m fascinated by electronic light and sound in art, music and cinema, and so was curious to experience Eclipse, “a spatial light and sound experience” by Japanese art studio Nonotak (Noemi Schipfer and Takami Nakamoto).

    You enter the exhibition into a darkened lounge bar that features the first of three separate experiences: a flat, wall-based light work titled Highway that gives a powerful sense of horizontal motion from the stepped sequence of flashing white bands of light.

    The next, Dual, is a large sound and light space that uses the kind of directional lighting seen onstage at concerts to make deep spatial patterns with beams of light against a soft haze.

    The third, Hidden Shadow, returns us to an image-based experience with directional seating and a large flat LED wall, on which shifting and dissolving points continually redefine a circle, linked to powerful overhead strobe-type lights in a way that seems to reference the installation title.

    These are all monochrome, programmed in sequences, with continuous repetition. Although the timed-entry system seems to encourage the viewer’s movement through the spaces, roughly corresponding to their duration, ending again in the lounge and bar area.

    Immersed in pulsing light and sound, I look for coordinates to ground my experience. There’s a long history of artists making light and sound do things simultaneously. Psychedelia seems an obvious ancestor.

    Even before Hoppy Hopkins made liquid light swirl to the sound of Pink Floyd at London’s UFO club in the 1960s, pioneers in the US and Europe had constructed “colour organs” to play coloured lights in a musical way and painted glass slides for theatre projection, to access the synaesthesia (a neurodivergent condition that links the senses in unexpected ways) which was believed by some to be buried deep in all of us.

    Animated film is part of this story, with Disney’s Fantasia the best-known union of music and visual movement in early popular film history, though modernists like Oskar Fischinger (who contributed to Fantasia) and Viking Eggeling made more austere abstract combinations of rhythm and graphic object for avant-garde audiences.

    Nearby the Eclipse venue, the Tate Modern shows Anthony McCall’s 1970’s Solid Light installation works. Originally developed on clattering 16mm celluloid film for dusty and cigarette-smoke-filled social spaces, they play quietly and continually now on digital projectors with programmed haze machines in a clean, purpose-built gallery.

    Closer in appearance (and in time) to the work of Nonotak are audiovisual artists like Carsten Nicolai and Ryoji Ikeda. They reconfigured the “visual music” tradition with a stripped-down and often monochromatic union of sound and light, bringing the precision of post-digital graphics to minimal techno and dub or the spookiness of glitch electronica to what is often now referred to as “a/v performance”.

    Ikeda’s 2017 installation test pattern explored a similar aesthetic across the river at London’s 180 Strand Studios, home of another organisation dedicated to expanded audiovisual art.

    Lumen Studios, who curated and presented the show, are aiming Eclipse at programmers, graphic designers and “edgy people”, literate in gaming, coding, NFTs, cryptocurrencies and other screen-based worlds and objects.

    These are not necessarily the same people who would connect McCall’s lines of “solid light” to 1970s Materialist Cinema’s highly political demand to reject the “illusionistic” conventions of mainstream realist film. Nor should they have to.

    The human eye is trained differently than it was when television ended before midnight and cinemas were not rivalled by streamed media on demand. This space could have entirely different reference points to those I am evoking. Set design, for example. On their website, Nonotak cites scenography, theatre, film, dance, architecture, and drawing among their areas of practice.

    So maybe now it’s me that is the performer, on, or inside, a virtual stage or film set. Standing in the largest of the three installations, Dual, I feel as though I might be running from an alien on a giant transport ship heading for Mars.

    I could also be in a more earth-bound comparison, standing at the back of a giant warehouse party, or a rave, away from the crush of dancing bodies while still in the synchronised cocoon of sensory electronics. It is visual, but also physical, and it creates a powerful kinetic dislocation from the space in which it is situated.

    This last comparison highlights the “in-between” nature of the Eclipse installations in its temporary accommodation in Bermondsey. The cocktail bar points gently (and legally) towards the hedonism of gigs and raves, but the regulated entry system suggests a more institutional mode of attention, closer to the time-stamped immersive museum experience or even a live-action gaming environment, like an upmarket Laserquest.

    Similarly, the audio, filled with effectively light-synchronised rhythmic pulsing, doesn’t have the gut-level bass of a contemporary club or music venue sound system. And while the slightly disembodied vitality of Dual made me think about dancing and moving in a slightly different way, it isn’t a dance floor.

    Nor did it make promises of that kind. So this is less a criticism of the work than a recognition that my coordinates will always need updating, as the spaces we move through adapt to different forms of attention. If our species is fortunate enough to continue devoting time, technology, materials and labour to human sensory curiosity in the decades that follow, there will be more hybrid collisions of light, sound, image, rhythm, music, in real and imaginary, actual and virtual, space. I very much hope so.

    Eclipse by Nonotak is on until December 8 2024 at 47 Tanner St, London


    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

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

    – ref. Light and sound art show Eclipse by Nonotak is an immersive and sensory experience – https://theconversation.com/light-and-sound-art-show-eclipse-by-nonotak-is-an-immersive-and-sensory-experience-241529

    MIL OSI – Global Reports –

  • MIL-OSI Global: Harris nudges ahead of Trump in the polls – but could the economy prove her downfall?

    Source: The Conversation – UK – By Paul Whiteley, Professor, Department of Government, University of Essex

    Thrive Studios / Shutterstock

    The current US vice-president and Democratic presidential candidate, Kamala Harris, appears to have nudged ahead of her Republican rival, Donald Trump, in the race to the White House.

    A poll of polls, which combines polls from different agencies, published on the website FiveThirtyEight on October 22 shows that Harris leads Trump by 48.1% to 46.3% in national voting intentions. So the race remains very tight.

    There is naturally a lot of attention being paid to what is happening in swing states such as Pennsylvania, Michigan, Georgia and North Carolina. However, the polling in these states is not very helpful since it currently predicts a dead heat in practically all of them.

    In the key swing state of Pennsylvania, for example, 47.8% of people intend to vote for Trump compared to 47.6% for Harris. This gap is well within the margin of error, so FiveThirtyEight calls it an even contest.

    One of the surveys in the poll of polls was conducted by YouGov for the Economist newspaper. It shows that 19% of respondents have already voted in the election and a further 72% say they will definitely vote. When registered voters were asked which candidate they think is likely to win, the replies were a dead heat – 38% of them chose Harris and 38% Trump (24% are not sure).

    Another way of judging the contest is to look at who has the advantage in the key drivers of the vote in the election. In an earlier article, I argued that Harris leads Trump in the presidential race in three of the four key measures that explain voting behaviour.

    She is ahead in likeability, and is favoured by more moderates than Trump. Harris also has more support from Republican identifiers than Trump has among voters who identify as Democrats. However, in relation to the fourth driver, which is the issues voters care about, she is at a clear disadvantage.



    Read more:
    Harris leads Trump in the polls – here’s what they really tell us about her chances

    The Economist/YouGov poll shows that 96% of respondents think that jobs, inflation and the economy are important issues in the election. In the same poll 84% think immigration is important and 75% think this about abortion.

    Harris’s problem is that polling indicates she is well behind Trump on the issue of the economy. When asked if Harris or Trump would do the best job dealing with inflation, for example, 39% preferred Harris and 46% Trump. This is despite the fact that the most recent inflation rate is relatively low at 2.4%, and has been falling for some time.

    On the issue of abortion she does much better. Some 50% of Americans approve her pledge to restore the right to abortion enshrined in the Roe v Wade case from 1973, which was reversed by a Supreme Court ruling in 2022. In comparison, only 33% of Americans approve of Trump’s position to uphold the court ruling.

    The economy and voting

    Does it really matter if Harris is behind on the economy? There is historical evidence to suggest that, if we look at the actual performance of the economy as opposed to polls, Harris may have an advantage.

    The graph below shows the relationship between voting for an incumbent Democratic or Republican president (or his party’s nominee) and the state of the economy over a century of presidential elections from 1920 to 2020.

    In the chart, the performance of the economy is captured by two measures. The first is economic growth in real terms and the second is the misery index (the sum of inflation and unemployment). Both are measured in the year of the elections.

    There is a strong positive correlation between growth and voting for the incumbent president or his party’s nominee (+0.55). When growth is buoyant, the incumbent or his successor does well. And when it is weak, they do badly.

    There is also a negative relationship between the misery index and presidential voting. But, in this case, the correlation is very weak (-0.05). This means that, while voters may complain about inflation and unemployment and blame the incumbent president’s administration, economic growth is the real driver of voting in these elections.

    Economic growth is the real driver of voting in US elections


    Paul Whiteley, CC BY-NC-ND

    The Biden administration’s record on growth since 2020 has been very strong. Policies such as the Inflation Reduction Act and the Chips Act have boosted investment, particularly in high-tech industries. This fact may give Harris the edge in the election.

    That said, Harris can still lose, and the odds that bookmakers are giving currently favour Trump to win. However, it is the American people who will decide the outcome, not betting markets, many of whom who live outside the US, who are trying to disrupt the process.

    Paul Whiteley has received funding from the British Academy and the ESRC

    – ref. Harris nudges ahead of Trump in the polls – but could the economy prove her downfall? – https://theconversation.com/harris-nudges-ahead-of-trump-in-the-polls-but-could-the-economy-prove-her-downfall-242056

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Prof. Howard Wilson to lead science and technology for STEP

    Source: United Kingdom – Government Statements

    UK Industrial Fusion Solutions Ltd announces the appointment of Professor Howard Wilson as Director of Science and Technology for STEP.

    Professor Howard Wilson – Image Credit: ORNL, U.S. Dept. of Energy

    UK Industrial Fusion Solutions Ltd (UKIFS) is delighted to announce the appointment of Professor Howard Wilson as Director of Science and Technology, helping to lead STEP (Spherical Tokamak for Energy Production), a pioneering programme to deliver the UK’s first prototype fusion energy plant.

    An internationally renowned expert in fusion science, Howard brings extensive experience and expertise to the role and will become the first UKIFS Executive Committee member based at West Burton in Nottinghamshire, a former coal-fired power station site where the prototype plant will be built.

    Over the past 18 months, Howard has been the Fusion Pilot Plant Research & Development Lead at Oak Ridge National Laboratory in the United States; prior to this he was based at the University of York where he founded the York Plasma Institute and the Fusion Centre for Doctoral Training.

    As Director of Science and Technology, Howard will oversee development of the plasma solution for STEP and will lead on the requirements for technology demonstration, both physical and digital, ensuring that modelling, simulation and testing tackles the specific challenges refined through the evolving whole plant design. He will work together with Chris Waldon (Chief Engineer) and Debbie Kempton (Director of Engineering Programme) in a triumvirate that will plan and ensure viable technologies, in an integrated plant design, that is developed and delivered in a robust way.

    Paul Methven, CEO of UK Industrial Fusion Solutions and Senior Responsible Owner for STEP, said: “As we embark on the second phase of the programme, Howard will be key in leading the development critical technologies for STEP, supporting the development of the fully integrated plant design. His impressive track record of fusion research and delivery will help to deliver the UK’s prototype fusion energy plant alongside the development of a fusion industry.”

    The appointment marks a return to the STEP programme for Howard – he became the first Programme Director for STEP from 2019 to 2020 following a secondment to the UK Atomic Energy Authority as Research Director in 2017.

    Howard has served on numerous international programme reviews and committees, including the International Union of Pure and Applied Physics (IUPAP), and chaired the International Tokamak Physics Activity (ITPA) in Pedestal and Edge Physics in support of ITER from 2008 to 2011. He has been a member of EUROfusion’s Science and Technology Advisory Committee (STAC) (2022-2023) and currently serves on the U.S. Department of Energy Fusion Energy Sciences Advisory Committee.

    STEP is the UK’s flagship fusion programme that will demonstrate both a technical and industrial pathway towards commercial realisation, supporting the clean, safe, and sustainable energy over the long term.

    UKIFS is a wholly owned subsidiary of UK Atomic Energy Authority Group and will be responsible for the delivery of STEP from later this year. The programme aims to create future opportunities for suppliers ranging from whole plant integrators to critical system manufacturers that can design and deliver future plants worldwide in addition to benefitting the communities that surround West Burton.

    Fusion can be thought of as the opposite of fission – combining lighter atoms rather than splitting heavier ones. It is based on the same processes that power the sun and stars and has potential to provide safe, sustainable and low-carbon energy for generations to come.

    For further information about STEP, visit: https://step.ukaea.uk/

    Below shows a computer generated concept of STEP’s Tokamak.

    Image credit: United Kingdom Atomic Energy Authority

    For further information, contact: communications@step.ukaea.uk

    Updates to this page

    Published 24 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI USA: Gov. Kemp: TMC Transformers to Bring 110 Jobs, New Manufacturing Facility To Burke County

    Source: US State of Georgia

    Atlanta, GA – Governor Brian P. Kemp today announced that TMC Transformers USA Inc. (TMC), an international dry-type transformers manufacturer for a wide range of industrial applications, will expand its footprint in Georgia by investing more than $15.3 million over the next five years in a new manufacturing facility in Waynesboro, creating at least 110 new jobs in Burke County.

    “When we lead economic missions overseas and meet with companies like TMC, we do so to bring more opportunities back to hardworking Georgians, and so job creators like them can build a strong foundation alongside communities like Waynesboro,” said Governor Brian Kemp. “TMC’s decision to create over 100 well-paying jobs in Burke County comes at a critical time, and we look forward to their impact as that region of our state continues to recover and rebuild following the recent hurricanes.”

    TMC is a multinational company focused on design and production of medium and low voltage dry-type cast resin and VPI transformers. The company, which counts more than 500 employees and commercial offices in Europe, America, and East Asia, established its first U.S. production plant at the beginning of 2023 in Burke County.

    “Combining our expertise in the dry-type transformer industry with the needs of the U.S. market for accessible, reliable, and sustainable energy, the launch of the new plant highlights TMC’s strategic plans for substantial growth in North America,” said Cristiano Palladini, President of TMC USA. “We’re excited that Waynesboro will become a welcoming base for us. Georgia provides strong foundations for our business with its strategic position, the full support from Burke County and the Georgia delegation who share a business-oriented vision, and its community of hardworking and skilled Georgians in line with our needs.”

    TMC’s new facility at the Burke County Industrial Park in Waynesboro highlights its commitment to strengthening the company’s presence and investment in the United States. Operations in Burke County have already started at the company’s first facility, and the new plant is expected to be operational at the beginning of 2026. TMC is now hiring for roles in management, administrative staff, production technicians, operators, testers, sales, and quality control. Hiring will continue over the next few years as the project continues to ramp up. Interested individuals can learn more about careers with TMC at tmctransformers.us.  

    “The Development Authority of Burke County is pleased to have TMC Transformers make Waynesboro their permanent home,” said Austin Stacy, Executive Director of the Development Authority of Burke County. “Their decision to locate here is a true testament to the readiness and strong workforce that Burke County possesses. TMC’s core principles replicate our community’s values, and we look forward to continuing our work together to make Burke County a better place.”

    Senior Regional Project Manager Adela Kelley represented the Georgia Department of Economic Development (GDEcD) Global Commerce team on this competitive project in partnership with the Development Authority of Burke County.

    “After meeting with TMC’s leadership in Italy, we were truly impressed by their warmth, hospitality, and enthusiasm for their decision to invest in Georgia,” said GDEcD Commissioner Pat Wilson. “The transformers TMC will manufacture in Burke County are critical in addressing energy infrastructure needs for the state and the nation. TMC is just the type of company we aim to attract to Georgia: a long-term partner committed to strengthening our communities, economy, and industry ecosystems.”

    For over a century, Georgia has fostered healthy industry practices, encouraged collaboration and innovation, and positioned itself as a leader in developing and harnessing emerging technologies for evolving industries.

    The State of Georgia has had continuous representation in Europe since 1973. Italy is a top 15 trade partner for Georgia, with $3.4 billion in total trade moving between the state’s ports and Italy in 2023. Italy was also in the list of top 10 sources for international investment in Fiscal Year 2023, and Italian companies have invested more than $411 million in Georgia since 2010 through projects with state involvement.

    About TMC Transformers

    TMC Transformers USA Inc. is a leading provider of innovative and high-quality transformer solutions, dedicated to serving the energy needs of industries across North America. With a commitment to excellence and sustainability, TMC specializes in the design, manufacturing, and distribution of dry-type cast resin and VPI transformers. Its products are engineered to meet the highest standards of performance, reliability, and efficiency, ensuring optimal energy management for a wide range of applications, including utilities, data centers, semiconductors manufacturing, railways, marine and offshore, mining, and oil and gas. For more information, please visit tmctransformers.us or contact [email protected].

    MIL OSI USA News –

  • MIL-OSI Security: Former Eagle Pass Police Officer Sentenced to 10 Years in Federal Prison for Operating Human Smuggling Stash Houses

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

    DEL RIO, Texas – An Eagle Pass woman, who had served as a police detective, was sentenced in a federal court in Del Rio to 120 months in prison for her role in a conspiracy to harbor undocumented noncitizens for a human smuggling organization (HSO).

    According to court documents, Hazel Eileen Diaz, 54, rented out multiple properties she owned in Eagle Pass to assist in harboring undocumented noncitizens between September 2020 and August 2021. Diaz would often travel to the properties where the migrants were being held to collect rent payments. An investigation revealed that, in total, nearly 200 migrants were smuggled by the HSO Diaz worked for, and that she had received approximately $36,916 in cash and money service business transfers, much of which were proceeds from human smuggling. At the time of her arrest, she was in possession of $23,522 in cash from the smuggling operation.

    Co-defendant Tomas Alejandro Mendez pleaded guilty on July 11, 2022 to one count of conspiracy to harbor illegal aliens. He is scheduled to be sentenced Jan. 13, 2025. Co-defendant Paola Nikole Cazares was sentenced Oct. 11, 2023 to 63 months in prison for the same offense with credit for time served since Aug. 26, 2021. Mendez and Cazares worked with Diaz to operate her properties as stash houses.

    In addition to imprisonment, Diaz will serve three years of supervised release, pay a $10,000 fine and money judgement of $237,600, and she will forfeit three properties, a truck, and $23,522.

    U.S. Attorney Jaime Esparza for the Western District of Texas made the announcement.

    The FBI, Homeland Security Investigations, the U.S. Border Patrol, and the Texas Department of Public Safety investigated the case.

    Assistant U.S. Attorney Holly Pavlinski prosecuted the case.

    ###

    MIL Security OSI –

  • MIL-OSI: LPL Financial Welcomes Dougherty, Tedesco & Associates

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Oct. 24, 2024 (GLOBE NEWSWIRE) — LPL Financial LLC, announced today that the financial advisors at Dougherty, Tedesco & Associates have joined LPL Financial’s broker-dealer, RIA and custodial platforms. They reported serving approximately $800 million in advisory, brokerage and retirement plan assets,* and join LPL from Osaic.

    Founded in the early 1980s by Charlotte Dougherty, CFP®, the business has evolved over the years to into a holistic wealth management firm and cornerstone of the greater Cincinnati area. Now under the leadership of advisors Andrew Tedesco, CFP®, and John Dougherty, III, MBA, CFP®, CRPC®, the firm offers a comprehensive range of wealth advisory services, including financial planning, investment management, retirement planning and estate planning. The team also includes Registered Sales Assistant John Dougherty, Jr., Director of Client Services Caitlin Ackerman and support staff members Rita Anno and Ben Verchick.

    “Our mission is to lead clients to a more secure financial future, supporting them step by step through life’s various stages,” said John Dougherty, III, noting they primarily serve corporate executives, engineers and medical practitioners. “We take a team approach to providing customized strategies as we explore every avenue to help optimize the client’s success. Throughout the financial planning process, we never lose sight of one essential element: personal service.”

    The transition to LPL Financial represents a calculated move for Dougherty, Tedesco & Associates, positioning the firm to deliver more customized solutions and elevated client services.

    “We are excited to join LPL Financial and leverage its robust platform to provide clients with more holistic, tailored experiences,” Tedesco said. “LPL’s comprehensive platform, advanced technology and substantial resources will give us more flexibility to respond to the diverse needs of our client base. Additionally, LPL’s size, strength and commitment to innovation align with our own values and aspirations for growth. We’re confident in our ability to expand our business and fulfill our commitment to providing exceptional care to help clients navigate their financial journeys with confidence.”

    Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome Dougherty, Tedesco & Associates to the LPL community and look forward to supporting the growth of their firm. LPL is committed to delivering robust resources, strategic business solutions and innovative capabilities that can help this team and all of our advisors differentiate their practice and be successful at every stage of their business’ lifecycle.”

    Related

    Advisors, learn how LPL Financial can help take your business to the next level.

    About LPL Financial

    LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that LPL should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve, serving more than 23,000 financial advisors, including advisors at approximately 1,000 institutions and at approximately 580 registered investment advisor firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and institution leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and institutions, so they can take care of their clients.

    Securities and Advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. Dougherty, Tedesco & Associates and LPL are separate entities.

    Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

    We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

    *Value approximated based on asset and holding details provided to LPL from end of year, 2023.

    Media Contact: 
    Media.relations@LPLFinancial.com 
    (704) 996-1840

    Tracking #646723

    The MIL Network –

  • MIL-OSI: Phunware Announces Retirement of CEO Mike Snavely and Appoints Stephen Chen as Interim CEO

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Oct. 24, 2024 (GLOBE NEWSWIRE) — Phunware, Inc. (NASDAQ: PHUN), a leader in cloud enterprise solutions for mobile applications and related technologies, announced today that Michael Snavely, CEO of Phunware, has retired and resigned from Phunware. Stephen Chen, former Chairperson of the Phunware Board of Directors, has assumed the role of interim CEO of Phunware, effective October 22, 2024.

    “We appreciate Mike’s dedication and service to Phunware and wish him much success in the future,” said Mr. Chen. “I am proud and excited to assume the role of interim CEO as we prepare to embark on new opportunities in generative AI, predictive analytics, and cloud-based services. We are confident that this transition will enable Phunware and its shareholders to accelerate our journey.”

    Phunware remains committed to providing cutting-edge software, advertising, and other tools that empower enterprises to connect with people on a deeper, more human level. This new direction, powered by generative AI, reinforces Phunware’s commitment to helping businesses thrive through meaningful engagement and technological transformation. The Phunware management team is excited to advance Phunware’s leadership in mobile and cloud-based solutions, setting the stage for its next phase of growth and expansion into AI-driven technologies and broader digital engagement. In conjunction with this announcement, Phunware has launched a new microsite dedicated to helping businesses and developers better understand and leverage generative AI and Phunware’s mobile app technologies. This resource will guide users through the potential of AI in transforming engagement and business operations. For more details, visit https://ai.phunware.com/.

    Mr. Snavely said, “Leading Phunware as CEO has been one of the most rewarding experiences of my career. I am very proud of what we accomplished as a team over the last 12 months. As I stated in our Letter to Shareholders, Phunware and its platforms, products, and services are well-positioned for the future. I am looking forward to my retirement and to pursuing my passion for rural enterprises.”

    About Phunware 

    Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions. We provide businesses with the tools to create, implement and manage custom mobile applications and analytics, digital advertising and location-based services. Phunware is transforming mobile engagement by delivering scalable and personalized mobile app experiences. 

    Phunware’s mission is to achieve unparalleled connectivity and monetization through widespread adoption of Phunware mobile technologies, by leveraging brands, consumers, partners and digital asset holders and market participants. Phunware is poised to expand its software products and services audience and industry verticals through its new platform, utilize and monetize its patents and other intellectual property rights and interests, and update and reintroduce its digital asset ecosystem for existing holders and new market participants. 

    Phunware Investor Relations: 
    CORE IR
    516-222-2560
    investorrelations@phunware.com

    MZ Group, North America
    Joe McGurk,  Managing Director
    917-259-6895
    PHUN@mzgroup.us

    Safe Harbor / Forward-Looking Statements 

    This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “expose,” “intend,” “may,” “might,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. For example, Phunware is using forward-looking statements when it discusses the proposed offering and the timing and terms of such offering and its intended use of proceeds from such offering should it occur. 

    The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the SEC, including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the SEC from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under “Risk Factors” in our SEC filings may not be exhaustive. 

    By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. 

    The MIL Network –

  • MIL-OSI: MoneyHero Appoints Distinguished Global Executive Wallace Pai to Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    Mr. Pai brings deep and diverse senior executive experience to MoneyHero, having spent his career with notable multinational companies including Imagination Technologies, Pixelworks, SMIC, GlobalFoundries, Synaptics, Samsung, Google (Motorola Mobility), Cadence, and McKinsey & Company

    MoneyHero’s Chairman Kenneth Chan to be replaced on Audit Committee by Mr. Pai; Committee now made-up entirely of Independent Non-Executive Directors

    SINGAPORE, Oct. 24, 2024 (GLOBE NEWSWIRE) — MoneyHero Limited (NASDAQ: MNY) (“MoneyHero” or the “Company”), a market leading personal finance and digital insurance aggregation and comparison platform in Greater Southeast Asia, today announced that Wallace Pai has been named to the Company’s Board of Directors, effective immediately. In connection with his appointment, Mr. Pai has also replaced MoneyHero’s Chairman, Kenneth Chan, on the Company’s Audit Committee, ensuring the Committee is comprised entirely of Independent Non-Executive Directors.

    Mr. Pai is a seasoned global executive with deep experience across the technology and semiconductor industries. He currently serves as President of Asia Pacific and Chairman of China with Imagination Technologies, where he oversees the group’s regional strategy, revenue, and growth. Previously, Mr. Pai served as COO of Pixelworks, SVP of the Advanced Technology Business at SMIC, and VP/General Manager of Asia Pacific at GlobalFoundries. Earlier in his career, Mr. Pai also held executive roles with Synaptics, Samsung, Google (Motorola Mobility), Qualcomm Technologies, Cadence, and McKinsey & Company. Mr. Pai graduated with a Master of Science from the University of Michigan and a Master of Business Administration from Harvard Business School.

    “Mr. Pai represents a significant addition to our Board of Directors and corporate governance,” said Rohith Murthy, CEO of MoneyHero. “His leadership in the technology sector, as well as a proven track record of success running large-scale enterprises in the Asia Pacific region, will bring immense value to our operations and growth strategy. Mr. Pai has contributed to the vision and oversight of many notable multinational companies throughout his illustrious career, and we are thrilled to have him on board. Moreover, this marks the second major Board appointment that we have achieved this year, which is critical to our future and a testament to the reputation and stature of the MoneyHero Brand.”

    The appointment of Mr. Pai follows the addition of accomplished legal and finance executive Steve Teichman to the Company’s Board, which was announced in June. Importantly, both Mr. Pai and Mr. Teichman bring the unique combination of having experience with U.S. capital markets and leading businesses in Asia Pacific.

    “I am honored to join MoneyHero’s Board and excited to bring new ideas and resources to this winning organization,” said Mr. Pai. “I have been following the MoneyHero story for a while, even before the Company went public last year, and I have been impressed by the strategy and fundamentals of the business, as well as their clear leadership-positioning in the marketplace, which will enable them to continue innovating and outpacing its peers. MoneyHero is absolutely forwarding the fintech industry in Greater Southeast Asia, and I am very much looking forward to being a part of it.”

    For more information about MoneyHero, including information for investors and learning about career opportunities, please visit www.MoneyHeroGroup.com.

    About MoneyHero Group
    MoneyHero Limited (NASDAQ: MNY) is a market leader in the online personal finance and digital insurance aggregation and comparison sector in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan and the Philippines.  Its brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the B2B platform Creatory.  The Company also retains an equity stake in Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia’s largest operating B2C platform. MoneyHero currently manages 279 commercial partner relationships and services 8.1 million Monthly Unique Users across its platform for the six months ended June 30, 2024. The Company’s backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group. To learn more about MoneyHero and how the innovative fintech company is driving Greater Southeast Asia’s digital economy, please visit www.MoneyHeroGroup.com.

    Investors Relations:
    MoneyHero IR Team
    IR@MoneyHeroGroup.com

    Media Relations:
    Gaffney Bennett PR
    MoneyHero@gbpr.com

    The MIL Network –