Category: Transport

  • MIL-OSI Canada: New era begins for post-secondary in Lethbridge

    Source: Government of Canada regional news

    Polytechnic education provides a wide range of hands-on learning opportunities for students, developing valuable skills that can be used throughout a career. By focusing on practical training in high-demand fields, these institutions not only ensure that graduates are prepared to meet the needs of the evolving job market but also support the province’s economic growth and innovation.

    Lethbridge College officially became Alberta’s newest polytechnic institution, Lethbridge Polytechnic, on Sept. 3. On Oct. 23, the redesignated institution officially celebrated its new status and unveiled its new logo at a gathering of students and administration, community supporters and other dignitaries. 

    “Seeing the exciting, new visual identity really brings home the fact that this is the start of a whole new era for Lethbridge Polytechnic. Students in southern Alberta will have new options to pursue polytechnic education programs without having to travel to our province’s largest centres. This will help them reduce living costs while they study and lessen their time away from family and familiar support networks. And they will have expanded career options in their own region upon graduating.”

    Rajan Sawhney, Minister of Advanced Education

    “I’m thrilled to see Lethbridge College become Lethbridge Polytechnic. This will help create even more opportunities for students to gain the skills and knowledge they need for success. As an alumnus myself, I know just how valuable and important this institution is to our community.”

    Nathan Neudorf, MLA for Lethbridge-East

    The new name and visual identity reflect a changing mandate. As Lethbridge Polytechnic, the institution has an expanded capacity to create career-focused degree, diploma, certificate and apprenticeship education programs. The new designation also gives Lethbridge Polytechnic greater flexibility to align more effectively with local student and business needs.

    Since it was established as Lethbridge Junior College in 1957, Lethbridge Polytechnic has played a key role in the economic, social and cultural life of Lethbridge and surrounding area. The transition to Lethbridge Polytechnic enhances the post-secondary system in southern Alberta, adding its own distinct programming to existing university, college and First Nations College programs to meet the diverse needs of the region’s communities.

    The unveiling of our new logo is about more than just a new design. It symbolizes our transition from Lethbridge College to Lethbridge Polytechnic, marking our evolution as an institution that’s forged on providing industry-driven, hands-on education. This transition represents the spirit of innovation, collaboration and community that runs through everything we do.”

    Michael Marcotte, board chair, Lethbridge Polytechnic

    The logo is the result of talking to people who know our institution well. The result speaks to our past and future, and the caring, inclusive environment students say they find here.”

    Brad Donaldson, president and CEO, Lethbridge College

    The redesignation of Lethbridge Polytechnic is aligned with the goals of the Alberta 2030: Building Skills for Jobs strategy. The institution will offer an environment for applied research that aligns with high-demand industries in Alberta. Alberta’s government continues to work with Lethbridge Polytechnic to ensure a successful transition to polytechnic status.

    Quick facts

    • Polytechnic institutions in Alberta must offer apprenticeship education, and diploma and certificate programs. They are also able to offer degree programs.
    • Polytechnic status in Alberta supports the advancement of applied research and industry-driven results.
    • The Alberta 2030: Building Skills for Jobs strategy is a transformational vision and direction for Alberta’s higher education system, which will develop a highly skilled and competitive workforce, strengthen innovation and commercialization of research and forge stronger relationships between employers and post-secondary institutions.

    Related information

    • Alberta 2030: Building Skills for Jobs | Alberta.ca

    Related news

    • Enhancing post-secondary learning in Lethbridge (June 25, 2024)

    MIL OSI Canada News

  • MIL-OSI New Zealand: Muriwai beach access road closes to minimise fire risk

    Source: Auckland Council

    Auckland Council is reminding off-road drivers that vehicle access to Te Oneone Rangatira / Muriwai beach will be restricted during Guy Fawkes this year.

    Coast Road access to Muriwai beach, north of the Muriwai golf course, will remain closed from Saturday 2 November through to Monday 11 November.

    Councillor Josephine Bartley, who chairs the Regulatory and Safety Committee, says the increased risk of fire during this time must be mitigated to protect Muriwai Regional Park and the surrounding environment.  

    “There are serious concerns about the potential threat from fire associated with fireworks along isolated stretches of Muriwai’s 60-kilometre coastline. We will continue to manage that risk by limiting vehicle access during Guy Fawkes, as well as over the New Year,” Cr Bartley says.

    Coast Road beach access will again close from 31 December until 13 January, with a possible extension if considered necessary by Fire and Emergency New Zealand.

    Cr Bartley reminds all beachgoers that fireworks and fires are not permitted on any Auckland beaches, including along the foreshore.

    Regional Park Manager Scott De Silva says the council’s first Guy Fawkes vehicle restriction at Muriwai last year resulted in significantly less stress and demand on Fire and Emergency services, with no fireworks related callouts to the area.

    “We know that temporarily limiting access when there is a high fire risk reduces the potential for devastation to occur,” Mr De Silva says.

    Signage will be installed this week along access roads to Muriwai and Coast Road to inform drivers of the upcoming gate closure and of vehicles barriers being put in place.

    Since 2020, the council has closed Coast Road from late December to early January to limit vehicle movements on the beach, when there is also a high safety risk to people, the environment, and from fire.

    Both closures were approved last October to continue through to 2026. Other safety requirements include all recreational off-road drivers to have a current registration, warrant of fitness and acquire a current annual permit for each vehicle in order to drive on Muriwai and Karioitahi beaches.

    “As part of this process, we ask you to go over the road rules on beaches and the speed limit variations to ensure you drive appropriately at all times,” says Mr De Silva.

    “Both of these wild West Coast landscapes are constantly changing. Driving along the beach requires drivers to apply additional skills and be aware of the potential hazards that can arise at any time,” he says.

    Anyone who has concerns about unsafe or dangerous driving on beaches in the meantime should report this to police, by calling *555 or 105 for urgent but non-life threatening situations and 111 when life is at risk.

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: Some reports published in media mentioning shortage of DAP to affect prospects of Rabi crop are misleading, misplaced and devoid of factual position

    Source: Government of India

    Some reports published in media mentioning shortage of DAP to affect prospects of Rabi crop are misleading, misplaced and devoid of factual position

    Subsidy on DAP has not been reduced at all; MRP of DAP has been maintained at Rs. 1350/- per 50 Kg bag since Covid times

    For Rabi season, the increase in subsidy has been effected by two Cabinet decisions

    Total budgetary allocation increased to Rs.24,475 crores for Rabi 2024-25

    Posted On: 23 OCT 2024 8:46PM by PIB Delhi

    Some reports published in the media recently claiming shortage of DAP across the country and its resultant effect on prospects of Rabi crop are misleading, misplaced and devoid of factual position.

    It is clarified that the MRP of DAP has been maintained at Rs. 1350/- per 50 Kg bag since Covid times.

    Further, the subsidy on DAP has not been reduced at all. Instead, for the benefit of farmers, via two Cabinet decisions, an increase in subsidy has been effected for Rabi 2024.

    Firstly, Rs. 3500/- per MT as a special package costing Rs. 2625 crores has been provided to make the price sustainable for companies for procurement of DAP so that the procurement capacity at company level remains unaffected by the price volatility.

    Secondly, the overall increase in prices in the international market has been taken care of by another Cabinet decision by which subsidy has been linked to the market prices. Thus, if the procurement price of P&K fertilizer, including DAP, increases in the global market, the procurement capacities of the companies are not affected. Therefore, farmers are the ultimate beneficiaries.

    In addition to this, the total budgetary allocation for Rabi 2024-2025 has been increased to Rs. 24,475 crores.

    It may be noted that the availability of DAP has been affected somewhat by several geo-political factors including the long route taken by the vessels through Cape of Good Hope instead of Red sea. However, intensive efforts have been made by the Department of Fertilizers to augment the availability substantially during Sept–Nov, 2024.

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    MV/AKS

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Railway Protection Force pays thoughtful tribute to its ‘bravehearts,’ visits alma maters, villages of 14 martyrs across nine Indian states during ‘Martyrs Week 2024’

    Source: Government of India

    Railway Protection Force pays thoughtful tribute to its ‘bravehearts,’ visits alma maters, villages of 14 martyrs across nine Indian states during ‘Martyrs Week 2024’

    Families of the martyrs, local community members and RPF colleagues gather to pay tribute and share stories of their bravery and sacrifice

    Posted On: 23 OCT 2024 7:27PM by PIB Delhi

    The Railway Protection Force (RPF) is paying tribute to 14 of its personnel who lost their lives in the line of duty over the past year as part of the ongoing ‘Martyrs Week’ commemoration. As a mark of respect and remembrance, RPF officers are visiting the alma maters and native villages of these brave individuals across nine states. These heartfelt tributes are fostering a deep connection between the RPF and the communities that shaped these courageous souls, while also emphasizing the importance of their sacrifice.

    Among the martyrs being honored is Shri Nirakar Behera, an RPF Head Constable from East Coast Railway, who made the Supreme sacrifice in Feb 2024 while discharging his duty. A memorial service was held at his alma mater, ME School, Nettanga in Ganjam District of Odisha, on October 21st by RPF personnel of Khurda Road Division. The event saw an emotional gathering of his family, friends, and colleagues. His widow, Mrs. Gitanjali Behera, expressed deep gratitude for the recognition of her husband’s sacrifice.

    “Each of these brave souls exemplified the highest ideals of service and sacrifice. Their legacy will forever inspire us to uphold the safety and security of our railways and passengers” said Shri Manoj Yadava, Director General, Railway Protection Force.

    Across India, RPF is holding similar commemoration programs in the native villages and schools in honor of the martyrs, spanning various parts of our Nation. Each martyr’s family is being honored with heartfelt tributes and felicitations, reinforcing that the sacrifices made by their loved ones will never be forgotten.

    With activities planned throughout the week, the RPF’s efforts to commemorate its fallen heroes reflect a deep and ongoing commitment to honoring the bravery, sacrifice and dedication of RPF personnel who made the supreme sacrifice to protect the nation’s railway system and the railway passengers. As the Force observes Martyrs Week, the indomitable spirit of these heroes continues to echo across the railway lines they so diligently protected, their courage forever etched in history.

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    Dharmendra Tewari/Shatrunjay Kumar

    (Release ID: 2067454) Visitor Counter : 62

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP): A Journey Towards Affordable Healthcare

    Source: Government of India (2)

    Posted On: 23 OCT 2024 7:15PM by PIB Delhi

    A significant transformation occurred in India’s healthcare landscape with the launch of the “Pradhan Mantri Bhartiya Janaushadhi Pariyojana” (PMBJP) in November 2016. This initiative aims to provide high-quality generic medicines at affordable prices, making essential healthcare accessible to all citizens. By ensuring that quality does not come at a premium, PMBJP is dedicated to improving health outcomes and promoting health equity across the nation.

    This initiative, driven by the Department of Pharmaceuticals, aims to ensure that every individual has access to essential medications without the financial burden often associated with branded drugs. With PMBJP stores (Pradhan Mantri Bhartiya Janaushadhi Kendras) offering generic alternatives that maintain the same quality and efficacy, it empowers communities and promotes healthier lives across the nation. The PMBJP offers an extensive product basket that includes 2047 medicines and 300 surgical devices, catering to various therapeutic groups

    At the core of PMBJP are several key objectives that guide its mission:

    1. Raising Awareness: One of the primary goals is to educate the public about the benefits of generic medicines, emphasizing that affordability does not compromise quality. The initiative works to dispel the myth that high prices are synonymous with high quality.
    2. Encouraging Prescriptions of Generic Drugs: PMBJP aims to inspire healthcare professionals, particularly those in government hospitals, to prescribe generic alternatives, thereby promoting cost-effective treatment options.

    v Enhancing Accessibility: The initiative seeks to provide a wide range of commonly used generic medicines across various therapeutic categories, ensuring that essential healthcare products are available to everyone, especially the marginalized.

     

    The Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) reached a significant milestone, with Janaushadhi medicines worth Rs. 1,000 crore sold in the year 2024-25 till 20th October 2024. This accomplishment is particularly noteworthy as it was achieved two months earlier than in the previous year.

     

    This impressive growth is attributed to the unwavering support of citizens, who have embraced the PMBJP by purchasing medicines from over 14,000 Jan Aushadhi Kendras (JAKs) across the country. These Kendras serve as accessible points for quality healthcare, providing a friendly environment where individuals can find the medications they need without the burden of high costs.

    In the month leading up to this milestone, PMBJP also achieved a noteworthy sales figure of Rs. 200 Crores in September 2024 alone, showcasing the initiative’s rapidly increasing popularity. The growth in sales and the number of JAKs—from just 80 in 2014 to more than 14,000 today—reflects an astonishing increase of over 170 times in a decade. This expansion highlights PMBJP’s commitment to reaching every corner of India, making quality healthcare a reality for millions.

     

    Financial Year

    Number of PMBJP Kendras Functional

    Yearly Addition

    Cumulative

    2022-23

    694

    9,304

    2023-24

    702

    10,006

    2024-25

    4,074

    14,080

      *As on 23 October 2024                                                                                                

    Looking to the Future                                                                                      The vision for PMBJP is both ambitious and impactful, with plans to establish 25,000 Jan Aushadhi Kendras throughout India in the next two years. This expansion aims to further empower communities and enhance accessibility to healthcare, particularly for those who are

    underserved. Nearly 1 million people visiting these user-friendly Kendras daily, the PMBJP ensures that quality healthcare is within reach for everyone, transforming lives and improving

    health outcomes across the nation. By increasing the number of Kendras, PMBJP is dedicated to ensuring that every citizen can easily access the medications they need.

    Quality You Can Trust                                                                                    Quality assurance is a fundamental aspect of the PMBJP. Medicines are procured from manufacturers who comply with stringent standards, including WHO Good Manufacturing Practices (GMP). Each batch of drugs undergoes rigorous testing at laboratories accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL). This ensures that every product meets the highest standards of safety, efficacy, and compliance before reaching the consumer.

    By offering medicines at prices that are generally 50% lower—and in some cases 80% to 90% less than those of branded alternatives—PMBJP plays a crucial role in alleviating the financial burden of healthcare, particularly for those in need. This approach not only promotes health equity but also empowers individuals to prioritize their health without the stress of exorbitant costs.

    Conclusion                                                                                                      The Pradhan Mantri Bhartiya Janaushadhi Pariyojana is a shining example of how thoughtful initiatives can make a profound impact on society. The recent achievement of reaching Rs. 1000 Crores in sales in October 2024 serves as a testament to the trust and support of the community. PMBJP continues to pave the way for accessible, quality healthcare, ensuring that every citizen can enjoy a healthier future.

    By focusing on affordability and accessibility, PMBJP stands as a beacon of hope, championing health equity and empowering individuals across India. As it moves forward, the initiative not only transforms healthcare delivery but also inspires a collective vision of a healthier, more equitable nation.

    Reference:

    https://pib.gov.in/PressReleasePage.aspx?PRID=2066709 https://www.india.gov.in/spotlight/pradhan-mantri-bhartiya-janaushadhi-pariyojana

    https://janaushadhi.gov.in/pmjy.aspx#:~:text=Under%20the%20scheme%2C%20dedicated%20outlets

    ,are%20functional%20across%20the%20country. https://janaushadhi.gov.in/pmjy.aspx#

    Click here to download PDF

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    Santosh Kumar/ Sheetal Angral/ Ishita Biswas

    (Release ID: 2067441) Visitor Counter : 40

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Anticipating Cyclone ‘DANA’s’ Impact, Paradip Port Authority Mobilizes Resources, Sets Up Shelters, and Prepares for Emergency Evacuations to Safeguard Lives and Operations

    Source: Government of India (2)

    Anticipating Cyclone ‘DANA’s’ Impact, Paradip Port Authority Mobilizes Resources, Sets Up Shelters, and Prepares for Emergency Evacuations to Safeguard Lives and Operations

    Ahead of Cyclone ‘DANA,’ Paradip Port Authority Implements Precautionary Measures Including Supply of Medicines, Food, and Safe Relocation of Ships to Mitigate Potential Disruptions

    Posted On: 23 OCT 2024 7:13PM by PIB Delhi

    As Cyclone “DANA” draws near, anticipated to affect Paradip Port on October 24th and 25th, 2024, the Paradip Port Authority has initiated a series of precautionary measures to ensure safety and minimize potential disruptions. The India Meteorological Department has issued warnings about the cyclone, prompting swift action from port authorities to protect both assets and personnel.

    In preparation for the severe weather conditions expected with Cyclone “DANA,” the Paradip Port Authority has focused on accelerating all ongoing operations. Directives have been issued to expedite cargo transportation and complete all loading activities from the ships berthed at the port. The priority is to ensure that these processes are wrapped up ahead of the cyclone’s arrival, thereby reducing any risk of damage to cargo and equipment. Additionally, ships currently docked at the port have been directed to move and anchor at designated safe locations at sea to avoid potential accidents or damage caused by turbulent waters.

     

    The safety and welfare of the port’s workforce and surrounding communities are most important during this time of crisis. Paradip Port Authority has arranged several critical facilities to aid in this effort. Among these, an adequate supply of essential items, including medicines, drinking water, and food, has been stocked to address any emergency needs that may arise during and after the cyclone’s impact. These provisions ensure that the immediate needs of those affected can be met swiftly, without delay.

    Moreover, the Paradip Port Authority has set up buses for the evacuation of people from areas that may be most vulnerable to the cyclone’s effects. These buses will facilitate the timely and efficient relocation of individuals to safer locations, minimizing risks to life and ensuring that everyone is moved out of harm’s way before the cyclone’s landfall.

    To manage any potential damage caused by strong winds and heavy rains, the port has also prepared equipment such as power saws for rapid tree cutting and debris removal. This will enable the quick clearance of roads and pathways, allowing for the continued movement of emergency services and aid distribution during the aftermath of the cyclone.

    Additionally, multiple cyclone shelters have been prepared to serve as temporary for those displaced by the storm. These shelters are equipped to accommodate affected individuals and provide a safe environment until it is deemed secure for them to return to their homes.

    The Ministry of Ports, Shipping, and Waterways is closely monitoring the situation and coordinating with all relevant authorities to ensure the safety and well-being of all stakeholders at Paradip Port.

     

    NKK/AK

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Integration between Public and Private sectors is crucial to future growth, says Dr. Jitendra Singh

    Source: Government of India (2)

    Integration between Public and Private sectors is crucial to future growth, says Dr. Jitendra Singh

    AI and BharatGen: Paving the Way for Inclusive Digital Transformation in India

    National Learning Week Session Emphasizes Collaborative Approach to Transform India’s Technological Landscape

    Posted On: 23 OCT 2024 7:01PM by PIB Delhi

    Integration between Public and Private sectors is crucial to future growth, emphasized Dr. Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, in a pivotal session during the National Learning Week, jointly organized for all level of employees of all the Science Ministries and Departments.

     

    The Union Minister highlighted how the convergence of public sector requirements, private sector innovations, and government efforts is shaping the next phase of technological advancement in the country. Referring to BharatGen, India’s indigenously developed large language model (LLM), and the growing role of AI in governance, Dr.Jitendra Singh stressed that such collaborative efforts are vital to drive innovation, improve public service delivery, and ensure India remains competitive in the global AI landscape. The Minister noted that harnessing private sector expertise, combined with government initiatives like BharatGen and AI applications, will pave the way for scalable, inclusive, and efficient solutions for the nation’s diverse needs.

    Dr. Jitendra Singh further highlighted that the government’s role in this integration is to create an enabling environment that fosters innovation, supports startups, and ensures that technological advancements align with national priorities. “When public demands meet private sector creativity, and government policies facilitate growth, we can achieve scalable and sustainable solutions that benefit the entire country,” the Minister stated. He praised the ongoing collaboration between the public sector and private enterprises in areas like AI and LLMs, which are vital for India’s competitive edge in the global tech landscape.

    The session also saw participation from Secretary, Ministry of Science and Technology, Abhay Karandikar, Secretary Biotechnology Dr Rajesh Gokhale and Secretary, Ministry of Earth Sciences, Dr.M.Ravindran, who echoed Dr.Jitendra Singh’s views on the need for a united approach to ensure sustainable growth and innovation across sectors.

    BharatGen, an indigenously developed large language model (LLM) tailored for Indian languages, was the focal point of a session organized for employees of the Science Ministries as part of the National Learning Week. The session delved into the practical applications of BharatGen across various sectors, emphasizing its potential to revolutionize public service delivery and enhance citizen engagement. By using India-centric data, BharatGen can generate high-quality text and speech outputs in multiple Indian languages, making it a key tool for promoting digital inclusion in the country.

    Experts highlighted how BharatGen can be applied to sectors such as governance, healthcare, and education, helping bridge linguistic gaps and making digital services accessible to a larger segment of India’s population. The model’s ability to understand and respond in regional languages ensures that AI technology is not limited to English speakers, providing a more personalized experience for users. BharatGen’s applications can range from AI-driven customer support for government services to real-time translations and speech-to-text functionalities.

    One of the key takeaways from the session was BharatGen’s role in promoting India’s technological independence. Unlike global AI models, BharatGen prioritizes Indian languages and cultural contexts, addressing the unique challenges faced by the country. This AI model aligns with the vision of Atmanirbhar Bharat, ensuring that India retains control over its digital resources while empowering startups, industries, and public institutions to build on the BharatGen framework for various innovations.

     

    In a dedicated session on Artificial Intelligence (AI) during National Learning Week, employees from the Science Ministries were introduced to the transformative potential of AI in governance and public service delivery. The session highlighted how AI could be used to improve decision-making processes, streamline administrative tasks, and enhance citizen-centric services. By leveraging AI technologies, government departments can increase efficiency, reduce human error, and create more responsive systems to meet the evolving needs of the public.

    The session emphasized the ethical and responsible use of AI, particularly in safeguarding data privacy and maintaining transparency in government functions. Experts outlined the importance of developing AI frameworks that ensure fairness and accountability, particularly when dealing with sensitive data in sectors such as healthcare and governance. Participants were encouraged to explore AI applications in areas like predictive analysis for policy-making and automating routine tasks to focus on more strategic issues.

    A key highlight of the session was the importance of building AI models suited to India’s unique requirements. By focusing on regional languages and culturally relevant contexts, AI can better serve India’s diverse population. The participants were urged to continuously upgrade their AI skills, ensuring that India remains competitive globally while fostering innovation and inclusivity in public services.

    Concluding the session, Dr. Jitendra Singh reiterated the government’s commitment to strengthening partnerships between the public and private sectors, emphasizing that such collaborations are not just beneficial but necessary for India’s long-term growth. He expressed confidence that with sustained efforts and a shared vision, India will continue to lead in technological advancements that are both inclusive and forward-looking.

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Railways taking proactive measures to Minimize Cyclone Impact: Relief Operations, Passenger Safety, and Infrastructure Restoration in Focus

    Source: Government of India

    Ministry of Railways

    Railways taking proactive measures to Minimize Cyclone Impact: Relief Operations, Passenger Safety, and Infrastructure Restoration in Focus

    9 war rooms being established across 2 states to promptly restore rail services amid red alert along east coast

    Adequate arrangements including food and water in place at key stations to mitigate the impact of high wind force

    ‘Ensure maximum preparedness with minimal disruption’: Sh. Ashwini Vaishnaw, while reviewing preparedness to deal with ‘Dana’ cyclone

    Posted On: 23 OCT 2024 6:41PM by PIB Delhi

    In view of the severe cyclone ‘Dana’ likely to hit the coasts of Odisha & West Bengal, a high level meeting was conducted in the Ministry of Railways in which preparedness by the concerned Zonal Railways i.e East Coast Railway and South Eastern Railway was reviewed. The High level meeting was chaired by Union Minister for Railways Sh. Ashwini Vaishnaw and Chairman & CEO, Railway Board, all Board Members, General Managers of East Coast Railway and South Eastern Railway, Divisional Railway Managers of Kharagpur, Chakradharpur, Adra and Khurda Road had participated. The Minister for Railways instructed to ensure maximum preparedness with minimal disruption. He also advised that care must be taken to ensure minimum inconvenience to passengers.

    In the meeting, the General Managers of East Coast Railway & South Eastern Railway provided the details regarding preparedness by Railways, which are as under:

    • 9 Round-the-clock Dedicated War rooms shall be established at State Headquarters i.e Bhubaneswar & Garden Reach (Kolkata), Divisional offices of Khurda Road, Visakhapatnam, Sambalpur, Chakradharpur, Adra, Ranchi, Kharagpur and Balasore. These War Room shall be manned by  the officers of Engineering, S&T, Operating, Commercial & RPF so as to take any prompt decision on account of cyclone and will ensure early restoration of services and infrastructure. War Room/Emergency Control Rooms are operational with 20 satellite phones for uninterrupted communication with power back up. Railway is also maintaining constant communication with the India Meteorological Department to receive real-time updates and mobilize resources as necessary
    • Specialized teams are positioned for the swift restoration of tracks, signalling systems, and electrification at various locations such as Soro, Jaleswar and other important stations as and when necessary. Diesel locomotives are also on standby to ensure train operations if power outages occur.
    • More than 600 staff are deployed at all strategic locations such as Bhojudih , Bokaro Steel City, Soro, Nimpura, Adra, Rajgoda, Bachhrawan, Kendua, Kalaghar, Tapang, Chatarpur, Palasa, Hindol Road, Radhakishorepur, Kenduapada, Raghunathpur, Haridaspur with adequate stocks of restoration materials like 57 BOXN boulders, 86 BOBYN Ballast and 123 BOXN sand/ Moorum/ quarry dust etc. Relief vans, 49 Heavy machineries, 7 trolleys and other equipments are also kept on standby to respond to any emergencies. Scratch rake is planned and assembled for carrying relief material or any other requirement with 6-7 coach & placed at Kharagpur. Tower Wagons are arranged and placed at Balasore, Datan, Kharagpur, Rupsa & Haldia.
    • Stations along the Bhubaneswar-Visakhapatnam corridor are being closely monitored due to the Red Alert issued for coastal areas. Adjoining divisions viz. Chakradharpur & Adra are also kept on high alert along with Kharagpur division. A close watch is being maintained over railway bridges, tracks, yards, and signalling systems to prevent damage from heavy rain and flooding. Catch water drains and side drains are being cleared of obstructions like silt and vegetation. Standby Vehicles with drivers are planned at Soro, Balasore, Jaleswar, Kharagpur & Digha in order to tackle passenger evacuations and other contingencies.
    • DG power is planned as an alternative mode of power in Kharagpur-Panskura section, Kharagpur-Bhadrak Section, Tamluk- Haldia Section & Tamluk- Digha section respectively. De-watering pump will be placed at Tamluk, Panskura & Balasore stations. Big hoardings and bill-boards are planned to be removed from the circulating area of the major stations as a safety measure. Continuous Track-patrolling will start from 18 hrs. of 22.10.2024 to 18 hrs. of 25.10.2024, and will be extended if required.
    • Trains are to be controlled/stopped at stations depending upon the windforce and are planned to be regulated with all safety measures. Several train services have been cancelled, diverted, or short-terminated to minimize risk to passengers. These decisions are detailed in official bulletins, and passengers are advised to monitor updates via official railway channels.
    • Help Desk will be set up at all important stations viz. Puri – 8926100356, Khurda road 8926100215, Bhubaneswar- 8114382371, Cuttack– 8114382359, Paradip- 8114388302, Jajpur Keonjhar Road-8114382342, Bhadrak-8114382301, Palasa- 8114382319, Brahamapur- 8114382340 and Frequent Announcements will be made amongst passengers as well as public.
    • Medical Team with adequate Chlorine Tablet, Bleaching & other medicines are placed at Mecheda, Tamluk, Kharagpur & Balasore to tackle any need/emergency. Adequate food arrangements with baby food are made at all important stations in order to cater the trains which might be controlled due to cyclone. Water-tank of adequate capacity are planned & placed at all the important stations and at places where railway colonies are located.

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    Dharmendra Tewari/Kshitij Singha

    (Release ID: 2067428)

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: AI to be instrumental in realizing Prime Minister’s vision of a “Viksit Bharat” by 2047: Minister Hardeep S Puri at ENRich 2024

    Source: Government of India (2)

    AI to be instrumental in realizing Prime Minister’s vision of a “Viksit Bharat” by 2047: Minister Hardeep S Puri at ENRich 2024

    Potential economic impact of AI is immense; AI adoption can generate Rs 33.8 Cr of economic value in country by 2030: Hardeep Puri

    Shri Puri highlights role of AI in Transformation of Energy Sector

    Posted On: 23 OCT 2024 6:09PM by PIB Delhi

    Addressing the ENRich 2024, KPMG’s Annual Innovation and Energy Conclave, Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas, underscored the pivotal role of artificial intelligence (AI) in transforming the energy sector. With the theme “AI for Energy,” the Minister described the convergence of AI and energy as both timely and transformative, marking a critical step in shaping the future of the industry. He emphasized that AI is set to revolutionize operations, drive efficiency, and accelerate the shift towards a more sustainable energy landscape.

     

    The Minister highlighted how AI is rapidly being adopted across industries and will be instrumental in realizing the  Prime Minister’s vision of a “Viksit Bharat” by 2047.

    Focusing on the oil and gas sector, Shri Puri shared how AI and generative AI (GenAI) are optimizing operations by leveraging real-time data and insights. He pointed out that international oil companies are making significant investments in AI to enhance operational efficiency, improve safety, and contribute to the transition towards a low-carbon future.

    Shri Puri noted that the Indian Public Sector Undertakings (PSUs) in the energy domain are also harnessing AI and Machine Learning (ML) to improve safety, security, and operational efficiencies at various locations. Through advanced tools like demand forecasting, customer analytics, and pricing analytics, AI is enhancing the overall customer experience in the energy sector.

    In the upstream oil and gas sector, the Minister said, AI-enabled mechanisms such as deep learning are being used to analyze complex seismic data for identifying potential hydrocarbon reservoirs. Additionally, he said, AI-based prediction of drilling complications and real-time optimization of drilling parameters has proven effective in improving drilling efficiency and reducing operational costs.

    Shri Puri noted the comprehensive integration of AI tools across the energy value chain, from upstream exploration and production to midstream storage and downstream refining and distribution. He observed that this shift marks a departure from the traditional engineering mindset that has long dominated the industry.

    As an example, he pointed to the modernization of India’s National Data Repository, now upgraded to a cloud-based platform. This platform supported by a government investment of Rs. 7,500 crore, enables instant access to seismic and production data, he noted.

    Citing research by J.P. Morgan, the Minister discussed the potential of generative AI to increase global GDP by $7–10 trillion over the next three years, leading to a major boost in workforce productivity and reshaping the global economy.

    Shri Puri further emphasized that India, with its growing economy, youthful population, and thriving tech ecosystem, is poised to benefit greatly from AI. Reports suggest that AI adoption could contribute at least Rs. 33.8 lakh crore to India’s economy by 2030, he said.

    He also highlighted the success of the Universal Connectivity and Digital India initiatives, which have driven a dramatic increase in internet subscribers from 251.59 million in 2014 to 954.40 million in 2024, achieving a CAGR of 14.26%.

    The Minister applauded KPMG’s efforts to foster entrepreneurship and support the start-up ecosystem through initiatives like “ENRich Labs” for innovation and co-creation with the industry.

    Highlighting India’s booming start-up ecosystem, the Minister noted that India is now the world’s third-largest hub for unicorn start-ups, following the USA and China, with a combined valuation of approximately USD 350 billion. He emphasized that these start-ups are reshaping the Indian economy and transforming markets.

    Stressing on the oil and gas sector, Shri Puri shared that Oil and Gas PSUs have set up startup funds totaling Rs. 505 crore. So far, 287 start-ups have received funding, with Rs. 271 crore already disbursed to promote innovation and growth in the sector.

    The Minister also talked about the Avinya’25, launched recently based on the overwhelming success of Avinya’24. The initiative aims to encourage entrepreneurs, researchers, academicians, and students to propose innovative solutions that can shape the future of the energy sector. The application period for Avinya’25 opened on 30thSeptember 2024, with a submission deadline of 2ndDecember 2024. Shri Puri urged everyone to actively participate and contribute to the event’s success

    Shri Puri concluded by urging stakeholders to explore the untapped potential in India’s energy sector, stressing the importance of sustainable business practices that align with societal and environmental goals.

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    MN

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  • MIL-OSI Asia-Pac: Ministry of Heavy Industries Embarks on Special Campaign 4.0 to Enhance Swachhata and Reduce Pendency

    Source: Government of India

    Posted On: 23 OCT 2024 5:29PM by PIB Delhi

    Drawing inspiration from Hon’ble Prime Minister Shri Narendra Modi’s vision to institutionalize Swachhata and enhance workplace efficiency, the Ministry of Heavy Industries (MHI), along with its Central Public Sector Enterprises (CPSEs) and Autonomous Bodies (ABs), is actively participating in the main phase of Special Campaign 4.0. This campaign, which commenced on 2nd October and will continue through 31st October 2024, aims to make impactful improvements in public sector workplaces nationwide.

    Union Minister of Heavy Industries & Steel, Shri H.D. Kumaraswamy, actively participated in a cleanliness drive alongside workers at the HMT Campus in Bengaluru. He emphasized Hon’ble Prime Minister Shri Narendra Modi’s vision for a Swachh Bharat and called for continued efforts toward a “Swachh, Sundar, and Samarth Bharat” for future generations.

    During the Preparatory Phase of Special Campaign 4.0, MHI Secretary Shri Kamran Rizvi conducted inspections across identified cleanliness sites within MHI offices. He directed senior officers to contribute their best efforts to meet the targets set for the campaign, underscoring MHI’s commitment to a cleaner, more organized workplace environment.

     

    Significant Achievements in Special Campaign 4.0

    As a result of ongoing efforts, the campaign has already achieved substantial milestones:

    * Over 12.53 lakh sq. ft. of space has been cleared.

    * 24,997 physical files have been reviewed, with 7,428 files weeded out, and more than 3801 digital files closed.

    * Revenue of Rs. 1.59 crore has been generated through scrap disposal.

     

     

    On social media, more than 402 posts have been shared on X by official handles of CPSEs and ABs, highlighting the key activities and achievements under Special Campaign 4.0.

     

    Cleanliness and transformative drive at Nepa limited, a CPSE under MHI

     

    Cleanliness and transformative drive at BHEL’s Bhopal Unit

     

    Nationwide Engagement Across CPSEs/ABs

    CPSEs and ABs under MHI are actively carrying out cleanliness initiatives across their corporate offices, regional offices, manufacturing units, and project sites. Special cleanliness drives have been organized at over 923 sites across India, achieving 100% of the planned activities under the campaign.

    Cleanliness and transformative drive at HMT Machine Tools Bengaluru Complex

     

    Best Practices Adopted by CPSEs/ABs

    MHI and its affiliated bodies have adopted several best practices during Special Campaign 4.0, focusing on creating long-term value and setting benchmarks in workplace cleanliness and efficiency. These efforts underscore the Ministry’s commitment to contribute meaningfully to the Hon’ble Prime Minister’s vision for a cleaner and more efficient India.

    Cleanliness and transformative drive at ICAT, an Autonomous Body Under MHI

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  • MIL-OSI Asia-Pac: Ministry of Social Justice and Empowerment to host a mega cultural event – ‘Aradhana’ – Celebrating Graceful Ageing and the Richness of Indian Traditions

    Source: Government of India

    Ministry of Social Justice and Empowerment to host a mega cultural event – ‘Aradhana’ – Celebrating Graceful Ageing and the Richness of Indian Traditions

    The event to honour and celebrate senior citizens through a series of captivating cultural performances by artists aged over 60 years

    Posted On: 23 OCT 2024 5:23PM by PIB Delhi

    The Ministry of Social Justice and Empowerment (MoSJE) is set to host the mega cultural event ‘Aradhana’, with the theme, ‘Celebrating Graceful Ageing – Life Begins at 60’, on 24th October 2024, at Dr. Ambedkar International Centre (DAIC), New Delhi. Union Minister of State for Social Justice and Empowerment, Shri B. L. Verma would preside over the event as the Chief Guest. Other dignitaries in attendance would include Dr. Aabha Chaudhary, Chairperson, NGO Anugraha and senior officials of the Ministry.

    The event would be focusing on the Ministry’s commitment to the well-being of senior citizens and the promotion of active ageing in India. It would highlight the role that elders play in preserving and passing down the country’s rich artistic heritage. The event would honour and celebrate senior citizens through a series of captivating cultural performances by artists aged 60 years and above.

    Event Highlights:

    • A mesmerizing Odissi dance performance by Guru Ranjana Gauhar, an iconic figure in Indian classical dance.
    • A vocal recital by Pt. Sajan Mishra, one of India’s most respected classical vocalists, known for his soulful renditions.
    • An ensemble of folk-dance performances, showcasing the vibrant and diverse cultural traditions of India.

    ‘Aradhana’ would emphasize the traditional Indian values of the Guru Shishya Parampara, inter-generational solidarity, and the respect and care that senior citizens receive in Indian society. Through this celebration, the Ministry aims to foster a greater understanding of the cultural significance of ageing gracefully and the vital contributions that older adults make in preserving the traditions of art and culture.

    The event would serve as a platform to highlight the critical importance of inter-generational relationships, with a strong emphasis on preserving India’s cultural legacy. Through the performances, the event will promote respect, care, and appreciation for senior citizens as they continue to contribute to society in meaningful ways.

    *****

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  • MIL-OSI Asia-Pac: PM Young Achievers’ Scholarship Award Scheme for Vibrant India (PM YASASVI)

    Source: Government of India (2)

    Posted On: 23 OCT 2024 5:17PM by PIB Delhi

    Background/Introduction

    With a vision of “Sabka Sath, Sabka Vikas”, the Ministry of Social Justice and Empowerment has implemented the PM Young Achievers Scholarship Award Scheme for Vibrant India (PM-YASASVI). This comprehensive umbrella scheme is aimed at uplifting students from Other Backward Classes (OBC), Economically Backward Classes (EBC), and Denotified Tribes (DNT) by providing them with access to quality education during their formative years.

    The PM YASASVI scheme consolidates and enhances several earlier initiatives, including the Dr. Ambedkar Post-Matric Scholarship Scheme for EBCs and the Dr. Ambedkar Pre-Matric and Post-Matric Scholarship Scheme for DNTs, which were subsumed under this program starting from 2021-22. By integrating these schemes, PM YASASVI aims to ensure a more streamlined and impactful approach to supporting the educational needs of socially and economically disadvantaged students.

     

    Objective

    The overarching goal of the scheme is to promote educational empowerment among these vulnerable groups, helping them overcome financial barriers and complete their education. This initiative not only fosters individual academic growth but also contributes to the broader vision of creating a more inclusive and equitable society.

    Under this Scheme students can avail Pre-Matric Scholarship from Class 9 to 10 and Post Matric Scholarship for their higher studies at post-matriculation or post-secondary stage. Students who excel in their studies also get an opportunity of Scholarship to study in Top Class Schools and Colleges under the Scheme of ‘Top Class School Education’ and ‘Top Class College Education’. Hostel facilities are also provided to OBC students under the ‘Scheme of Construction of Hostels for OBC boys and girls.’

    PM –YASASVI for OBC, EBC and DNT students has been formulated having following five sub-schemes:

    • Pre-Matric Scholarship for OBC, EBC and DNT Students
    • Post-Matric Scholarship for OBC, EBC and DNT Students
    • Top Class School Education for OBC, EBC and DNT Students
    • Top Class College Education for OBC, EBC and DNT Students
    • Construction of Hostel for OBC Boys and Girls

    Scope

    The Pre-Matric Scholarship is designed for students in classes IX and X attending government schools, offering an annual academic allowance of Rs. 4,000 to families with an income below Rs. 2.5 lakh. For the 2023-24 academic year, Rs. 32.44 crore has been allocated to states and Union Territories for its implementation. The Post-Matric Scholarship supports students pursuing post-secondary education, providing academic allowances ranging from Rs. 5,000 to Rs. 20,000 based on the category of the course. For this scheme, Rs. 387.27 crore has been released for the current year.

    Additionally, the Top Class School and College Education schemes are designed to support meritorious students from OBC, EBC, and DNT categories. These programs cover tuition fees, hostel expenses, and other academic costs, with school students (Class 9-12) eligible for funding up to Rs. 1.25 lakh annually. College students at top institutions receive full financial support, including tuition, living expenses, and educational materials. To further enhance access to education, Rs. 12.75 crore has been allocated in 2023-24 under the ‘Construction of Hostels for OBC Boys and Girls’ scheme, which aims to provide accommodation for socially and educationally backward students near government schools and institutions, ensuring they have better access to quality education.

    Benefits

    The PM YASASVI aligns with the government’s broader vision of fostering inclusivity, equity, and societal upliftment. By offering comprehensive support to students from OBC, EBC, and DNT categories, it directly addresses the systemic barriers that prevent many from accessing quality education. This initiative not only ensures financial assistance but also promotes educational empowerment for some of the most vulnerable sections of society, thereby creating opportunities for upward mobility and self-reliance.

    The scheme’s focus on supporting students at both school and college levels helps to nurture talent from an early age and carry it through to higher education, laying a strong foundation for personal and professional growth. Moreover, by integrating earlier scholarship initiatives into a single, streamlined program, PM YASASVI enhances the impact of these efforts, contributing to the creation of a more inclusive and equitable education system. PM-YASASVI is ensuring that no student is left behind in the pursuit of academic and social progress. This scheme is playing a crucial role in the welfare and upliftment of marginalized communities, enabling them to contribute meaningfully to the vision of Viksit Bharat @ 2047.

    Impact

    The PM YASASVI (Young Achievers Scholarship Award Scheme for Vibrant India) scheme has made significant strides in providing financial assistance to students from Other Backward Classes (OBC), Economically Backward Classes (EBC), and De-Notified Tribes (DNT). In Financial Year 2023-24, a substantial sum of ₹ 193.83 cr. was allocated for the Pre-Matric Scholarship, benefiting 19.86 lakh students during 2023-24, with further beneficiaries for 2023-24 expected. Similarly, under the Post-Matric Scholarship scheme, ₹988.05 cr. was released, benefiting 27.97 lakh students in 2023-24. These scholarships aim to empower underprivileged students by alleviating financial burdens, thereby promoting education across marginalized communities.

    Additionally, the government has invested in other educational support initiatives. ₹14.30 cr. has been released for the construction of hostels, accommodating 1146 students in 2023-24. Top-class education programs and overseas study interest subsidies have also seen significant funding, reaching thousands of students. For example, ₹ 111.18 cr. was allocated to support 4762 students in top Class education in college scheme and Rs. 6.55 Cr. Was allocated to support 2602 students in Top Class education in Schools for OBC, EBC & DNT Students and ₹ 56.24 Cr. was granted as interest subsidies to 2789 students pursuing overseas education. These efforts reflect the growing impact of the PM YASASVI scheme, which is transforming the educational landscape for disadvantaged students, enabling them to achieve their academic potential and contributing to overall societal upliftment.

    *Any additional documents specified in the application form

     

    Key Points

    • Selection Process: The YASASVI Entrance Test (YET) 2023 is the basis for candidate selection, conducted by the National Testing Agency (NTA) under the direction of the Ministry of Social Justice and Empowerment (MSJ&E), Government of India.
    • Eligibility: Open to OBC, EBC, and DNT students with a total annual family income of up to ₹2.50 lakhs. Additional eligibility criteria may apply, depending on the specific scholarship scheme.
    • Where to Apply: Eligible students can apply online at the National Scholarship Portal: scholarships.gov.in.

    Conclusion

    By offering a comprehensive array of scholarships and support programs, PM-YASASVI is addressing the financial constraints that often hinder access to education for marginalized communities. The integration of various earlier schemes into one streamlined initiative ensures that students are supported from their school years through to higher education, creating pathways for personal and professional growth. With the government’s ongoing commitment to expanding access to quality education, the PM YASASVI Scheme is making a tangible impact on the lives of thousands of students, helping to create a more inclusive and prosperous India.

    References:

    https://www.myscheme.gov.in/schemes/pm-yasasvitcceobcebcdnts

    https://socialjustice.gov.in/public/ckeditor/upload/65661651839791.pdf

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1999638

    https://pib.gov.in/Pressreleaseshare.aspx?PRID=1847840

    https://pib.gov.in/PressReleseDetailm.aspx?PRID=1844993&reg=3&lang=1

    https://pib.gov.in/PressReleseDetail.aspx?PRID=1913930&reg=3&lang=1

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1808243

    https://yet.nta.ac.in/

    Click here to see in PDF:

    Santosh Kumar/ Sarla Meena/ Kajal Sumal

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  • MIL-OSI Asia-Pac: 150 countries to celebrate ‘Ayurveda Day 2024’ on 29th October

    Source: Government of India (2)

    150 countries to celebrate ‘Ayurveda Day 2024’ on 29th October

    “Ayurveda Innovations for Global Health” gives new dimensions to the contribution of Ayurveda for Humanity: Shri Prataprao Jadhav, MoS(I/C) Ministry of Ayush

    Ayush Digital Initiatives transforming Industry: Secretary, Ministry of Ayush

    Posted On: 23 OCT 2024 4:57PM by PIB Delhi

    The Ministry of Ayush is all set to celebrate 9thAyurveda Day on 29.10.2024. This year more than 150 countries across the globe have geared up for Ayurveda Day that is being celebrated around the theme “Ayurveda Innovations for Global Health”. On this occasion, the ministry of Ayush is going to organize a grand event at the All India Institute of Ayurveda (AIIA), New Delhi .

    Shri Prataprao Jadhav, Union Minister of State, Ayush (I/C), Ministry of Ayush talked about the significance of Ayurveda Day and said, “Ayurveda Day has now become a global movement. We are proud to learn that as many as 150 countries are expected to join Ayurveda Day celebrations 2024. He also highlighted the focus of the Ministry while underlining the theme of Ayurveda Day 2024 and added “The theme of this year’s Ayurveda Day celebrations gives new dimensions to the contribution of Ayurveda to global health. Our aim is to promote Ayurveda globally as a robust system of medicine for the welfare of public. Under this, the All India Institute of Ayurveda has initiated a month-long programme across the country.”

    While highlighting the vision of Ministry, Vaidya Rajesh Kotecha, Secretary, Ministry of Ayush said, “Through the Ayurveda Day celebrations, Ayush focuses on integrating Ayurveda with contemporary science to address critical health issues including non-communicable diseases, mental health, antimicrobial resistance, and geriatric care.”

    Talking about the latest initiatives of the Ministry, he further added, “Ayurveda knowledge is made conveniently accessible to public through digital platforms under the umbrella of Ayush Grid including major initiatives such as Ayurgyan Scheme, Ayush Research Portal, and Namaste Portal.” Currently, Ayurveda is recognized in as many as 24 countries across the globe, while Ayurveda products are exported to over 100 countries”.

    This year’s celebration will witness significant participation from startups and industry, positioning Ayurveda at the heart of global health innovation. Leading Ayurveda experts have expressed their thoughts and hopes for this important event. Ayush professionals are particularly enthusiastic about this year’s celebrations on the theme surrounding innovation in Ayurveda.

    Dr. Manoj Nesari, Advisor, Ministry of Ayush and Director, North Eastern Institute of Ayurveda and Homeopathy (NEIAH), Shillong, said, “The theme ‘Ayurveda Innovation for Global Health’ has been specifically chosen to highlight the huge research work done in Ayurveda to establish the scientific relevance of Ayurveda in promotion of health and treatment of various disease conditions. This also highlights the relevance of Ayurveda for the healthcare of the people across the globe irrespective of their religion, ethnicity, social status and geographical boundaries. The special focus in innovation would attract and inspire our youngsters to indulge in Ayurveda and establish startups. I also see lots of vibration and enthusiasm in the people of North East states and rising acceptance of Ayurveda in all North East states.”

    Dr. Mohan Singh, Director Ayush, Jammu & Kashmir, stated, “Given the theme of this year’s celebrations, we are all excited to be part of the Ayurveda Day 2024 activities. We anticipate an extraordinary confluence of professionals, researchers, and startups, all dedicated to creating a healthier, more sustainable world through the power of Ayurveda.”

    Dr. Sanjeev Sharma, Vice Chancellor of the National Institute of Ayurveda, added, “The commitment and passion of our students and scholars who are preparing for the Ayurveda Day 2024 celebrations is inspiring. This would be an opportunity to explore new dimensions of holistic health, where ancient wisdom combines with modern innovation for global health.”

    Dr. B.J. Patagiri, Director, Institute of Teaching and Research in Ayurveda (ITRA) mentioned, “The participation of students, scholars, and innovators in this year’s celebration is a testament to how tradition and innovation together can revolutionize global health.”

    Ministry of Ayush continues to work toward integrating Ayurveda into the mainstream of global health. Initiatives such as the WHO Global Traditional Medicine Centre (GTMC), Ayushman Bharat Yojana, and the Research Centre for Innovation in Ayurveda Biology are advancing Ayurveda’s role in the global health system. Additionally, the reactivated “I Support Ayurveda” Campaign aims to garner over 250 million votes in support of Ayurveda. Last year’s campaign was a tremendous success, with 160 million votes.

    As the world moves toward Ayurveda Day on 29thOctober 2024, the Ministry of Ayush, its partner institutions, professionals, and Ayurveda enthusiasts around the globe are excited for this unique celebration. Through innovation and collaboration, Ayurveda is poised to offer sustainable solutions for global health and well-being.

    It is to note that the celebration of Ayurveda Day takes place annually on the auspicious occasion of Dhanvantari Jayanti (Dhanteras). Since inception in 2016, Ayurveda Day has gained global significance. This year’s celebrations are filled with energy and enthusiasm, culminating in a closing ceremony on 29th October 2024. Throughout the month, various events and activities are being organised nationwide, highlighting the importance of Ayurveda in health promotion and disease prevention.

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  • MIL-OSI USA: IAM Members Hitting the Streets in Atlanta for Harris-Walz 

    Source: US GOIAM Union

    ATLANTA, Oct. 23, 2024 – Members of the International Association of Machinists and Aerospace Workers (IAM) are hitting the doors in Atlanta to help elect Vice President Kamala Harris and Minnesota Gov. Tim Walz in their bid for the White House. In collaboration with the Georgia AFL-CIO, IAM members are canvassing union households in the Atlanta area to help drive the turnout of union households. 

    IAM International President Brian Bryant recently stated the importance of mobilizing our members for this election.

    IAM Union members in Georgia

      “We have members from Atlanta and all across the Southern Territory who came to Atlanta to have conversations with their union members on the importance of voting in this election,” said IAM Southern Territory General Vice President Craig Martin. “Our members understand that this election is about protecting democracy, retirement security, and ensuring labor has a place at the table. We will continue to drive turnout until the polls close on election day.” 

    The labor walks will continue through Election Day, with IAM members and other union affiliates continuing their efforts to ensure a pro-labor outcome at the ballot box.

    “Our goal over the past few weeks is to make sure we are hitting the doors of every union household and making sure they understand the importance of this election,” said IAM Southern Territory Chief of Staff Reggie Dixon. “It is essential for working families throughout Georgia and the entire South. Our rights are on the ballot, and we have to fight for the future of our democracy.”

    The International Association of Machinists and Aerospace Workers is one of North America’s largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, railroad, transit, healthcare, automotive, and other industries.

    goIAM.org | @MachinistsUnion

     

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  • MIL-OSI USA: The Marshall Star for October 23, 2024

    Source: NASA

    Editor’s Note: Starting Nov. 4, the Office of Communications at NASA’s Marshall Space Flight Center will no longer publish the Marshall Star on nasa.gov. The last public issue will be Oct. 30. To continue reading Marshall news, visit nasa.gov/marshall.

    For centuries, humans have dreamed of the ability to live safely on the Moon and Mars. At NASA’s Marshall Space Flight Center, team members supporting habitation systems development bring that dream closer to reality by envisioning and shaping humanity’s future in deep space and on the surface of other worlds.
    Marshall’s Habitation Systems business unit – the center’s featured organization for October – develops the next generation of habitation systems to make living and working in space and on planetary bodies possible. These efforts are carried out through the Habitation Systems Development Office, in which the team works across programmatic and engineering organizations to support formulation activities for planetary surface habitation (Moon and Mars), transit habitats for deep space exploration, and the Gateway program. In addition, the Marshall team collaborates with commercial partners on future habitation concept development and risk reduction activities through NextSTEP Appendix A: Habitation Systems and Reimbursable Space Act Agreements.   

    Seth Bell is currently the technical monitor for NASA’s commercial partner Sierra Space. Sierra has executed both full scale and subscale inflatable habitat burst tests at Marshall’s East Test Area. Bell has worked as a subsystem manager for the Mars Ascent Vehicle and as a system’s engineer and Engineering Directorate integrator.
    “I am excited to eventually see softgood inflatables in low Earth orbit,” Bell said. “Seeing the success of the many teams working in this office is exciting, especially after developing so many lasting relationships and putting so much time and energy into this work.”

    Since joining NASA in 2008, Yancy Young has served in multiple positions, including manager of several International Space Station research projects and Launch Package manager for Gateway Co-manifested Payloads. Currently, Young is the technical monitor for Boeing efforts under NASA’s NextSTEP Appendix A Broad Agency Announcement (BAA) for the development of deep space habitation concepts.
    “I love being a part of laying the foundation for long term deep space exploration,” Young said.
    Boeing’s current focus is a Design Analysis Cycle investigating the benefits and challenges of using composite materials in a pressurized Lunar Surface Habitat.

    In her 25-plus years at NASA, Brooke Thornton has worked on everything from ionized space radiation analysis to Earth observing satellites. Currently, Thornton is the industry engagement manager for the Habitation Systems Development Office and Strategy and Architecture Office. Thornton manages NextSTEP-2 Appendix A-Habitation Systems and Appendix R-Logistics and Mobility Systems BAA. In addition, Thornton fosters collaboration between industry and NASA for the Moon to Mars mission.
    “I am excited about working with industry to develop the elements and concepts of operations for humans to live on the Moon and beyond,” Thornton said.
    › Back to Top

    Joseph Pelfrey, center, director of NASA’s Marshall Space Flight Center, talks with team members during the BBQ Fest hosted by the Marshall Exchange on Oct. 21. The event was held on the walking trail behind the Wellness Center and was open to team members, their family members, and retirees. “My thanks to those who came out to this year’s BBQ – and especially to those who helped make it happen,” Pelfrey said. “I could not have asked for better weather or a better group of people to spend the afternoon with. It was great to see everyone’s families join us on site to celebrate the hard work our teams have put in this year.” (NASA/Charles Beason)

    Children play on an inflatable at the BBQ Fest with a space shuttle inflatable in the background. (NASA/Charles Beason)

    Marshall team members participate in Bingo during the BBQ hosted by the Marshall Exchange. (NASA/Charles Beason)
    › Back to Top

    Tony Clark has been named to the Senior Executive Service position of deputy director of the Engineering Directorate at NASA’s Marshall Space Flight Center, effective immediately. In this role, Clark will be help lead the center’s largest organization, comprised of more than 2,500 civil service and contractor personnel, who design, test, evaluate, and operate flight hardware and software associated with Marshall-developed space transportation and spacecraft systems, science instruments, and payloads.

    Clark previously served as deputy director of the Space Systems Department at Marshall from 2021-2024 and served as acting director in 2024. In this role, Clark led the design, development, assembly, integration, testing, and delivery of flight, ground, prototype, and development products for NASA human spaceflight programs, science investigations, and exploration initiatives. He aided in the oversight of an annual budget of approximately $70 million and helped manage a diverse, highly technical workforce of approximately 660 civil service employees and contractors.
    Over his three decades of service to NASA, Clark has held numerous key leadership roles, bringing a wealth of technical and supervisory experience to Marshall’s broad range of engineering endeavors. He served as manager of the vehicle equipment area in Johnson Space Center’s Vehicle Systems Integration Office of the Gateway Program from 2018-2021. He was also manager of the Engineering Resource Management Office in Marshall’s Engineering Directorate from 2014-2018, tasked with leading and coordinating resources among eight engineering departments, laboratories and offices staffed by more than 2,300 civil service and contract personnel.
    He was acting deputy manager of the Engineering Directorate’s Spacecraft and Vehicle Systems Department from February 2014 to October 2014. Prior to that, Clark was chief of the directorate’s Electrical Integration and Fabrication Division from 2007-2014, and chief of the Electromagnetic Environmental Effects and Electrical Integration Branch from 2004-2007. He joined Marshall in September 1991 as an electromagnetic environmental effects engineer.
    Clark earned a bachelor’s degree in electrical engineering from Tennessee Technological University in Cookeville in 1989 and a master’s degree in electrical engineering from The Ohio State University in Columbus in 1991.
    Among his many professional awards and honors, Clark received the NASA Exceptional Achievement Medal in 2010 for his work on the Ares IX, the launch vehicle which informed development of NASA’s new rocket, the Space Launch System. He also received a Silver Snoopy award in 1999, reflecting outstanding service and the highest dedication to safe human spaceflight.
    Clark was a founding member in 2004 of the Huntsville Chapter of the Institute of Electrical and Electronic Engineers’ Electromagnetic Compatibility Society.
    › Back to Top

    A passion for puzzles, problem-solving, and propulsion led Sarah Ryan – a native of Columbus, Ohio – to her current position as Raptor engine lead for NASA’s HLS (Human Landing System) insight team at NASA’s Marshall Space Flight Center. The SpaceX Raptor rocket engine powers the company’s Starship and Super Heavy rocket. SpaceX will land astronauts on the Moon for NASA’s Artemis III and Artemis IV missions using the Starship HLS. NASA’s Artemis campaign aims to land the first woman, first person of color, and first international partner astronaut on the Moon.

    “My team looks at how the components of the Raptor engine work together. Then, we evaluate the performance of the full system to make sure it will accomplish the NASA HLS and Artemis missions,” Ryan said. “I get to see lots of pieces and parts of the puzzle and then look at the system as a whole to make sure it meets NASA’s needs.”
    While earning a bachelor’s degree from Case Western Reserve University in Cleveland with a dual major in aerospace engineering and mechanical engineering, Ryan had an internship at Marshall, working on a payload for a science mission onboard the International Space Station.
    After working for a year on satellite design, Ryan returned to Marshall. She noted that the opportunity to work in Marshall’s Engine Systems branch, to be involved with pushing technology forward, and to work on Artemis, really drew her back to NASA. Ryan later earned a master’s degree in aerospace systems from the University of Alabama in Huntsville.
    When not occupied with rocket engine development, Ryan likes to work on quieter hobbies in her free time, including reading, board games, crocheting, and solving all manner of puzzles – crosswords, number games, word games, and more. Her interest for solving puzzles carries over into her work on the Raptor rocket engines for HLS.
    “My favorite tasks are the ones that most resemble a puzzle,” Ryan said. “If we’re investigating an issue and have a lot of information to assess, I love putting all the pieces together and figuring out what happened, why, and the path forward. I enjoy digging into the data and solving those puzzles.”
    With Artemis, NASA will explore more of the Moon than ever before, learn how to live and work away from home, and prepare for future human exploration of Mars. NASA’s SLS (Space Launch System) rocket, exploration ground systems, and Orion spacecraft, along with the HLS, next-generation spacesuits, Gateway lunar space station, and future rovers are NASA’s foundation for deep space exploration.
    › Back to Top

    While precision, perseverance, and engineering are necessary skills in building a Moon rocket, Casey Wolfe knows that one of the most important aspects for the job is teamwork.
    “Engineering is vital, but to get this type of work done, you need to take care of the human element,” said Wolfe, the assistant branch chief of the advanced manufacturing branch in the Materials and Processes Laboratory at NASA’s Marshall Space Flight Center.

    Together with her team, Wolfe is developing and producing the next generation payload adapter for NASA’s SLS (Space Launch System) super-heavy lift rocket. The adapter is made with some of the world’s most advanced composite manufacturing techniques.
    Wolfe’s work integrates the technical day-to-day operations and personnel management of the composites manufacturing team and additive manufacturing team, balancing production of SLS hardware with the creation of new engines using the latest manufacturing technologies. 
    “A lot of my day to day is in managing our two teams, making connections, building relationships, and making sure people feel supported,” Wolfe said. “I conduct individual tag ups with each team member so we can be proactive about anticipating and addressing problems.”
    Wolfe grew up in Huntsville, a place known as the “Rocket City,” but it wasn’t until she visited a job fair while studying at Auburn University for a polymer and fiber engineering degree that she began to consider a career at Marshall. Wolfe applied for and was selected to be a NASA intern through the Pathways Program, working in the non-metallic materials branch of the Materials and Processes Laboratory.
    Wolfe supported a coating system for electrostatic discharge on the first uncrewed test flight of the Orion spacecraft. Launching Dec. 5, 2014, Orion traveled to an altitude of 3,600 miles, orbited Earth twice, and splashed down in the Pacific Ocean. It was during her internship that Wolfe realized how inspirational it felt to be treated like a vital part of a team.
    “The SLS program gave everyone permission to sign the hardware, even me – even though I was just an intern,” Wolfe said. “It was impactful to me, knowing that something I had worked on had my name on it and went to space.” 
    Since being hired by NASA, Wolfe’s work has supported development of the Orion stage adapter diaphragms for Artemis II and Artemis III, and the payload adapters for Artemis IV and beyond. The first three Artemis flights use the SLS Block 1 rocket variant, which can send more than 27 metric tons (59,500 pounds) to the Moon in a single launch. Beginning with Artemis IV, the SLS Block 1B variant will use the new, more powerful exploration upper stage to enable more ambitious missions to deep space, with the cone-shaped payload adapter situated atop the rocket’s exploration upper stage. The new variant will be capable of launching more than 38 metric tons (84,000 pounds) to the Moon in a single launch.
    “While the engineering development unit of the payload adapter is undergoing large-scale testing, our team is working on the production of the qualification article, which will also be tested,” Wolfe said. “Flight components should be starting fabrication in the next six months.”
    When Wolfe isn’t working, she enjoys hiking, gardening, and hanging out with her dogs and large family. Recently, she signed another piece of SLS hardware headed to space: the Orion stage adapter for the second Artemis mission.
    With as many responsibilities as Wolfe juggles, it’s easy to lose sight of her work’s impact. “I work in the lab around the hardware all the time, and in many ways, it can become very rote,” she said.
    But Wolfe won’t forget what she saw one evening when she worked late: “Everybody was gone, and as I walked past the launch vehicle stage adapter, there were two security guards taking pictures of each other in front of it. It was one of those things that made me step back and reflect on what my team accomplishes every day: making history happen.”
    NASA is working to land the first woman, first person of color, and its first international partner astronaut on the Moon under Artemis. SLS is part of NASA’s backbone for deep space exploration, along with the Orion spacecraft, supporting ground systems, advanced spacesuits and rovers, the Gateway in orbit around the Moon, and commercial human landing systems. SLS is the only rocket that can send Orion, astronauts, and supplies to the Moon in a single launch.
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    By Rick Smith
    New findings using data from NASA’s IXPE (Imaging X-ray Polarimetry Explorer) mission offer unprecedented insight into the shape and nature of a structure important to black holes called a corona.
    A corona is a shifting plasma region that is part of the flow of matter onto a black hole, about which scientists have only a theoretical understanding. The new results reveal the corona’s shape for the first time, and may aid scientists’ understanding of the corona’s role in feeding and sustaining black holes.

    Many black holes, so named because not even light can escape their titanic gravity, are surrounded by accretion disks, debris-cluttered whirlpools of gas. Some black holes also have relativistic jets – ultra-powerful outbursts of matter hurled into space at high speed by black holes that are actively eating material in their surroundings.
    Less well known, perhaps, is that snacking black holes, much like Earth’s Sun and other stars, also possess a superheated corona. While the Sun’s corona, which is the star’s outermost atmosphere, burns at roughly 1.8 million degrees Fahrenheit, the temperature of a black hole corona is estimated at billions of degrees.
    Astrophysicists previously identified coronae among stellar-mass black holes – those formed by a star’s collapse – and supermassive black holes such as the one at the heart of the Milky Way galaxy.
    “Scientists have long speculated on the makeup and geometry of the corona,” said Lynne Saade, a postdoctoral researcher at NASA’s Marshall Space Flight Center and lead author of the new findings. “Is it a sphere above and below the black hole, or an atmosphere generated by the accretion disk, or perhaps plasma located at the base of the jets?”
    Enter IXPE, which specializes in X-ray polarization, the characteristic of light that helps map the shape and structure of even the most powerful energy sources, illuminating their inner workings even when the objects are too small, bright, or distant to see directly. Just as we can safely observe the Sun’s corona during a total solar eclipse, IXPE provides the means to clearly study the black hole’s accretion geometry, or the shape and structure of its accretion disk and related structures, including the corona.
    “X-ray polarization provides a new way to examine black hole accretion geometry,” Saade said. “If the accretion geometry of black holes is similar regardless of mass, we expect the same to be true of their polarization properties.”
    IXPE demonstrated that, among all black holes for which coronal properties could be directly measured via polarization, the corona was found to be extended in the same direction as the accretion disk – providing, for the first time, clues to the corona’s shape and clear evidence of its relationship to the accretion disk. The results rule out the possibility that the corona is shaped like a lamppost hovering over the disk. 
    The research team studied data from IXPE’s observations of 12 black holes, among them Cygnus X-1 and Cygnus X-3, stellar-mass binary black hole systems about 7,000 and 37,000 light-years from Earth, respectively, and LMC X-1 and LMC X-3, stellar-mass black holes in the Large Magellanic Cloud more than 165,000 light-years away. IXPE also observed a number of supermassive black holes, including the one at the center of the Circinus galaxy, 13 million light-years from Earth, and those in galaxies NGC 1068 and NGC 4151, 47 million light-years away and nearly 62 million light-years away, respectively.
    Stellar mass black holes typically have a mass roughly 10 to 30 times that of Earth’s Sun, whereas supermassive black holes may have a mass that is millions to tens of billions of times larger. Despite these vast differences in scale, IXPE data suggests both types of black holes create accretion disks of similar geometry.
    That’s surprising, said Marshall astrophysicist Philip Kaaret, principal investigator for the IXPE mission, because the way the two types are fed is completely different.
    “Stellar-mass black holes rip mass from their companion stars, whereas supermassive black holes devour everything around them,” he said. “Yet the accretion mechanism functions much the same way.”
    That’s an exciting prospect, Saade said, because it suggests that studies of stellar-mass black holes – typically much closer to Earth than their much more massive cousins – can help shed new light on properties of supermassive black holes as well. The team next hopes to make additional examinations of both types.
    Saade anticipates there’s much more to glean from X-ray studies of these behemoths. “IXPE has provided the first opportunity in a long time for X-ray astronomy to reveal the underlying processes of accretion and unlock new findings about black holes,” she said.
    The complete findings are available in the latest issue of The Astrophysical Journal.
    Smith, an Aeyon employee, supports the Marshall Office of Communications.
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    The Oort Cloud comet, called C/2023 A3 Tsuchinshan-ATLAS, passes over Southeast Louisiana near New Orleans, home of NASA’s Michoud Assembly Facility on Oct. 13. The comet is making its first appearance in documented human history; it was last seen in the night sky 80,000 years ago. The Tsuchinshan-ATLAS comet made its first close pass by Earth in mid-October and will remain visible to viewers in the Northern Hemisphere just between the star Arcturus and planet Venus through early November. Eric Bordelon, a photographer for Michoud, captured the image, which was featured as NASA’s image of the day. “On Sunday evening I decided to head out to find the comet I’ve read so much about,” Bordelon said. “Struggling at first to see it, once my eyes adjusted to the darkness I could faintly see it. I pulled my camera out and set up a tripod, with a longer exposure around six seconds I was able to capture this shot with a single frame. The far off setting sun made a beautiful color gradient in the dark sky with the other stars just beginning to appear.” Read more about the comet. (NASA/Eric Bordelon)
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    A new NASA/ESA Hubble Space Telescope image features the striking spiral galaxy Messier 90 (M90, also NGC 4569), located in the constellation Virgo. In 2019, Hubble released an image of M90 created with Wide Field and Planetary Camera 2 (WFPC2) data taken in 1994, soon after its installation. That WFPC2 image has a distinctive stair-step pattern due to the layout of its sensors. Wide Field Camera 3 (WFC3) replaced WFPC2 in 2009 and Hubble used WFC3 when it turned its aperture to Messier 90 again in 2019 and 2023. That data resulted in this stunning new image, providing a much fuller view of the galaxy’s dusty disk, its gaseous halo, and its bright core.

    The inner regions of M90’s disk are sites of star formation, seen here in red H-alpha light from nebulae. M90 sits among the galaxies of the relatively nearby Virgo Cluster, and its orbit took M90 on a path near the cluster’s center about three hundred million years ago. The density of gas in the inner cluster weighed on M90 like a strong headwind, stripping enormous quantities of gas from the galaxy and creating the diffuse halo we see around it. This gas is no longer available to form new stars in M90, with the spiral galaxy eventually fading as a result.
    M90 is located 55 million light-years from Earth, but it’s one of the very few galaxies getting closer to us. Its orbit through the Virgo cluster has accelerated so much that M90 is in the process of escaping the cluster entirely. By happenstance, it’s moving in our direction. Astronomers have measured other galaxies in the Virgo cluster at similar speeds, but in the opposite direction. As M90 continues to move toward us over billions of years, it will also be evolving into a lenticular galaxy.
    › Back to Top

    MIL OSI USA News

  • MIL-OSI USA: Fort Fisher’s New Visitor Center to Open to the Public Oct. 30

    Source: US State of North Carolina

    Headline: Fort Fisher’s New Visitor Center to Open to the Public Oct. 30

    Fort Fisher’s New Visitor Center to Open to the Public Oct. 30
    jejohnson6

    KURE BEACH

    A little more than two years after construction began and local flooding delayed the opening, the new visitor center at Fort Fisher State Historic Site will open to the public Wednesday, Oct. 30 from 9 a.m.-5 p.m. Admission is free.

    The new two-story visitor center, which has been in planning since 2010, cost approximately $25.5 million and is expected to serve more than 1 million visitors annually. At 20,000 square feet, it is approximately three times the size of its 1965 predecessor.

    The centerpiece of the visitor center is a new exhibit that interprets a full and nuanced history of the site. Encompassing centuries of regional history, from pre-colonial times through Fort Fisher’s role in World War II, the “Through Their Eyes” exhibit is built on numerous historical perspectives. Rather than a collection of dates and battles, the exhibit powerfully centers men, women, and children from a multitude of backgrounds, eras, and experiences.

    The new visitor center (1610 Fort Fisher Blvd S, Kure Beach) has nearly twice the exhibit space of the former, plus amenities like a 100-seat orientation theater, an expanded gift shop, and a multipurpose room suitable for rentals such as banquets, wedding receptions, educational activities, and classroom instruction. Along the tour trail, visitors can view reconstructed earthworks — specifically, the fort’s 6th, 7th, and 8th traverses — a center sally port, and an ammunition magazine with a working tunnel system.

    Known as the “Gibraltar of the South,” Fort Fisher protected the port of Wilmington during the American Civil War until it fell to U.S. forces in January 1865. In 1961, the site was designated a National Historic Landmark. Its original visitor center was built to accommodate an expected 25,000 visitors a year.

    About the North Carolina Department of Natural and Cultural Resources
    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.
    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
    Oct 23, 2024

    MIL OSI USA News

  • MIL-OSI USA: North Carolina Museum of History Announces 29th Annual American Indian Heritage Celebration

    Source: US State of North Carolina

    Headline: North Carolina Museum of History Announces 29th Annual American Indian Heritage Celebration

    North Carolina Museum of History Announces 29th Annual American Indian Heritage Celebration
    jejohnson6

    The North Carolina Museum of History is excited to announce the 29th Annual American Indian Heritage Celebration, which will take place on Saturda     y, Nov. 23, from 11 a.m. to 4 p.m. This highly anticipated event brings together members of all eight state-recognized tribes for a vibrant day of performances, demonstrations, and presentations that showcase the artistic, historical, and cultural contributions of American Indians in North Carolina.

    This year’s festival will be held at the North Carolina Museum of Natural Sciences, a temporary venue change due to ongoing renovations at the Museum of History. The renovations will expand and enhance future visitor experiences.

    The festival invites visitors to immerse themselves in the rich and diverse Indigenous heritage of the state. From traditional dance performances and drumming to contemporary discussions on the contributions of American Indians to modern science, art, and culture, the event offers a unique opportunity to learn and celebrate.

    Event highlights include:

    • Virtual Education Day: Students, teachers, and lifelong learners are invited to join a free Virtual Education Day on Friday, Nov. 23, celebrating the richness and diversity of North Carolina’s American Indian community. Attendees can enjoy a variety of presentations, including a live dancing and drumming demonstration.
    • Grand Entry Procession: The celebration kicks off with a ceremonial Grand Entry, where members of the eight state-recognized tribes will process through Bicentennial Plaza. Dressed in traditional regalia, they will perform dances and songs accompanied by the powerful sound of drums and flutes.
    • Cultural Booths and Demonstrations: Throughout the museum, visitors can interact with artists, historians, and cultural practitioners. Demonstrations will range from beadwork and pottery to discussions on the impact of American Indian traditions on North Carolina’s past and present.
    • Hands-on Activities for All Ages: Families and children can engage in traditional games like corncob darts or participate in hands-on activities exploring American Indian crafts and customs.
    • Native-Owned Food Trucks: Savor the flavors of Indigenous cuisine with a visit to the Native-owned food trucks, serving delicious staples like fry bread and other traditional dishes.
    • Artisans and Vendors: Guests are encouraged to browse and purchase authentic, handmade items from Native artists and vendors, including jewelry, pottery, textiles, and more.

    The American Indian Heritage Celebration is a signature event for the museum, providing a space for people of all backgrounds to engage with the enduring legacy and culture of North Carolina’s Indigenous communities. Whether through learning, art, or food, there are endless ways to experience and appreciate the richness of American Indian heritage.

    For more information and to view the full schedule of events, please visit NC-AIHC.com.

    _____________________________________________________________________

    About the N.C. Museum of History

    The North Carolina Museum of History, a Smithsonian Affiliate, fosters a passion for North Carolina history. This museum collects and preserves artifacts of state history and educates the public on the history of the state and the nation through exhibits and educational programs. Admission is free. In 2023, more than 355,000 people visited the museum to see some of the 150,000 artifacts in the museum collection. The Museum of History, within the Division of State History Museums, is part of the N.C. Department of Natural and Cultural Resources.

    About the Smithsonian Affiliations Network

    Since 2006, the North Carolina Museum of History has been a Smithsonian Affiliate, part of a select group of museums and cultural, educational and arts organizations that share Smithsonian resources with the nation. The Smithsonian Affiliations network is a national outreach program that develops long-term collaborative partnerships with museums and other educational and cultural organizations to enrich communities with Smithsonian resources. More information is available at affiliations.si.edu.

    About the North Carolina Department of Natural and Cultural Resources

    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.

    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the N.C. Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.

    Oct 23, 2024

    MIL OSI USA News

  • MIL-OSI Europe: Answer to a written question – Spread of South African citrus thrips in the Mediterranean basin – E-001639/2024(ASW)

    Source: European Parliament

    The Commission invests in plant health research and innovation, with EUR 189 million allocated over the past four years through Horizon Europe[1], and keeps it as a priority in the next work programmes under Cluster 6 ‘Food, Bioeconomy, Natural Resources, Agriculture and Environment’[2] of Horizon Europe[3].

    At present, there is no project relating to the Scirtothrips aurantii. A call for proposals for projects related to regulated pests has recently closed and is currently under evaluation[4].

    Both Spain and Portugal apply eradication measures for Scirtothrips aurantii. Regulation (EU) 2021/690[5] allows them to request co-financing for eradication measures.

    When eradication is no longer possible, Member States request for containment measures, which should be adopted by an Implementing Regulation. To date, the Commission has not received such request from Spain or Portugal.

    As regards the import of citrus fruit, cold treatment has been added to the EU requirements as a measure to guarantee freedom from Thaumatotibia leucotreta in oranges.

    The EU follows a risk-based approach as regards protective measures against pests. To date there is not sufficient evidence to support an extension of that measure to other citrus fruits for other Union quarantine pests.

    Regulation (EU) 2022/2389[6] on frequency rates prescribes 100% identity and physical checks at import for citrus fruits, except for those referred to Annex I of that regulation.

    The number of non-compliances at import is a criterion for deciding the frequency rates. As regards controls at origin, the Commission has carried out audits[7] in many third countries that the EU imports citrus fruits from, including South Africa, Zimbabwe, Brazil, Argentina, Israel and Tunisia.

    • [1] https://research-and-innovation.ec.europa.eu/document/e8a5772e-9fca-4583-a81b-649729068f1e_en
    • [2] https://research-and-innovation.ec.europa.eu/funding/funding-opportunities/funding-programmes-and-open-calls/horizon-europe/cluster-6-food-bioeconomy-natural-resources-agriculture-and-environment_en
    • [3] https://research-and-innovation.ec.europa.eu/funding/funding-opportunities/funding-programmes-and-open-calls/horizon-europe/strategic-plan_en
    • [4] https://ec.europa.eu/info/funding-tenders/opportunities/portal/screen/opportunities/topic-details/horizon-cl6-2024-farm2fork-02-4-two-stage
    • [5] https://eur-lex.europa.eu/eli/reg/2021/690/oj
    • [6] https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32022R2389&qid=1695292904290
    • [7] https://ec.europa.eu/food/audits-analysis/audit-report

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Serious concerns regarding animal cruelty during animal transport in Austria – E-002112/2024

    Source: European Parliament

    16.10.2024

    Question for written answer  E-002112/2024
    to the Commission
    Rule 144
    Anja Hazekamp (The Left)

    Two shocking incidents of animal cruelty have recently been observed during the transport of animals in Austria.

    During the export of pregnant animals from Austria, footage on the Bulgarian-Turkish border shows a calf being cut out of a pregnant, dead cow, following which the calf is thrown on to the blood-drenched ground, while shaking violently[1]. Other footage shows animals unable to stand upright due to illness or exhaustion being brutally dragged from a vehicle by their front legs.[2]

    An overloaded truck carrying 142 calves was also stopped in Austria. A veterinarian on site confirmed that this transport from the Netherlands should never have taken place because the transport documents were not in order, the duration of the transport and the planned rest breaks were not respected and the water system for the animals was inadequate[3].

    • 1.Can the Commission outline its views on the mistreatment of calves during these transports?
    • 2.What action and sanctions has the Commission already taken against the relevant authorities in the Member States concerned for a flagrant infringement of Council Regulation (EC) No 1/2005?
    • 3.Does the Commission consider serious cruelty to animals to be reason enough to suspend the transport of live animals from Austria?

    Submitted: 16.10.2024

    • [1] https://vgt.at/presse/news/2024/news20240905mn.php.
    • [2] https://www.youtube.com/watch?v=JcI0XeoepN4.
    • [3] https://www.krone.at/3518368.
    Last updated: 23 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Problems regarding the EU Packaging Regulation – E-002118/2024

    Source: European Parliament

    16.10.2024

    Question for written answer  E-002118/2024
    to the Commission
    Rule 144
    Christine Schneider (PPE)

    The reuse quotas for industrial and commercial transport and sales packaging introduced on 24 April 2024 as part of the trilogue negotiations on the EU Packaging Regulation raise major legal and practical questions. Extensive reuse quotas have been stipulated in Article 29(1) to (3), though no comprehensive scientific analysis or impact assessment has been carried out. The provisions on reuse quotas in Article 29(2) and (3) go against the principles of the internal market, disadvantaging SMEs vis-à-vis large, globally operating concerns. For some types of sales packaging, in addition, there are no practical reuse solutions for securing loads or for transporting products.

    • 1.Is the Commission aware of the above problems?
    • 2.Does the Commission intend to conduct a scientific analysis and impact assessment in order to verify the impact of the extended reuse rates?
    • 3.Commissioner Sinkevičius pledged that there would be a delegated act exempting pallet wrappings and straps from the reuse quotas. When will it be adopted?

    Submitted: 16.10.2024

    Last updated: 23 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Antimony mining on Chios: hazardous and harmful to the population – E-002085/2024

    Source: European Parliament

    15.10.2024

    Question for written answer  E-002085/2024
    to the Commission
    Rule 144
    Kostas Papadakis (NI)

    Plans to mine antimony in the area between the villages of Keramos and Egrigoros in northern Chios have sparked serious concern and protests among the population. This is a Natura area where the creation of a large industrial zone threatens serious consequences for the environment, groundwater and public health, and the destruction of a wider area of unspoilt nature.

    The Greek Government and the EU, with generous subsidies tied to EU legislation on the strategic importance of metals and critical raw materials, are prioritising support for business groups in planned investments in the extraction of a critical raw material.

    Many studies have highlighted the presence of antimony in the water table, which further degrades the quality of the island’s water, making it unfit for consumption.

    In view of the above:

    • 1.Is the planned mining of antimony on the island of Chios, implementing the EU’s policy on ‘critical raw materials’, destined to go ahead in an area of unspoilt nature, indeed a designated Natura area, for the sake of profits for the antimony mining groups, and to the detriment of environmental integrity and the needs of the population?
    • 2.Will any environmental studies, when and if they are carried out, be conducted by the same groups on the basis of the EU policy watchword of ‘due diligence’, with the aim of protecting their own interests, not the interests of local residents and the island?

    Submitted: 15.10.2024

    Last updated: 23 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Conditional loans to the Palestinian Authority – E-002117/2024

    Source: European Parliament

    16.10.2024

    Question for written answer  E-002117/2024
    to the Commission
    Rule 144
    Marc Botenga (The Left), Rudi Kennes (The Left), Vicent Marzà Ibáñez (Verts/ALE), Merja Kyllönen (The Left), Matjaž Nemec (S&D), Mounir Satouri (Verts/ALE), Irena Joveva (Renew), Özlem Demirel (The Left), Jaume Asens Llodrà (Verts/ALE), Cecilia Strada (S&D), Emma Fourreau (The Left), Konstantinos Arvanitis (The Left), Saskia Bricmont (Verts/ALE), Mimmo Lucano (The Left), Catarina Martins (The Left), Lynn Boylan (The Left), Kathleen Funchion (The Left), Giorgos Georgiou (The Left), Irene Montero (The Left), Isabel Serra Sánchez (The Left), Luke Ming Flanagan (The Left), Ilaria Salis (The Left), Rima Hassan (The Left), Per Clausen (The Left), Leila Chaibi (The Left), Tineke Strik (Verts/ALE)

    On 30 September 2024, Parliament’s Committee on Foreign Affairs invited Mr Gert Jan Koopman, Director-General of the Commission’s Directorate-General for Neighbourhood and Enlargement Negotiations (DG NEAR), to exchange views. Mr Koopman explained how the EU would change the way in which the Palestinian Authority is financed, moving away from grants to loans made conditional on reforms being carried out. He affirmed that the conditions attached should enable the EU to play a more important political role in the region.

    • 1.Can the Commission clarify which of the conditions set out in the letter of intent will enable the EU to play a greater role?
    • 2.What other conditions has the Commission, through DG NEAR, put forward that were not included in the letter of intent?
    • 3.In the Commission’s view, what are the reasons for the delay in transferring the funds?

    Supporters[1]

    Submitted: 16.10.2024

    • [1] This question is supported by Members other than the authors: Dario Tamburrano (The Left), Estrella Galán (The Left)
    Last updated: 23 October 2024

    MIL OSI Europe News

  • MIL-OSI: TeraWulf Inc.’s Board of Directors Authorizes $200 Million Share Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    EASTON, Md., Oct. 23, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced that its Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $200 million of the Company’s outstanding shares of common stock through December 31, 2025.

    The share repurchase program reflects the Company’s confidence in its business strategy and financial health. TeraWulf intends to repurchase shares using excess cash, prioritizing this initiative after disciplined capital expenditures aimed at supporting organic growth in HPC/AI and evaluating strategic opportunities, such as potential site acquisitions.

    “We have taken decisive steps to strengthen our balance sheet, including fully retiring our debt earlier this year, while making substantial progress in executing our business strategy,” said Paul Prager, Chief Executive Officer of TeraWulf. “These achievements reinforce our confidence in TeraWulf’s long-term vision. With a stronger financial foundation, we are well-positioned to optimize our capital allocation. The Board’s approval of a $200 million share repurchase program over the next year highlights our commitment to creating value for stockholders and driving profitable growth, all while delivering strong returns.”

    When determining the amount of capital to be allocated to share repurchases, TeraWulf will consider various factors, including historical and projected business performance, cash flow, liquidity, and prevailing global economic and market conditions. The Company will also assess the market price of its common stock.

    The timing, method, price, and volume of any share repurchases will be at the Company’s discretion. Purchases may be made through open market transactions, privately negotiated transactions, or through investment banking structures, among other avenues, subject to applicable laws. The Company is not obligated to repurchase a specific number of shares and retains the right to modify, suspend, or discontinue the program at any time.

    About TeraWulf

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

    Forward-Looking Statements

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

    Investors:
    Investors@terawulf.com

    Media:
    media@terawulf.com

    The MIL Network

  • MIL-OSI: Goosehead Insurance, Inc. Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

       Total Revenue Increased 10% and Core Revenue* Grew 16% over the Prior-Year Period –

       Total Written Premium increased 28% to $1.03 billion over the Prior-Year Period

    –   Net Income of $12.6 million versus Net Income of $11.3 million a year ago –

       Adjusted EBITDA* of $26.1 million versus $22.4 million in the Prior-Year Period –

    WESTLAKE, Texas, Oct. 23, 2024 (GLOBE NEWSWIRE) — Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the third quarter ended September 30, 2024.

    Third Quarter 2024 Highlights

    • Total Revenues grew 10% over the prior-year period to $78.0 million in the third quarter of 2024
    • Third quarter Core Revenues* of $73.5 million increased 16% over the prior-year period
    • Third quarter net income of $12.6 million improved from net income of $11.3 million a year ago
    • EPS of $0.31 per share increased from $0.29 in the prior-year period, and Adjusted EPS* of $0.50 per share increased 10% over the prior-year period
    • Net Income Margin for the third quarter was 16%
    • Adjusted EBITDA* of $26.1 million increased from $22.4 million in the prior-year period
    • Adjusted EBITDA Margin* increased versus the prior-year period to 34%
    • Total Written Premiums placed for the third quarter increased 28% over the prior-year period to $1.03 billion
    • Policies in Force increased 12% from the prior-year period to approximately 1,636,000
    • Corporate agent headcount of 458 was up 45% compared to the prior-year period
    • Total franchise producers of 2,093 increased 4% from the prior-year period and 5% compared to second quarter 2024

    *Core Revenue, Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Core Revenue to total revenues, Adjusted EPS to basic earnings per share and Adjusted EBITDA to net income, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the reconciliation table accompanying this release.

    “We delivered an outstanding third quarter result in the face of continued macro headwinds related to product availability and real estate as well as severe weather events which temporarily impacted production across several large states,” stated Mark Miller, President and CEO. “For the quarter, total revenue grew 10%, core revenue grew 16%, net income margin was 16% and adjusted EBITDA margin expanded to 34%, up from 32% in the year ago quarter. This marked the first time we have generated over $1 billion of premium in a single quarter, with 28% growth over the prior year, a great milestone for the company. We are seeing strong momentum in a number of our key performance indicators that we expect will drive future growth, including franchise productivity, total producer headcount and policy in force growth rates. We have also stabilized our client retention levels in the quarter at 84%, despite continued market challenges. I’m extremely pleased with the tremendous accomplishments of the organization over the past 2 years driven by our exceptional people and industry leading technology. We are well positioned for a strong finish to 2024 and faster growth in 2025 and beyond as we progress to our goal of being the largest distributor of personal lines in the US.”

    Third Quarter 2024 Results
    For the third quarter of 2024, revenues were $78.0 million, an increase of 10% compared to the corresponding period in 2023. Core Revenues, a non-GAAP measure which excludes contingent commissions, initial franchise fees, interest income, and other income, were $73.5 million, a 16% increase from $63.1 million in the prior-year period. Core Revenues are the most reliable revenue stream for the Company, consisting of New Business Commissions, Agency Fees, New Business Royalty Fees, Renewal Commissions, and Renewal Royalty Fees. Core Revenue growth was driven by improved franchise productivity, increased corporate agent headcount, client retention of 84%, and rising premium rates. The Company grew total written premiums, which we consider to be the leading indicator of future revenue growth, by 28% in the third quarter.

    Total operating expenses, excluding equity-based compensation, depreciation and amortization, and impairment expenses for the third quarter of 2024 were $51.9 million, up 7% from $48.6 million in the prior-year period. The increase from the prior period was due to increased employee compensation and benefits expenses related to investments in corporate producers, partnership, technology, and service functions. General and administrative expenses, excluding impairment, increased to $15.2 million from $14.8 million primarily due to investments in technology and systems to drive growth and continue to improve the client experience. Equity-based compensation increased to $7.1 million for the period, compared to $6.5 million a year ago. Bad debt expense of $0.6 million decreased from $0.8 million a year ago.

    Net income in the third quarter of 2024 was $12.6 million versus net income of $11.3 million a year ago. Earnings per share and Net Income Margin for the third quarter of 2024 were $0.31 and 16%, respectively. Adjusted EPS for the third quarter of 2024, which excludes equity-based compensation and impairment expense, was $0.50 per share. Total Adjusted EBITDA was $26.1 million for the third quarter of 2024 compared to $22.4 million in the prior-year period. Adjusted EBITDA Margin of 34% increased compared to the prior-year period.

    Liquidity and Capital Resources
    As of September 30, 2024, the Company had cash and cash equivalents of $47.5 million. We had an unused line of credit of $74.8 million as of September 30, 2024. Total outstanding term note payable balance was $95.6 million as of September 30, 2024. During the quarter ended September 30, 2024, the Company did not repurchase any shares of Class A common stock. As of September 30, 2024, $36.8 million remains available under the share repurchase authorization.

    2024 Outlook
    The Company is raising its guidance for full year 2024 as follows:

    • Total written premiums placed for 2024 are expected to be between $3.70 billion and $3.82 billion, representing growth of 25% on the low end of the range to 29% on the high end of the range.
    • Total revenues for 2024 are expected to be between $295 million and $310 million, representing growth of 13% on the low end of the range to 19% on the high end of the range.
    • Adjusted EBITDA Margin is expected to expand for the full year 2024.

    Conference Call Information
    Goosehead will host a conference call and webcast today at 4:30 PM ET to discuss these results.

    To access the call by phone, participants should go to this link (registration link), and you will be provided with the dial in details.

    In addition, a live webcast of the conference call will also be available on Goosehead’s investor relations website at http://ir.goosehead.com.

    A webcast replay of the call will be available at http://ir.goosehead.com for one year following the call.

    About Goosehead

    Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 150 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.

    Forward-Looking Statements

    This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Goosehead’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.

    Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, conditions impacting insurance carriers or other parties with which Goosehead does business, the loss of one or more key executives or an inability to attract and retain qualified personnel and the failure to attract and retain highly qualified franchisees. These risks and uncertainties also include, but are not limited to, those described under the captions “1A. Risk Factors” in Goosehead’s Annual Report on Form 10-K for the year ended December 31, 2023 and in Goosehead’s other filings with the SEC, which are available free of charge on the Securities Exchange Commission’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Goosehead or to persons acting on behalf of Goosehead are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Goosehead does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

    Contacts
    Investor Contact:
    Dan Farrell
    Goosehead Insurance – VP Capital Markets
    Phone: (214) 838-5290
    Email: dan.farrell@goosehead.com; IR@goosehead.com;

    PR Contact:
    Mission North for Goosehead Insurance
    Email: goosehead@missionnorth.com; PR@goosehead.com

     
    Goosehead Insurance, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except per share amounts)
             
        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Revenues:                
    Commissions and agency fees   $ 30,942     $ 31,980     $ 88,782     $ 88,637  
    Franchise revenues     46,862       38,729       131,076       108,490  
    Interest income     231       321       725       1,135  
    Total revenues     78,035       71,030       220,583       198,262  
    Operating Expenses:                
    Employee compensation and benefits     43,217       39,436       127,898       113,801  
    General and administrative expenses     15,201       14,831       49,236       48,019  
    Bad debts     565       797       2,345       3,352  
    Depreciation and amortization     2,614       2,352       7,814       6,817  
    Total operating expenses     61,597       57,416       187,293       171,989  
    Income from operations     16,438       13,614       33,290       26,273  
    Other Income:                
    Interest expense     (2,060 )     (1,617 )     (5,529 )     (5,057 )
    Other income (expense)     544             (5,742 )      
    Income before taxes     14,922       11,997       22,019       21,216  
    Tax (benefit) expense     2,315       724       (3,272 )     2,944  
    Net income     12,607       11,273       25,291       18,272  
    Less: net income attributable to non-controlling interests     5,048       4,339       9,720       7,753  
    Net income attributable to Goosehead Insurance, Inc.   $ 7,559     $ 6,934     $ 15,571     $ 10,519  
    Earnings per share:                
    Basic   $ 0.31     $ 0.29     $ 0.63     $ 0.44  
    Diluted   $ 0.29     $ 0.28     $ 0.58     $ 0.43  
    Weighted average shares of Class A common stock outstanding                
    Basic     24,293       24,124       24,689       23,674  
    Diluted     37,942       24,891       38,269       24,274  
                                     
     
    Goosehead Insurance, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except per share amounts)
             
        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Revenues:                
    Core Revenue:                
    Renewal Commissions(1)   $ 20,215     $ 19,036     $ 56,767     $ 53,395  
    Renewal Royalty Fees(2)     38,070       30,040       103,951       80,344  
    New Business Commissions(1)     6,249       6,125       18,612       17,899  
    New Business Royalty Fees(2)     6,994       5,910       20,396       17,819  
    Agency Fees(1)     1,989       2,008       6,036       6,642  
    Total Core Revenue     73,516       63,119       205,762       176,099  
    Cost Recovery Revenue:                
    Initial Franchise Fees(2)     1,413       2,430       5,288       8,780  
    Interest Income     231       321       725       1,135  
    Total Cost Recovery Revenue     1,644       2,751       6,013       9,915  
    Ancillary Revenue:                
    Contingent Commissions(1)     2,490       4,811       7,367       10,701  
    Other Franchise Revenues(2)     385       349       1,440       1,547  
    Total Ancillary Revenue     2,875       5,160       8,808       12,248  
    Total Revenues     78,035       71,030       220,583       198,262  
    Operating Expenses:                
    Employee compensation and benefits, excluding equity-based compensation     36,124       32,977       106,816       94,850  
    General and administrative expenses, excluding impairment     15,201       14,831       48,889       44,391  
    Bad debts     565       797       2,345       3,352  
    Total     51,890       48,605       158,050       142,593  
    Adjusted EBITDA     26,145       22,425       62,533       55,669  
    Adjusted EBITDA Margin     34 %     32 %     28 %     28 %
                     
    Interest expense     (2,060 )     (1,617 )     (5,529 )     (5,057 )
    Depreciation and amortization     (2,614 )     (2,352 )     (7,814 )     (6,817 )
    Tax benefit (expense)     (2,315 )     (724 )     3,272       (2,944 )
    Equity-based compensation     (7,093 )     (6,459 )     (21,082 )     (18,951 )
    Impairment expense                 (347 )     (3,628 )
    Other income (expense)     544             (5,742 )      
    Net Income   $ 12,607     $ 11,273     $ 25,291     $ 18,272  
    Net Income Margin     16 %     16 %     11 %     9 %
                                     

    (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q for the three and nine months ended September 30, 2024 and 2023.
    (2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q for the three and nine months ended September 30, 2024 and 2023.

     
    Goosehead Insurance, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited)
    (In thousands, except per share amounts)
             
        September 30,   December 31,
        2024   2023
    Assets        
    Current Assets:        
    Cash and cash equivalents   $ 47,544     $ 41,956  
    Restricted cash     2,568       2,091  
    Commissions and agency fees receivable, net     9,679       12,903  
    Receivable from franchisees, net     11,261       9,720  
    Prepaid expenses     5,701       7,889  
    Total current assets     76,753       74,559  
    Receivable from franchisees, net of current portion     3,644       9,269  
    Property and equipment, net of accumulated depreciation     25,369       30,316  
    Right-of-use asset     34,134       38,406  
    Intangible assets, net of accumulated amortization     23,230       17,266  
    Deferred income taxes, net     190,368       181,209  
    Other assets     4,565       3,867  
    Total assets   $ 358,063     $ 354,892  
    Liabilities and Stockholders’ Equity        
    Current Liabilities:        
    Accounts payable and accrued expenses   $ 19,259     $ 16,398  
    Premiums payable     2,568       2,091  
    Lease liability     9,297       8,897  
    Contract liabilities     3,337       4,129  
    Note payable     10,063       9,375  
    Liabilities under tax receivable agreement     4,948        
    Total current liabilities     49,472       40,890  
    Lease liability, net of current portion     50,249       57,382  
    Note payable, net of current portion     84,639       67,562  
    Contract liabilities, net of current portion     15,710       22,970  
    Liabilities under tax receivable agreement, net of current portion     155,748       149,302  
    Total liabilities     355,818       338,106  
    Class A common stock, $0.01 par value per share – 300,000 shares authorized, 24,369 shares issued and outstanding as of September 30, 2024, 24,966 shares issued and outstanding as of December 31, 2023     244       250  
    Class B common stock, $0.01 par value per share – 50,000 shares authorized, 12,722 issued and outstanding as of September 30, 2024, 12,954 shares issued and outstanding as of December 31, 2023     127       130  
    Additional paid in capital     89,005       103,228  
    Accumulated deficit     (31,029 )     (47,056 )
    Total stockholders’ equity     58,347       56,552  
    Non-controlling interests     (56,102 )     (39,766 )
    Total equity     2,245       16,786  
    Total liabilities and equity   $ 358,063     $ 354,892  
                     

    Goosehead Insurance, Inc.
    Reconciliation Non-GAAP Measures to GAAP

    This release includes Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS that are not required by, nor presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The Company refers to these measures as “non-GAAP financial measures.” The Company uses these non-GAAP financial measures when planning, monitoring and evaluating its performance and considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax position, depreciation, amortization and certain other items that the Company believes are not representative of its core business. The Company uses Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS for business planning purposes and in measuring its performance relative to that of its competitors.

    These non-GAAP financial measures are defined by the Company as follows:

    • “Core Revenue” is a supplemental measure of our performance and includes Renewal Commissions, Renewal Royalty Fees, New Business Commissions, New Business Royalty Fees, and Agency Fees. We believe that Core Revenue is an appropriate measure of operating performance because it summarizes all of our revenues from sales of individual insurance policies.
    • “Cost Recovery Revenue” is a supplemental measure of our performance and includes Initial Franchise Fees and Interest Income. We believe that Cost Recovery Revenue is an appropriate measure of operating performance because it summarizes revenues that are viewed by management as cost recovery mechanisms.
    • “Ancillary Revenue” is a supplemental measure of our performance and includes Contingent Commissions and Other Income. We believe that Ancillary Revenue is an appropriate measure of operating performance because it summarizes revenues that are ancillary to our core business.
    • “Adjusted EBITDA” is a supplemental measure of the Company’s performance. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of items that do not relate to business performance. Adjusted EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation and amortization, adjusted to exclude equity-based compensation, impairment expense, and other non-operating items, including, among other things, certain non-cash charges and certain non-recurring or non-operating gains or losses.
    • “Adjusted EBITDA Margin” is Adjusted EBITDA as defined above, divided by total revenue excluding other non-operating items. Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level.
    • “Adjusted EPS” is a supplemental measure of our performance, defined as earnings per share (the most directly comparable GAAP measure) before non-recurring or non-operating income and expenses. Adjusted EPS is a useful measure to management because it eliminates the impact of items that do not relate to business performance and helps measure our profitability on a consolidated level.

    While the Company believes that these non-GAAP financial measures are useful in evaluating its business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues, net income, or earnings per share, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in the Company’s industry, may calculate such measures differently, which reduces their usefulness as comparative measures.

    The following tables show a reconciliation from total revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue (non-GAAP basis) for the three and nine months ended September 30, 2024 and 2023 (in thousands):

      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
      2024
      2023
      2024
      2023
    Total Revenues $ 78,035     $ 71,030     $ 220,583     $ 198,262  
                   
    Core Revenue:              
    Renewal Commissions(1) $ 20,215     $ 19,036     $ 56,767     $ 53,395  
    Renewal Royalty Fees(2)   38,070       30,040       103,951       80,344  
    New Business Commissions(1)   6,249       6,125       18,612       17,899  
    New Business Royalty Fees(2)   6,994       5,910       20,396       17,819  
    Agency Fees(1)   1,989       2,008       6,036       6,642  
    Total Core Revenue   73,516       63,119       205,762       176,099  
    Cost Recovery Revenue:              
    Initial Franchise Fees(2)   1,413       2,430       5,288       8,780  
    Interest Income   231       321       725       1,135  
    Total Cost Recovery Revenue   1,644       2,751       6,013       9,915  
    Ancillary Revenue:              
    Contingent Commissions(1)   2,490       4,811       7,367       10,701  
    Other Franchise Revenues(2)   385       349       1,440       1,547  
    Total Ancillary Revenue   2,875       5,160       8,808       12,248  
    Total Revenues $ 78,035     $ 71,030     $ 220,583     $ 198,262  
                                   

    (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Condensed Consolidated Statements of Operations.
    (2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Condensed Consolidated Statements of Operations.

    The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP basis) for the three and nine months ended September 30, 2024 and 2023 (in thousands):

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Net Income   $ 12,607     $ 11,273     $ 25,291     $ 18,272  
    Interest expense     2,060       1,617       5,529       5,057  
    Depreciation and amortization     2,614       2,352       7,814       6,817  
    Tax (benefit) expense     2,315       724       (3,272 )     2,944  
    Equity-based compensation     7,093       6,459       21,082       18,951  
    Impairment expense                 347       3,628  
    Other (income) expense     (544 )           5,742        
    Adjusted EBITDA   $ 26,145     $ 22,425     $ 62,533     $ 55,669  
    Net Income Margin(1)     16 %     16 %     11 %     9 %
    Adjusted EBITDA Margin(2)     34 %     32 %     28 %     28 %
                                     

    (1) Net Income Margin is calculated as Net Income divided by Total Revenue ($12,607/$78,035) and ($11,273/$71,030) for the three months ended September 30, 2024 and 2023. Net Income Margin is calculated as Net Income divided by Total Revenue ($25,291/$220,583) and ($18,272/$198,262) for the nine months ended September 30, 2024 and 2023.
    (2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($26,145/$78,035), and ($22,425/$71,030) for the three months ended September 30, 2024 and 2023, respectively. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($62,533/$220,583), and ($55,669/$198,262) for the nine months ended September 30, 2024 and 2023.

    The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three and nine months ended September 30, 2024 and 2023. Note that totals may not sum due to rounding:

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024
      2023
      2024
      2023
    Earnings per share – basic (GAAP)   $ 0.31     $ 0.29     $ 0.63     $ 0.44  
    Add: equity-based compensation(1)     0.19       0.17       0.56       0.50  
    Add: impairment expense(2)                 0.01       0.10  
    Adjusted EPS (non-GAAP)   $ 0.50     $ 0.46     $ 1.20     $ 1.04  
                                     

    (1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$7.1 million/(24.3 million + 12.7 million)] for the three months ended September 30, 2024 and [$6.5 million/ (24.1 million + 13.6 million)] for the three months ended September 30, 2023. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$21.1 million/(24.7 million + 12.8 million)] for the nine months ended September 30, 2024 and [$19.0 million/ (23.7 million + 14.0 million)] for the nine months ended September 30, 2023.
    (2) Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$0.3 million/(24.7 million + 12.8 million)] for the nine months ended September 30, 2024. Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$3.6 million/(23.7 million + 14.0 million)] for the nine months ended September 30, 2023. No impairment was recorded for the three months ended September 30, 2024 and three months ended September 30, 2023.

     
    Goosehead Insurance, Inc.
    Key Performance Indicators
                 
        September 30, 2024   December 31, 2023   September 30, 2023
    Corporate sales agents < 1 year tenured     277       135       132  
    Corporate sales agents > 1 year tenured     181       165       184  
    Operating franchises < 1 year tenured     93       183       254  
    Operating franchises > 1 year tenured     1,023       1,043       1,031  
    Total Franchise Producers     2,093       1,957       2,008  
    QTD Corporate Agent Productivity < 1 Year(1)   $ 15,570     $ 13,789     $ 16,266  
    QTD Corporate Agent Productivity > 1 Year(1)   $ 28,887     $ 25,738     $ 28,963  
    QTD Franchise Productivity < 1 Year(2)   $ 22,303     $ 10,975     $ 9,583  
    QTD Franchise Productivity > 1 Year(2)   $ 29,950     $ 21,103     $ 22,305  
    Policies in Force     1,636,000       1,486,000       1,456,000  
    Client Retention     84 %     86 %     87 %
    Premium Retention     99 %     101 %     102 %
    QTD Written Premium (in thousands)   $ 1,028,736     $ 756,082     $ 802,939  
    Net Promoter Score (“NPS”)     90       92       92  
                             

    (1) – Corporate Productivity is New Business Production per Agent (Corporate): The New Business Revenue collected related to corporate sales, divided by the average number of full-time corporate sales agents for the same period. This calculation excludes interns, part-time sales agents and partial full-time equivalent sales managers.
    (2) – Franchise Productivity is New Business Production per Franchise: The gross commissions paid by Carriers and Agency Fees received related to policies in their first term sold by franchise sales agents, divided by the average number of franchises for the same period, prior to paying Royalty Fees to the Company.

    The MIL Network

  • MIL-OSI: Credit Acceptance Announces Timing of Third Quarter 2024 Earnings Release and Webcast

    Source: GlobeNewswire (MIL-OSI)

    Southfield, Michigan, Oct. 23, 2024 (GLOBE NEWSWIRE) — Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today that we expect to issue a news release with our third quarter 2024 earnings on Wednesday, October 30, 2024, after the market closes. A webcast is scheduled for Thursday, October 31, 2024, at 8:30 a.m. Eastern Time to discuss third quarter 2024 earnings.  

    Conference Call and Webcast Information:
    Date: Thursday, October 31, 2024
    Time: 8:30 a.m. Eastern Time

    Telephone Access: 

    Only persons accessing the webcast by telephone will be able to pose questions to the presenters during the webcast. To participate by telephone, you must pre-register using the following link:

    https://register.vevent.com/register/BIc3f0d088751f49af853a2c2511fe2362

    or through the link posted on the “Investor Relations” section of our website at ir.creditacceptance.com. Upon registering you will be provided with the dial-in number and a unique PIN to access the webcast by telephone.

    Webcast Access:
    The webcast can also be accessed live by visiting the “Investor Relations” section of our website at ir.creditacceptance.com.

    Additionally, a replay and transcript of the webcast will be archived in the “Investor Relations” section of our website.

    Description of Credit Acceptance Corporation

    We make vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing.

    Without our financing programs, consumers are often unable to purchase vehicles or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the Nasdaq Stock Market under the symbol CACC. For more information, visit creditacceptance.com.

    The MIL Network

  • MIL-OSI: TeraWulf Inc. Announces Proposed Private Offering of $350 Million of Convertible Notes

    Source: GlobeNewswire (MIL-OSI)

    EASTON, Md., Oct. 23, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced that it intends to offer, subject to market conditions and other factors, $350 million aggregate principal amount of convertible senior notes due 2030 (the “Convertible Notes”) in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).

    TeraWulf also expects to grant the initial purchasers of the Convertible Notes an option to purchase, within a 13-day period beginning on, and including the date on which the Convertible Notes are first issued, up to an additional $75 million aggregate principal amount of the Convertible Notes. The offering is subject to market and other conditions, and there can be no assurance as to whether, when or on what terms the offering may be completed. 

    The Company intends to use the net proceeds from the offering to pay the cost of the capped call transactions (as described below), to repurchase shares of the Company’s common stock (the “common stock”) and for general corporate purposes.

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

    The Convertible Notes will be convertible into cash in respect of the aggregate principal amount of the Convertible Notes to be converted and cash, shares of the common stock or a combination of cash and shares of the common stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted. The initial conversion rate, interest rate and other terms of the Convertible Notes will be determined at the time of pricing in negotiations with the initial purchasers of the Convertible Notes.

    In connection with the pricing of the Convertible Notes, the Company expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers of the Convertible Notes and/or other financial institutions (the “option counterparties”). If the initial purchasers of the Convertible Notes exercise their option to purchase additional Convertible Notes, the Company expects to use a portion of the net proceeds from the sale of the additional Convertible Notes to enter into additional capped call transactions with the option counterparties.

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

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

    The Company expects to repurchase the shares of common stock from purchasers of the Convertible Notes in privately negotiated transactions effected concurrently with the pricing of the Convertible Notes, and the Company expects the purchase price per share of the common stock repurchased in such transactions to equal the closing price per share of the common stock on the date the offering of the Convertible Notes is priced.

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

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

    About TeraWulf

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

    Forward-Looking Statements

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

    Investors:
    Investors@terawulf.com

    Media:
    media@terawulf.com

    The MIL Network

  • MIL-OSI: American Coastal Insurance Corporation Provides Hurricane Loss Updates and Schedules Release of Third Quarter 2024 Financial Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    ST. PETERSBURG, Fla., Oct. 23, 2024 (GLOBE NEWSWIRE) — American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) (“the Company”, “American Coastal” or “ACIC”) the insurance holding company of American Coastal Insurance Company (“AmCoastal”), announced estimated hurricane losses for the 2024 third and fourth quarters. The Company also expects to release its financial results for the third quarter ended September 30, 2024, on Wednesday, November 6, 2024, after the close of the market, and will conduct its quarterly conference call at 5:00 p.m. ET.

    2024 Third Quarter Update:

    The Company estimates net current accident quarter catastrophe losses incurred stemming from Hurricanes Debby and Helene in the third quarter of 2024 to be approximately $3.8 million, net of tax impacts. $2.4 million of this impact from Helene is retained by AmCoastal, with $1.4 million being retained by the Company’s captive reinsurance entity. The Company does not expect losses from Debby or Helene to reach the excess of loss layers of AmCoastal’s reinsurance program and expects to deliver positive net income for the third quarter of 2024.

    2024 Fourth Quarter Update:

    The Company estimates net current accident quarter catastrophe losses incurred stemming from Hurricane Milton in the fourth quarter of 2024 to be approximately $16.2 million, net of tax impacts. $7.9 million of this impact from Milton is retained by AmCoastal, with $8.3 million being retained by the Company’s captive reinsurance entity. The Company also expects to incur approximately $13 million of reinstatement premiums that will be amortized as ceded premiums earned over the remaining eight month coverage period, from October 2024 through May 2025.

    “Hurricanes Helene and Milton were severe storms with devastating impact, and our primary focus is on servicing our policyholders. ACIC’s underwriting discipline and robust reinsurance program serve to protect AmCoastal’s balance sheet and reduce volatility from the active Atlantic hurricane season. We estimate a gross loss between $150 and $200 million from Milton, leaving 100 percent of AmCoastal’s $1.26 billion occurrence based reinsurance tower available for subsequent catastrophe events. With AmCoastal’s reinsurance tower fully intact and a lower $10.3 million retention on potential second and third events, net of tax impacts, the Company remains strongly positioned for the remainder of the 2024 Atlantic hurricane season, and is expected to remain profitable in the fourth quarter, despite Milton’s impact,” said Brad Martz, President of American Coastal.

    Third Quarter 2024 Conference Call Details:

    The conference call will include live remarks followed by a question and answer (Q&A) session. Interested parties are invited to participate in the conference call and should dial-in 10 minutes before the conference call is scheduled to begin.

    Wednesday, November 6, 2024 – 5:00 p.m. ET

    Participant Dial-In Numbers:

    United States: 877-445-9755
    International: 201-493-6744

    To listen to the conference call via webcast, please visit the Company website and click on the webcast link at the top of the page or click here. The webcast will be archived and accessible for approximately 30 days following the call.

    About American Coastal Insurance Corporation:
    American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, Exceptional’ from Demotech, and maintains an “A-” insurance financial strength rating with a Stable outlook by Kroll. ACIC maintains a ‘BB+’ issuer rating with a Stable outlook by Kroll.

    Contact Information:
    Alexander Baty
    Vice President, Finance & Investor Relations, American Coastal Insurance Corporation
    investorrelations@amcoastal.com
    (727) 425-8076        

    Karin Daly
    Investor Relations, Vice President, The Equity Group
    kdaly@equityny.com
    (212) 836-9623

    The MIL Network

  • MIL-OSI: LiveRamp to Discuss Second Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 23, 2024 (GLOBE NEWSWIRE) — LiveRamp® (NYSE: RAMP), the leading global data collaboration platform, today announced that its fiscal 2025 second quarter financial results will be released on Wednesday, November 6, 2024 after the financial markets close. A conference call to discuss the results will be held on the same day at 1:30 p.m. PT.

    A live webcast of the conference call can be accessed on the LiveRamp Investor Relations website.

    Additionally, the conference call can be accessed via the telephone by dialing (800) 715-9871 or (646) 307-1963. The conference call ID is 9668872.

    To automatically receive LiveRamp financial news by email, please visit the company’s Investor Relations website and subscribe to email alerts.

    About LiveRamp

    LiveRamp is the data collaboration platform of choice for the world’s most innovative companies. A groundbreaking leader in enterprise identity, LiveRamp offers a connected customer view with clarity and context while protecting brand and consumer trust. We offer flexibility to collaborate wherever data lives to support a wide range of data collaboration use cases—within organizations, between brands, and across our global network of premier partners. Global innovators, from iconic consumer brands and tech platforms to retailers, financial services, and healthcare leaders, turn to LiveRamp to deepen customer engagement and loyalty, activate new partnerships, and maximize the value of their first-party data while staying on the forefront of rapidly evolving compliance and privacy requirements. LiveRamp is based in San Francisco, California with offices worldwide. Learn more at LiveRamp.com.

    For more information, contact:
    Drew Borst
    LiveRamp Investor Relations
    Investor.Relations@LiveRamp.com

    The MIL Network

  • MIL-OSI: QCR Holdings, Inc. Announces Net Income of $27.8 Million for the Third Quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter 2024 Highlights

    • Net income of $27.8 million, or $1.64 per diluted share
    • Adjusted net income of $30.3 million or $1.78 per diluted share (non-GAAP) resulting in an adjusted ROAA (non-GAAP) of 1.35%
    • Significant increase in net interest income of $3.6 million from the prior quarter, or 6%
    • Net interest margin expanded by 8 basis points to 3.34% adjusted NIM (TEY) (non-GAAP)
    • Continued strong capital markets revenue of $16.3 million
    • Tangible book value (non-GAAP) per share grew $2.35, or 20% annualized
    • TCE/TA ratio (non-GAAP) improved 24 basis points to 9.24%

    MOLINE, Ill., Oct. 23, 2024 (GLOBE NEWSWIRE) — QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced quarterly net income of $27.8 million and diluted earnings per share (“EPS”) of $1.64 for the third quarter of 2024, compared to net income of $29.1 million and diluted EPS of $1.72 for the second quarter of 2024.

    Adjusted net income (non-GAAP) and adjusted diluted EPS (non-GAAP) for the third quarter of 2024 were $30.3 million and $1.78, respectively. For the second quarter of 2024, adjusted net income (non-GAAP) was $29.3 million and adjusted diluted EPS (non-GAAP) was $1.73. For the third quarter of 2023, adjusted net income (non-GAAP) was $25.4 million, and adjusted diluted EPS (non-GAAP) was $1.51.

      For the Quarter Ended  
      September 30, June 30, September 30,  
    $ in millions (except per share data) 2024 2024 2023  
    Net Income $ 27.8 $ 29.1 $ 25.1  
    Diluted EPS $ 1.64 $ 1.72 $ 1.49  
    Adjusted Net Income (non-GAAP)* $ 30.3 $ 29.3 $ 25.4  
    Adjusted Diluted EPS (non-GAAP)* $ 1.78 $ 1.73 $ 1.51  
     

    *Adjusted non-GAAP measurements of financial performance exclude non-core and/or nonrecurring income and expense items that management believes are not reflective of the anticipated future operation of the Company’s business. The Company believes these adjusted measurements provide a better comparison for analysis and may provide a better indicator of future performance. See GAAP to non-GAAP reconciliations.

    “We produced exceptional third quarter results, highlighted by our significant growth in net interest income and margin expansion. We also had another quarter of strong capital markets and wealth management revenue,” said Larry J. Helling, Chief Executive Officer. “In addition, we grew core deposits, maintained our excellent asset quality, and significantly increased our tangible book value per share.”

    Net Interest Income Grew 6% and Net Interest Margin Expanded 8 Basis Points

    Net interest income for the third quarter of 2024 totaled $59.7 million, an increase of $3.6 million from the second quarter of 2024, driven by strong growth in loans and investments combined with margin expansion. Loan yields increased and funding costs were stable. Loan discount accretion was $463 thousand during the third quarter of 2024, an increase of $195 thousand from the prior quarter.

    Net interest margin (“NIM”) was 2.90% and NIM on a tax-equivalent yield (“TEY”) basis (non-GAAP) was 3.37% for the third quarter, as compared to 2.82% and 3.27% for the prior quarter, respectively. Adjusted NIM TEY (non-GAAP) of 3.34% for the third quarter of 2024, represented an increase of 8 basis points from 3.26% for the second quarter of 2024.  

    “Our adjusted NIM, on a tax equivalent yield basis (non-GAAP), expanded by 8 basis points from the second quarter to 3.34% and exceeded the upper end of our guidance range,” said Todd A. Gipple, President and Chief Financial Officer. “We are very pleased with another quarter of NIM expansion. Looking ahead, we anticipate continued growth in net interest income and are guiding to further fourth quarter adjusted NIM TEY (non-GAAP) expansion in a range of between 2 to 7 basis points.”

    Strong Noninterest Income Including $16.3 Million of Capital Markets Revenue

    Noninterest income for the third quarter of 2024 totaled $27.2 million, a decrease from $30.9 million in the second quarter of 2024. The Company delivered $16.3 million of capital markets revenue in the quarter compared to $17.8 million in the prior quarter. Capital markets revenue was impacted by a $473 thousand loss from the execution of our third securitization during the quarter, a more modest loss than our prior guidance. Wealth management revenue was $4.5 million for the quarter, a 17% annualized increase from the second quarter. Additionally, the Company recorded $2.2 million of income from bank-owned life insurance policy proceeds in the second quarter of 2024 which did not recur during the third quarter of 2024.

    “Our capital markets business delivered strong results driven by the swap fees from our low-income housing tax credit (“LIHTC”) lending program. The demand for affordable housing remains strong, which supports the sustainability of our LIHTC lending program,” added Mr. Gipple. “Our LIHTC lending pipelines, and the associated capital markets revenue remain robust. Additionally, our wealth management business continues to grow from new client additions and increased assets under management as we expand our market share.”

    During the third quarter, the Company executed a derivative strategy with a notional value of $410 million. These derivatives are designed to safeguard the Company’s regulatory capital ratios against the adverse effects of a significant decline in long-term interest rates. These derivatives are unhedged and are marked-to-market, with gains or losses recorded in noninterest income and reflected as a non-core item. For the quarter, the Company recorded a $414 thousand loss on these derivatives.

    Well Controlled Noninterest Expenses of $53.6 Million Impacted by m2 Equipment Finance Decision

    Noninterest expense for the third quarter of 2024 totaled $53.6 million, compared to $49.9 million for the second quarter and $51.1 million for the third quarter of 2023. The linked-quarter increase was primarily due to the previously announced one-time restructuring and goodwill impairment charges related to the decision to discontinue offering new loans and leases at m2 Equipment Finance, LLC (“m2”).  

    “Our core expenses, excluding m2 one-time charges, were $51.2 million, an increase of $1.3 million, and within our guidance range of $49 to $52 million,” said Mr. Gipple. The linked quarter increase in core expenses for the quarter was primarily driven by higher incentive compensation and advertising expenses. Year-to-date core noninterest expenses remain well controlled, having increased only 2% annually. Excluding the one-time charges and other non-core items, the Company’s adjusted efficiency ratio (non-GAAP) was 58.5% in the third quarter.

    Strong Core Deposit Growth

    During the third quarter of 2024, the Company generated strong deposit growth with core deposits increasing by $166.3 million, or 10.3% annualized, to $6.6 billion. “Year-to-date, core deposits have increased by $398.3 million, which is an annualized growth rate of 8.5%. This is a result of our dedication to expanding market share and building new relationships in our markets,” added Mr. Helling.

    Continued Loan Growth

    During the third quarter of 2024, the Company’s total loans and leases held for investment increased by $53.5 million to $6.7 billion. At quarter end, the Company held $165.9 million of LIHTC loans held for sale in anticipation of the Company’s next loan securitization.

    “Our year-to-date total loan growth excluding the impact of the loans securitized during the third quarter, is 10.5% annualized which was just above our guidance range. Year-to-date loan growth, net of loans securitized, was 5.8% annualized”, added Mr. Helling. “With the continued strength of our markets and healthy pipeline, we are maintaining our loan growth target for the full year 2024 of 8% to 10%, prior to the loan securitizations closed in the third quarter and planned for in the fourth quarter.”  

    Asset Quality Remains Excellent

    The Company’s nonperforming assets (“NPAs”) to total assets ratio was 0.39% on September 30, 2024, unchanged from the prior quarter. NPAs totaled $35.7 million at the end of the third quarter of 2024, a $1.2 million increase from the prior quarter.

    The Company’s total criticized loans, a leading indicator of asset quality, declined by $15.3 million on a linked-quarter basis, and the ratio of criticized loans to total loans and leases as of September 30, 2024, improved to 2.20%, as compared to 2.41% as of June 30, 2024. This marks the fourth consecutive quarter of improvement, resulting in a $50 million reduction in total criticized balances.

    The Company recorded a total provision for credit losses of $3.5 million during the quarter, representing a decline of $2.0 million from the prior quarter. The reduction in the provision for credit losses during the quarter was primarily due to overall credit quality improvements. Net charge-offs were $3.4 million during the third quarter of 2024, an increase of $1.8 million from the prior quarter. The increase in net charge offs primarily resulted from loans and leases at m2. The allowance for credit losses to total loans held for investment decreased to 1.30% from 1.33% as of the prior quarter.

    Continued Strong Capital Levels and Outstanding Tangible Book Value Expansion

    As of September 30, 2024, the Company’s tangible common equity to tangible assets ratio (“TCE”) (non-GAAP) increased to 9.24%. The improvement in TCE was driven by strong earnings and an increase in accumulated other comprehensive income (“AOCI”). The total risk-based capital ratio decreased to 13.87% and the common equity tier 1 ratio decreased to 9.79% due to sizable loan and investment growth partially offset by strong earnings. By comparison, these ratios were 9.00%, 14.21%, and 9.92%, respectively, as of June 30, 2024. The Company remains focused on growing its regulatory capital and targeting TCE (non-GAAP) in the top quartile of its peer group.

    The Company’s tangible book value per share (non-GAAP) increased significantly by $2.35, or 20% annualized, during the third quarter of 2024. AOCI increased $12.1 million during the third quarter primarily due to declining interest rates. Tangible book value per share (non-GAAP) has grown by $5.19 year-to-date, for an annualized growth rate of nearly 16%. The combination of strong earnings, a modest dividend, and improved AOCI contributed to the improvement in tangible book value per share (non-GAAP).

    Conference Call Details
    The Company will host an earnings call/webcast tomorrow, October 24, 2024, at 10:00 a.m. Central Time. Dial-in information for the call is toll-free: 888-346-9286 (international 412-317-5253). Participants should request to join the QCR Holdings, Inc. call. The event will be available for replay through October 31, 2024. The replay access information is 877-344-7529 (international 412-317-0088); access code 4892655. A webcast of the teleconference can be accessed on the Company’s News and Events page at www.qcrh.com. An archived version of the webcast will be available at the same location shortly after the live event has ended.

    About Us
    QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company serving the Quad Cities, Cedar Rapids, Cedar Valley, Des Moines/Ankeny and Springfield communities through its wholly owned subsidiary banks. The banks provide full-service commercial and consumer banking and trust and wealth management services. Quad City Bank & Trust Company, based in Bettendorf, Iowa, commenced operations in 1994, Cedar Rapids Bank & Trust Company, based in Cedar Rapids, Iowa, commenced operations in 2001, Community State Bank, based in Ankeny, Iowa, was acquired by the Company in 2016, Springfield First Community Bank, based in Springfield, Missouri, was acquired by the Company in 2018, and Guaranty Bank, also based in Springfield, Missouri, was acquired by the Company and merged with Springfield First Community Bank in 2022, with the combined entity operating under the Guaranty Bank name. Additionally, the Company serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company. The Company has 36 locations in Iowa, Missouri, Wisconsin and Illinois. As of September 30, 2024, the Company had $9.1 billion in assets, $6.8 billion in loans and $7.0 billion in deposits. For additional information, please visit the Company’s website at www.qcrh.com.

    Special Note Concerning Forward-Looking Statements. This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “bode”, “predict,” “suggest,” “project”, “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,” “likely,” “might,” “potential,” “continue,” “annualized,” “target,” “outlook,” as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.  

    A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies (including effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the ongoing conflict in the Middle East and the Russian invasion of Ukraine), or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (iv) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business, including as a result of the upcoming 2024 presidential election or any changes in response to failures of other banks; (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions and “fintech” companies, and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (ix) the loss of key executives or employees; (x) changes in consumer spending; (xi) unexpected outcomes of existing or new litigation involving the Company; (xii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio; (xiv) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xv) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversity their exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions involving our information technology and communications systems or third-party servicers; (xviii) breaches or failures of our information security controls or cybersecurity-related incidents, (xix) changes in the interest rates and prepayment rates of the Company’s assets, and (xx) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

    Contact:
    Todd A. Gipple                                
    President                                
    Chief Financial Officer                        
    (309) 743-7745                                
    tgipple@qcrh.com

       
    QCR Holding, Inc.
    Consolidated Financial Highlights
    (Unaudited) 
     
       
                 
      As of  
      September 30, June 30, March 31, December 31, September 30,
      2024 2024 2024 2023 2023  
                 
      (dollars in thousands)  
                 
    CONDENSED BALANCE SHEET            
                 
    Cash and due from banks $ 103,840   $ 92,173   $ 80,988   $ 97,123   $ 104,265    
    Federal funds sold and interest-bearing deposits   159,159     102,262     77,020     140,369     80,650    
    Securities, net of allowance for credit losses   1,146,046     1,033,199     1,031,861     1,005,528     896,394    
    Loans receivable held for sale (1)   167,047     246,124     275,344     2,594     278,893    
    Loans/leases receivable held for investment   6,661,755     6,608,262     6,372,992     6,540,822     6,327,414    
    Allowance for credit losses   (86,321 )   (87,706 )   (84,470 )   (87,200 )   (87,669 )  
    Intangibles   11,751     12,441     13,131     13,821     14,537    
    Goodwill   138,596     139,027     139,027     139,027     139,027    
    Derivatives   261,913     194,354     183,888     188,978     291,295    
    Other assets   524,779     531,855     509,768     497,832     495,251    
    Total assets $ 9,088,565   $ 8,871,991   $ 8,599,549   $ 8,538,894   $ 8,540,057    
                 
    Total deposits $ 6,984,633   $ 6,764,667   $ 6,806,775   $ 6,514,005   $ 6,494,852    
    Total borrowings   660,344     768,671     489,633     718,295     712,126    
    Derivatives   285,769     221,798     211,677     214,098     320,220    
    Other liabilities   181,199     180,536     184,122     205,900     184,476    
    Total stockholders’ equity   976,620     936,319     907,342     886,596     828,383    
    Total liabilities and stockholders’ equity $ 9,088,565   $ 8,871,991   $ 8,599,549   $ 8,538,894   $ 8,540,057    
                 
    ANALYSIS OF LOAN PORTFOLIO            
    Loan/lease mix: (2)            
    Commercial and industrial – revolving $ 387,409   $ 362,115   $ 326,129   $ 325,243   $ 299,588    
    Commercial and industrial – other   1,321,053     1,370,561     1,374,333     1,390,068     1,381,967    
    Commercial and industrial – other – LIHTC   89,028     92,637     96,276     91,710     105,601    
    Total commercial and industrial   1,797,490     1,825,313     1,796,738     1,807,021     1,787,156    
    Commercial real estate, owner occupied   622,072     633,596     621,069     607,365     610,618    
    Commercial real estate, non-owner occupied   1,103,694     1,082,457     1,055,089     1,008,892     955,552    
    Construction and land development   342,335     331,454     410,918     477,424     472,695    
    Construction and land development – LIHTC   913,841     750,894     738,609     943,101     921,359    
    Multi-family   324,090     329,239     296,245     284,721     282,541    
    Multi-family – LIHTC   973,682     1,148,244     1,007,321     711,422     874,439    
    Direct financing leases   19,241     25,808     28,089     31,164     34,401    
    1-4 family real estate   587,512     583,542     563,358     544,971     539,931    
    Consumer   144,845     143,839     130,900     127,335     127,615    
    Total loans/leases $ 6,828,802   $ 6,854,386   $ 6,648,336   $ 6,543,416   $ 6,606,307    
    Less allowance for credit losses   86,321     87,706     84,470     87,200     87,669    
    Net loans/leases $ 6,742,481   $ 6,766,680   $ 6,563,866   $ 6,456,216   $ 6,518,638    
                 
    ANALYSIS OF SECURITIES PORTFOLIO            
    Securities mix:            
    U.S. government sponsored agency securities $ 18,621   $ 20,101   $ 14,442   $ 14,973   $ 16,002    
    Municipal securities   965,810     885,046     884,469     853,645     764,017    
    Residential mortgage-backed and related securities   53,488     54,708     56,071     59,196     57,946    
    Asset backed securities   10,455     12,721     14,285     15,423     16,326    
    Other securities   39,190     38,464     40,539     41,115     43,272    
    Trading securities (3)   58,685     22,362     22,258     22,368        
    Total securities $ 1,146,249   $ 1,033,402   $ 1,032,064   $ 1,006,720   $ 897,563    
    Less allowance for credit losses   203     203     203     1,192     1,169    
    Net securities $ 1,146,046   $ 1,033,199   $ 1,031,861   $ 1,005,528   $ 896,394    
                 
    ANALYSIS OF DEPOSITS            
    Deposit mix:            
    Noninterest-bearing demand deposits $ 969,348   $ 956,445   $ 955,167   $ 1,038,689   $ 1,027,791    
    Interest-bearing demand deposits   4,715,087     4,644,918     4,714,555     4,338,390     4,416,725    
    Time deposits   942,847     859,593     875,491     851,950     788,692    
    Brokered deposits   357,351     303,711     261,562     284,976     261,644    
    Total deposits $ 6,984,633   $ 6,764,667   $ 6,806,775   $ 6,514,005   $ 6,494,852    
                 
    ANALYSIS OF BORROWINGS            
    Borrowings mix:            
    Term FHLB advances $ 145,383   $ 135,000   $ 135,000   $ 135,000   $ 135,000    
    Overnight FHLB advances   230,000     350,000     70,000     300,000     295,000    
    Other short-term borrowings   2,750     1,600     2,700     1,500     470    
    Subordinated notes   233,383     233,276     233,170     233,064     232,958    
    Junior subordinated debentures   48,828     48,795     48,763     48,731     48,698    
    Total borrowings $ 660,344   $ 768,671   $ 489,633   $ 718,295   $ 712,126    
                 
    (1) Loans with a fair value of $165.9 million, $243.2 million, $274.8 million and $278.0 million have been identified for securitization and are included in LHFS at September 30, 2024, June 30, 2024, March 31, 2024 and September 30, 2023, respectively.
    (2) Loan categories with significant LIHTC loan balances have been broken out separately. Total LIHTC balances within the loan/lease portfolio were $2.0 billion at September 30, 2024.   
    (3) Trading securities consisted of retained beneficial interests acquired in conjunction with Freddie Mac securitizations completed by the Company.  
                 
       
    QCR Holding, Inc.
    Consolidated Financial Highlights
    (Unaudited) 
     
       
                     
          For the Quarter Ended  
          September 30, June 30, March 31, December 31, September 30,  
          2024 2024 2024 2023 2023  
                     
          (dollars in thousands, except per share data)  
                     
    INCOME STATEMENT              
    Interest income   $ 125,420   $ 119,746 $ 115,049   $ 112,248   $ 108,568    
    Interest expense     65,698     63,583   60,350     56,512     53,313    
    Net interest income     59,722     56,163   54,699     55,736     55,255    
    Provision for credit losses     3,484     5,496   2,969     5,199     3,806    
    Net interest income after provision for credit losses   $ 56,238   $ 50,667 $ 51,730   $ 50,537   $ 51,449    
                     
                     
    Trust fees     $ 3,270   $ 3,103 $ 3,199   $ 3,084   $ 2,863    
    Investment advisory and management fees     1,229     1,214   1,101     1,052     947    
    Deposit service fees     2,294     1,986   2,022     2,008     2,107    
    Gains on sales of residential real estate loans, net     385     540   382     323     476    
    Gains on sales of government guaranteed portions of loans, net         12   24     24        
    Capital markets revenue     16,290     17,758   16,457     36,956     15,596    
    Earnings on bank-owned life insurance     814     2,964   868     832     1,807    
    Debit card fees     1,575     1,571   1,466     1,561     1,584    
    Correspondent banking fees     507     510   512     465     450    
    Loan related fee income     949     962   836     845     800    
    Fair value gain (loss) on derivatives and trading securities     (886 )   51   (163 )   (582 )   (336 )  
    Other       730     218   154     1,161     299    
    Total noninterest income   $ 27,157   $ 30,889 $ 26,858   $ 47,729   $ 26,593    
                     
                     
    Salaries and employee benefits   $ 31,637   $ 31,079 $ 31,860   $ 41,059   $ 32,098    
    Occupancy and equipment expense     6,168     6,377   6,514     6,789     6,228    
    Professional and data processing fees     4,457     4,823   4,613     4,223     4,456    
    Restructuring expense     1,954                  
    FDIC insurance, other insurance and regulatory fees     1,711     1,854   1,945     2,115     1,721    
    Loan/lease expense     587     151   378     834     826    
    Net cost of (income from) and gains/losses on operations of other real estate     (42 )   28   (30 )   38     3    
    Advertising and marketing     2,124     1,565   1,483     1,641     1,429    
    Communication and data connectivity     333     318   401     449     478    
    Supplies       278     259   275     333     335    
    Bank service charges     603     622   568     761     605    
    Correspondent banking expense     325     363   305     300     232    
    Intangibles amortization     690     690   690     716     691    
    Goodwill impairment     432                  
    Payment card processing     785     706   646     836     733    
    Trust expense     395     379   425     413     432    
    Other       1,128     674   617     431     814    
    Total noninterest expense   $ 53,565   $ 49,888 $ 50,690   $ 60,938   $ 51,081    
                     
    Net income before income taxes   $ 29,830   $ 31,668 $ 27,898   $ 37,328   $ 26,961    
    Federal and state income tax expense     2,045     2,554   1,172     4,473     1,840    
    Net income     $ 27,785   $ 29,114 $ 26,726   $ 32,855   $ 25,121    
                     
    Basic EPS   $ 1.65   $ 1.73 $ 1.59   $ 1.96   $ 1.50    
    Diluted EPS   $ 1.64   $ 1.72 $ 1.58   $ 1.95   $ 1.49    
                     
                     
    Weighted average common shares outstanding     16,846,200     16,814,814   16,783,348     16,734,080     16,717,303    
    Weighted average common and common equivalent shares outstanding     16,982,400     16,921,854   16,910,675     16,875,952     16,847,951    
                     
       
    QCR Holding, Inc.
    Consolidated Financial Highlights
    (Unaudited) 
     
       
                 
          For the Nine Months Ended  
          September 30,   September 30,  
          2024   2023  
                 
          (dollars in thousands, except per share data)  
                 
    INCOME STATEMENT          
    Interest income   $ 360,215     $ 301,162    
    Interest expense     189,631       135,892    
    Net interest income     170,584       165,270    
    Provision for credit losses     11,949       11,340    
    Net interest income after provision for credit losses   $ 158,635     $ 153,930    
                 
                 
    Trust fees     $ 9,572     $ 8,613    
    Investment advisory and management fees     3,544       2,812    
    Deposit service fees     6,302       6,169    
    Gains on sales of residential real estate loans, net     1,307       1,288    
    Gains on sales of government guaranteed portions of loans, net     36       30    
    Capital markets revenue     50,505       55,109    
    Securities losses, net           (451 )  
    Earnings on bank-owned life insurance     4,646       3,352    
    Debit card fees     4,612       4,639    
    Correspondent banking fees     1,529       1,197    
    Loan related fee income     2,747       2,221    
    Fair value loss on derivatives and trading securities     (998 )     (680 )  
    Other       1,102       656    
    Total noninterest income   $ 84,904     $ 84,955    
                 
                 
    Salaries and employee benefits   $ 94,576     $ 95,560    
    Occupancy and equipment expense     19,059       18,242    
    Professional and data processing fees     13,893       12,048    
    Post-acquisition compensation, transition and integration costs           207    
    Restructuring expense     1,954          
    FDIC insurance, other insurance and regulatory fees     5,510       5,022    
    Loan/lease expense     1,116       2,034    
    Net cost of (income from) and gains/losses on operations of other real estate       (44 )     (64 )  
    Advertising and marketing     5,172       4,401    
    Communication and data connectivity     1,052       1,614    
    Supplies       812       921    
    Bank service charges     1,793       1,831    
    Correspondent banking expense     993       663    
    Intangibles amortization     2,070       2,222    
    Goodwill impairment     432          
    Payment card processing     2,137       1,820    
    Trust expense     1,199       983    
    Other       2,419       2,089    
    Total noninterest expense   $ 154,143     $ 149,593    
                 
    Net income before income taxes   $ 89,396     $ 89,292    
    Federal and state income tax expense     5,771       8,589    
    Net income     $ 83,625     $ 80,703    
                 
    Basic EPS   $ 4.97     $ 4.82    
    Diluted EPS   $ 4.94     $ 4.79    
                 
                 
    Weighted average common shares outstanding     16,814,787       16,731,847    
    Weighted average common and common equivalent shares outstanding   16,938,309       16,863,203    
                 
       
    QCR Holding, Inc.
    Consolidated Financial Highlights
    (Unaudited) 
     
       
                       
      As of and for the Quarter Ended   For the Nine Months Ended  
      September 30, June 30, March 31, December 31, September 30,
      September 30, September 30,  
      2024 2024 2024 2023 2023   2024 2023  
                       
      (dollars in thousands, except per share data)  
                       
    COMMON SHARE DATA                  
    Common shares outstanding   16,861,108     16,824,985     16,807,056     16,749,254     16,731,646          
    Book value per common share (1) $ 57.92   $ 55.65   $ 53.99   $ 52.93   $ 49.51          
    Tangible book value per common share (Non-GAAP) (2) $ 49.00   $ 46.65   $ 44.93   $ 43.81   $ 40.33          
    Closing stock price $ 74.03   $ 60.00   $ 60.74   $ 58.39   $ 48.52          
    Market capitalization $ 1,248,228   $ 1,009,499   $ 1,020,861   $ 977,989   $ 811,819          
    Market price / book value   127.81 %   107.82 %   112.51 %   100.31 %   98.00 %        
    Market price / tangible book value   151.07 %   128.62 %   135.18 %   133.29 %   120.30 %        
    Earnings per common share (basic) LTM (3) $ 6.93   $ 6.78   $ 6.75   $ 6.78   $ 6.65          
    Price earnings ratio LTM (3) 10.68 x 8.85 x 9.00 x 8.61 x 7.30 x        
    TCE / TA (Non-GAAP) (4)   9.24 %   9.00 %   8.94 %   8.75 %   8.05 %        
                       
                       
    CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY          
    Beginning balance $ 936,319   $ 907,342   $ 886,596   $ 828,383   $ 822,689          
    Net income   27,785     29,114     26,726     32,855     25,121          
    Other comprehensive income (loss), net of tax   12,057     (368 )   (5,373 )   25,363     (19,415 )        
    Common stock cash dividends declared   (1,012 )   (1,008 )   (1,008 )   (1,004 )   (1,003 )        
    Other (5)   1,471     1,239     401     999     991          
    Ending balance $ 976,620   $ 936,319   $ 907,342   $ 886,596   $ 828,383          
                       
                       
    REGULATORY CAPITAL RATIOS (6):                  
    Total risk-based capital ratio   13.87 %   14.21 %   14.30 %   14.29 %   14.48 %        
    Tier 1 risk-based capital ratio   10.33 %   10.49 %   10.50 %   10.27 %   10.30 %        
    Tier 1 leverage capital ratio   10.50 %   10.40 %   10.33 %   10.03 %   9.92 %        
    Common equity tier 1 ratio   9.79 %   9.92 %   9.91 %   9.67 %   9.68 %        
                       
                       
    KEY PERFORMANCE RATIOS AND OTHER METRICS                  
    Return on average assets (annualized)   1.24 %   1.33 %   1.25 %   1.54 %   1.21 %     1.27 %   1.34 %  
    Return on average total equity (annualized)   11.55 %   12.63 %   11.83 %   15.42 %   11.99 %     12.00 %   13.18 %  
    Net interest margin   2.90 %   2.82 %   2.82 %   2.90 %   2.89 %     2.85 %   3.00 %  
    Net interest margin (TEY) (Non-GAAP)(7)   3.37 %   3.27 %   3.25 %   3.32 %   3.31 %     3.30 %   3.37 %  
    Efficiency ratio (Non-GAAP) (8)   61.65 %   57.31 %   62.15 %   58.90 %   62.41 %     60.33 %   59.78 %  
    Gross loans/leases held for investment / total assets   73.30 %   74.48 %   74.11 %   76.60 %   74.09 %     73.30 %   77.36 %  
    Gross loans/leases held for investment / total deposits   95.38 %   97.69 %   93.63 %   100.41 %   97.42 %     95.38 %   101.72 %  
    Effective tax rate   6.86 %   8.06 %   4.20 %   11.98 %   6.82 %     6.46 %   9.62 %  
    Full-time equivalent employees   976     988     986     996     987       976     987    
                       
                       
    AVERAGE BALANCES                  
    Assets $ 8,968,653   $ 8,776,002   $ 8,550,855   $ 8,535,732   $ 8,287,813     $ 8,765,913   $ 8,041,141    
    Loans/leases   6,840,527     6,779,075     6,598,614     6,483,572     6,476,512       6,739,773     6,288,343    
    Deposits   6,858,196     6,687,188     6,595,453     6,485,154     6,342,339       6,714,251     6,272,083    
    Total stockholders’ equity   962,302     921,986     903,371     852,163     837,734       929,341     816,591    
                       
                       
                       
    (1) Includes accumulated other comprehensive income (loss).            
    (2) Includes accumulated other comprehensive income (loss) and excludes intangible assets. See GAAP to Non-GAAP reconciliations.    
    (3) LTM : Last twelve months.             
    (4) TCE / TCA : tangible common equity / total tangible assets. See GAAP to non-GAAP reconciliations.         
    (5) Includes mostly common stock issued for options exercised and the employee stock purchase plan, as well as stock-based compensation.    
    (6) Ratios for the current quarter are subject to change upon final calculation for regulatory filings due after earnings release.        
    (7) TEY : Tax equivalent yield. See GAAP to Non-GAAP reconciliations.           
    (8) See GAAP to Non-GAAP reconciliations.              
                       
       
    QCR Holding, Inc.
    Consolidated Financial Highlights
    (Unaudited) 
     
       
                               
                               
    ANALYSIS OF NET INTEREST INCOME AND MARGIN                        
                               
        For the Quarter Ended  
        September 30, 2024   June 30, 2024   September 30, 2023  
        Average
    Balance
    Interest
    Earned or
    Paid
    Average
    Yield or Cost
      Average
    Balance
    Interest
    Earned or
    Paid
    Average
    Yield or Cost
      Average
    Balance
    Interest
    Earned or
    Paid
    Average
    Yield or Cost
     
                               
        (dollars in thousands)  
                               
    Fed funds sold   $ 12,596 $ 173 5.37 %   $ 13,065 $ 183 5.54 %   $ 21,526 $ 284 5.23 %  
    Interest-bearing deposits at financial institutions   145,597   1,915 5.23 %     80,998   1,139 5.66 %     86,807   1,205 5.51 %  
    Investment securities – taxable   381,285   4,439 4.64 %     377,747   4,286 4.53 %     344,657   3,788 4.38 %  
    Investment securities – nontaxable (1)   760,645   10,744 5.65 %     704,761   9,462 5.37 %     600,693   6,974 4.64 %  
    Restricted investment securities   42,546   840 7.73 %     43,398   869 7.92 %     43,590   659 5.91 %  
    Loans (1)     6,840,527   116,854 6.80 %     6,779,075   112,719 6.69 %     6,476,512   103,428 6.34 %  
    Total earning assets (1) $ 8,183,196 $ 134,965 6.56 %   $ 7,999,044 $ 128,658 6.46 %   $ 7,573,785 $ 116,338 6.10 %  
                               
    Interest-bearing deposits $ 4,739,757 $ 42,180 3.54 %   $ 4,649,625 $ 40,924 3.54 %   $ 4,264,208 $ 33,563 3.12 %  
    Time deposits     1,164,560   13,206 4.51 %     1,091,870   12,128 4.47 %     999,488   10,003 3.97 %  
    Short-term borrowings   2,485   32 5.07 %     1,622   21 5.18 %     1,514   20 5.28 %  
    Federal Home Loan Bank advances   445,632   5,972 5.24 %     464,231   6,238 5.32 %     425,870   5,724 5.26 %  
    Subordinated debentures   233,313   3,616 6.20 %     233,207   3,582 6.14 %     232,890   3,307 5.68 %  
    Junior subordinated debentures   48,806   693 5.56 %     48,774   688 5.58 %     48,678   695 5.59 %  
    Total interest-bearing liabilities $ 6,634,553 $ 65,699 3.93 %   $ 6,489,329 $ 63,581 3.93 %   $ 5,972,648 $ 53,312 3.54 %  
                               
    Net interest income (1)   $ 69,266       $ 65,077       $ 63,026    
    Net interest margin (2)     2.90 %       2.82 %       2.89 %  
    Net interest margin (TEY) (Non-GAAP) (1) (2) (3)     3.37 %       3.27 %       3.31 %  
    Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3)     3.34 %       3.26 %       3.28 %  
                               
                               
        For the Nine Months Ended          
        September 30, 2024   September 30, 2023      
        Average Balance Interest Earned or Paid Average Yield or Cost   Average Balance Interest Earned or Paid Average Yield or Cost          
                               
        (dollars in thousands)          
                               
    Fed funds sold   $ 15,196 $ 625 5.40 %   $ 19,267 $ 741 5.14 %          
    Interest-bearing deposits at financial institutions   106,195   4,254 5.35 %     83,783   3,151 5.03 %          
    Investment securities – taxable   377,538   12,986 4.57 %     340,140   10,847 4.24 %          
    Investment securities – nontaxable (1)   717,284   29,557 5.50 %     599,070   19,892 4.43 %          
    Restricted investment securities   41,348   2,383 7.57 %     38,817   1,677 5.70 %          
    Loans (1)     6,739,773   337,244 6.68 %     6,288,343   285,136 6.06 %          
    Total earning assets (1) $ 7,997,334 $ 387,049 6.46 %   $ 7,369,420 $ 321,444 5.83 %          
                               
    Interest-bearing deposits $ 4,639,937 $ 122,207 3.52 %   $ 4,099,789 $ 84,565 2.76 %          
    Time deposits     1,121,508   37,679 4.49 %     1,020,421   27,225 3.57 %          
    Short-term borrowings   1,846   76 5.47 %     3,588   152 5.66 %          
    Federal Home Loan Bank advances   421,782   16,948 5.28 %     311,740   11,898 5.03 %          
    Subordinated debentures   233,207   10,678 6.10 %     232,784   9,922 5.68 %          
    Junior subordinated debentures   48,774   2,074 5.59 %     48,646   2,129 5.77 %          
    Total interest-bearing liabilities $ 6,467,054 $ 189,662 3.91 %   $ 5,716,968 $ 135,891 3.17 %          
                               
    Net interest income (1)   $ 197,387       $ 185,553            
    Net interest margin (2)     2.85 %       3.00 %          
    Net interest margin (TEY) (Non-GAAP) (1) (2) (3)     3.30 %       3.37 %          
    Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3)     3.28 %       3.34 %          
                               
                               
    (1) Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.  
    (2) See “Select Financial Data – Subsidiaries” for a breakdown of amortization/accretion included in net interest margin for each period presented.     
    (3) TEY : Tax equivalent yield. See GAAP to Non-GAAP reconciliations.            
                               
       
    QCR Holding, Inc.
    Consolidated Financial Highlights
    (Unaudited) 
     
       
                 
                 
      As of  
      September 30, June 30, March 31, December 31, September 30,
      2024 2024 2024 2023 2023  
                 
      (dollars in thousands, except per share data)  
                 
    ROLLFORWARD OF ALLOWANCE FOR CREDIT LOSSES ON LOANS/LEASES            
    Beginning balance $ 87,706   $ 84,470   $ 87,200   $ 87,669   $ 85,797    
    Change in ACL for transfer of loans to LHFS   (1,812 )   498     (3,377 )   266     175    
    Credit loss expense   3,828     4,343     3,736     2,519     3,260    
    Loans/leases charged off   (3,871 )   (1,751 )   (3,560 )   (3,354 )   (1,816 )  
    Recoveries on loans/leases previously charged off   470     146     471     100     253    
    Ending balance $ 86,321   $ 87,706   $ 84,470   $ 87,200   $ 87,669    
                 
                 
    NONPERFORMING ASSETS            
    Nonaccrual loans/leases $ 33,480   $ 33,546   $ 29,439   $ 32,753   $ 34,568    
    Accruing loans/leases past due 90 days or more   1,298     87     142     86        
    Total nonperforming loans/leases   34,778     33,633     29,581     32,839     34,568    
    Other real estate owned   369     369     784     1,347     120    
    Other repossessed assets   542     512     962            
    Total nonperforming assets $ 35,689   $ 34,514   $ 31,327   $ 34,186   $ 34,688    
                 
                 
    ASSET QUALITY RATIOS            
    Nonperforming assets / total assets   0.39 %   0.39 %   0.36 %   0.40 %   0.41 %  
    ACL for loans and leases / total loans/leases held for investment   1.30 %   1.33 %   1.33 %   1.33 %   1.39 %  
    ACL for loans and leases / nonperforming loans/leases   248.21 %   260.77 %   285.55 %   265.54 %   253.61 %  
    Net charge-offs as a % of average loans/leases   0.05 %   0.02 %   0.05 %   0.05 %   0.02 %  
                 
                 
                 
    INTERNALLY ASSIGNED RISK RATING (1) (2)            
    Special mention $ 80,121   $ 85,096   $ 111,729   $ 125,308   $ 128,052    
    Substandard (3)   70,022     80,345     70,841     70,425     72,550    
    Doubtful (3)                      
        Total Criticized loans (4) $ 150,143   $ 165,441   $ 182,570   $ 195,733   $ 200,602    
                 
    Classified loans as a % of total loans/leases (3)   1.03 %   1.17 %   1.07 %   1.08 %   1.10 %  
    Total Criticized loans as a % of total loans/leases (4)   2.20 %   2.41 %   2.75 %   2.99 %   3.04 %  
                 
                 
                 
                 
    (1) During the first quarter of 2024, the Company revised the risk rating scale used for credit quality monitoring.  
    (2) Amounts exclude the government guaranteed portion, if any. The Company assigns internal risk ratings of Pass for the government guaranteed portion.  
    (3) Classified loans are defined as loans with internally assigned risk ratings of 10 or 11 (7 or 8 prior to January 1, 2024), regardless of performance, and include loans identified as Substandard or Doubtful.  
    (4) Total Criticized loans are defined as loans with internally assigned risk ratings of 9, 10, or 11 (6, 7, or 8 prior to January 1, 2024), regardless of performance, and include loans identified as Special Mention, Substandard, or Doubtful.  
                 
       
    QCR Holding, Inc.
    Consolidated Financial Highlights
    (Unaudited)
     
       
                             
                             
          For the Quarter Ended For the Nine Months Ended  
          September 30,   June 30,   September 30,   September 30,   September 30,  
      SELECT FINANCIAL DATA – SUBSIDIARIES   2024   2024   2023   2024   2023  
          (dollars in thousands)  
                             
      TOTAL ASSETS                      
      Quad City Bank and Trust (1)   $ 2,552,962     $ 2,559,049     $ 2,433,084            
      m2 Equipment Finance, LLC     349,166       359,012       336,180            
      Cedar Rapids Bank and Trust     2,625,943       2,428,267       2,442,263            
      Community State Bank     1,519,585       1,531,109       1,417,250            
      Guaranty Bank     2,360,301       2,369,754       2,242,638            
                             
      TOTAL DEPOSITS                      
      Quad City Bank and Trust (1)   $ 2,205,465     $ 2,100,520     $ 1,973,989            
      Cedar Rapids Bank and Trust     1,765,964       1,721,564       1,722,905            
      Community State Bank     1,269,147       1,188,551       1,132,724            
      Guaranty Bank     1,778,453       1,791,448       1,722,861            
                             
      TOTAL LOANS & LEASES                      
      Quad City Bank and Trust (1)   $ 2,090,856     $ 2,107,605     $ 2,005,770            
      m2 Equipment Finance, LLC     353,259       363,897       341,041            
      Cedar Rapids Bank and Trust     1,743,809       1,736,438       1,750,986            
      Community State Bank     1,161,805       1,162,686       1,098,479            
      Guaranty Bank     1,832,331       1,847,658       1,751,072            
                             
      TOTAL LOANS & LEASES / TOTAL DEPOSITS                      
      Quad City Bank and Trust (1)     95 %     100 %     102 %          
      Cedar Rapids Bank and Trust     99 %     101 %     102 %          
      Community State Bank     92 %     98 %     97 %          
      Guaranty Bank     103 %     103 %     102 %          
                             
                             
      TOTAL LOANS & LEASES / TOTAL ASSETS                      
      Quad City Bank and Trust (1)     82 %     82 %     82 %          
      Cedar Rapids Bank and Trust     66 %     72 %     72 %          
      Community State Bank     76 %     76 %     78 %          
      Guaranty Bank     78 %     78 %     78 %          
                             
      ACL ON LOANS/LEASES HELD FOR INVESTMENT AS A PERCENTAGE OF LOANS/LEASES HELD FOR INVESTMENT                      
      Quad City Bank and Trust (1)     1.49 %     1.49 %     1.50 %          
      m2 Equipment Finance, LLC     4.11 %     3.86 %     3.52 %          
      Cedar Rapids Bank and Trust     1.38 %     1.44 %     1.47 %          
      Community State Bank     1.06 %     1.14 %     1.28 %          
      Guaranty Bank     1.14 %     1.16 %     1.24 %          
                             
      RETURN ON AVERAGE ASSETS                      
      Quad City Bank and Trust (1)     0.76 %     0.88 %     0.97 %     0.81 %     1.00 %  
      Cedar Rapids Bank and Trust     2.52 %     2.94 %     2.28 %     2.84 %     2.95 %  
      Community State Bank     1.46 %     1.26 %     1.38 %     1.33 %     1.43 %  
      Guaranty Bank     1.28 %     1.42 %     1.23 %     1.20 %     1.07 %  
                             
      NET INTEREST MARGIN PERCENTAGE (2)                      
      Quad City Bank and Trust (1)     3.50 %     3.39 %     3.37 %     3.40 %     3.36 %  
      Cedar Rapids Bank and Trust     3.88 %     3.75 %     3.78 %     3.80 %     3.83 %  
      Community State Bank     3.76 %     3.72 %     3.88 %     3.74 %     3.92 %  
      Guaranty Bank (3)     3.12 %     2.99 %     3.06 %     3.03 %     3.22 %  
                             
      ACQUISITION-RELATED AMORTIZATION/ACCRETION INCLUDED IN NET                  
      INTEREST MARGIN, NET                      
      Cedar Rapids Bank and Trust   $     $     $     $     $ (8 )  
      Community State Bank     (1 )     (1 )     (1 )     (3 )     69    
      Guaranty Bank     496       301       572       1,194       1,537    
      QCR Holdings, Inc. (4)     (32 )     (32 )     (32 )     (97 )     (97 )  
                             
    (1 ) Quad City Bank and Trust amounts include m2 Equipment Finance, LLC, as this entity is wholly-owned and consolidated with the Bank. m2 Equipment Finance, LLC is also presented separately for certain (applicable) measurements.  
    (2 ) Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.      
    (3 ) Guaranty Bank’s net interest margin percentage includes various purchase accounting adjustments. Excluding those adjustments, net interest margin (Non-GAAP) would have been 2.94% for the quarter ended September 30, 2024, 2.86% for the quarter ended June 30, 2024 and 2.97% for the quarter ended September 30, 2023.        
    (4 ) Relates to the trust preferred securities acquired as part of the Guaranty Bank acquisition in 2017 and the Community National Bank acquisition in 2013.      
                             
     
    QCR Holding, Inc.
    Consolidated Financial Highlights
    (Unaudited) 
     
                           
        As of
        September 30,   June 30,   March 31,   December 31,   September 30,  
    GAAP TO NON-GAAP RECONCILIATIONS   2024   2024   2024   2023   2023  
        (dollars in thousands, except per share data)
    TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO (1)                      
                           
    Stockholders’ equity (GAAP)   $ 976,620     $ 936,319     $ 907,342     $ 886,596     $ 828,383    
    Less: Intangible assets     150,347       151,468       152,158       152,848       153,564    
    Tangible common equity (non-GAAP)   $ 826,273     $ 784,851     $ 755,184     $ 733,748     $ 674,819    
                           
    Total assets (GAAP)   $ 9,088,565     $ 8,871,991     $ 8,599,549     $ 8,538,894     $ 8,540,057    
    Less: Intangible assets     150,347       151,468       152,158       152,848       153,564    
    Tangible assets (non-GAAP)   $ 8,938,218     $ 8,720,523     $ 8,447,391     $ 8,386,046     $ 8,386,493    
                           
    Tangible common equity to tangible assets ratio (non-GAAP)   9.24 %     9.00 %     8.94 %     8.75 %     8.05 %  
                           
                           
                           
    (1) This ratio is a non-GAAP financial measure. The Company’s management believes that this measurement is important to many investors in the marketplace who are interested in changes period-to-period in common equity. In compliance with applicable rules of the SEC, this non-GAAP measure is reconciled to stockholders’ equity and total assets, which are the most directly comparable GAAP financial measures.  
                           
       
    QCR Holding, Inc.
    Consolidated Financial Highlights
    (Unaudited)
     
       
                                   
    GAAP TO NON-GAAP RECONCILIATIONS   For the Quarter Ended   For the Nine Months Ended  
        September 30,   June 30,   March 31,   December 31,   September 30,   September 30,   September 30,  
    ADJUSTED NET INCOME (1)   2024   2024   2024   2023   2023   2024   2023  
        (dollars in thousands, except per share data)  
                                   
    Net income (GAAP)   $ 27,785     $ 29,114     $ 26,726     $ 32,855     $ 25,121     $ 83,625     $ 80,703    
                                   
    Less non-core items (post-tax) (2):                              
    Income:                              
    Securities gains (losses), net                                         (356 )  
    Fair value gain (loss) on derivatives, net     (542 )     (145 )     (144 )     (460 )     (265 )     (830 )     (537 )  
    Total non-core income (non-GAAP)   $ (542 )   $ (145 )   $ (144 )   $ (460 )   $ (265 )   $ (830 )   $ (893 )  
                                   
    Expense:                              
    Goodwill impairment     432                               432          
    Post-acquisition compensation, transition and integration costs                                         164    
    Restructuring expense     1,544                               1,544        
    Total non-core expense (non-GAAP)   $ 1,976     $     $     $     $     $ 1,976     $ 164    
                                   
    Adjusted net income (non-GAAP) (1)   $ 30,303     $ 29,259     $ 26,870     $ 33,315     $ 25,386     $ 86,431     $ 81,760    
                                   
    ADJUSTED EARNINGS PER COMMON SHARE (1)                              
                                   
    Adjusted net income (non-GAAP) (from above)   $ 30,303     $ 29,259     $ 26,870     $ 33,315     $ 25,386     $ 86,431     $ 81,760    
                                   
    Weighted average common shares outstanding     16,846,200       16,814,814       16,783,348       16,734,080       16,717,303       16,814,787       16,731,847    
    Weighted average common and common equivalent shares outstanding     16,982,400       16,921,854       16,910,675       16,875,952       16,847,951       16,938,309       16,863,203    
                                   
    Adjusted earnings per common share (non-GAAP):                              
    Basic   $ 1.80     $ 1.74     $ 1.60     $ 1.99     $ 1.52     $ 5.14     $ 4.89    
    Diluted   $ 1.78     $ 1.73     $ 1.59     $ 1.97     $ 1.51     $ 5.10     $ 4.85    
                                   
    ADJUSTED RETURN ON AVERAGE ASSETS AND AVERAGE EQUITY (1)                              
                                   
    Adjusted net income (non-GAAP) (from above)   $ 30,303     $ 29,259     $ 26,870     $ 33,315     $ 25,386     $ 86,431     $ 81,760    
                                   
    Average Assets   $ 8,968,653     $ 8,776,002     $ 8,550,855     $ 8,535,732     $ 8,287,813     $ 8,765,913     $ 8,041,141    
                                   
    Adjusted return on average assets (annualized) (non-GAAP)     1.35 %     1.33 %     1.26 %     1.56 %     1.23 %     1.31 %     1.36 %  
    Adjusted return on average equity (annualized) (non-GAAP)     12.60 %     12.69 %     11.90 %     15.64 %     12.12 %     12.40 %     13.35 %  
                                   
    NET INTEREST MARGIN (TEY) (3)                              
                                   
    Net interest income (GAAP)   $ 59,722     $ 56,163     $ 54,699     $ 55,736     $ 55,255     $ 170,584     $ 165,270    
    Plus: Tax equivalent adjustment (4)     9,544       8,914       8,377       7,954       7,771       26,803       20,283    
    Net interest income – tax equivalent (Non-GAAP)   $ 69,266     $ 65,077     $ 63,076     $ 63,690     $ 63,026     $ 197,387     $ 185,553    
    Less: Acquisition accounting net accretion     463       268       363       673       539       1,094       1,501    
    Adjusted net interest income   $ 68,803     $ 64,809     $ 62,713     $ 63,017     $ 62,487     $ 196,293     $ 184,052    
                                   
    Average earning assets   $ 8,183,196     $ 7,999,044     $ 7,807,720     $ 7,631,035     $ 7,573,785     $ 7,997,334     $ 7,369,420    
                                   
    Net interest margin (GAAP)     2.90 %     2.82 %     2.82 %     2.90 %     2.89 %     2.85 %     3.00 %  
    Net interest margin (TEY) (Non-GAAP)     3.37 %     3.27 %     3.25 %     3.32 %     3.31 %     3.30 %     3.37 %  
    Adjusted net interest margin (TEY) (Non-GAAP)     3.34 %     3.26 %     3.24 %     3.29 %     3.28 %     3.28 %     3.34 %  
                                   
    EFFICIENCY RATIO (5)                              
                                   
    Noninterest expense (GAAP)   $ 53,565     $ 49,888     $ 50,690     $ 60,938     $ 51,081     $ 154,143     $ 149,593    
                                   
    Net interest income (GAAP)   $ 59,722     $ 56,163     $ 54,699     $ 55,736     $ 55,255     $ 170,584     $ 165,270    
    Noninterest income (GAAP)     27,157       30,889       26,858       47,729       26,593       84,904       84,955    
    Total income   $ 86,879     $ 87,052     $ 81,557     $ 103,465     $ 81,848     $ 255,488     $ 250,225    
                                   
    Efficiency ratio (noninterest expense/total income) (Non-GAAP)     61.65 %     57.31 %     62.15 %     58.90 %     62.41 %     60.33 %     59.78 %  
    Adjusted efficiency ratio (core noninterest expense/core total income) (Non-GAAP)     58.45 %     57.19 %     62.01 %     58.57 %     62.15 %     59.16 %     59.43 %  
                                   
                                   
                                   
                                   
    (1) Adjusted net income, adjusted earnings per common share, adjusted return on average assets and average equity are non-GAAP financial measures. The Company’s management believes that these measurements are important to investors as they exclude non-core or non-recurring income and expense items, therefore, they provide a more realistic run-rate for future periods. 
    In compliance with applicable rules of the SEC, these non-GAAP measures are reconciled to net income, which is the most directly comparable GAAP financial measure.
     
    (2) Non-core or non-recurring items (post-tax) are calculated using an estimated effective federal tax rate of 21% with the exception of goodwill impairment which is not deductible for tax.    
    (3) Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.        
    (4) Net interest margin (TEY) is a non-GAAP financial measure. The Company’s management utilizes this measurement to take into account the tax benefit associated with certain loans and securities. It is also standard industry practice to measure net interest margin using tax-equivalent measures. In compliance with applicable rules of the SEC, this non-GAAP measure is reconciled to net interest income, which is the most directly comparable GAAP financial measure. In addition, the Company calculates net interest margin without the impact of acquisition accounting net accretion as this can fluctuate and it’s difficult to provide a more realistic run-rate for future periods.          
    (5) Efficiency ratio is a non-GAAP measure. The Company’s management utilizes this ratio to compare to industry peers. The ratio is used to calculate overhead as a percentage of revenue.  
    In compliance with the applicable rules of the SEC, this non-GAAP measure is reconciled to noninterest expense, net interest income and noninterest income, which are the most  directly comparable GAAP financial measures.
     
       
       
                    

    The MIL Network

  • MIL-OSI: Western New England Bancorp, Inc. Reports Results for Three and Nine Months Ended September 30, 2024 and Declares Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    WESTFIELD, Mass., Oct. 23, 2024 (GLOBE NEWSWIRE) — Western New England Bancorp, Inc. (the “Company” or “WNEB”) (NasdaqGS: WNEB), the holding company for Westfield Bank (the “Bank”), announced today the unaudited results of operations for the three and nine months ended September 30, 2024. For the three months ended September 30, 2024, the Company reported net income of $1.9 million, or $0.09 per diluted share, compared to net income of $4.5 million, or $0.21 per diluted share, for the three months ended September 30, 2023. On a linked quarter basis, net income was $1.9 million, or $0.09 per diluted share, as compared to net income of $3.5 million, or $0.17 per diluted share, for the three months ended June 30, 2024. For the nine months ended September 30, 2024, net income was $8.4 million, or $0.40 per diluted share, compared to net income of $12.6 million, or $0.58 per diluted share, for the nine months ended September 30, 2023.

    The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.07 per share on the Company’s common stock. The dividend will be payable on or about November 21, 2024 to shareholders of record on November 7, 2024.

    James C. Hagan, President and Chief Executive Officer, commented, “We believe our Company continues to be well positioned with strong capital and access to various liquidity sources. Our financial performance has been largely impacted by the unprecedented interest rate cycle and higher funding costs in response to the sustained increase in interest rates over the last 18-24 months. While it remains unclear whether the recent decrease in interest rates represents an end to this trend, the balance sheet is positioned to benefit from this decrease and the challenge will begin to subside as our liabilities begin to reprice lower. As we continue to manage the balance sheet in this uncertain interest rate environment, we remain focused on expense management initiatives to mitigate top line pressures and improve efficiencies over the Company’s long-term. The Company also continues to focus on our core business to grow loans and deposits as well as retention of our customers. Total deposits increased $80.5 million, or 3.8%, and total loans increased $21.7 million, or 1.1%, from year-end. Our asset quality remains strong, with nonperforming loans to total loans of 0.24% at September 30, 2024.”

    Hagan concluded, “The Company is considered to be well-capitalized as defined by the regulators and we remain disciplined in our capital management strategies. During the nine months ended September 30, 2024, we repurchased 714,282 shares of the Company’s common stock at an average price per share of $7.61. We continue to believe that buying back shares represents a prudent use of the Company’s capital and we are pleased to be able to continue to return value to shareholders through share repurchases. Although the banking environment has been challenged, our capital management strategies have been critical to sustaining growth in book value per share, which increased $0.44, or 4.0%, while tangible book value per share increased $0.43, or 4.2%, to $10.73. The management team remains focused and well positioned to serve our community and to enhance shareholder value over the long term.”

    Key Highlights:

    Loans and Deposits

    At September 30, 2024, total loans were $2.0 billion and increased $21.7 million, or 1.1%, from December 31, 2023. The increase in total loans was due to an increase in commercial real estate loans of $3.0 million, or 0.3%, an increase in residential real estate loans, including home equity loans, of $26.4 million, or 3.7%, partially offset by a decrease in commercial and industrial loans of $7.0 million, or 3.2%.

    At September 30, 2024, total deposits were $2.2 billion and increased $80.5 million, or 3.8%, from December 31, 2023. Core deposits, which the Company defines as all deposits except time deposits, decreased $8.3 million, or 0.5%, from $1.5 billion, or 71.5% of total deposits, at December 31, 2023, to $1.5 billion, or 68.5% of total deposits at September 30, 2024. Time deposits increased $88.8 million, or 14.5%, from $611.4 million at December 31, 2023 to $700.2 million at September 30, 2024. Brokered time deposits, which are included in time deposits, totaled $1.7 million at September 30, 2024 and at December 31, 2023. The loan-to-deposit ratio decreased from 94.6% at December 31, 2023 to 92.1% at September 30, 2024.

    Liquidity

    The Company’s liquidity position remains strong with solid core deposit relationships, cash, unencumbered securities, a diversified deposit base and access to diversified borrowing sources. At September 30, 2024, the Company had $1.1 billion in immediately available liquidity, compared to $615.0 million in uninsured deposits, or 27.7% of total deposits, representing a coverage ratio of 183%. Uninsured deposits of the Bank’s customers are eligible for FDIC pass-through insurance if the customer opens an IntraFi Insured Cash Sweep (“ICS”) account or a reciprocal time deposit through the Certificate of Deposit Account Registry System (“CDARS”). IntraFi allows for up to $250.0 million per customer of pass-through FDIC insurance, which would more than cover each of the Bank’s deposit customers if such customer desired to have such pass-through insurance.

    Allowance for Loan Losses and Credit Quality

    At September 30, 2024, the allowance for credit losses was $20.0 million, or 0.97% of total loans and 409.5% of nonperforming loans, compared to $20.3 million, or 1.00% of total loans and 315.6% of nonperforming loans at December 31, 2023. At September 30, 2024, nonperforming loans totaled $4.9 million, or 0.24% of total loans, compared to $6.4 million, or 0.32% of total loans, at December 31, 2023. Total delinquent loans decreased $1.7 million, or 28.3%, from $6.0 million, or 0.30% of total loans, at December 31, 2023 to $4.3 million, or 0.21% of total loans, at September 30, 2024. At September 30, 2024 and December 31, 2023, the Company did not have any other real estate owned.

    Net Interest Margin

    The net interest margin was 2.40% for the three months ended September 30, 2024 compared to 2.42% for the three months ended June 30, 2024. The net interest margin, on a tax-equivalent basis, was 2.42% for the three months ended September 30, 2024, compared to 2.44% for the three months ended June 30, 2024.

    Stock Repurchase Program

    On June 10, 2024, the Company announced the completion of its previously authorized stock repurchase plan (the “2022 Plan”) pursuant to which the Company was authorized to repurchase up to 1.1 million shares, or approximately 5% of its outstanding common stock, as of the date the 2022 Plan was adopted. On May 22, 2024, the Board of Directors authorized a new stock repurchase plan (the “2024 Plan”) under which the Company may repurchase up to 1.0 million shares, or approximately 4.6%, of the Company’s then-outstanding shares of common stock.

    During the three months ended September 30, 2024, the Company repurchased 244,441 shares of common stock under the 2024 Plan, with an average price per share of $8.18. During the nine months ended September 30, 2024, the Company repurchased 714,282 shares of common stock with an average price per share of $7.61. As of September 30, 2024, there were 692,318 shares of common stock available for repurchase under the 2024 Plan.

    The repurchase of shares under the stock repurchase program is administered through an independent broker. The shares of common stock repurchased under the 2024 Plan have been and will continue to be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, or otherwise, depending upon market conditions. There is no guarantee as to the exact number, or value, of shares that will be repurchased by the Company, and the Company may discontinue repurchases at any time that the Company’s management (“Management”) determines additional repurchases are not warranted. The timing and amount of additional share repurchases under the 2024 Plan will depend on a number of factors, including the Company’s stock price performance, ongoing capital planning considerations, general market conditions, and applicable legal requirements.

    Book Value and Tangible Book Value

    The Company’s book value per share was $11.40 at September 30, 2024 compared to $10.96 at December 31, 2023, while tangible book value per share, a non-GAAP financial measure, increased $0.43, or 4.2%, from $10.30 at December 31, 2023 to $10.73 at September 30, 2024. See pages 19-21 for the related tangible book value calculation and a reconciliation of GAAP to non-GAAP financial measures.

    Net Income for the Three Months Ended September 30, 2024 Compared to the Three Months Ended June 30, 2024

    The Company reported net income of $1.9 million, or $0.09 per diluted share, for the three months ended September 30, 2024, compared to net income of $3.5 million, or $0.17 per diluted share, for the three months ended June 30, 2024. Net interest income increased $258,000, or 1.8%, the provision for credit losses increased $1.2 million, non-interest income decreased $693,000, or 18.1%, and non-interest expense increased $92,000, or 0.6%. Return on average assets and return on average equity were 0.29% and 3.19%, respectively, for the three months ended September 30, 2024, compared to 0.55% and 6.03%, respectively, for the three months ended June 30, 2024.

    Net Interest Income and Net Interest Margin

    On a sequential quarter basis, net interest income, our primary driver of revenues, increased $258,000, or 1.8%, to $14.7 million for the three months ended September 30, 2024, from $14.5 million for the three months ended June 30, 2024. The increase in net interest income was primarily due to an increase in interest income of $1.0 million, or 3.9%, partially offset by an increase in interest expense of $780,000, or 6.3%.

    The net interest margin was 2.40% for the three months ended September 30, 2024, compared to 2.42% for the three months ended June 30, 2024. The net interest margin, on a tax-equivalent basis, was 2.42% for the three months ended September 30, 2024, compared to 2.44% for the three months ended June 30, 2024. The decrease in the net interest margin was primarily due to an increase in the average cost of interest-bearing liabilities, which was partially offset by an increase in the average yield on interest-earning assets. During the three months ended September 30, 2024 and the three months ended June 30, 2024, the Company had a fair value hedge which contributed to an increase in the net interest margin of seven basis points. Excluding the interest income attributed to the fair value hedge, the net interest margin was 2.33% and 2.35%, for the three months ended September 30, 2024 and the three months ended June 30, 2024, respectively. The fair value hedge is scheduled to mature in October of 2024.

    The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, was 4.54% for the three months ended September 30, 2024, compared to 4.49% for the three months ended June 30, 2024. The average loan yield, without the impact of tax-equivalent adjustments, was 4.90% for the three months ended September 30, 2024, compared to 4.85% for the three months ended June 30, 2024. During the three months ended September 30, 2024, average interest-earning assets increased $40.6 million, or 1.7% to $2.4 billion, primarily due to an increase in average loans of $21.5 million, or 1.1%, an increase in average short-term investments, consisting of cash and cash equivalents, $17.7 million, or 123.6%, and an increase in average other investments of $1.6 million, or 11.0%.

    The average cost of total funds, including non-interest bearing accounts and borrowings, increased eight basis points from 2.16% for the three months ended June 30, 2024 to 2.24% for the three months ended September 30, 2024. The average cost of core deposits, which the Company defines as all deposits except time deposits, increased six basis points to 0.93% for the three months ended September 30, 2024, from 0.87% for the three months ended June 30, 2024. The average cost of time deposits increased five basis points from 4.39% for the three months ended June 30, 2024 to 4.44% for the three months ended September 30, 2024. The average cost of borrowings, including subordinated debt, increased five basis points from 5.00% for the three months ended June 30, 2024 to 5.05% for the three months ended September 30, 2024. Average demand deposits, an interest-free source of funds, increased $10.4 million, or 1.9%, from $548.8 million, or 25.7% of total average deposits, for the three months ended June 30, 2024, to $559.2 million, or 25.7% of total average deposits, for the three months ended September 30, 2024.

    Provision for (Reversal of) Credit Losses

    During the three months ended September 30, 2024, the Company recorded a provision for credit losses of $941,000, compared to a reversal for credit losses of $294,000 during the three months ended June 30, 2024. The provision for credit losses includes a provision for credit losses on loans of $609,000 and a reserve on unfunded loan commitments of $332,000. The increase in the provision for credit losses on loans was due to changes in the economic environment and related adjustments to the quantitative components of the CECL methodology as well as growth in the loan portfolio. The provision for credit losses was determined by a number of factors: the continued strong credit performance of the Company’s loan portfolio, changes in the loan portfolio mix and Management’s consideration of existing economic conditions and the economic outlook from the Federal Reserve’s actions to control inflation. The increase in reserves on unfunded loan commitments was due to an increase in commercial real estate unfunded loan commitments of $33.5 million, or 20.7%, from $161.8 million at June 30, 2024 to $195.3 million at September 30, 2024. Management continues to monitor macroeconomic variables related to increasing interest rates, inflation and the concerns of an economic downturn, and believes it is appropriately reserved for the current economic environment.

    During the three months ended September 30, 2024, the Company recorded net charge-offs of $98,000, compared to net charge-offs of $10,000 for the three months ended June 30, 2024.

    Non-Interest Income

    On a sequential quarter basis, non-interest income decreased $693,000, or 18.1%, to $3.1 million for the three months ended September 30, 2024, from $3.8 million for the three months ended June 30, 2024. Service charges and fees on deposits were $2.3 million for the three months ended September 30, 2024 and the three months ended June 30, 2024. Income from bank-owned life insurance (“BOLI”) decreased $32,000, or 6.4%, from the three months ended June 30, 2024 to $470,000, for the three months ended September 30, 2024. During the three months ended September 30, 2024, the Company reported $74,000 in other income from loan-level swap fees on commercial loans and did not have comparable income during the three months ended June 30, 2024. During the three months ended September 30, 2024, the Company sold $20.1 million in fixed rate residential loans to the secondary market and reported income from mortgage banking activities of $246,000 and did not have comparable income during the three months ended June 30, 2024. During the three months ended September 30, 2024 and the three months ended June 30, 2024, the Company reported unrealized gains on marketable equity securities of $10,000 and $4,000, respectively. During the three months ended June 30, 2024, the Company reported a gain on non-marketable equity investments of $987,000 and did not have comparable gains or losses from non-marketable equity investments during the three months ended September 30, 2024.

    Non-Interest Expense

    For the three months ended September 30, 2024, non-interest expense increased $92,000, or 0.6%, to $14.4 million from $14.3 million for the three months ended June 30, 2024. Salaries and employee benefits increased $211,000, or 2.7%, to $8.1 million, software expenses increased $46,000, or 8.1%, data processing expense increased $23,000, or 2.7%, FDIC insurance expense increased $15,000, or 4.6%, and debit card and ATM processing fees increased $6,000, or 0.9%. During the same period, these increases were partially offset by a decrease in professional fees of $41,000, or 7.1%, a decrease in advertising expense of $68,000, or 20.1%, a decrease in occupancy expense of $1,000, or 0.1%, and a decrease in other non-interest expense of $99,000, or 7.0%.

    For the three months ended September 30, 2024, the efficiency ratio was 80.6%, compared to 78.2% for the three months ended June 30, 2024. For the three months ended September 30, 2024, the adjusted efficiency ratio, a non-GAAP financial measure, was 80.7% compared to 82.7% for the three months ended June 30, 2024. The increases in the efficiency ratio and the adjusted efficiency ratio were driven by lower revenues, defined as the sum of net interest income and non-interest income, during the three months ended September 30, 2024. See pages 19-21 for the related adjusted efficiency ratio calculation and a reconciliation of GAAP to non-GAAP financial measures.

    Income Tax Provision

    Income tax expense for the three months ended September 30, 2024 was $618,000, or an effective tax rate of 24.5%, compared to $771,000, or an effective tax rate of 18.0%, for the three months ended June 30, 2024. The increase in the effective tax rate for the three months ended September 30, 2024 was driven by the Company’s projections of pre-tax income for the year ending December 31, 2024.

    Net Income for the Three Months Ended September 30, 2024 Compared to the Three Months Ended September 30, 2023.

    The Company reported net income of $1.9 million, or $0.09 per diluted share, for the three months ended September 30, 2024, compared to net income of $4.5 million, or $0.21 per diluted share, for the three months ended September 30, 2023. Net interest income decreased $1.7 million, or 10.1%, provision for credit losses increased $587,000, non-interest income decreased $471,000, or 13.0%, and non-interest expense increased $288,000, or 2.0%, during the same period. Return on average assets and return on average equity were 0.29% and 3.19%, respectively, for the three months ended September 30, 2024, compared to 0.70% and 7.60%, respectively, for the three months ended September 30, 2023.

    Net Interest Income and Net Interest Margin

    Net interest income decreased $1.7 million, or 10.1%, to $14.7 million, for the three months ended September 30, 2024, from $16.4 million for the three months ended September 30, 2023. The decrease in net interest income was due to an increase in interest expense of $3.6 million, or 37.8%, partially offset by an increase in interest and dividend income of $1.9 million, or 7.5%. Interest expense on deposits increased $3.5 million, or 44.9%, and interest expense on borrowings increased $133,000, or 7.3%. The increase in interest expense was a result of competitive pricing on deposits due to the continued higher interest rate environment and the unfavorable shift in the deposit mix from low cost core deposits to high cost time deposits.

    The net interest margin was 2.40% for the three months ended September 30, 2024, compared to 2.70% for the three months ended September 30, 2023. The net interest margin, on a tax-equivalent basis, was 2.42% for the three months ended September 30, 2024, compared to 2.72% for the three months ended September 30, 2023. The decrease in the net interest margin was primarily due to an increase in the average cost of interest-bearing liabilities and the unfavorable shift in the deposit mix from low cost core deposits to high cost time deposits, which was partially offset by an increase in the average yield on interest-earning assets. During the three months ended September 30, 2024 and the three months ended September 30, 2023, the Company had a fair value hedge which contributed to an increase in the net interest margin of seven basis points. Excluding the interest income from the fair value hedge, the net interest margin was 2.33% and 2.64%, for the three months ended September 30, 2024 and three months ended September 30, 2023, respectively. The fair value hedge is scheduled to mature in October of 2024.

    The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, was 4.54% for the three months ended September 30, 2024, compared to 4.28% for the three months ended September 30, 2023. The average loan yield, without the impact of tax-equivalent adjustments, was 4.90% for the three months ended September 30, 2024, compared to 4.64% for the three months ended September 30, 2023. During the three months ended September 30, 2024, average interest-earning assets increased $38.2 million, or 1.6% to $2.4 billion, primarily due to an increase in average loans of $31.3 million, or 1.6%, an increase in average short-term investments, consisting of cash and cash equivalents, of $9.7 million, or 43.4%, an increase in average other investments of $3.7 million, or 30.8%, partially offset by a decrease in average securities of $6.5 million, or 1.8%.

    The average cost of total funds, including non-interest bearing accounts and borrowings, increased 60 basis points from 1.64% for the three months ended September 30, 2023 to 2.24% for the three months ended September 30, 2024. The average cost of core deposits, which the Company defines as all deposits except time deposits, increased 23 basis points to 0.93% for the three months ended September 30, 2024, from 0.70% for the three months ended September 30, 2023. The average cost of time deposits increased 98 basis points from 3.46% for the three months ended September 30, 2023 to 4.44% for the three months ended September 30, 2024. The average cost of borrowings, including subordinated debt, increased 24 basis points from 4.81% for the three months ended September 30, 2023 to 5.05% for the three months ended September 30, 2024. Average demand deposits, an interest-free source of funds, decreased $32.7 million, or 5.5%, from $591.9 million, or 27.5% of total average deposits, for the three months ended September 30, 2023, to $559.2 million, or 25.7% of total average deposits, for the three months ended September 30, 2024.

    Provision for Credit Losses

    During the three months ended September 30, 2024, the Company recorded a provision for credit losses of $941,000, compared to a provision for credit losses of $354,000, during the three months ended September 30, 2023. The increase was primarily due to an increase in the loan portfolio, specifically unfunded commercial real estate loan commitments, as well as changes in the economic environment and related adjustments to the quantitative components of the CECL methodology. The provision for credit losses was determined by a number of factors: the continued strong credit performance of the Company’s loan portfolio, changes in the loan portfolio mix and Management’s consideration of existing economic conditions and the economic outlook from the Federal Reserve’s actions to control inflation. Management continues to monitor macroeconomic variables related to increasing interest rates, inflation and the concerns of an economic downturn, and believes it is appropriately reserved for the current economic environment.

    The Company recorded net charge-offs of $98,000 for the three months ended September 30, 2024, as compared to net charge-offs of $78,000 for the three months ended September 30, 2023.

    Non-Interest Income

    Non-interest income decreased $471,000, or 13.0%, from $3.6 million for the three months ended September 30, 2023 to $3.1 million for the three months ended September 30, 2024. Service charges and fees on deposits increased $196,000, or 9.1%, and income from BOLI increased $16,000, or 3.5%, from the three months ended September 30, 2023 to the three months ended September 30, 2024. During the three months ended September 30, 2024, the Company reported $74,000 in other income from loan-level swap fees on commercial loans and did not have comparable income during the three months ended September 30, 2023. During the three months ended September 30, 2024, the Company reported income of $246,000 in mortgage banking activities due to the sale of fixed rate residential loans and did not have comparable income during the three months ended September 30, 2023. During the three months ended September 30, 2024, the Company reported $10,000 in unrealized gains of marketable equity securities and did not have comparable income during the three months ended September 30, 2023. During the three months ended September 30, 2023, the Company reported a gain on non-marketable equity investments of $238,000 and did not have comparable non-interest income during the three months ended September 30, 2024. During the three months ended September 30, 2023, non-interest income included a non-taxable gain of $778,000 on BOLI death benefits. The Company did not have comparable income during the three months ended September 30, 2024. During the three months ended September 30, 2023, the Company reported a loss on the sales of premises and equipment of $3,000 and did not have comparable expense during the three months ended September 30, 2024.

    Non-Interest Expense

    For the three months ended September 30, 2024, non-interest expense increased $288,000, or 2.0%, to $14.4 million from $14.1 million, for the three months ended September 30, 2023. Salaries and employee benefits increased $157,000, or 2.0%, to $8.1 million, debit card and ATM processing fees increased $87,000, or 15.5%, software expenses increased $83,000, or 15.7%, occupancy expense increased $58,000, or 5.0%, data processing expense increased $45,000, or 5.5%, other non-interest income increased $54,000, or 4.3%, and furniture and equipment related expenses increased $1,000, or 0.2%. These increases were partially offset by a decrease in professional fees of $103,000, or 16.0%, a decrease in advertising expense of $91,000, or 25.1%, and a decrease in FDIC insurance expense of $3,000, or 0.9%.

    For the three months ended September 30, 2024, the efficiency ratio was 80.6%, compared to 70.6% for the three months ended September 30, 2023. For the three months ended September 30, 2024, the adjusted efficiency ratio, a non-GAAP financial measure, was 80.7% compared to 74.4% for the three months ended September 30, 2023. The increases in the efficiency ratio and the non-GAAP adjusted efficiency ratio were driven by lower revenues during the three months ended September 30, 2024, compared to the three months ended September 30, 2023. See pages 19-21 for the related adjusted efficiency ratio calculation and a reconciliation of GAAP to non-GAAP financial measures.

    Income Tax Provision

    Income tax expense for the three months ended September 30, 2024 was $618,000, or an effective tax rate of 24.5%, compared to $1.0 million, or an effective tax rate of 18.7%, for the three months ended September 30, 2023. The effective tax rate for the three months ended September 30, 2023 included $778,000 in non-taxable BOLI death benefits.

    Net Income for the Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023

    For the nine months ended September 30, 2024, the Company reported net income of $8.4 million, or $0.40 per diluted share, compared to $12.6 million, or $0.58 per diluted share, for the nine months ended September 30, 2023. Return on average assets and return on average equity were 0.44% and 4.74% for the nine months ended September 30, 2024, respectively, compared to 0.66% and 7.19% for the nine months ended September 30, 2023, respectively.

    Net Interest Income and Net Interest Margin

    During the nine months ended September 30, 2024, net interest income decreased $7.2 million, or 13.9%, to $44.5 million, compared to $51.7 million for the nine months ended September 30, 2023. The decrease in net interest income was due to an increase in interest expense of $14.1 million, or 62.3%, partially offset by an increase in interest and dividend income of $6.9 million, or 9.3%. The $14.1 million increase in interest expense was primarily due to an increase of $12.9 million, or 72.3%, in interest expense on deposits as a result of competitive pricing and an unfavorable shift in the deposit mix from low cost core deposits to high cost time deposits.

    The net interest margin for the nine months ended September 30, 2024 was 2.46%, compared to 2.88% during the nine months ended September 30, 2023. The net interest margin, on a tax-equivalent basis, was 2.48% for the nine months ended September 30, 2024, compared to 2.90% for the nine months ended September 30, 2023. The decrease in the net interest margin was primarily due to an increase in the average cost of interest-bearing liabilities and the unfavorable shift in the deposit mix from low cost core to high cost time deposits, which was partially offset by an increase in the average yield on interest-earning assets. During the nine months ended September 30, 2024 and the nine months ended September 30, 2023, the Company had a fair value hedge which contributed to an increase in the net interest margin of seven and three basis points, respectively. Excluding the interest income from the fair value hedge, the net interest margin was 2.39% and 2.85%, for the nine months ended September 30, 2024 and the nine months ended September 30, 2023, respectively. The fair value hedge is scheduled to mature in October of 2024.

    The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, was 4.49% for the nine months ended September 30, 2024, compared to 4.14% for the nine months ended September 30, 2023. The average loan yield, without the impact of tax-equivalent adjustments, was 4.86% for the nine months ended September 30, 2024, compared to 4.49% for the nine months ended September 30, 2023. During the nine months ended September 30, 2024, average interest-earning assets increased $14.5 million, or 0.6%, to $2.4 billion, from the same period in 2023. The increase was primarily due to an increase in average loans of $23.4 million, or 1.2%, an increase in average short-term investments, consisting of cash and cash equivalents, of $5.7 million, or 44.2%, and an increase in other interest-earning assets of $1.7 million, or 13.7%, partially offset by a decrease in average securities of $16.3 million, or 4.4%.

    The average cost of total funds, including non-interest bearing accounts and borrowings, increased 80 basis points from 1.32% for the nine months ended September 30, 2023 to 2.12% for the nine months ended September 30, 2024. The average cost of core deposits, which the Company defines as all deposits except time deposits, increased 24 basis points to 0.86% for the nine months ended September 30, 2024, from 0.62% for the nine months ended September 30, 2023. The average cost of time deposits increased 160 basis points from 2.72% for the nine months ended September 30, 2023 to 4.32% for the nine months ended September 30, 2024. The average cost of borrowings, including subordinated debt, increased 15 basis points from 4.84% for the nine months ended September 30, 2023 to 4.99% for the nine months ended September 30, 2024. Average demand deposits, an interest-free source of funds, decreased $52.1 million, or 8.6%, from $607.3 million, or 28.0% of total average deposits, for the nine months ended September 30, 2023, to $555.3 million, or 25.8% of total average deposits, for the nine months ended September 30, 2024.

    Provision for Credit Losses

    During the nine months ended September 30, 2024, the Company recorded a provision for credit losses of $97,000, compared to a provision for credit losses of $386,000 during the nine months ended September 30, 2023. The decrease was primarily due to changes in the loan mix as well as economic environment and related adjustments to the quantitative components of the CECL methodology. The provision for credit losses was determined by a number of factors: the continued strong credit performance of the Company’s loan portfolio, changes in the loan portfolio mix and Management’s consideration of existing economic conditions and the economic outlook from the Federal Reserve’s actions to control inflation. Management continues to monitor macroeconomic variables related to increasing interest rates, inflation and the concerns of an economic downturn, and believes it is appropriately reserved for the current economic environment.

    During the nine months ended September 30, 2024, the Company recorded net charge-offs of $41,000 compared to net charge-offs of $1.9 million for the nine months ended September 30, 2023. The charge-offs during the nine months ended September 30, 2023 were related to one commercial relationship acquired in October 2016 from Chicopee Bancorp, Inc. The Company recorded a $1.9 million charge-off on the relationship, which represented the non-accretable credit mark that was required to be grossed-up to the loan’s amortized cost basis with a corresponding increase to the allowance for credit losses under the CECL implementation.

    Non-Interest Income

    For the nine months ended September 30, 2024, non-interest income increased $1.5 million, or 17.9%, from $8.2 million during the nine months ended September 30, 2023 to $9.6 million. Service charges and fees on deposits increased $328,000, or 5.0%, and income from BOLI increased $37,000, or 2.7%.

    During the nine months ended September 30, 2024, the Company reported a gain of $987,000 on non-marketable equity investments, compared to a gain of $590,000 during the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Company reported income of $246,000 from mortgage banking activities due to the sale of fixed rate residential real estate loans and did not have comparable income during the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Company reported $74,000 in other income from loan-level swap fees on commercial loans and did not have comparable income during the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Company reported $22,000 in unrealized gains of marketable equity securities and did not have comparable income during the nine months ended September 30, 2023. Gains and losses from the investment portfolio vary from quarter to quarter based on market conditions, as well as the related yield curve and valuation changes. During the nine months ended September 30, 2024, the Company reported a loss on the sales of premises and equipment of $6,000 compared to $3,000 during the nine months ended September 30, 2023. During the nine months ended September 30, 2023, the Company recorded a $1.1 million final termination expense related to the defined benefit pension plan (the “DB Plan”) termination. The Company did not have comparable income or expense during the nine months ended September 30, 2024. During the nine months ended September 30, 2023, non-interest income included a non-taxable gain of $778,000 on BOLI death benefits. The Company did not have comparable income during the nine months ended September 30, 2024.

    Non-Interest Expense

    For the nine months ended September 30, 2024, non-interest expense decreased $63,000, or 0.1%, to $43.5 million, compared to $43.6 million for the nine months ended September 30, 2023. The decrease in non-interest expense was primarily due to a decrease in professional fees of $513,000, or 23.3%, a decrease in salaries and employee benefits of $218,000, or 0.9%, a decrease in advertising expense of $159,000, or 14.2%, a decrease in other non-interest expense of $120,000, or 2.9%, and a decrease in furniture and equipment related expense of $10,000, or 0.7%. These decreases were partially offset by an increase in software related expenses of $309,000, or 19.7%, an increase in debit card and ATM processing fees of $264,000, or 16.7%, an increase in data processing of $208,000, or 8.8%, an increase in FDIC insurance expense of $88,000, or 9.0%, and an increase in occupancy expense of $88,000, or 2.4%.

    For the nine months ended September 30, 2024, the efficiency ratio was 80.3%, compared to 72.7% for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, the adjusted efficiency ratio, a non-GAAP financial measure, was 81.8% compared to 73.0% for the nine months ended September 30, 2023. The increases in the efficiency ratio and the non-GAAP adjusted efficiency ratio were driven by lower revenues during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. See pages 19-21 for the related adjusted efficiency ratio calculation and a reconciliation of GAAP to non-GAAP financial measures.

    Income Tax Provision

    Income tax expense for the nine months ended September 30, 2024 was $2.2 million, representing an effective tax rate of 20.9%, compared to $3.4 million, representing an effective tax rate of 21.3%, for nine months ended September 30, 2023.

    Balance Sheet

    At September 30, 2024, total assets were $2.6 billion, an increase of $75.9 million, or 3.0%, from December 31, 2023. The increase in total assets was primarily due to an increase in cash and cash equivalents of $44.0 million, or 152.4%, an increase in total loans of $21.7 million, or 1.1%, and an increase in investment securities of $8.7 million, or 2.4%.

    Investments

    At September 30, 2024, the investment securities portfolio totaled $369.4 million, or 14.0% of total assets, compared to $360.7 million, or 14.1%, of total assets, at December 31, 2023. At September 30, 2024, the Company’s available-for-sale (“AFS”) securities portfolio, recorded at fair market value, increased $18.8 million, or 13.7%, from $137.1 million at December 31, 2023 to $155.9 million. The held-to-maturity (“HTM”) securities portfolio, recorded at amortized cost, decreased $10.1 million, or 4.5%, from $223.4 million at December 31, 2023 to $213.3 million at September 30, 2024.

    At September 30, 2024, the Company reported unrealized losses on the AFS securities portfolio of $24.6 million, or 13.6% of the amortized cost basis of the AFS securities portfolio, compared to unrealized losses of $29.2 million, or 17.5% of the amortized cost basis of the AFS securities at December 31, 2023. At September 30, 2024, the Company reported unrealized losses on the HTM securities portfolio of $30.7 million, or 14.4%, of the amortized cost basis of the HTM securities portfolio, compared to $35.7 million, or 16.0% of the amortized cost basis of the HTM securities portfolio at December 31, 2023.

    The securities in which the Company may invest are limited by regulation. Federally chartered savings banks have authority to invest in various types of assets, including U.S. Treasury obligations, securities of various government-sponsored enterprises, mortgage-backed securities, certain certificates of deposit of insured financial institutions, repurchase agreements, overnight and short-term loans to other banks, corporate debt instruments and marketable equity securities. The securities, with the exception of $4.6 million in corporate bonds, are issued by the United States government or government-sponsored enterprises and are therefore either explicitly or implicitly guaranteed as to the timely payment of contractual principal and interest. These positions are deemed to have no credit impairment, therefore, the disclosed unrealized losses with the securities portfolio relate primarily to changes in prevailing interest rates. In all cases, price improvement in future periods will be realized as the issuances approach maturity.

    Management regularly reviews the portfolio for securities in an unrealized loss position. At September 30, 2024 and December 31, 2023, the Company did not record any credit impairment charges on its securities portfolio and attributed the unrealized losses primarily due to fluctuations in general interest rates or changes in expected prepayments and not due to credit quality. The primary objective of the Company’s investment portfolio is to provide liquidity and to secure municipal deposit accounts while preserving the safety of principal. The Company expects to strategically redeploy available cash flows from the securities portfolio to fund loan growth and deposit outflows.

    Total Loans

    Total loans increased $21.7 million, or 1.1%, from December 31, 2023, to $2.0 billion at September 30, 2024. The increase in total loans was due to an increase in commercial real estate loans of $3.0 million, or 0.3%, an increase in residential real estate loans, including home equity loans, of $26.4 million, or 3.7%, partially offset by a decrease in commercial and industrial loans of $7.0 million, or 3.2%. During the three months ended September 30, 2024, the Company sold $20.1 million in fixed rate residential loans to the secondary market with servicing retained.

    The following table presents the summary of the loan portfolio by the major classification of the loan at the periods indicated:

      September 30, 2024   December 31, 2023
      (Dollars in thousands)
       
    Commercial real estate loans:      
    Non-owner occupied $ 878,265     $ 881,643  
    Owner-occupied   204,524       198,108  
    Total commercial real estate loans   1,082,789       1,079,751  
           
    Residential real estate loans:      
    Residential   631,649       612,315  
    Home equity   116,923       109,839  
    Total residential real estate loans   748,572       722,154  
           
    Commercial and industrial loans   210,390       217,447  
           
    Consumer loans   4,631       5,472  
    Total gross loans   2,046,382       2,024,824  
    Unamortized premiums and net deferred loans fees and costs   2,620       2,493  
    Total loans $ 2,049,002     $ 2,027,317  
                   

    Credit Quality

    Management continues to closely monitor the loan portfolio for any signs of deterioration in borrowers’ financial condition and also in light of speculation that commercial real estate values may deteriorate as the market continues to adjust to higher vacancies and interest rates. We continue to proactively take steps to mitigate risk in our loan portfolio.

    Total delinquency was $4.3 million, or 0.21% of total loans, at September 30, 2024, compared to $6.0 million, or 0.30% of total loans at December 31, 2023. At September 30, 2024, nonperforming loans totaled $4.9 million, or 0.24% of total loans, compared to $6.4 million, or 0.32% of total loans, at December 31, 2023. Total nonperforming assets totaled $4.9 million, or 0.18% of total assets, at September 30, 2024, compared to $6.4 million, or 0.25% of total assets, at December 31, 2023. At September 30, 2024 and December 31, 2023, there were no loans 90 or more days past due and still accruing interest. At September 30, 2024 and December 31, 2023, the Company did not have any other real estate owned.

    At September 30, 2024, the allowance for credit losses as a percentage of total loans was 0.97% as compared to 1.00% at December 31, 2023. At September 30, 2024, the allowance for credit losses as a percentage of nonperforming loans was 409.5% as compared to 315.6% at December 31, 2023.

    Total classified loans, defined as special mention and substandard loans, increased $3.7 million, or 9.4%, from $39.5 million, or 1.9% of total loans, at December 31, 2023 to $43.2 million, or 2.1%, of total loans at September 30, 2024. We continue to maintain diversity among property types and within our geographic footprint. More details on the diversification of the loan portfolio are available in the supplementary earnings presentation.

    Deposits

    Total deposits increased $80.5 million, or 3.8%, from $2.1 billion at December 31, 2023 to $2.2 billion at September 30, 2024. Core deposits, which the Company defines as all deposits except time deposits, decreased $8.3 million, or 0.5%, from $1.5 billion, or 71.5% of total deposits, at December 31, 2023, to $1.5 billion, or 68.5% of total deposits, at September 30, 2024. Non-interest-bearing deposits decreased $10.9 million, or 1.9%, to $568.7 million, money market accounts increased $1.5 million, or 0.2%, to $635.8 million, savings accounts decreased $8.2 million, or 4.4%, to $179.2 million and interest-bearing checking accounts increased $9.3 million, or 7.1%, to $140.3 million. Time deposits increased $88.8 million, or 14.5%, from $611.4 million at December 31, 2023 to $700.2 million at September 30, 2024. Brokered time deposits, which are included in time deposits, totaled $1.7 million at September 30, 2024 and at December 31, 2023.

    The table below is a summary of our deposit balances for the periods noted:

      September 30, 2024   June 30, 2024   December 31, 2023
      (Dollars in thousands)
    Core Deposits:          
    Demand accounts $ 568,685     $ 553,329     $ 579,595  
    Interest-bearing accounts   140,332       149,100       131,031  
    Savings accounts   179,214       186,171       187,405  
    Money market accounts   635,824       611,501       634,361  
    Total Core Deposits $ 1,524,055     $ 1,500,101     $ 1,532,392  
                           
    Time Deposits:   700,151       671,708       611,352  
    Total Deposits: $ 2,224,206     $ 2,171,809     $ 2,143,744  
                           

    During the nine months ended September 30, 2024, the Company continued to experience an unfavorable shift in deposit mix from low cost core deposits to high cost time deposits as customers continue to migrate to higher deposit rates. The Company continues to focus on the maintenance, development, and expansion of its core deposit base to meet funding requirements and liquidity needs, with an emphasis on retaining a long-term customer relationship base by competing for and retaining deposits in our local market. At September 30, 2024, the Bank’s uninsured deposits represented 27.7% of total deposits, compared to 26.8% at December 31, 2023.

    FHLB and Subordinated Debt

    At September 30, 2024, total borrowings decreased $4.1 million, or 2.6%, from $156.5 million at December 31, 2023 to $152.4 million. Short-term borrowings decreased $11.7 million, or 72.7%, to $4.4 million, compared to $16.1 million at December 31, 2023. Long-term borrowings increased $7.6 million, or 6.3%, from $120.6 million at December 31, 2023 to $128.3 million at September 30, 2024. At September 30, 2024 and December 31, 2023, borrowings also consisted of $19.7 million in fixed-to-floating rate subordinated notes.

    The Company utilized the Bank Term Funding Program (“BTFP”), which was created in March 2023 to enhance banking system liquidity by allowing institutions to pledge certain securities at par value and borrow at a rate of ten basis points over the one-year overnight index swap rate. The BTFP was available to federally insured depository institutions in the U.S., with advances having a term of up to one year with no prepayment penalties. The BTFP ceased extending new advances in March 2024. At December 31, 2023, the Company’s outstanding balance under the BTFP was $90.0 million. There were no outstanding balance under the BTFP at September 30, 2024.

    As of September 30, 2024, the Company had $452.0 million of additional borrowing capacity at the Federal Home Loan Bank, $404.9 million of additional borrowing capacity under the Federal Reserve Bank Discount Window and $25.0 million of other unsecured lines of credit with correspondent banks.

    Capital

    At September 30, 2024, shareholders’ equity was $240.7 million, or 9.1% of total assets, compared to $237.4 million, or 9.3% of total assets, at December 31, 2023. The change was primarily attributable to a decrease in accumulated other comprehensive loss of $3.4 million, cash dividends paid of $4.5 million, repurchase of shares at a cost of $5.6 million, partially offset by net income of $8.4 million. At September 30, 2024, total shares outstanding were 21,113,408.

    The Company’s regulatory capital ratios continue to be strong and in excess of regulatory minimum requirements to be considered well-capitalized as defined by regulators and internal Company targets. Total Risk-Based Capital Ratio was 14.4% at September 30, 2024 and 14.7% at December 31, 2023.  The Bank’s Tier 1 Leverage Ratio to adjusted average assets was 9.61% at September 30, 2024 and 9.62% at December 31, 2023.

    Dividends

    Although the Company has historically paid quarterly dividends on its common stock and currently intends to continue to pay such dividends, the Company’s ability to pay such dividends depends on a number of factors, including restrictions under federal laws and regulations on the Company’s ability to pay dividends, and as a result, there can be no assurance that dividends will continue to be paid in the future.

    About Western New England Bancorp, Inc.

    Western New England Bancorp, Inc. is a Massachusetts-chartered stock holding company and the parent company of Westfield Bank, CSB Colts, Inc., Elm Street Securities Corporation, WFD Securities, Inc. and WB Real Estate Holdings, LLC. Western New England Bancorp, Inc. and its subsidiaries are headquartered in Westfield, Massachusetts and operate 25 banking offices throughout western Massachusetts and northern Connecticut. To learn more, visit our website at www.westfieldbank.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Company’s financial condition, liquidity, results of operations, future performance, and business. Forward-looking statements may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.”  Examples of forward-looking statements include, but are not limited to, estimates with respect to our financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates.  These factors include, but are not limited to:

    • unpredictable changes in general economic conditions, financial markets, fiscal, monetary and regulatory policies, including actual or potential stress in the banking industry;
    • the duration and scope of potential pandemics, including the emergence of new variants and the response thereto;
    • unstable political and economic conditions which could materially impact credit quality trends and the ability to generate loans and gather deposits;
    • inflation and governmental responses to inflation, including recent sustained increases and potential future increases in interest rates that reduce margins;
    • the effect on our operations of governmental legislation and regulation, including changes in accounting regulation or standards, the nature and timing of the adoption and effectiveness of new requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Basel guidelines, capital requirements and other applicable laws and regulations;
    • significant changes in accounting, tax or regulatory practices or requirements;
    • new legal obligations or liabilities or unfavorable resolutions of litigation;
    • disruptive technologies in payment systems and other services traditionally provided by banks;
    • the highly competitive industry and market area in which we operate;
    • changes in business conditions and inflation;
    • operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks;
    • failure or circumvention of our internal controls or procedures;
    • changes in the securities markets which affect investment management revenues;
    • increases in Federal Deposit Insurance Corporation deposit insurance premiums and assessments;
    • the soundness of other financial services institutions which may adversely affect our credit risk;
    • certain of our intangible assets may become impaired in the future;
    • new lines of business or new products and services, which may subject us to additional risks;
    • changes in key management personnel which may adversely impact our operations;
    • severe weather, natural disasters, acts of war or terrorism and other external events which could significantly impact our business; and
    • other risk factors detailed from time to time in our SEC filings.

    Although we believe that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from the results discussed in these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We do not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by law.

    WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES
    Consolidated Statements of Net Income and Other Data
    (Dollars in thousands, except per share data)
    Unaudited)
     
      Three Months Ended Nine Months Ended
      September 30, June 30, March 31, December 31, September 30, September 30,
        2024     2024     2024     2023     2023     2024     2023  
    INTEREST AND DIVIDEND INCOME:              
    Loans $ 25,134   $ 24,340   $ 24,241   $ 23,939   $ 23,451   $ 73,715   $ 67,230  
    Securities   2,121     2,141     2,114     2,094     2,033     6,376     6,276  
    Other investments   189     148     136     140     166     473     418  
    Short-term investments   396     173     113     597     251     682     424  
    Total interest and dividend income   27,840     26,802     26,604     26,770     25,901     81,246     74,348  
                   
    INTEREST EXPENSE:              
    Deposits   11,165     10,335     9,293     8,773     7,704     30,793     17,876  
    Short-term borrowings   71     186     283     123     117     540     1,466  
    Long-term debt   1,622     1,557     1,428     1,444     1,444     4,607     2,513  
    Subordinated debt   254     254     254     254     253     762     760  
    Total interest expense   13,112     12,332     11,258     10,594     9,518     36,702     22,615  
                   
    Net interest and dividend income   14,728     14,470     15,346     16,176     16,383     44,544     51,733  
                   
    PROVISION FOR (REVERSAL OF) CREDIT LOSSES   941     (294 )   (550 )   486     354     97     386  
                   
    Net interest and dividend income after provision for (reversal of) credit losses   13,787     14,764     15,896     15,690     16,029     44,447     51,347  
                   
    NON-INTEREST INCOME:              
    Service charges and fees on deposits   2,341     2,341     2,219     2,283     2,145     6,901     6,573  
    Income from bank-owned life insurance   470     502     453     432     454     1,425     1,388  
    Unrealized gain (loss) on marketable equity securities   10     4     8     (1 )       22      
    Gain on sale of mortgages   246                     246      
    Gain on non-marketable equity investments       987             238     987     590  
    Loss on disposal of premises and equipment           (6 )       (3 )   (6 )   (3 )
    Loss on defined benefit plan termination                           (1,143 )
    Gain on bank-owned life insurance death benefit                   778         778  
    Other income   74                     74      
    Total non-interest income   3,141     3,834     2,674     2,714     3,612     9,649     8,183  
                   
    NON-INTEREST EXPENSE:              
    Salaries and employees benefits   8,112     7,901     8,244     7,739     7,955     24,257     24,475  
    Occupancy   1,217     1,218     1,363     1,198     1,159     3,798     3,710  
    Furniture and equipment   483     483     484     494     482     1,450     1,460  
    Data processing   869     846     862     788     824     2,577     2,369  
    Software   612     566     699     598     529     1,877     1,568  
    Debit/ATM card processing expense   649     643     552     559     562     1,844     1,580  
    Professional fees   540     581     569     674     643     1,690     2,203  
    FDIC insurance   338     323     410     338     341     1,071     983  
    Advertising   271     339     349     377     362     959     1,118  
    Other   1,315     1,414     1,250     2,020     1,261     3,979     4,099  
    Total non-interest expense   14,406     14,314     14,782     14,785     14,118     43,502     43,565  
                   
    INCOME BEFORE INCOME TAXES   2,522     4,284     3,788     3,619     5,523     10,594     15,965  
                   
    INCOME TAX PROVISION   618     771     827     1,108     1,033     2,216     3,408  
    NET INCOME $ 1,904   $ 3,513   $ 2,961   $ 2,511   $ 4,490   $ 8,378   $ 12,557  
                   
    Basic earnings per share $ 0.09   $ 0.17   $ 0.14   $ 0.12   $ 0.21   $ 0.40   $ 0.58  
    Weighted average shares outstanding   20,804,162     21,056,173     21,180,968     21,253,452     21,560,940     21,013,003     21,631,067  
    Diluted earnings per share $ 0.09   $ 0.17   $ 0.14   $ 0.12   $ 0.21   $ 0.40   $ 0.58  
    Weighted average diluted shares outstanding   20,933,833     21,163,762     21,271,323     21,400,664     21,680,113     21,122,208     21,681,251  
                   
    Other Data:              
    Return on average assets (1)   0.29 %   0.55 %   0.47 %   0.39 %   0.70 %   0.44 %   0.66 %
    Return on average equity (1)   3.19 %   6.03 %   5.04 %   4.31 %   7.60 %   4.74 %   7.19 %
    Efficiency ratio   80.62 %   78.20 %   82.03 %   78.27 %   70.61 %   80.27 %   72.71 %
    Adjusted efficiency ratio (2)   80.67 %   82.68 %   82.04 %   78.26 %   74.38 %   81.79 %   72.98 %
    Net interest margin   2.40 %   2.42 %   2.57 %   2.64 %   2.70 %   2.46 %   2.88 %
    Net interest margin, on a fully tax-equivalent basis   2.42 %   2.44 %   2.59 %   2.66 %   2.72 %   2.48 %   2.90 %
    (1) Annualized.          
    (2) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, loss on disposal of premises and equipment, loss on defined benefit plan termination and gain on bank-owned life insurance death benefit.
     
    WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES
    Consolidated Balance Sheets
    (Dollars in thousands)
    (Unaudited)
     
      September 30,   June 30,   March 31,   December 31,   September 30,
        2024       2024       2024       2023       2023  
    Cash and cash equivalents $ 72,802     $ 53,458     $ 22,613     $ 28,840     $ 62,267  
    Securities available-for-sale, at fair value   155,889       135,089       138,362       137,115       130,709  
    Securities held to maturity, at amortized cost   213,266       217,632       221,242       223,370       225,020  
    Marketable equity securities, at fair value   252       233       222       196        
    Federal Home Loan Bank of Boston and other restricted stock – at cost   7,143       7,143       3,105       3,707       3,063  
                       
    Loans   2,049,002       2,026,226       2,025,566       2,027,317       2,014,820  
    Allowance for credit losses   (19,955 )     (19,444 )     (19,884 )     (20,267 )     (19,978 )
    Net loans   2,029,047       2,006,782       2,005,682       2,007,050       1,994,842  
                       
    Bank-owned life insurance   76,570       76,100       75,598       75,145       74,713  
    Goodwill   12,487       12,487       12,487       12,487       12,487  
    Core deposit intangible   1,531       1,625       1,719       1,813       1,906  
    Other assets   71,492       75,521       76,206       74,848       79,998  
    TOTAL ASSETS $ 2,640,479     $ 2,586,070     $ 2,557,236     $ 2,564,571     $ 2,585,005  
                       
    Total deposits $ 2,224,206     $ 2,171,809     $ 2,143,747     $ 2,143,744     $ 2,176,303  
    Short-term borrowings   4,390       6,570       11,470       16,100       8,890  
    Long-term debt   128,277       128,277       120,646       120,646       121,178  
    Subordinated debt   19,741       19,731       19,722       19,712       19,702  
    Securities pending settlement   2,513       102                   2,253  
    Other liabilities   20,697       23,104       25,855       26,960       25,765  
    TOTAL LIABILITIES   2,399,824       2,349,593       2,321,440       2,327,162       2,354,091  
                       
    TOTAL SHAREHOLDERS’ EQUITY   240,655       236,477       235,796       237,409       230,914  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 2,640,479     $ 2,586,070     $ 2,557,236     $ 2,564,571     $ 2,585,005  
                       
    WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES
    Other Data
    (Dollars in thousands, except per share data)
    (Unaudited)
                                           
      Three Months Ended
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Shares outstanding at end of period   21,113,408       21,357,849       21,627,690       21,666,807       21,927,242  
                       
    Operating results:                  
    Net interest income $ 14,728     $ 14,470     $ 15,346     $ 16,176     $ 16,383  
    Provision for (reversal of) credit losses   941       (294 )     (550 )     486       354  
    Non-interest income   3,141       3,834       2,674       2,714       3,612  
    Non-interest expense   14,406       14,314       14,782       14,785       14,118  
    Income before income provision for income taxes   2,522       4,284       3,788       3,619       5,523  
    Income tax provision   618       771       827       1,108       1,033  
    Net income   1,904       3,513       2,961       2,511       4,490  
                       
    Performance Ratios:                  
    Net interest margin   2.40 %     2.42 %     2.57 %     2.64 %     2.70 %
    Net interest margin, on a fully tax-equivalent basis   2.42 %     2.44 %     2.59 %     2.66 %     2.72 %
    Interest rate spread   1.60 %     1.66 %     1.85 %     1.96 %     2.07 %
    Interest rate spread, on a fully tax-equivalent basis   1.62 %     1.67 %     1.86 %     1.98 %     2.09 %
    Return on average assets   0.29 %     0.55 %     0.47 %     0.39 %     0.70 %
    Return on average equity   3.19 %     6.03 %     5.04 %     4.31 %     7.60 %
    Efficiency ratio (GAAP)   80.62 %     78.20 %     82.03 %     78.27 %     70.61 %
    Adjusted efficiency ratio (non-GAAP) (1)   80.67 %     82.68 %     82.04 %     78.26 %     74.38 %
                       
    Per Common Share Data:                  
    Basic earnings per share $ 0.09     $ 0.17     $ 0.14     $ 0.12     $ 0.21  
    Earnings per diluted share   0.09       0.17       0.14       0.12       0.21  
    Cash dividend declared   0.07       0.07       0.07       0.07       0.07  
    Book value per share   11.40       11.07       10.90       10.96       10.53  
    Tangible book value per share (non-GAAP) (2)   10.73       10.41       10.25       10.30       9.87  
                       
    Asset Quality:                  
    30-89 day delinquent loans $ 3,059     $ 3,270     $ 3,000     $ 4,605     $ 4,097  
    90 days or more delinquent loans   1,253       2,280       1,716       1,394       1,527  
    Total delinquent loans   4,312       5,550       4,716       5,999       5,624  
    Total delinquent loans as a percentage of total loans   0.21 %     0.27 %     0.23 %     0.30 %     0.28 %
    Nonperforming loans $ 4,873     $ 5,845     $ 5,837     $ 6,421     $ 6,290  
    Nonperforming loans as a percentage of total loans   0.24 %     0.29 %     0.29 %     0.32 %     0.31 %
    Nonperforming assets as a percentage of total assets   0.18 %     0.23 %     0.23 %     0.25 %     0.24 %
    Allowance for credit losses as a percentage of nonperforming loans   409.50 %     332.66 %     340.65 %     315.64 %     317.62 %
    Allowance for credit losses as a percentage of total loans   0.97 %     0.96 %     0.98 %     1.00 %     0.99 %
    Net loan charge-offs (recoveries) $ 98     $ 10     $ (67 )   $ 136     $ 78  
    Net loan charge-offs (recoveries) as a percentage of average loans   0.00 %     0.00 %     0.00 %     0.01 %     0.00 %

    ____________________________
    (1) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, loss on disposal of premises and equipment, loss on defined benefit plan termination and gain on bank-owned life insurance death benefit.
    (2) Tangible book value per share (non-GAAP) represents the value of the Company’s tangible assets divided by its current outstanding shares.

    The following table sets forth the information relating to our average balances and net interest income for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023 and reflects the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated.

      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023
      Average       Average Yield/   Average       Average Yield/   Average       Average Yield/
      Balance   Interest   Cost(8)   Balance   Interest   Cost(8)   Balance   Interest   Cost(8)
      (Dollars in thousands)
    ASSETS:                                        
    Interest-earning assets                                        
    Loans(1)(2) $ 2,038,593   $ 25,253     4.93 %   $ 2,017,127   $ 24,454     4.88 %   $ 2,007,267   $ 23,568     4.66 %
    Securities(2)   354,696     2,121     2.38       354,850     2,141     2.43       361,216     2,033     2.23  
    Other investments   15,904     189     4.73       14,328     148     4.15       12,155     166     5.42  
    Short-term investments(3)   32,043     396     4.92       14,328     173     4.86       22,349     251     4.46  
    Total interest-earning assets   2,441,236     27,959     4.56       2,400,633     26,916     4.51       2,402,987     26,018     4.30  
    Total non-interest-earning assets   153,585               156,701               156,503          
    Total assets $ 2,594,821             $ 2,557,334             $ 2,559,490          
                                             
    LIABILITIES AND EQUITY:                                        
    Interest-bearing liabilities                                        
    Interest-bearing checking accounts $ 131,133     271     0.82     $ 131,449     253     0.77     $ 144,792     269     0.74  
    Savings accounts   179,844     38     0.08       185,690     51     0.11       195,020     41     0.08  
    Money market accounts   621,340     3,172     2.03       622,062     2,930     1.89       656,066     2,488     1.50  
    Time deposit accounts   688,797     7,684     4.44       650,054     7,101     4.39       563,135     4,906     3.46  
    Total interest-bearing deposits   1,621,114     11,165     2.74       1,589,255     10,335     2.62       1,559,013     7,704     1.96  
    Borrowings   153,317     1,947     5.05       160,484     1,997     5.00       149,507     1,814     4.81  
    Interest-bearing liabilities   1,774,431     13,112     2.94       1,749,739     12,332     2.83       1,708,520     9,518     2.21  
    Non-interest-bearing deposits   559,224               548,781               591,933          
    Other non-interest-bearing liabilities   23,466               24,453               24,504          
    Total non-interest-bearing liabilities   582,690               573,234               616,437          
    Total liabilities   2,357,121               2,322,973               2,324,957          
    Total equity   237,700               234,361               234,533          
    Total liabilities and equity $ 2,594,821             $ 2,557,334             $ 2,559,490          
    Less: Tax-equivalent adjustment(2)       (119 )               (114 )               (117 )      
    Net interest and dividend income     $ 14,728               $ 14,470               $ 16,383        
    Net interest rate spread(4)         1.60 %           1.66 %           2.07 %
    Net interest rate spread, on a tax-equivalent basis(5)         1.62 %           1.67 %           2.09 %
    Net interest margin(6)         2.40 %           2.42 %           2.70 %
    Net interest margin, on a tax-equivalent basis(7)         2.42 %           2.44 %           2.72 %
    Ratio of average interest-earning assets to average interest-bearing liabilities         137.58 %           137.20 %           140.65 %
                                             

    The following tables set forth the information relating to our average balances and net interest income for the nine months ended September 30, 2024 and 2023 and reflect the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated.

      Nine Months Ended September 30,
      2024   2023
      Average
    Balance
      Interest   Average Yield/
    Cost(8)
      Average
    Balance
      Interest   Average Yield/
    Cost(8)
     
                                           
      (Dollars in thousands)
    ASSETS:                          
    Interest-earning assets                          
    Loans(1)(2) $ 2,025,858   $ 74,058     4.88 %   $ 2,002,485   $ 67,586     4.51 %
    Securities(2)   356,340     6,376     2.39       372,623     6,276     2.25  
    Other investments   14,248     473     4.43       12,528     418     4.46  
    Short-term investments(3)   18,634     682     4.89       12,922     424     4.39  
    Total interest-earning assets   2,415,080     81,589     4.51       2,400,558     74,704     4.16  
    Total non-interest-earning assets   154,894               154,525          
    Total assets $ 2,569,974             $ 2,555,083          
                               
    LIABILITIES AND EQUITY:                          
    Interest-bearing liabilities                          
    Interest-bearing checking accounts $ 132,708     759     0.76 %   $ 142,716     780     0.73 %
    Savings accounts   183,872     128     0.09       207,513     142     0.09  
    Money market accounts   623,216     8,689     1.86       711,173     6,813     1.28  
    Time deposit accounts   655,700     21,217     4.32       498,193     10,141     2.72  
    Total interest-bearing deposits   1,595,496     30,793     2.58       1,559,595     17,876     1.53  
    Short-term borrowings and long-term debt   158,183     5,909     4.99       130,796     4,739     4.84  
    Total interest-bearing liabilities   1,753,679     36,702     2.80       1,690,391     22,615     1.79  
    Non-interest-bearing deposits   555,253               607,338          
    Other non-interest-bearing liabilities   24,931               23,886          
    Total non-interest-bearing liabilities   580,184               631,224          
                               
    Total liabilities   2,333,863               2,321,615          
    Total equity   236,111               233,468          
    Total liabilities and equity $ 2,569,974             $ 2,555,083          
    Less: Tax-equivalent adjustment (2)       (343 )               (356 )      
    Net interest and dividend income     $ 44,544               $ 51,733        
    Net interest rate spread (4)         1.70 %           2.35 %
    Net interest rate spread, on a tax-equivalent basis (5)         1.71 %           2.37 %
    Net interest margin (6)         2.46 %           2.88 %
    Net interest margin, on a tax-equivalent basis (7)         2.48 %           2.90 %
    Ratio of average interest-earning assets to average interest-bearing liabilities       137.72 %           142.01 %

    (1) Loans, including nonaccrual loans, are net of deferred loan origination costs and unadvanced funds.
    (2) Loan and securities income are presented on a tax-equivalent basis using a tax rate of 21%. The tax-equivalent adjustment is deducted from tax-equivalent net interest and dividend income to agree to the amount reported on the consolidated statements of net income.
    (3) Short-term investments include federal funds sold.
    (4) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    (5) Net interest rate spread, on a tax-equivalent basis, represents the difference between the tax-equivalent weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    (6) Net interest margin represents net interest and dividend income as a percentage of average interest-earning assets.
    (7) Net interest margin, on a tax-equivalent basis, represents tax-equivalent net interest and dividend income as a percentage of average interest-earning assets.
    (8) Annualized.

    Reconciliation of Non-GAAP to GAAP Financial Measures

    The Company believes that certain non-GAAP financial measures provide information to investors that is useful in understanding its results of operations and financial condition.  Because not all companies use the same calculation, this presentation may not be comparable to other similarly titled measures calculated by other companies.  A reconciliation of these non-GAAP financial measures is provided below.

      For the quarter ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
      (Dollars in thousands)
                       
    Loan interest (no tax adjustment) $ 25,134     $ 24,340     $ 24,241     $ 23,939     $ 23,451  
    Tax-equivalent adjustment   119       114       110       113       117  
    Loan interest (tax-equivalent basis) $ 25,253     $ 24,454     $ 24,351     $ 24,052     $ 23,568  
                       
    Net interest income (no tax adjustment) $ 14,728     $ 14,470     $ 15,346     $ 16,176     $ 16,383  
    Tax equivalent adjustment   119       114       110       113       117  
    Net interest income (tax-equivalent basis) $ 14,847     $ 14,584     $ 15,456     $ 16,289     $ 16,500  
                       
    Average interest-earning assets $ 2,441,236     $ 2,400,633     $ 2,403,086     $ 2,427,112     $ 2,402,987  
    Net interest margin (no tax adjustment)   2.40 %     2.42 %     2.57 %     2.64 %     2.70 %
    Net interest margin, tax-equivalent   2.42 %     2.44 %     2.59 %     2.66 %     2.72 %
                       
    Book Value per Share (GAAP) $ 11.40     $ 11.07     $ 10.90     $ 10.96     $ 10.53  
    Non-GAAP adjustments:                  
    Goodwill   (0.59 )     (0.58 )     (0.58 )     (0.58 )     (0.57 )
    Core deposit intangible   (0.08 )     (0.08 )     (0.07 )     (0.08 )     (0.09 )
    Tangible Book Value per Share (non-GAAP) $ 10.73     $ 10.41     $ 10.25     $ 10.30     $ 9.87  
                       
      For the quarter ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
      (Dollars in thousands)
                       
    Efficiency Ratio:                  
    Non-interest Expense (GAAP) $ 14,406     $ 14,314     $ 14,782     $ 14,785     $ 14,118  
                       
    Net Interest Income (GAAP) $ 14,728     $ 14,470     $ 15,346     $ 16,176     $ 16,383  
                       
    Non-interest Income (GAAP) $ 3,141     $ 3,834     $ 2,674     $ 2,714     $ 3,612  
    Non-GAAP adjustments:                  
    Unrealized (gains) losses on marketable equity securities   (10 )     (4 )     (8 )     1        
    Gain on non-marketable equity investments         (987 )                 (238 )
    Loss on disposal of premises and equipment               6             3  
    Gain on bank-owned life insurance death benefit                           (778 )
    Non-interest Income for Adjusted Efficiency Ratio (non-GAAP) $ 3,131     $ 2,843     $ 2,672     $ 2,715     $ 2,599  
    Total Revenue for Adjusted Efficiency Ratio (non-GAAP) $ 17,859     $ 17,313     $ 18,018     $ 18,891     $ 18,982  
                       
    Efficiency Ratio (GAAP)   80.62 %     78.20 %     82.03 %     78.27 %     70.61 %
                       
    Adjusted Efficiency Ratio (Non-interest Expense (GAAP)/Total Revenue for Adjusted Efficiency Ratio (non-GAAP))   80.67 %     82.68 %     82.04 %     78.26 %     74.38 %
                       
      For the nine months ended
      9/30/2024   9/30/2023
      (Dollars in thousands)
           
    Loan income (no tax adjustment) $ 73,715     $ 67,230  
    Tax-equivalent adjustment   343       356  
    Loan income (tax-equivalent basis) $ 74,058     $ 67,586  
           
    Net interest income (no tax adjustment) $ 44,544     $ 51,733  
    Tax equivalent adjustment   343       356  
    Net interest income (tax-equivalent basis) $ 44,887     $ 52,089  
           
    Average interest-earning assets $ 2,415,080     $ 2,400,558  
    Net interest margin (no tax adjustment)   2.46 %     2.88 %  
    Net interest margin, tax-equivalent   2.48 %     2.90 %  
           
    Adjusted Efficiency Ratio:      
    Non-interest Expense (GAAP) $ 43,502     $ 43,565  
           
    Net Interest Income (GAAP) $ 44,544     $ 51,733  
           
    Non-interest Income (GAAP) $ 9,649     $ 8,183  
    Non-GAAP adjustments:      
    Unrealized gains on marketable equity securities   (22 )      
    Loss on disposal of premises and equipment, net   6       3  
    Gain on bank-owned life insurance         (778 )
    Gain on non-marketable equity investments   (987 )     (590 )
    Loss on defined benefit plan curtailment         1,143  
    Non-interest Income for Adjusted Efficiency Ratio (non-GAAP) $ 8,646     $ 7,961  
    Total Revenue for Adjusted Efficiency Ratio (non-GAAP) $ 53,190     $ 59,694  
           
    Efficiency Ratio (GAAP)   80.27 %     72.71 %
           
    Adjusted Efficiency Ratio (Non-interest Expense (GAAP)/Total Revenue for Adjusted Efficiency Ratio (non-GAAP))   81.79 %     72.98 %
                   

    For further information contact:
    James C. Hagan, President and CEO
    Guida R. Sajdak, Executive Vice President and CFO
    Meghan Hibner, First Vice President and Investor Relations Officer
    413-568-1911

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