Category: Transport

  • MIL-OSI: Form 8.3 – TRINITY EXPLORATION & PRODUCTION PLC

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

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

    1.        KEY INFORMATION

    (a)   Full name of discloser: VELAY FINANCIAL SERVICES LTD
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
    Not applicable
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree
    TRINITY EXPLORATION & PRODUCTION PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: Not applicable
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure
    21/10/2024
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”
    N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

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

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

    Class of relevant security: 1p ordinary
      Interests Short positions
      Number % Number %
    (1)   Relevant securities owned and/or controlled:        
    (2)   Cash-settled derivatives: 900 000 2.31    
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        

            TOTAL:

    900 000 2.31    

    All interests and all short positions should be disclosed.

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

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

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

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

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

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

    (a)        Purchases and sales

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

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD
    Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position
    Number of reference securities Price per unit
    1p ordinary Swap Increasing long position 25 000 0.66066 GBP

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

    (i)        Writing, selling, purchasing or varying

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

    (ii)        Exercise

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

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

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

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

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

    None

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

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

    None

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 22/10/2024
    Contact name: Arnaud STEPHANN
    Telephone number*: 00 41 22 707 42 70

    Additional dealing in this security:

    DATE Buy/Sell QTY Price
           
           

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

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

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

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

    The MIL Network

  • MIL-OSI: Capital City Bank Group, Inc. Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    TALLAHASSEE, Fla., Oct. 22, 2024 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $13.1 million, or $0.78 per diluted share, for the third quarter of 2024 compared to $14.2 million, or $0.83 per diluted share, for the second quarter of 2024, and $12.7 million, or $0.74 per diluted share, for the third quarter of 2023.

    QUARTER HIGHLIGHTS (3rdQuarter 2024 versus 2ndQuarter 2024)

    Income Statement

    • Tax-equivalent net interest income totaled $40.3 million compared to $39.3 million for the prior quarter
      • Net interest margin increased 10 basis points to 4.12% (earning asset yield up 7 basis points and total deposit cost down 3 basis points to 92 basis points)
    • Stable credit quality metrics and credit loss provision – net loan charge-offs were 19 basis points (annualized) of average loans – allowance coverage ratio increased to 1.11% at September 30, 2024
    • Noninterest income remained stable, decreasing $0.1 million, or 0.5%, and reflected a $0.4 million decline in mortgage banking revenues partially offset by a $0.3 million increase in wealth management fees
    • Noninterest expense increased $2.5 million, or 6.1%, due to increases in compensation (annual merit and health care) and other expenses (professional and processing). Other expense also included a $0.5 million expense related to a counterparty payment for our VISA Class B share swap

    Balance Sheet

    • Loan balances decreased $33.2 million, or 1.2% (average), and declined $7.1 million, or 0.3% (end of period)
    • Deposit balances decreased by $69.0 million, or 1.9% (average), and decreased $29.5 million, or 0.8% (end of period), reflecting the seasonal decline in our public fund balances
    • Tangible book value per diluted share (non-GAAP financial measure) increased $0.91, or 4.2%

    Commenting on the company’s results, William G. Smith, Jr., Capital City Bank Group Chairman, President, and CEO, said, “I am pleased with what we accomplished in the quarter to enhance shareowner value – 4.2% growth in tangible book value per share and a 9.5% increase in the dividend. Earnings for the quarter remained stable driven by margin expansion, stable credit, and core deposit growth. Looking ahead, I remain optimistic about our full year financial performance and beyond, driven by our balance sheet flexibility, revenue diversification, and focus on continuous improvement.”      

    Discussion of Operating Results

    Net Interest Income/Net Interest Margin

    Tax-equivalent net interest income for the third quarter of 2024 totaled $40.2 million, compared to $39.3 million for the second quarter of 2024, and $39.3 million for the third quarter of 2023. Compared to the second quarter of 2024, the increase was primarily due to increases in loan and investment interest income and a decrease in deposit interest expense, partially offset by a decrease in overnight funds interest income. One additional calendar day also contributed to the increase. Favorable repricing of existing adjustable/fixed rate loans at higher rates drove the increase in loan interest income. The increase in investment interest income was due to the reinvestment of maturing securities at higher rates. The decrease in deposit interest expense was attributable to lower average NOW account balances and average rate, in addition to lower rates on promotional deposit products.

    Compared to the third quarter of 2023, the $0.9 million increase was primarily driven by an increase in loan interest income and to a lesser extent overnight funds interest income, partially offset by an increase in deposit interest expense. For the first nine months of 2024, tax-equivalent net interest income totaled $118.0 million compared to $120.1 million for the same period of 2023 with the decrease primarily attributable to an increase in deposit interest expense and a decrease in investment interest income, partially offset by an increase in loan interest income.

    Our net interest margin for the third quarter of 2024 was 4.12%, an increase of 10 basis points over the second quarter of 2024 and an increase of nine basis points over the third quarter of 2023. For the month of September 2024, our net interest margin was 4.16%. For the first nine months of 2024, our net interest margin was 4.05% compared to 4.04% for the same period of 2023. The increase over the second quarter of 2024 reflected favorable loan and investment repricing, partially offset by a lower overnight funds rate. The increase over both prior year periods reflected higher loan rates partially offset by a higher cost of deposits. For the third quarter of 2024, our cost of funds was 93 basis points, a decrease of four basis points from the second quarter of 2024 and an increase of 27 basis points over the third quarter of 2023. Our cost of deposits (including noninterest bearing accounts) was 92 basis points, 95 basis points, and 58 basis points, respectively, for the same periods.

    Provision for Credit Losses

    We recorded a provision expense for credit losses of $1.2 million for the third quarter of 2024, comparable to the second quarter of 2024 and a $1.2 million decrease from the third quarter of 2023. The provision expense for the third quarter of 2024 reflected a $0.7 million increase in the provision for loans held for investment (“HFI”), a $0.6 million provision benefit for unfunded loan commitments, and a $0.1 million provision benefit for debt securities. The increase in the provision for loans HFI was primarily due to loan grade migration and slightly higher loss rates partially offset by lower loan balances. A lower level of commitments drove the provision benefit for unfunded loan commitments. For the first nine months of 2024, we recorded a provision expense for credit losses of $3.3 million compared to $7.7 million for the same period of 2023 with the decrease driven primarily by lower new loan volume in 2024. We discuss the allowance for credit losses further below.

    Noninterest Income and Noninterest Expense

    Noninterest income for the third quarter of 2024 totaled $19.5 million compared to $19.6 million for the second quarter of 2024 and $16.7 million for the third quarter of 2023. The slight decrease from the second quarter of 2024 reflected a $0.4 million decrease in mortgage banking revenues partially offset by a $0.3 million increase in wealth management fees. Compared to the third quarter of 2023, the $2.8 million increase was primarily attributable to a $2.1 million increase in mortgage banking revenues driven by a higher gain on sale margin, and a $0.8 million increase in wealth management fees.

    For the first nine months of 2024, noninterest income totaled $57.2 million compared to $54.5 million for the same period of 2023, primarily attributable to a $3.2 million increase in mortgage banking revenues and a $1.8 million increase in wealth management fees, partially offset by a $2.1 million decrease in other income. The increase in mortgage banking revenues was due to a higher gain on sale margin. The increase in wealth management fees was primarily driven by higher retail brokerage fees and to a lesser extent trust fees, primarily attributable to both new account growth and higher account values driven by higher market returns. The decrease in other income was primarily attributable to a $1.4 million gain from the sale of mortgage servicing rights in the second quarter of 2023, and to a lesser extent a decrease in vendor bonus income and miscellaneous income.

    Noninterest expense for the third quarter of 2024 totaled $42.9 million compared to $40.4 million for the second quarter of 2024 and $39.1 million for the third quarter of 2023. The $2.5 million increase over the second quarter of 2024 was primarily due to a $1.4 million increase in compensation and a $1.0 million increase in other expense. The increase in compensation reflected higher salary expense of $0.9 million and associate benefit expense of $0.5 million. The increase in salary expense was driven by annual merit adjustments, and the increase in other associate benefit expense was primarily attributable to higher health insurance cost, and to a lesser extent higher stock-based compensation expense. The increase in other expense was primarily due to a $0.5 million increase in professional fees, processing fees of $0.3 million, and higher miscellaneous expense which included a $0.5 million payment to the counterparty for our VISA Class B share swap due to revision to the share conversion rate related to additional funding by VISA of the merchant litigation reserve. Compared to the third quarter of 2023, the $3.8 million increase was primarily attributable to a $2.8 million increase in compensation expense and a $0.9 million increase in other expense. The unfavorable variance in compensation expense reflected higher salary expense of $2.2 million and associate benefit expense of $0.6 million, with the salary variance driven by merit adjustments and the associate benefit expense variance reflective of higher health insurance cost. Further, salary expense was unfavorably impacted by lower realized loan cost (credit offset to salary expense) of $1.0 million which reflected lower loan volume in 2024. The increase in other expense was attributable to a $0.6 million increase in professional fees and higher miscellaneous expense due to the aforementioned $0.5 million share swap payment in the third quarter of 2024.  

    For the first nine months of 2024, noninterest expense totaled $123.5 million compared to $117.1 million for the same period of 2023 with the $6.4 million increase primarily attributable to increases in compensation expense of $4.6 million, occupancy expense of $0.5 million, and other expense of $1.3 million. The increase in compensation expense reflected a $3.9 million increase in salary expense and a $0.7 million increase in associate benefit expense. The increase in salary expense was primarily due to a lower level of realized loan cost (credit offset to salary expense) of $2.9 million (lower new loan volume) and higher base salary expense of $1.9 million (primarily annual merit raises), partially offset by lower commission expense of $1.3 million (lower residential mortgage volume). The increase in occupancy was primarily attributable to an increase in maintenance agreement expense (security upgrades and addition of interactive teller machines). The increase in other expense reflected a $1.8 million gain from the sale of a banking office in the first quarter of 2023 and higher miscellaneous expense due to the aforementioned $0.5 million share swap payment in 2024, that was partially offset by lower pension plan expense (service cost) of $1.0 million.         

    Income Taxes

    We realized income tax expense of $3.0 million (effective rate of 19.1%) for the third quarter of 2024 compared to $3.2 million (effective rate of 18.5%) for the second quarter of 2024 and $3.0 million (effective rate of 20.7%) for the third quarter of 2023. For the first nine months of 2024, we realized income tax expense of $9.7 million (effective rate of 20.1%) compared to $10.1 million (effective rate of 20.5%) for the same period of 2023. The decrease in our effective tax rate from both prior year periods was primarily due to a higher level of tax benefit accrued from investments in solar tax credit equity funds. Absent discrete items, we expect our annual effective tax rate to approximate 20-21% for 2024.

    Discussion of Financial Condition

    Earning Assets

    Average earning assets totaled $3.883 billion for the third quarter of 2024, a decrease of $51.9 million, or 1.3%, from the second quarter of 2024, and an increase of $59.4 million, or 1.6%, over the fourth quarter of 2023. The change for both prior periods was driven by variances in deposit balances (see below – Deposits). Compared to the second quarter of 2024, the change in the earning asset mix reflected a $33.2 million decrease in loans HFI, a $11.4 million decline in investment securities, and a $5.6 million decrease increase in overnight funds sold. Compared to the fourth quarter of 2023, the change in the earning asset mix reflected a $157.1 million increase in overnight funds that was partially offset by a $17.7 million decrease in loans HFI, a $54.7 million decrease in investment securities and a $25.2 million decline in loans held for sale.

    Average loans HFI decreased $33.2 million, or 1.2%, from the second quarter of 2024 and decreased $17.7 million, or 0.7%, from the fourth quarter of 2023. Compared to the second quarter of 2024, the decrease was driven by a $19.4 million decrease in consumer loans (primarily indirect auto), commercial loans of $13.2 million, and commercial real estate loans of $7.7 million, partially offset by a $7.4 million increase in residential real estate loans. Compared to the fourth quarter of 2023, the decrease was primarily attributable to a $54.5 million decrease in consumer loans (primarily indirect auto) and commercial loans of $24.2 million (primarily tax-exempt loans) that was partially offset by a $59.2 million increase in residential real estate loans.

    Period end loans HFI decreased $7.1 million, or 0.3%, from the second quarter of 2024 and decreased $50.8 million, or 1.9%, from the fourth quarter of 2023. Compared to the second quarter of 2024, the decline reflected a $20.9 million decrease in consumer loans (primarily indirect auto), a $10.4 million decrease in commercial loans, and a $3.2 million decline in commercial real estate loans, partially offset by a $10.9 million increase in residential real estate loans and a $18.1 million increase in construction loans. The decrease from the fourth quarter of 2023 was primarily attributable to a $57.7 million decrease in consumer loans (primarily indirect auto), a $30.6 million decline in commercial loans, and a $5.5 million decrease in commercial real estate loans, partially offset by a $22.2 million increase in residential real estate loans and a $22.8 million increase in construction real estate loans.     

    Allowance for Credit Losses

    At September 30, 2024, the allowance for credit losses for loans HFI totaled $29.8 million compared to $29.2 million at June 30, 2024 and $29.9 million at December 31, 2023. Activity within the allowance is provided on Page 9. The increase in the allowance over June 30, 2024 was primarily attributable to slightly higher forecasted unemployment rate utilized in calculating loan loss rates and loan grade migration (see above – Provision for Credit Losses). Net loan charge-offs were 19 basis points of average loans for the third quarter of 2024 versus 18 basis points for the second quarter of 2024. At September 30, 2024, the allowance represented 1.11% of loans HFI compared to 1.09% at June 30, 2024, and 1.10% at December 31, 2023.

    Credit Quality

    Nonperforming assets (nonaccrual loans and other real estate) totaled $7.2 million at September 30, 2024 compared to $6.2 million at June 30, 2024 and $6.2 million at December 31, 2023. At September 30, 2024, nonperforming assets as a percent of total assets equaled 0.17%, compared to 0.15% at June 30, 2024 and 0.15% at December 31, 2023. Nonaccrual loans totaled $6.6 million at September 30, 2024, a $1.1 million increase over June 30, 2024 and a $0.3 million increase over December 31, 2023. Further, classified loans totaled $25.5 million at September 30, 2024, a $0.1 million decrease from June 30, 2024 and a $3.3 million increase over December 31, 2023.

    Deposits

    Average total deposits were $3.572 billion for the third quarter of 2024, a decrease of $69.0 million, or 1.9%, from the second quarter of 2024 and an increase of $23.5 million, or 0.7%, over the fourth quarter of 2023. Compared to the second quarter of 2024, the decrease was primarily attributable to lower NOW account balances primarily due to the seasonal decline in our public fund balances. The increase over the fourth quarter of 2023 reflected growth in both money market and certificate of deposit balances which reflected a combination of balances migrating from savings and noninterest bearing accounts, in addition to receiving new deposits from existing and new clients via various deposit strategies.     

    At September 30, 2024, total deposits were $3.579 billion, a decrease of $29.5 million, or 0.8%, from June 30, 2024, and a decrease of $122.7 million, or 3.3%, from December 31, 2023. The decrease from June 30, 2024 was primarily due to lower noninterest bearing, money market, and savings account balances. The decrease from December 31, 2023 was primarily due to lower NOW account balances, primarily due to the seasonal decline in our public funds, partially offset by higher money market and certificate of deposit balances from both new and existing clients. Total public funds balances were $516.2 million at September 30, 2024, $575.0 million at June 30, 2024, and $709.8 million at December 31, 2023.

    Liquidity

    The Bank maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $256.9 million in the third quarter of 2024 compared to $262.4 million in the second quarter of 2024 and $99.8 million in the fourth quarter of 2023. Compared to the second quarter of 2024, the decrease reflected lower average deposits (primarily seasonal public funds) that was substantially offset by a decline in average loans. Compared to the fourth quarter of 2023, the increase was primarily driven by higher average deposits and lower average investments.       

    At September 30, 2024, we had the ability to generate approximately $1.522 billion (excludes overnight funds position of $262 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.  

    We also view our investment portfolio as a liquidity source as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits, and/or to sell selected securities in our portfolio. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At September 30, 2024, the weighted-average maturity and duration of our portfolio were 2.51 years and 2.17 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $15.5 million.    

    Capital

    Shareowners’ equity was $476.5 million at September 30, 2024 compared to $461.0 million at June 30, 2024 and $440.6 million at December 31, 2023. For the first nine months of 2024, shareowners’ equity was positively impacted by net income attributable to shareowners of $39.8 million, a $8.7 million decrease in the net unrealized loss on available for sale securities, net adjustments totaling $0.9 million related to transactions under our stock compensation plans, and stock compensation accretion of $1.1 million. Shareowners’ equity was reduced by a common stock dividend of $11.0 million ($0.65 per share), the repurchase of common stock of $2.3 million (82,540 shares), a $0.6 million increase in the fair value of the interest rate swap related to subordinated debt, and a $0.7 million reclassification to temporary equity.

    At September 30, 2024, our total risk-based capital ratio was 17.97% compared to 17.50% at June 30, 2024 and 16.57% at December 31, 2023. Our common equity tier 1 capital ratio was 14.88%, 14.44%, and 13.52%, respectively, on these dates. Our leverage ratio was 10.89%, 10.51%, and 10.30%, respectively, on these dates. At September 30, 2024, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 9.28% at September 30, 2024 compared to 8.91% and 8.26% at June 30, 2024 and December 31, 2023, respectively. If our unrealized held-to-maturity securities losses of $12.9 million (after-tax) were recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.00%.

    About Capital City Bank Group, Inc.

    Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.2 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 63 banking offices and 105 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit http://www.ccbg.com.

    FORWARD-LOOKING STATEMENTS

    Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: our ability to successfully manage credit risk, interest rate risk, liquidity risk, and other risks inherent to our industry; the effects of changes in the level of checking or savings account deposits and the competition for deposits on our funding costs, net interest margin and ability to replace maturing deposits and advances; legislative or regulatory changes; adverse developments in the financial services industry; inflation, interest rate, market and monetary fluctuations; uncertainty in the pricing of residential mortgage loans that we sell, as well as competition for the mortgage servicing rights related to these loans; interest rate risk and price risk resulting from retaining mortgage servicing rights and the effects of higher interest rates on our loan origination volumes; changes in monetary and fiscal policies of the U.S. Government; the cost and effects of cybersecurity incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; the effects of fraud related to debit card products; the accuracy of our financial statement estimates and assumptions; changes in accounting principles, policies, practices or guidelines; the frequency and magnitude of foreclosure of our loans; the effects of our lack of a diversified loan portfolio; the strength of the local economies in which we operate; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; our ability to retain key personnel; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest or other geopolitical events; our ability to comply with the extensive laws and regulations to which we are subject; the impact of the restatement of our previously issued consolidated statements of cash flows; any deficiencies in the processes undertaken to effect these restatements and to identify and correct all errors in our historical financial statements that may require restatement; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control or inability to remediate our existing material weaknesses in our internal controls deemed ineffective; the willingness of clients to accept third-party products and services rather than our products and services; technological changes; the outcomes of litigation or regulatory proceedings; negative publicity and the impact on our reputation; changes in consumer spending and saving habits; growth and profitability of our noninterest income; the limited trading activity of our common stock; the concentration of ownership of our common stock; anti-takeover provisions under federal and state law as well as our Articles of Incorporation and our Bylaws; other risks described from time to time in our filings with the Securities and Exchange Commission; and our ability to manage the risks involved in the foregoing. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as amended, and our other filings with the SEC, which are available at the SEC’s internet site (http://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

    USE OF NON-GAAP FINANCIAL MEASURES
    Unaudited

    We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because it allows investors to more easily compare our capital adequacy to other companies in the industry.

    The GAAP to non-GAAP reconciliations are provided below.

    (Dollars in Thousands, except per share data) Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023
    Shareowners’ Equity (GAAP)     $ 476,499   $ 460,999   $ 448,314   $ 440,625   $ 419,706  
    Less: Goodwill and Other Intangibles (GAAP)       92,813     92,853     92,893     92,933     92,973  
    Tangible Shareowners’ Equity (non-GAAP) A     383,686     368,146     355,421     347,692     326,733  
    Total Assets (GAAP)       4,225,316     4,225,695     4,259,922     4,304,477     4,138,287  
    Less: Goodwill and Other Intangibles (GAAP)       92,813     92,853     92,893     92,933     92,973  
    Tangible Assets (non-GAAP) B   $ 4,132,503   $ 4,132,842   $ 4,167,029   $ 4,211,544   $ 4,045,314  
    Tangible Common Equity Ratio (non-GAAP) A/B     9.28%     8.91%     8.53%     8.26%     8.08%  
    Actual Diluted Shares Outstanding (GAAP) C     16,980,686     16,970,228     16,947,204     17,000,758     16,997,886  
    Tangible Book Value per Diluted Share (non-GAAP) A/C   $ 22.60   $ 21.69   $ 20.97   $ 20.45   $ 19.22  
     
    CAPITAL CITY BANK GROUP, INC.                      
    EARNINGS HIGHLIGHTS                      
    Unaudited                      
                           
        Three Months Ended   Nine Months Ended  
    (Dollars in thousands, except per share data)   Sep 30, 2024   Jun 30, 2024   Sep 30, 2023   Sep 30, 2024   Sep 30, 2023  
    EARNINGS                      
    Net Income Attributable to Common Shareowners $ 13,118 $ 14,150 $ 12,655 $ 39,825 $ 40,539  
    Diluted Net Income Per Share $ 0.78 $ 0.83 $ 0.74 $ 2.35 $ 2.38  
    PERFORMANCE                      
    Return on Average Assets (annualized)   1.24 % 1.33 % 1.19 % 1.26 % 1.26 %
    Return on Average Equity (annualized)   10.87   12.23   11.74   11.39   13.00  
    Net Interest Margin   4.12   4.02   4.03   4.05   4.04  
    Noninterest Income as % of Operating Revenue   32.67   33.30   29.87   32.69   31.25  
    Efficiency Ratio   71.81 % 68.61 % 69.88 % 70.49 % 67.07 %
    CAPITAL ADEQUACY                      
    Tier 1 Capital   16.77 % 16.31 % 15.11 % 16.77 % 15.11 %
    Total Capital   17.97   17.50   16.30   17.97   16.30  
    Leverage   10.89   10.51   9.98   10.89   9.98  
    Common Equity Tier 1   14.88   14.44   13.26   14.88   13.26  
    Tangible Common Equity (1)   9.28   8.91   8.08   9.28   8.08  
    Equity to Assets   11.28 % 10.91 % 10.14 % 11.28 % 10.14 %
    ASSET QUALITY                      
    Allowance as % of Non-Performing Loans   452.64 % 529.79 % 619.58 % 452.64 % 619.58 %
    Allowance as a % of Loans HFI   1.11   1.09   1.08   1.11   1.08  
    Net Charge-Offs as % of Average Loans HFI   0.19   0.18   0.17   0.20   0.16  
    Nonperforming Assets as % of Loans HFI and OREO   0.27   0.23   0.17   0.27   0.17  
    Nonperforming Assets as % of Total Assets   0.17 % 0.15 % 0.11 % 0.17 % 0.11 %
    STOCK PERFORMANCE                      
    High $ 36.67 $ 28.58 $ 33.44 $ 36.67 $ 36.86  
    Low   26.72   25.45   28.64   25.45   28.03  
    Close $ 35.29 $ 28.44 $ 29.83 $ 35.29 $ 29.83  
    Average Daily Trading Volume   37,151   29,861   26,774   32,720   33,936  
                           
    (1) Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a
    reconciliation to GAAP, refer to Page 6.    
                           
    CAPITAL CITY BANK GROUP, INC.          
    CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
    Unaudited          
                         
      2024     2023  
    (Dollars in thousands) Third Quarter   Second Quarter   First Quarter   Fourth Quarter   Third Quarter
    ASSETS                    
    Cash and Due From Banks $ 83,431   $ 75,304   $ 73,642   $ 83,118   $ 72,379  
    Funds Sold and Interest Bearing Deposits   261,779     272,675     231,047     228,949     95,119  
    Total Cash and Cash Equivalents   345,210     347,979     304,689     312,067     167,498  
                         
    Investment Securities Available for Sale   336,187     310,941     327,338     337,902     334,052  
    Investment Securities Held to Maturity   561,480     582,984     603,386     625,022     632,076  
    Other Equity Securities   6,976     2,537     3,445     3,450     3,585  
    Total Investment Securities   904,643     896,462     934,169     966,374     969,713  
                         
    Loans Held for Sale   31,251     24,022     24,705     28,211     34,013  
                         
    Loans Held for Investment (“HFI”):                    
    Commercial, Financial, & Agricultural   194,625     204,990     218,298     225,190     221,704  
    Real Estate – Construction   218,899     200,754     202,692     196,091     197,526  
    Real Estate – Commercial   819,955     823,122     823,690     825,456     828,234  
    Real Estate – Residential   1,023,485     1,012,541     1,012,791     1,001,257     966,512  
    Real Estate – Home Equity   210,988     211,126     214,617     210,920     203,606  
    Consumer   213,305     234,212     254,168     270,994     285,122  
    Other Loans   461     2,286     3,789     2,962     1,401  
    Overdrafts   1,378     1,192     1,127     1,048     1,076  
    Total Loans Held for Investment   2,683,096     2,690,223     2,731,172     2,733,918     2,705,181  
    Allowance for Credit Losses   (29,836 )   (29,219 )   (29,329 )   (29,941 )   (29,083 )
    Loans Held for Investment, Net   2,653,260     2,661,004     2,701,843     2,703,977     2,676,098  
                         
    Premises and Equipment, Net   81,876     81,414     81,452     81,266     81,677  
    Goodwill and Other Intangibles   92,813     92,853     92,893     92,933     92,973  
    Other Real Estate Owned   650     650     1     1     1  
    Other Assets   115,613     121,311     120,170     119,648     116,314  
    Total Other Assets   290,952     296,228     294,516     293,848     290,965  
    Total Assets $ 4,225,316   $ 4,225,695   $ 4,259,922   $ 4,304,477   $ 4,138,287  
    LIABILITIES                    
    Deposits:                    
    Noninterest Bearing Deposits $ 1,330,715   $ 1,343,606   $ 1,361,939   $ 1,377,934   $ 1,472,165  
    NOW Accounts   1,174,585     1,177,180     1,212,452     1,327,420     1,092,996  
    Money Market Accounts   401,272     413,594     398,308     319,319     304,323  
    Savings Accounts   507,604     514,560     530,782     547,634     571,003  
    Certificates of Deposit   164,901     159,624     151,320     129,515     99,958  
    Total Deposits   3,579,077     3,608,564     3,654,801     3,701,822     3,540,445  
                         
    Repurchase Agreements   29,339     22,463     23,477     26,957     22,910  
    Other Short-Term Borrowings   7,929     3,307     8,409     8,384     18,786  
    Subordinated Notes Payable   52,887     52,887     52,887     52,887     52,887  
    Other Long-Term Borrowings   794     1,009     265     315     364  
    Other Liabilities   71,974     69,987     65,181     66,080     75,585  
    Total Liabilities   3,742,000     3,758,217     3,805,020     3,856,445     3,710,977  
                         
    Temporary Equity   6,817     6,479     6,588     7,407     7,604  
    SHAREOWNERS’ EQUITY                    
    Common Stock   169     169     169     170     170  
    Additional Paid-In Capital   36,070     35,547     34,861     36,326     36,182  
    Retained Earnings   454,342     445,959     435,364     426,275     418,030  
    Accumulated Other Comprehensive Loss, Net of Tax   (14,082 )   (20,676 )   (22,080 )   (22,146 )   (34,676 )
    Total Shareowners’ Equity   476,499     460,999     448,314     440,625     419,706  
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,225,316   $ 4,225,695   $ 4,259,922   $ 4,304,477   $ 4,138,287  
    OTHER BALANCE SHEET DATA                    
    Earning Assets $ 3,880,769   $ 3,883,382   $ 3,921,093   $ 3,957,452   $ 3,804,026  
    Interest Bearing Liabilities   2,339,311     2,344,624     2,377,900     2,412,431     2,163,227  
    Book Value Per Diluted Share $ 28.06   $ 27.17   $ 26.45   $ 25.92   $ 24.69  
    Tangible Book Value Per Diluted Share(1)   22.60     21.69     20.97     20.45     19.22  
    Actual Basic Shares Outstanding   16,944     16,942     16,929     16,950     16,958  
    Actual Diluted Shares Outstanding   16,981     16,970     16,947     17,001     16,998  
    (1) Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 6.
     
    CAPITAL CITY BANK GROUP, INC.              
    CONSOLIDATED STATEMENT OF OPERATIONS           
    Unaudited              
                                 
        2024   2023   Nine Months Ended
    September 30,
    (Dollars in thousands, except per share data)   Third
    Quarter
      Second
    Quarter
      First
    Quarter
      Fourth
    Quarter
      Third
    Quarter
      2024   2023
    INTEREST INCOME                            
    Loans, including Fees $ 41,659 $ 41,138 $ 40,683 $ 40,407 $ 39,344 $ 123,480 $ 111,845
    Investment Securities   4,155   4,004   4,244   4,392   4,561   12,403   14,300
    Federal Funds Sold and Interest Bearing Deposits   3,514   3,624   1,893   1,385   1,848   9,031   8,741
    Total Interest Income   49,328   48,766   46,820   46,184   45,753   144,914   134,886
    INTEREST EXPENSE                            
    Deposits   8,223   8,579   7,594   5,872   5,214   24,396   11,710
    Repurchase Agreements   221   217   201   199   190   639   314
    Other Short-Term Borrowings   52   68   39   310   440   159   1,228
    Subordinated Notes Payable   610   630   628   627   625   1,868   1,800
    Other Long-Term Borrowings   11   3   3   5   4   17   15
    Total Interest Expense   9,117   9,497   8,465   7,013   6,473   27,079   15,067
    Net Interest Income   40,211   39,269   38,355   39,171   39,280   117,835   119,819
    Provision for Credit Losses   1,206   1,204   920   2,025   2,393   3,330   7,689
    Net Interest Income after Provision for Credit Losses   39,005   38,065   37,435   37,146   36,887   114,505   112,130
    NONINTEREST INCOME                            
    Deposit Fees   5,512   5,377   5,250   5,304   5,456   16,139   16,021
    Bank Card Fees   3,624   3,766   3,620   3,713   3,684   11,010   11,205
    Wealth Management Fees   4,770   4,439   4,682   4,276   3,984   13,891   12,061
    Mortgage Banking Revenues   3,966   4,381   2,878   2,327   1,839   11,225   8,072
    Other   1,641   1,643   1,667   1,537   1,765   4,951   7,093
    Total Noninterest Income   19,513   19,606   18,097   17,157   16,728   57,216   54,452
    NONINTEREST EXPENSE                            
    Compensation   25,800   24,406   24,407   23,822   23,003   74,613   69,965
    Occupancy, Net   7,098   6,997   6,994   7,098   6,980   21,089   20,562
    Other   10,023   9,038   8,770   9,038   9,122   27,831   26,539
    Total Noninterest Expense   42,921   40,441   40,171   39,958   39,105   123,533   117,066
    OPERATING PROFIT   15,597   17,230   15,361   14,345   14,510   48,188   49,516
    Income Tax Expense   2,980   3,189   3,536   2,909   3,004   9,705   10,130
    Net Income   12,617   14,041   11,825   11,436   11,506   38,483   39,386
    Pre-Tax Loss Attributable to Noncontrolling Interest   501   109   732   284   1,149   1,342   1,153
    NET INCOME ATTRIBUTABLE TO
    COMMON SHAREOWNERS
    $ 13,118 $ 14,150 $ 12,557 $ 11,720 $ 12,655 $ 39,825 $ 40,539
    PER COMMON SHARE                            
    Basic Net Income $ 0.77 $ 0.84 $ 0.74 $ 0.69 $ 0.75 $ 2.35 $ 2.38
    Diluted Net Income   0.78   0.83   0.74   0.70   0.74   2.35   2.38
    Cash Dividend $ 0.23 $ 0.21 $ 0.21 $ 0.20 $ 0.20 $ 0.65 $ 0.56
    AVERAGE SHARES                            
    Basic   16,943   16,931   16,951   16,947   16,985   16,942   17,001
    Diluted   16,979   16,960   16,969   16,997   17,025   16,966   17,031
     
    CAPITAL CITY BANK GROUP, INC.              
    ALLOWANCE FOR CREDIT LOSSES (“ACL”)
    AND CREDIT QUALITY              
    Unaudited              
                                 
        2024     2023     Nine Months Ended
    September 30,
    (Dollars in thousands, except per share data)   Third
    Quarter
      Second
    Quarter
      First
    Quarter
      Fourth
    Quarter
      Third
    Quarter
      2024     2023
    ACL – HELD FOR INVESTMENT LOANS                            
    Balance at Beginning of Period $ 29,219   $ 29,329   $ 29,941   $ 29,083   $ 28,243   $ 29,941   $ 25,068
    Transfer from Other (Assets) Liabilities           (50 )   66         (50 )  
    Provision for Credit Losses   1,879     1,129     932     2,354     1,993     3,940     7,175
    Net Charge-Offs (Recoveries)   1,262     1,239     1,494     1,562     1,153     3,995     3,160
    Balance at End of Period $ 29,836   $ 29,219   $ 29,329   $ 29,941   $ 29,083   $ 29,836   $ 29,083
    As a % of Loans HFI   1.11%     1.09%     1.07%     1.10%     1.08%     1.11%     1.08%
    As a % of Nonperforming Loans   452.64%     529.79%     431.46%     479.70%     619.58%     452.64%     619.58%
    ACL – UNFUNDED COMMITMENTS                            
    Balance at Beginning of Period   3,139   $ 3,121   $ 3,191   $ 3,502   $ 3,120   $ 3,191   $ 2,989
    Provision for Credit Losses   (617 )   18     (70 )   (311 )   382     (669 )   513
    Balance at End of Period(1)   2,522     3,139     3,121     3,191     3,502     2,522     3,502
    ACL – DEBT SECURITIES                            
    Provision for Credit Losses $ (56 ) $ 57   $ 58   $ (18 ) $ 18   $ 59   $ 1
    CHARGE-OFFS                            
    Commercial, Financial and Agricultural $ 331   $ 400   $ 282   $ 217   $ 76   $ 1,013   $ 294
    Real Estate – Construction                          
    Real Estate – Commercial   3                     3     120
    Real Estate – Residential           17     79         17    
    Real Estate – Home Equity   23         76             99     39
    Consumer   1,315     1,061     1,550     1,689     1,340     3,926     4,065
    Overdrafts   611     571     638     602     659     1,820     2,187
    Total Charge-Offs $ 2,283   $ 2,032   $ 2,563   $ 2,587   $ 2,075   $ 6,878   $ 6,705
    RECOVERIES                            
    Commercial, Financial and Agricultural $ 176   $ 59   $ 41   $ 83   $ 28   $ 276   $ 194
    Real Estate – Construction                           2
    Real Estate – Commercial   5     19     204     16     17     228     36
    Real Estate – Residential   88     23     37     34     30     148     219
    Real Estate – Home Equity   59     37     24     17     53     120     209
    Consumer   405     313     410     433     418     1,128     1,503
    Overdrafts   288     342     353     442     376     983     1,382
    Total Recoveries $ 1,021   $ 793   $ 1,069   $ 1,025   $ 922   $ 2,883   $ 3,545
    NET CHARGE-OFFS (RECOVERIES) $ 1,262   $ 1,239   $ 1,494   $ 1,562   $ 1,153   $ 3,995   $ 3,160
    Net Charge-Offs as a % of Average Loans HFI(2)   0.19%     0.18%     0.22%     0.23%     0.17%     0.20%     0.16%
    CREDIT QUALITY                            
    Nonaccruing Loans $ 6,592   $ 5,515   $ 6,798   $ 6,242   $ 4,694          
    Other Real Estate Owned   650     650     1     1     1          
    Total Nonperforming Assets (“NPAs”) $ 7,242   $ 6,165   $ 6,799   $ 6,243   $ 4,695          
                                 
    Past Due Loans 30-89 Days $ 9,388   $ 5,672   $ 5,392   $ 6,855   $ 5,577          
    Classified Loans   25,501     25,566     22,305     22,203     21,812          
                                 
    Nonperforming Loans as a % of Loans HFI   0.25%     0.21%     0.25%     0.23%     0.17%          
    NPAs as a % of Loans HFI and Other Real Estate   0.27%     0.23%     0.25%     0.23%     0.17%          
    NPAs as a % of Total Assets   0.17%     0.15%     0.16%     0.15%     0.11%          
                                 
    (1)Recorded in other liabilities              
    (2)Annualized              
     
    CAPITAL CITY BANK GROUP, INC.      
    AVERAGE BALANCE AND INTEREST RATES      
    Unaudited                                                     
                                                                                                       
        Third Quarter 2024     Second Quarter 2024     First Quarter 2024     Fourth Quarter 2023     Third Quarter 2023     Sep 2024 YTD     Sep 2023 YTD  
    (Dollars in thousands)   Average
    Balance
      Interest   Average
    Rate
        Average
    Balance
      Interest   Average
    Rate
        Average
    Balance
      Interest   Average
    Rate
        Average
    Balance
      Interest   Average
    Rate
        Average
    Balance
      Interest   Average
    Rate
        Average
    Balance
      Interest   Average
    Rate
        Average
    Balance
      Interest   Average
    Rate
     
    ASSETS:                                                                                                  
    Loans Held for Sale $ 24,570   $ 720   7.49 % $ 26,281   $ 517   5.26 % $ 27,314   $ 563   5.99 % $ 49,790     817   6.50 % $ 62,768   $ 971   6.14 % $ 26,050   $ 1,800   6.22 % $ 57,438   $ 2,416   5.62 %
    Loans Held for Investment(1)   2,693,533     40,985   6.09     2,726,748     40,683   6.03     2,728,629     40,196   5.95     2,711,243     39,679   5.81     2,672,653     38,455   5.71     2,716,220     121,864   6.02     2,637,911     109,688   5.56  
                                                                                                       
    Investment Securities                                                                                                  
    Taxable Investment Securities   907,610     4,148   1.82     918,989     3,998   1.74     952,328     4,239   1.78     962,322     4,389   1.81     1,002,547     4,549   1.80     926,241     12,385   1.78     1,034,825     14,265   1.84  
    Tax-Exempt Investment Securities(1)   846     10   4.33     843     9   4.36     856     9   4.34     862     7   4.32     2,456     17   2.66     848     28   4.34     2,649     50   2.49  
                                                                                                       
    Total Investment Securities   908,456     4,158   1.82     919,832     4,007   1.74     953,184     4,248   1.78     963,184     4,396   1.82     1,005,003     4,566   1.81     927,089     12,413   1.78     1,037,474     14,315   1.84  
                                                                                                       
    Federal Funds Sold and Interest Bearing Deposits   256,855     3,514   5.44     262,419     3,624   5.56     140,488     1,893   5.42     99,763     1,385   5.51     136,556     1,848   5.37     220,056     9,031   5.48     237,987     8,741   4.91  
                                                                                                       
    Total Earning Assets   3,883,414   $ 49,377   5.06 %   3,935,280   $ 48,831   4.99 %   3,849,615   $ 46,900   4.90 %   3,823,980   $ 46,277   4.80 %   3,876,980   $ 45,840   4.69 %   3,889,415   $ 145,108   4.98 %   3,970,810   $ 135,160   4.55 %
                                                                                                       
    Cash and Due From Banks   70,994               74,803               75,763               76,681               75,941               73,843               75,483            
    Allowance for Credit Losses   (29,905 )             (29,564 )             (30,030 )             (29,998 )             (29,172 )             (29,833 )             (27,581 )          
    Other Assets   291,359               291,669               295,275               296,114               295,106               292,762               297,688            
                                                                                                       
    Total Assets $ 4,215,862             $ 4,272,188             $ 4,190,623             $ 4,166,777             $ 4,218,855             $ 4,226,187             $ 4,316,400            
                                                                                                       
    LIABILITIES:                                                                                                  
    Noninterest Bearing Deposits $ 1,332,305             $ 1,346,546             $ 1,344,188             $ 1,416,825             $ 1,474,574             $ 1,340,981             $ 1,538,268            
    NOW Accounts   1,145,544   $ 4,087   1.42 %   1,207,643   $ 4,425   1.47 %   1,201,032   $ 4,497   1.51 %   1,138,461   $ 3,696   1.29 %   1,125,171   $ 3,489   1.23 %   1,184,596   $ 13,009   1.47 %   1,184,453   $ 8,679   0.98 %
    Money Market Accounts   418,625     2,694   2.56     407,387     2,752   2.72     353,591     1,985   2.26     318,844     1,421   1.77     322,623     1,294   1.59     393,294     7,431   2.52     293,089     2,249   1.03  
    Savings Accounts   512,098     180   0.14     519,374     176   0.14     539,374     188   0.14     557,579     202   0.14     579,245     200   0.14     523,573     544   0.14     603,643     396   0.09  
    Time Deposits   163,462     1,262   3.07     160,078     1,226   3.08     138,328     924   2.69     116,797     553   1.88     95,203     231   0.96     153,991     3,412   2.96     90,970     386   0.57  
    Total Interest Bearing Deposits   2,239,729     8,223   1.46     2,294,482     8,579   1.50     2,232,325     7,594   1.37     2,131,681     5,872   1.09     2,122,242     5,214   0.97     2,255,454     24,396   1.44     2,172,155     11,710   0.72  
    Total Deposits   3,572,034     8,223   0.92     3,641,028     8,579   0.95     3,576,513     7,594   0.85     3,548,506     5,872   0.66     3,596,816     5,214   0.58     3,596,435     24,396   0.91     3,710,423     11,710   0.42  
    Repurchase Agreements   27,126     221   3.24     26,999     217   3.24     25,725     201   3.14     26,831     199   2.94     25,356     190   2.98     26,619     639   3.21     17,588     314   2.39  
    Other Short-Term Borrowings   2,673     52   7.63     6,592     68   4.16     3,758     39   4.16     16,906     310   7.29     24,306     440   7.17     4,334     159   4.88     26,586     1,228   6.17  
    Subordinated Notes Payable   52,887     610   4.52     52,887     630   4.71     52,887     628   4.70     52,887     627   4.64     52,887     625   4.62     52,887     1,868   4.64     52,887     1,800   4.49  
    Other Long-Term Borrowings   795     11   5.55     258     3   4.31     281     3   4.80     336     5   4.72     387     4   4.73     447     17   5.16     433     15   4.78  
    Total Interest Bearing Liabilities   2,323,210   $ 9,117   1.56 %   2,381,218   $ 9,497   1.60 %   2,314,976   $ 8,465   1.47 %   2,228,641   $ 7,013   1.25 %   2,225,178   $ 6,473   1.15 %   2,339,741   $ 27,079   1.55 %   2,269,649   $ 15,067   0.89 %
                                                                                                       
    Other Liabilities   73,767               72,634               68,295               78,772               83,099               71,574               82,877            
                                                                                                       
    Total Liabilities   3,729,282               3,800,398               3,727,459               3,724,238               3,782,851               3,752,296               3,890,794            
    Temporary Equity   6,443               6,493               7,150               7,423               8,424               6,694               8,719            
                                                                                                       
    SHAREOWNERS’ EQUITY:   480,137               465,297               456,014               435,116               427,580               467,197               416,887            
                                                                                                       
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,215,862             $ 4,272,188             $ 4,190,623             $ 4,166,777             $ 4,218,855             $ 4,226,187             $ 4,316,400            
                                                                                                       
    Interest Rate Spread     $ 40,260   3.49 %     $ 39,334   3.38 %     $ 38,435   3.43 %     $ 39,264   3.55 %     $ 39,367   3.54 %     $ 118,029   3.43 %     $ 120,093   3.66 %
                                                                                                       
    Interest Income and Rate Earned(1)       49,377   5.06         48,831   4.99         46,900   4.90         46,277   4.80         45,840   4.69         145,108   4.98         135,160   4.55  
    Interest Expense and Rate Paid(2)       9,117   0.93         9,497   0.97         8,465   0.88         7,013   0.73         6,473   0.66         27,079   0.93         15,067   0.51  
                                                                                                       
    Net Interest Margin     $ 40,260   4.12 %     $ 39,334   4.02 %     $ 38,435   4.01 %     $ 39,264   4.07 %     $ 39,367   4.03 %     $ 118,029   4.05 %     $ 120,093   4.04 %
                                                                                                       
    (1)Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.                                    
    (2)Rate calculated based on average earning assets.      
     

    For Information Contact:
    Jep Larkin
    Executive Vice President and Chief Financial Officer
    850.402. 8450

    The MIL Network

  • MIL-OSI: Dime Community Bancshares, Inc. Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Acceleration in Core Deposit Growth Drives Increase in Quarterly Net Interest Margin to 2.50%

    Balance Sheet Well Positioned to Benefit From Federal Reserve Rate Cuts

    HAUPPAUGE, N.Y., Oct. 22, 2024 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $11.5 million for the quarter ended September 30, 2024, or $0.29 per diluted common share, compared to $16.7 million, or $0.43 per diluted common share, for the quarter ended June 30, 2024, and $13.2 million, or $0.34 per diluted common share for the quarter ended September 30, 2023.

    Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “Strong growth in low-cost core deposits drove a significant linked quarter expansion in the Net Interest Margin. Importantly, following the recent 50 basis point reduction in the Federal Funds rate, we lowered deposit costs and expect to benefit from these actions in the fourth quarter and beyond. Since the Federal Reserve rate cut in mid-September, the spread between the weighted average rate on loans and core deposits has improved by approximately 15 basis points. We anticipate the full quarter impact of this spread improvement to drive continued Net Interest Margin expansion in the fourth quarter.”

    Mr. Lubow commented, “During the third quarter, our Business loan portfolio increased by over $120 million and we continue to have strong pipelines in our Middle Market and Healthcare verticals. Compared to the prior quarter, the level of net charge-offs and criticized and classified loans remained stable and we continued to prudently build our allowance for credit losses to total loans and risk-based capital levels. In conclusion, I am extremely proud of our employees for their unwavering focus on our customers and enabling us to be the premier business bank on Greater Long Island.”

    Highlights for the Third Quarter of 2024 Included:

    • Total deposits increased $389 million compared to the second quarter of 2024;
    • Core deposits (excluding brokered and time deposits) increased $505 million compared to the second quarter of 2024;
    • The ratio of average non-interest-bearing deposits to average total deposits for the third quarter was 29% compared to 28% for the second quarter of 2024;
    • The cost of total deposits declined by 4 basis point versus the prior quarter;
    • The net interest margin increased to 2.50% for the third quarter of 2024 compared to 2.41% for the prior quarter;
    • The loan to deposit ratio declined to 95.4% at the end of the third quarter compared to 98.2% for the prior quarter;
    • Net charge-offs to average loans was 0.15% for the third quarter of 2024 compared to 0.14% for prior quarter;
    • The allowance for credit losses to total loans increased to 0.78% at the end of the third quarter compared to 0.72% for the prior quarter; and
    • The Company’s total risk based capital ratio increased to 14.76% at the end of the third quarter compared to 14.46% for the prior quarter.

    Management’s Discussion of Quarterly Operating Results

    Net Interest Income

    Net interest income for the third quarter of 2024 was $79.9 million compared to $75.5 million for the second quarter of 2024 and $76.5 million for the third quarter of 2023.

    The table below provides a reconciliation of the reported net interest margin (“NIM”) and adjusted NIM excluding the impact of purchase accounting accretion on the loan portfolio.

                         
    (Dollars in thousands)   Q3 2024   Q2 2024   Q3 2023  
    Net interest income   $ 79,924     $ 75,502     $ 76,479  
    Purchase accounting amortization (accretion) on loans (“PAA”)     (266 )     (101 )     186  
    Adjusted net interest income excluding PAA on loans (non-GAAP)   $ 79,658     $ 75,401     $ 76,665  
                         
    Average interest-earning assets   $ 12,734,246     $ 12,624,556     $ 12,984,061  
                         
    NIM (1)     2.50   %   2.41   %   2.34 %
    Adjusted NIM excluding PAA on loans (non-GAAP) (2)     2.49   %   2.40   %   2.34 %

    (1) NIM represents net interest income divided by average interest-earning assets.
    (2) Adjusted NIM excluding PAA on loans represents adjusted net interest income, which excludes PAA amortization on acquired loans divided by average interest-earning assets.

    During the quarter ended June 30, 2024, there was a recovery of interest income from a loan that was previously on non-accrual status in the amount of $1.3 million. Excluding the impact of this item, the second quarter NIM was 2.37%.

    Loan Portfolio

    The ending WAR on the total loan portfolio was 5.40% at September 30, 2024, a 1 basis point increase compared to the ending WAR of 5.39% on the total loan portfolio at June 30, 2024.

    Outlined below are loan balances and WARs for the quarter ended as indicated.

                                     
        September 30, 2024   June 30, 2024   September 30, 2023  
    (Dollars in thousands)      Balance      WAR (1)      Balance      WAR (1)      Balance      WAR (1)  
    Loans held for investment balances at period end:                                
    Business loans (2)   $ 2,653,624   6.82 % $ 2,530,896   6.92 % $ 2,271,768   6.72 %
    One-to-four family residential, including condominium and cooperative apartment     934,209   4.65     906,949   4.55     892,869   4.39  
    Multifamily residential and residential mixed-use (3)(4)     3,866,931   4.60     3,920,354   4.59     4,102,024   4.45  
    Non-owner-occupied commercial real estate     3,281,923   5.25     3,315,100   5.25     3,374,281   5.09  
    Acquisition, development, and construction     149,299   8.46     144,860   8.96     203,402   8.92  
    Other loans     6,058   10.71     6,699   3.39     6,267   6.28  
    Loans held for investment   $ 10,892,044   5.40 % $ 10,824,858   5.39 % $ 10,850,611   5.20 %

    (1) WAR is calculated by aggregating interest based on the current loan rate from each loan in the category, adjusted for non-accrual loans, divided by the total balance of loans in the category.
    (2) Business loans include commercial and industrial loans and owner-occupied commercial real estate loans.
    (3) Includes loans underlying multifamily cooperatives.
    (4) While the loans within this category are often considered “commercial real estate” in nature, multifamily and loans underlying cooperatives are reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.

    Outlined below are the loan originations, for the quarter ended as indicated.

                       
    (Dollars in millions)   Q3 2024   Q2 2024   Q3 2023
    Loan originations   $ 122.7   $ 162.4   $ 153.4


    Deposits and Borrowed Funds

    Period end total deposits (including mortgage escrow deposits) at September 30, 2024 were $11.42 billion, compared to $11.03 billion at June 30, 2024 and $10.53 billion at December 31, 2023.

    Total Federal Home Loan Bank advances were $508.0 million at September 30, 2024 compared to $633.0 million at June 30, 2024 and $1.31 billion at December 31, 2023.

    Mr. Lubow commented, “During the third quarter of 2024, we continued our strategy of utilizing core deposit growth to reduce our wholesale funding position.”

    Non-Interest Income

    Non-interest income was $7.6 million during the third quarter of 2024, $11.8 million during the second quarter of 2024, and $7.9 million during the third quarter of 2023. Included in non-interest income for the second quarter of 2024, was income related to the sale of premises of approximately $3.7 million.

    Non-Interest Expense

    Total non-interest expense was $57.7 million during the third quarter of 2024, $55.7 million during the second quarter of 2024, and $59.5 million during the third quarter of 2023. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets and severance expense, adjusted non-interest expense was $57.4 million during the third quarter of 2024, $55.4 million during the second quarter of 2024, and $50.6 million during the third quarter of 2023 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    Mr. Lubow commented, “As we have communicated previously, the increase in non-interest expense has been due to the significant investments and hires in the Private and Commercial Bank and the Middle Market C&I Lending operations. Third quarter results reflected a fully-loaded run-rate for these initiatives and we expect to keep our expense base relatively flat in the fourth quarter of 2024.”

    The ratio of non-interest expense to average assets was 1.71% during the third quarter of 2024, compared to 1.66% during the linked quarter and 1.73% for the third quarter of 2023. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets and severance expense, the ratio of adjusted non-interest expense to average assets was 1.70% during the third quarter of 2024, compared to 1.65% during the linked quarter and 1.48% for the third quarter of 2023 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    The efficiency ratio was 65.9% during the third quarter of 2024, compared to 63.8% during the linked quarter and 70.5% during the third quarter of 2023. Excluding the impact of net (gain) loss on sale of securities and other assets, fair value change in equity securities and loans held for sale, severance expense, loss on extinguishment of debt and amortization of other intangible assets the adjusted efficiency ratio was 65.6% during the third quarter of 2024, compared to 65.9% during the linked quarter and 59.7% during the third quarter of 2023 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    Income Tax Expense

    The reported effective tax rate for the third quarter of 2024 was 26.9% compared to 29.0% for the second quarter of 2024, and 35.1% for the third quarter of 2023.

    Credit Quality

    Non-performing loans were $49.5 million at September 30, 2024, compared to $24.8 million for the prior quarter.

    A credit loss provision of $11.6 million was recorded during the third quarter of 2024, compared to a credit loss provision of $5.6 million during the second quarter of 2024, and a credit loss provision of $1.8 million during the third quarter of 2023.

    Capital Management

    The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of September 30, 2024. All risk-based regulatory capital ratios increased in the third quarter of 2024.

    Dividends per common share were $0.25 during the third and second quarters of 2024, respectively.

    Book value per common share was $29.31 at September 30, 2024 compared to $28.97 at June 30, 2024.

    Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was $25.22 at September 30, 2024 compared to $24.87 at June 30, 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    Earnings Call Information

    The Company will conduct a conference call at 9:00 a.m. (ET) on Tuesday, October 22, 2024, during which CEO Lubow will discuss the Company’s third quarter 2024 financial performance, with a question-and-answer session to follow.

    Participants may access the conference call via webcast using this link: https://edge.media-server.com/mmc/p/hfnjf6ym. To participate via telephone, please register in advance using this link: https://register.vevent.com/register/BI017781a02def49c0ad228b72ba201600. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial-in 10 minutes prior to the start time.

    A replay of the conference call and webcast will be available on-demand for 12 months at https://edge.media-server.com/mmc/p/hfnjf6ym.

    ABOUT DIME COMMUNITY BANCSHARES, INC.
    Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $13.7 billion in assets and the number one deposit market share among community banks on Greater Long Island(1).

    (1) Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

    This news release contains a number of 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 (the “Exchange Act”). These statements may be identified by use of words such as “annualized,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar terms and phrases, including references to assumptions.

    Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management’s experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may affect demand for our products and reduce interest margins and the value of our investments; changes in deposit flows, the cost of funds, loan demand or real estate values may adversely affect the business of the Company; changes in the quality and composition of the Company’s loan or investment portfolios or unanticipated or significant increases in loan losses may negatively affect the Company’s financial condition or results of operations; changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company’s financial condition or results of operations; general socio-economic conditions, public health emergencies, international conflict, inflation, and recessionary pressures, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates and may adversely affect our customers, our financial results and our operations; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; there may be difficulties or unanticipated expense incurred in the consummation of new business initiatives or the integration of any acquired entities; and litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections entitled “Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and updates set forth in the Company’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

    Contact: Avinash Reddy  
    Senior Executive Vice President – Chief Financial Officer  
    718-782-6200 extension 5909  
    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (In thousands)
                       
        September 30,    June 30,    December 31, 
        2024
      2024
      2023
    Assets:                    
    Cash and due from banks   $ 626,056     $ 413,983     $ 457,547  
    Securities available-for-sale, at fair value     774,608       819,222       886,240  
    Securities held-to-maturity     592,414       588,000       594,639  
    Loans held for sale     13,098       14,766       10,159  
    Loans held for investment, net:                  
    Business loans (1)     2,653,624       2,530,896       2,310,379  
    One-to-four family and cooperative/condominium apartment     934,209       906,949       889,236  
    Multifamily residential and residential mixed-use (2)(3)     3,866,931       3,920,354       4,017,703  
    Non-owner-occupied commercial real estate     3,281,923       3,315,100       3,381,842  
    Acquisition, development and construction     149,299       144,860       168,513  
    Other loans     6,058       6,699       5,755  
    Allowance for credit losses     (85,221 )     (77,812 )     (71,743 )
    Total loans held for investment, net     10,806,823       10,747,046       10,701,685  
    Premises and fixed assets, net     35,066       36,054       44,868  
    Premises held for sale                 905  
    Restricted stock     64,235       68,445       98,750  
    Bank Owned Life Insurance (“BOLI”)     372,367       354,761       349,816  
    Goodwill     155,797       155,797       155,797  
    Other intangible assets     4,181       4,467       5,059  
    Operating lease assets     48,537       51,703       52,729  
    Derivative assets     105,636       134,489       122,132  
    Accrued interest receivable     54,578       55,588       55,666  
    Other assets     93,133       104,442       100,013  
    Total assets   $ 13,746,529     $ 13,548,763     $ 13,636,005  
    Liabilities:                   
    Non-interest-bearing checking (excluding mortgage escrow deposits)   $ 3,231,160     $ 3,012,481     $ 2,884,378  
    Interest-bearing checking     938,070       633,721       515,987  
    Savings (excluding mortgage escrow deposits)     1,845,266       2,340,222       2,335,354  
    Money market     3,898,509       3,607,090       3,125,996  
    Certificates of deposit     1,416,467       1,382,271       1,607,683  
    Deposits (excluding mortgage escrow deposits)     11,329,472       10,975,785       10,469,398  
    Non-interest-bearing mortgage escrow deposits     87,841       52,647       61,121  
    Interest-bearing mortgage escrow deposits     5       2       136  
    Total mortgage escrow deposits     87,846       52,649       61,257  
    FHLBNY advances     508,000       633,000       1,313,000  
    Subordinated debt, net     272,300       262,814       200,196  
    Derivative cash collateral     68,960       130,090       108,100  
    Operating lease liabilities     51,362       54,530       55,454  
    Derivative liabilities     98,108       122,567       121,265  
    Other liabilities     66,552       66,732       81,110  
    Total liabilities     12,482,600       12,298,167       12,409,780  
    Stockholders’ equity:                   
    Preferred stock, Series A     116,569       116,569       116,569  
    Common stock     416       416       416  
    Additional paid-in capital     488,607       488,760       494,454  
    Retained earnings     827,690       826,080       813,007  
    Accumulated other comprehensive loss (“AOCI”), net of deferred taxes     (72,970 )     (82,780 )     (91,579 )
    Unearned equity awards     (10,111 )     (12,023 )     (8,622 )
    Treasury stock, at cost     (86,272 )     (86,426 )     (98,020 )
    Total stockholders’ equity     1,263,929       1,250,596       1,226,225  
    Total liabilities and stockholders’ equity   $ 13,746,529     $ 13,548,763     $ 13,636,005  

    (1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and Paycheck Protection Program (“PPP”) loans.
    (2) Includes loans underlying multifamily cooperatives.

    (3) While the loans within this category are often considered “commercial real estate” in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars in thousands except share and per share amounts)
                                   
        Three Months Ended   Nine Months Ended
        September 30,    June 30,    September 30,    September 30,    September 30, 
        2024   2024
      2023
      2024
      2023
    Interest income:                               
    Loans   $ 151,828   $ 147,099     $ 142,995     $ 442,492     $ 409,744  
    Securities     7,766     7,907       7,916       23,553       24,261  
    Other short-term investments     4,645     4,412       6,930       18,621       16,599  
    Total interest income     164,239     159,418       157,841       484,666       450,604  
    Interest expense:                                
    Deposits and escrow     74,025     72,878       62,507       219,972       152,395  
    Borrowed funds     8,764     9,033       16,925       32,494       50,855  
    Derivative cash collateral     1,526     2,005       1,930       5,244       4,904  
    Total interest expense     84,315     83,916       81,362       257,710       208,154  
    Net interest income     79,924     75,502       76,479       226,956       242,450  
    Provision (recovery) for credit losses     11,603     5,585       1,806       22,398       (950 )
    Net interest income after provision (recovery)     68,321     69,917       74,673       204,558       243,400  
    Non-interest income:                                
    Service charges and other fees     4,267     3,972       3,963       12,783       12,633  
    Title fees     190     294       291       617       829  
    Loan level derivative income     132     1,085       783       1,623       6,353  
    BOLI income     2,606     2,484       2,317       7,551       7,332  
    Gain on sale of Small Business Administration (“SBA”) loans     19     113       335       385       1,061  
    Gain on sale of residential loans     38     27       21       142       103  
    Fair value change in equity securities and loans held for sale     39     (416 )     (299 )     (1,219 )     (1,079 )
    Net loss on sale of securities                           (1,447 )
    Gain (loss) on sale of other assets     2     3,695       (22 )     6,665       (22 )
    Other     338     554       539       1,359       1,571  
    Total non-interest income     7,631     11,808       7,928       29,906       27,334  
    Non-interest expense:                                
    Salaries and employee benefits     36,132     32,184       30,520       100,353       87,054  
    Severance               8,562       42       9,068  
    Occupancy and equipment     7,448     7,409       7,277       22,225       21,794  
    Data processing costs     4,544     4,405       4,309       13,262       12,744  
    Marketing     1,629     1,637       2,079       4,763       5,016  
    Professional services     2,036     2,766       1,277       6,269       4,876  
    Federal deposit insurance premiums     2,105     2,250       1,866       6,594       5,613  
    Loss on extinguishment of debt     1                 454        
    Amortization of other intangible assets     286     285       349       878       1,075  
    Other     3,548     4,758       3,284       11,094       11,944  
    Total non-interest expense     57,729     55,694       59,523       165,934       159,184  
    Income before taxes     18,223     26,031       23,078       68,530       111,550  
    Income tax expense     4,896     7,552       8,093       19,033       31,764  
    Net income     13,327     18,479       14,985       49,497       79,786  
    Preferred stock dividends     1,822     1,822       1,822       5,465       5,465  
    Net income available to common stockholders   $ 11,505   $ 16,657     $ 13,163     $ 44,032     $ 74,321  
    Earnings per common share (“EPS”):                                
    Basic   $ 0.29   $ 0.43     $ 0.34     $ 1.13     $ 1.92  
    Diluted   $ 0.29   $ 0.43     $ 0.34     $ 1.13     $ 1.92  
                                   
    Average common shares outstanding for diluted EPS     38,366,619     38,329,485       38,203,961       38,317,223       38,177,704  
    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED SELECTED FINANCIAL HIGHLIGHTS
    (Dollars in thousands except per share amounts)
                                             
        At or For the Three Months Ended   At or For the Nine Months Ended  
        September 30,      June 30,      September 30,    September 30,      September 30,   
        2024     2024     2023   2024     2023  
    Per Share Data:                                        
    Reported EPS (Diluted)   $ 0.29     $ 0.43     $ 0.34     $ 1.13     $ 1.92  
    Cash dividends paid per common share     0.25       0.25       0.25       0.75       0.74  
    Book value per common share     29.31       28.97       28.03       29.31       28.03  
    Tangible common book value per share (1)     25.22       24.87       23.87       25.22       23.87  
    Common shares outstanding     39,152       39,148       38,811       39,152       38,811  
    Dividend payout ratio     86.21 %       58.14 %     73.53 %     66.37 %     38.54 %
                                             
    Performance Ratios (Based upon Reported Net Income):                                         
    Return on average assets     0.39 %       0.55 %     0.44 %     0.49 %     0.78 %
    Return on average equity     4.19       5.88       4.91       5.24       8.78  
    Return on average tangible common equity (1)     4.70       6.88       5.69       6.06       10.73  
    Net interest margin     2.50       2.41       2.34       2.37       2.52  
    Non-interest expense to average assets     1.71       1.66       1.73       1.63       1.56  
    Efficiency ratio     65.9       63.8       70.5       64.6       59.0  
    Effective tax rate     26.87       29.01       35.07       27.77       28.48  
                                             
    Balance Sheet Data:                                         
    Average assets   $ 13,502,753     $ 13,418,441     $ 13,759,493     $ 13,571,710     $ 13,623,570  
    Average interest-earning assets     12,734,246       12,624,556       12,984,061       12,791,233       12,853,701  
    Average tangible common equity (1)     996,578       979,611       943,805       981,614       933,072  
    Loan-to-deposit ratio at end of period (2)     95.4       98.2       102.0       95.4       102.0  
                                             
    Capital Ratios and Reserves – Consolidated: (3)                                         
    Tangible common equity to tangible assets (1)     7.27 %       7.27 %     6.87 %                
    Tangible equity to tangible assets (1)     8.13       8.14       7.73                  
    Tier 1 common equity ratio     10.16       10.06       9.67                  
    Tier 1 risk-based capital ratio     11.28       11.17       10.76                  
    Total risk-based capital ratio     14.76       14.46       13.33                  
    Tier 1 leverage ratio     8.76       8.78       8.38                  
    Consolidated CRE concentration ratio (4)     487       499       547                  
    Allowance for credit losses/ Total loans     0.78       0.72       0.67                  
    Allowance for credit losses/ Non-performing loans     172.29       313.21       311.16                  

    (1) See “Non-GAAP Reconciliation” tables for reconciliation of tangible equity, tangible common equity, and tangible assets.
    (2) Total deposits include mortgage escrow deposits, which fluctuate seasonally.
    (3) September 30, 2024 ratios are preliminary pending completion and filing of the Company’s regulatory reports.

    (4The Consolidated CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner-occupied commercial real estate, multifamily, and acquisition, development, and construction, divided by consolidated capital. The September 30, 2024 ratio is preliminary pending completion and filing of the Company’s regulatory reports.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME
    (Dollars in thousands)
                                                       
        Three Months Ended  
        September 30, 2024   June 30, 2024   September 30, 2023  
                    Average               Average               Average  
        Average         Yield/   Average         Yield/   Average         Yield/  
        Balance   Interest   Cost   Balance   Interest   Cost   Balance   Interest   Cost  
    Assets:                                                     
    Interest-earning assets:                                                     
    Business loans (1)   $ 2,609,934   $ 46,656   7.11 %   $ 2,400,219   $ 42,933   7.19 % $ 2,260,203   $ 38,384   6.74 %
    One-to-four family residential, including condo and coop     924,150     11,024   4.75     886,037     9,968   4.52     879,688     9,165   4.13  
    Multifamily residential and residential mixed-use     3,902,220     45,790   4.67     3,958,617     45,775   4.65     4,114,476     46,099   4.45  
    Non-owner-occupied commercial real estate     3,297,760     44,804   5.40     3,359,004     44,728   5.36     3,382,927     44,184   5.18  
    Acquisition, development, and construction     147,875     3,505   9.43     164,283     3,638   8.91     222,039     5,075   9.07  
    Other loans     4,891     49   3.99     5,100     57   4.50     6,156     88   5.67  
    Securities     1,493,492     7,766   2.07     1,537,487     7,907   2.07     1,619,960     7,916   1.94  
    Other short-term investments     353,924     4,645   5.22     313,809     4,412   5.65     498,612     6,930   5.51  
    Total interest-earning assets     12,734,246     164,239   5.13 %     12,624,556     159,418   5.08 %   12,984,061     157,841   4.82 %
    Non-interest-earning assets     768,507                 793,885               775,432            
    Total assets   $ 13,502,753               $ 13,418,441             $ 13,759,493            
                                                       
    Liabilities and Stockholders’ Equity:                                                  
    Interest-bearing liabilities:                                                  
    Interest-bearing checking (2)   $ 798,024   $ 4,635   2.31 %   $ 631,403   $ 1,499   0.95 % $ 786,892   $ 2,896   1.46 %
    Money market     3,771,562     36,841   3.89     3,495,989     33,193   3.82     2,975,267     24,275   3.24  
    Savings (2)     2,102,282     19,492   3.69     2,336,202     23,109   3.98     2,342,424     20,316   3.44  
    Certificates of deposit     1,232,984     13,057   4.21     1,393,678     15,077   4.35     1,494,491     15,020   3.99  
    Total interest-bearing deposits     7,904,852     74,025   3.73     7,857,272     72,878   3.73     7,599,074     62,507   3.26  
    FHLBNY advances     528,652     4,455   3.35     671,242     6,429   3.85     1,250,717     14,370   4.56  
    Subordinated debt, net     271,450     4,307   6.31     202,232     2,604   5.18     200,232     2,553   5.06  
    Other short-term borrowings     131     2   6.07               120     2   6.61  
    Total borrowings     800,233     8,764   4.36     873,474     9,033   4.16     1,451,069     16,925   4.63  
    Derivative cash collateral     91,305     1,526   6.65     145,702     2,005   5.53     156,795     1,930   4.88  
    Total interest-bearing liabilities     8,796,390     84,315   3.81 %     8,876,448     83,916   3.80 %   9,206,938     81,362   3.51 %
    Non-interest-bearing checking (2)     3,209,502                 3,042,382               3,065,186            
    Other non-interest-bearing liabilities     223,546                 242,980               265,559            
    Total liabilities     12,229,438                 12,161,810               12,537,683            
    Stockholders’ equity     1,273,315                 1,256,631               1,221,810            
    Total liabilities and stockholders’ equity   $ 13,502,753               $ 13,418,441             $ 13,759,493            
    Net interest income          $ 79,924              $ 75,502             $ 76,479      
    Net interest rate spread                 1.32 %               1.28 %             1.31 %
    Net interest margin                 2.50 %               2.41 %               2.34 %
    Deposits (including non-interest-bearing checking accounts) (2)   $ 11,114,354   $ 74,025   2.65 %   $ 10,899,654   $ 72,878   2.69 % $ 10,664,260   $ 62,507   2.33 %

    (1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
    (2) Includes mortgage escrow deposits.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS
    (Dollars in thousands)
                       
        At or For the Three Months Ended
        September 30,    June 30,    September 30, 
    Asset Quality Detail   2024
      2024
      2023
    Non-performing loans (“NPLs”)                   
    Business loans (1)   $ 25,411     $ 20,287     $ 19,555  
    One-to-four family residential, including condominium and cooperative apartment     3,880       3,884       2,874  
    Multifamily residential and residential mixed-use                  
    Non-owner-occupied commercial real estate     19,509       15       15  
    Acquisition, development, and construction     657       657       657  
    Other loans     6             219  
    Total Non-accrual loans   $ 49,463     $ 24,843     $ 23,320  
    Total Non-performing assets (“NPAs”)   $ 49,463     $ 24,843     $ 23,320  
                       
    Total loans 90 days delinquent and accruing (“90+ Delinquent”)   $     $     $  
                       
    NPAs and 90+ Delinquent   $ 49,463     $ 24,843     $ 23,320  
                       
    NPAs and 90+ Delinquent / Total assets     0.36 %     0.18 %     0.17 %
    Net charge-offs (“NCOs”)   $ 4,199     $ 3,640     $ 4,864  
    NCOs / Average loans (2)     0.15 %     0.14 %     0.18 %

    (1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
    (2) Calculated based on annualized NCOs to average loans, excluding loans held for sale.

                         

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    NON-GAAP RECONCILIATION
    (Dollars in thousands except per share amounts)

    The following tables below provide a reconciliation of certain financial measures calculated under generally accepted accounting principles (“GAAP”) (as reported) and non-GAAP measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with GAAP in the United States. The Company’s management believes the presentation of non-GAAP financial measures provides investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.

    The following non-GAAP financial measures exclude pre-tax income and expenses associated with the fair value change in equity securities and loans held for sale, net (gain) loss on sale of securities and other assets, severance, the FDIC special assessment and loss on extinguishment of debt:  

                                     
        Three Months Ended   Nine Months Ended  
        September 30,    June 30,       September 30,    September 30,    September 30,   
        2024
      2024
      2023
      2024
      2023
     
    Reconciliation of Reported and Adjusted (non-GAAP) Net Income Available to Common Stockholders                                
    Reported net income available to common stockholders   $ 11,505     $ 16,657     $ 13,163     $ 44,032     $ 74,321    
    Adjustments to net income (1):                                 
    Fair value change in equity securities and loans held for sale     (39 )     416       299       1,219       1,079    
    Net (gain) loss on sale of securities and other assets     (2 )     (3,695 )     22       (6,665 )     1,469    
    Severance                 8,562       42       9,068    
    Loss on extinguishment of debt     1                   454          
    Income tax effect of adjustments     13       1,043       (176 )     1,574       (985 )  
    Adjusted net income available to common stockholders (non-GAAP)   $ 11,478     $ 14,421     $ 21,870     $ 40,656     $ 84,952    
                                     
    Adjusted Ratios (Based upon Adjusted (non-GAAP) Net Income as calculated above)                                
    Adjusted EPS (Diluted)   $ 0.29     $ 0.37     $ 0.56     $ 1.04     $ 2.19    
    Adjusted return on average assets     0.39   %     0.48   %   0.69   %   0.45   %   0.88   %
    Adjusted return on average equity     4.18       5.17       7.76       4.89       9.95    
    Adjusted return on average tangible common equity     4.69       5.97       9.38       5.60       12.25    
    Adjusted non-interest expense to average assets     1.70       1.65       1.48       1.62       1.46    
    Adjusted efficiency ratio     65.6       65.9       59.7       65.5       54.7    

    (1) Adjustments to net income are taxed at the Company’s approximate statutory tax rate.

    The following table presents a reconciliation of operating expense as a percentage of average assets (as reported) and adjusted operating expense as a percentage of average assets (non-GAAP):

                                   
        Three Months Ended     Nine Months Ended
           September 30,      June 30,      September 30,      September 30,         September 30,   
        2024       2024       2023       2024       2023    
    Operating expense as a % of average assets – as reported   1.71   %     1.66   %   1.73   %   1.63   %     1.56   %
    Loss on extinguishment of debt                              
    Severance               (0.25 )           (0.09 )  
    Amortization of other intangible assets   (0.01 )     (0.01 )           (0.01 )     (0.01 )  
    Adjusted operating expense as a % of average assets (non-GAAP)   1.70   %     1.65   %   1.48   %   1.62   %   1.46   %

    The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):

                                     
        Three Months Ended   Nine Months Ended  
           September 30,       June 30,       September 30,       September 30,    September 30,   
        2024
      2024
      2023
      2024
      2023
     
    Efficiency ratio – as reported (non-GAAP) (1)        65.9   %     63.8   %   70.5   %   64.6   %     59.0   %
    Non-interest expense – as reported   $ 57,729     $ 55,694     $ 59,523     $ 165,934     $ 159,184    
    Severance                 (8,562 )     (42 )     (9,068 )  
    Loss on extinguishment of debt     (1 )                 (454 )        
    Amortization of other intangible assets     (286 )     (285 )     (349 )     (878 )     (1,075 )  
    Adjusted non-interest expense (non-GAAP)   $ 57,442     $ 55,409     $ 50,612     $ 164,560     $ 149,041    
    Net interest income – as reported   $ 79,924     $ 75,502     $ 76,479     $ 226,956     $ 242,450    
    Non-interest income – as reported   $ 7,631     $ 11,808     $ 7,928     $ 29,906     $ 27,334    
    Fair value change in equity securities and loans held for sale     (39 )     416       299       1,219       1,079    
    Net (gain) loss on sale of securities and other assets     (2 )     (3,695 )     22       (6,665 )     1,469    
    Adjusted non-interest income (non-GAAP)   $ 7,590     $ 8,529     $ 8,249     $ 24,460     $ 29,882    
    Adjusted total revenues for adjusted efficiency ratio (non-GAAP)   $ 87,514     $ 84,031     $ 84,728     $ 251,416     $ 272,332    
    Adjusted efficiency ratio (non-GAAP) (2)     65.6   %     65.9   %   59.7   %   65.5   %     54.7   %

    (1) The reported efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest income.
    (2) The adjusted efficiency ratio is a non-GAAP measure calculated by dividing adjusted non-interest expense by the sum of GAAP net interest income and adjusted non-interest income.

    The following table presents the tangible common equity to tangible assets, tangible equity to tangible assets, and tangible common book value per share calculations (non-GAAP):

                         
           September 30,       June 30,       September 30,   
        2024
      2024
      2023
     
    Reconciliation of Tangible Assets:                    
    Total assets   $ 13,746,529     $ 13,548,763     $ 13,651,405    
    Goodwill     (155,797 )     (155,797 )     (155,797 )  
    Other intangible assets     (4,181 )     (4,467 )     (5,409 )  
    Tangible assets (non-GAAP)   $ 13,586,551     $ 13,388,499     $ 13,490,199    
                         
    Reconciliation of Tangible Common Equity – Consolidated:                    
    Total stockholders’ equity   $ 1,263,929     $ 1,250,596     $ 1,204,344    
    Goodwill     (155,797 )     (155,797 )     (155,797 )  
    Other intangible assets     (4,181 )     (4,467 )     (5,409 )  
    Tangible equity (non-GAAP)     1,103,951       1,090,332       1,043,138    
    Preferred stock, net     (116,569 )     (116,569 )     (116,569 )  
    Tangible common equity (non-GAAP)   $ 987,382     $ 973,763     $ 926,569    
                         
    Common shares outstanding     39,152       39,148       38,811    
                         
    Tangible common equity to tangible assets (non-GAAP)     7.27   %   7.27   %   6.87   %
    Tangible equity to tangible assets (non-GAAP)     8.13       8.14       7.73    
                         
    Book value per common share   $ 29.31     $ 28.97     $ 28.03    
    Tangible common book value per share (non-GAAP)     25.22       24.87       23.87    

    The MIL Network

  • MIL-OSI: Gabelli Funds to Host 48th Annual Automotive Symposium at The Encore at Wynn, Las Vegas, Nevada

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Oct. 22, 2024 (GLOBE NEWSWIRE) — Gabelli Funds will host its 48th Annual Automotive Symposium on November 4th and 5th, 2024 at the Encore at Wynn in Las Vegas, Nevada. This two-day symposium will feature presentations by senior managements of leading automotive and trucking companies, with a lineup that enables investors to understand ever-changing dynamics within the automotive industry.

    Presenting attendees, which include original equipment suppliers, automotive retailers, aftermarket service participants and next-gen tech companies driving vehicle electrification will provide a “cradle to grave” look at the automotive ecosystem and help investors understand “What’s Next?” for the automotive space.

    Agenda

      Monday, November 4   Tuesday, November 5
    11:00AM Gabelli Auto Team 8:20AM Introduction
    11:20 NN, Inc. (NASDAQ: NNBR) 8:30 Dorman Products, Inc. (NASDAQ: DORM)
    11:50 MP Materials Corp. (NYSE: MP) 9:00 AutoNation, Inc. (NYSE: AN)
    12:10PM Lunch Break 9:30 PHINIA Inc. (NYSE: PHIN)
    12:30 Gentex Corporation (NASDAQ: GNTX) 10:00 AutoZone, Inc. (NYSE: AZO)
    1:00 Garrett Motion Inc. (NASDAQ: GTX) 10:30 Standard Motor Products, Inc. (NYSE: SMP)
    1:30 Donaldson Company, Inc. (NYSE: DCI) 11:00 Genuine Parts Company (NYSE: GPC)
    2:00 MEMA / AASA 11:30 Monro, Inc. (NASDAQ: MNRO)
    3:00 Dana Incorporated (NYSE: DAN) 12:00PM Lunch Break
    3:30 Rush Enterprises, Inc. (NASDAQ: RUSHA/RUSHB) 12:15 Keynote – EVolving Landscape in Auto Repair
    4:00 Penske Automotive Group, Inc. (NYSE: PAG) 1:00 Motorcar Parts of America, Inc. (NASDAQ: MPAA)
    4:30 Myers Industries, Inc. (NYSE: MYE) 1:30 O’Reilly Automotive, Inc. (NASDAQ: ORLY)
    TBD Gabelli Funds’ Cocktail Reception 2:00 CarParts.com, Inc. (NASDAQ: PRTS)
        2:30 Strattec Security Corporation (NASDAQ: STRT)
           

    The Encore at Wynn, Las Vegas, NV
    Monday, November 4th and Tuesday, November 5th

    Registration link: CLICK HERE

    For general inquiries, contact:
    James Carey, Associate – Private Wealth Management, 914-921-8318, jcarey@gabelli.com
    Miles McQuillen, AVP – Private Wealth Management, 914-921-5112, mmcquillen@gabelli.com

    Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc.

    Contact: Brian Sponheimer
    Portfolio Manager
    (914) 921-8336

    The MIL Network

  • MIL-OSI: Old National Bancorp Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., Oct. 22, 2024 (GLOBE NEWSWIRE) —

    Old National Bancorp (NASDAQ: ONB) reports 3Q24 net income applicable to common shares of $139.8 million, diluted EPS of $0.44; $147.2 million and $0.46 on an adjusted1basis, respectively.

    CEO COMMENTARY:

    “Old National’s strong 3rd quarter was driven by a focus on our fundamentals: continuing to grow deposits and loans, effectively managing both credit and capital, and creating positive operating leverage through disciplined expense management,” said Chairman and CEO Jim Ryan. “As a result of our ability to execute on this fundamental strategy, we find ourselves well positioned to continue to invest in new markets while attracting exceptional talent to our franchise.”


    THIRD
    QUARTER HIGHLIGHTS2:

    Net Income
    • Net income applicable to common shares of $139.8 million; adjusted net income applicable to common shares1 of $147.2 million
    • Earnings per diluted common share (“EPS”) of $0.44; adjusted EPS1 of $0.46
       
    Net Interest Income/NIM
    • Net interest income on a fully taxable equivalent basis1 of $397.9 million
    • Net interest margin on a fully taxable equivalent basis1 (“NIM”) of 3.32%, down 1 basis point (“bp”)
       
    Operating Performance
    • Pre-provision net revenue1 (“PPNR”) of $219.7 million; adjusted PPNR1 of $229.3 million
    • Noninterest expense of $272.3 million; adjusted noninterest expense1 of $262.8 million
    • Efficiency ratio1 of 53.8%; adjusted efficiency ratio1 of 51.2%
       
    Deposits and Funding
    • Period-end total deposits of $40.8 billion, up $0.8 billion; core deposits up $1.0 billion
    • Granular low-cost deposit franchise; total deposit costs of 225 bps
       
    Loans and Credit Quality
    • End-of-period total loans3 of $36.5 billion, up 2.7% annualized
    • Provision for credit losses4 (“provision”) of $28.5 million
    • Net charge-offs of $17.5 million, or 19 bps of average loans; 16 bps excluding purchased credit deteriorated (“PCD”) loans that had an allowance at acquisition
    • 30+ day delinquencies of 0.26% and non-performing loans of 1.22% of total loans
     
    Return Profile & Capital
    • Return on average tangible common equity1 of 16.0%; adjusted return on average tangible common equity1 of 16.8%
    • Tangible common equity to tangible assets1 of 7.4%, up 7.2%
       
    Notable Items
    • $6.9 million of pre-tax merger-related charges
    • $2.6 million of pre-tax separation expense5


    Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release Comparisons are on a linked-quarter basis, unless otherwise noted Includes loans held-for-sale Includes the provision for unfunded commitments Expense associated with a mutual separation agreement with a former Old National executive

    RESULTS OF OPERATIONS2
    Old National Bancorp (“Old National”) reported third quarter 2024 net income applicable to common shares of $139.8 million, or $0.44 per diluted common share.

    Included in third quarter results were pre-tax charges of $6.9 million primarily related to the April 1, 2024 acquisition of CapStar Financial Holdings, Inc. (“CapStar”) and $2.6 million of pre-tax separation expense5. Excluding these transactions and realized debt securities gains from the current quarter, adjusted net income1 was $147.2 million, or $0.46 per diluted common share.

    DEPOSITS AND FUNDING
    Growth in deposits driven by increases in commercial and community deposits and normal seasonal patterns in public funds, partially offset by lower brokered deposits.

    • Period-end total deposits were $40.8 billion, up 8.5% annualized; core deposits up 10.1% annualized.
    • On average, total deposits for the third quarter were $40.6 billion, up 4.8% annualized.
    • Granular low-cost deposit franchise; total deposit costs of 225 bps.
    • A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity.

    LOANS
    Broad-based disciplined commercial loan growth.

    • Period-end total loans3 were $36.5 billion, up 2.7% annualized.
    • Total commercial loan production in the third quarter was $1.7 billion; period-end commercial pipeline totaled $2.8 billion.
    • Average total loans in the third quarter were $36.3 billion, an increase of $235.9 million.

    CREDIT QUALITY
    Resilient credit quality continues to be a hallmark of Old National.

    • Provision4 expense was $28.5 million compared to $36.2 million, or $20.9 million excluding $15.3 million of current expected credit loss (“CECL”) Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans in the CapStar transaction in the second quarter of 2024.
    • Net charge-offs were $17.5 million, or 19 bps of average loans compared to net charge-offs of 16 bps of average loans.
      • Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 16 bps.
    • 30+ day delinquencies as a percentage of loans were 0.26% compared to 0.16%.
    • Nonaccrual loans as a percentage of total loans were 1.22% compared to 0.94%.
    • Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. The remaining discount on these acquired loans was $174.0 million.
    • The allowance for credit losses, including the allowance for credit losses on unfunded commitments, stood at $405.9 million, or 1.12% of total loans, compared to $392.1 million, or 1.08% of total loans.

    NET INTEREST INCOME AND MARGIN
    Higher net interest income and stable margin reflective of the rate environment.

    • Net interest income on a fully taxable equivalent basis1 increased to $397.9 million compared to $394.8 million, driven by loan growth as well as higher asset yields and accretion, partly offset by higher funding costs.
    • Net interest margin on a fully taxable equivalent basis1 modestly decreased 1 bps to 3.32%.
    • Accretion income on loans and borrowings was $15.6 million, or 13 bps of net interest margin1, compared to $11.6 million, or 10 bps of net interest margin1.
    • Cost of total deposits was 2.25%, increasing 9 bps and the cost of total interest-bearing deposits increased 9 bps to 2.93%.

    NONINTEREST INCOME
    Increase driven by higher service charges, mortgage fees, capital markets income, and other income.

    • Total noninterest income was $94.1 million compared to $87.3 million.
    • Noninterest income was up 7.9% driven by higher service charges, mortgage fees, capital markets income, and other income.

    NONINTEREST EXPENSE
    Disciplined expense management.

    • Noninterest expense was $272.3 million and included $6.9 million of merger-related charges and $2.6 million of pre-tax separation expense5.
      • Excluding these items, adjusted noninterest expense1 was $262.8 million, compared to $263.6 million.
    • The efficiency ratio1 was 53.8%, while the adjusted efficiency ratio1 was 51.2% compared to 57.2% and 52.6%, respectively.

    INCOME TAXES

    • Income tax expense was $41.3 million, resulting in an effective tax rate of 22.3% compared to 22.5%. On an adjusted fully taxable equivalent (“FTE”) basis, the effective tax rate was 24.8% compared to 25.5%.
    • Income tax expense included $4.0 million of tax credit benefit compared to $3.5 million.

    CAPITAL
    Capital ratios remain strong.

    • Preliminary total risk-based capital up 23 bps to 12.94% and preliminary regulatory Tier 1 capital up 27 bps to 11.60%, as strong retained earnings drive capital.
    • Tangible common equity to tangible assets was 7.44% compared to 6.94%.

    CONFERENCE CALL AND WEBCAST
    Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, October 22, 2024, to review third quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 1586600. A replay of the call will also be available from approximately noon Central Time on October 22, 2024 through November 5, 2024. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 1586600.

    ABOUT OLD NATIONAL
    Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $54 billion of assets and $31 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.

    USE OF NON-GAAP FINANCIAL MEASURES
    The Company’s accounting and reporting policies conform to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company’s operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.

    The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include merger-related charges associated with completed and pending acquisitions, separation expense, debt securities gains/losses, CECL Day 1 non-PCD provision expense, distribution of excess pension assets expense, FDIC special assessment expense, gain on sale of Visa Class B restricted shares, contract termination charges, expenses related to the tragic April 10, 2023 event at our downtown Louisville location (“Louisville expenses”), and property optimization charges. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company’s underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.

    Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company’s underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.

    The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, FDIC special assessment expense, contract termination charges, Louisville expenses, and property optimization charges, as well as adjusted noninterest income, which excludes debt securities gains/losses and the gain on sale of Visa Class B restricted shares. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.

    The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.

    In management’s view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company’s use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution’s capital strength since they eliminate intangible assets from stockholders’ equity and retain the effect of accumulated other comprehensive loss in stockholders’ equity.

    Although intended to enhance investors’ understanding of the Company’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the “Non-GAAP Reconciliations” section for details on the calculation of these measures to the extent presented herein.

    FORWARD-LOOKING STATEMENTS
    This communication contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission (“SEC”), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “should,” “would,” and “will,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the expected cost savings, synergies and other financial benefits from the merger (the “Merger”) between Old National and CapStar Financial Holdings, Inc. not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses and the success of revenue-generating and cost reduction initiatives; failure or circumvention of our internal controls; 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; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; political and economic uncertainty and instability; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this communication; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. These forward-looking statements are made only as of the date of this communication and are not guarantees of future results, performance or outcomes, and Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this communication.

    CONTACTS:    
    Media: Kathy Schoettlin   Investors: Lynell Durchholz
    (812) 465-7269   (812) 464-1366
    Kathy.Schoettlin@oldnational.com   Lynell.Durchholz@oldnational.com
                   
    Financial Highlights (unaudited)
    ($ and shares in thousands, except per share data)
                     
      Three Months Ended   Nine Months Ended
      September 30, June 30, March 31, December 31, September 30,   September 30, September 30,
        2024     2024     2024     2023     2023       2024     2023  
    Income Statement                
    Net interest income $ 391,724   $ 388,421   $ 356,458   $ 364,408   $ 375,086     $ 1,136,603   $ 1,138,745  
    FTE adjustment1,3   6,144     6,340     6,253     6,100     5,837       18,737     17,328  
    Net interest income – tax equivalent basis3   397,868     394,761     362,711     370,508     380,923       1,155,340     1,156,073  
    Provision for credit losses   28,497     36,214     18,891     11,595     19,068       83,602     47,292  
    Noninterest income   94,138     87,271     77,522     100,094     80,938       258,931     233,248  
    Noninterest expense   272,283     282,999     262,317     284,235     244,776       817,599     742,071  
    Net income available to common shareholders $ 139,768   $ 117,196   $ 116,250   $ 128,446   $ 143,842     $ 373,214   $ 437,411  
    Per Common Share Data                
    Weighted average diluted shares   317,331     316,461     292,207     292,029     291,717       308,605     291,809  
    EPS, diluted $ 0.44   $ 0.37   $ 0.40   $ 0.44   $ 0.49     $ 1.21   $ 1.50  
    Cash dividends   0.14     0.14     0.14     0.14     0.14       0.42     0.42  
    Dividend payout ratio2   32 %   38 %   35 %   32 %   29 %     35 %   28 %
    Book value $ 19.20   $ 18.28   $ 18.24   $ 18.18   $ 17.07     $ 19.20   $ 17.07  
    Stock price   18.66     17.19     17.41     16.89     14.54       18.66     14.54  
    Tangible book value3   11.97     11.05     11.10     11.00     9.87       11.97     9.87  
    Performance Ratios                
    ROAA   1.08 %   0.92 %   0.98 %   1.09 %   1.22 %     0.99 %   1.25 %
    ROAE   9.4 %   8.2 %   8.7 %   10.2 %   11.4 %     8.8 %   11.7 %
    ROATCE3   16.0 %   14.1 %   14.9 %   18.1 %   20.2 %     15.0 %   20.8 %
    NIM (FTE)   3.32 %   3.33 %   3.28 %   3.39 %   3.49 %     3.31 %   3.59 %
    Efficiency ratio3   53.8 %   57.2 %   58.3 %   59.0 %   51.7 %     56.4 %   51.9 %
    NCOs to average loans   0.19 %   0.16 %   0.14 %   0.12 %   0.24 %     0.16 %   0.19 %
    ACL on loans to EOP loans   1.05 %   1.01 %   0.95 %   0.93 %   0.93 %     1.05 %   0.93 %
    ACL4 to EOP loans   1.12 %   1.08 %   1.03 %   1.03 %   1.03 %     1.12 %   1.03 %
    NPLs to EOP loans   1.22 %   0.94 %   0.98 %   0.83 %   0.80 %     1.22 %   0.80 %
    Balance Sheet (EOP)                
    Total loans $ 36,400,643   $ 36,150,513   $ 33,623,319   $ 32,991,927   $ 32,577,834     $ 36,400,643   $ 32,577,834  
    Total assets   53,602,293     53,119,645     49,534,918     49,089,836     49,059,448       53,602,293     49,059,448  
    Total deposits   40,845,746     39,999,228     37,699,418     37,235,180     37,252,676       40,845,746     37,252,676  
    Total borrowed funds   5,449,096     6,085,204     5,331,161     5,331,147     5,556,010       5,449,096     5,556,010  
    Total shareholders’ equity   6,367,298     6,075,072     5,595,408     5,562,900     5,239,537       6,367,298     5,239,537  
    Capital Ratios                
    Risk-based capital ratios (EOP):                
    Tier 1 common equity   11.00 %   10.73 %   10.76 %   10.70 %   10.41 %     11.00 %   10.41 %
    Tier 1 capital   11.60 %   11.33 %   11.40 %   11.35 %   11.06 %     11.60 %   11.06 %
    Total capital   12.94 %   12.71 %   12.74 %   12.64 %   12.32 %     12.94 %   12.32 %
    Leverage ratio (average assets)   9.05 %   8.90 %   8.96 %   8.83 %   8.70 %     9.05 %   8.70 %
    Equity to assets (averages)3   11.60 %   11.31 %   11.32 %   10.81 %   10.88 %     11.41 %   10.95 %
    TCE to TA3   7.44 %   6.94 %   6.86 %   6.85 %   6.15 %     7.44 %   6.15 %
    Nonfinancial Data                
    Full-time equivalent employees   4,105    4,267    3,955    3,940    3,981      4,105    3,981 
    Banking centers   280    280    258    258    257      280    257 
    1 Calculated using the federal statutory tax rate in effect of 21% for all periods.          
    2 Cash dividends per common share divided by net income per common share (basic).          
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.
        September 30, 2024 capital ratios are preliminary.
    4 Includes the allowance for credit losses on loans and unfunded loan commitments.          
                     
    FTE – Fully taxable equivalent basis ROAA – Return on average assets ROAE – Return on average equity ROATCE – Return on average tangible common equity
    NCOs – Net Charge-offs ACL – Allowance for Credit Losses EOP – End of period actual balances NPLs – Non-performing Loans TCE – Tangible common equity TA – Tangible assets
                     
    Income Statement (unaudited)
    ($ and shares in thousands, except per share data)
      Three Months Ended   Nine Months Ended
      September 30, June 30, March 31, December 31, September 30,   September 30, September 30,
        2024     2024     2024     2023     2023       2024     2023  
    Interest income $ 679,925   $ 663,663   $ 595,981   $ 589,751   $ 576,519     $ 1,939,569   $ 1,617,070  
    Less: interest expense   288,201     275,242     239,523     225,343     201,433       802,966     478,325  
    Net interest income   391,724     388,421     356,458     364,408     375,086       1,136,603     1,138,745  
    Provision for credit losses   28,497     36,214     18,891     11,595     19,068       83,602     47,292  
    Net interest income after provision for credit losses   363,227     352,207     337,567     352,813     356,018       1,053,001     1,091,453  
    Wealth and investment services fees   29,117     29,358     28,304     27,656     26,687       86,779     80,128  
    Service charges on deposit accounts   20,350     19,350     17,898     18,667     18,524       57,598     53,278  
    Debit card and ATM fees   11,362     10,993     10,054     10,700     10,818       32,409     31,453  
    Mortgage banking revenue   7,669     7,064     4,478     3,691     5,063       19,211     12,628  
    Capital markets income   7,426     4,729     2,900     5,416     5,891       15,055     19,003  
    Company-owned life insurance   5,315     5,739     3,434     3,773     3,740       14,488     11,624  
    Gain on sale of Visa Class B restricted shares               21,635                
    Other income   12,975     10,036     10,470     9,381     10,456       33,481     30,574  
    Debt securities gains (losses), net   (76 )   2     (16 )   (825 )   (241 )     (90 )   (5,440 )
    Total noninterest income   94,138     87,271     77,522     100,094     80,938       258,931     233,248  
    Salaries and employee benefits   147,494     159,193     149,803     141,649     131,541       456,490     404,715  
    Occupancy   27,130     26,547     27,019     26,514     25,795       80,696     80,162  
    Equipment   9,888     8,704     8,671     8,769     8,284       27,263     23,394  
    Marketing   11,036     11,284     10,634     10,813     9,448       32,954     28,698  
    Technology   23,343     24,002     20,023     20,493     20,592       67,368     59,850  
    Communication   4,681     4,480     4,000     4,212     4,075       13,161     12,768  
    Professional fees   7,278     10,552     6,406     8,250     5,956       24,236     19,085  
    FDIC assessment   11,722     9,676     11,313     27,702     9,000       32,711     29,028  
    Amortization of intangibles   7,411     7,425     5,455     5,869     6,040       20,291     18,286  
    Amortization of tax credit investments   3,277     2,747     2,749     7,200     2,644       8,773     8,167  
    Other expense   19,023     18,389     16,244     22,764     21,401       53,656     57,918  
    Total noninterest expense   272,283     282,999     262,317     284,235     244,776       817,599     742,071  
    Income before income taxes   185,082     156,479     152,772     168,672     192,180       494,333     582,630  
    Income tax expense   41,280     35,250     32,488     36,192     44,304       109,018     133,118  
    Net income $ 143,802   $ 121,229   $ 120,284   $ 132,480   $ 147,876     $ 385,315   $ 449,512  
    Preferred dividends   (4,034 )   (4,033 )   (4,034 )   (4,034 )   (4,034 )     (12,101 )   (12,101 )
    Net income applicable to common shares $ 139,768   $ 117,196   $ 116,250   $ 128,446   $ 143,842     $ 373,214   $ 437,411  
                     
    EPS, diluted $ 0.44   $ 0.37   $ 0.40   $ 0.44   $ 0.49     $ 1.21   $ 1.50  
    Weighted Average Common Shares Outstanding                
    Basic   315,622     315,585     290,980     290,701     290,648       307,426     290,763  
    Diluted   317,331     316,461     292,207     292,029     291,717       308,605     291,809  
    Common shares outstanding (EOP)   318,955     318,969     293,330     292,655     292,586       318,955     292,586  
                     
                     
     
    End of Period Balance Sheet (unaudited)
    ($ in thousands)
      September 30, June 30, March 31, December 31, September 30,
        2024     2024     2024     2023     2023  
    Assets          
    Cash and due from banks $ 498,120   $ 428,665   $ 350,990   $ 430,866   $ 381,343  
    Money market and other interest-earning investments   693,450     804,381     588,509     744,192     1,282,087  
    Investments:          
    Treasury and government-sponsored agencies   2,335,716     2,207,004     2,243,754     2,453,950     2,515,249  
    Mortgage-backed securities   6,085,826     5,890,371     5,566,881     5,245,691     4,906,290  
    States and political subdivisions   1,665,128     1,678,597     1,672,061     1,693,819     1,705,200  
    Other securities   783,079     775,623     760,847     779,048     751,404  
    Total investments   10,869,749     10,551,595     10,243,543     10,172,508     9,878,143  
    Loans held-for-sale, at fair value   62,376     66,126     19,418     32,006     122,033  
    Loans:          
    Commercial   10,408,095     10,332,631     9,648,269     9,512,230     9,333,448  
    Commercial and agriculture real estate   16,356,216     16,016,958     14,653,958     14,140,629     13,916,221  
    Residential real estate   6,757,896     6,894,957     6,661,379     6,699,443     6,696,288  
    Consumer   2,878,436     2,905,967     2,659,713     2,639,625     2,631,877  
    Total loans   36,400,643     36,150,513     33,623,319     32,991,927     32,577,834  
    Allowance for credit losses on loans   (380,840 )   (366,335 )   (319,713 )   (307,610 )   (303,982 )
    Premises and equipment, net   599,528     601,945     564,007     565,396     565,607  
    Goodwill and other intangible assets   2,305,084     2,306,204     2,095,511     2,100,966     2,106,835  
    Company-owned life insurance   863,723     862,032     767,423     767,902     774,517  
    Accrued interest receivable and other assets   1,690,460     1,714,519     1,601,911     1,591,683     1,675,031  
    Total assets $ 53,602,293   $ 53,119,645   $ 49,534,918   $ 49,089,836   $ 49,059,448  
               
    Liabilities and Equity          
    Noninterest-bearing demand deposits $ 9,429,285   $ 9,336,042   $ 9,257,709   $ 9,664,247   $ 10,091,352  
    Interest-bearing:          
    Checking and NOW accounts   7,314,245     7,680,865     7,236,667     7,331,487     7,495,417  
    Savings accounts   4,781,447     4,983,811     5,020,095     5,099,186     5,296,985  
    Money market accounts   11,601,461     10,485,491     10,234,113     9,561,116     8,793,218  
    Other time deposits   6,010,070     5,688,432     4,760,659     4,565,137     4,398,182  
    Total core deposits   39,136,508     38,174,641     36,509,243     36,221,173     36,075,154  
    Brokered deposits   1,709,238     1,824,587     1,190,175     1,014,007     1,177,522  
    Total deposits   40,845,746     39,999,228     37,699,418     37,235,180     37,252,676  
               
    Federal funds purchased and interbank borrowings   135,263     250,154     50,416     390     918  
    Securities sold under agreements to repurchase   244,626     240,713     274,493     285,206     279,061  
    Federal Home Loan Bank advances   4,471,153     4,744,560     4,193,039     4,280,681     4,412,576  
    Other borrowings   598,054     849,777     813,213     764,870     863,455  
    Total borrowed funds   5,449,096     6,085,204     5,331,161     5,331,147     5,556,010  
    Accrued expenses and other liabilities   940,153     960,141     908,931     960,609     1,011,225  
    Total liabilities   47,234,995     47,044,573     43,939,510     43,526,936     43,819,911  
    Preferred stock, common stock, surplus, and retained earnings   6,971,054     6,866,480     6,375,036     6,301,709     6,208,352  
    Accumulated other comprehensive income (loss), net of tax   (603,756 )   (791,408 )   (779,628 )   (738,809 )   (968,815 )
    Total shareholders’ equity   6,367,298     6,075,072     5,595,408     5,562,900     5,239,537  
    Total liabilities and shareholders’ equity $ 53,602,293   $ 53,119,645   $ 49,534,918   $ 49,089,836   $ 49,059,448  
     
                             
    Average Balance Sheet and Interest Rates (unaudited)
    ($ in thousands)
                             
                             
        Three Months Ended   Three Months Ended   Three Months Ended
        September 30, 2024   June 30, 2024   September 30, 2023
        Average Income1/ Yield/   Average Income1/ Yield/   Average Income1/ Yield/
    Earning Assets:   Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    Money market and other interest-earning investments   $ 904,176   $ 11,696 5.15 %   $ 814,944   $ 11,311 5.58 %   $ 980,813   $ 13,194 5.34 %
    Investments:                        
    Treasury and government-sponsored agencies     2,255,629     21,851 3.87 %     2,208,935     21,531 3.90 %     2,376,864     23,037 3.88 %
    Mortgage-backed securities     5,977,058     48,425 3.24 %     5,828,225     47,904 3.29 %     5,079,091     33,237 2.62 %
    States and political subdivisions     1,668,454     14,042 3.37 %     1,686,994     14,290 3.39 %     1,737,037     14,220 3.27 %
    Other securities     785,107     12,547 6.39 %     788,571     12,583 6.38 %     793,196     10,127 5.11 %
    Total investments     10,686,248     96,865 3.63 %     10,512,725     96,308 3.66 %     9,986,188     80,621 3.23 %
    Loans:2                        
    Commercial     10,373,340     183,878 7.09 %     10,345,098     183,425 7.09 %     9,612,102     163,869 6.82 %
    Commercial and agriculture real estate     16,216,842     274,832 6.78 %     15,870,809     260,407 6.56 %     13,711,156     219,575 6.41 %
    Residential real estate loans     6,833,597     67,084 3.93 %     6,952,942     67,683 3.89 %     6,712,269     62,775 3.74 %
    Consumer     2,891,260     51,714 7.12 %     2,910,331     50,869 7.03 %     2,614,928     42,322 6.42 %
    Total loans     36,315,039     577,508 6.36 %     36,079,180     562,384 6.24 %     32,650,455     488,541 5.98 %
                             
    Total earning assets   $ 47,905,463   $ 686,069 5.73 %   $ 47,406,849   $ 670,003 5.66 %   $ 43,617,456   $ 582,356 5.34 %
                             
    Less: Allowance for credit losses on loans     (366,667 )         (331,043 )         (300,071 )    
                             
    Non-earning Assets:                        
    Cash and due from banks   $ 413,583         $ 430,256         $ 382,755      
    Other assets     5,394,032           5,341,022           4,960,383      
                             
    Total assets   $ 53,346,411         $ 52,847,084         $ 48,660,523      
                             
    Interest-Bearing Liabilities:                        
    Checking and NOW accounts   $ 7,551,264   $ 29,344 1.55 %   $ 8,189,454   $ 34,398 1.69 %   $ 7,515,439   $ 25,531 1.35 %
    Savings accounts     4,860,161     5,184 0.42 %     5,044,800     5,254 0.42 %     5,414,775     4,268 0.31 %
    Money market accounts     11,064,433     106,148 3.82 %     10,728,156     102,560 3.84 %     7,979,999     65,549 3.26 %
    Other time deposits     5,928,241     64,435 4.32 %     5,358,103     56,586 4.25 %     4,229,692     37,110 3.48 %
    Total interest-bearing core deposits     29,404,099     205,111 2.78 %     29,320,513     198,798 2.73 %     25,139,905     132,458 2.09 %
    Brokered deposits     1,829,218     24,616 5.35 %     1,244,237     17,008 5.50 %     1,183,228     14,970 5.02 %
    Total interest-bearing deposits     31,233,317     229,727 2.93 %     30,564,750     215,806 2.84 %     26,323,133     147,428 2.22 %
                             
    Federal funds purchased and interbank borrowings     14,549     292 7.98 %     148,835     1,986 5.37 %     62,921     910 5.74 %
    Securities sold under agreements to repurchase     239,524     612 1.02 %     249,939     639 1.03 %     302,305     710 0.93 %
    Federal Home Loan Bank advances     4,572,046     47,719 4.15 %     4,473,978     44,643 4.01 %     4,537,250     40,382 3.53 %
    Other borrowings     754,544     9,851 5.19 %     891,609     12,168 5.49 %     841,307     12,003 5.66 %
    Total borrowed funds     5,580,663     58,474 4.17 %     5,764,361     59,436 4.15 %     5,743,783     54,005 3.73 %
                             
    Total interest-bearing liabilities   $ 36,813,980   $ 288,201 3.11 %   $ 36,329,111   $ 275,242 3.05 %   $ 32,066,916   $ 201,433 2.49 %
                             
    Noninterest-Bearing Liabilities and Shareholders’ Equity                      
    Demand deposits   $ 9,371,698         $ 9,558,675         $ 10,338,267      
    Other liabilities     970,662           980,322           961,268      
    Shareholders’ equity     6,190,071           5,978,976           5,294,072      
                             
    Total liabilities and shareholders’ equity   $ 53,346,411         $ 52,847,084         $ 48,660,523      
                             
    Net interest rate spread       2.62 %       2.61 %       2.85 %
                             
    Net interest margin (GAAP)       3.27 %       3.28 %       3.44 %
                             
    Net interest margin (FTE)3       3.32 %       3.33 %       3.49 %
                             
    FTE adjustment     $ 6,144       $ 6,340       $ 5,837  
                             
    1 Interest income is reflected on a FTE basis.  
    2 Includes loans held-for-sale.  
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.  
     
                     
    Average Balance Sheet and Interest Rates (unaudited)
    ($ in thousands)
                     
                     
        Nine Months Ended   Nine Months Ended
        September 30, 2024   September 30, 2023
        Average Income1/ Yield/   Average Income1/ Yield/
    Earning Assets:   Balance Expense Rate   Balance Expense Rate
    Money market and other interest-earning investments   $ 825,743   $ 32,992 5.34 %   $ 736,225   $ 25,258 4.59 %
    Investments:                
    Treasury and government-sponsored agencies     2,275,607     66,648 3.91 %     2,266,177     58,923 3.47 %
    Mortgage-backed securities     5,721,725     135,217 3.15 %     5,268,509     102,618 2.60 %
    States and political subdivisions     1,678,504     42,308 3.36 %     1,771,155     43,306 3.26 %
    Other securities     781,385     37,303 6.37 %     785,474     28,726 4.88 %
    Total investments   $ 10,457,221   $ 281,476 3.59 %   $ 10,091,315   $ 233,573 3.09 %
    Loans:2                
    Commercial     10,087,322     534,566 7.07 %     9,644,541     475,210 6.57 %
    Commercial and agriculture real estate     15,488,010     765,325 6.59 %     13,180,509     598,337 6.05 %
    Residential real estate loans     6,826,809     197,770 3.86 %     6,626,551     181,592 3.65 %
    Consumer     2,815,837     146,177 6.93 %     2,612,519     120,428 6.16 %
    Total loans     35,217,978     1,643,838 6.22 %     32,064,120     1,375,567 5.72 %
                     
    Total earning assets   $ 46,500,942   $ 1,958,306 5.62 %   $ 42,891,660   $ 1,634,398 5.08 %
                     
    Less: Allowance for credit losses on loans     (337,168 )         (301,909 )    
                     
    Non-earning Assets:                
    Cash and due from banks   $ 402,213         $ 412,998      
    Other assets     5,232,807           4,917,592      
                     
    Total assets   $ 51,798,794         $ 47,920,341      
                     
    Interest-Bearing Liabilities:                
    Checking and NOW accounts   $ 7,627,029   $ 88,994 1.56 %   $ 7,793,561   $ 69,248 1.19 %
    Savings accounts     4,976,361     15,455 0.41 %     5,791,780     9,745 0.22 %
    Money market accounts     10,571,821     302,921 3.83 %     6,577,317     120,917 2.46 %
    Other time deposits     5,327,361     168,453 4.22 %     3,660,156     79,032 2.89 %
    Total interest-bearing core deposits     28,502,572     575,823 2.70 %     23,822,814     278,942 1.57 %
    Brokered deposits     1,375,231     55,149 5.36 %     879,886     32,053 4.87 %
    Total interest-bearing deposits     29,877,803     630,972 2.82 %     24,702,700     310,995 1.68 %
                     
    Federal funds purchased and interbank borrowings     77,262     3,239 5.60 %     306,480     11,404 4.97 %
    Securities sold under agreements to repurchase     261,818     2,168 1.11 %     351,362     2,389 0.91 %
    Federal Home Loan Bank advances     4,477,851     133,529 3.98 %     4,699,074     123,466 3.51 %
    Other borrowings     823,746     33,058 5.36 %     806,575     30,071 4.98 %
    Total borrowed funds     5,640,677     171,994 4.07 %     6,163,491     167,330 3.63 %
                     
    Total interest-bearing liabilities     35,518,480     802,966 3.02 %     30,866,191     478,325 2.07 %
                     
    Noninterest-Bearing Liabilities and Shareholders’ Equity              
    Demand deposits   $ 9,396,081         $ 10,864,375      
    Other liabilities     971,687           944,619      
    Shareholders’ equity     5,912,546           5,245,156      
                     
    Total liabilities and shareholders’ equity   $ 51,798,794         $ 47,920,341      
                     
    Net interest rate spread       2.60 %       3.01 %
                     
    Net interest margin (GAAP)       3.26 %       3.54 %
                     
    Net interest margin (FTE)3       3.31 %       3.59 %
                     
    FTE adjustment     $ 18,737       $ 17,328  
                     
    1 Interest income is reflected on a FTE.
    2 Includes loans held-for-sale.                
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.    
     
                     
    Asset Quality (EOP) (unaudited)
    ($ in thousands)
                     
      Three Months Ended   Nine Months Ended
      September 30, June 30, March 31, December 31, September 30,   September 30, September 30,
        2024     2024     2024     2023     2023       2024     2023  
    Allowance for credit losses:                
    Beginning allowance for credit losses on loans $ 366,335   $ 319,713   $ 307,610   $ 303,982   $ 300,555     $ 307,610   $ 303,671  
    Allowance established for acquired PCD loans   2,803     23,922                   26,725      
    Provision for credit losses on loans   29,176     36,745     23,853     13,329     23,115       89,774     46,520  
    Gross charge-offs   (18,965 )   (17,041 )   (14,020 )   (13,202 )   (22,750 )     (50,026 )   (55,261 )
    Gross recoveries   1,491     2,996     2,270     3,501     3,062       6,757     9,052  
    NCOs   (17,474 )   (14,045 )   (11,750 )   (9,701 )   (19,688 )     (43,269 )   (46,209 )
    Ending allowance for credit losses on loans $ 380,840   $ 366,335   $ 319,713   $ 307,610   $ 303,982     $ 380,840   $ 303,982  
    Beginning allowance for credit losses on unfunded commitments $ 25,733   $ 26,264   $ 31,226   $ 32,960   $ 37,007     $ 31,226   $ 32,188  
    Provision (release) for credit losses on unfunded commitments   (679 )   (531 )   (4,962 )   (1,734 )   (4,047 )     (6,172 )   772  
    Ending allowance for credit losses on unfunded commitments $ 25,054   $ 25,733   $ 26,264   $ 31,226   $ 32,960     $ 25,054   $ 32,960  
    Allowance for credit losses $ 405,894   $ 392,068   $ 345,977   $ 338,836   $ 336,942     $ 405,894   $ 336,942  
    Provision for credit losses on loans $ 29,176   $ 36,745   $ 23,853   $ 13,329   $ 23,115     $ 89,774   $ 46,520  
    Provision (release) for credit losses on unfunded commitments   (679 )   (531 )   (4,962 )   (1,734 )   (4,047 )     (6,172 )   772  
    Provision for credit losses $ 28,497   $ 36,214   $ 18,891   $ 11,595   $ 19,068     $ 83,602   $ 47,292  
    NCOs / average loans1   0.19 %   0.16 %   0.14 %   0.12 %   0.24 %     0.16 %   0.19 %
    Average loans1 $ 36,299,544   $ 36,053,845   $ 33,242,739   $ 32,752,406   $ 32,639,812     $ 35,202,727   $ 32,057,989  
    EOP loans1   36,400,643     36,150,513     33,623,319     32,991,927     32,577,834       36,400,643     32,577,834  
    ACL on loans / EOP loans1   1.05 %   1.01 %   0.95 %   0.93 %   0.93 %     1.05 %   0.93 %
    ACL / EOP loans1   1.12 %   1.08 %   1.03 %   1.03 %   1.03 %     1.12 %   1.03 %
    Underperforming Assets:                
    Loans 90 days and over (still accruing) $ 1,177   $ 5,251   $ 2,172   $ 961   $ 1,192     $ 1,177   $ 1,192  
    Nonaccrual loans   443,597     340,181     328,645     274,821     261,346       443,597     261,346  
    Foreclosed assets   4,077     8,290     9,344     9,434     9,761       4,077     9,761  
    Total underperforming assets $ 448,851   $ 353,722   $ 340,161   $ 285,216   $ 272,299     $ 448,851   $ 272,299  
    Classified and Criticized Assets:                
    Nonaccrual loans $ 443,597   $ 340,181   $ 328,645   $ 274,821   $ 261,346     $ 443,597   $ 261,346  
    Substandard loans (still accruing)   1,074,243     841,087     626,157     599,358     563,427       1,074,243     563,427  
    Loans 90 days and over (still accruing)   1,177     5,251     2,172     961     1,192       1,177     1,192  
    Total classified loans – “problem loans”   1,519,017     1,186,519     956,974     875,140     825,965       1,519,017     825,965  
    Other classified assets   59,485     60,772     54,392     48,930     48,998       59,485     48,998  
    Special Mention   837,543     967,655     827,419     843,920     775,526       837,543     775,526  
    Total classified and criticized assets $ 2,416,045   $ 2,214,946   $ 1,838,785   $ 1,767,990   $ 1,650,489     $ 2,416,045   $ 1,650,489  
    Loans 30-89 days past due (still accruing) $ 91,750   $ 51,712   $ 53,112   $ 71,868   $ 56,772     $ 91,750   $ 56,772  
    Nonaccrual loans / EOP loans1   1.22 %   0.94 %   0.98 %   0.83 %   0.80 %     1.22 %   0.80 %
    ACL / nonaccrual loans   92 %   115 %   105 %   123 %   129 %     92 %   129 %
    Under-performing assets/EOP loans1   1.23 %   0.98 %   1.01 %   0.86 %   0.84 %     1.23 %   0.84 %
    Under-performing assets/EOP assets   0.84 %   0.67 %   0.69 %   0.58 %   0.56 %     0.84 %   0.56 %
    30+ day delinquencies/EOP loans1   0.26 %   0.16 %   0.16 %   0.22 %   0.18 %     0.26 %   0.18 %
                     
    1 Excludes loans held-for-sale.            
                     

                    

                     
    Non-GAAP Measures (unaudited)
    ($ and shares in thousands, except per share data)
                     
      Three Months Ended   Nine Months Ended
      September 30, June 30, March 31, December 31, September 30,   September 30, September 30,
        2024     2024     2024     2023     2023       2024     2023  
    Earnings Per Share:                
    Net income applicable to common shares $ 139,768   $ 117,196   $ 116,250   $ 128,446   $ 143,842     $ 373,214   $ 437,411  
    Adjustments:                
    Merger-related charges   6,860     19,440     2,908     5,529     6,257       29,208     23,187  
    Tax effect1   (1,528 )   (4,413 )   (710 )   (1,343 )   (1,042 )     (6,651 )   (4,491 )
    Merger-related charges, net   5,332     15,027     2,198     4,186     5,215       22,557     18,696  
    Separation expense   2,646                       2,646      
    Tax effect1   (589 )                     (589 )    
    Separation expense, net   2,057                       2,057      
    Debt securities (gains) losses   76     (2 )   16     825     241       90     5,440  
    Tax effect1   (17 )   1     (4 )   (200 )   (40 )     (20 )   (1,175 )
    Debt securities (gains) losses, net   59     (1 )   12     625     201       70     4,265  
    CECL Day 1 non-PCD provision expense       15,312                   15,312      
    Tax effect1       (3,476 )                 (3,476 )    
    CECL Day 1 non-PCD provision expense, net       11,836                   11,836      
    Distribution of excess pension assets           13,318             13,318      
    Tax effect1           (3,250 )           (3,250 )    
    Distribution excess pension assets, net           10,068               10,068      
    FDIC special assessment           2,994     19,052           2,994      
    Tax effect1           (731 )   (4,628 )         (731 )    
    FDIC special assessment, net           2,263     14,424           2,263      
    Gain on sale of Visa Class B restricted shares               (21,635 )              
    Tax effect1               5,255                
    Gain on sale of Visa Class B restricted shares, net               (16,380 )              
    Contract termination charge               4,413                
    Tax effect1               (1,072 )              
    Contract termination charge, net               3,341                
    Louisville expenses                             3,361  
    Tax effect1                             (392 )
    Louisville expenses, net                             2,969  
    Property optimization charges                             1,559  
    Tax effect1                             (315 )
    Property optimization charges, net                             1,244  
    Total adjustments, net   7,448     26,862     14,541     6,196     5,416       48,851     27,174  
    Net income applicable to common shares, adjusted $ 147,216   $ 144,058   $ 130,791   $ 134,642   $ 149,258     $ 422,065   $ 464,585  
    Weighted average diluted common shares outstanding   317,331     316,461     292,207     292,029     291,717       308,605     291,809  
    EPS, diluted $ 0.44   $ 0.37   $ 0.40   $ 0.44   $ 0.49     $ 1.21   $ 1.50  
    Adjusted EPS, diluted $ 0.46   $ 0.46   $ 0.45   $ 0.46   $ 0.51     $ 1.37   $ 1.59  
    NIM:                
    Net interest income $ 391,724   $ 388,421   $ 356,458   $ 364,408   $ 375,086     $ 1,136,603   $ 1,138,745  
    Add: FTE adjustment2   6,144     6,340     6,253     6,100     5,837       18,737     17,328  
    Net interest income (FTE) $ 397,868   $ 394,761   $ 362,711   $ 370,508   $ 380,923     $ 1,155,340   $ 1,156,073  
    Average earning assets $ 47,905,463   $ 47,406,849   $ 44,175,079   $ 43,701,283   $ 43,617,456     $ 46,500,942   $ 42,891,660  
    NIM (GAAP)   3.27 %   3.28 %   3.23 %   3.34 %   3.44 %     3.26 %   3.54 %
    NIM (FTE)   3.32 %   3.33 %   3.28 %   3.39 %   3.49 %     3.31 %   3.59 %
                     
    Refer to last page of Non-GAAP reconciliations for footnotes.            
                     
    Non-GAAP Measures (unaudited)
    ($ in thousands)
                     
      Three Months Ended   Nine Months Ended
      September 30, June 30, March 31, December 31, September 30,   September 30, September 30,
        2024     2024     2024     2023     2023       2024     2023  
    PPNR:                
    Net interest income (FTE)2 $ 397,868   $ 394,761   $ 362,711   $ 370,508   $ 380,923     $ 1,155,340   $ 1,156,073  
    Add: Noninterest income   94,138     87,271     77,522     100,094     80,938       258,931     233,248  
    Total revenue (FTE)   492,006     482,032     440,233     470,602     461,861       1,414,271     1,389,321  
    Less: Noninterest expense   (272,283 )   (282,999 )   (262,317 )   (284,235 )   (244,776 )     (817,599 )   (742,071 )
    PPNR $ 219,723   $ 199,033   $ 177,916   $ 186,367   $ 217,085     $ 596,672   $ 647,250  
    Adjustments:                
    Gain on sale of Visa Class B restricted shares $   $   $   $ (21,635 ) $     $   $  
    Debt securities (gains) losses   76     (2 )   16     825     241       90     5,440  
    Noninterest income adjustments   76     (2 )   16     (20,810 )   241       90     5,440  
    Adjusted noninterest income   94,214     87,269     77,538     79,284     81,179       259,021     238,688  
    Adjusted revenue $ 492,082   $ 482,030   $ 440,249   $ 449,792   $ 462,102     $ 1,414,361   $ 1,394,761  
    Adjustments:                
    Merger-related charges $ 6,860   $ 19,440   $ 2,908   $ 5,529   $ 6,257     $ 29,208   $ 23,187  
    Separation expense   2,646                       2,646      
    Distribution of excess pension assets           13,318               13,318      
    FDIC Special Assessment           2,994     19,052           2,994      
    Contract termination charges               4,413                
    Louisville expenses                             3,361  
    Property optimization charges                             1,559  
    Noninterest expense adjustments   9,506     19,440     19,220     28,994     6,257       48,166     28,107  
    Adjusted total noninterest expense   (262,777 )   (263,559 )   (243,097 )   (255,241 )   (238,519 )     (769,433 )   (713,964 )
    Adjusted PPNR $ 229,305   $ 218,471   $ 197,152   $ 194,551   $ 223,583     $ 644,928   $ 680,797  
    Efficiency Ratio:                
    Noninterest expense $ 272,283   $ 282,999   $ 262,317   $ 284,235   $ 244,776     $ 817,599   $ 742,071  
    Less: Amortization of intangibles   (7,411 )   (7,425 )   (5,455 )   (5,869 )   (6,040 )     (20,291 )   (18,286 )
    Noninterest expense, excl. amortization of intangibles   264,872     275,574     256,862     278,366     238,736       797,308     723,785  
    Less: Amortization of tax credit investments   (3,277 )   (2,747 )   (2,749 )   (7,200 )   (2,644 )     (8,773 )   (8,167 )
    Less: Noninterest expense adjustments   (9,506 )   (19,440 )   (19,220 )   (28,994 )   (6,257 )     (48,166 )   (28,107 )
    Adjusted noninterest expense, excluding amortization $ 252,089   $ 253,387   $ 234,893   $ 242,172   $ 229,835     $ 740,369   $ 687,511  
    Total revenue (FTE)2 $ 492,006   $ 482,032   $ 440,233   $ 470,602   $ 461,861     $ 1,414,271   $ 1,389,321  
    Less: Debt securities (gains) losses   76     (2 )   16     825     241       90     5,440  
    Total revenue excl. debt securities (gains) losses   492,082     482,030     440,249     471,427     462,102       1,414,361     1,394,761  
    Less: Gain on sale of Visa Class B restricted shares               (21,635 )              
    Total adjusted revenue $ 492,082   $ 482,030   $ 440,249   $ 449,792   $ 462,102     $ 1,414,361   $ 1,394,761  
    Efficiency Ratio   53.8 %   57.2 %   58.3 %   59.0 %   51.7 %     56.4 %   51.9 %
    Adjusted Efficiency Ratio   51.2 %   52.6 %   53.4 %   53.8 %   49.7 %     52.3 %   49.3 %
                     
    Refer to last page of Non-GAAP reconciliations for footnotes.            
                     
    Non-GAAP Measures (unaudited)
    ($ in thousands)
                     
      Three Months Ended   Nine Months Ended
      September 30, June 30, March 31, December 31, September 30,   September 30, September 30,
        2024     2024     2024     2023     2023       2024     2023  
    ROAE and ROATCE:                
    Net income applicable to common shares $ 139,768   $ 117,196   $ 116,250   $ 128,446   $ 143,842     $ 373,214   $ 437,411  
    Amortization of intangibles   7,411     7,425     5,455     5,869     6,040       20,291     18,286  
    Tax effect1   (1,853 )   (1,856 )   (1,364 )   (1,467 )   (1,510 )     (5,073 )   (4,572 )
    Amortization of intangibles, net   5,558     5,569     4,091     4,402     4,530       15,218     13,714  
    Net income applicable to common shares, excluding intangibles amortization   145,326     122,765     120,341     132,848     148,372       388,432     451,125  
    Total adjustments, net (see pg.12)   7,448     26,862     14,541     6,196     5,416       48,851     27,174  
    Adjusted net income applicable to common shares, excluding intangibles amortization $ 152,774   $ 149,627   $ 134,882   $ 139,044   $ 153,788     $ 437,283   $ 478,299  
    Average shareholders’ equity $ 6,190,071   $ 5,978,976   $ 5,565,542   $ 5,281,487   $ 5,294,072     $ 5,912,546   $ 5,245,156  
    Less: Average preferred equity   (243,719 )   (243,719 )   (243,719 )   (243,719 )   (243,719 )     (243,719 )   (243,719 )
    Average shareholders’ common equity $ 5,946,352   $ 5,735,257   $ 5,321,823   $ 5,037,768   $ 5,050,353     $ 5,668,827   $ 5,001,437  
    Average goodwill and other intangible assets   (2,304,597 )   (2,245,405 )   (2,098,338 )   (2,103,935 )   (2,109,944 )     (2,216,437 )   (2,115,953 )
    Average tangible shareholder’s common equity $ 3,641,755   $ 3,489,852   $ 3,223,485   $ 2,933,833   $ 2,940,409     $ 3,452,390   $ 2,885,484  
    ROAE   9.4 %   8.2 %   8.7 %   10.2 %   11.4 %     8.8 %   11.7 %
    ROAE, adjusted   9.9 %   10.0 %   9.8 %   10.7 %   11.8 %     9.9 %   12.4 %
    ROATCE   16.0 %   14.1 %   14.9 %   18.1 %   20.2 %     15.0 %   20.8 %
    ROATCE, adjusted   16.8 %   17.2 %   16.7 %   19.0 %   20.9 %     16.9 %   22.1 %
                     
    Refer to last page of Non-GAAP reconciliations for footnotes.            
               
    Non-GAAP Measures (unaudited)
    ($ in thousands)
               
      As of
      September 30, June 30, March 31, December 31, September 30,
        2024     2024     2024     2023     2023  
    Tangible Common Equity:          
    Shareholders’ equity $ 6,367,298   $ 6,075,072   $ 5,595,408   $ 5,562,900   $ 5,239,537  
    Less: Preferred equity   (243,719 )   (243,719 )   (243,719 )   (243,719 )   (243,719 )
    Shareholders’ common equity $ 6,123,579   $ 5,831,353   $ 5,351,689   $ 5,319,181   $ 4,995,818  
    Less: Goodwill and other intangible assets   (2,305,084 )   (2,306,204 )   (2,095,511 )   (2,100,966 )   (2,106,835 )
    Tangible shareholders’ common equity $ 3,818,495   $ 3,525,149   $ 3,256,178   $ 3,218,215   $ 2,888,983  
               
    Total assets $ 53,602,293   $ 53,119,645   $ 49,534,918   $ 49,089,836   $ 49,059,448  
    Less: Goodwill and other intangible assets   (2,305,084 )   (2,306,204 )   (2,095,511 )   (2,100,966 )   (2,106,835 )
    Tangible assets $ 51,297,209   $ 50,813,441   $ 47,439,407   $ 46,988,870   $ 46,952,613  
               
    Risk-weighted assets3 $ 40,584,608   $ 40,627,117   $ 37,845,139   $ 37,407,347   $ 37,501,646  
               
    Tangible common equity to tangible assets   7.44 %   6.94 %   6.86 %   6.85 %   6.15 %
    Tangible common equity to risk-weighted assets3   9.41 %   8.68 %   8.60 %   8.60 %   7.70 %
    Tangible Common Book Value:          
    Common shares outstanding   318,955     318,969     293,330     292,655     292,586  
    Tangible common book value $ 11.97   $ 11.05   $ 11.10   $ 11.00   $ 9.87  
               
    1 Tax-effect calculations use management’s estimate of the full year FTE tax rates (federal + state).
    2 Calculated using the federal statutory tax rate in effect of 21% for all periods.
    3 September 30, 2024 figures are preliminary.

    The MIL Network

  • MIL-OSI: QNB Corp. Reports Earnings for Third Quarter 2024

    Source: GlobeNewswire (MIL-OSI)

    QUAKERTOWN, Pa., Oct. 22, 2024 (GLOBE NEWSWIRE) — QNB Corp. (the “Company” or “QNB”) (OTC Bulletin Board: QNBC), the parent company of QNB Bank (the “Bank”), reported net income for the third quarter of 2024 of $3,338,000, or $0.91 per share on a diluted basis. This compares to net income of $2,344,000, or $0.65 per share on a diluted basis, for the same period in 2023. For the nine months ended September 30, 2024, QNB reported net income of $8,397,000, or $2.29 per share on a diluted basis. This compares to net income of $8,349,000, or $2.32 per share on a diluted basis, reported for the same period in 2023.

    For the third quarter of 2024, the annualized rate of return on average assets and average shareholders’ equity was 0.72% and 8.13%, respectively, compared with 0.52% and 5.88%, respectively, for the third quarter 2023. 

    The operating performance of the Bank, a wholly-owned subsidiary of QNB Corp., improved for the quarter ended September 30, 2024, in comparison with the same period in 2023, due primarily to improvement in the interest margin causing a $1,182,000 increase in net interest income, decreased provision for credit losses on loans and unfunded commitments of $300,000 and a decrease in non-interest expense of $37,000; this was partly offset by a decrease in non-interest income of $96,000. The change in contribution from QNB Corp. for the quarter ended September 30, 2024, compared with the same period in 2023, is primarily due to more gains on sales from the equities portfolio and less unrealized losses on the equity portfolio; partly offset by interest expense on subordinated debt held at the holding company.

    The following table presents disaggregated net income (loss):

      Three months ended,           Nine months ended,        
      9/30/2024     9/30/2023     Variance     9/30/2024     9/30/2023     Variance  
    QNB Bank $ 3,394,000     $ 2,334,000     $ 1,060,000     $ 8,466,000     $ 8,568,000     $ (102,000 )
    QNB Corp   (56,000 )     10,000       (66,000 )     (69,000 )     (219,000 )     150,000  
    Consolidated net income $ 3,338,000     $ 2,344,000     $ 994,000     $ 8,397,000     $ 8,349,000     $ 48,000  
     

    Total assets as of September 30, 2024 were $1,841,563,000 compared with $1,706,318,000 at December 31, 2023. Total available-for-sale debt securities increased $19,855,000, or 7.9%, to $510,036,000, primarily due to purchases of higher-yielding securities partly offset be the sales of lower-yielding securities and payments. Loans receivable increased $77,828,000, or 7.1%, to $1,171,361,000. Total deposits increased $137,571,000, or 9.2%, to $1,626,284,000. Short-term borrowing declined $71,176,000, or 75.6%. During the third quarter of 2024, the QNB Corp. issued $40,000,000 of subordinated debt; the carrying value net of deferred costs was $39,030,000 at September 30, 2024.

    “We continue to experience strong growth in customer loan and deposit balances, which has led to improvement in our net interest income and margin. Growth combined with solid liquidity and good asset quality, has our franchise positioned for positive momentum,” stated David W. Freeman, President and Chief Executive Officer. Freeman continued, “Our successful Sub-Debt issuance has further strengthened our Capital position and will enable continued growth in the future. I am optimistic that we are well positioned to capitalize on the foundation we have built.”

    Net Interest Income and Net Interest Margin

    Net interest income for the quarter ended September 30, 2024 totaled $11,127,000, an increase of $914,000, from the same period in 2023. Net interest margin was 2.48% for the third quarter of 2024 and 2.38% for the same period in 2023. Net interest margin was 2.45% for the nine months ended September 30, 2024, compared with 2.40% for the same period in 2023.

    The yield on earning assets was 4.86% for the third quarter 2024, compared with 4.28% in the third quarter of 2023; an increase of 58 basis points. For the nine-month period ended September 30, 2024, the yield on earning assets was 4.71%, compared with 3.97% for the same period in 2023. The cost of interest-bearing liabilities was 2.90% for the quarter ended September 30, 2024, compared with 2.35% for the same period in 2023, an increase of 55 basis points. For the nine-month period ended September 30, 2024, the cost of interest-bearing liabilities was 2.77% compared with 1.96% for the same period in 2023.

    Proceeds from the growth in average deposits and proceeds from the issuance of subordinated debt and the sale and payments received on investment securities over the past year were invested in loans and other interest earning assets, and used to pay down short-term borrowings. Loan growth was primarily in commercial real estate, which comprised 45% of average earning assets in the third quarter of 2024 compared with 42% for the same period in 2023, and the increases in both rates and volume in commercial real estate loans majorly contributed to the 47 basis-point increase in the yield on loans. The decline in the available-for-sale portfolio was primarily in mortgage-backed securities, which comprised 19% of average earnings assets in the third quarter of 2024 compared with 23% for the same period in 2023. The 40-basis point increase in rate on investments was primarily due to the impact of the interest rate swaps entered into at the end of the second quarter of 2023, contributing to the increase in net interest margin. The 55 basis-point increase in the rate paid on deposits and the issuance of subordinated debt were the primary contributors to the increase in the cost of funds of 55 basis points.

    Asset Quality, Provision for Credit Losses on Loans and Allowance for Credit Losses

    QNB recorded $154,000 in provision for credit losses on loans in the third quarter of 2024 compared to $452,000 in provision in the third quarter of 2023. QNB’s allowance for credit losses on loans of $8,987,000 represents 0.77% of loans receivable at September 30, 2024, compared to $8,852,000, or 0.81% of loans receivable at December 31, 2023. Net loan charge-offs were $25,000 for the quarter ended September 30, 2024, compared with $275,000 for the same period in 2023. Annualized net loan charge-offs for the quarter ended September 30, 2024 were 0.01% and 0.10% for the quarter ended September 30, 2023, of average loans receivable, respectively. Net loan charge-offs were $58,000 for the nine months ended September 30, 2024, compared with recoveries of $219,000 for the same period in 2023 were primarily due to two large commercial customers. Annualized net loan charge-offs for the nine months ended September 30, 2024 were 0.01% compared to annualized net recoveries of 0.03% for the same period in 2023, of average loans receivable, respectively.

    Total non-performing loans, which represent loans on non-accrual status and loans past due 90 days or more and still accruing interest, were $1,696,000, or 0.14% of loans receivable at September 30, 2024, compared with $1,940,000, or 0.18% of loans receivable at December 31, 2023. In cases where there is a collateral shortfall on non-accrual loans, specific reserves have been established based on updated collateral values even if the borrower continues to pay in accordance with the terms of the agreement. At September 30, 2024, $1,021,000, or approximately 60% of the loans classified as non-accrual, are current or past due less than 30 days. Commercial loans classified as substandard or doubtful loans totaled $26,883,000 at September 30, 2024, compared with $11,747,000 at December 31, 2023; these were comprised primarily of commercial real estate loans.

    Non-Interest Income

    Total non-interest income was $1,967,000 for the third quarter of 2024 compared with $1,755,000 for the same period in 2023. There was a net realized gain of $224,000 on the sale of investments for the quarter ended September 30, 2024 compared to a net gain of $131,000 on the sales of securities in the same period in 2023. Unrealized net gain on investment equity securities was $143,000 for the quarter ended September 30, 2024 compared to a net loss of $138,000 for the same period in 2023. During the third quarter of 2024 the Bank sold lower yielding securities to better position its net interest margin.

    Fees for service to customers increased $48,000 for the quarter ended September 30, 2024, as overdraft fees decreased $16,000 and other deposit-related fees increased $32,000. Retail brokerage and advisory income decreased $80,000 to $139,000 for the same period, due to a decrease in customer balances following employee turnover. Other non-interest income decreased $151,000 for the same period due to a sales tax refund of $115,000 received in 2023 and a decline in merchant fee income of $16,000 due to value.

    For the nine months ended September 30, 2024, non-interest income was $5,268,000 an increase of $714,000 compared to the same period in 2023, primarily due to the change in fair value of the equities portfolio of $1,783,000. QNB completed the exchange offer to convert the Bank’s Visa B-1 shares to B-2 and C shares in the second quarter of 2024; the fair value of the Visa C shares was a gain of $1,419,000 at September 30, 2024. Realized loss on sale of securities was $495,000, a decline of $680,000 for the nine months ended September 30, 2024, compared with the same period in 2023. Net gain on sale of loans increased $27,000 when comparing the nine months ended September 30, 2024 with the same period in 2023. Increases in non-interest income for the nine months ended September 30, 2024 compared to the same period in 2023 comprise: fees for services to customers which increased $79,000. Decreases in non-interest income comprised: ATM and debit card fees, retail brokerage and advisory income, and other which decreased $16,000, $297,000 and $182,000, respectively. Other non-interest income decreased the $182,000 due primarily to a sales tax refund of $115,000 received in 2023, losses on disposals of furniture and equipment, mortgage servicing fees and letter of credit fees.

    Non-Interest Expense

    Total non-interest expense was $8,636,000 for the third quarter of 2024 compared with $8,671,000 for the same period in 2023. Salaries and benefits expense decreased $321,000, or 6.5%, to $4,650,000 when comparing the two quarters. Salary expense and related payroll taxes increased $77,000, or 1.9%, to $4,209,000 during the third quarter of 2024 compared to the same period in 2023. Benefits expense decreased $400,000, or 81.1%, when comparing the two periods primarily due to a reduction in medical costs and stop-loss reimbursements.

    Net occupancy and furniture and equipment expense increased $27,000, or 1.8%, to $1,531,000 for the third quarter of 2024 primarily due to software maintenance costs partly offset by a reduction in repairs and maintenance. Other non-interest expense increased $259,000, or 11.8%, when comparing third quarter of 2024 with the same period in 2023 due to an increase in Bank shares tax of $89,000, due to the timing of tax credits received, an increase of $50,000 in debit card expense, an increase in FDIC insurance of $67,000, an increase in third-party services of $69,000, and an increase in write-offs due to fraud on customer accounts of $44,000, partly offset by decreases in director fees of $16,000, a decrease in marketing expense of $19,000 and a reduction loan-related costs of $23,000.

    For the nine months ended September 30, 2024, non-interest expense was $26,403,000, an increase of $1,040,000, or 4.1%, compared to the same period in 2023.

    Income Taxes

    Provision for income taxes increased $467,000 to $961,000 in the third quarter of 2024 due to increased pre-tax income, compared with the same period in 2023. The effective tax rates for the quarter ended September 30, 2024 was 22.4% compared with 17.4% for the same period in 2023. The effective tax rates for the nine months ended September 30, 2024 was 20.5% compared with 18.9% for the same period in 2023. 

    About the Company

    QNB Corp. is the holding company for QNB Bank, which is headquartered in Quakertown, Pennsylvania. QNB Bank currently operates twelve branches in Bucks, Lehigh and Montgomery Counties and offers commercial and retail banking services in the communities it serves. In addition, the Company provides securities and advisory services under the name of QNB Financial Services through a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC. More information about QNB Corp. and QNB Bank is available at QNBBank.com.

    Forward Looking Statement

    This press release may contain forward-looking statements as defined in the Private Securities Litigation Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company’s financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission, including “Item lA. Risk Factors,” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

    QNB Corp.  
    Consolidated Selected Financial Data (unaudited)  
    (Dollars in thousands)                    
    Balance Sheet (Period End) 9/30/24   6/30/24   3/31/24   12/31/23   9/30/23  
    Assets $ 1,841,563   $ 1,761,487   $ 1,716,081   $ 1,706,318   $ 1,684,392  
    Cash and cash equivalents   104,232     76,909     50,963     62,657     55,141  
    Investment securities                    
    Debt securities, AFS   510,036     460,418     481,596     490,181     505,390  
    Equity securities   2,760     7,233     6,217     5,910     4,765  
    Loans held-for-sale   294     786         549     446  
    Loans receivable   1,171,361     1,162,310     1,122,616     1,093,533     1,060,450  
    Allowance for loan losses   (8,987 )   (8,858 )   (8,738 )   (8,852 )   (8,542 )
    Net loans   1,162,374     1,153,452     1,113,878     1,084,681     1,051,908  
    Deposits   1,626,284     1,572,839     1,536,188     1,488,713     1,483,333  
    Demand, non-interest bearing   190,240     190,333     188,260     185,098     192,226  
    Interest-bearing demand, money market and savings   1,055,409     1,003,813     990,451     988,634     1,000,921  
    Time   380,635     378,693     357,477     314,981     290,186  
    Short-term borrowings   22,918     49,066     55,088     94,094     96,703  
    Long-term debt   30,000     30,000     20,000     20,000     20,000  
    Subordinated debt   39,030                  
    Shareholders’ equity   105,340     96,885     93,686     90,824     74,081  
                         
    Asset Quality Data (Period End)                    
    Non-accrual loans $ 1,696   $ 2,078   $ 2,001   $ 1,940   $ 1,893  
    Loans past due 90 days or more and still accruing                    
    Non-performing loans   1,696     2,078     2,001     1,940     1,893  
    Other real estate owned and repossessed assets                    
    Non-performing assets $ 1,696   $ 2,078   $ 2,001   $ 1,940   $ 1,893  
                         
    Allowance for credit losses on loans $ 8,987   $ 8,858   $ 8,738   $ 8,852   $ 8,542  
                         
    Non-performing loans / Loans excluding held-for-sale   0.14 %   0.18 %   0.18 %   0.18 %   0.18 %
    Non-performing assets / Assets   0.09 %   0.12 %   0.12 %   0.11 %   0.11 %
    Allowance for credit losses on loans / Loans excluding held-for-sale   0.77 %   0.76 %   0.78 %   0.81 %   0.81 %
    QNB Corp.
    Consolidated Selected Financial Data (unaudited)
    (Dollars in thousands, except per share data) Three months ended,   Nine months ended,
    For the period: 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23   9/30/24 9/30/23
    Interest income $ 21,945   $ 20,345   $ 19,569   $ 19,257   $ 18,497     $ 61,859   $ 49,825  
    Interest expense   10,818     9,753     9,401     9,065     8,284       29,972     19,862  
    Net interest income   11,127     10,592     10,168     10,192     10,213       31,887     29,963  
    Provision for credit losses   159     114     (86 )   293     459       187     (1,137 )
    Net interest income after provision for credit losses   10,968     10,478     10,254     9,899     9,754       31,700     31,100  
    Non-interest income:                
    Fees for services to customers   469     427     420     414     421       1,316     1,237  
    ATM and debit card   691     705     636     687     685       2,032     2,048  
    Retail brokerage and advisory income   139     126     93     207     219       358     655  
    Net realized (loss) gain on investment securities   224     (1,096 )   377     (2,262 )   131       (495 )   185  
    Unrealized gain (loss) on equity securities   143     1,016     (30 )   904     (138 )     1,129     (654 )
    Net gain on sale of loans   19     (2 )   15     11     4       32     5  
    Other   282     289     325     322     433       896     1,078  
    Total non-interest income   1,967     1,465     1,836     283     1,755       5,268     4,554  
    Non-interest expense:                
    Salaries and employee benefits   4,650     5,038     4,974     4,717     4,971       14,662     14,309  
    Net occupancy and furniture and equipment   1,531     1,481     1,515     1,477     1,504       4,527     4,348  
    Other   2,455     2,415     2,344     2,552     2,196       7,214     6,706  
    Total non-interest expense   8,636     8,934     8,833     8,746     8,671       26,403     25,363  
    Income before income taxes   4,299     3,009     3,257     1,436     2,838       10,565     10,291  
    Provision for income taxes   961     544     663     302     494       2,168     1,942  
    Net income $ 3,338   $ 2,465   $ 2,594   $ 1,134   $ 2,344     $ 8,397   $ 8,349  
                     
    Share and Per Share Data:                
    Net income – basic $ 0.91   $ 0.67   $ 0.71   $ 0.31   $ 0.65     $ 2.29   $ 2.32  
    Net income – diluted $ 0.91   $ 0.67   $ 0.71   $ 0.31   $ 0.65     $ 2.29   $ 2.32  
    Book value $ 28.57   $ 26.34   $ 25.57   $ 24.86   $ 20.35     $ 28.57   $ 20.35  
    Cash dividends $ 0.37   $ 0.37   $ 0.37   $ 0.37   $ 0.37     $ 1.11   $ 1.11  
    Average common shares outstanding -basic   3,679,799     3,665,695     3,655,176     3,642,096     3,613,230       3,666,937     3,600,137  
    Average common shares outstanding -diluted   3,682,773     3,665,695     3,655,176     3,642,096     3,613,230       3,666,937     3,600,137  
    Selected Ratios:                
    Return on average assets   0.72 %   0.55 %   0.59 %   0.25 %   0.52 %     0.62 %   0.64 %
    Return on average shareholders’ equity   8.13 %   6.14 %   6.53 %   2.83 %   5.88 %     6.95 %   7.13 %
    Net interest margin (tax equivalent)   2.48 %   2.46 %   2.39 %   2.36 %   2.38 %     2.45 %   2.40 %
    Efficiency ratio (tax equivalent)   65.28 %   73.26 %   72.73 %   82.38 %   71.59 %     70.28 %   72.55 %
    Average shareholders’ equity to total average assets   8.80 %   8.97 %   8.98 %   8.93 %   8.91 %     8.92 %   9.01 %
    Net loan charge-offs (recoveries) $ 25   $ 12   $ 21   $ (19 ) $ 275     $ 58   $ (219 )
    Net loan charge-offs (recoveries) – annualized / Average loans excluding held-for-sale   0.01 %   0.00 %   0.01 %   -0.01 %   0.10 %     0.01 %   -0.03 %
    Balance Sheet (Average)                
    Assets $ 1,856,034   $ 1,798,040   $ 1,778,585   $ 1,779,627   $ 1,773,138     $ 1,811,051   $ 1,737,417  
    Investment securities (AFS & Equities)   552,323     569,135     578,615     604,292     624,423       566,638     636,498  
    Loans receivable   1,158,731     1,139,874     1,108,836     1,072,616     1,039,170       1,135,898     1,029,042  
    Deposits   1,600,925     1,542,661     1,497,692     1,490,244     1,488,632       1,547,290     1,443,816  
    Shareholders’ equity   163,274     161,340     159,739     158,987     158,063       161,458     156,499  
    QNB Corp. (Consolidated)  
    Average Balances, Rate, and Interest Income and Expense Summary (Tax-Equivalent Basis)  
                               
      Three Months Ended  
      September 30, 2024     September 30, 2023  
      Average   Average         Average   Average      
      Balance   Rate   Interest     Balance   Rate   Interest  
    Assets                          
    Investment securities:                          
    U.S. Treasury $ 12,811     4.94 % $ 159     $ 7,111     5.17 % $ 92  
    U.S. Government agencies   75,956     1.18     224       101,947     1.11     283  
    State and municipal   105,674     3.74     989       109,157     3.30     901  
    Mortgage-backed and CMOs   345,119     2.84     2,453       394,607     2.53     2,500  
    Corporate debt securities and mutual funds   8,804     5.97     131       6,648     4.40     73  
    Equities   3,959     4.61     46       4,953     4.70     59  
    Total investment securities   552,323     2.90     4,002       624,423     2.50     3,908  
    Loans:                          
    Commercial real estate   819,091     5.60     11,525       722,833     5.10     9,288  
    Residential real estate   110,760     4.21     1,165       107,332     3.81     1,022  
    Home equity loans   66,239     6.84     1,138       57,694     6.65     967  
    Commercial and industrial   140,980     7.61     2,696       128,601     7.23     2,343  
    Consumer loans   3,613     7.75     70       3,823     7.53     73  
    Tax-exempt loans   18,305     3.88     179       19,630     3.59     178  
    Total loans, net of unearned income*   1,158,988     5.76     16,773       1,039,913     5.29     13,871  
    Other earning assets   95,780     5.43     1,307       62,420     5.48     862  
    Total earning assets   1,807,091     4.86     22,082       1,726,756     4.28     18,641  
    Cash and due from banks   15,540               15,679          
    Allowance for loan losses   (8,860 )             (8,396 )        
    Other assets   42,263               39,099          
    Total assets $ 1,856,034             $ 1,773,138          
                               
    Liabilities and Shareholders’ Equity                          
    Interest-bearing deposits:                          
    Interest-bearing demand $ 356,763     1.00 %   898     $ 319,335     0.74 %   600  
    Municipals   154,619     4.69     1,823       157,391     4.63     1,837  
    Money market   238,494     3.56     2,132       201,277     3.01     1,527  
    Savings   278,247     1.28     896       325,567     1.27     1,038  
    Time < $100   178,228     4.12     1,846       128,884     2.92     947  
    Time $100 through $250   152,416     4.64     1,777       106,920     3.69     996  
    Time > $250   49,506     4.61     573       43,856     3.41     377  
    Total interest-bearing deposits   1,408,273     2.81     9,945       1,283,230     2.26     7,322  
    Short-term borrowings   34,078     2.18     186       95,568     3.07     740  
    Long-term debt   30,000     4.75     364       20,000     4.36     222  
    Subordinated debt   13,716     9.42     323                
    Total interest-bearing liabilities   1,486,067     2.90     10,818       1,398,798     2.35     8,284  
    Non-interest-bearing deposits   192,652               205,402          
    Other liabilities   14,041               10,875          
    Shareholders’ equity   163,274               158,063          
    Total liabilities and                          
    shareholders’ equity $ 1,856,034             $ 1,773,138          
    Net interest rate spread       1.96 %             1.93 %    
    Margin/net interest income       2.48 % $ 11,264           2.38 % $ 10,357  
    Tax-exempt securities and loans were adjusted to a tax-equivalent basis and are based on the Federal corporate tax rate of 21%  
    Non-accrual loans and investment securities are included in earning assets.  
    * Includes loans held-for-sale  
    QNB Corp. (Consolidated)  
    Average Balances, Rate, and Interest Income and Expense Summary (Tax-Equivalent Basis)  
                               
      Nine Months Ended  
      September 30, 2024     September 30, 2023  
      Average   Average         Average   Average      
      Balance   Rate   Interest     Balance   Rate   Interest  
    Assets                          
    Investment securities:                          
    U.S. Treasury $ 8,820     5.10 % $ 337     $ 3,618     4.97 % $ 134  
    U.S. Government agencies   81,800     1.17     718       101,945     1.11     849  
    State and municipal   107,237     3.56     2,860       109,877     2.64     2,173  
    Mortgage-backed and CMOs   355,878     2.72     7,262       405,979     1.96     5,971  
    Corporate debt securities and mutual funds   7,416     5.78     321       6,637     4.41     219  
    Equities   5,487     3.87     159       8,442     4.07     257  
    Total investment securities   566,638     2.74     11,657       636,498     2.01     9,603  
    Loans:                          
    Commercial real estate   798,714     5.47     32,701       700,375     4.79     25,091  
    Residential real estate   109,463     4.07     3,337       106,817     3.67     2,943  
    Home equity loans   64,700     6.83     3,307       57,317     6.44     2,762  
    Commercial and industrial   141,148     7.57     7,997       141,176     7.55     7,977  
    Consumer loans   3,679     7.78     214       3,942     7.15     211  
    Tax-exempt loans   18,410     3.86     532       19,984     3.53     527  
    Total loans, net of unearned income*   1,136,114     5.65     48,088       1,029,611     5.13     39,511  
    Other earning assets   61,999     5.45     2,530       27,195     5.67     1,153  
    Total earning assets   1,764,751     4.71     62,275       1,693,304     3.97     50,267  
    Cash and due from banks   13,880               14,046          
    Allowance for loan losses   (8,897 )             (8,871 )        
    Other assets   41,317               38,938          
    Total assets $ 1,811,051             $ 1,737,417          
                               
    Liabilities and Shareholders’ Equity                          
    Interest-bearing deposits:                          
    Interest-bearing demand $ 337,632     0.89 %   2,243     $ 314,012     0.52 %   1,227  
    Municipals   139,810     4.76     4,987       128,270     4.34     4,163  
    Money market   232,140     3.57     6,196       169,308     2.30     2,913  
    Savings   288,885     1.28     2,769       363,496     1.18     3,208  
    Time < $100   168,894     3.98     5,027       113,951     2.30     1,960  
    Time $100 through $250   141,156     4.53     4,790       104,697     3.42     2,676  
    Time > $250   50,855     4.49     1,709       36,590     2.80     767  
    Total interest-bearing deposits   1,359,372     2.72     27,721       1,230,324     1.84     16,914  
    Short-term borrowings   57,880     2.33     1,010       112,724     2.99     2,518  
    Long-term debt   26,058     4.63     918       14,267     3.98     430  
    Subordinated debt   4,605     9.35     323                
    Total interest-bearing liabilities   1,447,915     2.77     29,972       1,357,315     1.96     19,862  
    Non-interest-bearing deposits   187,918               213,492          
    Other liabilities   13,760               10,111          
    Shareholders’ equity   161,458               156,499          
    Total liabilities and                          
    shareholders’ equity $ 1,811,051             $ 1,737,417          
    Net interest rate spread       1.94 %             2.01 %    
    Margin/net interest income       2.45 % $ 32,303           2.40 % $ 30,405  
    Tax-exempt securities and loans were adjusted to a tax-equivalent basis and are based on the Federal corporate tax rate of 21%  
    Non-accrual loans and investment securities are included in earning assets.  
    * Includes loans held-for-sale                          

    The MIL Network

  • MIL-OSI Submissions: Stats NZ information release: Electronic card transactions: September 2024

    Source: Statistics New Zealand

    Electronic card transactions: September 2024 – information release – 14 October 2024 – The electronic card transactions (ECT) series cover debit, credit, and charge card transactions with New Zealand-based merchants. The series can be used to indicate changes in consumer spending and economic activity.

    Key facts
    All figures are seasonally adjusted unless otherwise specified.

    Values are at the national level and are not adjusted for price changes.

    September 2024 month
    Changes in the value of electronic card transactions for the September 2024 month (compared with August 2024) were:

    • spending in the retail industries was unchanged
    • spending in the core retail industries increased 0.3 percent ($19 million).

    Visit Statistics NZ’s website to read this information release and to download CSV files:

     

    MIL OSI

  • MIL-OSI New Zealand: Health – New Zealand should heed UK concerns with physician associates, invest in growing workforce

    Source: General Practice Owners Association of Aotearoa New Zealand

    New Zealand should heed British concerns with physician associates and invest in growing the number of GPs, rather than spending time and money writing regulations to create a lesser role.

    “It’s telling that the British Medical Association (BMA) committee voted in favour of stopping hiring physician associates in general practice, and for existing roles to be phased out,” said Dr Angus Chambers, Chair of General Practice Owners Association of Aotearoa New Zealand.

    The British vote came on the same day that New Zealand doctors, nurses, practice owners and their professional bodies called on the government to pause regulation of physician associates to fill workplace shortages.

    “Similar concerns are being aired in Britain and New Zealand because physician associates are a distraction from focussing on the root problems in our primary health system – underfunding, which results in under resourcing due to insufficient retention and recruitment.

    That’s why GPs are retiring, general practices are closing, reducing their services, and exiting after-hours care. And that’s why patients are waiting weeks for appointments, can’t enrol with their local GP, and hospital emergency departments have long wait times.

    “Writing regulations to support the establishment of physician associates is a political diversion from tacking these fundamental problems.

    “GenPro doesn’t want to criticise the work of physician associates, many of whom contribute to general practice patient care, but is frustrated by the government’s willingness to support PA regulations when it is doing nothing to help fix the broken funding model impacting patient care in our communities.

    “GenPro supports a multi-disciplinary approach to patient care and recognises the crucial roles that different staff perform. This is not about job patch protection as some claim, but we are concerned at the government choosing to invest now in this nascent workforce, rather than in GPs, which are in crisis.

    “This short-term approach appeals because it gives the appearance of driving down costs, but is instead a diversion from the importance of supporting general practices, which contribute more in the long term through, for example, reducing demands on hospitals.
     
    “The government should focus on properly funding general practice so we can rebuild our depleted and over-stretched work force, rather than wasting time and money on regulating a new profession when there is a fit-for-purpose existing solution.

    “The government must as a matter of urgency increase its support of primary healthcare, overhaul the current out-of-date funding model, and help increase the supply of medical professionals into primary healthcare,” said Dr Chambers.

    GenPro, which represents about half of all general practices in Aotearoa, is ready to work with the Minister of Health and the Health NZ Commissioner to develop the solutions needed.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Defence News – Manawanui update – Two containers successfully removed from reef, work in progress to remove the third

    Source: New Zealand Defence Force

    Manawanui update – Two containers successfully removed from reef, work in progress to remove the third:

     

    • Two containers have been removed, one carrying food and the other empty. 
    • The food was safely buried at a landfill. The two containers were taken to a biosecurity compound at the port for safe disposal. The remaining container is empty.
    • “The teams on the ground have been working since this morning’s high tide to float and tow the third container to shore,” says NZDF Senior National Representative Commodore Andrew Brown. 
    • “However, conditions are challenging, with strong currents and winds making the task especially difficult.”
    • “The container is also damaged, which makes it less buoyant than the others.”
    • “The work will continue tonight, and we are able to work on this tomorrow, if necessary, in agreement with the Samoan authorities.”  
    • “Safety is paramount. We need to proceed with care and keep people safe.”
    • During CHOGM we will continue to monitor the vessel and shoreline.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: First Responders – Waikato wetland fire update #4

    Source: Fire and Emergency New Zealand

    Fire and Emergency New Zealand crews are continuing to battle a large vegetation fire in scrub and wetlands near Meremere in North Waikato.
    Incident Commander Mark Tinworth says the fire now has a perimeter of 10 kilometres, and has burned through around 477 hectares in the Island Block area, including the Whangamarino wetlands.
    “It’s continuing to spread through the wetlands, but it’s not threatening any residential or commercial properties at present,” he said.
    “Island Block Road is now closed to all except for emergency vehicles and residents, so we urge people to avoid the area if they can.
    “There’s a lot of smoke coming off the burning areas, and we advise people to keep car doors and windows shut if they have to drive near the area.”
    The Whangamarino wetland is a Department of Conservation area of environmental significance. Fire and Emergency is working collaboratively with the Department of Conservation and mana whenua to ensure cultural and environmental values are considered in firefighter tactics.
    “We’re working really hard to contain it as quickly as possible, but we are expecting it to take another day or so to bring it under control,” Mark Tinworth said. “This is a really beautiful part of the country with considerable environmental value, and we’re doing our best to prevent it from being destroyed.”
    Fire and Emergency is also working alongside local businesses to make sure they have plans in place for removing any dangerous material if the fire gets too close to those locations.
    Fire and Emergency New Zealand was alerted to the fire off Island Block Road around 1.15pm on Monday, and fire crews are being supported by eight helicopters, two fixed-wing aircraft, and around 40 personnel.
    Water for the fire trucks and helicopter buckets was temporarily sourced from the local reticulated supply, but is now being sourced from a pond on a local farm.
    Fire investigators are at the site today and the origin and cause of the fire are yet to be confirmed.

    MIL OSI New Zealand News

  • MIL-OSI Security: Defense News: USS Oak Hill arrives in Larnaca, Cyprus

    Source: United States Navy

    LARNACA, Cyprus – The Harpers Ferry-class amphibious landing dock ship USS Oak Hill (LSD 51) and embarked 24th Marine Expeditionary Unit (MEU) Special Operations Capable (SOC) arrived in Larnaca, Cyprus, for a scheduled port visit, Oct. 17, 2024.

    “This port visit enables us to conduct training with the Republic of Cyprus, as well as enjoy some downtime for the crew,” said Cmdr. Beth-Ann Martin, Oak Hill’s executive officer. “Port visits are vital opportunities to bolster relationships with our partners.”

    While Oak Hill is in Larnaca, Marines of the 24th MEU (SOC) will conduct individual and small unit training with the Republic of Cyprus National Guard. Sailors and Marines will also have the opportunity to explore the city and surrounding areas.

    Oak Hill is conducting operations as part of the Wasp Amphibious Ready Group (WSP ARG)-24th MEU (SOC) in the U.S. 6th Fleet and U.S. Naval Forces Europe-U.S. Naval Forces Africa (NAVEUR-NAVAF) areas of operations, supporting U.S., Allied and partner interests in the region, including in the Eastern Mediterranean Sea, to continue promoting regional stability and deterring aggression.

    The WSP ARG-24th MEU (SOC) is comprised of its flagship namesake, the amphibious assault ship USS Wasp (LHD 1), San Antonio-class amphibious transport dock ship USS New York (LPD 21), Oak Hill, and the embarked 24th MEU (SOC).

    The 24th MEU (SOC) is a Marine Air-Ground Task Force (MAGTF) with a Command Element, Aviation Combat Element, Marine Medium Tiltrotor Squadron 365 (Reinforced), Ground Combat Element, Battalion Landing Team 1/8, and Logistics Combat Element, Combat Logistics Battalion 24.

    To learn more about USS Oak Hill, please visit our Facebook page: https://www.facebook.com/ussoakhilllsd51

    To learn more about WSP ARG-24th MEU (SOC), please visit our DVIDS feature page: https://www.dvidshub.net/feature/wasparg24thmeu

    MIL Security OSI

  • MIL-OSI: Balchug Capital Welcomes Leading Sanctions and AML Expert as Counsel to its Global Advisory Board

    Source: GlobeNewswire (MIL-OSI)

    YEREVAN, Armenia, Oct. 22, 2024 (GLOBE NEWSWIRE) — Balchug Capital, a global investment management firm headquartered in Armenia specializing in event-driven and value liquid strategies and private equity investments, is pleased to welcome Michael Parker, a renowned expert in U.S. sanctions and anti-money laundering (AML) compliance, as Counsel to its Global Advisory Board.

    With a distinguished career that includes serving as a U.S. Federal Prosecutor and Office of Foreign Assets Control (OFAC) official, Mr. Parker brings an in-depth understanding of the international regulatory landscape, further strengthening the firm’s commitment to responsible investing in global markets.

    “We have always placed full and unequivocable compliance with all relevant international laws and regulations at the heart of our firm. This is critical given the complexity of the regulatory and legal landscape in some geographies where we invest. This move is the strongest signal we can make of our commitment to the highest standards of compliance, and we are delighted to have Michael Parker as Counsel to our Global Advisory Board. His expertise will be invaluable as Balchug Capital continues to expand its global reach,” said David Amaryan, CEO and founder of Balchug Capital.

    “I’m honored to serve as Counsel to the Global Advisory Board and contribute together with its esteemed members to the success of Balchug Capital. The company’s resolute dedication to ethical governance and proactive commitment to its regulatory and legal requirements as part of its strategic vision is highly commendable,” said Michael Parker.

    Balchug Capital had previously announced the formation of its Global Advisory Board with esteemed leader in ethical governance, Mr. Robert H. Tembeckjian, as its inaugural member. The addition of Michael Parker as the Global Advisory Board’s Counsel further strengthens Balchug Capital’s commitment to best practices in corporate governance and compliance. 

    The Global Advisory Board supports Balchug Capital and its portfolio companies by providing strategic counsel and mentorship for continued growth. 

    About Michael Parker
    Michael Parker is a recognized expert in U.S. economic sanctions and anti-money laundering (AML) compliance. Having served as a U.S. Federal Prosecutor and an official with the Office of Foreign Assets Control (OFAC) at the U.S. Department of the Treasury, Michael Parker is currently a Partner at Arktouros pllc in Washington, DC, USA. Michael Parker is also an Adjunct Professor of National Security Law in the Georgetown University School of Foreign Service Security Studies Program, where he teaches on topics related to U.S. sanctions and national security.

    About Balchug Capital
    Balchug Capital is a global investment management firm headquartered in Armenia. It was founded in 2010 by David Amaryan and specializes in event-driven and value liquid strategies and private equity investments.

    Media contact:

    For further information please contact Lena Gyulkhasyan:

    l.gyulkhasyan@balchug.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/56203113-0790-4449-8a56-dd9b5262a51e

    The MIL Network

  • MIL-OSI: LHV Group’s unaudited financial results for Q3 and nine months of 2024

    Source: GlobeNewswire (MIL-OSI)

    Q3 of 2024 for LHV was marked by strong loan portfolio growth and the highest business volumes so far.

    AS LHV Group earned EUR 84.9 million in revenue on a consolidated basis in Q3 of this year, which is 3% less than in Q2, but 4% more than at the same time a year ago. Of the revenue, net interest income accounted for EUR 67.4 million, and net fee and commission income for EUR 16.3 million. The Group’s operating expenses amounted to EUR 37.2 million in Q3, which is 1% less than in the previous quarter, but 14% more than a year earlier.

    In Q3, AS LHV Group earned EUR 34.7 million in consolidated net profit. It was 10% lower than in Q2 and 12% less than in Q3 of 2023. The return on equity attributable to the Group’s shareholders was 22.4% in Q3.

    During the quarter, AS LHV Pank earned EUR 34.1 million euros in net profit, AS LHV Varahaldus EUR 0.6 million, and AS LHV Kindlustus EUR 0.5 million. LHV Bank Limited reported a net loss of EUR 0.6 million in Q3.

    By the end of September, the volume of LHV Group’s consolidated assets increased to EUR 7.82 billion. Over the quarter, the volume of assets increased by EUR 491 million, i.e. 7%. Compared to the previous quarter, the Group’s consolidated loan portfolio increased by EUR 236 million to EUR 4.13 billion (+6%; + EUR 246 million in Q2). Consolidated deposits increased by EUR 502 million to EUR 6.29 billion during the quarter (+9%; + EUR 150 million in Q2). The total volume of funds managed by LHV was EUR 1.52 billion at the end of September, which is EUR 8 million less than in the previous quarter (-1%; – EUR 11 million in Q2). The number of processed payments to financial intermediaries’ clients amounted to 18.8 million in Q3 (+3% compared to 18.3 million payments in Q2).

    In the nine months of 2024, LHV Group has earned EUR 257.6 million in net income on a consolidated basis (+15% compared to 2023), and the total expenses have been EUR 110.4 million (+14%). This year, LHV’s consolidated loan portfolio has increased by EUR 564 million, i.e. 16%, and deposits (excluding deposits of financial intermediaries) by EUR 659 million (+14%).

    The Group’s consolidated net profit for the nine months was EUR 114 million, which is EUR 5.8 million more than a year earlier (+5%). In nine months, AS LHV Pank earned EUR 105.7 million, LHV Bank Limited EUR 5.2 million, AS LHV Varahaldus EUR 1.1 million, and AS LHV Kindlustus EUR 1.1 million in net profit. LHV Group’s nine-month return on equity was 25.6%.

    LHV’s nine-month net profit fell EUR 0.4 million short of the financial plan published at the beginning of October.

    Income statement, EUR thousand Q3-2024 Q2-2024 Q3-2023
       Net interest income 67 427 70 424 68 141
       Net fee and commission income 16 320 16 262 13 617
       Net gains from financial assets 798 -37 -589
       Other income 355 638 311
    Total revenue 84 900 87 287 81 480
       Staff costs -20 166 -21 108 -16 308
       Office rent and expenses -854 -609 -1 085
       IT expenses -3 820 -3 471 -3 379
       Marketing expenses -1 338 -973 -845
       Other operating expenses -11 066 -11 426 -11 190
    Total operating expenses -37 245 -37 587 -32 807
    EBIT 47 655 49 700 48 673
    Earnings before impairment losses 47 655 49 700 48 673
       Impairment losses on loans and advances -7 276 -5 043 -2 883
       Income tax -5 681 -6 071 -6 314
    Net profit 34 697 38 586 39 476
       Profit attributable to non-controlling interest 312 300 418
       Profit attributable to share holders of the parent 34 385 38 286 39 058
           
       Profit attributable to non-controlling interest 0.11 0.12 0.12
       Profit attributable to share holders of the parent 0.10 0.12 0.12
    Balance sheet, EUR thousand Sep 2024 Jun 2024 Sep 2023
       Cash and cash equivalents 3 376 016 3 217 448 2 857 964
       Financial assets 259 933 157 131 269 828
       Loans granted 4 168 778 3 925 877 3 396 048
       Loan impairments -42 543 -35 333 -20 466
       Receivables from customers 10 598 15 919 36 873
       Other assets 47 567 48 681 50 924
    Total assets 7 820 348 7 329 723 6 591 170
          Demand deposits 4 160 516 3 882 999 3 814 480
          Term deposits 2 125 844 1 900 930 1 501 724
          Loans received 679 550 735 281 461 635
       Loans received and deposits from customers 6 965 910 6 519 211 5 777 839
       Other liabilities 108 605 100 710 124 238
       Subordinated loans 106 079 107 521 166 848
    Total liabilities 7 180 595 6 727 441 6 068 925
    Equity 639 754 602 282 522 245
       Minority interest 8 006 7 695 7 706
    Total liabilities and equity 7 820 348 7 329 723 6 591 170

    Although the business environment is still affected by the economic downturn, both the growth and quality of LHV’s loan portfolio remained at a strong level. In addition to the growing number of clients, the activity of clients was also at a good level. The share of overdue loans remains low, but both model-based discounts and discounts to individual clients have been added.

    The number of clients of LHV Pank increased by 11,200 during the quarter, and a total of 37,200 bank clients (+9%) have been added in a year. The activity of clients in terms of settlements and the use of bank cards was good, and the active issuance of home loans continued: one in four home loans in Estonia continued to be taken out with LHV Pank. Retail loans increased by EUR 112 million over the quarter and corporate loans by EUR 47 million. The growth in deposits resulted in EUR 174 million from regular clients and EUR 52 million from financial intermediaries. Platform deposits were added in the amount of EUR 92 million. In a situation where interest rates on fixed-term deposits are falling, the bank’s focus remains on attracting deposits.

    During the quarter, the offer of student loans was reopened, and with the help of LHV Pank, both Estonian Treasury Bills and several other securities offers were organised on the Baltic markets. In September, the Instar survey identified LHV Pank as the most preferred employer in Estonia in terms of students, business students, and experienced employees.

    For LHV Bank operating in the United Kingdom, Q3 saw record loan growth, as the loan portfolio increased by EUR 76 million. There are EUR 150 million of loans approved by the Credit Committee but not yet issued. The quality of the loan portfolio remains strong, as there are no debtors. The focus on loans will continue to be relevant: to date, LHV Bank has entered into cooperation agreements with more than 50 loan brokers and has assembled the entire team. The deposits included by LHV Bank increased by EUR 189 million over the quarter. The payment volumes of financial intermediaries remained at the same level as in Q2. In September, the results reflected one-off expenses incurred in the previous months, which affected the quarterly profit.

    The development of LHV Bank’s retail banking offering, mobile bank, and website continued. At the beginning of October, the mobile bank was opened for testing by own employees, the first accounts were opened and the first payments were made. At the beginning of July, LHV Bank joined the SEPA scheme, and joining the TIPS scheme is scheduled for April 2025.

    All pension funds managed by LHV Varahaldus had a positive rate of return in Q3. The quarter was characterised by a more volatile and weaker time in the markets. The volume of the II pillar was affected by the movements of clients at the beginning of September and the exit from the II pillar, which reduced the number of active clients making monthly contributions by 2,000. At the same time, the volume of the III pillar exceeded the level of EUR 100 million. Business results were largely in line with the financial plan revised in October. Approximately 8,000 people had submitted applications for larger contributions to the II pillar by the end of the quarter, and applications for the coming year can be submitted until the end of November.

    LHV Kindlustus continued on the path of good sales performance and profitability. For the second quarter in a row, home and travel insurance sales showed excellent growth. At the same time, there were few major loss events. The number of clients continued to grow. Net earned bonuses are outpacing the financial plan, with operating expenses being lower than planned. The decreasing net cost ratio supports the achievement of profitability goals.

    As at the end of the quarter, LHV Group is well capitalised and the Group’s internal capital generation capacity exceeds loan growth. If the growth continues, there is a possibility that LHV Group will organise the offering of T2 bonds in Q4.

    Comment by Madis Toomsalu, Chairman of the Management Board of the LHV Group: “During Q3, we achieved the highest business volumes in history, both in Estonian home and corporate loans, and in UK corporate loans. The total loan portfolio increased by EUR 236 million, showing a very strong result. To finance loan growth, deposits increased by EUR 502 million. In Estonia, the activity of clients continued to grow, and free euro payments bring in clients who make settlements and receive wages to their account. More and more clients are also using the insurance services of LHV. In the United Kingdom, the focus is on preparing for the launch of mobile banking, payments, and bank cards aimed at retail clients.”

    To access the reports of AS LHV Group, please visit the website at https://investor.lhv.ee/en/reports/.

    In order to present the results of the quarter, LHV Group will organise an investor meeting via the Zoom webinar platform. The virtual investor meeting will take place on 22 October at 9.00, before the market opens. The presentation will be in Estonian. We kindly ask you to register at the following address: https://lhvbank.zoom.us/webinar/register/WN_3bEDDGaqQL-Q3rXLMkk-eA.

    LHV Group is the largest domestic financial group and capital provider in Estonia. The LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs nearly 1,200 people. As at the end of September, LHV’s banking services are being used by 445,000 clients, the pension funds managed by LHV have 116,000 active clients, and LHV Kindlustus protects a total of 169,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee 

    Attachments

    The MIL Network

  • MIL-OSI United Nations: Renault Group takes a stand alongside the United Nations Special Envoy for Road Safety to make mobility safer

    Source: United Nations Economic Commission for Europe

    Renault Group and the United Nations, via the UN Economic Commission for Europe (UNECE), have entered into a two-year strategic partnership agreement to support the work of the UN Secretary-General’s Special Envoy for Road Safety, Jean Todt. 

    With this partnership, Renault Group has become the first automobile manufacturer to take a stand alongside the Special Envoy’s Secretariat and is stepping up its long-standing commitment to increasingly safe and accessible mobility in all its markets. 

    The partners will take action together to promote road safety by providing training, raising awareness and deploying innovation, with a view to benefiting everyone on roads.  

    Boulogne-Billancourt (France) and Geneva (Switzerland) – Renault Group and the Secretariat of the UN Secretary-General’s Special Envoy for Road Safety announce today a partnership to draw attention to road safety around the world, provide training and deploy technological breakthroughs to save lives. By supporting the UN’s endeavour, Renault Group is reasserting its determination to work towards ever safer and more accessible mobility benefiting everyone on roads. During this two-year partnership, Renault Group will share with the Special Envoy the expertise it has gathered through its long-standing commitment to road safety.  

    Renault Group’s commitment supports the UN’s aim to halve the number of global deaths and injuries from road traffic crashes.  

    “For Renault, taking safety seriously doesn’t just mean ticking boxes. It means fulfilling our regulatory obligations but also pushing further, guided by what we believe in and our determination to make a difference. By coming up with solutions that make our cars even safer and by pushing innovation everywhere it makes sense. So we are pioneering technology, but also taking action that can potentially make mobility safer, while ranking the issue at the top of the agenda everywhere. That is why I feel very happy that we are supporting Jean Todt’s and the United Nations’ commitment to road safety” Luca de Meo, Chief Executive Officer of Renault Group 

    A major societal concern

    In a world where road crashes remain the leading killer of children and youth aged 5 to 29 years (WHO 2023), there is an urgent need for collective efforts to address this crisis and pave the way for safer roads. 

    “There were an estimated 1.19 million road traffic deaths in 2021. These new WHO figures give us a sense of the horror we have to deal with. This is why it is so urgent to join forces with partners such as Renault to put an end to the carnage and shine a light on this silent pandemic. Without the active involvement of all actors, including institutional and public sector partners, civil society and the private sector, including car manufacturers, we won’t achieve our objective of halving the number of victims on roads by 2030. I commend Renault Group for its leadership and commitment at our side in this battle.” Jean Todt, the UN Secretary-General’s Special Envoy for Road Safety. 

    Road safety facts and figures worldwide (World Health Organization, 2023) 

    • Only 7 countries (France, Greece, Hungary, Italy, Luxembourg, Portugal and Sweden) have applied the WHO’s legislative best practices relating to five risk factors: speeding, drinking and driving, not wearing seat belts, not wearing helmets, and not transporting children in child restraints 

    • Only 10 countries (Belarus, Brunei Darussalam, Denmark, Japan, Lithuania, Norway, Russian Federation, Trinidad and Tobago, United Arab Emirates and Venezuela) succeeded in reducing road traffic deaths by over 50% between 2010 and 2021.

    About Renault Group  

    Renault Group is at the forefront of reinventing mobility. Backed by its alliance with Nissan and Mitsubishi Motors, and its unique expertise in terms of electrification, Renault Group draws on the complementary nature of its four brands – Renault, Dacia, Alpine and Mobilize – to offer its customers sustainable and innovative mobility solutions. With operations in more than 130 countries, the Group sold 2.235 million vehicles in 2023. It employs nearly 105,000 people who embody its raison d’être on a daily basis, so that mobility brings us closer to one another. Ready to take up challenges on the road as well as in competition, the Group is committed to an ambitious and value-generating transformation. This is centred on the development of new technologies and services, and a new range of even more competitive, balanced and electrified vehicles. In line with environmental challenges, Renault Group’s ambition is to achieve carbon neutrality in Europe by 2040. 

    https://www.renaultgroup.com  

    About the UN and road safety  

    The United Nations has been promoting road safety since the late 1940s, when the first international agreements on the issue were signed. Following the “Decade of Action for Road Safety 2011-2020”, the UN General Assembly in August 2020 adopted a resolution on “Improving Road Safety”, that reconfirmed its commitment to halving the number of global traffic deaths and injuries and to providing access to safe, affordable, accessible, and sustainable transport systems for all by 2030. In October 2021, the World Health Organization and the United Nations Regional Commissions, in cooperation with partners in the United Nations Road Safety Collaboration and other stakeholders, developed the Global Plan for the Decade of Action for Road Safety 2021-2030, as a guiding document to support the implementation of the Decade of Action 2021–2030 and its objectives. 

    In July 2022, the road safety community met in New York City for the first ever High-Level Meeting on Improving Global Road Safety at the United Nations General Assembly, unanimously adopting a text titled: “Political declaration of the high-level meeting on improving global road safety”. 

    To galvanize intersectoral actions and raise the visibility of road safety, the UN Secretary-General, Ban Ki-moon, appointed in 2015 Jean Todt as his Special Envoy for Road Safety. He was reconfirmed in this role by António Guterres, in 2017 and in 2021. In 2018, Jean Todt contributed to the creation of the UN Road Safety Fund (UNRSF). In his role as UN Special Envoy, Mr. Todt contributes, among other things, to mobilize sustained political commitment to make road safety a priority; to advocate and raise awareness of UN legal instruments on road safety; to share established good practices in this area; to generate adequate funding through strategic partnerships between the public, private and non-governmental sectors. 

    Special Envoy brochure and Twitter account. 

    The secretariat of the UN Secretary-General’s Special Envoy for Road Safety is hosted in UNECE. UNECE is the custodian of the United Nations road safety legal instruments applicable worldwide, such as the Convention on Road Traffic, the Convention on Road Signs and Signals, and the 1958, 1997 and 1998 Vehicle Regulations Agreements. UNECE remains the only permanent intergovernmental forum in the United Nations that focuses on improving road safety. 

    MIL OSI United Nations News

  • MIL-OSI United Nations: UN’s MindCompanion Web and Mobile Application Provides Essential Mental Health Support to UN Peacekeepers

    Source: United Nations – Peacekeeping

    United Nations peacekeepers operate in some of the world’s most dangerous environments and are often tasked with protecting civilians against physical violence. Hence, they are often themselves exposed to atrocities, war crimes, and crimes against humanity. While the physical safety of peacekeepers is of the utmost importance, it is equally critical that their mental health is also taken care of.

    A survey by the Division of Healthcare Management, Occupational Safety, and Health in the United Nations Department of Operational Support (DHMOSH/DOS) revealed that nearly one-third of peacekeepers report disrupted sleep patterns while deployed.  Some may manifest with anxiety, sadness, and stress, and these may arise during service or even months or years after peacekeepers return home. While mental health challenges are universal, many countries lack the mechanisms needed to identify mental health issues and provide the necessary support. Cultural factors, particularly in military settings, often discourage personnel from reporting symptoms.  

    Recognizing the pressing need to address these challenges, the UN Security Council adopted Resolution 2668 in December 2022. This resolution calls for comprehensive mental health and psychosocial support for UN peacekeeping personnel. This resolution is a pivotal step toward transforming how mental health is addressed in peacekeeping operations, focusing on providing peacekeepers with tools and resources to manage stress and trauma. 

    Building a Mental Health Strategy for Peacekeepers

    In response to the resolution, DHMOSH/DOS has developed a Mental Health Strategy for uniformed personnel. This strategy focuses on prevention, protection, and promotion of mental health throughout all deployment phases. The aim is to raise awareness about mental health issues, train personnel on coping strategies, and create a supportive culture that encourages peacekeepers to seek help without fear of stigma. 

    Introducing the UN’s MindCompanion App

    A key component of this strategy is the development of the UN’s MindCompanion mental health app. Launched on 10 Oct 2024 the app is designed to help peacekeepers monitor their psychological well-being, access mental health resources, and seek help when necessary. It provides a confidential platform for peacekeepers to prioritise self-care and act before mental health issues worsen. This app will give peacekeepers 24/7 access to essential resources, information, and support. The app is designed to provide immediate mental health guidance and help users identify potential issues before they become severe.  

    Although it is tailored for peacekeepers’ mental health, the app is open to everyone. 

    With the support of Member States and the UN’s continued dedication to peacekeeper well-being, the UN’s MindCompanion app is a significant step toward ensuring that mental health care is accessible for those serving in some of the world’s most challenging environments. The Web App is available at  https://un-mindcompanion.un.org and the Mobile app is available for download on the Google Play Store and the Apple App Store.

    MIL OSI United Nations News

  • MIL-OSI United Nations: Human Rights Council Concludes Fifty-Seventh Regular Session after Adopting 37 Resolutions and One Statement by the President

    Source: United Nations – Geneva

    Council Extends Mandates of Nine Country and One Thematic Mandate Holders

    The Human Rights Council today concluded its fifty-seventh regular session after adopting 37 resolutions and one Statement by the President, in which it, among others, extended the mandates of nine country and one thematic mandate holders.

    The Council extended the mandate of the Office of the High Commissioner for Human Rights on promoting reconciliation, accountability and human rights in Sri Lanka under agenda item two.

    It extended for a period of one year the mandates of the independent international fact-finding mission for the Sudan under agenda item two; of the Special Rapporteur on the situation of human rights in Afghanistan, the Special Rapporteur on the situation of human rights in the Russian Federation, and the Special Rapporteur on the situation of human rights in Burundi, under agenda item four; and of the Independent Expert on the situation of human rights in Somalia, the Team of International Experts on the Democratic Republic of the Congo, and the Independent Expert on the situation of human rights in the Central African Republic under agenda item 10.

    Under agenda item four, the mandate of the independent international fact-finding mission on the Bolivarian Republic of Venezuela was extended for a period of two years. 

    The Council also decided to extend, for a period of three years, the mandate of the Special Rapporteur on the promotion and protection of human rights in the context of climate change.

    Further resolutions adopted concerned the thirtieth anniversary of the Beijing Declaration and Platform for Action; the role of good governance in the promotion and protection of human rights; countering cyberbullying; promotion of a democratic and equitable order; the use of mercenaries as a means of violating human rights and impeding the exercise of the right of peoples to self-determination; social reintegration of persons released from detention and persons subjected to non-custodial measures; the World Programme for Human Rights Education: the plan of action for the fifth phase; and on terrorism and human rights.

    Other resolutions concerned local government and human rights; the human rights to safe drinking water and sanitation; the human rights of migrants; human rights and indigenous peoples; promoting accessibility for the full enjoyment of all human rights by all; equal participation in political and public affairs; the elimination of domestic violence; the right to development; the situation of human rights in the Syrian Arab Republic; national human rights institutions; education as a tool to prevent racism, racial discrimination, xenophobia and related intolerance; from rhetoric to reality: a global call for concrete action against racism, racial discrimination, xenophobia and related intolerance; technical assistance and capacity-building to address the human rights implications of the nuclear legacy in the Marshall Islands; biodiversity and human rights; promotion, protection and enjoyment of human rights on the Internet; and youth and human rights.

    Resolutions on the enhancement of technical cooperation and capacity-building in the field of human rights; cooperation with Georgia; and technical assistance and capacity-building for Yemen in the field of human rights were also adopted.

    The President’s Statement adopted concerned the report of the Advisory Committee on its thirty-first session. 

    During the session, the Council adopted the final outcomes of the Universal Periodic Review of 14 States, namely those of New Zealand, Afghanistan, Chile, Cyprus, Viet Nam, Yemen, Vanuatu, North Macedonia, Comoros, Slovakia, Eritrea, Uruguay, the Dominican Republic and Cambodia.

    At the end of the session, the Council appointed four Special Procedures mandate holders: the Special Rapporteur on the situation of human rights in Belarus, Nils Muižnieks (Latvia); for the Working Group of Experts on People of African Descent, member from Western European and other States, Isabel Mamadou (Spain); for the Working Group on Enforced or Involuntary Disappearances, member from Asia-Pacific States, Mohammed Al-Obaidi (Iraq); and for the Working Group on the use of mercenaries as a means of violating human rights and impeding the exercise of the right of peoples to self-determination, member from Latin American and Caribbean States, Andrés Macias Tolosa (Colombia). 

    The Council also elected four members of its Advisory Committee: Frans Viljoen (African States), Miznah O.Alomair (Asia-Pacific States), Alessandra Devulsky (Latin American and Caribbean States), and Vassilis Tzevelekos (Western Europe and other States).

    Darius Staniulis, Vice-President and Rapporteur of the Human Rights Council, said over the past five weeks, the Council completed its extensive programme of work.  It held 23 interactive dialogues with Special Procedures mandate holders and expert mechanisms; nine interactive dialogues with the High Commissioner, Deputy High Commissioner, Assistant Secretary-General and other Office of the High Commissioner for Human Rights Representatives; five dialogues with international investigative mechanisms; five enhanced interactive dialogues; six panel discussions; and nine general debates.  The Council also adopted 14 outcomes of the Universal Periodic Review.  Finally, the Council completed the adoption of 37 resolutions and one President’s Statement across a wide range of issues.

    The Council adopted the draft report of the fifth-seventh session ad referendum.

    Omar Zniber, President of the Human Rights Council, in his concluding remarks,

    extended his deepest gratitude to the members of the Bureau, the Secretariat and all other United Nations staff for their cooperation, support and dedication during the session.  Mr. Zniber said the fifty-seventh session had been a success and was an example of multilateralism.

    The fifty-eighth regular session of the Human Rights Council is scheduled to be held from 24 February to 4 April 2025.

    Action on a Statement by the President Under Agenda Item One on Organizational and Procedural Matters

    In a Statement by the President (A/HRC/57/L.13) on the Report of the Advisory Committee, adopted without a vote, the Council takes note of the report of the Advisory Committee on its thirty-first session.

    Action on Resolutions Under Agenda Item Two on the Annual Report of the United Nations High Commissioner for Human Rights and Reports of the Office of the High Commissioner and the Secretary-General 

    In a resolution (A/HRC/57/L.1) on Promoting reconciliation, accountability and human rights in Sri Lanka, adopted without a vote, the Council decides to extend the mandate of the Office of the United Nations High Commissioner for Human Rights and all work requested of it by the Council in its resolution 51/1, and requests the Office to present an oral update to the Council at its fifty-eighth session and a comprehensive report on progress in reconciliation, accountability and human rights in Sri Lanka at its sixtieth session, to be discussed in an interactive dialogue.

    In a resolution (A/HRC/57/L.22) on Responding to the human rights and humanitarian crisis caused by the ongoing armed conflict in the Sudan, adopted by a vote of 23 in favour, 12 against and 12 abstentions, the Council reiterates its call for an immediate and complete ceasefire by all parties, without preconditions, and a negotiated and peaceful resolution to the conflict on the basis of inclusive, Sudan-owned and Sudan-led dialogue; decides to extend the mandate of the independent international fact-finding mission for the Sudan for a period of one year; requests the fact-finding mission to provide the Council with an oral update on its work at its fifty-ninth session and a comprehensive report at its sixtieth session, to be followed by an interactive dialogue, and to submit the report to the General Assembly at its eightieth session.

     In a resolution (A/HRC/57/L.24) on the Situation of human rights in Afghanistan, adopted without a vote, the Council decides to extend the mandate of the Special Rapporteur on the situation of human rights in Afghanistan for a period of one year, and requests the Special Rapporteur to present a report to the Council at its fifty-eighth session, including a separate study on the so-called “Law on propagation of virtue and prevention of vice”, to provide an oral update to the Council at its sixtieth session and to present a report to the General Assembly at its eightieth session; requests the Special Rapporteur to prepare a report on access to justice and protection for women and girls…and to present it to the Council at its fifty-ninth session, to be followed by an enhanced interactive dialogue; and also requests the Office of the High Commissioner to present, during an enhanced interactive dialogue at the sixtieth session of the Council, a comprehensive report, including a mapping of policies and practices, edicts and so-called laws by the Taliban that impair the enjoyment of human rights; and decides to remain seized of the matter.

    Action on Resolutions Under Agenda Item Three on the Promotion and Protection of All Human Rights, Civil, Political and Cultural Rights, Including the Right to Development 

    In a resolution (A/HRC/57/L.2) on Marking the thirtieth anniversary of the Beijing Declaration and Platform for Action, adopted without a vote , the Council decides to convene, during the high-level segment at its fifty-eighth session, a high-level panel discussion to commemorate the thirtieth anniversary of the Fourth World Conference on Women; invites the President of the Human Rights Council to consider the theme “Thirtieth anniversary of the Beijing Declaration and Platform for Action” for the annual high-level panel discussion on human rights mainstreaming, to be held at the fifty-eighth session of the Council; and also requests the High Commissioner to prepare a summary report on the panel discussion.

    In a resolution (A/HRC/57/L.5) on the Role of good governance in the promotion and protection of human rights, adopted without a vote, the Council requests the Human Rights Council Advisory Committee to prepare a study on the impact of artificial intelligence systems on good governance…highlighting good practices around the globe on the ways to develop, deploy, use and govern artificial intelligence systems, and to present the study to the Human Rights Council at its sixty-second session.

    In a resolution (A/HRC/57/L.7) on Countering cyberbullying, adopted without a vote, the Council decides to include the topic of countering cyberbullying against persons with disabilities in the context of its next annual interactive debate on the rights of persons with disabilities, to be held at its fifty-eighth session; requests the Office of the High Commissioner for Human Rights to prepare a report … on countering cyberbullying against older persons, and to present the report to the Council at its sixty-second session; and decides to remain seized of the matter.

    In a resolution (A/HRC/57/L.9) on the Promotion of a democratic and equitable international order, adopted by a vote of 27 in favour, 15 against and 5 abstentions, the Council calls upon States and the United Nations system to minimise the adverse impact of multiple interrelated global crises, including the COVID-19 pandemic, through the strengthening and enhancement of international cooperation; requests the High Commissioner for Human Rights to continue to provide all the human and financial resources necessary for the effective fulfilment of the mandate by the Independent Expert; and invites the Independent Expert to study and present concrete measures that can be adopted by States and international institutions to contribute to the promotion of a democratic and equitable international order and the transformation of the international financial architecture, in close cooperation with relevant stakeholders from all regions.

    In a resolution (A/HRC/57/L.10) on the Use of mercenaries as a means of violating human rights and impeding the exercise of the right of peoples to self-determination, adopted by a vote of 29 in favour, 14 against and 4 abstentions, the Council urges once again all States to exercise the utmost vigilance against the threat posed by the activities of mercenaries; and requests the Working Group on the use of mercenaries as a means of violating human rights and impeding the exercise of the right of peoples to self-determination to continue the work already carried out by previous mandate holders on the strengthening of international law and the international legal framework for the prevention and sanction of the recruitment, use, financing, arming and training of mercenaries, and to study and identify new sources and causes, emerging issues, manifestations and trends.

    In a resolution (A/HRC/57/L.17/Rev.1) on Social reintegration of persons released from detention and persons subjected to non-custodial measures, adopted without a vote, the Council requests the Office of the High Commissioner for Human Rights to prepare a comprehensive study, with practical recommendations on human rights and the social reintegration of persons released from detention and persons subjected to non-custodial measures, based on wide consultations with key stakeholders, and to present the study, accessible to persons with disabilities, to present to the Council at its sixtieth session.

    In a resolution (A/HRC/57/L.21) on the World Programme for Human Rights Education: the plan of action for the fifth phase, adopted without a vote, the Council reaffirms the continuation of the World Programme on Human Rights Education and launches its fifth phase, for the period 2025-2029; and decides to convene at its sixty-third session a high-level panel discussion to mark the fifteenth anniversary of the United Nations Declaration on Human Rights Education and Training, further decides that the discussion will be fully accessible to persons with disabilities, and requests the Office of the High Commissioner to prepare a summary report of the discussion and to submit it to the Council by its sixty-fourth session. 

    In a resolution (A/HRC/57/L.3) on Terrorism and human rights, adopted without a vote, the Council calls upon States to ensure that any measure taken to counter terrorism and violent extremism conducive to terrorism complies with international law; invites the Special Rapporteur on the promotion and protection of human rights and fundamental freedoms while countering terrorism to pay attention to the negative effect of terrorism on the enjoyment of human rights and fundamental freedoms, and to make recommendations in this regard; and decides to remain seized of this matter.

    In a resolution (A/HRC/57/L.6) on Local government and human rights, adopted without a vote, the Council requests the Office of the High Commissioner for Human Rights to convene a one-day panel discussion … prior to the sixtieth session of the Council, to exchange and review the best practices of States, local governments and other relevant stakeholders in overcoming the various challenges that local governments face in promoting and protecting human rights; also requests the Office of the High Commissioner to prepare a report … in which it compiles and analyses the best practices of States, local governments and other relevant stakeholders in overcoming the various challenges that local governments face in promoting and protecting human rights, taking into account the results of the panel, and to present the report to the Council at its sixty-third session. 

    In a resolution (A/HRC/57/L.23/Rev.1) on the Human rights to safe drinking water and sanitation, adopted without a vote, the Council decides to convene, at its fifty-ninth session, a panel discussion on the realisation of the human rights to safe drinking water and sanitation, and also decides that the discussion shall be fully accessible to persons with disabilities, including through the provision of hybrid modalities; and requests the High Commissioner for Human Rights to prepare a summary report on the panel discussion and to present it to the Council at its sixty-first session. 

    In a resolution (A/HRC/57/L.27) on the Human rights of migrants, adopted without a vote, the Council requests the Office of the High Commissioner to prepare a study on human rights monitoring in the context of migration, including at international borders, in consultation with States and other relevant stakeholders, and to submit the study to the Council before its sixtieth session; to convene a one-day intersessional panel discussion, accessible to persons with disabilities, and with appropriate gender representation, on measures to prevent, counter and address dehumanising and harmful narratives about migrants and migration, hate speech, xenophobia and related forms of intolerance against migrants; to ensure the meaningful participation of migrants and their family members; and to prepare a summary report on the panel discussion and the recommendations resulting from it, and to submit the report to the Council at its sixty-second session and to the General Assembly at its eighty-first session; and decides to remain seized of the matter. 

    In a resolution (A/HRC/57/L.29/Rev.1) on Human rights and Indigenous Peoples, adopted without a vote, the Council decides that the theme of the annual half-day panel discussion on the rights of Indigenous Peoples, to be held during the sixtieth session of the Council, will be the rights of Indigenous Peoples in the context of a just transition to sustainable energy systems, including in relation to critical minerals, and requests the Office of the High Commissioner to encourage and facilitate the participation of Indigenous women and youth in the panel, to make the discussion fully accessible to and inclusive for persons with disabilities, and to prepare a summary report on the discussion for submission to the Council prior to its sixty-second session; and invites the General Assembly to consider holding a high-level plenary meeting on the occasion of the twentieth anniversary of the United Nations Declaration on the Rights of Indigenous Peoples, during its eighty-second session, and to evaluate the implementation of the outcome document of the World Conference on Indigenous Peoples.

    In a resolution (A/HRC/57/L.33) on Promoting accessibility for the full enjoyment of all human rights by all, adopted without a vote (as orally revised), the Council invites the Office of the High Commissioner for Human Rights to continue to provide technical assistance and capacity-building support to States upon their request in developing and implementing policies and programmes on accessibility, to continue to share its expertise with the relevant intergovernmental organizations and United Nations agencies, funds and programmes and to assist the relevant special procedure mandate holders and treaty bodies to integrate the view of accessibility for all from the perspective of the full enjoyment of all human rights by all into their work in close consultation with the relevant stakeholders.

    In a resolution (A/HRC/57/L.34) on the Equal participation in political and public affairs, adopted without a vote, the Council calls upon all States to enhance the political participation of all women, and to address violence against women participating in political and public affairs; and requests the Office of the High Commissioner for Human Rights to continue its dissemination and promotion of the guidelines on the effective implementation of the right to participate in public affairs … and to prepare, in consultation with States and all other relevant stakeholders, a follow-up report on good practices and challenges that States face when using the guidelines, with a particular focus on participation in elections, and to present the report to the Council at its sixty-third session.

    In a resolution (A/HRC/57/L.35/Rev.1) on the Elimination of domestic violence, adopted without a vote (as orally revised), the Council decides to convene an intersessional panel discussion on the intensification of efforts to prevent and eliminate domestic violence, before its sixty-first session, and requests the Office of the United Nations High Commissioner for Human Rights to organise the panel discussion … and requests the Office of the High Commissioner to prepare a comprehensive report … on how to address structural and underlying causes and risk factors to prevent domestic violence, in consultation with States and all relevant stakeholders, and to present the report to the Council at its sixty-second session.

    In a resolution (A/HRC/57/L.19) on the Right to development, adopted by a vote of 29 in favour, 14 against and 4 abstentions, the Council requests the High Commissioner for Human Rights to continue to submit to the Council an annual report on the activities of the Office of the High Commissioner, including on inter-agency coordination within the United Nations system that has direct relevance to the realisation of the right to development; requests the Special Rapporteur and the members of the Expert Mechanism to participate in relevant international dialogues and policy forums relating to the implementation of the 2030 Agenda; requests the Office of the High Commissioner to organise the next biennial panel discussion on the right to development, to be held at its sixty-third session, in a format that is fully accessible to persons with disabilities, including sign language interpretation; and also requests the Office to prepare a report on the panel discussion and to submit it to the Council at its sixty-sixth session. 

    In a resolution (A/HRC/57/L.26) on Biodiversity and human rights, adopted without a vote, the Council requests the High Commissioner for Human Rights to conduct a global analytical study on the implementation of a human-rights based approach into the goals and targets of the Kunming-Montreal Global Biodiversity Framework, to be submitted to the Council at its sixty-first session; and encourages the Office of the High Commissioner to cooperate with other relevant United Nations organizations and bodies, as well as with Indigenous Peoples, people of African descent and groups in vulnerable situations on advancing human rights-based biodiversity action. 

    In a resolution (A/HRC/57/L.28) on the Promotion, protection and enjoyment of human rights on the Internet, adopted without a vote (as orally revised), the Council calls upon all States to accelerate efforts to bridge digital divides, including the gender digital divide, and to take the necessary and appropriate measures to promote free, open, interoperable, reliable, accessible and secure access to the Internet; and requests the Office of the High Commissioner for Human Rights to prepare a report on a human rights approach to meaningful connectivity and to overcoming digital divides, including by addressing threats to individuals’ access to the Internet, and to present it to the Council at its sixty-second session, to be followed by an interactive dialogue. 

    In a resolution (A/HRC/57/L.30) on Youth and human rights, adopted without a vote, the Council decides that the theme of the next biennial panel discussion, to be held during the sixtieth session of the Council, will be the role of youth in fostering peaceful societies and creating an enabling environment for the enjoyment of human rights by all, and requests the Office of the High Commissioner to organise the panel discussion following consultations with youth and youth-led organizations and to prepare a summary report on the panel discussion for consideration by the Council at its sixty-first session; and requests the Office of the High Commissioner, in consultation with States and relevant stakeholders, to conduct a detailed study on the impact of mental health challenges on the enjoyment of human rights by young people and to submit the study to the Council for consideration prior to its sixty-third session. 

    Before the resolution was adopted, the Council took action on and rejected amendment L.39.

    In a resolution (A/HRC/57/L.31/Rev.1) on the Mandate of the Special Rapporteur on the promotion and protection of human rights in the context of climate change, adopted without a vote (as orally revised), the Council decides to extend for a period of three years the mandate of the Special Rapporteur on the promotion and protection of human rights in the context of climate change under the same terms as provided for by the Council in its resolution 48/14; and requests the Special Rapporteur to report annually on the implementation of the mandate to the Council and the General Assembly in accordance with their programmes of work.

    Action on Resolutions Under Agenda Item Four on Human Rights Situations that Require the Council’s Attention 

    In a resolution (A/HRC/57/L.4) on the Situation of human rights in the Russian Federation, adopted by a vote of 20 in favour, 8 against and 19 abstentions, the Council decides to extend the mandate of the Special Rapporteur on the situation of human rights in the Russian Federation as defined by the Council in its resolution 54/23 for a period of one year, and requests the mandate holder to … present a comprehensive report to the Council at its sixtieth session and to the General Assembly at its eightieth session; and calls upon the Russian authorities to establish full and non-selective engagement with all United Nations human rights mechanisms, and to refrain from all forms of intimidation and reprisal against persons and associations for their cooperation with United Nations human rights mechanisms. 

    In a resolution (A/HRC/57/L.11) on the Situation of human rights in the Syrian Arab Republic, adopted by a vote of 26 in favour, 4 against and 17 abstentions, the Council demands that all parties to the conflict in the Syrian Arab Republic immediately comply with their respective obligations under international humanitarian law and international human rights law, and emphasises the need to ensure that all those responsible for such violations and abuses are held to account and that civilians are protected; and demands that the Syrian authorities cooperate fully with the Council and the Independent International Commission of Inquiry on the Syrian Arab Republic by granting the Commission immediate, full and unfettered access throughout the Syrian Arab Republic; demands that all parties to the conflict maintain rapid, unhindered, safe and sustainable humanitarian access and ensure that humanitarian assistance reaches its intended recipients.

    In a resolution (A/HRC/57/L.12) on the Situation of human rights in Burundi, adopted by a vote of 22 in favour, 10 against and 15 abstentions, the Council strongly condemns all human rights violations and abuses committed in Burundi; decides to extend the mandate of the Special Rapporteur on the situation of human rights in Burundi for a further period of one year; and requests the Special Rapporteur to present to the Human Rights Council, at its fifty-ninth session, an oral update on the situation of human rights in Burundi, and also to submit to the Council, at its sixtieth session, and to the General Assembly, at its eightieth session, a comprehensive report.

    In a resolution (A/HRC/57/L.8) on the Situation of human rights in the Bolivarian Republic of Venezuela, adopted by a vote of 23 in favour, 6 against and 18 abstentions (as orally revised), the Council decides to extend for a period of two years the mandate of the independent international fact-finding mission on the Bolivarian Republic of Venezuela to enable the mission to continue to investigate gross violations of human rights committed since 2014, with a particular focus on the situation of human rights in the lead-up to, during and after the 2024 presidential elections, and on the violence by armed individuals known as colectivos; and urges the Bolivarian Republic of Venezuela to resume cooperation in a full manner with the Office of the High Commissioner for Human Rights and the fact-finding mission. 

    Before the resolution was adopted, the Council took action on and rejected amendments L.40, L.41, L.42, L.43 and an oral amendment.

    Action on a Resolution Under Agenda Item Eight on Follow-up and Implementation of the Vienna Declaration and Programme of Action

    In a resolution (A/HRC/57/L.16) on National human rights institutions, adopted without a vote (as orally revised), the Council requests the Secretary-General and the High Commissioner for Human Rights to provide the Office of the High Commissioner with the financial and human resources necessary for the servicing of the sessions of the Subcommittee on Accreditation of the Global Alliance of National Human Rights Institutions; and requests the Secretary-General to submit to the Council, at its sixty-third session, a report on the implementation of the present resolution … and a report on the activities of the Global Alliance of National Human Rights Institutions in accrediting national institutions in compliance with the Paris Principles.         

    Action on Resolutions Under Agenda Item 9 on Racism, Racial Discrimination, Xenophobia and Related Forms of Intolerance, Follow-Up to and Implementation of the Durban Declaration and Programme of Action

    In a resolution (A/HRC/57/L.25) on Education as a tool to prevent racism, racial discrimination, xenophobia and related intolerance, adopted without a vote (as orally revised), the Council urges States, in particular, to adopt and implement laws, policies and programmes that prohibit and combat discrimination on the basis of race, colour, descent or national or ethnic origin, at all levels of education, both formal and non-formal; and requests the High Commissioner for Human Rights to submit to the Council at its sixty-third session a comprehensive report, accessible to persons with disabilities, including in an accessible and easy to read format, analysing relevant education-related practices and measures to prevent racism, racial discrimination, xenophobia and related intolerance, with input from all relevant stakeholders. 

    In a resolution (A/HRC/57/L.36/Rev.1) on From rhetoric to reality: a global call for concrete action against racism, racial discrimination, xenophobia and related intolerance, adopted by a vote of 30 in favour, 5 against and 12 abstentions, the Council decides that the Chair-Rapporteur of the Ad Hoc Committee on the Elaboration of Complementary Standards to the International Convention on the Elimination of All Forms of Racial Discrimination may request that the annual session of the Ad Hoc Committee be split into two full one-week segments; requests the High Commissioner for Human Rights to facilitate the interactive participation of six legal experts in one of the two full one-week segments of the fifteenth and sixteenth sessions of the Ad Hoc Committee, to be held in 2025 and 2026 respectively; requests the Chair-Rapporteur of the Ad Hoc Committee to present in person a progress report to the General Assembly at its eightieth session, and to participate in the interactive dialogue and carry out consultations to continue progress in the elaboration of complementary standards to the Convention; reiterates its decision to request the Group of Independent Eminent Experts on the Implementation of the Durban Declaration and Programme of Action to report annually on its session and activities to the Council, and that its report will be also transmitted and presented to the General Assembly, and in this regard requests the Chair of the Group to engage in an interactive dialogue with the Assembly under the agenda item entitled “Elimination of racism, racial discrimination, xenophobia and related intolerance”; and encourages the General Assembly to proclaim a second International Decade for People of African Descent commencing in 2025. 

    Action on Resolutions Under Agenda Item 10 on Technical Assistance and Capacity-Building 

    In a resolution (A/HRC/57/L.14) on Technical assistance and capacity-building to address the human rights implications of the nuclear legacy in the Marshall Islands, adopted without a vote, the Council requests the Office of the High Commissioner for Human Rights to cooperate with the Government of the Marshall Islands in the field of human rights and to provide technical assistance and capacity-building to the National Nuclear Commission of the Marshall Islands in advancing its national strategy for nuclear justice and pursuing transitional justice in its efforts to address the nuclear legacy; and requests the Office of the High Commissioner to prepare a report on addressing the challenges and barriers to the full realisation and enjoyment of the human rights of the people of the Marshall Islands, stemming from the State’s nuclear legacy, and to submit it to the Council at its sixty-third session, to be followed by an enhanced interactive dialogue.

    In a resolution (A/HRC/57/L.15) on Assistance to Somalia in the field of human rights, adopted without a vote, the Council decides to renew the mandate of the Independent Expert on the situation of human rights in Somalia, under agenda item 10, for a period of one year, to assess, monitor and report on the situation of human rights in Somalia; requests the Independent Expert to report to the Council at its sixtieth session and to the General Assembly at its eightieth session; and also requests the Independent Expert to provide an update to the Council in her report on progress on the implementation of the benchmarks and indicators in the transition plan to inform future action by the Council.

    In a resolution (A/HRC/57/L.18) on the Enhancement of technical cooperation and capacity-building in the field of human rights, adopted without a vote, the Council decides … that the theme of the annual thematic panel discussion under agenda item 10, to be held at its fifty-ninth session, will be “The role of technical cooperation and capacity-building in strengthening national structures which play a role in promoting and safeguarding human rights, particularly national human rights institutions and national mechanisms for implementation, reporting and follow-up”; and also requests the Office of the High Commissioner to prepare a report, to be submitted to the Human Rights Council at its fifty-ninth session, to serve as a basis for the panel discussion, on the role of technical cooperation and capacity-building among States, the Office and other relevant stakeholders, to support States’ efforts to strengthen national structures which play a role in promoting and safeguarding human rights.

    In a resolution (A/HRC/57/L.20) on Cooperation with Georgia, adopted by a vote of 24 in favour, 3 against and 20 abstentions, the Council demands that immediate and unimpeded access be given to the Office of the High Commissioner for Human Rights and other international and regional human rights mechanisms to Abkhazia, Georgia, and the Tskhinvali region/South Ossetia, Georgia; requests the High Commissioner for Human Rights to present to the Council an oral update on the follow-up to the present resolution at its fifty-eighth session and to present a report on developments relating to and the implementation of the present resolution at its fifty-ninth session; and also requests the High Commissioner to continue to provide technical assistance through the Office of the High Commissioner in Tbilisi.

    In a resolution (A/HRC/57/L.37) on Technical assistance and capacity-building in the field of human rights in the Democratic Republic of the Congo, adopted without a vote, the Council decides to renew, for one year, the mandate of the team of international experts on the Democratic Republic of the Congo, and requests the team to provide the necessary technical support to the Government in implementing effectively its National Transitional Justice Policy, in particular by taking account of the cross-border nature of conflict and insecurity in the Great Lakes, identifying the causes of conflict and preventing their recurrence, and designing and implementing mechanisms for transitional justice and the fight against impunity, and encourages it to support the Government in this regard; requests the team of international experts to submit its final report to the Council, in the framework of an enhanced interactive dialogue, at its sixtieth session and to present it with an oral update at its fifty-eighth session; requests the High Commissioner to present the Council with an oral update on the situation of human rights in the Democratic Republic of the Congo, in the framework of an enhanced dialogue, at its fifty-eighth session; also requests the High Commissioner to prepare a comprehensive report on the situation of human rights in the Democratic Republic of the Congo and to submit it to the Council, in the framework of an enhanced interactive dialogue, at its sixtieth session; and decides to remain seized of the matter until its sixtieth session.

    In a resolution (A/HRC/57/L.38/Rev.1) on Technical assistance and capacity-building in the field of human rights in the Central African Republic, adopted without a vote, the Council decides to renew, for one year, the mandate of the Independent Expert on the situation of human rights in the Central African Republic, which is to assess, monitor and report on the situation with a view to making recommendations relating to technical assistance and capacity-building in the field of human rights; requests the Independent Expert to pay particular attention to violations of human rights and international humanitarian law alleged to have been committed by all parties to the conflict; decides to convene, at its fifty-eighth session, a high-level dialogue to enable it to assess human rights developments on the ground…; requests the Independent Expert to provide an oral update on his report on technical assistance and capacity-building in the field of human rights in the Central African Republic to the Human Rights Council at its fifty-ninth session and to submit a written report to the Council at its sixtieth session and to the General Assembly at its eightieth session; and requests the United Nations High Commissioner for Human Rights to continue to provide the Independent Expert with all the necessary technical, human and financial resources to enable him to carry out fully his mandate.

    In a resolution (A/HRC/57/L.32) on Technical assistance and capacity-building for Yemen in the field of human rights, adopted without a vote, the Council requests the High Commissioner for Human Rights to continue to provide substantive capacity-building and technical assistance to the Government of Yemen and all requisite technical and logistical support to the National Commission of Inquiry, to enable it to continue to investigate allegations of violations and abuses committed by all parties to the conflict in Yemen and to submit its comprehensive report on alleged violations and abuses of human rights in all parts of Yemen as soon as it is available; and requests the High Commissioner to present a report on the implementation of technical assistance, as stipulated in the present resolution, to the Council at its sixtieth session.

    Other Matters 

    The Council appointed four Special Procedures mandate holders: the Special Rapporteur on the situation of human rights in Belarus, Nils Muižnieks (Latvia); for the Working Group of Experts on People of African Descent, member from Western European and other States, Isabel Mamadou (Spain); for the Working Group on Enforced or Involuntary Disappearances, member from Asia-Pacific States, Mohammed Al-Obaidi (Iraq); and for the Working Group on the use of mercenaries as a means of violating human rights and impeding the exercise of the right of peoples to self-determination, member from Latin American and Caribbean States, Andrés Macias Tolosa (Colombia). 

    The Council elected four members of its Advisory Committee: Frans Viljoen (African States), Miznah O.Alomair (Asia-Pacific States), Alessandra Devulsky (Latin American and Caribbean States), and Vassilis Tzevelekos (Western Europe and other States).

    The Council also adopted its draft report for the fifty-seventh session ad referendum.

    Bureau of the Council

    The President of the Council is Omar Zniber of Morocco.  The four Vice-Presidents are Febrian Ruddyard (Indonesia); Darius Staniulis (Lithuania); Marcela Maria Arias Moncada (Honduras); and Heidi Schroderus-Fox (Finland).  Mr. Staniulis also served as Rapporteur.

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

    HRC24.030E

    MIL OSI United Nations News

  • MIL-OSI United Nations: 4 ways countries are strengthening women’s participation in security efforts

    Source: United Nations – Peacekeeping

    Written by Elssa Gbeily, a Strategic Communications Intern from Belgium and Lebanon focusing on gender issues with the UN Department of Peace Operations. She has a background in gender, peace and security.

    The full, equal and meaningful participation of women in all peacekeeping areas has been found to make our operations more effective and lets us better reflect and engage with the communities we serve. However, according to the latest data available, women still make up approximately 10% of peacekeeping’s police and military personnel.

    As UN military and police personnel are contributed by Member States, drawing from their own security institutions, troop and police contributors are critical to closing this gender gap. To help empower women peacekeepers and increase their numbers, UN Member States have committed to promote equal opportunity for all in their own security and defence institutions by identifying and removing barriers to women serving. This is making their own security sectors stronger while also leading to the deployment of more diverse military and police contingents to peacekeeping missions.

    On 17 October, the UN released its first-ever report on this issue, “Towards Equal Opportunity for Women in the Defence Sector.” It highlights that, despite the efforts of Member States to achieve gender equality, challenges and barriers still exist, making this a key issue for all. The report also showcases some innovative solutions that countries are using to boost women’s participation. Here are four standout best practices from the report:

    1. India: expanding opportunities for women in the armed forces

    India, a top contributor to UN peace operations, has made significant strides toward integrating women into its military forces. In 2020, the Indian Army began offering women permanent positions, giving them equal opportunities for career advancement. By 2022, the National Defence Academy admitted its first female cadets, symbolizing progress in building gender-equal pathways in military leadership.

    2. Canada: reforming military culture to promote inclusivity

    Canada is spearheading military reforms to eliminate gender bias and address sexual misconduct. In 2021, they established a Chief of Professional Conduct and Culture (CPCC to foster a safe and respectful environment for all service members. This cultural shift enhances the operational effectiveness of Canadian forces and, in turn, strengthens Canada’s peacekeeping deployments by ensuring inclusive participation.

    Colonel Marie-Ève Bégin, the Director General of the CPCC, highlighted that “the creation of [this new structure] shows our commitment to improving our organization’s culture.”

    3. Uruguay: empowering women in the armed forces through family support

    Uruguay has introduced initiatives to support women in its military, with a focus on deployment, helping them balance military service with caregiver responsibilities. With support from the Elsie Initiative Fund, the Ministry of Defence provides scholarships to cover childcare and elder care costs for deployed women and single parent families, regardless of gender, ensuring that caregiver obligations do not hinder participation in military operations and peacekeeping deployments.

    4. Ghana: training women for leadership in peacekeeping

    Ghana, another of UN Peacekeeping’s top troop-contributing countries, is addressing the challenge of advancing women’s careers in the national army by focusing on skills development, including in operational and tactical fields that are traditionally male-dominated, as well as on leadership opportunities.

    “We should continue to challenge gender stereotypes, call out discrimination, draw attention to biases and seek out inclusion,” says Commodore Faustina Anokye, the highest-ranking female officer in the history of the Ghanaian navy who also served as Deputy Force Commander of the UN peacekeeping mission in the Western Sahara (MINURSO).

    A global commitment to inclusive security

    Removing barriers to women who want to serve in the defence sector is a key way Member States are meeting their commitment to promote gender equality in peacekeeping missions. “If these institutions are not inclusive and representative,” said Alexandre Zouev, Assistant Secretary-General for Rule of Law and Security Institutions, “our gender parity efforts in peacekeeping will inevitably fall short.”

    Departments across the UN, through their Security Sector Reform (SSR) initiatives, are supporting Member States’ efforts to promote women’s participation in their defence sectors. The UN has also launched the Braking Barriers, Building Peace advocacy campaign, which is promoting equal opportunities in defence and security sectors around the world.  Through this work, the UN and its Member State partners are making peacekeeping more representative and responsive to diverse security needs, which is especially critical in today’s complex conflict environments.

    By committing to gender equality, the UN and its Member States are building more inclusive societies and enhancing sustainable peace and security for all.

    This story is part of the “Action for Peacekeeping” (A4P) story series, which reports on efforts by the UN, its Member States, and other partners to strengthen peacekeeping operations, and the impact they have for people living in conflict areas.

    Women, Peace and Security is a key area of the A4P agenda and its implementation strategy A4P+, which seeks to enhance accountability to our peacekeepers. Supporting women’s full, equal, and meaningful participation in peace and political processes is central to enhancing operational effectiveness in peacekeeping and sustaining peace.

    MIL OSI United Nations News

  • MIL-OSI USA News: A Proclamation on National School Lunch Week,  2024

    Source: The White House

         America’s children deserve every opportunity to live fulfilling and healthy lives, and nutritious meals are key components in building those lives.  During National School Lunch Week, we reaffirm that the health and well-being of our Nation’s children are a national priority.  We recommit to doing everything we can to end child hunger.  And we celebrate school nutrition professionals, who do the critical work of planning, preparing, and serving nutritious school meals to more than 30 million students each day.

          Healthy school lunches benefit our Nation’s students and their families.  Fueled by a good lunch, students can better focus in the classroom and be set up for success throughout the rest of their day.  Free and reduced-price school meals provide families with some breathing room.  And for families that live in areas where there are no grocery stores with healthy food options nearby, school meals can be a lifeline — offering children reliable, nutritious meals.

         My Administration is committed to putting a healthy school lunch within reach of all our Nation’s children, no matter their family’s income.  That is why we are giving more schools the option to make free school meals available to every student, and we published a final rule updating nutrition standards for school meals to improve children’s health.  For the first time since 1975, we modernized the Thrifty Food Plan, making a healthy diet more affordable for the millions of families with Supplemental Nutrition Assistance Program benefits.  These actions are a part of our national strategy to end hunger and reduce diet-related diseases by 2030.  That plan includes the goal of expanding access to healthy, free school meals to nine million more kids — working toward a future where every kid has access to one.  We also hosted the first White House Conference on Hunger, Nutrition, and Health in over 50 years.  Since then, we have galvanized over $10 billion in external commitments dedicated to ending hunger and reducing diet-related diseases in children and families across the country.  Furthermore, we are giving schools the resources they need to purchase food from local farmers and ranchers and cook meals from scratch — giving kids healthier options and powering our rural economy.

         My Administration is taking steps to ensure our Nation’s children and families do not go hungry and can afford healthy food.  This year my Administration launched SUN Bucks — also referred to as Summer Electronic Benefits Transfer — to provide families with money to buy groceries when school is out, reaching an estimated 21 million children.  My American Rescue Plan expanded the Child Tax Credit, slashing child poverty by nearly 50 percent and helping keep food on the table for millions of families during the pandemic.  I continue to call on the Congress to restore the enhanced Child Tax Credit to ensure families have the money they need to feed and care for their kids.

         During National School Lunch Week, we recognize how important school lunches are to kids and families alike and recommit to expanding access to healthy, free school meals to support the health of the next generation.  And we thank all the school staff, school nutrition professionals, educators, and school leaders, whose tireless work nourishes the future leaders of our Nation. 

         NOW, THEREFORE, I, JOSEPH R. BIDEN JR., President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim October 13 through October 19, 2024, as National School Lunch Week.  I call upon all Americans to recognize and commemorate all those who operate the National School Lunch Program with activities that raise awareness of the steadfast efforts in support of the health and well-being of our Nation’s children.

        IN WITNESS WHEREOF, I have hereunto set my hand this
    eleventh day of October, in the year of our Lord two thousand twenty-four, and of the Independence of the United States of America the two hundred and forty-ninth.

                            JOSEPH R. BIDEN JR.

    MIL OSI USA News

  • MIL-OSI USA News: Remarks by President  Biden on the Response to Hurricane Milton | St. Pete Beach,  FL

    Source: The White House

    Residential Area
    St. Pete Beach, Florida

    11:34 A.M. EDT

    THE PRESIDENT:  Hello, folks. 

    I just met a number of the homeowners, been wiped out, and the — everything from the Coast Guard to the fire department.  It’s a hell of a deal.

    I’m here in Florida for the second time in two weeks and — to survey the damage from another catastrophic storm: Hurricane Milton.  Thankfully, the storm’s impact was not as cataclysmic as had — we had predicted.  But on top of two [one] before it, it just keeps s- — seem we got to get — getting worse. 

    And bu- — you know, but for some individuals, it was cataclysmic — all those folks who not only lost their homes but, more importantly, those folks who lost their lives, lost family members, lost all their personal belongings.  Entire neighborhoods were flooded, and millions — millions were without power.

    Earlier this morning, I did an aerial tour of Saint Petersburg and the battered coastline.  I flew over Tropicana Field and — where the Tampa Bays play — Rays play, and the roof was almost completely off.  But thank God not many people were injured.

    I spoke with first responders who’ve been working around the clock.  I also met with small-business owners here and homeowners who’ve taken a real beating — these back-to-back storms.  And they’re heartbroken and exhausted, and their expenses are piling up.

    And I know from experience how devastating it is to lose your home.  Several years ago, my home was struck by lightning.  It didn’t all burn down, but we were out of the home for seven months while it was being repaired.  The thing I was most concerned about was not just the home; it was all those things, all those — all those pictures I saved, my — and my daughter had drawn when she was little, all the — all the family photographs, all the albums, all the things that really matter.  

    Folks, the — the fact is that when you lose your wedding ring and the old photos of your children, family keepsakes, things that can’t be replaced — but sometimes, from my own experience, that’s the part that hurts the most.

    And I’m standing next to the mayor of Pete’s Beach and the Chairwoman Peters.  Both their homes were damaged in Hurricane Milton.  The mayor’s home flooded, family vehicles washed away.  The county chair’s home had experienced significant damage in the past two storms previous.  They just finished rebuilding and settling back in, and now they have to do it all over again.   

    Both their families lost precious personal belongings, but they’ve stepped up not only to look out for themselves but to help other families, help their neighbors.  You know, that’s the resilience of the people of West Florida.

    And I want to thank them and all the public officials who suffered consequential losses because of the storm but who are out there doing things to help other people who had serious losses.  It matters.  The American people should know the sacrifices they’re making.

    You know, they’ve been steadfast partners as well.  We’ve been in frequent contact.

    And it’s in moments like this we come together to take care of each other, not as Democrats or Republicans but as Americans — Americans who need help and Americans who would help you if you were in the same situation.  We are one United States — one Unites States.

    I also came here to talk about all the progress we have made together.  This is a whole-of-government effort, from state and local to FEMA to U.S. Coast Guard, Army Corps of Engineers, the Energy Department, Environmental Protection Agency, Department of Defense, just to name a few.

    FEMA has delivered 1.2 million meals, over 300,000 liters of water, 2 million gallons of fuel.  And so far, we’ve installed 100 satellite terminals to restore communications in impacted areas so families can ton- — contact their loved ones to be sure everything is okay and be able to reach out for help as well.

    Speaking of help, so far, we’ve opened 10 disaster recovery centers in Florida, with more to come, so people can have one stop to meet with officials, get the federal help they’re entitled to that’s available to them, such as direct, immediate financial aid and no [low-]interest payment loans, mortgage relief, and so much more.

    You can also go online to DisasterAssistance.gov — DisasterAssistance.gov — or call 1-800-621-FEMA — F-E-M-A.

    Yesterday, after I signed the major disaster declaration, more than 250,000 Floridians registered for help — 250,000 — the most in sin- — any — a single day ever in the history of this country — 250,000.

    I know you’re concerned about the debris removal, and it’s obvious why.  We’re prioritizing debris removal and working with the state and local partners to clear roads, to get wreckage into — of the two hurricanes off properties, and so more folks can return home and businesses can receive much-needed deliveries of food, fuel, medicine, and other essentials.  That’s a priority for me.

    Power has also been restored to over 2 million people in a matter of days.  And thanks to tens of thousands of power workers from 43 states and Canada working nonstop, even more people will have more power restored soon. 

    Today, I’m proud to announce $612 million to six new cutting-edge projects to support communities impacted by Hurricane Helene and Milton.  That includes $47 million for Gainesville Regional Utilities and another $47 million for Florida Power & Light.

    This funding will not only restore power, but it’ll make the region’s power system stronger and more capable and reduce the frequency and duration of power outages while extreme weather events become more frequent. 

    In fact, we’ve been able to restore power quicker because of critical infrastructure investments were made both when I was vice president and president to harden the grid.  For folks at home, “the grid” means the electrical power system that transmits energy from the — where it’s produced in a power plant to where it’s used in homes and businesses. 

    We’ve been hardening the grid, like b- — like burying transmission lines underground, replacing wood power poles with concrete or composite poles so they don’t snap in the wind.

    Energy Secretary Granholm is here with me today leading this effort, and she’ll tell you more about it and other cutting-edge technologies on the grid in a moment.

    Let me close with this.  I’m here to porsonally — personally say thank you to the brave first responders — and I don’t want to underestimate that — brave first responders, men and women in uniform, utility workers.  (Inaudible) look at the number that showed up from around the country — from Canada — California, Nebraska, all over the country — to come here to help. 

    Men and women in uniform, as I said; health care personnel; neighbors helping neighbors; and so many more people.  This is all a team effort, folks.  You made a big difference.  And it’s saved lives.

    But there’s much more to do, and we’re going to do everything we can to get power back into your homes, not only helping you recover but to help you build back stronger.

    God bless you all.  And may God protect our first responders and protect our troops.

    Now I’m going to turn this over to Secretary Granholm.  Madam Secretary. 

    11:42 A.M. EDT

    MIL OSI USA News

  • MIL-OSI USA News: FACT SHEET: Biden-⁠ Harris Administration Continues Recovery Efforts in North Carolina Following Hurricane  Helene

    Source: The White House

    Following Hurricane Helene’s devastating impacts across the Southeast and Appalachia, the Biden-Harris Administration continues its robust Federal efforts to help communities recover and rebuild. The storm heavily impacted North Carolina, where the Administration continues to surge resources and assist families, business owners, farmers, and other impacted communities receive the support and assistance they need and deserve.

    Federal disaster assistance for Hurricane Helene survivors has surpassed $474 million – including more than $86 million in housing and other types of assistance for survivors in North Carolina. Survivors can register for assistance at one of three Disaster Recovery Centers in Caldwell, McDowell, and Buncombe Counties, or on disasterassistance.gov, by calling 1-800-621-3362, or via the FEMA app.

    The Department of Defense continues to support search-and-rescue operations, route clearance, and commodities distribution across western North Carolina with 1,500 active-duty troops. The Department of Defense is also employing additional capabilities to assist with increasing situational awareness across the remote terrain of Western North Carolina. The Army Corps of Engineers continues missions supporting debris removal, temporary emergency power installation, infrastructure and water and wastewater assessments, and technical assistance. Over 2,000 North Carolina National Guard personnel along with over 200 Guardsmen from 15 States are conducting response operations in western North Carolina.

    As response efforts continue in North Carolina, more than 1,250 FEMA staff remain on the ground, with more arriving daily. Nearly 400 Urban Search and Rescue personnel remain in the field helping people. These teams have rescued or supported over 3,200 survivors to date.  

    Power has been restored to more than approximately 96 percent of customers, as a result of 10,000 utility personnel working around the clock. Cellular restoration also continues to improve, with more than 93 percent of cellular sites in service. FEMA is boosting response coordination by providing 40 Starlink units to ensure first responders can communicate with each other.

    Commodity distribution, mass feeding, and hydration operations continue in areas of western North Carolina. FEMA continues to send commodity shipments and voluntary organizations are supporting feeding operations with bulk food and water deliveries coming via truck and aircraft. Mobile feeding operations are reaching survivors in heavily impacted areas, including three mass feeding sites in Buncombe, McDowell and Watauga counties. The Salvation Army has 20 mobile feeding units supporting this massive operation and has provided emotional and spiritual care to survivors. To date, the American Red Cross is engaging in targeted distribution of emergency supplies in low-income communities with high levels of minor or affected residential damage.

    Additional recovery efforts in North Carolina include:

    Supporting Infrastructure Recovery

    As part of the robust, whole-of-government response to Hurricane Helene, the U.S. Department of Transportation is supporting response and recovery efforts in impacted communities in North Carolina. DOT personnel are on the ground in multiple locations of the state.

    On October 5, the Department of Transportation’s Federal Highway Administration (FHWA) announced $100 million in Quick Release Emergency Relief funding to support North Carolina. The funding helps pay for the costs of immediate emergency work resulting from Hurricane Helene flood damage. Additional funding will flow to affected communities from the Emergency Relief program.

    FHWA worked closely with North Carolina and other federal agencies to assess infrastructure damage, including supporting hundreds of bridge inspections and other critical infrastructure assessments across the Southeast. On October 8, FHWA Acting Administrator Kristin White visited the region with Governor Roy Cooper, North Carolina Department of Transportation Secretary Joey Hopkins and other federal, state and local officials and got a first-hand look at impacts from the storm and recovery efforts.   

    The Federal Aviation Administration (FAA) continues to work with partners in affected parts of North Carolina and Tennessee, as the national airspace steadily returned to normal operations.

    The FAA Air Traffic Organization Technical Operations Team is on-site and leading communications restoration efforts at air traffic facilities. FAA also supported the North Carolina Air National Guard by providing advisory services at Rutherford County Airport and Avery County Airport.

    The FAA worked with state and local governments, critical infrastructure owners and operators, and first responders to enable drones to support response and recovery. The FAA granted permission to allow Wing to temporarily conduct beyond visual line of sight drone package deliveries for Walmart’s pharmacy in western North Carolina, delivering essential items including prescription medicine, medical supplies, and medical equipment to hard-to-reach locations.

    Additionally, President Biden’s approval of a Presidential Emergency Declaration for North Carolina affords the state a period of emergency regulatory relief from Federal Motor Carrier Safety regulations, including flexibility around driving time for property- and passenger-carrying vehicles. This allows truck drivers to get essential supplies to affected areas in North Carolina. It may also provide opportunities for motorcoach buses to deliver relief teams to response locations and allow for the transport and evacuation of residents.

    On October 10, Environmental Protection Agency (EPA) Administrator Michael Regan joined Governor Cooper, Senator Tillis, Congressman Edwards and local officials to assess federal and state recovery efforts in response to Hurricane Helene. EPA and its state partners have made significant progress bringing drinking water and wastewater systems back online, including restoring service to more than 75 drinking water systems that serve approximately 260,000 people in the Asheville area. EPA is also providing technical assistance and drinking water testing to systems and private drinking water well owners across the Asheville area through their Mobile Drinking Water lab – giving residents clear data and confidence that their water is safe to drink. The lab is capable of testing 100 samples per day. Water utilities and private well owners must request sampling services through their local health departments. EPA will remain on the ground in North Carolina helping area residents as long as their assistance is needed.  

    The Department of Energy’s Energy Response Organization remains activated to respond to storm impacts, and responders remain deployed to FEMA regional response coordination centers. Via the Electricity Sub-Sector Coordinating Council and Oil and Natural Gas Sub-Sector Coordinating Council, the Department of Energy has been coordinating continuously with energy sector partners on the ongoing Hurricane Helene response. As noted above, there are 10,000 line workers supporting power restoration efforts.

    The National Oceanic and Atmospheric Administration continues to support post-disaster imagery flights following Hurricane Helene, already totaling over 68 flight hours during 20 flights, including over western North Carolina. This imagery not only supports FEMA and the broader response community, but the public at large.

    Providing Financial Flexibilities to Homeowners and Taxpayers

    The U.S. Department of Housing and Urban Development (HUD) is providing a 90-day moratorium on foreclosures of mortgages insured by the Federal Housing Administration (FHA) as well as foreclosures of mortgages to Native American borrowers guaranteed under the Section 184 Indian Home Loan Guarantee program. Additionally, affected homeowners that have mortgages through Government-Sponsored Enterprises – including Fannie Mae and Freddie Mac – and the FHA are eligible to suspend their mortgage payments through a forbearance plan for up to 12 months.

    HUD announced $3 million for the State of North Carolina to support people experiencing homelessness in communities impacted by Hurricane Helene. Funding from the Rapid Unsheltered Survivor Housing program will help residents and families who are experiencing or at risk of homelessness and have needs that are not otherwise served or fully met by existing Federal disaster relief programs.

    This summer, HUD launched a new streamlined process for requesting additional flexibility on existing grants after a disaster is declared. Recipients of annual HUD funding – including in North Carolina – may request waivers to unlock and accelerate the use of their funding for disaster response and recovery. With the updated waiver process, HUD is proactively issuing maximum flexibility to communities impacted by disasters. These flexibilities will expedite the recovery process, reduce administrative burden, and allow impacted jurisdictions to quickly tailor programs and activities to address the post disaster needs of their communities. The Disaster Assistance and Recovery Team within HUD’s Office of Housing Counseling continues to conduct focused meetings with housing counseling agencies in each state impacted by these disasters to discuss their unique response and recovery challenges and identify resources available to assist.

    The Internal Revenue Service announced disaster tax relief for all individuals and businesses affected by Hurricane Helene in North Carolina. North Carolina taxpayers now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments.

    Protecting Public Health

    The U.S. Department of Health and Human Services (HHS) declared a Public Health Emergency for North Carolina to address the health impacts of Hurricane Helene. HHS’s Administration for Strategic Preparedness and Response (ASPR) continues to provide medical support for Hurricane Helene, predominantly onsite in North Carolina. These ASPR personnel are deployed to support Hurricane Helene response operations, which include four Disaster Medical Assistance Teams and personnel from a Disaster Mortuary Operational Response Team (DMORT) in North Carolina. ASPR Health and Medical Task Forces and ASPR Disaster Medical Assistance Teams from the National Disaster Medical System are providing 24-hour surge support to three hospitals: Mission Hospital in Asheville, Blue Ridge Regional Hospital in Spruce Pine, and Caldwell Memorial in Lenoir. To date, ASPR teams have seen nearly 1000 patients. ASPR will continue to work with federal, state, and local partners to prioritize medical assistance to other areas affected by Hurricane Helene as required and requested.  

    Supporting Workers and Worker Safety

    Working alongside the Department of Labor, the States of North Carolina has announced that eligible workers can receive federal Disaster Unemployment Assistance to compensate for income lost directly resulting from Hurricane Helene. And, through the Department of Labor’s innovative partnership with the U.S. Postal Service, displaced workers in North Carolina can now go to the post office in any other state and verify their ID for purposes of getting their benefits quickly.

    Supporting Farmers and Agriculture

    The U.S. Department of Agriculture (USDA) has put contingency plans and program flexibilities into place to ensure farmers, foresters and communities are able to get the support they need, such as by extending program signup opportunities, expediting crop insurance payments, and using waivers and emergency procedures to expedite recovery efforts on working lands. USDA’s Food and Nutrition Service has issued flexibilities and waivers for North Carolina to ensure that food and nutritional assistance reaches those in need as soon as possible. In North Carolina, waivers have been issued to increase access to WIC products, replace benefits through Summer EBT, allow the purchase of hot foods through SNAP, and more.

    Additionally, USDA is currently coordinating over 200 staff on the ground in North Carolina, including saw support teams and emergency road clearance teams, to help clear trees and debris, including in Waterville, Marion, Newton, and Weaverville.

    Supporting Students and Student Loan Borrowers

    The Department of Education has offered technical assistance to states and local educational agencies to support recovery efforts and shared critical resources, including those developed by other federal agencies and organizations, to support restoring the teaching and learning environment.

    The Department’s office of Federal Student Aid (FSA) has flexibilities that are automatically available to affected institutions of higher education to help their continued management of the federal student aid programs. These flexibilities help schools if they need to adjust their academic calendars, such as due to unexpected closures, and also help students who may need to take a leave of absence. The flexibilities also help students avoid reductions in their federal aid due to any state or federal disaster assistance provided. FSA will also work with affected institutions that need help on other areas, such as paying credit balances. FSA has communicated with schools located in the areas impacted by Hurricane Helene. Those communications included existing Department guidance about how natural disasters impact schools and their administration of financial aid, resources, and links to FEMA disaster aid information. FSA’s communications also included a way for schools to share more information about the disaster impact on their campus and submit questions about administrative relief and flexibilities.

    The Department is ensuring affected borrowers in areas impacted by the hurricanes can focus on their critical needs without needing to worry about missing their student loan payments. Direct Loan borrowers and federally-serviced FFEL borrowers in the affected area who miss their payments will be automatically placed into a natural disaster forbearance. During forbearance, payments are temporarily postponed or reduced, and interest is still charged. Thanks to regulations issued by the Biden-Harris Administration, months in this forbearance will count toward PSLF and IDR forgiveness. Direct Loan and federally serviced FEEL borrowers are not required to take an action but have the option to call their servicer if they wish to enroll in the forbearance proactively. Perkins loan borrowers should contact their loan holder to request natural disaster forbearance. 

    Continuing to Survey Data

    The Department of the Interior’s U.S. Geological Survey (USGS) continues working to measure river levels and flow, and repair streamgages that transmit critical data. USGS crews continue working to determine the extent of flooding by surveying for high-water marks. These flood-peak data and high-water marks are used to determine flood frequency and are critical in the design of infrastructure and in determining flood plain boundaries. USGS stood up a landslide response team that now includes 32 USGS scientists, 19 of which ware mapping landslides, to provide technical assistance to the North Carolina Geological Survey and Tennessee Geological Survey. Their work includes reconnaissance using satellite imagery, flights, and on-the-ground assessments to map landslides.

    ###

    MIL OSI USA News

  • MIL-OSI USA News: Letter to Congressional Leadership Providing an Update on Developments in the Middle East and the U.S. Government’s  Response

    Source: The White House

    Dear Mr. Speaker:   (Dear Madam President:)     (Dear Minority Leader Jeffries:)   (Dear Majority Leader Schumer:)
    (Dear Minority Leader McConnell:)
     
    I write to apprise you of developments in Israel and the United States Government’s response to them.
     
    On October 1, 2024, Iran launched over 200 ballistic missiles at Israel.  Consistent with our longstanding commitment to Israel’s security and our public indication of our continuing efforts to protect Israel from Iranian and Iranian-aligned threats, I am reporting to you the posture of United States military forces to aid in Israel’s defense against these attacks and any further such attacks.  The outstanding performance of our service members across the Middle East, working in strong support of Israeli forces, contributed to a historic defense of Israel against Iranian threats, much like our shared success on April 13, 2024.  Our shared success on October 1 included downing dozens of incoming Iranian weapons before they could harm civilians in Israel.
     
    In recent months, we have adjusted the United States military posture to improve United States force protection and increase support for the defense of Israel.  These adjustments include extension of the USS Abraham Lincoln Carrier Strike Group, along with its destroyer escorts and carrier air wing that is equipped with F-35C Lightning II Fifth Generation Fighters, to replace the previously extended USS Theodore Roosevelt Carrier Strike Group.  We also have deployed additional destroyers, including some that are ballistic missile defense-capable; the guided missile submarine USS Georgia, the USS Wasp Amphibious Ready Group/Marine Expeditionary Unit, multiple fighter and attack squadrons of Fourth and Fifth Generation Fighters including F-22, F-15E, and F-16, as well as A-10 Attack aircraft; and other forces.
     
    United States forces will remain postured in the region to serve important national interests, including the protection of United States persons and property from attacks by Iran and Iranian-aligned militias, and to continue to support the defense of Israel, to which our commitment remains ironclad.  In this context, I directed the deployment to Israel of a ballistic missile defense system and United States service members capable of operating it to defend against any further ballistic missile attacks while this defensive posture is deemed warranted.
     
    I directed this action consistent with my responsibility to protect United States persons and interests abroad and in furtherance of United States national security and foreign policy interests, pursuant to my constitutional authority as Commander in Chief and Chief Executive and to conduct United States foreign relations.
     
                                   Sincerely,
     
     
     
                                   JOSEPH R. BIDEN JR.

    MIL OSI USA News

  • MIL-OSI USA News: FACT SHEET: U.S. Achievements in the Global Fight Against  Corruption

    Source: The White House

    Corruption poses a grave and enduring threat to U.S. national interests and those of our partners. When officials abuse their entrusted power for personal or political gain, the interests of authoritarians and corrupt actors win – at the expense of citizens, honest businesses, and healthy societies. As the Biden-Harris Administration took office, this longstanding challenge had metastasized. In some countries, oligarchs were teaming up with foreign kleptocrats to warp policy and procurement decisions in exchange for kickbacks – with no accountability. Corrupt officials were laundering stolen assets through the U.S. and global financial systems, while local investigators were ill-equipped to follow the money. Reformers in countries saddled with corruption had scarce public resources to actually address development needs. The Biden-Harris Administration tacked these challenges starting Day One, to ensure democracy delivers and corrupt actors are held to account.

    The first National Security Study Memorandum of the Biden-Harris Administration established countering corruption as a “core U.S. national security interest,” leading to the issuance in December 2021 of the first United States Strategy on Countering Corruption. Since then, the United States has taken action at home and around the world to curb illicit finance, hold corrupt actors accountable, forge multilateral partnerships, and equip frontline leaders to take on transnational corruption. The result has been historic progress in protecting the U.S. financial system from money-laundering, including in the residential real estate sector, while enhancing corporate transparency. This Administration has mobilized record levels of foreign assistance dedicated to anti-corruption, including $339 million in Fiscal Year 2023 alone – almost double the yearly average during the previous four years. This new assistance has unlocked support for anti-corruption institutions, leveled the playing field for law-abiding businesses, enabled journalists to team up across borders, and more. Expanded law enforcement cooperation and capacity-building have generated convictions of corrupt actors as well as the seizure, forfeiture, and return of criminal proceeds, while new anti-corruption offices at the Department of State (State) and the U.S. Agency for International Development (USAID) energized diplomatic and stakeholder engagement. The United States imposed sanctions on more than 500 individuals and entities for corruption and related activities, and established – for the first time in any jurisdiction globally – a new visa restriction for those who enable corrupt activity.

    U.S. progress on anti-corruption has produced concrete benefits for the American people and stakeholders around the world – enhancing prosperity, economic security, safety, and democracy, as outlined below. To bolster and sustain this work, the U.S. government has also modernized its approach to addressing corruption as a cross-cutting priority. Today, Deputy National Security Advisor for International Economics Daleep Singh will highlight the benefits of this work to American businesses and workers at a White House anti-corruption roundtable with leaders from 15 major U.S. companies.

    Advancing economic opportunity abroad

    • Improving the business enabling environment: U.S. assistance advanced governments’ capacity to prevent, detect, investigate, and prosecute corruption, while encouraging anti-bribery compliance. State expanded its Fiscal Transparency Innovation Fund – to help willing partners improve budget transparency – while holding countries to account for progress in its Fiscal Transparency Report. In the past two years alone, a newly expanded State-Federal Bureau of Investigations (FBI) program facilitated U.S. collaboration with foreign counterparts on more than 50 transnational corruption and money laundering cases with a U.S. nexus. In coordination with State, experienced legal advisors from the U.S. Department of Justice (DOJ) assisted foreign justice partners around the world in investigating and prosecuting corruption and money laundering cases, and recovering assets. And DOJ’s Kleptocracy Asset Recovery Initiative, in partnership with the FBI and the Department of Homeland Security, has recovered more than $1.7 billion and returned or assisted in returning more than $1.6 billion for the benefit of the people harmed by the corruption.
    • Enforcing our bans on foreign bribery and money-laundering – and pressing other countries to do the same: To enable honest companies to compete overseas, the United States upheld its commitments under the OECD Anti-Bribery Convention by enforcing its foreign bribery and related laws and working with partners to monitor other countries’ progress in implementing the Convention, which celebrated its 25th anniversary in 2024. Since the start of the Administration, DOJ has imposed more than $3.5 billion in total monetary sanctions under the Foreign Corruption Practices Act (FCPA) in 16 corporate resolutions, and announced charges against more than 70 individuals. For instance, this April the former Comptroller General of Ecuador was convicted of money laundering relating to his receipt of over $10 million in bribes from, among others, the Brazil-based construction conglomerate Odebrecht S.A. The Securities and Exchange Commission continued civil enforcement of the FCPA, with approximately $1 billion in total monetary sanctions in 22 corporate resolutions, spanning conduct in 24 countries, since the start of the Administration. DOJ is also enforcing the recently enacted Foreign Extortion Prevention Act, which criminalizes demands for bribes by foreign officials from U.S. companies and others. In addition, this August DOJ announced a new Corporate Whistleblower Awards Pilot Program to uncover and prosecute corporate crime – with a particular focus on foreign and domestic corruption, as well as violations by financial institutions of their obligations to take steps to detect and deter money laundering.
    • Seizing windows of opportunity: U.S. assistance has become more agile via the establishment of USAID’s Anti-Corruption Response Fund (providing flexible support to countries experiencing new opportunities or backsliding), the State-DOJ Global Anti-Corruption Rapid Response Fund (providing assistance and case mentoring to foreign partners on short notice), and USAID’s Democracy Delivers initiative (which has marshalled $500 million in funding from the United States and others to help reformers deliver, including on their anti-corruption commitments). These innovations, informed by USAID’s Dekleptification Guide, are enabling the U.S. government to more nimbly pivot toward environments where local momentum can be bolstered by outside assistance.
    • Bolstering integrity in high-risk sectors: In April 2024, the United States and its partners launched the Blue Dot Network – a mechanism to certify infrastructure projects that have met global standards for quality and sustainability, including transparency in procurement and provisions to limit opportunities for corruption. The United States also supported the launch of PROTECT, a collective action project to address corruption risk in the supply chain for critical minerals.
    • Strengthening corruption safeguards in the Indo-Pacific: In June, the United States and thirteen other partners held a signing ceremony, after concluding eight rounds of negotiations in record time, for the Indo-Pacific Economic Framework for Prosperity (IPEF) Fair Economy Agreement. The Agreement aims to create a more transparent, predictable trade and investment environment across IPEF partners’ markets, including through binding obligations to prevent and combat corruption. The Department of Commerce (Commerce) and State are accelerating implementation by offering new anti-corruption technical assistance to IPEF partners, including workshops on procurement corruption.
    • Dialoguing with the private sector: In 2021, State launched the Galvanizing the Private Sector as Partners in Combatting Corruption initiative, which connects companies and governments to strengthen business integrity and encourage governance reform. Commerce’s International Trade Administration organized the 2024 forum of the Business Ethics for Asia-Pacific Economic Cooperation (APEC) Small and Medium Enterprises Initiative – the world’s largest public-private partnership on ethical business conduct – at which stakeholders formalized policy recommendations on business integrity in public procurement.

    Protecting the U.S. financial system from abuse

    • Expanding corporate transparency: To deter kleptocrats and criminals from laundering money through anonymous shell companies, the Department of the Treasury (Treasury) operationalized a new filing system for certain companies operating in the United States to report their beneficial owners – the real people who own or control them – pursuant to the bipartisan Corporate Transparency Act. Treasury held hundreds of outreach events across all states and territories, reaching thousands of stakeholders, to enable companies to quickly and easily comply with this reporting requirement.
    • Closing loopholes for money-laundering: Treasury finalized rules to close two major loopholes in the U.S. financial system: (1) to increase transparency in the U.S. residential real estate sector, to ensure that law-abiding homebuyers are not disadvantaged by individuals laundering their ill-gotten gains, and (2) to safeguard the investment adviser industry from illicit finance. Treasury also proposed a rule to modernize financial institutions’ anti-money-laundering/countering the financing of terrorism (AML/CFT) programs, to make them more effective and risk-based. Together, these rulemakings represent historic advances for the U.S. AML/CFT regime, in line with international standards, that will help the United States urge other countries to undertake similar reforms to curb illicit finance. The Biden-Harris Administration has also called on Congress to close even more loopholes that facilitate money-laundering by passing the ENABLERS Act.
    • Blocking assets and denying entry to corrupt actors: Since the start of the Administration, Treasury has designated more than 500 individuals and entities for corruption and related activities, across six continents. That includes blocking the assets of 20 individuals and 48 companies in Fiscal Year 2024 for corruption in Afghanistan, Guatemala, Guyana, Paraguay, Western Balkans, and Zimbabwe. In tandem, State publicly issued corruption-related visa restrictions for 76 foreign officials and family members in Fiscal Year 2024, and 292 over the course of the Administration. These actions have protected the U.S. financial system from corrupt actors and promoted accountability in domestic jurisdictions. For example, just one week after the U.S. issuance of a public visa restriction on former Director of Bosnia-Herzegovina (BiH) Intelligence Services Osman Mehmedagic for significant corruption, he was arrested by BiH authorities for abuse of office.
    • Taking aim at enablers of corruption: In December 2023, President Biden issued an historic Presidential Proclamation establishing a visa restriction for those who facilitate and enable significant corruption and their immediate family members. This new visa restriction complements existing commitments to use sanction and law enforcement capabilities to target private enablers of public corruption. Earlier this year, the FBI and DOJ secured a guilty plea and a criminal penalty of $661 million from Gunvor – one of the largest commodities trading firms in the world – for facilitating bribery of Ecuadorian officials and laundering those bribes through U.S. banks. In addition, USAID launched new activities to incentivize integrity within professions that serve as gatekeepers to the international financial system.
    • Upholding international standards: The United States has helped lead efforts to expand anti-corruption work at the Financial Action Task Force (FATF), including improving assessment tools, mitigating risks associated with “golden passport” programs, and highlighting how non-financial sectors can be abused by corrupt actors.

    Keeping America and our partners safe

    • Addressing corruption risk in the security sector: Security sector corruption can divert essential supplies, empower malign actors, threaten the safety of U.S. service members, and undermine U.S. military missions writ large. In the past year, the Department of Defense (DOD) incorporated corruption risk into its security cooperation planning – subjecting certain proposals to further scrutiny and identifying risk mitigation measures as needed. State also created new resources to weigh corruption risk as part of security sector assistance decision-making. In addition, State’s Global Defense Reform Program and DOD’s institutional capacity building programs advanced more transparent, accountable, and professional defense institutions. DOD continued running a training course on combatting corruption for partner military commanders and civilian leaders.
    • Tackling organized crime and corruption: Transnational criminal organizations often rely on corruption to enable their criminal activities and evade accountability – which fuels narcotrafficking into the United States, human smuggling, cybercrimes, and more. The U.S. government is deploying anti-corruption tools to target criminal networks and their financial enablers, in line with the 2023 White House Strategy to Combat Transnational Organized Crime.
    • Standing up to Russia’s aggression: The United States has adapted to address the wartime needs of Ukraine’s anti-corruption stakeholders, as they close off a key vector for Russian dominance and advance Ukraine’s democratic future. In 2023, Ukrainian anti-corruption investigators and prosecutors achieved an 80 percent increase in prosecutions and a 50 percent increase in convictions, plus opened cases against high-ranking officials including the former head of the Ukrainian Supreme Court.  With U.S. support, Ukraine has advanced significant reforms on asset disclosure, launched a whistleblower portal, strengthened the National Anti-Corruption Bureau, and enhanced transparency and integrity in reconstruction.
    • Securing a greener future: The United States has integrated an anti-corruption lens across sectors, with particular emphasis on addressing corruption vulnerabilities that threaten a secure, just energy transition for all. This includes USAID support to the Extractive Industries Transparency Initiative (EITI), increased mining transparency in the Democratic Republic of Congo and Zambia, and innovations that address transnational corruption in green energy mineral supply chains across 15 countries.
    • Protecting global health: Corruption curtails the ability of states to respond to pandemics and undercuts access to basic healthcare. USAID is tackling this challenge by releasing cutting-edge guidance on anti-corruption in the health sector and launching integrated programming. For example, in Liberia the United States is working with the government to curb theft of pharmaceuticals through civil society monitoring, law enforcement trainings, and public awareness campaigns.
    • Addressing the root causes of migration: Combating corruption is a core component of improving conditions in El Salvador, Guatemala, and Honduras – so people do not feel compelled to leave their homes, in line with the U.S. Strategy for Addressing the Root Causes of Migration in Central America. Recent U.S. actions have included training up to 27,000 justice sector stakeholders in those countries to more effectively address corruption.

    Defending democracy by rooting out corruption

    • Tackling electoral corruption: When candidates can be bankrolled by foreign adversaries and institutions captured by kleptocrats, citizens lose faith in their governments—or even in democracy itself. In response, USAID has launched new programs to bolster electoral integrity, strengthen independent media, and increase the transparency of political finance in high-risk locations.
    • Lifting up civil society and independent media: The U.S. government has substantially expanded support to frontline activists and journalists, including through the Global Anti-Corruption Consortium. In addition, a new State Department initiative is training hundreds of journalists in transnational corruption investigations, while USAID’s new investigative journalist networks in Asia and Southern Africa are building capacity to track corruption across sectors and across borders. The Secretary of State established a new award for Anti-Corruption Champions, which has honored dozens of courageous civil society leaders and embattled reformers. In 2022, the United States also hosted the largest regular gathering of civil society activists fighting corruption – the International Anti-Corruption Conference – in Washington, DC, with keynote remarks from APNSA Jake Sullivan.
    • Protecting sovereignty: Authoritarian actors like Russia and the PRC use bribery to interfere in the policy, procurement, debt, and electoral processes of other countries – undermining both sovereignty and democracy. The United States is standing up to this tactic by building the resilience of frontline actors to detect and deflect foreign-backed strategic corruption, educating partners about the kleptocrats’ playbook, harnessing sanction tools to deter threats, and increasing collaboration between practitioners working on anti-corruption and those addressing foreign malign influence – both within the USG and with likeminded partners. For example, in June the United States joined with Canada and the UK to expose Russia’s use of corruption and covert financing, among other tactics, to undermine democratic processes in Moldova.
    • Restoring trust in American democracy: The Biden-Harris Administration has established the strongest ethics standards of any U.S. presidency. On his first day in office, the President signed an Executive Order requiring administration officials to take a stringent ethics pledge, which extends lobbying bans, limits shadow lobbying, and makes ethics waivers more transparent. The Administration also restored longstanding democratic norms by protecting DOJ cases from political interference, releasing the President’s and Vice-President’s taxes, and voluntarily disclosing White House visitor logs. And in the last year, the Office of Government Ethics finalized rules updating the standards for ethical conduct and legal expense funds for executive branch employees.
    • Protecting American democracy from malign finance: Just as we defend democracy around the world, the U.S. government is working to keep American democracy safe from foreign adversaries. Actions to curb money laundering in the United States can help reduce the ability of foreign and domestic actors to make illegal campaign contributions and evade U.S. election laws. President Biden has called on Congress to go even further by passing the DISCLOSE Act, which would curb the ability of foreign entities and special interests to use dark money loopholes to influence our elections.
    • Revitalizing participation in the Open Government Partnership (OGP): The United States rejoined the Steering Committee of OGP – a platform for civil society and governments to forge joint commitments and learn from each other– and provided assistance for OGP’s work on anti-corruption. Domestically, the United States has turbocharged OGP implementation by creating the U.S. Open Government Secretariat at the General Services Administration, an Open Government Federal Advisory Committee, an Interagency Community of Practice – spanning federal, state, local, tribal, and territorial governments, and engaged with hundreds of stakeholders to exchange lessons and expand transparency, accountability, and public participation. The United States also launched the first-ever Request for Information to feed into the 6th U.S. OGP National Action Plan and announced development of a toolkit to help federal agencies more meaningfully engage with the public.

    Modernizing and coordinating U.S. government efforts to fight corruption

    • Institutionalizing anti-corruption as an enduring priority: Over the past four years, Departments and Agencies have made substantial organizational improvements to elevate corruption concerns. For example:
      • The State Department’s new Office of the Coordinator on Global Anti-Corruption leads the integration of anti-corruption priorities into bilateral and other policy processes, conducts targeted diplomatic engagements, and drives strategic planning, including through the Department’s senior-level Anti-Corruption Policy Board. In the past year, the Office jumpstarted implementation of the Combating Global Corruption Act and completed an analysis of anti-corruption assistance to inform future State Department decision-making.
      • USAID’s new Anti-Corruption Center, within the newly established Bureau for Democracy, Human Rights, and Governance, serves as a hub of technical expertise and thought leadership – driving the integration of corruption considerations across USAID’s portfolio, supporting USAID Missions in developing localized approaches, managing a suite of programming focused on transnational corruption, and using its convening power and policy insights to forge strategic partnerships. Since 2022, USAID has released its first-ever Anti-Corruption Policy, which outlines a cross-sectoral approach to constraining opportunities for corruption, raising the costs of corruption, and incentivizing integrity – plus a host of tools to drive uptake across USAID.
      • FBI’s International Corruption Unit expanded an agreement with the State Department to deploy six regional anti-corruption advisors to strategic locations around the world, where they organize regional working groups with local law enforcement officials, provide case-base mentorship, and facilitate coordination with the International Anti-Corruption Coordination Centre.

    Expanded interagency capacity has been complemented by the National Security Council’s establishment of a dedicated Director for Anti-Corruption position, for the first time, to ensure whole-of-government coordination and advance anti-corruption within key policy processes.

    • Leading in multilateral fora: The United States has regained its leadership role in the international bodies that shape anti-corruption norms globally and can sustain momentum across time. In particular, the United States stepped into the presidency of the UN Convention against Corruption Conference of States Parties (UNCAC COSP), proudly hosting in December 2023 thousands of stakeholders in Atlanta, Georgia, led by the U.S. Representative to the United Nations Linda Thomas-Greenfield. As part of its commitment to championing the role of non-governmental actors in the fight against corruption, the United States facilitated record civil society participation in UNCAC working group meetings, hosted the first UNCAC Private Sector Forum, and supported inclusive implementation of UNCAC commitments in Latin America, East Africa, and Southeast Asia. The United States also participated in several peer reviews of our own anti-corruption practices over the last three years, and proudly made these results public. Alongside these multilateral fora, we convened the Global Forum on Asset Recovery action series to accelerate practitioner cooperation across the United States, Algeria, Honduras, Iraq, Moldova, Nigeria, Seychelles, Ukraine, the United Kingdom, and Zambia.
    • Understanding corruption dynamics: The Intelligence Community developed and disseminated new resources to bolster intelligence prioritization, collection and analysis on corrupt actors and their networks. USAID commissioned research on topics like countering corruption through social and behavioral change and State initiated an interagency anti-corruption learning agenda and a small grants program to support it.
    • Deepening external partnerships: The United States convened a series of coordination meetings with other bilateral donors and philanthropies in order to harmonize our anti-corruption approaches and galvanized anti-corruption resources across the donor community through the Integrity for Development campaign. USAID’s Countering Transnational Corruption Grand Challenge for Development brought together technologists, businesses, activists, and others to collaboratively address concrete corruption challenges.

    ###

    MIL OSI USA News

  • MIL-OSI USA News: Statement from Vice President Kamala  Harris on One Million Public Service Workers Receiving Student Debt  Cancellation

    Source: The White House

    Higher education should be a pathway to economic opportunity – not a lifetime of debt. That is why I have fought to make education more affordable and reduce the burden of student debt throughout my career.

    When President Biden and I took office, only 7,000 people had ever been approved for Public Service Loan Forgiveness. Today, I am proud to say that a record one million teachers, nurses, first responders, social workers, and other public service workers have received student debt cancellation. As I travel our nation, I meet many of these public servants who say they now have more money in their pocket to put towards buying a home, renting an apartment, getting a car, starting a family, and saving up for the future.

    Our Administration has forgiven over $170 billion in student debt for nearly five million people throughout the country — more than any Administration in history. And while Republican elected officials do everything in their power to block millions of their own constituents from receiving this much needed economic relief, I will continue our work to lower costs, make higher education more affordable, and relieve the burden of student debt. I am fully committed to doing what is necessary to build an economy that works for every American.

    ###

    MIL OSI USA News

  • MIL-OSI USA News: Remarks by President  Biden and First Lady Jill  Biden at an Italian American Heritage Month  Reception

    Source: The White House

    5:54 P.M. EDT
     
    THE FIRST LADY:  Thank you.  (Applause.)
     
    Thank you, Alexa.  And I’m excited to see your generation forging new connections to our past and shining such a bright light into our future.
     
    And I’m also grateful to the National Italian American Foundation.  (Applause.)  John, Robert, you’ve all — you’ve helped so many people experience our heritage in Italy and preserve it here in the United States.  So, thank you.
     
    Buonasera, everyone.  (Laughter.) 
     
    AUDIENCE:  Buonasera!
     
    THE FIRST LADY:  And welcome to the White House.
     
    When I was a little girl, I learned what it means to be Italian American in my grandparents’ tiny, well-worn kitchen — and not only because there were ribbons of pasta — homemade pasta and sauce bubbling over on the stove.
     
    No, the most important lesson that I learned in their kitchen was that, when you’re Italian American, there’s always room for one more chair at the table — (applause) — enough bread toast to feed one more guest, enough space in our hearts for another friend to become like family. 
     
    And even when times are hard, there’s —
     
    THE PRESIDENT:  Looking at me.  (Laughter.)
     
    THE FIRST LADY:  There’s always enough time to — (the president makes the sign of the cross) — (laughter) — enjoy the pleasures of life together.
     
    My grandparents also taught me to never waste an opportunity to invite more people to the table and make a difference together.  So, I knew I had to bring those values of love, abundance, and service to the White House as the first Italian American first lady.  (Applause.)
     
    That’s why I’ve used this platform to give more women a seat at the table in discussions about their own health — (applause) — to hear from military families about how we can support them, to uplift community college students. 
     
    And I’ve had the opportunity to bring so many more people inside the historic walls of the White House by creating new educational experiences that allow more Americans to immerse themselves in this house, the People’s House; by using these rooms to celebrate the young people who are changing our world; by honoring the immigrants who helped build this country; and tonight — (applause) — thank you — and tonight, gathering with this community — my community — to celebrate our culture.  (Laughter.)
     
    So, it’s been the honor of my life to serve as first lady.  And during my time here, I’ve often thought of my great-grandparents leaving everything they knew behind to chase the promise of America.  And then, when they arrived on Ellis Island to take their first strides into a new life, I don’t think that they could ever have imagined that a group of hundreds of Italian Americans — coming together in the White House.
     
    When our roots run deep, there’s no limit to how high we can reach.  So, tonight, I hope that you feel the power of our ancestors’ values beating inside of us as we carry their legacy forward; that you feel home — you feel at home, eat good food, and end up with a little something sweet together, as a family.  (Laughter.)
     
    Now, it’s my pleasure to introduce a man who’s always felt at home — (laughs) — with Italian Americans.  (Applause.)  In fact, Joe first met my family at a big cookout at my grandparents’ house in Hammonton, New Jersey. 
     
    So, I was pretty nervous, you know, about Joe coming to meet my family.  But as soon as Joe pulled up into the driveway — and you kn- — you can picture this — my tiny grandmom bolted out of the house, bounded down the porch steps, in her housecoat and her apron, and she gave Joe this huge hug, as if she’d known him his entire life.  And before he could even get a plate, Joe was greeted not as a stranger but as family.
     
    Over the years, I’ve seen the Italian American community extend the same joyful love and support to Joe.  You mean so much to him.  (Laughs.)
     
    So, please welcome — I don’t know why I’m getting so emotional — your president, my husband, Joe.  (Applause.)
     
    THE PRESIDENT:  Welcome to the White House.  (Applause.)   My name is Joe Biden, and I’m Jill Biden’s husband.  (Laughter and applause.)
     
    Now, I may be Irish, but I’m not stupid.  (Laughter.)  I married Dominic Giacoppa’s granddaughter. 
     
    And five years ago, I want you to know, I received the Sons of Italy Man of the Year award.  To the best of my knowledge, I’m the only non-Italian ever to receive that award.  (Laughter and applause.)  There was a large crowd when I received that award.  It was down by the train station. 
     
    You know, I said I — I moved from an Irish Catholic neighborhood in Scranton to an Italian Catholic neighborhood in Claymont, Delaware.  And I went from a — where — a place where you ended like Finnegan and Murphy and all that, down if your name didn’t lend — end in “O,” you’re in real trouble.  (Laughter.) 
     
    I was one of the few guys whose name didn’t end in “O.”  I’d look out there and look at all my friends.  You know, I accepted the award and named some of the guys I grew up with next door: Sonny Daramo, whose mom would say, “Joey, it’s not sauce; it’s gravy, Joey.  It’s gravy, Joey.”  (Laughter and applause.)  Oh, you think I’m kidding.  I’m not.  (Laughter.)
     
    No, Anzilotti, De- — Sabatino, Buchini, Bifferato, Ceni, Congialdi, Deluterio, Monaco — no, you think I’m kidding —  Tancr- —
     
    By the way, after I talked about it, I looked down at that crowd and said, “You know…” — thinking about it, I said, “I deserve this damn award.”  (Laughter.)  “With that many Italian friends, man, I deserve that award.”  (Laughter.)
     
    Thank you, Alexa, for being here and sharing your pride in your family and your heritage. 
     
    Look, and it’s great to see so many friends from the National Italian American Foundation, you know, the Sons and Daughters of Italy, and so many other Italian American leaders and organization from all across the country.
     
    You know, I can honestly say I wouldn’t be president without you.  I wouldn’t be president without the Italian American community. 
     
    Now, what she didn’t say is we do have something in common.  I’m Catherine Eugenia Finnegan — Irish Catholics background.  You guys, a lot of you are Catholics, you know.  (Laughter.)  I know you don’t admit it as much, but there — (laughter).
     
    This month is about celebrating the extraordinary contributions and proud, proud herita- — heritage of Italian Americans to our nation.  And it’s kind of endless. 
     
    For some of our families, your story is America’s story.  It stretches back generations.  For others, it just started.  No matter when these st- — stories of immigrants who left everything behind to travel across the ocean in pursuit of the American dream just for a shot — just a simple shot.  You and your ancestors worked hard to help build this country and build the middle class. 
     
    People like my college friend, the late Congressman Bill Pascrell — he’s been — Bill, Jr. is here.  Where — where are you, Bill?  (Applause.)  There you are. 
     
    I used to kid his dad all the time.  I said, “You know, Delaware may be the second-smallest state in the Union, but we own the Delaware River up to the highwater mark in New Jersey.”   (Laughter.)  There was actually a Supreme Court case about that.  Anyway.  (Laughter.)
     
    But he represented New Jersey, and his son represents the House of Representatives.  And Bill did it for 27 years, when he passed away this summer.  He was the grandson of Italian immigrants, a giant in the community, and a devoted patriot to the nation.  You got good blood, kid, as my dad would say.  (Applause.) 
     
    He was a part of a proud, proud heritage of Italian Americans who enrich every part of American life: entrepreneurs, educators, scientists, chefs, diplomats, doctors, servicemembers, veterans, athletes, actors, artists, and so much more.  There’s nothing the Italian community is not engaged in — I mean, virtually nothing.  There’s noth- — no community you don’t excel in.
     
    But I also know it wasn’t always easy.  Many of your ancestors faced horrific discrimination, like my ancestors faced horrific discrimination, when they first came to our shores.  Yet, even in the face of — Italian Americans proved that they had the resilient spirit and a devotion to family and community, an unshakeable faith in the promise of a better tomorrow. 
     
    You know, my dad used to have an expression.  He’d say, “Joey, family is the beginning, the middle, and the end — the beginning, the middle, and the end.”  It’s a faith that has carried through to today, both at home and abroad. 
     
    Italian Americans are central to our nation’s deep friendship and strategic partnership with Italy.  I’ve — I’ve worked out a really good relationship with the Italians.  I’m — well, Ital- — I better have done that but at home.  (Laughter.)  But all kidding aside, with th- — with Italy.  What a magnificent country.
     
    You know, and — anyway, I won’t get started.  But — (laughter) — you know, the bond between our countries is founded on a shared principle and shared commitments, including the shared support for the brave people of Ukraine as they defend themselves against Russia’s illegal (inaudible).  (Applause.)
     
    I might add, they have a female leader.  (Applause.)  I wish Sonny Daramo were here to hear that.  (Laughter.)
     
    In addition, Italy’s remarkable stewardship with the presidency of the G7 this year, as well as Italy’s long-standing contributions to transatlantic security through NATO — look, and their strong leadership in the European Union — it underscores how important Italy’s role is on the global stage, not just, you know, for America but for the world.   
     
    You know, let me close with this.  You know, Michelangelo famously said he “saw an angel in the marble, and I carved until I set it free.”  “I saw an angel in the marble, and I carved until I set it free.”  To me, that’s the essence of what Italian Americans have done to our country for our entire history.  You’ve carved until you set us free.  I’m — I’m being dead- — deadly earnest.  
     
    We’re all reminded that when Jill and I had the honor to host one of the greatest singers of all time, in my view, Andrea Bocelli, here at the White House for Christmas in our first year in office, he performed with his son and his daughter as if they were a choir of herald angels.  They were incredible.  You know, with their God-given talent, the Bocelli family moved our hearts, pierced our souls — and I mean this sincerely — I have all of the music on my — and they embodied the spirit and beauty of all that connects us as people.  A powerful reminder that America’s story depends on — not on any one of us but on — not on some of us but all of us. 
     
    It’s a story I see in all of you, working tirelessly — tirelessly to help realize the promise of America — and I mean it — for all Americans.  Not a joke.  Because some of you have been on the short end of the stick like my family growing up had been. 
     
    This is what the Italian American Heritage Month is all about.  It’s about celebrating and connecting, feeling the pride in heritage and community, remembering who the hell we are. 
     
    We’re the United States of America, and there’s nothing beyond our capacity when we do it together — nothing, nothing, nothing.  (Applause.)  No, I really mean it.
     
    So, thank you.  Thank you, thank you, thank you. 
     
    And I want to tell you, you know what made me mo- — the — probably one of the most famous guys in my family — the whole family?  Not being president.  I took her to a beautiful little island off of Sicily.  (Laughter.)  And she keeps saying, “I’m going back.”  (Laughter.)
     
    THE FIRST LADY:  Soon!
     
    THE PRESIDENT:  “With — with or without you.”  (Laughter.)
     
    So, folks, all kidding aside, thank you.  You’re an incredible community.  (Applause.) 
     
    THE FIRST LADY:  Thank you.
     
    THE PRESIDENT:  You’re an essential part of my life. 
     
    Thank you, thank you, thank you.  (Applause.)  Enjoy the day. 
     
    God bless you all.  And may God protect our troops. 
     
    Thank you.  (Applause.)  All right.
     
    6:07 P.M. EDT

    MIL OSI USA News

  • MIL-OSI USA News: Remarks by President  Biden at a Memorial Service for Mrs. Robert F.  Kennedy

    Source: The White House

    3:53 P.M. EDT

    THE PRESIDENT:  Hello.  (Applause.)

    Joe, thank you.

    Thank you, thank you, thank you.  (Applause.) 

    I’m sure you’re clapping because I’m the last speaker. 

    Well, that was worth that partial comment — or concert.  You know what he said on the way out?  Can I tell them, pal?  He said, “If I get a Grammy, I’m going to give it to you,” the only guy in this whole darn church who can’t sing a note.  (Laughter.)

    My dad used to have a band and sang.  He said, “Joey, I don’t know where the hell you came from.  You can’t carry a tune.  You can’t sing.  You can’t dance.  I don’t know where you came from, but I love you anyway.”  (Laughter.)

    Father MacMillan, thank you for everything.  Thank you for — for being so good to us. 

    President Clinton, President Obama, distinguished guests; the Kennedy family, children, grandchildren, great-grandchildren, and extended family, it’s been an emotional journey listening to all of you.  When I knew I was going to be the last speaker, I thought, “How did that happen?”  Because, you know, it brings back so many memories. 

    Ethel was always there for so many people, and she played an essential role in my life as well — maybe a little different than with others.  She was there as soon as I entered political office in 1972 as a 29-year-old kid before I got sworn in. 

    I was in her brother-in-law’s office — Teddy’s office — hiring staff — I was only 29; you had to be 30 years old to be sworn in, and I wasn’t 30 yet — when I got a phone call from the fire department in my — by my house saying there had been an accident.  A tractor-trailer had broadsided my wife’s automobile, Christmas shopping with a Christmas tree on top, on December 18th, and killed my wife and killed my daughter, and my boys weren’t expected to live. 

    When I lost my family — and she was there.  Joe, your mom was there then — then.  

    As soon as I got elected president, I received a letter from your mom.  The letterhead was titled Mrs. Robert Kennedy, and in her very neat handwriting, she had written that she took great comfort in knowing the country was in good hands. 

    She had no idea, for a 29-year-old kid in that circumstance, how much it meant.  Because as some of you know — Bill knows — I didn’t plan on sticking around after that accident. 

    She said she was honored and proud there was a bust of her husband, Bobby Kennedy, in my office, the Oval Office. 

    I have only two political heroes in my life: Dr. King and Bobby Kennedy.  Not a joke.  So, I didn’t realize — my two colleagues from the — who were president know — you get to pick what you want in your office, and I wanted to be able to see both of them from my — from the Resolute Desk by the fireplace: Dr. King and Bobby Kennedy.

    And days later, I received another letter from her that I’ll always remember, and I know all of you look forward to each year: a valentine card — a valentine card.  Which, in our house, Valentine’s Day is known as “Jill’s holiday.”  (Laughter.)

    Like Ethel, Jill is a practical joker.  This was no surprise — it was no surprise that Jill loved Ethel’s card that year, which said — I’m not sure the hundred others who receive it felt the same way because, apparently, she sent that card — she sent it to everyone that year.  (Laughter.)  It was a picture of me and Ethel surrounded by hearts.  (Laughter.)  Oh, you think I’m kidding.  I — it meant a lot to me, I’m telling you.

    Printed — the language on the card, it said — in the printed language of the card, it said, “I’m not Biden my time waiting for you, Valentine.”  (Laughter.)  And then in her handwriting, she says, “‘Cause he’s no ordinary Joe.”  (Laughter.) 

    I don’t know how many of you got that damn valentine, but I tell you what, it meant a lot to me.  (Laughter.)  I’ve received a lot honors in my life, but that might be the best one I’ve ever received.  (Laughter and applause.)

    You know, yes, Ethel was Mrs. Robert Kennedy.  She was one of my politi- — he was my — as I said, one of my political heroes.  But I always knew her as Ethel Kennedy, a hero in her own right.  I loved Bobby Kennedy.  I’ve only met him once when I was in Syracuse law school and he was campaigning.  But I — I just — I admired him so damn much. 

    I’ve told John Kerry this, my buddy.  I — I could picture Bobby at my kitchen table with my dad and my mom.  I could picture him there.

    But, you know, Ethel was a hero in her own right, full of character, full of integrity and empathy — and genuine empathy. 

    She was full of laughter and joy and light.  She was a great athlete in her own right, for real.  She was a mother.  Literally, there was nothing, from my perspective and, I suspect, most of you, that she couldn’t do — nothing.

    Four years later, after I had gotten — after Bobby — she lost her beloved Bobby, she invited me and my boys to her home after the accident left my family broken, having lost my wife and daughter, my boys barely making it.  Along with Teddy, she got me through a time I didn’t want to stick around.  I wanted no part of being in the Congress or the Senate.  I mean it.

    I’d spoken to my governor, because we had elected a Democratic governor, to find a replacement for me.  But Teddy and Ethel Kennedy would hear nothi- — none of it. 

    You know, the fact is, like she did for the country, Ethel helped my family find a way forward with principle and purpose. 

    We saw how she picked up Bobby’s cause and stamped her own mark on the country.  Marching for civil rights, as you heard about today, and working to end poverty at home, attempting to secure peace abroad, and so much more.  She once said, “For anyone to achieve something, you have to show a little courage.  You’re only on this Earth once.  You must give it all you’ve got.”

    Reminded me of my mom.  My mom used to say, “Joey, courage lives in every heart, and one day you’ll be called upon.  Be ready to stand up.”  And that’s not — that’s from Catherine Eugenia Finnegan Biden, and she meant it.  She meant it.

    For over 50 years, with Ethel’s own iron will and moral courage, she gave it everything she had, and we’re a better nation and a better world because of Ethel Kennedy. 

    Let me close with this.  On a Sunday in May this year, I delivered a commencement speech at Morehouse College in Atlanta.  I noted that had we been in church that day, there’d be a reflection about the resurrection and redemption.  We remember Jesus was buried on Friday, and on Sunday, he rose again.  But we don’t talk nearly enough about that Saturday when his disciples felt all hope was lost — all hope was lost. 

    In our lives and in the life of the nation, we have those Saturdays — and thank God your mom, your grandmom, your great-grandmom was — was there for me — to bear witness to the day before glory, to see people’s pain and not look away.  But work is to be done on Saturday, is to move pain to purpose.  How can faith get a person, get a nation through what is coming? 

    Well, my message to all of us here today and to the entire the country is look to Ethel Kennedy’s faith. 

    To the Kennedy family — presumptuous of me to say this and maybe sound inappropriate, but to the Kennedy family, the Biden family is here for you, as you’ve always been for us.  You changed the life of my boys.  You really did.

    When I lost my son Beau, he was attorney general of the state of Delaware.  And he volunteered to join the National Guard as attorney general.  You either have to be state property or federal property.  And he temporarily gave up his office to go with his unit for a year in Iraq.  And unfortunately, I was in — in out — in and out of Iraq, as Barack knows, because — and Afghanistan 30-some times.  And I got to see him several times.

    But the bad news was he was about a quarter to a half mile away from a burn pit — 100 yards long, 10 feet deep, burning everything from waste to — everything, poisoning the air.  And he came home with Stage 4 glioblastoma and he died.  Your mom was there then too. 

    I apologize.

    So, from the Biden family to the Kennedy family, the hymn that’s very close to our heart based on the 91st psalm, it goes like this: “May he raise you up on eagle’s wings and bear you on the breath of dawn, and make you to shine like the sun, and hold you in the palm of his hand.” 

    May God bless Ethel Kennedy, and may we — she re- — may be — she be reunited with the blessed pieces of her soul in Heaven.

    God bless you all.  And thank you for letting me participate.  Thank you.  (Applause.)

    4:04 P.M. EDT

    MIL OSI USA News

  • MIL-OSI USA News: Press Gaggle by Press Secretary Karine Jean-Pierre and National Security Advisor Jake Sullivan En Route Berlin,  Germany

    Source: The White House

    2:15 P.M. EDT

    MS. JEAN-PIERRE:  Okay.  So, I’m just going to get straight to it.  

    As you can see, I have the national security advisor, Jake Sullivan, here to talk to us about the trip but also the latest in the Middle East.

    Jake, the floor is yours. 

    MR. SULLIVAN:  So, I don’t know if you guys have heard because of the lack of Wi-Fi back here, but the IDF has confirmed the death of Yahya Sinwar, the Hamas leader, and I’ll come to that in just a moment. 

    But let me start by laying out what we hope to achieve over the course of the next 24 hours in Berlin.  This is the president’s first visit to Berlin as president, and he did not want his time in office to go by without going to the capital of one of — one of our most important partners and allies. 

    Germany is a core Ally in NATO, a core partner in the G7.  They’ve been a core player in the Allied response to Russia’s brutal invasion of Ukraine.  And the president is looking forward to having the opportunity to talk to the chancellor and other German officials about where we go from here in Ukraine; about developments in the Middle East, in Iran, Lebanon, Gaza, Israel; about how we align our respective approaches on the PRC; about how we align our industrial and innovation strategies; about artificial intelligence and the clean energy transition. 

    He will also have the opportunity to meet with the prime minister of the UK and president of France.  The four leaders — Germany, France, UK, U.S. — will sit together to particularly focus on two issues.

    One, the war in Ukraine and the pathway ahead, particularly in light of the fact that they’ve all had the opportunity to engage in person with President Zelenskyy over the course of the last few weeks and heard from him about where he sees things going.  So, this is an opportunity to consult on that.

    And then, second, to talk about the ongoing and fast-moving developments across the Middle East region.

    The president will see President Steinmeier.  He’ll spend one-on-one time with Chancellor Scholz.  He’ll spend time with his delegation — with Chancellor Scholz and his delegation. 

    And then, of course, there’ll be this meeting among the four leaders in the afternoon, and there’ll be an opportunity for press statements with the chancellor and the president. 

    So, that’s the plan for tomorrow.

    Of course, this comes against the backdrop of a pretty significant — very significant day in the Middle East, and that is that Yahya Sinwar has been taken off the battlefield.  This is a murderous terrorist responsible for the worst massacre of Jews since the Holocaust.  He has a lot of blood on his hands — Israeli blood, American blood, Palestinian blood — and the world is better now that he’s gone. 

    President Biden has just put out a written statement sharing his thoughts and reactions to the death of Sinwar, and he looks forward to the opportunity soon, perhaps very shortly, to speak to Prime Minister Netanyahu to congratulate the IDF and the brave Israeli soldiers and security professionals who carried out the operation that killed Sinwar but also to talk about the way forward, because Sinwar was a massive obstacle to peace and the day after in Gaza.  And now that that obstacle has been removed, President Biden looks forward to talking to Prime Minister Netanyahu about how we secure the return of the hostages, an end to the war, and a move to the day after in Gaza — a Gaza where Hamas is no longer in power or control. 

    So they’ll have the opportunity to have an initial conversation about that, but this truly is an opportunity we need to seize together to bring about a better day for the people of Gaza, the people of Israel, the people of the whole region.  And the United States is committed to doing everything in our power to help contribute to that. 

    Last thing I will say is that from shortly after October 7th, President Biden dispatched special operations personnel and intelligence professionals to Israel to work side by side with their Israeli counterparts in the hunt for Hamas leaders, including Sinwar, and it was with American intelligence help that many of these leaders, including Sinwar, were hunted and tracked, were flushed out of their hiding places, and put on the run.  And, ultimately, this is a credit to the IDF for taking out Sinwar over the course of the last hours and days, but we’re proud of the support that the United States has given to the IDF all along the way. 

    So, with that, I’d be happy to take your questions.

    Q    Jake —

    Q    Can you say anything — well, go ahead.  I’m sorry. 

    Q    Jake, thanks so much for doing this.  You kind of implied that Sinwar had been an obstacle to hostage release and ceasefire.  How big an obstacle is that?  And does this give you additional hope now of a ceasefire and possibly a hostage release?  How should we process this?

    MR. SULLIVAN:  I didn’t just imply it; I stated it explicitly. 

    At various points along the way, Sinwar was more interested in causing mayhem and chaos and death than in actually trying to achieve a ceasefire and hostage deal.  And we repeatedly saw moments where it was him, in particular, who stood in the way of making progress towards a ceasefire and hostage deal.  Now, there were other obstacles too along the way, but he was certainly a critical one. 

    And, yes, I think his removal from the battlefield does present an opportunity to find a way forward that gets the hostages home, brings the war to an end, brings us to a day after.  That’s something we’re going to have to talk about with our Israeli counterparts.

    Of course, there are still other Hamas actors who need to be brought to justice, and there are hostages, including Americans, being held by terrorists.  We’re going to have to deal with all of that, but we believe there is a renewed opportunity right now that we would like to seize.

    Yeah.

    Q    Do you assess this as being the cutting off of the head of the Hydra, or what — what’s your assessment of Hamas’ capabilities from now on?  Is there going to be a mop up?  And what — what would you recommend the Israelis do?

    MR. SULLIVAN:  Sinwar was a critical figure operationally, militarily, and politically for Hamas.  He had, in fact, consolidated control of both the political and military wing under his singular leadership in — in recent weeks and months.  And so, this is a very significant event.

    But what exactly it means for the future of Hamas as an organization, it’s early days yet.  We will have to see.

    What we do know is that the broad military structure, the battalions of Hamas have been systematically dismantled.  We do know that Hamas does not pose the kind of threat to Israel that it posed on October 7th or anything close to it.  We also know that there are still Hamas terrorists wielding guns and holding hostages and harboring a desire to continue to attack Israel and attack others. 

    And so, we’re going to have to sort through all of that.  But this is an incredibly significant blow to Hamas.  It is the removal of someone who, as I said, was unique in the consolidation of the control of the Hamas apparatus under his command.  And now we will have to work to ensure that his death actually does deal the kind of long-term blow to Hamas that all of us would like to see.

    Q    Can you give —

    Q    Do you get the sense that Netanyahu is done now, that he’s — he’s reached his objectives?  You just laid out the decimation of Hamas — 

    MR. SULLIVAN:  No, his critical objective that — has not been reached.  That objective is the return of the hostages, including American hostages.  So, from the United States’ perspective, we now need to work with Israel, with Qatar and Egypt, with others — and this is something we’ll discuss with our European partners as well — to secure the release of those hostages.  We’d like to see that happen.

    Q    You referenced U.S. intel.  To what extent did that play a role in this particular operation? 

    MR. SULLIVAN:  This operation was an IDF operation.  I’m not here to overclaim or — or try to take credits for something where the credit belongs to them. 

    But the Americans — the special operations personnel, the intelligence professionals — they also deserve our thanks for the work that they did alongside the IDF over the course of many months to help create the kind of counterterrorism pressure in Gaza that put a lot of these guys on the run.  And Sinwar was plainly on the run (inaudible).

    Q    Earlier this — earlier this week, Secretary Blinken and Secretary Austin sent letters to their counterparts threatening legal action if the humanitari- — humanitarian situation in Gaza doesn’t improve.  Can you give us a sense of what that legal option would be and if there are any deadlines or specific actions that the president will raise with Prime Minister Netanyahu about that today?

    MR. SULLIVAN:  The letter speaks for itself.  I think a lot of the headlines were breathless and overblown.  We have had an ongoing dialogue with Israel for months now about improving the humanitarian situation.  We have had previous communications that looked quite similar and that generated positive momentum towards opening crossings and getting more aid in.  We’ve had, actually, constructive back-and-forth with our Israeli counterparts over the last few days in response to our requests, and we expect that we’ll see progress on the ground. 

    One thing that has unfolded this week is — is the reopening of some of the crossings that had been closed in the north and trucks going in.  We need to see that sustained and expanded as we go forward, among the other requests in that letter. 

    But I’d — and I’d — just the other point I would make here is that it’s — it was a private diplomatic communication.  It was a serious, substantive laydown.  It’s part of our ongoing work and partnership with Israel.  And having it all out there in the open, leaked in the way that it was, I think, was highly unfortunate.  And I’ll leave it at that.

    Q    Can you give us a sense of what the president will say in this conversation with Netanyahu?  Will he push for an accelerated timeline for a ceasefire?  Will he say, you

    know, kind of, “Now you achieved the main direct- — main objective and we should move forward on — on other things,” or push for humanitarian aid?

    MR. SULLIVAN:  I’m going to let the president speak to the prime minister before I preview what he’s going to say in the press on the record, but we’ll try to give you a good sense of both what the president is thinking and what he’s communicating to the prime minister at the appropriate time.

    Q    To — to what extent do you think this success with Sinwar might embolden Netanyahu when it comes to retaliating against Iran?  Or do you see them as totally unrelated?  And what are your conversations right now with them in terms of restraint — or whatever you want to call it — when the president has thoughts about what the target should be when they hit back?

    MR. SULLIVAN:  We’ve had very constructive communications with the Israelis about how they’re thinking about responding to the attack on October 1st.  Those conversations will continue. 

    I can’t speculate as to the psychology of the prime minister based on what happened today.  What I can say is that the logic of deterrence, the logic of a response to a salvo of 200 ballistic missiles — nothing in the Middle East is unrelated, but that is a distinct logic from the killing of Sinwar today.

    Q    Jake, going back to the trip.  What message will President Biden give his fellow leaders about America’s place in the world, given the uncertainty around our upcoming election?

    MR. SULLIVAN:  Say that again.

    Q    What reassurance will President Biden give his fellow leaders about America’s place in the world, given the uncertainty about our upcoming presidential election?

    MR. SULLIVAN:  What President Biden can do is what he’s done for four years, which is lay out his vision of America’s place in the world and point the way forward based on what he thinks are in America’s national security interests and in the interests of our close allies. 

    Beyond that, he can’t speak for anyone else and doesn’t intend to.

    Q    Is there any —

    Q    Does this change your calculus on whether Israel can come to the table on a ceasefire by the end of the year?

    MR. SULLIVAN:  I’m sorry?

    Q    Your calculus on whether a ceasefire could be reached by the end of the year.

    MR. SULLIVAN:  I have long since given up on making predictions or drawing timelines.  All I can say is that we see an opportunity now that we want to seize to try to secure the release of the hostages, and we’re going to work at that as rapidly as we possibly can.

    Q    Give- — given the situation, would the president reconsider possibly holding a press conference during his time in Berlin?  It would be good to hear from him firsthand on how he thinks about this and the situation in Ukraine. 

    MR. SULLIVAN:  I will note for the record there are heads nodding.  (Laughter.)  I’ll also note for the record that that is a really fascinating way to bring the press into the middle of a world historical event.  So — (laughter) — and I’ll leave it at that.

    Q    I’ll follow up on that.  The president talks about democracy as being a key part of his administration, of his vision for America that you just referenced.  Why would he not take questions from the press at what was originally going to be a state visit to Germany?  I don’t understand.

    MR. SULLIVAN:  It’s fascinating how you guys can — (laughs) — make this the story.

    Q    It’s not the story.  It’s just a question. 

    MR. SULLVIAN:  I mean, honestly, I think invoking democracy and suggesting that President Biden is somehow insufficiently committed to it because of the structure of his press engagement on one day in Germany is a bit ludicrous. 

    Q    I can ask a Germany question.  So, a lot of the moves that President Biden has made both domestically and internationally have been characterized as “Trump-proofing” the — the, you know, U.S. government for a future Trump presidency. 

    How do you feel about that characterization?  I’m talking about moves like bringing NATO under — forgive me, it’s too complicated to explain, but you know what I’m talking about. 

    So, do you think he’s Trump-proofing?

    MR. SULLIVAN:  I — I don’t like characterizations like that because they’re inherently political.

    Q    So, what is he doing, then?

    MR. SULLIVAN:  What the president is trying to do is to make our commitment to Ukraine sustainable and institutionalized for the long term.  And every other ally agreed that that was the responsible thing to do. 

    The la- —

    Q    (Inaudible) necessarily reduced U.S. role, is that the idea?

    MR. SULLIVAN:  Not at all.  The basic logic was what the president laid out at the Washington Summit this summer, which is the communiqué said Ukraine’s place, Ukraine’s future, is in NATO.  There is work to do to get from here to there, including reforms and security conditions being met. 

    So, the question is, how do you build a bridge from where we are now to Ukraine’s eventual membership in NATO?  And the answer to that question was the set of deliverables in Washington, including the institutionalization of the security support apparatus for Ukraine.  That is what we were trying to accomplish, and that’s what we believe we did accomplish.

    Q    Jake, on Iran.  Can you confirm and elaborate on reporting that President Biden directed the NSC to warn Iran that any attempt on President Trump’s life would be seen as an act of war?

    MR. SULLIVAN:  I will tell you that President Biden has taken this issue with the utmost seriousness.  He asked to be updated on it regularly.  He gives us direction for how to respond to it regularly and in a very serious and consequential way.  We are following his directives and implementing them.  And I’m not going to get into specifics on what that looks like.

    Q    Jake, what about these reports that President Trump and President Putin have had seven conversations?  Are you worried about this?  Are you worried about any sort of backdoor conversations President Trump is having with leaders?

    MR. SULLIVAN:  I do not know if that’s true or not, but obviously that would raise red flags if it were true. 

    Q    Another one on — since you just said Putin.  There’s been reporting in Germany that Chancellor Scholz said he would be open to speaking with President Putin ahead of the G20 if asked — sort of various ways he said it.  Have you guys talked about this?  Has he told President Biden about this?  Do you think this would be a good idea to do a leader-level conversation with President Putin at this time?

    MR. SULLIVAN:  That has not come up between the chancellor and the president.  You know, I was just in Germany at the end of last week with my German counterpart.  That — the question of a call to Putin didn’t come up.  So, I think that’s a question better put to the chancellor. 

    Q    The official who briefed us yesterday about the Germany trip on the — on the phone mentioned that the Ramstein meeting would be rescheduled.  Does that mean the president will be going back to Ramstein at some point, or what — what did that mean?

    MR. SULLIVAN:  We will hold a leaders-level Ramstein meeting virtually in November.

    Q    One more.  On the frozen assets deal — the Russian frozen assets.  What’s the progress on that there?  I assume this comes up in the conversations.  Is there a plan B if the EU doesn’t figure out a sanctions regime?

    MR. SULLIVAN:  I’m feeling very good about the progress that we’ve made on the G7 commitment to mobilize $50 billion from the proceeds of the Russian sovereign assets by the end of the year.  We intend to meet that commitment, and we intend to make a contribution — the United States.  The EU, obviously, has announced that it’s prepared to make a contribution.  So are other partners.  So, from my perspective, at this point, everything is on track. 

    Q    Is there any update on when the president might talk to President Xi?

    MR. SULLIVAN:  No.

    Thank you, guys. 

    Q    Thank you.

    Q    Who you — wait, who are you rooting for in the playoffs, World Series?

    MR. SULLIVAN:  I’m a Minnesota Twins fan, so I can’t root for the Guardians, but I definitely can’t root for the Yankees.

    I don’t know.

    Q    What about the Dodgers and Mets?

    MR. SULLIVAN:  Yeah, I’m watching, but actually I don’t — I’ve not clearly determined who I’d prefer to win.  But, yeah, Dodgers or Mets. 

    Q    Can you swing back and talk to us off the record later?

    MR. SULLIVAN:  Sure. 

    Q    Great.

    Q    Thanks.

    MS. JEAN-PIERRE:  I don’t know.  Is there any real thing — anything else to discuss?  Let me t- —

    Q    The only thing I would say is we disagree with the suggestion that democracy and speaking — and taking questions from the press is “ludicrous.” 

    MS. JEAN-PIERRE:  All right.  Noted.

    Q    I would argue that our stories allow the president to have a relationship with the world, not just with other leaders, and the ability to talk openly will help that. 

    MS. JEAN-PIERRE:  All right.  Noted.  Noted. 

    Let’s move on.

    So, just want to talk about an announcement.  This is domestic, obviously, going to go to the — to that space.  I just wanted to touch on an announcement very quickly.

    And so, today, the Biden-Harris administration announced an additional $4.5 billion in student debt cancelation for over 60,000 public service workers, bringing the total number of public — of public service workers who have had their student debt canceled under the Biden-Harris administration to over 1 million people. 

    One such example is Kelly, a kindergarten teacher in Rhode Island, who had been paying off her student loans for a decade.  After the student let her know that her debt had been canceled, she tol- — after the president, pardon me — she told us that after 12 years of marriage, she might be able to take the honeymoon she never had.

    The president — the president’s administration made it a priority to fix the Public Service Loan Forgiveness Program.  Prior to our administration, only 7,000 public service workers had received relief since the program was established in 2007. 

    Thanks to the work of the Biden-Harris administration, as of today, 1 million teachers, nurses, firefighters, service members, first resp- — responders, and — and more who — who pursued careers in public service have gotten the relief they deserve. 

    The relief brings the total loan forgiveness approved by the Biden-Harris administration — administration to over $175 billion for nearly 5 million Americans.  And while — meanwhile, our Republicans elected officials have repeatedly attempted to block student debt relief. 

    President Biden and Vice President Harris remain committed to making education affordable for all Americans. 

    With that, what else do you guys have for me?

    Q    I have a question. 

    MS. JEAN-PIERRE:  Sure.

    Q    Did President Biden talk to Vice President Harris ahead of this trip to see if she had any message for the world leaders or to get her input on what the situation should be going forward? 

    MS. JEAN-PIERRE:  As you know, the president and the vice president talk regularly.  I don’t have a specific call to — to read out, but I think you can see the last almost four years of the — what we’ve been able to do, what the president has been able to do on the world stage, certainly has been in partnership with the vice president.  I know that she supports his trip and everything that he’s — he’s trying to do tomorrow in the — in the short trip that we have in — in Germany.

    I just don’t have anything to read out as a call specifically on this trip.

    Q    Is the president or the administration facing pressure from allies to get something done after the election but before he is out of office?  There’s been some talks that Zelenskyy — you know, whether that’s accelerating a push for Ukraine into NATO or — or other funding things for Ukraine?

    MS. JEAN-PIERRE:  Well, you’re talking about the victory plan.  Certainly, I’m going to let the Ukr- — Ukrainians speak to their victory plan as it relates to that question about NATO. 

    Look, I think — I think what you have seen from this president, from this administration — obviously, including the vice president — is how much we have stand behind — next to, if you will — with Ukrainians and how they’re trying to beat back the aggression that we’ve seen from Russia.  And you have not just seen us standing there.  You’ve seen this president take action, and — which is why you see NATO much stronger than it was, and that’s why you see 50 countries have gotten behind Ukraine.  And you heard us — you heard us lay out yesterday an additional assistance package that we have provided to Ukrainians. 

    And so, we’re going to have to continue — we’re going to continue having conversations with the Ukrainians on what they need on the battlefield and how else we can be helpful to them. 

    As it relates to their victory plan — as it relates to what’s next, I’m certainly going to let the Ukrainians speak directly about that. 

    Obviously, the president has had a conversation with the president, President Zelenskyy, on that plan.  I just don’t have anything beyond that, and I’m not — certainly, I’m not going to get into hypotheticals from here. 

    Q    The president at the funeral yesterday had a — what looked like a spirited conversation with former President Obama.  Did you talk to him about what they discussed?

    MS. JEAN-PIERRE:  No, it’s been kind of busy the last couple hours on the plane, as you can imagine. 

    Look, I’ll — I’ll say this.  The president really very much looked — appreciated being there at the — at the funeral of Ethel Kennedy, who he saw as someone who was incredible and had a — was an incredible force, obviously, in her life, during her — her years.  And what he wanted to do is — was to lift up — lift her up and speak to her accomplishment and what she meant to him — not just to him but to her family and to the country.  So, he appreciated doing that. 

    And we have said many times the president and — and president — and former President Biden [Obama] — they have a very close relationship.  They’ve had one for a long time, obviously, as he served as his vice president.

    I don’t have anything else to — to share on that.  I have not had this conversation with the president.  Obviously, we’ve been pretty busy these past couple of hours on the plane. 

    Q    Do you know if the president was able to watch any of the Fox News interview that Vice President Harris did?  And does —

    MS. JEAN-PIERRE:  Yes, he —

    Q    — did he talk to you about how — how she did? 

    MS. JEAN-PIERRE:  Yeah, he was able to — to catch that.  And he saw her performance, her interview as strong.  And I think what you saw and what — and this is what he believes — is that you saw why Americans and people want to see her continuing to fight for them.  And that’s what he saw last night.  That’s what we all saw — many of us saw.  So, I think she was strong and incredibly impressive in that interview. 

    Q    Karine, does the president believe that his vice president would be a markedly different leader?

    MS. JEAN-PIERRE:  I mean, look, he talked about this on Tuesday when he was in Philly, and he — and I talked a little bit about this as well, just reit- — really reiterating what the president shared, which is that, look, she’s going to be essentially her own person, right?  She is going to have her own direction, her own view of how to move forward. 

    And he did that, right?  He was loyal to President Obama when he was vice president, but he cut his own path.  And so, that’s what he expects from the vice president to do. 

    So, nothing — nothing new.  That’s what he expects her to do — to have her own path, to have — to build on — certainly, to build on the economic successes that we have seen and continuing the — the work that we’ve been able to do. 

    But she’s going to cut her own path.  He was very clear about that a couple days ago.

    Q    Karine —

    Q    But on student loans — you talked about the PSLF 1 million, a huge achievement for those borrowers — what’s your message for the other 40 million-plus borrowers who’ve been caught up in a lot of legal limbo over the past three years?

    MS. JEAN-PIERRE:  Look, I’ll — I’ll say this.  You know, I’m not going to speak to the legal — the legal components of this.  There are legal matters that are happening, so they are ongoing.  So, I’m not going to speak to that. 

    But I think what you can take away from what this president has — trying to do, when Republicans have continued to block him, in promising to give Americans a little bit of breathing room, to make sure that Americans who have — borrows [borrowers] who have loans and — and are squeezed by those loans are not able to, you know, buy a home, start a family.

    The president was very attuned to that and very clear that he wanted to give them an opportunity — an opportunity to really, you know, be able to — to start that life that they wanted.  And so, he’s been trying to do that, even though he’s been blocked and — and Republicans have gotten in the way. 

    I think you can see over the past — certainly, the past six months, the president continuing to try to take actions to — to make sure he kept his commitment to Americans who, again, need a little bit of breathing room.

    So, I’m not going to speak to the legal matter, but I think this announcement today shows his commitment to public service workers, right?  I talked about firefighters, nurses.  I talked about police officers, who put so much on the line, who give so much for — for everybody, for folks who need their assistance and their help, and wanted to give them that opportunity to really be able to — to move on economically in what they want to accomplish for themselves and for their family.

    All right.  Anything else?

    Q    On the —

    Q    So —

    Q    Sorry.  Go ahead.

    Q    Sorry.

    Now going back to the funeral for a minute.  Did he speak with Speaker Emeritus Pelosi?  And also, she was not seen at the Italian American celebration, when she’s been front and center in the past.  Was she not invited?

    MS. JEAN-PIERRE:  I — I don’t have anything to share with you on that.  I didn’t talk to the president about that at all.  But what you saw — obviously, you saw the president and the former president, Pres- — President Obama, connect, have a moment together.  The president m- — very much looked forward to that.  I just don’t have anything on Nancy Pelosi.

    Q    Just —

    Q    I noticed he didn’t recognize her when he recognized the other two presidents at the funeral.

    MS. JEAN-PIERRE:  Well, he wanted it — I can say this.  He wanted it to be, you know — to — to be very focused on the family.  He wanted it to be, you know, brief and — and very poignant.  And that’s what his focus was yesterday on his remarks.

    Q    On the trip.  Obviously, this is a abbreviated agenda from, you know, the Ramstein summit —

    MS. JEAN-PIERRE:  Yeah.

    Q    — and other things.

    MS. JEAN-PIERRE:  Yeah.

    Q    But can you explain to us, what’s the reason that it’s so short?  Why do we have to get out of Germany at 4:00 p.m. tomorrow?  Is there a reason on the German chancellor’s schedule why we have to —

    MS. JEAN-PIERRE:  So, I mean —

    Q    Regardless of the press conference, there was also talk about maybe doing a Holocaust memorial situation.  What’s —

    MS. JEAN-PIERRE:  No, I totally understand what — totally — as you — let’s step back for a second. 

    The reason that the president had to postpone his trip was because Hurricane Milton was coming, and it was — it was forecast to be a historical hurricane, and the president wanted to be in the States to deal with the response and what was needed, certainly, by the impacted region, for what folks on the ground really needed.

    And so, that’s why we postponed the trip.  We said that we wanted to certainly get that back on the books.  We were able to do it — to your point, a truncated version, but it is a robust schedule.  And we were able to work with the Germans and to be able to get done what we can on this trip.

    I mean, the president has a busy schedule.  He does.  There’s a lot going on in the next couple days, couple weeks.

    Q    But he has to get back to the States for something in particular —

    MS. JEAN-PIERRE:  I mean, we’ll —

    Q    — that we don’t know about?

    MS. JEAN-PIERRE:  We’re certainly going to share with you what the — his — the next couple of days of his schedule is going to look like.  But he wanted to — and I said this yesterday in the briefing room.  He wanted to thank the chancellor for his partnership, for his leadership as well with Ukraine.  Outside of the U.S., U- — the U- — German is the second — have provided the second-most resources, assistance to Ukrainians.

    And so, he wanted to be, you know, thankful to him.  And so, that’s what you’re seeing on this trip.  He wanted to make this happen.  He asked his team to make this trip happen.

    And so, look, we have a busy schedule.  We got a lot going on in next couple of days, next couple of weeks.  And so, we tried to fit this in, and this is what we were able to do in working with the German government as well to make this happen.

    Q    Does the president, as the election hits its final two weeks, expect to get more aggressive in outreach and participation?  Is that maybe what you’re referencing, or what’s his thinking on that?

    MS. JEAN-PIERRE:  So, you know I can’t speak to political trips or any- —

    Q    But if —

    MS. JEAN-PIERRE:  But wa- —

    Q    — you could speak on his schedule.

    MS. JEAN-PIERRE:  Well, I — I’m just — want to get that out of there.  And so, look, the president is certainly looking at — looking forward to being out there and supporting the vice president.

    I just want to be super mindful.  But he will — you’ll see him — you’ll see him hit the road.  You’ll see him hit the road, for sure.

    That’s all I got. 

    All right.  Thanks, everybody.  Sorry my voice is a little hoarse.

    Q    Thanks, Karine.

    MS. JEAN-PIERRE:  Thanks, everybody.

    2:45 P.M. EDT

    MIL OSI USA News

  • MIL-OSI USA News: A Proclamation on National Forest Products Week,  2024

    Source: The White House

         Our forests are central to our country’s heritage, history, and economy.  Forests support livelihoods across Tribal Nations, rural towns, and big cities — from foresters and loggers to mill workers and carpenters — while also sustaining the health of our environment and our communities.  During National Forest Products Week, we recognize that conserving our bountiful forests is critical to sustaining our economy and ensuring that Americans can enjoy the wonder of our forests for generations to come.

         As a Nation, we rely on our forests for so much — from cleaning the air we breathe and the water we drink to providing the lumber and paper we use every day.  But the existential threat of climate change endangers our forests, putting those jobs, livelihoods, and critical products at risk.  After decades of fire suppression and ignoring climate change, wildfire seasons have become wildfire years, burning down communities, destroying forest ecosystems, and upending people’s lives.

         My first year in office, I launched the “America the Beautiful” initiative to conserve at least 30 percent of all our Nation’s lands and waters by 2030 through local, voluntary efforts across the country while empowering foresters and farmers to advance sustainable practices to keep working lands productive.  These efforts will help strengthen our economy and pass on a healthier planet to our children and grandchildren.

         When I came into office, I was determined to conserve our forests while protecting the people who rely on them for jobs.  My Bipartisan Infrastructure Law is creating jobs managing our forests, restoring ecosystems, and preventing catastrophic fires.  It is investing in the removal of overgrown vegetation near homes and power lines, preparing evacuation routes in areas at risk of wildfires, removing invasive plant species from forests that can cause fire to spread, and planting native tree species that are more resilient to the changing climate.  And my Inflation Reduction Act made the largest climate investment ever, putting people to work planting trees, sustainably managing our forests, and working on fire prevention.  Together, these actions are producing new jobs that help us care for our forests and keep all of us safe from wildfires.

         At the same time, my Administration is working to support the American workers and rural communities producing our forest products.  We have awarded millions of dollars in grants to American businesses that support forest conservation, expand the sustainable use of American wood products, and find innovative ways to use our wood waste materials, including to build strong and sustainable buildings.  I also take pride in having raised the Federal firefighter minimum wage to $15 per hour — an important first step in ensuring the people who run into flames to keep all of us safe are paid what they deserve.

         Conserving our forests is good for our economy, the planet, and the soul of our Nation.  This week, may we recommit to responsibly stewarding our forests and the abundant resources they provide so that we may all enjoy their benefits and beauty for years to come.

         To recognize the importance of the many products generated by our Nation’s forests, the Congress, by Public Law 86–753 (36 U.S.C. 123), as amended, has designated the week beginning on the third Sunday in October of each year as “National Forest Products Week” and has authorized and requested the President to issue a proclamation in observance of this week.

         NOW, THEREFORE, I, JOSEPH R. BIDEN JR., President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim October 20 through October 26, 2024, as National Forest Products Week.  I call upon the people of the United States to join me in this observance and in recognizing all Americans who are responsible for the stewardship of our Nation’s beautiful forested landscapes.

         IN WITNESS WHEREOF, I have hereunto set my hand this eighteenth day of October, in the year of our Lord two thousand twenty-four, and of the Independence of the United States of America the two hundred and forty-ninth.
     
     
                                 JOSEPH R. BIDEN JR.

    MIL OSI USA News

  • MIL-OSI USA News: A Proclamation on National Character Counts Week,  2024

    Source: The White House

         In the Oval Office, I sit surrounded by portraits of exceptional American Presidents and busts of inspiring American leaders.  They remind me each and every day that we are a Nation of dreamers and doers, of promise and possibilities, and of ordinary Americans doing extraordinary things.  Above all, we are a Nation of good people, who show our kindness and character through small acts every single day.  This National Character Counts Week, we celebrate the core values of decency, honesty, dignity, and equality that have long defined the character of America.

         Our Nation is strong, and our future is bright — in large part because of the upstanding character that resides within all Americans.  I have witnessed it up close in educators like the First Lady, who inspire our Nation’s youth to reach for every possibility; mothers, fathers, and parental figures who raise their children with care, courage, and grit; first responders, who run toward danger to protect others; union workers, who are building America; and brave service members, who stand on the frontlines of freedom to defend our democracy.  Across the country, American workers are writing the greatest comeback story we have ever known — restoring pride in our hometowns, pride in America, and pride in knowing we can get big things done when we work together.

         Since I came into office, my Administration has taken large strides toward building an America that lives up to those values.  The American Rescue Plan helped keep child care programs open, families in their homes, and small businesses on their feet.  We set a record for Federal contract spending on small businesses.  Our historic investments across the clean energy economy are helping to combat climate change and create good-paying jobs.  Through the American Rescue Plan and Bipartisan Safer Communities Act, we have made significant investments in reducing crime, preventing gun violence, and saving lives, and last year, we saw one of the lowest rates of violent crime in more than 50 years.  We are also ensuring that America is a Nation where everyone is respected and where we give hate no safe harbor.  That is why I signed the COVID-19 Hate Crimes Act, making it easier to report hate crimes, and hosted the United We Stand Summit to counter the corrosive effects of hate-fueled violence.  My Administration continues to work to counter antisemitism, Islamophobia, and hate in all its forms and ensure that everyone is treated with dignity and respect.

         Under my Unity Agenda, we are tackling the opioid epidemic and mental health crisis, holding Big Tech accountable, supporting our veterans and their families, and ending cancer as we know it.  We are investing more than $1 billion to help schools across the country train and hire new mental health counselors through the Bipartisan Safer Communities Act, we have granted new disability benefits to over one million veterans and their families under the PACT Act, and we launched the Advanced Research Projects Agency for Health to fast-track progress on how we prevent, detect, and treat cancer and other diseases.

         My father taught me that our character is not measured by how many times or how hard we get knocked down but by how quickly we get back up.  Even in the face of challenges ahead and obstacles in our way, Americans always get back up.  It is what drives our great country forward and what makes our Nation strong.  This week and every week, let us recommit to upholding our most essential values and remember that the sacred task of perfecting our Union is not just about any one of us but about “We the People.” 

         NOW, THEREFORE, I, JOSEPH R. BIDEN JR., President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim October 20 through October 26, 2024, as National Character Counts Week.  Now and throughout the year, I encourage all Americans to engage in efforts that honor and express the best attributes of our character, extend a hand of fellowship to their neighbors, and unite in service to their communities.

         IN WITNESS WHEREOF, I have hereunto set my hand this
    eighteenth day of October, in the year of our Lord two thousand twenty-four, and of the Independence of the United States of America the two hundred and forty-ninth.
     
     
                                 JOSEPH R. BIDEN JR.
     

    MIL OSI USA News

  • MIL-OSI Canada: Statement from Premier Pillai on the passing of Elder Patrick James

    Source: Government of Canada regional news

    Premier Ranj Pillai has issued the following statement:

    “It is with great sadness that I mark the passing of beloved Elder Patrick James.

    “Mr. James was a former Chief of Carcross/Tagish First Nation who was involved in negotiating the Self-Government Agreement and championed the recovery of the Southern Lakes caribou over 30 years ago.

    MIL OSI Canada News

  • MIL-OSI USA News: Remarks by Vice President Harris Before a Campaign Rally | Grand Rapids,  MI

    Source: The White House

    Riverside Park
    Grand Rapids, Michigan

    2:03 P.M. EDT

    THE VICE PRESIDENT:  Hi, guys. 

    Well, we’re back in Michigan, and it’s good to be back.  And again, we have a situation where the former president is insulting the people of the state — this time saying that autoworkers — that their important and good and highly skilled work could be performed by a child — which is just further evidence that Donald Trump comes from a place where he really does not appreciate or understand how most people in our country work very hard for all that they have and that there is great dignity in their work.

    In addition, I’ve — you know, I’ve been hearing reports that his team, at least, is saying he’s suffering from exhaustion.  And that’s apparently the excuse for why he’s not doing interviews and, of course, he’s not doing the CNN Town Hall.  He refuses to do another debate.

    And, you know, look, being president of the United States is probably one of the hardest jobs in the world.  And so, we really do need to ask: If he’s exhausted being on the campaign trail, is he fit to do the job?  And I think that’s a question that is an open-ended question that he needs to answer.

         Q    Madam Vice —

     THE VICE PRESIDENT:  Thank you all.

         Q    Madam Vice President, there’s a lot of —

    THE VICE PRESIDENT:  Oh, sure.

         Q    You’re in a state where there’s a lot of opposition to you from pro-Palestinian voters.  In light of the recent news this week in the Middle East, I mean, does your message to them change?  What’s your message to them in the final few weeks?

    THE VICE PRESIDENT:  Well, my message remains, first of all, we have got to end this war.  And I think that what has happened now with the — the killing of Sinwar creates an opportunity for us to end this war and bring the hostages home.  And I think everyone wants this war to end, and this is an opportunity to actually get there.

         Q    Madam Vice President, can you explain why it’s — sort of the race still remains incredibly tight?  I know you’ve been out campaigning.  What’s your, sort of, like, thesis of the case of why it remains so tight?

    THE VICE PRESIDENT:  Looks, it’s — it’s an election for president of the United States.  It’s not supposed to be a cakewalk for anyone.  There are very important issues at play.

    And I am clear and I think the people that you hear right now in the background are clear that Donald Trump is unfit for the office, he is unstable, and he, frankly, is a danger to our democracy, as has been described by his former chief of staff, secretaries of Defense, national security advisor, and former vice president.

         Q    The former president has been critical of you not attending the Al Smith dinner last night.  As you were talking about him being exhausted, do you think that that’s one reason why he chose to go to New York City rather than come out here on the campaign trail?

    THE VICE PRESIDENT:  Well, I’m beyond getting into the head of Donald Trump, but I will say it should be a concern.  If he can’t handle the rigors of the campaign trail, is he fit to do the job?  I think it’s a legitimate question.

         Thank you all.

                                 END                2:06 P.M. EDT

    MIL OSI USA News