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JSB Financial Inc. Reports Earnings for the Third Quarter and First Nine Months of 2024

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JSB Financial Inc. Reports Earnings for the Third Quarter and First Nine Months of 2024

SHEPHERDSTOWN, W. Va., November 15, 2024–(BUSINESS WIRE)–JSB Financial Inc. (OTCPink: JFWV) reported net income of $2.0 million for the quarter ended September 30, 2024, representing an increase of $1.3 million when compared to $643 thousand for the quarter ended September 30, 2023. Basic and diluted earnings per common share were $7.64 and $2.33 for the third quarter of 2024 and 2023, respectively. The third quarter results include the recognition of an interest recovery totaling $1.3 million, a recovery to the allowance for credit losses on loans totaling $252 thousand and a recovery of legal fees totaling $17 thousand on prior nonperforming loans. Excluding the impact of these notable items, pre-tax income of $959 thousand for the third quarter of 2024 was $187 thousand more than the same period in 2023.

Net income for the nine months ended September 30, 2024 totaled $3.4 million, representing an increase of $1.1 million when compared to $2.3 million for the same period in 2023. Basic and diluted earnings per common share were $13.33 and $8.46 for the nine months ended September 30, 2024 and 2023, respectively. Annualized return on average assets and average equity for September 30, 2024 was 0.87% and 17.65%, respectively, and 0.66% and 13.17%, respectively, for September 30, 2023. Excluding the impact of the notable items in the third quarter of 2024, pre-tax income of $2.7 million for the nine months ended September 30, 2024 was $96 thousand lower than the same period in 2023.

“We are pleased with our performance for the third quarter, which includes one-time recoveries on nonperforming loans totaling $1.5 million. Additionally, our team continued to create, deepen and expand our customer relationships which resulted in an increase in total deposits of 10% when compared to the second quarter and 17% year-over-year,” said President and Chief Executive Officer, Cindy Kitner. “During the third quarter, we saw stable loan growth, which was funded through loan maturities and deposit growth, and we continue to have strong credit quality metrics including past dues, nonaccruals, charge offs and nonperforming loans, all of which remained at historically low levels.”

Income Statement Highlights

For the third quarter of 2024, net interest income totaled $4.5 million, representing an increase of $1.5 million, or 50%, from $3.0 million for the third quarter of 2023. For the first nine months of 2024, net interest income totaled $11.0 million, representing an increase of $1.8 million, or 19%, when compared to $9.2 million the same period in 2023. Excluding the interest recovery of $1.3 million, net interest income increased $247 thousand when comparing the third quarter 2024 to the same period in 2023 and increased $508 thousand when comparing the first nine months of 2024 to the same period in 2023. The increase in net interest income for the quarter ended and nine months ended 2024 was attributed to higher loan balances and yields on earning assets, partially offset by higher deposit costs related to the deposit mix and pricing.

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Interest and fees on loans totaled $6.5 million and $4.1 million for the third quarter of 2024 and 2023, respectively, and $16.2 million and $11.4 million for the nine months ended September 30, 2024 and 2023, respectively. Interest and fees on loans increased with organic growth in the loan portfolio, which was primarily led by residential mortgage loan and commercial real estate loan originations. The mix of the loan portfolio shifted slightly with commercial real estate loans representing 23% of total loans as of September 30, 2024, compared to 21% as of December 31, 2023. The yield on earning assets improved when compared to the prior year due primarily to higher interest rates on new loan originations as well as repricing of variable rate loans.

Total interest expense was $3.1 million for the third quarter of 2024, representing an increase of $1.3 million when compared to $1.8 million for the third quarter 2023. For the nine months ended 2024, interest expense totaled $8.1 million, representing an increase of $3.5 million, when compared to $4.6 million for the same period in 2023. This increase was driven by higher deposit balances and costs of interest-bearing deposits as customers have migrated to higher yielding deposit products. With strong deposit growth, the level of noninterest bearing deposits remains at 24% of total deposits.

The net interest margin was 2.90% for the third quarter of 2024 compared to 2.73% the third quarter of 2023.

Noninterest income for the three and nine months ended September 30, 2024 totaled $586 thousand and $1.7 million, respectively, compared to $583 thousand and $1.7 million for the three and nine months ended September 30, 2023, respectively.

Noninterest expense for the three and nine months ended September 30, 2024 totaled $2.9 million and $8.5 million, respectively, compared to $2.8 million and $8.0 million for the three and nine months ended September 30, 2023, respectively. The increase in noninterest expense was primarily related to salaries and employee benefits from increased staffing levels and wages.

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Balance Sheet Highlights

Total assets were $577.3 million as of September 30, 2024, an increase of $76.7 million, or 15.3%, from $500.6 million as of December 31, 2023. Year-over-year total assets increased $78.9 million, or 15.8%, from $498.4 million as of September 30, 2023.

Loans, net of the allowance for credit losses, were $376.7 million as of September 30, 2024, an increase of $28.8 million, or 8.3%, from $347.9 million as of December 31, 2023. Year-over-year net loans grew $34.7 million, or 10.2%, from $342.0 million as of September 30, 2023.

Investment securities, excluding restricted securities, were $114.7 million as of September 30, 2024, $118.7 million as of December 31, 2023 and $117.8 million as of September 30, 2023. Investment securities decreased during the nine months ended September 30, 2024, primarily due to principal repayments and maturities totaling $7.1 million, offset in part by a decrease in the investment portfolio’s unrealized losses on available for sale securities totaling $1.8 million.

Total deposits were $514.7 million as of September 30, 2024, an increase of $88.6 million, or 20.8%, from $426.1 million as of December 31, 2023. Year-over-year total deposits increased $73.6 million, or 16.7%, from $441.1 million as of September 30, 2023. Noninterest bearing deposits represent 24.0% of total deposits as of September 30, 2024, which is down slightly from 26.4% as of December 31, 2023 and 27.4% as of September 30, 2023. During the nine months ended September 30, 2024, noninterest bearing balances increased $11.0 million and interest-bearing balances increased $77.6 million.

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At September 30, 2024, total borrowings decreased $18.1 million since December 31, 2023 and $2.9 million from September 30, 2023. Borrowings through the Federal Reserve’s Bank Term Funding Program (BTFP) totaled $28.0 million as of September 30, 2024. There were no borrowings through FHLB as of September 30, 2024. At September 30, 2024, total liquidity sources exceeded $304 million and included on and off-balance sheet liquidity through cash and cash equivalents; unpledged available for sale securities at fair value; Federal Home Loan Bank (FHLB) and Federal Reserve borrowing capacities; and unsecured correspondent bank lines of credit.

Shareholders’ equity at September 30, 2024 was $29.5 million, representing an increase of $4.6 million, or 18.3% from December 31, 2023. Book value per share of $114.65 at September 30, 2024 increased from $96.93 at December 31, 2023. Year-to-date earnings contributed $3.4 million to the increase in shareholders’ equity. Accumulated other comprehensive loss decreased $1.7 million, which was primarily related to the change in unrealized losses on available for sale securities at September 30, 2024. During the third quarter 2024 the Company declared a regular semi-annual dividend of $1.20 per share payable on September 13, 2024. This dividend was consistent with the previous semi-annual dividend and resulted in an annual dividend of $2.40 per share in 2024, representing an increase of $0.10 per share or 4.3% from $2.30 per share in 2023. Year-over-year shareholders’ equity increased $6.6 million, or 28.9%, from $22.9 million as of September 30, 2023.

All bank regulatory capital ratios remain in excess of applicable regulatory requirements for well-capitalized institutions. The Tier 1 leverage ratio declined to 7.47% from 7.65% at December 31, 2023 and 8.01% at September 30, 2023. The ratio of Common Equity Tier 1 capital and Tier 1 capital to risk weighted assets was 12.45%, 12.40% and 12.85% at September 30, 2024, December 31, 2023 and September 30, 2023, respectively. The total risk-based capital ratio was 13.70%, 13.65% and 14.09% at September 30, 2024, December 31, 2023 and September 30, 2023, respectively. The decline in regulatory capital ratios reflects the impact of continued trend of growth in total assets through the first nine months of 2024. This growth was in part related to management’s decision to increase total assets and maintain a higher level of cash and cash equivalents on the balance sheet. Management conducts regular monitoring of capital planning strategies to support and maintain adequate capital levels.

Asset Quality

As of September 30, 2024, the credit quality of the loan portfolio remained strong with nonaccrual loans totaling $47 thousand, or 0.01% of total loans, compared to $51 thousand, or 0.01% of total loans, at December 31, 2023 and $53 thousand, or 0.02% of total loans, at September 30, 2023. As of September 30, 2024, total past due loans decreased to $349 thousand, or 0.09% of total loans, compared to $385 thousand, or 0.11%, of total loans at December 31, 2023 and decreased when compared to $357 thousand, or 0.10% of total loans, as of September 30, 2023.

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At September 30, 2024 and December 31, 2023, the allowance for credit losses on loans was $4.0 million, or 1.06% of total loans, and $3.8 million, or 1.08% of total loans, respectively. During its assessment of the allowance for credit losses, the Company reviews and addresses credit risk associated with all loan portfolio segments and has appropriately reserved for economic conditions with consideration of management’s prudent underwriting at loan origination and ongoing loan monitoring procedures.

The company recorded net recoveries on loans totaling $237 thousand for the three and nine months ended September 30, 2024, respectively. As a result, the company released provisioning for credit losses totaling $266 thousand and $86 thousand for the three and nine months ended September 30, 2024, respectively. This is compared to a provision expense of $75 thousand and $122 thousand for the three and nine months ended September 30, 2023, respectively. The release of provisioning in 2024 was related to the recovery of a previously charged off loan totaling $252 thousand and continued stability in the economic environment and the credit quality of the loan portfolio.

Third Quarter 2024 Compared to Second Quarter of 2024

Compared to the quarter ended June 30, 2024, net income increased $1.2 million primarily due to higher revenue and lower provision for credit losses. Excluding the notable items in the third quarter of 2024, pretax income decreased by $6 thousand, or 0.6%, compared to the same period in 2023.

Net interest income increased by $1.3 million, or 39%, from the second quarter of 2024. Excluding the notable item, net interest income increased $11 thousand, or 0.3%, compared to the quarter ended June 30, 2024. This slight increase to net interest income shows the continued improvement in both the yield and mix of earning assets, while the Company also continued to experience pricing pressures on deposits. Management is actively monitoring the interest rates and the mix of deposits and wholesale funding to control funding costs.

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The Company recorded a release of provisioning for credit losses of $266 thousand for the third quarter of 2024, compared to a provision for credit losses expense of $60 thousand for the second quarter of 2024. This change was primarily driven by similar factors as the year-over-year changes stated above.

Noninterest income for the three months ended September 30, 2024 totaled $586 thousand, compared to $582 thousand for the three months ended June 30, 2024. Noninterest expense for the three months ended September 30, 2024 totaled $2.9 million, compared to $2.8 million for the three months ended June 30, 2024.

When comparing September 30, 2024 to June 30, 2024, total assets increased $35.2 million, or 6.5%, loans, net of the allowance for credit losses, increased by $2.8 million, or 0.7%, total deposits increased $46.1 million, or 9.8%, and shareholders’ equity increased $3.6, or 14.0%.

About JSB Financial Inc.

JSB Financial Inc. (OTCPink: JFWV) is the holding company for Jefferson Security Bank, an independent community bank operating six banking offices located in Berkeley County and Jefferson County, West Virginia and Washington County, Maryland. Founded in 1869, Jefferson Security Bank serves individuals, businesses, municipalities and community organizations through a comprehensive suite of banking services delivered by an exceptional team who put customers first. Jefferson Security Bank has received industry recognition by American Banker magazine five years in a row. Most recently, as a Top 100 Community Bank in 2024 and prior as a Top 200 Community Bank for four consecutive years. Operating for over 155 years, Jefferson Security Bank is the oldest, independent, locally owned and managed bank in West Virginia. Visit www.jsb.bank for more information.

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Offices:

105 East Washington Street, Shepherdstown, WV (304-876-9000)
7994 Martinsburg Pike, Shepherdstown, WV (304-876-2800)
873 East Washington Street, Suite 100, Charles Town, WV (304-725-9752)
277 Mineral Drive, Suite 1, Inwood, WV (304-229-6000)
1861 Edwin Miller Boulevard, Martinsburg, WV (304-264-0900)
103 West Main Street, Sharpsburg, MD (301-432-3900)

View source version on businesswire.com: https://www.businesswire.com/news/home/20241115698441/en/

Contacts

Jenna Kesecker, CPA, Executive Vice President
and Chief Financial Officer
304-876-9016

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Finance

A new blueprint for financing community development – Part III

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A new blueprint for financing community development – Part III

Hegseth, a Fox News host who served in the Army National Guard, was named by President-elect Donald Trump on November 12 as his pick for defense secretary. Since then, Hegseth has been the subject of a number of allegations of sexual misconduct, alcohol abuse and financial mismanagement. The most recent spate of news stories have detailed allegations, which Hegseth has denied, related to excessive alcohol consumption and appear to be the main topic of concern on Capitol Hill.

“It’s just been very troubling to see how unconcerned many members of Congress are with men who are accused of sexual assault,” said Rep. Veronica Escobar of Texas, a member of the House Armed Services Committee. While the House does not vote to confirm Cabinet nominees, Hegseth met with Republican House members on Wednesday to shore up support.

“The issue that apparently, I heard, came up in his meetings was his alleged alcohol abuse,” she said. “But I guess his abuse of women doesn’t seem to bother as many folks.”

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Credible allegations of impropriety have often been cause for withdrawal or disqualification. Hegseth is one of a number of Trump’s Cabinet-level nominees who face accusations of sexual misconduct.

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In 2020, Hegseth paid a confidential settlement to a woman who filed a police report accusing him of raping her in 2017 at a Republican women’s conference in Monterey, California. No charges were filed against Hegseth in connection with the encounter, which he and his lawyer maintain was consensual. The New Yorker and other outlets have reported on additional allegations that Hegseth mismanaged funds and abused alcohol while leading two veteran-focused nonprofits, and that his colleagues at Fox News witnessed him drinking to excess while he was a weekend co-host at “Fox and Friends.” Hegseth has strenuously denied those claims, including in an op-ed published in the Wall Street Journal, and told Megyn Kelly in an interview on her SiriusXM show that he wouldn’t drink alcohol as defense secretary.

Representatives for Fox News and the Trump transition did not immediately return requests for comment. Several of Hegseth’s current and former Fox News colleagues, including current “Fox & Friends Weekends” co-host Will Cain, have spoken up in his defense.

“The press is peddling anonymous story after anonymous story, all meant to smear me and tear me down. It’s a textbook manufactured media takedown,” Hegseth wrote in the Journal. “They provide no evidence, no names, and they ignore the legions of people who speak on my behalf. They need to create a bogeyman, because they believe I threaten their institutional insanity. That is the only thing they are right about.”

Democratic women serving on the House and Senate Armed Services Committees argued that Hegseth getting confirmed would not only undercut years-long bipartisan efforts in Congress to address sexual assault and abuse in the military but also the armed services’ efforts to recruit more women.

“This is very concerning,” said Escobar, a Democrat. “We have been trying to address recruitment for a long time, and women are a key component of that. This is the last thing we needed, and it is my hope that those members of the Senate who are committed to these reforms and who know how important women are in the military will have very candid conversations with him, and he will drop out.”

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Nearly 1 in 4 women in the military report having experienced sexual assault and more than half report harassment, according to a 2016 analysis of articles published in the peer-reviewed journal Trauma, Violence and Abuse. The vast majority of incidents go unreported, according to the RAND Corporation, which provides research to the U.S. Armed Forces. In 2018 alone, about 6,000 sexual assaults were reported to the Department of Defense, but surveys suggested more than 20,000 service members were sexually assaulted. And amid a broader military recruitment crisis, a 2020 government study found that women were leaving the military at higher rates than men and citing sexual assault as a major factor.

Michelle Simpson Tuegel, a Texas-based lawyer who does not practice in the military justice system but has represented survivors in several high-profile sex abuse cases, said Hegseth’s nomination marks “a scary moment” for women service members.

“I get calls every year from women who have faced sexual assault and sexual harassment in the military, I’ve represented people on the bases when I used to do criminal defense,” Tuegel said. “There’s a lot of violence on our military bases.”

Reports of sexual assault in the military have risen by an estimated 25 percent since 2018, according to the military’s own data, which include both anonymous surveys and formal reports.

Military justice reform advocates have gained ground in recent years, particularly in regards to how military sexual assault and harassment investigations are handled. After the end of World War II, one Supreme Court ruling — known as the Feres doctrine — barred service members from suing the government over any injuries incurred while on active duty. Though typically applied to cases of medical malpractice, this ruling had expanded to include sexual assault allegations. However, the high-profile murder in 2020 of Vanessa Guillén, a soldier who was sexually harassed by a supervisor and violently murdered while stationed at Fort Hood, Texas, acted as a catalyst for reform. Guillén’s death led to major changes in the National Defense Authorization Act, guaranteeing that certain crimes like sexual assault and domestic violence would be prosecuted outside the chain of command.

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Democratic Sen. Tammy Duckworth of Illinois, a veteran, called it “insane” that Trump would nominate someone like Hegseth after the “decades” of efforts within the Armed Services.

“There are simply too many reasons proving that Pete Hegseth is not the right person to lead our military men and women, and he will not have my vote,” she said in a statement to The 19th. “Republicans confirming him to this position wouldn’t just be an insult to our men and women in uniform—it would be dangerous for our national security and military readiness.”

Rep. Mikie Sherrill of New Jersey was a student at the Naval Academy 30 years ago as part of the first class of women eligible for combat ships. She served for nearly a decade, including a stint in London when she worked for a Navy fleet commander overseeing the deployment of troops to Iraq, at a time when she said the culture was not great for women.

When young women interested in the service academies come to her office, Sherrill said, “they’re not interested in going into a force as second-class citizens, and they’re not interested in being given special treatment.”

“What they want is the challenge that all people that go into our military service want. What they want to do is to serve the public, to protect and defend the Constitution of the United States and to make sure that people here can sleep at night,” said Sherrill, who is also running for governor of New Jersey. “And so, why you would ever put someone in charge that didn’t respect that, that didn’t respect the service of about 20 percent of our armed forces, is shocking to me.”

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The implications stretch beyond the ranks of the Armed Forces, said Democratic Rep. Chrissy Houlahan of Pennsylvania, who served in the Air Force and Air Force Reserve. Changes that enabled women like her, Sherrill and others to serve in the military put them on the path to public service in Congress, she said.

“They served because we made some real reforms that mattered in how women are able to serve and what kind of roles they’re able to serve in,” Houlahan said. “And I think it’s not a coincidence that you then see those people, decades later, showing up in places like Congress, because they’ve had equal opportunity.”

The U.S. Senate vets and confirms the president’s nominees to Cabinet posts and other high-level positions. In some ways, Hegseth’s nomination and the scandal surrounding it are not new. The first time a new president’s initial Cabinet nominee was rejected was in 1989 when the Senate failed to confirm John Tower, former President George H.W. Bush’s pick for defense secretary, after he was accused of being an alcoholic womanizer.

Then Sen. Sam Nunn, a Democrat and Senate Armed Services Committee Chairman at the time, led the charge against Tower’s nomination on the grounds that his character was unfit for the position.

“The committee is also concerned about the personal example the secretary of defense must set for efforts of the Department of Defense to end discrimination toward, and any sexual harassment of, women. … Mr. President, leadership must be established from the top down,” Nunn said during the 1989 Senate debate.

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Secretary of Defense Lloyd J. Austin III, who was appointed by President Joe Biden, has made it a priority of his tenure to combat sexual assault in the military, establishing a commission early on to make recommendations to the military. Meanwhile, Hegseth has signaled a different set of values and priorities when it comes to women and people of color. He wrote a book arguing that military standards have been lowered for women, that “America’s white sons and daughters” are walking away from the military because of ideology that is too “effeminate” and that diversity, inclusion and equity efforts are bad for national security.

“I’m straight up just saying we shouldn’t have women in combat roles,” Hegseth said in November during a podcast interview. “It hasn’t made us more effective. It hasn’t made us more lethal. It has made fighting more complicated.”

On Wednesday, Hegseth mounted another lobbying blitz on Capitol Hill, meeting with several key Republican senators. GOP Sen. Joni Ernst of Iowa, an Army veteran and a sexual assault survivor herself who has been outspoken against sexual assault in the military, posted on X that she had a “frank and thorough” conversation with Hegseth.

His mother, Penelope Hegseth, is also doing a media tour on behalf of her son after The New York Times reported on an email she sent him in 2018, in the midst of his contentious divorce from his second wife, excoriating Hegseth as an “abuser of women.” It is against military law to commit adultery, which could result in dishonorable discharge. Penelope Hegseth, who said she since apologized for and disavowed the contents of the email, took to Fox News with her hopes that lawmakers, “especially our female senators,” to “not listen to the media and that you will listen to Pete.”

Houlahan said she’s using the influence she has as a woman veteran in Congress to register her concerns with her colleagues in the Senate about Hegseth’s nomination.

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“To the degree I can, I’m trying to have conversations, and directly have conversations with my Senate companions, to do my best to explain that I am really worried about this,” she said. “And I’m hoping that me being really worried is an indicator, a canary in the coal mine, of other people who are worried about it, who don’t have the voice that I have.”

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Accelerating AI for financial services: Innovation at scale with NVIDIA and Microsoft

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Accelerating AI for financial services: Innovation at scale with NVIDIA and Microsoft

Always on the cusp of technology innovation, the financial services industry (FSI) is once again poised for wholesale transformation, this time with Generative AI. Yet the complexity of what’s required highlights the need for partnerships and platforms calibrated to fast-track solutions at scale to capitalize on AI-era change.

Financial institutions have an unprecedented opportunity to leverage AI/GenAI to expand services, drive massive productivity gains, mitigate risks, and reduce costs. Across financial services markets, GenAI can play a role in several areas, including:

  • Optimizing product and service innovation
  • Enhancing contact center interactions
  • Delivering personalized banking experiences
  • Modernizing code
  • Detecting fraud
  • Creating predictive analytics and forecasting for investment insights
  • Empowering agent and advisors

According to NVIDIA’s State of AI in Financial Services 2024 Trends report, 43% of respondents are already using GenAI in their organization. What’s more, three quarters consider their AI capabilities to be ahead of or right in line with their peers. More than half (51%) say they are confident that AI will be critical to their companies’ future success.

GenAI-powered financial services use cases

Across the sector, GenAI is empowering innovation and enabling new work patterns. Among them:

  • Banking: Organizations are delivering personalized solutions with recommendations and enhancing customer service operations with avatar-assisted services and Natural Language Processing (NPL) chatbots that fulfill service requests promptly. GenAI is also helping to improve risk assessment via predictive analytics. In one example, BNY is deploying NVIDIA’s DGX SuperPOD AI supercomputer to enable AI-enabled applications, including deposit forecasting, payment automation, predictive trade analytics, and end-of-day cash balances.
  • Trading: GenAI optimizes quant finance, helps refine trading strategies, executes trades more effectively, and revolutionizes capital markets forecasting. Using deep neural networks and Azure GPUs built with NVIDIA technology, startup Riskfuel is developing accelerated models based on AI to determine derivative valuation and risk sensitivity. GenAI can also play a role in report summarization as well as generate new trading opportunities to increase market returns.
  • Payments: GenAI enables synthetic data generation and real-time fraud alerts for more proactive, accurate, and timely fraud monitoring. As new fraud patterns are identified, GenAI is used to create synthetic data and examples used to train enhanced fraud detection models. GenAI also helps identify patterns that assist in Suspicious Activity Report generation for anti-money laundering, greatly reducing investigation time.

NVIDIA + Microsoft: Partnering for AI transformation at scale

Given the pace of change, FSI companies need to lean into the right partnerships and resources to enable innovation. NVIDIA and Microsoft have a longstanding relationship centered on AI, and over the last two years, the pair have aligned GenAI offerings built from the ground up on Azure and the NVIDIA AI-enabled GPU stack.

Microsoft’s Azure infrastructure and ecosystem of software tooling, including NVIDIA AI Enterprise, is tightly coupled with NVIDIA GPUs and networking to establish an AI-ready platform unmatched in performance, security, and resiliency. The NVIDIA DGX SuperPod is the fastest path to AI innovation at scale, delivering a full-stack, turnkey solution that eliminates design complexity and facilitates time to deployment.  

The partners have a shared commitment to secure and responsible AI development, and experts and services are available to streamline capacity planning, provisioning, application performance testing, and user/DevOps training at each phase of the GenAI deployment cycle.

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The bottom line

Microsoft and NVIDIA’s decades-long collaboration is unleashing a full spectrum of AI foundations and services that together will quick-start the AI revolution for financial services solutions.

Read more from NVIDIA and Microsoft
https://blueprintforai.cio.com/

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Finance

Concurrent Partners with TIFIN @Work to Elevate Workplace Financial Solutions

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Concurrent Partners with TIFIN @Work to Elevate Workplace Financial Solutions

Combining Advisory Expertise and AI-Driven Insights to Deliver Real Financial Impact

BOULDER, Colo. and TAMPA, Fla., Dec. 18, 2024 /PRNewswire/ — Concurrent, one of the fastest-growing RIA aggregators in the United States, has partnered with TIFIN @Work, an AI-powered workplace growth platform, to deliver a more focused and personalized approach to workplace financial solutions.  The partnership combines TIFIN @Work’s AI-driven tools with Concurrent’s advisory expertise to deliver clear, actionable outcomes for employees, employers, and advisors.

TIFIN @Work partners with Concurrent to deliver personalized workplace financial solutions through AI-driven technology and expert advisory services, enhancing financial outcomes for employees, employers, and advisors. #WorkplaceSolutions #AI #FinancialInnovation #TIFINAtWork #Concurrent #EmployeeWellness #FinancialAdvisory

“Concurrent’s rapid growth has been built on our ability to deliver personalized, scalable solutions that meet the unique needs of clients,” said Casey Bates, Managing Director of Strategy and Growth at Concurrent. “Our partnership with TIFIN @Work strengthens our offering, combining cutting-edge AI technology with our proven advisory strategies to create financial solutions with real impact.”

TIFIN @Work’s AI technology delivers tailored actions to employees, helping them optimize their financial strategies—whether it’s optimizing paycheck contributions or planning for long-term goals. Concurrent ensures these insights are put to work, providing the expertise needed to make decisions that benefit both employees and their employers.

“This partnership is about creating better wealth outcomes with tailored solutions that truly make a difference,” said Marc McDonough, CEO of TIFIN @Work. “By combining our technology with Concurrent’s advisory experience, we’re offering a solution that directly addresses the financial needs of the workplace, creating practical value for all involved.”

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The integration of TIFIN @Work’s platform with Concurrent’s advisory services provides employers with a streamlined approach to supporting employees. The result is improved engagement, stronger financial confidence, and greater opportunities for advisors.

About Concurrent
Concurrent is a multi-custodial, hybrid registered investment adviser (RIA) created to give independent advisors all the resources they need to grow their businesses and adapt to the evolving financial needs of their clients. Headquartered in Tampa, Florida, Concurrent was established in 2017 by former advisors, business owners and industry leaders to cultivate a national network of independent providers of unbiased, fiduciary advice.

Investment advisory services through Concurrent Investment Advisors, LLC (“Concurrent”), an SEC Registered Investment Advisor. To learn more about Concurrent, visit www.poweredbyconcurrent.com.

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