Source: United States Air Force
CSAF Allvin released a video explaining why our service is reviewing certain policies and standards to ensure they are easy to understand, easy to comply with, and easy to enforce across our entire Air Force. Today, he is following through on his promise to swiftly distribute updates.
Source: United States Attorneys General 5
OVW conducted a live web-based pre-application information session for its Fiscal Year 2025 Training and Services to End Abuse in Later Life Program funding opportunity. During the presentation, OVW staff reviewed this program’s requirements, discussed the opportunity, and allowed for a brief question-and-answer period.
Source: GlobeNewswire (MIL-OSI)
NEVADA, Jan. 29, 2025 (GLOBE NEWSWIRE) — Mountain Lake Acquisition Corp. (NASDAQ: MLAC) (the “Company”) announced today that, commencing February 3, 2025, holders of the units sold in the Company’s initial public offering completed on December 16, 2024 may elect to separately trade the Class A ordinary shares of the Company and the rights included in such units on The Nasdaq Global Market (“Nasdaq”).
The Class A ordinary shares and rights that are separated will trade on Nasdaq under the symbols “MLAC” and “MLACR,” respectively. Those units not separated will continue to trade on Nasdaq under the symbol “MLACU.” Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into Class A ordinary shares and rights.
The units were initially offered by the Company in an underwritten offering. BTIG, LLC acted as sole book-running manager of the offering.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Mountain Lake Acquisition Corp.
Mountain Lake Acquisition Corp. is a blank check company newly incorporated as a Cayman Islands exempted company with limited liability for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an initial business combination target in any business or industry or at any stage of its corporate evolution. The Company’s primary focus will be in completing a business combination with an established business of scale poised for continued growth, led by a highly regarded management team.
Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the anticipated use of the net proceeds of the offering and the Company’s search for an initial business combination. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact:
Douglas Horlick
doug@mountainlakeacquisition.com
Mountain Lake Acquisition Corp.
930 Tahoe Blvd STE 802 PMB 45
Incline Village, NV 89451
(775) 204-1489
Source: GlobeNewswire (MIL-OSI)
NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — Silvercrest Asset Management Group Inc. (NASDAQ: SAMG), (the “Company”) today announced that its board of directors declared a quarterly dividend of $0.20 per share of Class A common stock on January 29, 2025. The dividend will be paid on or about March 21, 2025 to shareholders of record as of the close of business on March 14, 2025.
About Silvercrest
Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California and Wisconsin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors. As of September 30, 2024, the firm reported assets under management of $35.1 billion.
Investor Relations Contact:
Richard R. Hough III
212-649-0601
rhough@silvercrestgroup.com
Source: GlobeNewswire (MIL-OSI)
TORONTO, Jan. 29, 2025 (GLOBE NEWSWIRE) — (TSX: PIC.A; PIC.PR.A) Premium Income Corporation today announces results of operations for the fiscal year ended October 31, 2024. Increase in net assets attributable to holders of Class A shares amounted to $76.3 million or $4.34 per Class A share. Net assets attributable to holders of Class A shares were $83.6 million or $4.14 per Class A share. Cash distributions of $0.86 per Preferred share and $0.81 per Class A share were paid during the year.
Premium Income Corporation is a mutual fund corporation, which invests in a portfolio consisting principally of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, and the Toronto Dominion Bank. The Fund employs an active covered call writing strategy to enhance the income generated by the portfolio and to reduce volatility.
The investment portfolio of the Fund is managed by its investment manager, Mulvihill Capital Management Inc. The Fund’s Preferred and Class A shares are listed on the Toronto Stock Exchange under the symbols PIC.PR.A and PIC.A respectively.
| Selected Financial Information: ($ Millions) | ||
| Statement of Financial Position | 2024 | |
| As at October 31 | ||
| Assets | $ | 397.4 |
| Liabilities | (313.7) | |
| Net Assets Attributable to | ||
| Holders of Class A Shares | $ | 83.6 |
| Statement of Comprehensive Income | ||
| Year ended October 31 | ||
| Income | $ | 96.8 |
| Expenses | (4.3) | |
| Operating Loss | 92.4 | |
| Preferred Share Distributions | (16.1) | |
| Increase in Net Assets Attributable | ||
| to Holders of Class A Shares | $ | 76.3 |
For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172 or visit www.mulvihill.com
| John Germain, Senior Vice President & CFO | Mulvihill Capital Management Inc. 121 King Street West Suite 2600 Toronto, Ontario, M5H 3T9 416.681.3966; 1.800.725.7172 www.mulvihill.com info@mulvihill.com |
Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
Source: GlobeNewswire (MIL-OSI)
SAN CARLOS, Calif., Jan. 29, 2025 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven financial services company, will release financial results for its fourth quarter 2024 on Wednesday, February 12, 2025, after market close.
Oportun will host a conference call and earnings webcast to discuss results on Wednesday, February 12, 2025, at 5:00 pm ET / 2:00 pm PT. A live webcast of the call will be accessible from Oportun’s investor relations website at investor.oportun.com, and a webcast replay of the call will be available for one year. The dial-in number for the conference call is 1-866-604-1698 (toll-free) or 1-201-389-0844 (international). Participants should call in 10 minutes prior to the scheduled start time.
About Oportun
Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $19.2 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com.
Investor Contact
Dorian Hare
(650) 590-4323
ir@oportun.com
Media Contact
Michael Azzano
Cosmo PR for Oportun
(415) 596-1978
michael@cosmo-pr.com
Source: GlobeNewswire (MIL-OSI)
EATONTOWN, N.J., Jan. 29, 2025 (GLOBE NEWSWIRE) — Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb”, the “Company”, “we”, or “our”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, today announced the appointment of John McCarthy as the new Chairman of the Board of Directors (the “Board”), effective January 28, 2025. Mr. McCarthy’s appointment follows the resignation of Jeff Geygan from the Board, which will become effective February 28, 2025, and will reduce the Board to six members, five of whom are independent under Nasdaq listing standards.
Mr. McCarthy brings over 30 years of executive technology leadership to Climb’s Board, where he has been a director since June 2019 and currently serves as Chair of the Compensation Committee. Before joining Climb, he was the President and Chief Executive Officer of Mainline Information Systems, a nationally recognized technology solutions provider. Earlier in his career, Mr. McCarthy held senior executive roles at leading technology companies such as EMC, StorageApps, CNT, McData, and Virtual Iron. He is currently a member of the Operating Board for Stripes Group, and a member of the Board of Trustees for Providence College. Mr. McCarthy holds a Bachelor’s degree in Marketing from Providence College.
“I am honored to be appointed as Chairman of the Board and thankful for the trust placed in me by my fellow Board members,” said Mr. McCarthy. “I’d like to thank Jeff for his invaluable contributions to Climb throughout his tenure as Chairman. I look forward to building on this strong foundation and working with the Board and leadership team to continue driving the Company’s strategic vision forward.”
Mr. Geygan stated, “Serving as Chairman of the Board for the past seven years has been an incredible journey, and I am deeply grateful for the opportunity to have contributed to Climb’s remarkable growth and success.”
About Climb Global Solutions
Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the US, Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Climb Global Services. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.
Additional information can be found by visiting www.climbglobalsolutions.com.
Forward-Looking Statements
The statements in this release, other than statements of historical fact, are “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, and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements are subject to certain risks and uncertainties. Many of the forward-looking statements may be identified by words such as ”look forward,” “believes,” “expects,” “intends,” “anticipates,” “plans,” “estimates,” “projects,” “forecasts,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “under construction,” “in development,” “opportunity,” “target,” “outlook,” “maintain,” “continue,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. In this press release, the forward-looking statements relate to, among other things, declaring and reaffirming our strategic goals, future operating results, and the effects and potential benefits of the strategic acquisition on our business. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include, without limitation, statements concerning our plans and expectations in connection with the transition of Board leadership and other plans and expectations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described in the section entitled “Risk Factors” contained in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and from time to time in the Company’s filings with the Securities and Exchange Commission.
Company Contact
Matthew Sullivan
Chief Financial Officer
(732) 847-2451
MatthewS@ClimbCS.com
Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
CLMB@elevate-ir.com
Source: GlobeNewswire (MIL-OSI)
Net Income of $17.5 million, EPS of $0.20
Operating Earnings of $20.7 million, Operating EPS of $0.23
Quarterly Dividend of $0.135
BOSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) — Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net income of $17.5 million, or $0.20 per basic and diluted share, and excluding $3.4 million of merger-related charges, operating earnings after tax (non-GAAP) of $20.7 million, or $0.23 per basic and diluted share for the fourth quarter of 2024, compared to net income and operating earnings after tax (non-GAAP) of $20.1 million, or $0.23 per basic and diluted share, for the third quarter of 2024, and $22.9 million, or $0.26 per basic and diluted share, for the fourth quarter of 2023.
For the year ended December 31, 2024, the Company reported net income of $68.7 million, or $0.77 per basic and diluted share, compared to $75.0 million, or $0.85 per basic and diluted share, for the year ended December 31, 2023. For the year ended December 31, 2024, the Company reported operating earnings after tax (non-GAAP) of $72.4 million, or $0.81 per basic and diluted share, compared to $92.9 million, or $1.05 per basic and diluted share, for the year ended December 31, 2023.
Paul Perrault, Chairman and Chief Executive Officer, commented on the Company’s performance, “Brookline Bancorp had an excellent year in 2024. We finished the year with solid deposit and loan growth and are well positioned as we look forward to 2025. We are looking forward to 2025 and our recently announced strategic merger with Berkshire Hills Bancorp. I would like to recognize the contributions of our employees in contributing to our growth and success in 2024. Our employees exemplify the Brookline Bancorp culture of providing excellent customer service.”
BALANCE SHEET
Total assets at December 31, 2024 increased $228.6 million to $11.9 billion from $11.7 billion at September 30, 2024, and increased $523.1 million from $11.4 billion at December 31, 2023. At December 31, 2024, total loans and leases were $9.8 billion, representing an increase of $24.1 million from September 30, 2024, and an increase of $137.7 million from December 31, 2023.
Total investment securities at December 31, 2024 increased $39.6 million to $895.0 million from $855.4 million at September 30, 2024, and decreased $21.6 million from $916.6 million at December 31, 2023. Total cash and cash equivalents at December 31, 2024 increased $135.8 million to $543.7 million from $407.9 million at September 30, 2024, and increased $410.6 million from $133.0 million at December 31, 2023. As of December 31, 2024, total investment securities and total cash and cash equivalents represented 12.1 percent of total assets, compared to 10.8 percent and 9.2 percent as of September 30, 2024 and December 31, 2023, respectively.
Total deposits at December 31, 2024 increased $169.4 million to $8.9 billion from $8.7 billion at September 30, 2024, consisting of a $115.9 million increase in customer deposits and a $53.4 million increase in brokered deposits. Total deposits increased $353.5 million from $8.5 billion at December 31, 2023, primarily driven by growth in customer deposits.
Total borrowed funds at December 31, 2024 increased $22.3 million to $1.5 billion from September 30, 2024, and increased $143.2 million from $1.4 billion at December 31, 2023.
The ratio of stockholders’ equity to total assets was 10.26 percent at December 31, 2024, as compared to 10.54 percent at September 30, 2024, and 10.53 percent at December 31, 2023. The ratio of tangible stockholders’ equity to tangible assets (non-GAAP) was 8.27 percent at December 31, 2024, as compared to 8.50 percent at September 30, 2024, and 8.39 percent at December 31, 2023. Tangible book value per common share (non-GAAP) decreased $0.08 from $10.89 at September 30, 2024 to $10.81 at December 31, 2024, and increased $0.31 from $10.50 at December 31, 2023.
NET INTEREST INCOME
Net interest income increased $2.0 million to $85.0 million during the fourth quarter of 2024 from $83.0 million for the quarter ended September 30, 2024. The net interest margin increased 5 basis points to 3.12 percent for the three months ended December 31, 2024 from 3.07 percent for the three months ended September 30, 2024, primarily driven by lower funding costs partially offset by lower yields on loans and leases.
NON-INTEREST INCOME
Total non-interest income for the quarter ended December 31, 2024 increased $0.2 million to $6.6 million from $6.3 million for the quarter ended September 30, 2024. The increase was primarily driven by an increase of $1.1 million in loan level derivative income, net, partially offset by a decline of $0.8 million in mark to market on interest rate swaps.
PROVISION FOR CREDIT LOSSES
The Company recorded a provision for credit losses of $4.1 million for the quarter ended December 31, 2024, compared to $4.8 million for the quarter ended September 30, 2024. The decrease in the provision was largely driven by improving economic forecasts and stabilization in the volume of adversely graded credits.
Total net charge-offs for the fourth quarter of 2024 were $7.3 million, compared to $3.8 million in the third quarter of 2024. The $7.3 million in net charge-offs was driven by one large $5.1 million charge-off in equipment financing which was previously reserved for. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis increased to 30 basis points for the fourth quarter of 2024 from 16 basis points for the third quarter of 2024.
The allowance for loan and lease losses represented 1.28 percent of total loans and leases at December 31, 2024, compared to 1.31 percent at September 30, 2024, and 1.22 percent at December 31, 2023. The decrease in the ratio was driven by a reduction in specific reserves due to charge-offs in the quarter.
ASSET QUALITY
The ratio of total nonperforming loans and leases to total loans and leases was 0.71 percent at December 31, 2024 as compared to 0.73 percent at September 30, 2024. Total nonaccrual loans and leases decreased $1.9 million to $69.3 million at December 31, 2024 from $71.2 million at September 30, 2024. The ratio of nonperforming assets to total assets was 0.59 percent at December 31, 2024 as compared to 0.62 percent at September 30, 2024. Total nonperforming assets decreased $2.4 million to $70.5 million at December 31, 2024 from $72.8 million at September 30, 2024.
NON-INTEREST EXPENSE
Non-interest expense for the quarter ended December 31, 2024 increased $5.8 million to $63.7 million from $57.9 million for the quarter ended September 30, 2024. The increase was primarily driven by an increase of $3.4 million in merger and acquisition expense, and an increase of $2.1 million in compensation and employee benefits expense.
PROVISION FOR INCOME TAXES
The effective tax rate was 26.4 percent and 25.1 percent for the three and twelve months ended December 31, 2024 compared to 24.7 percent for the three months ended September 30, 2024 and 19.9 percent and 20.1 percent for the three and twelve months ended December 31, 2023.
RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY
The annualized return on average assets decreased to 0.61 percent during the fourth quarter of 2024 compared to 0.70 percent for the third quarter of 2024; and was 0.60 percent for the year ended December 31, 2024, compared to 0.67 percent for the year ended December 31, 2023.
The annualized return on average tangible stockholders’ equity (non-GAAP) decreased to 7.21 percent during the fourth quarter of 2024 compared to 8.44 percent for the third quarter of 2024; and was 7.24 percent for the year ended December 31, 2024 compared to 8.36 percent for the year ended December 31, 2023.
DIVIDEND DECLARED
The Company’s Board of Directors approved a dividend of $0.135 per share for the quarter ended December 31, 2024. The dividend will be paid on February 28, 2025 to stockholders of record on February 14, 2025.
PROPOSED TRANSACTION WITH BERKSHIRE HILLS BANCORP, INC.
On December 16, 2024, the Company, Berkshire Hills Bancorp, Inc. (“Berkshire”), and Commerce Acquisition Sub, Inc., a Delaware corporation and wholly-owned subsidiary of the Berkshire formed solely to facilitate the merger (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into Brookline, with Brookline as the surviving entity, and immediately thereafter, Brookline will merge with and into Berkshire, with Berkshire as the surviving entity (collectively, the “Merger”). As a result of the Merger, the separate corporate existence of the Company will cease, and Berkshire will continue as the surviving corporation. Under the terms of the Merger Agreement, which was unanimously approved by the Boards of Directors of both companies, each outstanding share of Company common stock will be exchanged for the right to receive 0.42 shares of Berkshire common stock. Holders of Company common stock will receive cash in lieu of fractional shares of Berkshire common stock. As a result of the proposed transaction and a $100 million common stock offering by Berkshire to support the proposed transaction, Berkshire stockholders will own approximately 51%, Brookline stockholders will own approximately 45%, and investors in new shares will own approximately 4% of the outstanding shares of the combined company. The proposed transaction is expected to close by the end of the second half of 2025, subject to satisfaction of customary closing conditions, including receipt of required regulatory approvals and approvals from Berkshire and the Company stockholders.
CONFERENCE CALL
The Company will conduct a conference call/webcast at 1:30 PM Eastern Time on Thursday, January 30, 2025 to discuss the results for the quarter, business highlights and outlook. A copy of the Earnings Presentation is available on the Company’s website, www.brooklinebancorp.com. To listen to the call and view the Company’s Earnings Presentation, please join the call via https://events.q4inc.com/attendee/129324302. To listen to the call without access to the slides, please dial 833-470-1428 (United States) or 404-975-4839 (internationally) and ask for the Brookline Bancorp, Inc. call (Access Code 138268). A recording of the call will be available for one week following the call on the Company’s website under “Investor Relations” or by dialing 866-813-9403 (United States) or 929-458-6194 (internationally) and entering the passcode: 646121.
ABOUT BROOKLINE BANCORP, INC.
Brookline Bancorp, Inc., a bank holding company with approximately $11.9 billion in assets and branch locations in eastern Massachusetts, Rhode Island and the Lower Hudson Valley of New York State, is headquartered in Boston, Massachusetts and operates as the holding company for Brookline Bank, Bank Rhode Island, and PCSB Bank. The Company provides commercial and retail banking services and cash management and investment services to customers throughout Central New England and the Lower Hudson Valley of New York State. More information about Brookline Bancorp, Inc. and its banks can be found at the following websites: www.brooklinebank.com, www.bankri.com and www.pcsb.com.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release that are not historical facts may constitute 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, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters, including statements regarding the Company’s business, credit quality, financial condition, liquidity and results of operations. Forward-looking statements may differ, possibly materially, from what is included in this press release due to factors and future developments that are uncertain and beyond the scope of the Company’s control. These include, but are not limited to, the occurrence of any event, change or other circumstances that could give rise to the right of the Company or Berkshire to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against Berkshire or Company; delays in completing the proposed transaction with Berkshire; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction) or stockholder approvals, or to satisfy any of the other conditions to the proposed transaction on a timely basis or at all, including the ability of Berkshire and the Company to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the impact of certain restrictions during the pendency of the proposed transaction on the parties’ ability to pursue certain business opportunities and strategic transactions; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; changes in interest rates; general economic conditions (including inflation and concerns about liquidity) on a national basis or in the local markets in which the Company operates; turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in the value of securities and other assets in the Company’s investment portfolio; increases in loan and lease default and charge-off rates; the adequacy of allowances for loan and lease losses; decreases in deposit levels that necessitate increases in borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics; changes in regulation; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions and adverse economic developments; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; and changes in assumptions used in making such forward-looking statements. Forward-looking statements involve risks and uncertainties which are difficult to predict. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company’s Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the SEC. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.
BASIS OF PRESENTATION
The Company’s consolidated financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) as set forth by the Financial Accounting Standards Board in its Accounting Standards Codification and through the rules and interpretive releases of the SEC under the authority of federal securities laws. Certain amounts previously reported have been reclassified to conform to the current period’s presentation.
NON-GAAP FINANCIAL MEASURES
The Company uses certain non-GAAP financial measures, such as operating earnings after tax, operating earnings per common share, operating return on average assets, operating return on average tangible assets, operating return on average stockholders’ equity, operating return on average tangible stockholders’ equity, tangible book value per common share, tangible stockholders’ equity to tangible assets, return on average tangible assets (annualized) and return on average tangible stockholders’ equity (annualized). These non-GAAP financial measures provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial services sector. A detailed reconciliation table of the Company’s GAAP to the non-GAAP measures is attached.
INVESTOR RELATIONS:
| Contact: | Carl M. Carlson Brookline Bancorp, Inc. Co-President and Chief Financial and Strategy Officer (617) 425-5331 carl.carlson@brkl.com |
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||||
| Selected Financial Highlights (Unaudited) | |||||||||||||||||||||
| At and for the Three Months Ended | At and for the Twelve Months Ended |
||||||||||||||||||||
| December 31, 2024 |
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
December 31, 2024 |
December 31, 2023 |
|||||||||||||||
| (Dollars In Thousands Except per Share Data) | |||||||||||||||||||||
| Earnings Data: | |||||||||||||||||||||
| Net interest income | $ | 84,988 | $ | 83,008 | $ | 80,001 | $ | 81,588 | $ | 83,555 | $ | 329,585 | $ | 339,711 | |||||||
| Provision for credit losses on loans | 4,141 | 4,832 | 5,607 | 7,423 | 3,851 | 22,003 | 37,868 | ||||||||||||||
| Provision (credit) for credit losses on investments | (104 | ) | (172 | ) | (39 | ) | (44 | ) | (76 | ) | (359 | ) | 339 | ||||||||
| Non-interest income | 6,587 | 6,348 | 6,396 | 6,284 | 8,027 | 25,615 | 31,934 | ||||||||||||||
| Non-interest expense | 63,719 | 57,948 | 59,184 | 61,014 | 59,244 | 241,865 | 239,524 | ||||||||||||||
| Income before provision for income taxes | 23,819 | 26,748 | 21,645 | 19,479 | 28,563 | 91,691 | 93,914 | ||||||||||||||
| Net income | 17,536 | 20,142 | 16,372 | 14,665 | 22,888 | 68,715 | 74,999 | ||||||||||||||
| Performance Ratios: | |||||||||||||||||||||
| Net interest margin (1) | 3.12 | % | 3.07 | % | 3.00 | % | 3.06 | % | 3.15 | % | 3.06 | % | 3.24 | % | |||||||
| Interest-rate spread (1) | 2.35 | % | 2.26 | % | 2.14 | % | 2.21 | % | 2.39 | % | 2.24 | % | 2.50 | % | |||||||
| Return on average assets (annualized) | 0.61 | % | 0.70 | % | 0.57 | % | 0.51 | % | 0.81 | % | 0.60 | % | 0.67 | % | |||||||
| Return on average tangible assets (annualized) (non-GAAP) | 0.62 | % | 0.72 | % | 0.59 | % | 0.53 | % | 0.83 | % | 0.61 | % | 0.69 | % | |||||||
| Return on average stockholders’ equity (annualized) | 5.69 | % | 6.63 | % | 5.49 | % | 4.88 | % | 7.82 | % | 5.67 | % | 6.42 | % | |||||||
| Return on average tangible stockholders’ equity (annualized) (non-GAAP) | 7.21 | % | 8.44 | % | 7.04 | % | 6.26 | % | 10.12 | % | 7.24 | % | 8.36 | % | |||||||
| Efficiency ratio (2) | 69.58 | % | 64.85 | % | 68.50 | % | 69.44 | % | 64.69 | % | 68.09 | % | 64.45 | % | |||||||
| Per Common Share Data: | |||||||||||||||||||||
| Net income — Basic | $ | 0.20 | $ | 0.23 | $ | 0.18 | $ | 0.16 | $ | 0.26 | $ | 0.77 | $ | 0.85 | |||||||
| Net income — Diluted | 0.20 | 0.23 | 0.18 | 0.16 | 0.26 | 0.77 | 0.85 | ||||||||||||||
| Cash dividends declared | 0.135 | 0.135 | 0.135 | 0.135 | 0.135 | 0.540 | 0.540 | ||||||||||||||
| Book value per share (end of period) | 13.71 | 13.81 | 13.48 | 13.43 | 13.48 | 13.71 | 13.48 | ||||||||||||||
| Tangible book value per common share (end of period) (non-GAAP) | 10.81 | 10.89 | 10.53 | 10.47 | 10.50 | 10.81 | 10.50 | ||||||||||||||
| Stock price (end of period) | 11.80 | 10.09 | 8.35 | 9.96 | 10.91 | 11.80 | 10.91 | ||||||||||||||
| Balance Sheet: | |||||||||||||||||||||
| Total assets | $ | 11,905,326 | $ | 11,676,721 | $ | 11,635,292 | $ | 11,542,731 | $ | 11,382,256 | $ | 11,905,326 | $ | 11,382,256 | |||||||
| Total loans and leases | 9,779,288 | 9,755,236 | 9,721,137 | 9,655,086 | 9,641,589 | 9,779,288 | 9,641,589 | ||||||||||||||
| Total deposits | 8,901,644 | 8,732,271 | 8,737,036 | 8,718,653 | 8,548,125 | 8,901,644 | 8,548,125 | ||||||||||||||
| Total stockholders’ equity | 1,221,939 | 1,230,362 | 1,198,480 | 1,194,231 | 1,198,644 | 1,221,939 | 1,198,644 | ||||||||||||||
| Asset Quality: | |||||||||||||||||||||
| Nonperforming assets | $ | 70,452 | $ | 72,821 | $ | 62,683 | $ | 42,489 | $ | 45,324 | $ | 70,452 | $ | 45,324 | |||||||
| Nonperforming assets as a percentage of total assets | 0.59 | % | 0.62 | % | 0.54 | % | 0.37 | % | 0.40 | % | 0.59 | % | 0.40 | % | |||||||
| Allowance for loan and lease losses | $ | 125,083 | $ | 127,316 | $ | 121,750 | $ | 120,124 | $ | 117,522 | $ | 125,083 | $ | 117,522 | |||||||
| Allowance for loan and lease losses as a percentage of total loans and leases | 1.28 | % | 1.31 | % | 1.25 | % | 1.24 | % | 1.22 | % | 1.28 | % | 1.22 | % | |||||||
| Net loan and lease charge-offs | $ | 7,252 | $ | 3,808 | $ | 8,387 | $ | 8,781 | $ | 7,141 | $ | 28,228 | $ | 19,663 | |||||||
| Net loan and lease charge-offs as a percentage of average loans and leases (annualized) | 0.30 | % | 0.16 | % | 0.35 | % | 0.36 | % | 0.30 | % | 0.29 | % | 0.21 | % | |||||||
| Capital Ratios: | |||||||||||||||||||||
| Stockholders’ equity to total assets | 10.26 | % | 10.54 | % | 10.30 | % | 10.35 | % | 10.53 | % | 10.26 | % | 10.53 | % | |||||||
| Tangible stockholders’ equity to tangible assets (non-GAAP) | 8.27 | % | 8.50 | % | 8.23 | % | 8.25 | % | 8.39 | % | 8.27 | % | 8.39 | % | |||||||
| (1) Calculated on a fully tax-equivalent basis. | |||||||||||||||||||||
| (2) Calculated as non-interest expense as a percentage of net interest income plus non-interest income. | |||||||||||||||||||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||
| Consolidated Balance Sheets (Unaudited) | |||||||||||||||
| December 31, 2024 |
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
|||||||||||
| ASSETS | (In Thousands Except Share Data) | ||||||||||||||
| Cash and due from banks | $ | 64,673 | $ | 82,168 | $ | 60,067 | $ | 45,708 | $ | 34,514 | |||||
| Short-term investments | 478,997 | 325,721 | 283,017 | 256,178 | 98,513 | ||||||||||
| Total cash and cash equivalents | 543,670 | 407,889 | 343,084 | 301,886 | 133,027 | ||||||||||
| Investment securities available-for-sale | 895,034 | 855,391 | 856,439 | 865,798 | 916,601 | ||||||||||
| Total investment securities | 895,034 | 855,391 | 856,439 | 865,798 | 916,601 | ||||||||||
| Allowance for investment security losses | (82 | ) | (186 | ) | (359 | ) | (398 | ) | (441 | ) | |||||
| Net investment securities | 894,952 | 855,205 | 856,080 | 865,400 | 916,160 | ||||||||||
| Loans and leases held-for-sale | — | — | — | 6,717 | — | ||||||||||
| Loans and leases: | |||||||||||||||
| Commercial real estate loans | 5,716,114 | 5,779,290 | 5,782,111 | 5,755,239 | 5,764,529 | ||||||||||
| Commercial loans and leases | 2,506,664 | 2,453,038 | 2,443,530 | 2,416,904 | 2,399,668 | ||||||||||
| Consumer loans | 1,556,510 | 1,522,908 | 1,495,496 | 1,482,943 | 1,477,392 | ||||||||||
| Total loans and leases | 9,779,288 | 9,755,236 | 9,721,137 | 9,655,086 | 9,641,589 | ||||||||||
| Allowance for loan and lease losses | (125,083 | ) | (127,316 | ) | (121,750 | ) | (120,124 | ) | (117,522 | ) | |||||
| Net loans and leases | 9,654,205 | 9,627,920 | 9,599,387 | 9,534,962 | 9,524,067 | ||||||||||
| Restricted equity securities | 83,155 | 82,675 | 78,963 | 74,709 | 77,595 | ||||||||||
| Premises and equipment, net of accumulated depreciation | 86,781 | 86,925 | 88,378 | 89,707 | 89,853 | ||||||||||
| Right-of-use asset operating leases | 43,527 | 41,934 | 35,691 | 33,133 | 30,863 | ||||||||||
| Deferred tax asset | 56,620 | 50,827 | 60,032 | 60,484 | 56,952 | ||||||||||
| Goodwill | 241,222 | 241,222 | 241,222 | 241,222 | 241,222 | ||||||||||
| Identified intangible assets, net of accumulated amortization | 17,461 | 19,162 | 20,830 | 22,499 | 24,207 | ||||||||||
| Other real estate owned and repossessed assets | 1,103 | 1,579 | 1,974 | 1,817 | 1,694 | ||||||||||
| Other assets | 282,630 | 261,383 | 309,651 | 310,195 | 286,616 | ||||||||||
| Total assets | $ | 11,905,326 | $ | 11,676,721 | $ | 11,635,292 | $ | 11,542,731 | $ | 11,382,256 | |||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||
| Deposits: | |||||||||||||||
| Demand checking accounts | $ | 1,692,394 | $ | 1,681,858 | $ | 1,638,378 | $ | 1,629,371 | $ | 1,678,406 | |||||
| NOW accounts | 617,246 | 637,374 | 647,370 | 654,748 | 661,863 | ||||||||||
| Savings accounts | 1,721,247 | 1,736,989 | 1,735,857 | 1,727,893 | 1,669,018 | ||||||||||
| Money market accounts | 2,116,360 | 2,041,185 | 2,073,557 | 2,065,569 | 2,082,810 | ||||||||||
| Certificate of deposit accounts | 1,885,444 | 1,819,353 | 1,718,414 | 1,670,147 | 1,574,855 | ||||||||||
| Brokered deposit accounts | 868,953 | 815,512 | 923,460 | 970,925 | 881,173 | ||||||||||
| Total deposits | 8,901,644 | 8,732,271 | 8,737,036 | 8,718,653 | 8,548,125 | ||||||||||
| Borrowed funds: | |||||||||||||||
| Advances from the FHLB | 1,355,926 | 1,345,003 | 1,265,079 | 1,150,153 | 1,223,226 | ||||||||||
| Subordinated debentures and notes | 84,328 | 84,293 | 84,258 | 84,223 | 84,188 | ||||||||||
| Other borrowed funds | 79,592 | 68,251 | 80,125 | 127,505 | 69,256 | ||||||||||
| Total borrowed funds | 1,519,846 | 1,497,547 | 1,429,462 | 1,361,881 | 1,376,670 | ||||||||||
| Operating lease liabilities | 44,785 | 43,266 | 37,102 | 34,235 | 31,998 | ||||||||||
| Mortgagors’ escrow accounts | 15,875 | 14,456 | 17,117 | 16,245 | 17,239 | ||||||||||
| Reserve for unfunded credits | 5,981 | 6,859 | 11,400 | 15,807 | 19,767 | ||||||||||
| Accrued expenses and other liabilities | 195,256 | 151,960 | 204,695 | 201,679 | 189,813 | ||||||||||
| Total liabilities | 10,683,387 | 10,446,359 | 10,436,812 | 10,348,500 | 10,183,612 | ||||||||||
| Stockholders’ equity: | |||||||||||||||
| Common stock, $0.01 par value; 200,000,000 shares authorized; 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, and 96,998,075 shares issued, respectively | 970 | 970 | 970 | 970 | 970 | ||||||||||
| Additional paid-in capital | 902,584 | 901,562 | 904,775 | 903,726 | 902,659 | ||||||||||
| Retained earnings | 458,943 | 453,555 | 445,560 | 441,285 | 438,722 | ||||||||||
| Accumulated other comprehensive income | (52,882 | ) | (38,081 | ) | (61,693 | ) | (60,841 | ) | (52,798 | ) | |||||
| Treasury stock, at cost; | |||||||||||||||
| 7,019,384 shares, 7,015,843 shares, 7,373,009 shares, 7,354,399 shares, and 7,354,399 shares, respectively | (87,676 | ) | (87,644 | ) | (91,132 | ) | (90,909 | ) | (90,909 | ) | |||||
| Total stockholders’ equity | 1,221,939 | 1,230,362 | 1,198,480 | 1,194,231 | 1,198,644 | ||||||||||
| Total liabilities and stockholders’ equity | $ | 11,905,326 | $ | 11,676,721 | $ | 11,635,292 | $ | 11,542,731 | $ | 11,382,256 | |||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||
| Consolidated Statements of Income (Unaudited) | |||||||||||||||
| Three Months Ended | |||||||||||||||
| December 31, 2024 |
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
|||||||||||
| (In Thousands Except Share Data) | |||||||||||||||
| Interest and dividend income: | |||||||||||||||
| Loans and leases | $ | 147,436 | $ | 149,643 | $ | 145,585 | $ | 145,265 | $ | 142,948 | |||||
| Debt securities | 6,421 | 6,473 | 6,480 | 6,878 | 6,945 | ||||||||||
| Restricted equity securities | 1,460 | 1,458 | 1,376 | 1,492 | 1,333 | ||||||||||
| Short-term investments | 2,830 | 1,986 | 1,914 | 1,824 | 1,093 | ||||||||||
| Total interest and dividend income | 158,147 | 159,560 | 155,355 | 155,459 | 152,319 | ||||||||||
| Interest expense: | |||||||||||||||
| Deposits | 56,562 | 59,796 | 59,721 | 56,884 | 54,034 | ||||||||||
| Borrowed funds | 16,597 | 16,756 | 15,633 | 16,987 | 14,730 | ||||||||||
| Total interest expense | 73,159 | 76,552 | 75,354 | 73,871 | 68,764 | ||||||||||
| Net interest income | 84,988 | 83,008 | 80,001 | 81,588 | 83,555 | ||||||||||
| Provision for credit losses on loans | 4,141 | 4,832 | 5,607 | 7,423 | 3,851 | ||||||||||
| Credit for credit losses on investments | (104 | ) | (172 | ) | (39 | ) | (44 | ) | (76 | ) | |||||
| Net interest income after provision for credit losses | 80,951 | 78,348 | 74,433 | 74,209 | 79,780 | ||||||||||
| Non-interest income: | |||||||||||||||
| Deposit fees | 2,297 | 2,353 | 3,001 | 2,897 | 3,064 | ||||||||||
| Loan fees | 439 | 464 | 702 | 789 | 515 | ||||||||||
| Loan level derivative income, net | 1,115 | — | 106 | 437 | 778 | ||||||||||
| Gain on sales of loans and leases | 406 | 415 | 130 | — | 410 | ||||||||||
| Other | 2,330 | 3,116 | 2,457 | 2,161 | 3,260 | ||||||||||
| Total non-interest income | 6,587 | 6,348 | 6,396 | 6,284 | 8,027 | ||||||||||
| Non-interest expense: | |||||||||||||||
| Compensation and employee benefits | 37,202 | 35,130 | 34,762 | 36,629 | 35,401 | ||||||||||
| Occupancy | 5,393 | 5,343 | 5,551 | 5,769 | 5,127 | ||||||||||
| Equipment and data processing | 6,780 | 6,831 | 6,732 | 7,031 | 7,245 | ||||||||||
| Professional services | 1,345 | 2,143 | 1,745 | 1,900 | 1,442 | ||||||||||
| FDIC insurance | 2,017 | 2,118 | 2,025 | 1,884 | 1,839 | ||||||||||
| Advertising and marketing | 1,303 | 859 | 1,504 | 1,574 | 758 | ||||||||||
| Amortization of identified intangible assets | 1,701 | 1,668 | 1,669 | 1,708 | 1,965 | ||||||||||
| Merger and restructuring expense | 3,378 | — | 823 | — | — | ||||||||||
| Other | 4,600 | 3,856 | 4,373 | 4,519 | 5,467 | ||||||||||
| Total non-interest expense | 63,719 | 57,948 | 59,184 | 61,014 | 59,244 | ||||||||||
| Income before provision for income taxes | 23,819 | 26,748 | 21,645 | 19,479 | 28,563 | ||||||||||
| Provision for income taxes | 6,283 | 6,606 | 5,273 | 4,814 | 5,675 | ||||||||||
| Net income | $ | 17,536 | $ | 20,142 | $ | 16,372 | $ | 14,665 | $ | 22,888 | |||||
| Earnings per common share: | |||||||||||||||
| Basic | $ | 0.20 | $ | 0.23 | $ | 0.18 | $ | 0.16 | $ | 0.26 | |||||
| Diluted | $ | 0.20 | $ | 0.23 | $ | 0.18 | $ | 0.16 | $ | 0.26 | |||||
| Weighted average common shares outstanding during the period: | |||||||||||||||
| Basic | 89,098,443 | 89,033,463 | 88,904,692 | 88,894,577 | 88,867,159 | ||||||||||
| Diluted | 89,483,964 | 89,319,611 | 89,222,315 | 89,181,508 | 89,035,505 | ||||||||||
| Dividends paid per common share | $ | 0.135 | $ | 0.135 | $ | 0.135 | $ | 0.135 | $ | 0.135 | |||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||
| Consolidated Statements of Income (Unaudited) | |||||
| Twelve Months Ended December 31, | |||||
| 2024 | 2023 | ||||
| (In Thousands Except Share Data) | |||||
| Interest and dividend income: | |||||
| Loans and leases | $ | 587,929 | $ | 533,739 | |
| Debt securities | 26,252 | 29,648 | |||
| Restricted equity securities | 5,786 | 5,571 | |||
| Short-term investments | 8,554 | 8,329 | |||
| Total interest and dividend income | 628,521 | 577,287 | |||
| Interest expense: | |||||
| Deposits | 232,963 | 175,665 | |||
| Borrowed funds | 65,973 | 61,911 | |||
| Total interest expense | 298,936 | 237,576 | |||
| Net interest income | 329,585 | 339,711 | |||
| Provision for credit losses on loans | 22,003 | 37,868 | |||
| (Credit) provision for credit losses on investments | (359 | ) | 339 | ||
| Net interest income after provision for credit losses | 307,941 | 301,504 | |||
| Non-interest income: | |||||
| Deposit fees | 10,548 | 11,611 | |||
| Loan fees | 2,394 | 2,036 | |||
| Loan level derivative income, net | 1,658 | 3,890 | |||
| Gain on investment securities, net | — | 1,704 | |||
| Gain on sales of loans and leases | 951 | 2,581 | |||
| Other | 10,064 | 10,112 | |||
| Total non-interest income | 25,615 | 31,934 | |||
| Non-interest expense: | |||||
| Compensation and employee benefits | 143,723 | 138,895 | |||
| Occupancy | 22,056 | 20,203 | |||
| Equipment and data processing | 27,374 | 27,004 | |||
| Professional services | 7,133 | 7,226 | |||
| FDIC insurance | 8,044 | 7,844 | |||
| Advertising and marketing | 5,240 | 4,724 | |||
| Amortization of identified intangible assets | 6,746 | 7,840 | |||
| Merger and restructuring expense | 4,201 | 7,411 | |||
| Other | 17,348 | 18,377 | |||
| Total non-interest expense | 241,865 | 239,524 | |||
| Income before provision for income taxes | 91,691 | 93,914 | |||
| Provision for income taxes | 22,976 | 18,915 | |||
| Net income | $ | 68,715 | $ | 74,999 | |
| Earnings per common share: | |||||
| Basic | $ | 0.77 | $ | 0.85 | |
| Diluted | $ | 0.77 | $ | 0.85 | |
| Weighted average common shares outstanding during the period: | |||||
| Basic | 88,983,248 | 88,230,681 | |||
| Diluted | 89,302,304 | 88,450,646 | |||
| Dividends paid per common share | $ | 0.540 | $ | 0.540 | |
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||
| Asset Quality Analysis (Unaudited) | |||||||||||||||
| At and for the Three Months Ended | |||||||||||||||
| December 31, 2024 |
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
|||||||||||
| (Dollars in Thousands) | |||||||||||||||
| NONPERFORMING ASSETS: | |||||||||||||||
| Loans and leases accounted for on a nonaccrual basis: | |||||||||||||||
| Commercial real estate mortgage | $ | 11,525 | $ | 11,595 | $ | 11,659 | $ | 18,394 | $ | 19,608 | |||||
| Multi-family mortgage | 6,596 | 1,751 | — | — | — | ||||||||||
| Construction | — | — | — | — | — | ||||||||||
| Total commercial real estate loans | 18,121 | 13,346 | 11,659 | 18,394 | 19,608 | ||||||||||
| Commercial | 14,676 | 15,734 | 16,636 | 3,096 | 3,886 | ||||||||||
| Equipment financing | 31,509 | 37,223 | 27,128 | 13,668 | 14,984 | ||||||||||
| Total commercial loans and leases | 46,185 | 52,957 | 43,764 | 16,764 | 18,870 | ||||||||||
| Residential mortgage | 3,999 | 3,862 | 4,495 | 4,563 | 4,292 | ||||||||||
| Home equity | 1,043 | 1,076 | 790 | 950 | 860 | ||||||||||
| Other consumer | 1 | 1 | 1 | 1 | — | ||||||||||
| Total consumer loans | 5,043 | 4,939 | 5,286 | 5,514 | 5,152 | ||||||||||
| Total nonaccrual loans and leases | 69,349 | 71,242 | 60,709 | 40,672 | 43,630 | ||||||||||
| Other real estate owned | 700 | 780 | 780 | 780 | 780 | ||||||||||
| Other repossessed assets | 403 | 799 | 1,194 | 1,037 | 914 | ||||||||||
| Total nonperforming assets | $ | 70,452 | $ | 72,821 | $ | 62,683 | $ | 42,489 | $ | 45,324 | |||||
| Loans and leases past due greater than 90 days and still accruing | $ | 811 | $ | 16,091 | $ | 4,994 | $ | 363 | $ | 228 | |||||
| Nonperforming loans and leases as a percentage of total loans and leases | 0.71 | % | 0.73 | % | 0.62 | % | 0.42 | % | 0.45 | % | |||||
| Nonperforming assets as a percentage of total assets | 0.59 | % | 0.62 | % | 0.54 | % | 0.37 | % | 0.40 | % | |||||
| PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES: | |||||||||||||||
| Allowance for loan and lease losses at beginning of period | $ | 127,316 | $ | 121,750 | $ | 120,124 | $ | 117,522 | $ | 119,081 | |||||
| Charge-offs | (8,414 | ) | (4,183 | ) | (8,823 | ) | (5,390 | ) | (7,722 | ) | |||||
| Recoveries | 1,162 | 375 | 436 | 309 | 581 | ||||||||||
| Net charge-offs | (7,252 | ) | (3,808 | ) | (8,387 | ) | (5,081 | ) | (7,141 | ) | |||||
| Provision for loan and lease losses excluding unfunded commitments * | 5,019 | 9,374 | 10,013 | 7,683 | 5,582 | ||||||||||
| Allowance for loan and lease losses at end of period | $ | 125,083 | $ | 127,316 | $ | 121,750 | $ | 120,124 | $ | 117,522 | |||||
| Allowance for loan and lease losses as a percentage of total loans and leases | 1.28 | % | 1.31 | % | 1.25 | % | 1.24 | % | 1.22 | % | |||||
| NET CHARGE-OFFS: | |||||||||||||||
| Commercial real estate loans | $ | — | $ | — | $ | 3,819 | $ | 606 | $ | 1,087 | |||||
| Commercial loans and leases ** | 7,257 | 3,797 | 4,571 | 8,179 | 6,061 | ||||||||||
| Consumer loans | (5 | ) | 11 | (3 | ) | (4 | ) | (7 | ) | ||||||
| Total net charge-offs | $ | 7,252 | $ | 3,808 | $ | 8,387 | $ | 8,781 | $ | 7,141 | |||||
| Net loan and lease charge-offs as a percentage of average loans and leases (annualized) | 0.30 | % | 0.16 | % | 0.35 | % | 0.36 | % | 0.30 | % | |||||
| *Provision for loan and lease losses does not include (credit) provision of $(0.9 million), $(4.5 million), $(4.4 million), $(0.3 million), and $(1.7 million) for credit losses on unfunded commitments during the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively. | |||||||||||||||
| ** The balance at March 31, 2024 includes a $3.7 million charge-off on a letter of credit which impacted the provision. | |||||||||||||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||||||
| Average Yields / Costs (Unaudited) | ||||||||||||||||||
| Three Months Ended | ||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||||||||||
| Average Balance |
Interest (1) | Average Yield/ Cost |
Average Balance |
Interest (1) | Average Yield/ Cost |
Average Balance |
Interest (1) | Average Yield/ Cost |
||||||||||
| (Dollars in Thousands) | ||||||||||||||||||
| Assets: | ||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||
| Investments: | ||||||||||||||||||
| Debt securities (2) | $ | 856,065 | $ | 6,463 | 3.02 | % | $ | 853,924 | $ | 6,516 | 3.05 | % | $ | 876,350 | $ | 6,986 | 3.19 | % |
| Restricted equity securities (2) | 75,879 | 1,459 | 7.69 | % | 75,225 | 1,459 | 7.76 | % | 67,567 | 1,334 | 7.90 | % | ||||||
| Short-term investments | 236,784 | 2,830 | 4.78 | % | 145,838 | 1,986 | 5.44 | % | 85,790 | 1,093 | 5.09 | % | ||||||
| Total investments | 1,168,728 | 10,752 | 3.68 | % | 1,074,987 | 9,961 | 3.71 | % | 1,029,707 | 9,413 | 3.66 | % | ||||||
| Loans and Leases: | ||||||||||||||||||
| Commercial real estate loans (3) | 5,752,591 | 81,195 | 5.52 | % | 5,772,456 | 83,412 | 5.65 | % | 5,727,930 | 81,653 | 5.58 | % | ||||||
| Commercial loans (3) | 1,170,295 | 19,750 | 6.61 | % | 1,079,084 | 18,440 | 6.69 | % | 969,603 | 16,296 | 6.58 | % | ||||||
| Equipment financing (3) | 1,310,143 | 26,295 | 8.03 | % | 1,353,649 | 26,884 | 7.94 | % | 1,347,589 | 25,211 | 7.48 | % | ||||||
| Consumer loans (3) | 1,529,654 | 20,881 | 5.44 | % | 1,505,095 | 21,123 | 5.60 | % | 1,475,580 | 19,888 | 5.37 | % | ||||||
| Total loans and leases | 9,762,683 | 148,121 | 6.07 | % | 9,710,284 | 149,859 | 6.17 | % | 9,520,702 | 143,048 | 6.01 | % | ||||||
| Total interest-earning assets | 10,931,411 | 158,873 | 5.81 | % | 10,785,271 | 159,820 | 5.93 | % | 10,550,409 | 152,461 | 5.78 | % | ||||||
| Non-interest-earning assets | 649,161 | 666,067 | 721,532 | |||||||||||||||
| Total assets | $ | 11,580,572 | $ | 11,451,338 | $ | 11,271,941 | ||||||||||||
| Liabilities and Stockholders’ Equity: | ||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||
| Deposits: | ||||||||||||||||||
| NOW accounts | $ | 630,408 | 1,056 | 0.67 | % | $ | 639,561 | 1,115 | 0.69 | % | $ | 657,134 | 1,146 | 0.69 | % | |||
| Savings accounts | 1,741,355 | 10,896 | 2.49 | % | 1,738,756 | 12,098 | 2.77 | % | 1,658,144 | 10,684 | 2.56 | % | ||||||
| Money market accounts | 2,083,033 | 13,856 | 2.65 | % | 2,038,048 | 15,466 | 3.02 | % | 2,140,225 | 16,239 | 3.01 | % | ||||||
| Certificates of deposit | 1,857,483 | 20,691 | 4.43 | % | 1,768,026 | 20,054 | 4.51 | % | 1,530,772 | 14,517 | 3.76 | % | ||||||
| Brokered deposit accounts | 797,910 | 10,063 | 5.02 | % | 841,067 | 11,063 | 5.23 | % | 880,604 | 11,448 | 5.16 | % | ||||||
| Total interest-bearing deposits | 7,110,189 | 56,562 | 3.16 | % | 7,025,458 | 59,796 | 3.39 | % | 6,866,879 | 54,034 | 3.12 | % | ||||||
| Borrowings: | ||||||||||||||||||
| Advances from the FHLB | 1,144,157 | 13,958 | 4.77 | % | 1,139,049 | 14,366 | 4.94 | % | 965,846 | 11,943 | 4.84 | % | ||||||
| Subordinated debentures and notes | 84,311 | 1,944 | 9.22 | % | 84,276 | 1,378 | 6.54 | % | 84,170 | 1,381 | 6.56 | % | ||||||
| Other borrowed funds | 65,947 | 695 | 4.20 | % | 53,102 | 1,012 | 7.58 | % | 136,566 | 1,406 | 4.09 | % | ||||||
| Total borrowings | 1,294,415 | 16,597 | 5.02 | % | 1,276,427 | 16,756 | 5.14 | % | 1,186,582 | 14,730 | 4.86 | % | ||||||
| Total interest-bearing liabilities | 8,404,604 | 73,159 | 3.46 | % | 8,301,885 | 76,552 | 3.67 | % | 8,053,461 | 68,764 | 3.39 | % | ||||||
| Non-interest-bearing liabilities: | ||||||||||||||||||
| Demand checking accounts | 1,693,138 | 1,669,092 | 1,723,849 | |||||||||||||||
| Other non-interest-bearing liabilities | 250,303 | 264,324 | 323,855 | |||||||||||||||
| Total liabilities | 10,348,045 | 10,235,301 | 10,101,165 | |||||||||||||||
| Stockholders’ equity | 1,232,527 | 1,216,037 | 1,170,776 | |||||||||||||||
| Total liabilities and equity | $ | 11,580,572 | $ | 11,451,338 | $ | 11,271,941 | ||||||||||||
| Net interest income (tax-equivalent basis) /Interest-rate spread (4) | 85,714 | 2.35 | % | 83,268 | 2.26 | % | 83,697 | 2.39 | % | |||||||||
| Less adjustment of tax-exempt income | 726 | 260 | 142 | |||||||||||||||
| Net interest income | $ | 84,988 | $ | 83,008 | $ | 83,555 | ||||||||||||
| Net interest margin (5) | 3.12 | % | 3.07 | % | 3.15 | % | ||||||||||||
| (1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis. | ||||||||||||||||||
| (2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month. | ||||||||||||||||||
| (3) Loans on nonaccrual status are included in the average balances. | ||||||||||||||||||
| (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | ||||||||||||||||||
| (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. | ||||||||||||||||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | ||||||||||||
| Average Yields / Costs (Unaudited) | ||||||||||||
| Twelve Months Ended | ||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||
| Average Balance |
Interest (1) | Average Yield/ Cost |
Average Balance |
Interest (1) | Average Yield/ Cost |
|||||||
| (Dollars in Thousands) | ||||||||||||
| Assets: | ||||||||||||
| Interest-earning assets: | ||||||||||||
| Investments: | ||||||||||||
| Debt securities (2) | $ | 862,381 | $ | 26,416 | 3.06 | % | $ | 947,782 | $ | 29,891 | 3.15 | % |
| Restricted equity securities (2) | 74,788 | 5,786 | 7.74 | % | 72,264 | 5,572 | 7.71 | % | ||||
| Short-term investments | 164,445 | 8,554 | 5.20 | % | 158,718 | 8,329 | 5.25 | % | ||||
| Total investments | 1,101,614 | 40,756 | 3.70 | % | 1,178,764 | 43,792 | 3.72 | % | ||||
| Loans and Leases: | ||||||||||||
| Commercial real estate loans (3) | 5,760,432 | 327,221 | 5.59 | % | 5,654,385 | 307,652 | 5.37 | % | ||||
| Commercial loans (3) | 1,086,460 | 73,369 | 6.65 | % | 929,077 | 59,110 | 6.28 | % | ||||
| Equipment financing (3) | 1,352,993 | 106,329 | 7.86 | % | 1,277,224 | 92,112 | 7.21 | % | ||||
| Consumer loans (3) | 1,501,626 | 82,273 | 5.47 | % | 1,470,677 | 75,098 | 5.10 | % | ||||
| Total loans and leases | 9,701,511 | 589,192 | 6.07 | % | 9,331,363 | 533,972 | 5.72 | % | ||||
| Total interest-earning assets | 10,803,125 | 629,948 | 5.83 | % | 10,510,127 | 577,764 | 5.50 | % | ||||
| Non-interest-earning assets | 670,299 | 704,244 | ||||||||||
| Total assets | $ | 11,473,424 | $ | 11,214,371 | ||||||||
| Liabilities and Stockholders’ Equity: | ||||||||||||
| Interest-bearing liabilities: | ||||||||||||
| Deposits: | ||||||||||||
| NOW accounts | $ | 650,225 | 4,543 | 0.70 | % | $ | 720,572 | 4,275 | 0.59 | % | ||
| Savings accounts | 1,726,504 | 46,220 | 2.68 | % | 1,439,293 | 27,974 | 1.94 | % | ||||
| Money market accounts | 2,056,066 | 60,796 | 2.96 | % | 2,205,430 | 58,153 | 2.64 | % | ||||
| Certificates of deposit | 1,737,697 | 76,134 | 4.38 | % | 1,428,727 | 44,122 | 3.09 | % | ||||
| Brokered deposit accounts | 873,182 | 45,270 | 5.18 | % | 819,419 | 41,141 | 5.02 | % | ||||
| Total interest-bearing deposits | 7,043,674 | 232,963 | 3.31 | % | 6,613,441 | 175,665 | 2.66 | % | ||||
| Borrowings: | ||||||||||||
| Advances from the FHLB | 1,124,432 | 55,851 | 4.89 | % | 1,092,996 | 52,467 | 4.73 | % | ||||
| Subordinated debentures and notes | 84,258 | 6,074 | 7.21 | % | 84,116 | 5,476 | 6.51 | % | ||||
| Other borrowed funds | 78,859 | 4,048 | 5.13 | % | 124,793 | 3,968 | 3.18 | % | ||||
| Total borrowings | 1,287,549 | 65,973 | 5.04 | % | 1,301,905 | 61,911 | 4.69 | % | ||||
| Total interest-bearing liabilities | 8,331,223 | 298,936 | 3.59 | % | 7,915,346 | 237,576 | 3.00 | % | ||||
| Non-interest-bearing liabilities: | ||||||||||||
| Demand checking accounts | 1,657,922 | 1,823,759 | ||||||||||
| Other non-interest-bearing liabilities | 273,243 | 307,160 | ||||||||||
| Total liabilities | 10,262,388 | 10,046,265 | ||||||||||
| Stockholders’ equity | 1,211,036 | 1,168,106 | ||||||||||
| Total liabilities and equity | $ | 11,473,424 | $ | 11,214,371 | ||||||||
| Net interest income (tax-equivalent basis) /Interest-rate spread (4) | 331,012 | 2.24 | % | 340,188 | 2.50 | % | ||||||
| Less adjustment of tax-exempt income | 1,427 | 477 | ||||||||||
| Net interest income | $ | 329,585 | $ | 339,711 | ||||||||
| Net interest margin (5) | 3.06 | % | 3.24 | % | ||||||||
| (1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis. | ||||||||||||
| (2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month. | ||||||||||||
| (3) Loans on nonaccrual status are included in the average balances. | ||||||||||||
| (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | ||||||||||||
| (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. | ||||||||||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||||
| Non-GAAP Financial Information (Unaudited) | |||||||||||||||||||||
| At and for the Three Months Ended December 31, |
At and for the Twelve Months Ended December 31, |
||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| Reconciliation Table – Non-GAAP Financial Information | (Dollars in Thousands Except Share Data) | ||||||||||||||||||||
| Reported Pretax Income | $ | 23,819 | $ | 28,563 | $ | 91,691 | $ | 93,914 | |||||||||||||
| Less: | |||||||||||||||||||||
| Security gains | — | — | — | 1,704 | |||||||||||||||||
| Add: | |||||||||||||||||||||
| Day 1 PCSB CECL provision | — | — | — | 16,744 | |||||||||||||||||
| Merger and acquisition expenses | 3,378 | — | 4,201 | 7,411 | |||||||||||||||||
| Operating Pretax income | $ | 27,197 | $ | 28,563 | $ | 95,892 | $ | 116,365 | |||||||||||||
| Effective tax rate | 23.9 | % | 19.9 | % | 24.5 | % | 20.1 | % | |||||||||||||
| Provision for income tax | 6,511 | 5,675 | 23,480 | 23,437 | |||||||||||||||||
| Operating earnings after tax | $ | 20,686 | $ | 22,888 | $ | 72,412 | $ | 92,928 | |||||||||||||
| Operating earnings per common share: | |||||||||||||||||||||
| Basic | $ | 0.23 | $ | 0.26 | $ | 0.81 | $ | 1.05 | |||||||||||||
| Diluted | $ | 0.23 | $ | 0.26 | $ | 0.81 | $ | 1.05 | |||||||||||||
| Weighted average common shares outstanding during the period: | |||||||||||||||||||||
| Basic | 89,098,443 | 88,867,159 | 88,983,248 | 88,230,681 | |||||||||||||||||
| Diluted | 89,483,964 | 89,035,505 | 89,302,304 | 88,450,646 | |||||||||||||||||
| Return on average assets * | 0.61 | % | 0.81 | % | 0.60 | % | 0.67 | % | |||||||||||||
| Less: | |||||||||||||||||||||
| Security gains (after-tax) * | — | % | — | % | — | % | 0.01 | % | |||||||||||||
| Add: | |||||||||||||||||||||
| Day 1 PCSB CECL provision (after-tax) * | — | % | — | % | — | % | 0.12 | % | |||||||||||||
| Merger and acquisition expenses (after-tax) * | 0.09 | % | — | % | 0.03 | % | 0.05 | % | |||||||||||||
| Operating return on average assets * | 0.70 | % | 0.81 | % | 0.63 | % | 0.83 | % | |||||||||||||
| Return on average tangible assets * | 0.62 | % | 0.83 | % | 0.61 | % | 0.69 | % | |||||||||||||
| Less: | |||||||||||||||||||||
| Security gains (after-tax) * | — | % | — | % | — | % | 0.01 | % | |||||||||||||
| Add: | |||||||||||||||||||||
| Day 1 PCSB CECL provision (after-tax) * | — | % | — | % | — | % | 0.12 | % | |||||||||||||
| Merger and acquisition expenses (after-tax) * | 0.09 | % | — | % | 0.03 | % | 0.05 | % | |||||||||||||
| Operating return on average tangible assets * | 0.71 | % | 0.83 | % | 0.64 | % | 0.85 | % | |||||||||||||
| Return on average stockholders’ equity * | 5.69 | % | 7.82 | % | 5.67 | % | 6.42 | % | |||||||||||||
| Less: | |||||||||||||||||||||
| Security gains (after-tax) * | — | % | — | % | — | % | 0.12 | % | |||||||||||||
| Add: | |||||||||||||||||||||
| Day 1 PCSB CECL provision (after-tax) * | — | % | — | % | — | % | 1.14 | % | |||||||||||||
| Merger and acquisition expenses (after-tax) * | 0.83 | % | — | % | 0.26 | % | 0.51 | % | |||||||||||||
| Operating return on average stockholders’ equity * | 6.52 | % | 7.82 | % | 5.93 | % | 7.95 | % | |||||||||||||
| Return on average tangible stockholders’ equity * | 7.21 | % | 10.12 | % | 7.24 | % | 8.36 | % | |||||||||||||
| Less: | |||||||||||||||||||||
| Security gains (after-tax) * | — | % | — | % | — | % | 0.15 | % | |||||||||||||
| Add: | |||||||||||||||||||||
| Day 1 PCSB CECL provision (after-tax) * | — | % | — | % | — | % | 1.49 | % | |||||||||||||
| Merger and acquisition expenses (after-tax) * | 1.06 | % | — | % | 0.33 | % | 0.66 | % | |||||||||||||
| Operating return on average tangible stockholders’ equity * | 8.27 | % | 10.12 | % | 7.57 | % | 10.36 | % | |||||||||||||
| * Ratios at and for the three months ended are annualized. | |||||||||||||||||||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||||
| Non-GAAP Financial Information (Unaudited) | |||||||||||||||||||||
| At and for the Three Months Ended | At and for the Twelve Months Ended |
||||||||||||||||||||
| December 31, 2024 |
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
December 31, 2024 |
December 31, 2023 |
|||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||||
| Net income, as reported | $ | 17,536 | $ | 20,142 | $ | 16,372 | $ | 14,665 | $ | 22,888 | $ | 68,715 | $ | 74,999 | |||||||
| Average total assets | $ | 11,580,572 | $ | 11,451,338 | $ | 11,453,394 | $ | 11,417,185 | $ | 11,271,941 | $ | 11,473,424 | $ | 11,214,371 | |||||||
| Less: Average goodwill and average identified intangible assets, net | 259,496 | 261,188 | 262,859 | 264,536 | 266,225 | 262,011 | 270,637 | ||||||||||||||
| Average tangible assets | $ | 11,321,076 | $ | 11,190,150 | $ | 11,190,535 | $ | 11,152,649 | $ | 11,005,716 | $ | 11,211,413 | $ | 10,943,734 | |||||||
| Return on average tangible assets (annualized) | 0.62 | % | 0.72 | % | 0.59 | % | 0.53 | % | 0.83 | % | 0.61 | % | 0.69 | % | |||||||
| Average total stockholders’ equity | $ | 1,232,527 | $ | 1,216,037 | $ | 1,193,385 | $ | 1,201,904 | $ | 1,170,776 | $ | 1,211,036 | $ | 1,168,106 | |||||||
| Less: Average goodwill and average identified intangible assets, net | 259,496 | 261,188 | 262,859 | 264,536 | 266,225 | 262,011 | 270,637 | ||||||||||||||
| Average tangible stockholders’ equity | $ | 973,031 | $ | 954,849 | $ | 930,526 | $ | 937,368 | $ | 904,551 | $ | 949,025 | $ | 897,469 | |||||||
| Return on average tangible stockholders’ equity (annualized) | 7.21 | % | 8.44 | % | 7.04 | % | 6.26 | % | 10.12 | % | 7.24 | % | 8.36 | % | |||||||
| Total stockholders’ equity | $ | 1,221,939 | $ | 1,230,362 | $ | 1,198,480 | $ | 1,194,231 | $ | 1,198,644 | $ | 1,221,939 | $ | 1,198,644 | |||||||
| Less: | |||||||||||||||||||||
| Goodwill | 241,222 | 241,222 | 241,222 | 241,222 | 241,222 | 241,222 | 241,222 | ||||||||||||||
| Identified intangible assets, net | 17,461 | 19,162 | 20,830 | 22,499 | 24,207 | 17,461 | 24,207 | ||||||||||||||
| Tangible stockholders’ equity | $ | 963,256 | $ | 969,978 | $ | 936,428 | $ | 930,510 | $ | 933,215 | $ | 963,256 | $ | 933,215 | |||||||
| Total assets | $ | 11,905,326 | $ | 11,676,721 | $ | 11,635,292 | $ | 11,542,731 | $ | 11,382,256 | $ | 11,905,326 | $ | 11,382,256 | |||||||
| Less: | |||||||||||||||||||||
| Goodwill | 241,222 | 241,222 | 241,222 | 241,222 | 241,222 | 241,222 | 241,222 | ||||||||||||||
| Identified intangible assets, net | 17,461 | 19,162 | 20,830 | 22,499 | 24,207 | 17,461 | 24,207 | ||||||||||||||
| Tangible assets | $ | 11,646,643 | $ | 11,416,337 | $ | 11,373,240 | $ | 11,279,010 | $ | 11,116,827 | $ | 11,646,643 | $ | 11,116,827 | |||||||
| Tangible stockholders’ equity to tangible assets | 8.27 | % | 8.50 | % | 8.23 | % | 8.25 | % | 8.39 | % | 8.27 | % | 8.39 | % | |||||||
| Tangible stockholders’ equity | $ | 963,256 | $ | 969,978 | $ | 936,428 | $ | 930,510 | $ | 933,215 | $ | 963,256 | $ | 933,215 | |||||||
| Number of common shares issued | 96,998,075 | 96,998,075 | 96,998,075 | 96,998,075 | 96,998,075 | 96,998,075 | 96,998,075 | ||||||||||||||
| Less: | |||||||||||||||||||||
| Treasury shares | 7,019,384 | 7,015,843 | 7,373,009 | 7,354,399 | 7,354,399 | 7,019,384 | 7,354,399 | ||||||||||||||
| Unvested restricted shares | 880,248 | 883,789 | 713,443 | 749,099 | 749,099 | 880,248 | 749,099 | ||||||||||||||
| Number of common shares outstanding | 89,098,443 | 89,098,443 | 88,911,623 | 88,894,577 | 88,894,577 | 89,098,443 | 88,894,577 | ||||||||||||||
| Tangible book value per common share | $ | 10.81 | $ | 10.89 | $ | 10.53 | $ | 10.47 | $ | 10.50 | $ | 10.81 | $ | 10.50 | |||||||
PDF available: http://ml.globenewswire.com/Resource/Download/396afece-df5e-4cc5-a637-0706599b2b0d
US Senate News:
Source: United States Senator for Kansas Roger Marshall
Washington, D.C. – U.S. Senator Roger Marshall, M.D. joined Fox & Friends to discuss his upcoming Senate Finance Committee hearing with President Trump’s nominee to lead Health and Human Services (HHS), Robert F. Kennedy, Jr.
As the leader and founder of the Make America Healthy Again Caucus, Senator Marshall shared how RFK, Jr. will combat America’s chronic disease epidemic by increasing access to whole, fresh foods for all Americans. Senator Marshall discussed how RFK, Jr. will bring about a new age of medical and nutritional transparency, empowering Americans to take control of their health.
Additionally, Senator Marshall discussed President Trump’s recent executive order mandating all federal employees to return to the office and end remote work.
[embedded content]
You may click HERE or on the image above to watch Senator Marshall’s full interview.
Highlights from Senator Marshall’s interview include:
On RFK Jr.’s first confirmation hearing today:
“What I need are those moms to call their Senators and support Bobby’s nomination. Look, if you agree with Bobby Kennedy that America is not very healthy right now, that 40% of Americans have a chronic disease. Our children, 20% of them are on some type of prescription drug. There’s a mental health explosion in our young children. So, I think Bobby just needs to share his heart. He needs to share with America why this is so important to him, and really disarm some of the false issues out there.”
On updating the United States’ nutritional standards:
“On these food additives – I sat down with the FDA Food Czar two years ago, raised these same questions. Finally, just after President Trump gets elected, they look at red dye. The problem is they’re relying on data from 40 or 50 years ago, that they don’t update these approval processes.”
“[RFK Jr.] is right. 70% of our calories are coming from processed foods, as opposed to fresh fruits and vegetables, fresh foods of all types. So Bobby and I will work together, Dr. Oz and President Trump’s team to help make those nutritious foods more affordable and more available to everyone across the country.”
On President Trump’s mandate for federal employees to return to office:
“Only 6% of federal employees are in the office – only 6%. Second data point I would give you is under Joe Biden, he added 128,000 employees. Meanwhile, they made $250 billion of improper payments. So our federal government is incompetent when it comes to appropriations that they send out $250 billion of inappropriate dollars, mostly for Medicare and Social Security. So we need those people to come back to do their job, to be accountable. This is exactly why 77 million people voted for Donald J Trump.”
US Senate News:
Source: United States Senator Ted Budd (R-North Carolina)
Washington, D.C. — Senator Ted Budd (R-NC) released a statement after President Donald Trump signed the Laken Riley Act into law. Senator Budd led this legislation with Senator Katie Britt (R-AL). This was the first bill President Trump signed since he returned to office.
The law is named after 22-year-old nursing student Laken Riley who was murdered by an illegal alien on the University of Georgia campus last year. That illegal alien had been previously arrested for theft and shoplifting but was released.
The law requires U.S. Immigration and Customs Enforcement (ICE) to arrest illegal aliens who commit an assault on law enforcement, theft, burglary, larceny, or shoplifting offenses and would mandate that these aliens are detained until they are removed from the United States.
The bill was led in the House by Rep. Mike Collins (R-GA).
Sen. Budd said in a statement:
“The American people sent a clear message on November 5th: It is time to return to law and order. President Trump pledged to make American safe again, and his signing of the Laken Riley Act is another promise kept. I am grateful to have led this legislation with Senator Katie Britt, John Fetterman, and Majority Leader John Thune.”
Senator Britt said:
“Today, I was honored to join President Trump as he signed the Laken Riley Act into law. This landmark bill is historic for many reasons, including the fact this was the first bill he signed into law as the 47th President. Alongside President Trump, Republican majorities in Congress are turning promises made into promises kept. I’m incredibly proud of the bipartisan, lifesaving legislation we were able to achieve to protect American families and honor the life and legacy of Laken Riley. This is an incredible first step toward making America safe again, and I will continue fighting to strengthen border security and interior immigration enforcement. I’d like to thank Congressman Mike Collins for his steadfast leadership to get this bill across the finish line, as well as Senator Ted Budd, Majority Leader John Thune, and Senators John Fetterman, Ruben Gallego, Joni Ernst, and John Cornyn for their partnership in making today a reality. Together, we are delivering real results for the American people.”
Source: The Conversation – France (in French) – By Raysa Geaquinto Rocha, Assistant Professor at the Vrije Universiteit Amsterdam and lecturer, University of Essex
In an age when home offices, hybrid work arrangements and blurred boundaries between work and personal life are the norm, a recently established narrative is intensifying: the integration of spirituality into business.
This idea involves deliberately incorporating personal values and meaningful purpose into all aspects of organisational life – from individual expression to workplace practices and corporate identity. It’s an approach that seeks to cultivate environments where employees can find deeper meaning in their work while contributing to both economic and social progress, as my past research in the Journal of Business Ethics shows.
Spirituality in business transcends traditional management methods by acknowledging the inner lives of workers, promoting their personal growth and fostering genuine community connections. According to a 2016 interview with Eileen Fisher, the founder and then CEO of a $450-million fashion brand, company meetings opened with the ring of a meditation bell followed by a minute of silence. Fisher said the practice allows employees “to get in touch with what they’re there for and what matters to them and show up a little differently” and has contributed to the company’s recognised leadership in sustainability and women’s advocacy.
But are all corporate efforts like these genuine attempts to foster well-being, or can they instead be strategies to rebrand productivity demands?
The incorporation of spirituality into the workplace represents a shift in how businesses approach leadership, employee wellbeing and corporate culture.
Take ice-cream maker Ben & Jerry’s partnership with Greyston Bakery, a leader in social enterprise. Under their “linked prosperity” model, Ben & Jerry’s sources all brownies for its Chocolate Fudge Brownie flavour from Greyston, which operates with an “open hiring” policy that does not require a background check for applicants and provides “help with child care, housing and ESL (English as a second language) classes”. The partnership shows how valuing human dignity and community empowerment can reshape conventional business practices into drivers of social change.
Spiritual integration manifests in plenty of other ways, too. Morning gatherings can become spaces for shared reflection rather than mere status updates. Dedicated quiet rooms can offer sanctuary for contemplation or prayer. Through mentorship relationships and community service initiatives, workplaces can evolve into environments where individuals can explore deeper questions about purpose. US outdoor clothing company Patagonia describes how it offers paid environmental internships and flexible policies that enable employees to align their work lives with how they see their authentic selves. These offerings reflect the idea that while people come to work to earn a living, they stay and thrive when work nourishes their spirit.
The trend of integrating spirituality into the workplace taps into the practical wisdom of spiritual traditions, honed over millennia, to foster attributes like mindfulness, compassion and interconnectedness. But despite its benefits, integration – or lip service to it – risks becoming a convenient excuse for businesses to shift the responsibility for stress and burn-out onto employees instead of addressing systemic issues.
The rise and fall of WeWork illustrates this phenomenon. As documented in both Hulu’s “WeWork: or the Making and Breaking of a $47 Billion Unicorn” and Apple TV+’s dramatic series “WeCrashed”, the workspace company masterfully leveraged spiritual rhetoric to attract young professionals. While the company promoted meditation spaces and wellness initiatives, these benefits masked issues including unsustainable work expectations, questionable management practices and a sexual assault claim. The disconnect between WeWork’s offerings and operational reality demonstrates how companies can appropriate spiritual practices only as a veneer.
When McKinsey & Company, a US management consulting firm that epitomizes corporate pragmatism, releases a podcast titled “Beyond 9 to 5: The power of spiritual health in the workplace”, it is clear that spirituality in business has moved beyond the fringe.
McKinsey’s global survey of 41,000 respondents, detailed in their May 2024 report “In search of self and something bigger: A spiritual health exploration”, found that spiritual health matters deeply to employees. But does this data reflect a genuine commitment to spirituality, or is it just a reflection of its currency in the corporate world?
After almost half a century of research on spirituality in business, it has become a mature field. The Academy of Management, “an association for management and organizational scholars”, recognised Management, Spirituality, and Religion as a Division, [“reflecting”] a broad range of member interests”. Still, the corporate world’s interest is raising eyebrows: the suspicion remains that spirituality is merely being repackaged as a tool for enhancing productivity. In his 2019 book “McMindfulness: How Mindfulness Became the New Capitalist Spirituality”, Ronald Purser illustrates this concern through Google’s “Search Inside Yourself” programme. While marketed as a path to employee wellness, the initiative exemplifies how meditation and mindfulness can be transformed into performance-enhancement tools, asking workers to develop “resilience” rather than addressing the root causes of workplace stress.
The concept of bringing one’s “whole self” to work – a cornerstone of the Industry 5.0 concept promoted by the European Commission – emphasises employee authenticity. The idea of spirituality in the workplace intertwines with the idea of authentic self-expression, encompassing the recognition of one’s beliefs, values and quest for deeper meaning. These are dimensions historically excluded from professional settings. The idea is to create an environment where people can align their deepest motivations with their work.
While this ideal is noble in concept, it also raises complex questions about which aspects of our “whole selves” are appropriate to bring into the workplace. In 2015, the US Supreme Court ruled in favour of a job applicant whom the clothing company Abercrombie & Fitch refused to hire because her hijab conflicted with its dress code. Delta Airlines’ uniform policy revision last July illuminates the ongoing complexity of the issue. Following a controversy that began when a passenger made a social media post describing two flight attendants’ Palestinian flag pins – which were permitted under existing policy – as “Hamas badges”, the airline banned all national flag pins except US ones.
The promise of integrating our identities more seamlessly instead of compartmentalizing them features in the Apple TV series Severance. The show presents a dystopian take on work-life balance in which employees surgically separate their work and personal memories, inviting us to reflect on the identities we balance in our professional and personal lives. The character of Mark Scout, whose “innie” (work self) develops genuine connections with colleagues like Helly, demonstrates how even artificially separated selves seek authentic relationships and meaning. However, when these connections begin to flourish, employer Lumon Industries’ harsh punishments and control mechanisms kick in – suggesting that true workplace innovation and collaboration can only emerge when we’re allowed to bring our whole, unsevered selves to work.
By acknowledging and nurturing the various aspects of our personalities, we might attain new levels of connection in the workplace. But could the integration of spirituality and work lead to an environment where employees are perpetually “on”? A risk lies in creating a culture where work infiltrates every aspect of life, leaving no true respite. The very practices meant to nurture the spirit could paradoxically become tools that further blur the boundaries between professional obligations and personal renewal. A constant connection to work erodes personal boundaries, which can lead to stress and dissatisfaction that spills over into personal life. Addressing this “shadow side” is essential if we are to answer the question “Do you believe in life after work?” with a resounding yes.
The integration of spirituality into business requires genuine commitment. While spiritual practices can bring multiple benefits, they must emerge from authentic values rather than serving as a quick fix for systemic issues.
Since the 1980s, when major corporations first explored Eastern spirituality, workplace spirituality has evolved into a $7.9 billion meditation market. But as companies invest in meditation apps and mindfulness programmes, they often fail to address the root causes of workplace stress and burn-out. Today, well-intentioned apps like CHILL Anywhere risk functioning as band-aids that place the burden of stress management on employees, instead of examining issues like unrealistic workloads, inadequate compensation, toxic leadership or prejudice.
Instrumentalizing spiritual practices into productivity tools fundamentally misses the point: true spirituality in business requires organizations to critically examine and transform the structural conditions that create employee suffering in the first place. Until companies commit to addressing these foundational issues, meditation rooms and mindfulness apps will remain superficial solutions that enable rather than challenge harmful workplace dynamics.
The future workplace should aim to harmonise profit and purpose, recognising that employee well-being is integral to long-term success. Spirituality in business manifests when organisations commit to both business excellence and human flourishing – addressing foundational concerns while nurturing deeper meaning and purpose. Only then can the promise of bringing our whole selves to work become a reality worth believing in.
Raysa Geaquinto Rocha ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.
– ref. Meditation and mindfulness at work are welcome, but do they help avoid accountability for toxic culture? – https://theconversation.com/meditation-and-mindfulness-at-work-are-welcome-but-do-they-help-avoid-accountability-for-toxic-culture-244587
Source: Reserve Bank of New Zealand (video statements)
Full written version of speech available here: https://www.rbnz.govt.nz/hub/news/2025/01/beyond-the-cycle
Source: United Nations 4
As more than 423,000 displaced Palestinians return to their homes in northern Gaza following the opening of key roads, UN agencies are scaling up humanitarian aid and addressing the growing risks posed by unexploded ordnance such as landmines (UXO).
“Hope returns to Gaza, but it’s fragile,” said Corinne Fleischer, World Food Programme (WFP) Regional Director for the Middle East and North Africa. “With open crossings and sustained efforts, Gaza’s recovery can take root,” she emphasised.
The WFP has doubled its aid deliveries, bringing in 22,000 metric tons of food in the past six days – more than the entire supply that entered Gaza in November.
UN Spokesperson Stéphane Dujarric highlighted further relief efforts, noting that six fuel tankers were delivered to northern Gaza on Wednesday.
Aid workers stationed along the Salah ad Din and Al Rashid roads continue to assist people making their way back north to shattered homes, providing food, water, and hygiene kits, with the UN Children’s fund (UNICEF) distributing identification bracelets for children to help families stay connected.
To support vulnerable groups, the World Health Organization (WHO) has supplied fuel, tents and equipment to establish trauma stabilization points along Al Rashid Road in collaboration with the Palestine Red Crescent Society.
Meanwhile, efforts to provide emergency nutrition continue, with high-energy biscuits distributed to 19,000 people south of Wadi Gaza and 10,000 in the north.
Shelter assistance is also being scaled up, with humanitarian partners distributing tents to families – many of whom are returning to homes that have been completely destroyed.
Water remains a critical concern and aid workers are ramping up water trucking operations. In Rafah alone, 300 cubic meters of potable water – enough for 50,000 people – is being distributed daily.
Despite the increasing humanitarian response, returning residents face significant risks from UXO contamination.
The UN Mine Action Service (UNMAS) has warned that between 5 to 10 percent of weapons fired into Gaza have failed to detonate, leaving behind deadly hazards.
Since October 2023, at least 92 people have been killed or injured by explosive ordnance. Informal reports suggest 24 victims since the ceasefire began, according to Luke Irving, Chief of the UN Mine Action Programme (UNMAS) in the occupied Palestinian territories, briefing the press on Wednesday from the enclave.
“Humanitarian convoys are finding items more and more, as we reach new areas which we previously could not get to, including large aircraft bombs, mortars, anti-tank weapons, rockets and rifle grenades,” he explained.
© WFP
An area of Rafah in the southern Gaza Strip lies in ruins.
To mitigate risks, UNMAS and its partners are conducting awareness sessions, distributing safety leaflets and escorting humanitarian convoys along high-risk routes.
A newly established UN-led Gaza Debris Management Framework aims to ensure the safe removal of rubble, but progress is being hindered by UXO contamination, exposure to hazardous materials and complex property disputes.
Several UN agencies are collaborating to address both the environmental and housing concerns associated with these issues.
Meanwhile, in the occupied West Bank, violence and military operations continue to escalate.
The UN Office for the Coordination of Humanitarian Affairs (OCHA) has reported a drastic deterioration in the humanitarian situation, particularly in the governorates of Jenin and Tulkarm.
“We’ve repeatedly expressed our concern over the use of lethal, war-like tactics in law enforcement operations,” Mr. Dujarric said.
Israeli military operations in these areas have led to significant destruction of civilian infrastructure.
In Tulkarm, access to water and electricity has been disrupted and initial estimates suggest that nearly 1,000 people have been displaced in recent days.
With humanitarian efforts scaling up, UN agencies are calling for unhindered access to deliver aid safely and ensure the protection of both civilians and humanitarian workers.
Mr. Dujarric reiterated the urgent need for safe passage for humanitarian workers, the protection of civilians and the acceleration of reconstruction efforts to support those returning home.
Soundcloud
Source: New Zealand Police (National News)
One man has been charged over a fatal hit-and-run in Ōkaihau on Tuesday night.
An investigation has been underway since the teenage cyclist was allegedly struck by a vehicle on Settlers Way.
Detective Senior Sergeant Kevan Verry, of Northland CIB, says there has been a strong public response following the tragic event.
“We have had a number of locals make contact with us and provide information and I acknowledge them for that,” he says.
“Police have been in the small township over the past day conducting enquiries, including checkpoints to try and identify a vehicle involved.”
Police have now located and arrested a 27-year-old Kaikohe man.
Detective Senior Sergeant Verry says he has initially been charged with failing to stop or ascertain injury.
“Our enquiries remain ongoing, and we cannot rule out further charges in our investigation.”
Police are still seeking witnesses to the incident as part of the investigation.
“We know that there were several vehicles travelling on Settlers Road at the time, between 10pm and 10.15pm,” he says.
“I’m still asking that those people make contact with us.”
Please update Police online or call 105 using the reference number 250129/0360.
Information can also be provided anonymously via Crime Stoppers on 0800 555 111.
The man charged is expected to appear in the Kaikohe District Court on 31 January 2025.
ENDS.
Jarred Williamson/NZ Police
Source: United States Department of Defense
Department of Defense Spokesman John Ullyot provided the following readout:
Secretary of Defense Pete Hegseth held an introductory call today with Israeli Minister of Defense Israel Katz to reaffirm the unbreakable bond between the United States and Israel. Secretary Hegseth emphasized that under President Trump’s leadership, the United States fully supports Israel’s right to defend itself, and that Israel is a model ally for the region. The Secretary also reiterated that the United States is committed to deepening the bilateral security relationship to enhance Israel’s ability to address regional threats and ensure that Israel has the capabilities it needs. Both leaders agreed to remain in close contact moving forward.
Source: US National Education Union
By: Staci Maiers
Published: January 29, 2025
WASHINGTON—According to news reports, President Donald J. Trump is expected to sign an executive order to illegally funnel federal dollars to private schools and strip public school students of vital federal funding.
The following statement can be attributed to NEA President Becky Pringle:
“Every student deserves fully-funded neighborhood public schools that give them a sense of belonging and prepare them with the lessons and life skills they need to follow their dreams and reach their full potential. Instead of stealing taxpayer money to fund private schools, we should focus on public schools—where 90% of children, and 95% of children with disabilities, in America, attend—not take desperately needed funds away from them. If we are serious about doing what is best for students, let’s reduce class sizes to give our students more one-on-one attention and increase salaries to address the teacher and staff shortages. The bottom line is vouchers have been a catastrophic failure everywhere they have been tried.
“President Trump is using his Project 2025 playbook to privatize education because he knows vouchers have repeatedly been a failure in Congress. Parents, educators, and voters know what students need—and vouchers are never the solution. In fact, when voters have a say about vouchers, they have been soundly rejected—time and again—at the ballot box. Just this past November, voters in Colorado, Kentucky and Nebraska overwhelmingly said no to vouchers. We know vouchers take money away from neighborhood public schools. We know students with disabilities depend on these same public schools. We know that voucher programs leave out wide swaths of students, especially Black and brown students as well as those living in rural areas with no or limited access to private schools. And we know this stunt is meaningless without the consent of Congress. So, we are putting all anti-public education politicians on notice: If you try to come for our students, for our schools, and for our communities, NEA members will mobilize and will defeat vouchers again.”
Follow us on Bluesky at https://bsky.app/profile/neapresident.bsky.social and https://bsky.app/profile/neatoday.bsky.social
# # #
The National Education Association is the nation’s largest professional employee organization, representing more than 3 million elementary and secondary teachers, higher education faculty, education support professionals, school administrators, retired educators, students preparing to become teachers, healthcare workers, and public employees. Learn more at www.nea.org.
Source: GlobeNewswire (MIL-OSI)
WHITE PLAINS, N.Y., Jan. 29, 2025 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), generated net income of $10.9 million, or $0.83 per basic share and $0.80 per diluted share, for the fourth quarter ended December 31, 2024 compared to net income of $12.1 million, or $0.82 per basic and diluted share, for the fourth quarter ended December 31, 2023. In addition, the Company generated net income of $47.8 million, or $3.64 per basic share and $3.58 per diluted share, for the year ended December 31, 2024 compared to net income of $46.3 million, or $3.32 per basic share and diluted share, for the year ended December 31, 2023.
Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated “We are pleased to report another quarter of strong earnings due to the strong performance of our loan portfolio. Despite the challenging high interest rate environment during 2023 that continued into most of 2024, loan demand remained strong with originations and outstanding commitments remaining robust. As has been in the past, construction lending in high demand-high absorption areas continues to be our focus.”
Highlights for the fourth quarter and the year ended December 31, 2024 are as follows:
Balance Sheet Summary
Total assets increased $246.2 million, or 14.0%, to $2.0 billion at December 31, 2024, from $1.8 billion at December 31, 2023. The increase in assets was primarily due to increases in net loans of $227.0 million, cash and cash equivalents of $9.6 million, equity securities of $3.9 million, real estate owned of $3.7 million, and other assets of $3.3 million.
Cash and cash equivalents increased $9.6 million, or 14.0%, to $78.3 million at December 31, 2024 from $68.7 million at December 31, 2023. The increase in cash and cash equivalents was a result of an increase in deposits of $270.3 million, partially offset by a decrease in borrowings of $64.0 million, an increase of $227.0 million in net loans, dividends to shareholders of $8.7 million, and stock repurchases of $2.4 million.
Equity securities increased $3.9 million, or 21.5%, to $22.0 million at December 31, 2024 from $18.1 million at December 31, 2023. The increase in equity securities was attributable to the purchase of $4.0 million in equity securities during the second half of 2024, offset by market depreciation of $109,000 due to market interest rate volatility during the year ended December 31, 2024.
Securities held-to-maturity decreased $1.2 million, or 7.8%, to $14.6 million at December 31, 2024 from $15.9 million at December 31, 2023 due to $1.2 million in maturities and pay-downs of various investment securities, partially offset by a decrease of $10,000 in the allowance for credit losses for held-to-maturity securities.
Loans, net of the allowance for credit losses, increased $227.0 million, or 14.3%, to $1.8 billion at December 31, 2024 from $1.6 billion at December 31, 2023. The increase in loans, net of the allowance for credit losses, was primarily due to loan originations of $656.0 million during the year ended December 31, 2024, consisting primarily of $573.8 million in construction loans with respect to which approximately 36.3% of the funds were disbursed at loan closings, with the remaining funds to be disbursed over the terms of the construction loans. In addition, during the year ended December 31, 2024, we originated $54.9 million in commercial and industrial loans, $14.0 million in non-residential loans, $12.6 million in multi-family loans, and $600,000 in mixed-use loans. We also originated $9.2 million in letters of credit.
Loan originations during the year ended December 31, 2024 resulted in a net increase of $206.8 million in construction loans, $8.6 million in commercial and industrial loans, $8.3 million in non-residential loans, $7.7 million in multi-family loans, and $409,000 in consumer loans. The increase in our loan portfolio was partially offset by decreases of $3.1 million in mixed-use loans and $1.8 million in residential loans, coupled with normal pay-downs and principal reductions.
The allowance for credit losses related to loans decreased to $4.8 million as of December 31, 2024, from $5.1 million as of December 31, 2023. The decrease in the allowance for credit losses related to loans was due to charge-offs totaling $347,000, offset by provision for credit losses totaling $84,000.
Premises and equipment decreased $647,000, or 2.5%, to $24.8 million at December 31, 2024 from $25.5 million at December 31, 2023 primarily due to the depreciation of fixed assets.
Investments in Federal Home Loan Bank stock decreased $532,000, or 57.3%, to $397,000 at December 31, 2024 from $929,000 at December 31, 2023. The decrease was due primarily to the mandatory redemption of Federal Home Loan Bank stock totaling $630,000 in connection with the maturity of $14.0 million in advances in 2024, offset by purchases of Federal Home Loan Bank stock totaling $98,000 due to the growth of our mortgage loan portfolio.
Bank owned life insurance (“BOLI”) increased $656,000, or 2.6%, to $25.7 million at December 31, 2024 from $25.1 million at December 31, 2023 due to increases in the BOLI cash value.
Accrued interest receivable increased $1.2 million, or 9.5%, to $13.5 million at December 31, 2024 from $12.3 million at December 31, 2023 due to an increase in the loan portfolio.
Real estate owned increased $3.7 million, or 251.6%, to $5.1 million at December 31, 2024 from $1.5 million at December 31, 2023 due to foreclosure of a property, with a book value of $4.4 million, located in the Bronx, New York, offset by charge-offs totaling $689,000 resulting from a decrease in the estimated fair value of a foreclosed property located in Pittsburgh, Pennsylvania.
Right of use assets — operating decreased $565,000, or 12.4%, to $4.0 million at December 31, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.
Other assets increased $3.3 million, or 40.5%, to $11.3 million at December 31, 2024 from $8.0 million at December 31, 2023 due to increases of $2.8 million in tax assets, $476,000 in suspense accounts, and $6,000 in miscellaneous assets, partially offset by decreases of $40,000 in prepaid expenses and $2,000 in securities receivables.
Total deposits increased $270.3 million, or 19.3%, to $1.7 billion at December 31, 2024 from $1.4 billion at December 31, 2023. The increase in deposits was primarily due to the Bank offering competitive interest rates to attract deposits. This resulted in a shift in deposits whereby certificates of deposit increased $239.7 million, or 31.5%, and NOW/money market accounts increased $98.0 million, or 67.4%, partially offset by decreases in savings account balances of $54.3 million, or 28.2%, and non-interest bearing demand deposits of $14.7 million, or 4.9%.
Federal Reserve Bank borrowings of $50.0 million at December 31, 2023 and Federal Home Loan Bank advances of $14.0 million at December 31, 2023 were paid-off during the year ended December 31, 2024.
Advance payments by borrowers for taxes and insurance decreased $402,000, or 19.9%, to $1.6 million at December 31, 2024 from $2.0 million at December 31, 2023 due primarily to real estate tax payments for borrowers.
Lease liability – operating decreased $517,000, or 11.2%, to $4.1 million at December 31, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.
Accounts payable and accrued expenses increased $972,000, or 7.2%, to $14.5 million at December 31, 2024 from $13.6 million at December 31, 2023 due primarily to increases in dividends payable and other payables of $856,000 and deferred compensation of $729,000, partially offset by decreases in accrued interest expense of $102,000, suspense account for loan closings of $99,000, and accrued expense of $79,000. The allowance for credit losses for off-balance sheet commitments decreased $333,000, or 32.1%, to $704,000 at December 31, 2024 from $1.0 million at December 31, 2023.
Stockholders’ equity increased $39.7 million, or 14.2% to $319.1 million at December 31, 2024, from $279.3 million at December 31, 2023. The increase in stockholders’ equity was due to net income of $47.8 million for the year ended December 31, 2024, the amortization expense of $2.0 million relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, an increase of $1.3 million in earned employee stock ownership plan shares coupled with a reduction of $475,000 in unearned employee stock ownership plan shares, and an exercise of stock options totaling $14,000, partially offset by dividends paid and declared of $8.7 million, stock repurchases and stock repurchase excise taxes totaling $2.5 million, awarding restricted stock totaling $725,000. and $93,000 in other comprehensive income.
Results of Operations for the Quarter Ended December 31, 2024 and 2023
Net Interest Income
Net interest income was $25.3 million for the quarter ended December 31, 2024, as compared to $25.2 million for the quarter ended December 31, 2023. The increase in net interest income of $92,000, or 0.4%, was primarily due to an increase in interest income that exceeded an increase in interest expense.
The increase in interest income is attributable to increases in the average balances of loans, interest-bearing deposits, and investment securities, partially offset by a decrease in the average balances of FHLB stock. However, the Federal Reserve’s decrease of interest rates starting in September 2024 impacted the yield on our interest earning assets.
The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the quarter ended December 31, 2024 was due to an increase in the cost of funds on our deposits. The increase in interest expense was also due to an increase in the average balances on our certificates of deposits and our interest-bearing demand deposits, offset by a decrease in the average balances on our savings and club deposits and our borrowed money.
Total interest and dividend income increased $3.3 million, or 9.0%, to $40.5 million for the quarter ended December 31, 2024 from $37.1 million for the quarter ended December 31, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $249.5 million, or 15.0%, to $1.9 billion for the quarter ended December 31, 2024 from $1.7 billion for the quarter ended December 31, 2023, partially offset by a decrease in the yield on interest earning assets by 47 basis points from 8.93% for the quarter ended December 31, 2023 to 8.46% for the quarter ended December 31, 2024.
Interest expense increased $3.3 million, or 27.3%, to $15.2 million for the quarter ended December 31, 2024 from $11.9 million for the quarter ended December 31, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 20 basis points from 4.14% for the quarter ended December 31, 2023 to 4.34% for the quarter ended December 31, 2024 and an increase in average interest bearing liabilities of $247.3 million, or 21.5%, to $1.4 billion for the quarter ended December 31, 2024 from $1.2 billion for the quarter ended December 31, 2023.
Our net interest margin decreased 77 basis points, or 12.7%, to 5.29% for the quarter ended December 31, 2024 compared to 6.06% for the quarter ended December 31, 2023. The decrease in the net interest margin was due to an increase in the cost of funds on interest-bearing liabilities and a decrease in the yield on interest-earning assets.
Credit Loss Expense
The Company recorded a credit loss expense of $26,000 for the quarter ended December 31, 2024 compared to a credit loss expense of $205,000 for the quarter ended December 31, 2023. The credit loss expense of $26,000 for the quarter ended December 31, 2024 was comprised of credit loss expense for loans of $230,000 due to charge-offs of $232,000 in unpaid overdrafts in our demand deposit accounts, offset by credit loss expense reduction for off-balance sheet commitments of $204,000 primarily attributable to a decrease in the aggregate unfunded off-balance sheet commitments.
The credit loss expense of $205,000 for the three months ended December 31, 2023 was comprised of credit loss expense for loans of $352,000 and credit loss expense for held-to-maturity investment securities of $6,000, partially offset by credit loss expense reduction for off-balance sheet commitments of $153,000.
With respect to the allowance for credit losses for loans, we charged-off $232,000 during the quarter ended December 31, 2024 as compared to charge-offs of $27,000 during the quarter ended December 31, 2023. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.
We recorded no recoveries from previously charged-off loans during the quarter ended December 31, 2024 and 2023.
Non-Interest Income
Non-interest income for the quarter ended December 31, 2024 was $149,000 compared to non-interest income of $1.4 million for the quarter ended December 31, 2023. The decrease of $1.2 million, or 89.2%, in total non-interest income was primarily due to decreases of $1.2 million in unrealized gain (loss) on equity securities, $115,000 in investment advisory fees, and $12,000 in miscellaneous other non-interest income, partially offset by increases of $40,000 from sale/disposition of fixed assets, $14,000 in BOLI income, and $11,000 in other loan fees and service charges.
The increase in unrealized gain (loss) on equity securities was due to an unrealized loss of $554,000 on equity securities during the quarter ended December 31, 2024 compared to an unrealized gain of $621,000 on equity securities during the quarter ended December 31, 2023. The unrealized loss of $554,000 on equity securities during the quarter ended December 31, 2024 was due to market interest rate volatility during the quarter ended December 31, 2024.
The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees.
Regarding the sale/disposition of fixed assets, we recorded gains of $22,000 during the quarter ended December 31, 2024 compared to losses of $18,000 during the quarter ended December 31, 2023.
The increase in BOLI income of $14,000 was due to an increase in the yield on BOLI assets.
The increase of $11,000 in other loan fees and service charges was due to an increase of $24,000 in ATM/debit card/ACH fees and an increase of $2,000 in deposit account fees, partially offset by a decrease of $15,000 in other loan fees and loan servicing fees.
Non-Interest Expense
Non-interest expense increased $688,000, or 7.5%, to $9.9 million for the quarter ended December 31, 2024 from $9.2 million for the quarter ended December 31, 2023. The increase resulted primarily from increases of $444,000 in salaries and employee benefits, $163,000 in real estate owned expense, $108,000 in outside data processing expense, $79,000 in other operating expense, $18,000 in equipment expense, $7,000 in occupancy expense, and $7,000 in advertising expense, partially offset by a decrease of $138,000 in loss on the disposition of the Bank’s assets relating to the Harbor West Wealth Management Group.
Income Taxes
We recorded income tax expense of $4.6 million and $5.1 million for the quarter ended December 31, 2024 and 2023, respectively. For the quarter ended December 31, 2024, we had approximately $205,000 in tax exempt income, compared to approximately $190,000 in tax exempt income for the quarter ended December 31, 2023. Our effective income tax rates were 29.5% for the quarter ended December 31, 2024 and 2023, respectively.
Results of Operations for the Year Ended December 31, 2024 and 2023
Net Interest Income
Net interest income was $102.8 million for the year ended December 31, 2024 as compared to $97.2 million for the year ended December 31, 2023. The increase in net interest income of $5.6 million, or 5.8%, was primarily due to an increase in interest income that exceeded an increase in interest expense.
The increase in interest income is attributable to increases in loans and interest-bearing deposits, partially offset by decreases in investment securities and FHLB stock. The increase in interest income is also attributable to the Federal Reserve’s interest rate increases during 2023 that continued until September 2024. However, the Federal Reserve’s decrease of interest rates starting in September 2024 impacted the yield on our interest earning assets.
The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the year ended December 31, 2024 was due to an increase in the cost of funds on our deposits and borrowed money. The increase in interest expense was also due to increases in the average balances on our certificates of deposits, our interest-bearing demand deposits, and our borrowed money, offset by a decrease in the average balance of our savings and club deposits.
Total interest and dividend income increased $27.5 million, or 20.8%, to $160.0 million for the year ended December 31, 2024 from $132.5 million for the year ended December 31, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $312.3 million, or 20.6%, to $1.8 billion for the year ended December 31, 2024 from $1.5 billion for the year ended December 31, 2023 and an increase in the yield on interest earning assets by two basis points from 8.73% for the year ended December 31, 2023 to 8.75% for the year ended December 31, 2024.
Interest expense increased $21.9 million, or 62.1%, to $57.2 million for the year ended December 31, 2024 from $35.3 million for the year ended December 31, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 77 basis points from 3.58% for the year ended December 31, 2023 to 4.35% for the year ended December 31, 2024, and an increase in average interest bearing liabilities of $328.9 million, or 33.3%, to $1.3 billion for the year ended December 31, 2024 from $986.3 million for the year ended December 31, 2023.
Net interest margin decreased 79 basis points, or 12.3%, for the year ended December 31, 2024 to 5.62% compared to 6.41% for the year ended December 31, 2023.
Credit Loss Expense
The Company recorded a credit loss expense reduction totaling $260,000 for the year ended December 31, 2024 compared to a credit loss expense totaling $972,000 for the year ended December 31, 2023. The credit loss expense reduction of $260,000 for the year ended December 31, 2024 was comprised of a credit loss expense reduction for off-balance sheet commitments of $334,000 and a credit loss expense reduction for held-to-maturity investment securities of $10,000, offset by a credit loss expense for loans of $84,000.
The credit loss expense reduction for off-balance sheet commitments of $334,000 for the year ended December 31, 2024 was primarily attributed to a reduction of $157.6 million in the level of off-balance sheet commitments. The credit loss expense reduction for held-to-maturity investment securities of $10,000 for the year ended December 31, 2024 was primarily attributed to a reduction of $708,000 in the level of applicable held-to-maturity investment securities.
The credit loss expense for loans of $84,000 for the year ended December 31, 2024 was primarily attributed to charge-offs totaling $347,000, partially offset by favorable trends in the economy.
The credit loss expense of $972,000 for the year ended December 31, 2023 was comprised of credit loss expense for loans of $1.5 million and credit loss expense for held-to-maturity investment securities of $5,000, partially offset by a credit loss expense reduction for off-balance sheet commitments of $548,000.
We charged-off $347,000 during the year ended December 31, 2024 as compared to charge-offs of $313,000 during the year ended December 31, 2023. The charge-offs of $347,000 during the year ended December 31, 2024 were against various unpaid overdrafts in our demand deposit accounts. The charge-offs of $312,000 during the year ended December 31, 2023 were comprised of a charge-off of $159,000 related to three performing construction loans on the same project whereby we sold the loans to a third-party at a loss of $159,000. The remaining charge-offs of $153,000 for the 2023 period were against various unpaid overdrafts in our demand deposit accounts.
We recorded no recoveries from previously charged-off loans during the year ended December 31, 2024 and 2023.
Non-Interest Income
Non-interest income for the year ended December 31, 2024 was $2.8 million compared to non-interest income of $3.7 million for the year ended December 31, 2023. The decrease of $960,000, or 25.6%, in total non-interest income was primarily due to decreases of $458,000 in investment advisory fees, $403,000 in unrealized gains (losses) on equity securities, and $357,000 in BOLI income, partially offset by increases of $207,000 in other loan fees and service charges, $40,000 from sale/disposition of fixed assets, and $11,000 in miscellaneous other non-interest income.
The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees. The decrease in unrealized gain (loss) on equity securities was due to an unrealized loss of $109,000 on equity securities during the year ended December 31, 2024 compared to an unrealized gain of $294,000 on equity securities during the year ended December 31, 2023. The unrealized loss of $109,000 on equity securities during the 2024 period was due to market interest rate volatility during the year ended December 31, 2024.
The decrease in BOLI income was primarily due to two death claims totaling $1.8 million on BOLI policies that resulted in additional BOLI income of $404,000 in the year ended December 31, 2023.
The increase of $207,000 in other loan fees and service charges was due to increases of $148,000 in other loan fees and loan servicing fees, $51,000 in ATM/debit card/ACH fees, and $7,000 in deposit account fees.
Regarding the sale/disposition of fixed assets, we recorded gains of $22,000 during the year ended December 31, 2024 compared to losses of $18,000 during the year ended December 31, 2023.
Non-Interest Expense
Non-interest expense increased $3.8 million, or 10.9%, to $39.1 million for the year ended December 31, 2024 from $35.2 million for the year ended December 31, 2023. The increase resulted primarily from increases of $2.1 million in salaries and employee benefits, $879,000 in other operating expense, $638,000 in real estate owned expense, $394,000 in outside data processing expense, and $233,000 in occupancy expense, partially offset by decreases of $165,000 in equipment expense, $138,000 in loss on the disposition of the Bank’s assets relating to the Harbor West Wealth Management Group, and $103,000 in advertising expense.
Income Taxes
We recorded income tax expense of $19.0 million and $18.5 million for the year ended December 31, 2024 and 2023, respectively. For the year ended December 31, 2024, we had approximately $802,000 in tax exempt income, compared to approximately $1.1 million in tax exempt income for the year ended December 31, 2023. The decrease in tax exempt income was due to two death claims totaling $1.8 million on BOLI policies during the year ended December 31, 2023. Our effective income tax rates were 28.4% and 28.5% for the year ended December 31, 2024 and 2023, respectively.
Asset Quality
Non-performing assets were $5.1 million at December 31, 2024 compared to $5.8 million at December 31, 2023. At December 31, 2023, we had two non-performing construction loans totaling $4.4 million secured by the same project located in the Bronx, New York. We successfully foreclosed on these two loans on October 21, 2024 and the balances were transferred to foreclosed real estate. As a result, at December 31, 2024, we had two non-performing assets consisting of two foreclosed properties, with one foreclosed property totaling $4.4 million located in the Bronx, New York and one foreclosed property totaling $767,000 located in Pittsburgh, Pennsylvania.
Our ratio of non-performing assets to total assets remained low at 0.25% at December 31, 2024 as compared to 0.33% at December 31, 2023.
The Company’s allowance for credit losses related to loans was $4.8 million, or 0.27% of total loans as of December 31, 2024, compared to $5.1 million, or 0.32% of total loans, as of December 31, 2023. Based on a review of the loans that were in the loan portfolio at December 31, 2024, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.
In addition, at December 31, 2024, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $704,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.
Capital
The Company’s total stockholders’ equity to assets ratio was 15.87% as of December 31, 2024. At December 31, 2024, the Company had the ability to borrow $834.7 million from the Federal Reserve Bank of New York, $18.2 million from the Federal Home Loan Bank of New York and $8.0 million from Atlantic Community Bankers Bank.
The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of December 31, 2024, the Bank had a tier 1 leverage capital ratio of 14.76% and a total risk-based capital ratio of 14.04%.
The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of the stock repurchase program totaled $23.0 million, including commission costs and Federal excise taxes. Of the total shares repurchased under this program, 957,275 of such shares were repurchased during 2023 at a total cost of $13.7 million, including commission costs and Federal excise taxes.
The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of December 31, 2024, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.
About NorthEast Community Bancorp
NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.
Forward Looking Statement
This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation and its impact on regional and national economic conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, decreases in deposit levels necessitating increased borrowing to fund loans and securities, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area, the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns, and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.
| CONTACT: | Kenneth A. Martinek |
| Chairman and Chief Executive Officer | |
| PHONE: | (914) 684-2500 |
| NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) |
||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (In thousands, except share | ||||||||
| and per share amounts) | ||||||||
| ASSETS | ||||||||
| Cash and amounts due from depository institutions | $ | 13,700 | $ | 13,394 | ||||
| Interest-bearing deposits | 64,559 | 55,277 | ||||||
| Total cash and cash equivalents | 78,259 | 68,671 | ||||||
| Certificates of deposit | 100 | 100 | ||||||
| Equity securities | 21,994 | 18,102 | ||||||
| Securities held-to-maturity ( net of allowance for credit losses of $126 and $136, respectively ) | 14,616 | 15,860 | ||||||
| Loans receivable | 1,813,647 | 1,586,721 | ||||||
| Deferred loan (fees) costs, net | (49 | ) | 176 | |||||
| Allowance for credit losses | (4,830 | ) | (5,093 | ) | ||||
| Net loans | 1,808,768 | 1,581,804 | ||||||
| Premises and equipment, net | 24,805 | 25,452 | ||||||
| Investments in restricted stock, at cost | 397 | 929 | ||||||
| Bank owned life insurance | 25,738 | 25,082 | ||||||
| Accrued interest receivable | 13,481 | 12,311 | ||||||
| Real estate owned | 5,120 | 1,456 | ||||||
| Property held for investment | 1,370 | 1,407 | ||||||
| Right of Use Assets – Operating | 4,001 | 4,566 | ||||||
| Right of Use Assets – Financing | 347 | 351 | ||||||
| Other assets | 11,302 | 8,044 | ||||||
| Total assets | $ | 2,010,298 | $ | 1,764,135 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Liabilities: | ||||||||
| Deposits: | ||||||||
| Non-interest bearing | $ | 287,135 | $ | 300,184 | ||||
| Interest bearing | 1,383,240 | 1,099,852 | ||||||
| Total deposits | 1,670,375 | 1,400,036 | ||||||
| Advance payments by borrowers for taxes and insurance | 1,618 | 2,020 | ||||||
| Borrowings | – | 64,000 | ||||||
| Lease Liability – Operating | 4,108 | 4,625 | ||||||
| Lease Liability – Financing | 609 | 571 | ||||||
| Accounts payable and accrued expenses | 14,530 | 13,558 | ||||||
| Total liabilities | 1,691,240 | 1,484,810 | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding | $ | — | $ | — | ||||
| Common stock, $0.01 par value; 75,000,000 shares authorized; 14,016,254 shares and 14,144,856 shares outstanding, respectively | 140 | 142 | ||||||
| Additional paid-in capital | 110,091 | 109,924 | ||||||
| Unearned Employee Stock Ownership Plan (“ESOP”) shares | (6,088 | ) | (6,563 | ) | ||||
| Retained earnings | 214,691 | 175,505 | ||||||
| Accumulated other comprehensive income | 224 | 317 | ||||||
| Total stockholders’ equity | 319,058 | 279,325 | ||||||
| Total liabilities and stockholders’ equity | $ | 2,010,298 | $ | 1,764,135 | ||||
| NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
||||||||||||||||
| Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||
| INTEREST INCOME: | ||||||||||||||||
| Loans | $ | 39,081 | $ | 35,660 | $ | 153,902 | $ | 127,486 | ||||||||
| Interest-earning deposits | 1,144 | 1,257 | 5,202 | 4,143 | ||||||||||||
| Securities | 247 | 209 | 909 | 859 | ||||||||||||
| Total Interest Income | 40,472 | 37,126 | 160,013 | 132,488 | ||||||||||||
| INTEREST EXPENSE: | ||||||||||||||||
| Deposits | 15,160 | 11,131 | 55,619 | 34,181 | ||||||||||||
| Borrowings | 5 | 779 | 1,564 | 1,078 | ||||||||||||
| Financing lease | 9 | 10 | 38 | 38 | ||||||||||||
| Total Interest Expense | 15,174 | 11,920 | 57,221 | 35,297 | ||||||||||||
| Net Interest Income | 25,298 | 25,206 | 102,792 | 97,191 | ||||||||||||
| Provision for (reversal of) credit loss | 26 | 205 | (260 | ) | 972 | |||||||||||
| Net Interest Income after Provision for (Reversal of) Credit Loss | 25,272 | 25,001 | 103,052 | 96,219 | ||||||||||||
| NON-INTEREST INCOME: | ||||||||||||||||
| Other loan fees and service charges | 485 | 474 | 2,098 | 1,891 | ||||||||||||
| Gain (loss) on disposition of equipment | 22 | (18 | ) | 22 | (18 | ) | ||||||||||
| Earnings on bank owned life insurance | 170 | 156 | 656 | 1,013 | ||||||||||||
| Investment advisory fees | – | 115 | – | 458 | ||||||||||||
| Realized and unrealized (loss) gain on equity securities | (554 | ) | 621 | (109 | ) | 294 | ||||||||||
| Other | 26 | 38 | 116 | 105 | ||||||||||||
| Total Non-Interest Income | 149 | 1,386 | 2,783 | 3,743 | ||||||||||||
| NON-INTEREST EXPENSES: | ||||||||||||||||
| Salaries and employee benefits | 5,204 | 4,760 | 20,942 | 18,839 | ||||||||||||
| Occupancy expense | 712 | 705 | 2,828 | 2,595 | ||||||||||||
| Equipment | 229 | 211 | 890 | 1,055 | ||||||||||||
| Outside data processing | 680 | 572 | 2,604 | 2,210 | ||||||||||||
| Advertising | 108 | 101 | 418 | 521 | ||||||||||||
| Loss on disposition of business | – | 138 | – | 138 | ||||||||||||
| Real estate owned expense | 204 | 41 | 731 | 93 | ||||||||||||
| Other | 2,785 | 2,706 | 10,649 | 9,770 | ||||||||||||
| Total Non-Interest Expenses | 9,922 | 9,234 | 39,062 | 35,221 | ||||||||||||
| INCOME BEFORE PROVISION FOR INCOME TAXES | 15,499 | 17,153 | 66,773 | 64,741 | ||||||||||||
| PROVISION FOR INCOME TAXES | 4,566 | 5,052 | 18,982 | 18,465 | ||||||||||||
| NET INCOME | $ | 10,933 | $ | 12,101 | $ | 47,791 | $ | 46,276 | ||||||||
| NORTHEAST COMMUNITY BANCORP, INC. SELECTED CONSOLIDATED FINANCIAL DATA (Unaudited) |
|||||||||||||||||
| Quarter Ended December 31, | Year Ended December 31, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| (In thousands, except per share amounts) | (In thousands, except per share amounts) | ||||||||||||||||
| Per share data: | |||||||||||||||||
| Earnings per share – basic | $ | 0.83 | $ | 0.82 | $ | 3.64 | $ | 3.32 | |||||||||
| Earnings per share – diluted | 0.80 | 0.82 | 3.58 | 3.32 | |||||||||||||
| Weighted average shares outstanding – basic | 13,132 | 14,720 | 13,136 | 13,930 | |||||||||||||
| Weighted average shares outstanding – diluted | 13,582 | 14,778 | 13,359 | 13,936 | |||||||||||||
| Performance ratios/data: | |||||||||||||||||
| Return on average total assets | 2.19 | % | 2.77 | % | 2.50 | % | 2.90 | % | |||||||||
| Return on average shareholders’ equity | 13.80 | % | 17.49 | % | 15.83 | % | 17.09 | % | |||||||||
| Net interest income | $ | 25,298 | $ | 25,206 | $ | 102,792 | $ | 97,191 | |||||||||
| Net interest margin | 5.29 | % | 6.06 | % | 5.62 | % | 6.41 | % | |||||||||
| Efficiency ratio | 38.99 | % | 34.72 | % | 37.00 | % | 34.90 | % | |||||||||
| Net charge-off ratio | 0.05 | % | 0.01 | % | 0.02 | % | 0.02 | % | |||||||||
| Loan portfolio composition: | December 31, 2024 |
December 31, 2023 |
|||||||||||||||
| One-to-four family | $ | 3,472 | $ | 5,252 | |||||||||||||
| Multi-family | 206,606 | 198,927 | |||||||||||||||
| Mixed-use | 26,571 | 29,643 | |||||||||||||||
| Total residential real estate | 236,649 | 233,822 | |||||||||||||||
| Non-residential real estate | 29,446 | 21,130 | |||||||||||||||
| Construction | 1,426,167 | 1,219,413 | |||||||||||||||
| Commercial and industrial | 119,736 | 111,116 | |||||||||||||||
| Consumer | 1,649 | 1,240 | |||||||||||||||
| Gross loans | 1,813,647 | 1,586,721 | |||||||||||||||
| Deferred loan (fees) costs, net | (49 | ) | 176 | ||||||||||||||
| Total loans | $ | 1,813,598 | $ | 1,586,897 | |||||||||||||
| Asset quality data: | |||||||||||||||||
| Loans past due over 90 days and still accruing | $ | – | $ | – | |||||||||||||
| Non-accrual loans | – | 4,385 | |||||||||||||||
| OREO property | 5,120 | 1,456 | |||||||||||||||
| Total non-performing assets | $ | 5,120 | $ | 5,841 | |||||||||||||
| Allowance for credit losses to total loans | 0.27 | % | 0.32 | % | |||||||||||||
| Allowance for credit losses to non-performing loans | 0.00 | % | 116.15 | % | |||||||||||||
| Non-performing loans to total loans | 0.00 | % | 0.28 | % | |||||||||||||
| Non-performing assets to total assets | 0.25 | % | 0.33 | % | |||||||||||||
| Bank’s Regulatory Capital ratios: | |||||||||||||||||
| Total capital to risk-weighted assets | 13.92 | % | 13.43 | % | |||||||||||||
| Common equity tier 1 capital to risk-weighted assets | 13.65 | % | 13.10 | % | |||||||||||||
| Tier 1 capital to risk-weighted assets | 13.65 | % | 13.10 | % | |||||||||||||
| Tier 1 leverage ratio | 14.44 | % | 14.43 | % | |||||||||||||
| NORTHEAST COMMUNITY BANCORP, INC. NET INTEREST MARGIN ANALYSIS (Unaudited) |
||||||||||||||||||||||
| Quarter Ended December 31, 2024 | Quarter Ended December 31, 2023 | |||||||||||||||||||||
| Average | Interest | Average | Average | Interest | Average | |||||||||||||||||
| Balance | and dividend | Yield | Balance | and dividend | Yield | |||||||||||||||||
| (In thousands, except yield/cost information) | (In thousands, except yield/cost information) | |||||||||||||||||||||
| Loan receivable gross | $ | 1,784,920 | $ | 39,081 | 8.76 | % | $ | 1,545,446 | $ | 35,660 | 9.23 | % | ||||||||||
| Securities | 36,817 | 232 | 2.52 | % | 33,124 | 188 | 2.27 | % | ||||||||||||||
| Federal Home Loan Bank stock | 455 | 15 | 13.19 | % | 929 | 21 | 9.04 | % | ||||||||||||||
| Other interest-earning assets | 90,279 | 1,144 | 5.07 | % | 83,436 | 1,257 | 6.03 | % | ||||||||||||||
| Total interest-earning assets | 1,912,471 | 40,472 | 8.46 | % | 1,662,935 | 37,126 | 8.93 | % | ||||||||||||||
| Allowance for credit losses | (4,833 | ) | (4,771 | ) | ||||||||||||||||||
| Non-interest-earning assets | 92,422 | 87,557 | ||||||||||||||||||||
| Total assets | $ | 2,000,060 | $ | 1,745,721 | ||||||||||||||||||
| Interest-bearing demand deposit | $ | 233,112 | $ | 2,198 | 3.77 | % | $ | 118,691 | $ | 1,026 | 3.46 | % | ||||||||||
| Savings and club accounts | 137,295 | 767 | 2.23 | % | 206,120 | 1,404 | 2.72 | % | ||||||||||||||
| Certificates of deposit | 1,026,433 | 12,195 | 4.75 | % | 758,928 | 8,701 | 4.59 | % | ||||||||||||||
| Total interest-bearing deposits | 1,396,840 | 15,160 | 4.34 | % | 1,083,739 | 11,131 | 4.11 | % | ||||||||||||||
| Borrowed money | 1,293 | 14 | 4.33 | % | 67,049 | 789 | 4.71 | % | ||||||||||||||
| Total interest-bearing liabilities | 1,398,133 | 15,174 | 4.34 | % | 1,150,788 | 11,920 | 4.14 | % | ||||||||||||||
| Non-interest-bearing demand deposit | 263,711 | 298,739 | ||||||||||||||||||||
| Other non-interest-bearing liabilities | 21,428 | 19,449 | ||||||||||||||||||||
| Total liabilities | 1,683,272 | 1,468,976 | ||||||||||||||||||||
| Equity | 316,788 | 276,745 | ||||||||||||||||||||
| Total liabilities and equity | $ | 2,000,060 | $ | 1,745,721 | ||||||||||||||||||
| Net interest income / interest spread | $ | 25,298 | 4.12 | % | $ | 25,206 | 4.79 | % | ||||||||||||||
| Net interest rate margin | 5.29 | % | 6.06 | % | ||||||||||||||||||
| Net interest earning assets | $ | 514,338 | $ | 512,147 | ||||||||||||||||||
| Average interest-earning assets to interest-bearing liabilities | 136.79 | % | 144.50 | % | ||||||||||||||||||
| NORTHEAST COMMUNITY BANCORP, INC. NET INTEREST MARGIN ANALYSIS (Unaudited) |
||||||||||||||||||||||
| Year Ended December 31, 2024 | Year Ended December 31, 2023 | |||||||||||||||||||||
| Average | Interest | Average | Average | Interest | Average | |||||||||||||||||
| Balance | and dividend | Yield | Balance | and dividend | Yield | |||||||||||||||||
| (In thousands, except yield/cost information) | (In thousands, except yield/cost information) | |||||||||||||||||||||
| Loan receivable gross | $ | 1,701,079 | $ | 153,902 | 9.05 | % | $ | 1,401,492 | $ | 127,486 | 9.10 | % | ||||||||||
| Securities | 34,765 | 839 | 2.41 | % | 37,819 | 777 | 2.05 | % | ||||||||||||||
| Federal Home Loan Bank stock | 677 | 70 | 10.34 | % | 984 | 82 | 8.33 | % | ||||||||||||||
| Other interest-earning assets | 92,610 | 5,202 | 5.62 | % | 76,542 | 4,143 | 5.41 | % | ||||||||||||||
| Total interest-earning assets | 1,829,131 | 160,013 | 8.75 | % | 1,516,837 | 132,488 | 8.73 | % | ||||||||||||||
| Allowance for credit losses | (4,940 | ) | (4,676 | ) | ||||||||||||||||||
| Non-interest-earning assets | 90,675 | 84,287 | ||||||||||||||||||||
| Total assets | $ | 1,914,866 | $ | 1,596,448 | ||||||||||||||||||
| Interest-bearing demand deposit | $ | 209,993 | $ | 8,498 | 4.05 | % | $ | 93,426 | $ | 2,459 | 2.63 | % | ||||||||||
| Savings and club accounts | 154,430 | 3,799 | 2.46 | % | 248,755 | 6,777 | 2.72 | % | ||||||||||||||
| Certificates of deposit | 917,665 | 43,322 | 4.72 | % | 615,124 | 24,945 | 4.06 | % | ||||||||||||||
| Total interest-bearing deposits | 1,282,088 | 55,619 | 4.34 | % | 957,305 | 34,181 | 3.57 | % | ||||||||||||||
| Borrowed money | 33,117 | 1,602 | 4.84 | % | 29,007 | 1,116 | 3.85 | % | ||||||||||||||
| Total interest-bearing liabilities | 1,315,205 | 57,221 | 4.35 | % | 986,312 | 35,297 | 3.58 | % | ||||||||||||||
| Non-interest-bearing demand deposit | 277,957 | 322,185 | ||||||||||||||||||||
| Other non-interest-bearing liabilities | 19,739 | 17,139 | ||||||||||||||||||||
| Total liabilities | 1,612,901 | 1,325,636 | ||||||||||||||||||||
| Equity | 301,965 | 270,812 | ||||||||||||||||||||
| Total liabilities and equity | $ | 1,914,866 | $ | 1,596,448 | ||||||||||||||||||
| Net interest income / interest spread | $ | 102,792 | 4.40 | % | $ | 97,191 | 5.15 | % | ||||||||||||||
| Net interest rate margin | 5.62 | % | 6.41 | % | ||||||||||||||||||
| Net interest earning assets | $ | 513,926 | $ | 530,525 | ||||||||||||||||||
| Average interest-earning assets to interest-bearing liabilities | 139.08 | % | 153.79 | % | ||||||||||||||||||
Source: GlobeNewswire (MIL-OSI)
Nokia Corporation
Stock Exchange Release
29 January 2025 at 22:30 EET
Nokia Corporation: Repurchase of own shares on 29.01.2025
Espoo, Finland – On 29 January 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:
| Trading venue (MIC Code) | Number of shares | Weighted average price / share, EUR* |
| XHEL | 872,093 | 4.33 |
| CEUX | – | – |
| BATE | – | – |
| AQEU | – | – |
| TQEX | – | – |
| Total | 872,093 | 4.33 |
* Rounded to two decimals
On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.
Total cost of transactions executed on 29 January 2025 was EUR 3,777,558. After the disclosed transactions, Nokia Corporation holds 234,286,805 treasury shares.
Details of transactions are included as an appendix to this announcement.
On behalf of Nokia Corporation
BofA Securities Europe SA
About Nokia
At Nokia, we create technology that helps the world act together.
As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.
With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.
Inquiries:
Nokia Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Global Head of External Communications
Nokia Investor Relations
Phone: +358 931 580 507
Email: investor.relations@nokia.com
Attachment
US Senate News:
Source: United States Senator for New Hampshire Maggie Hassan
WASHINGTON – Less than 24 hours after President Trump announced a wide-reaching federal funding freeze, halting nearly all federal grants and loans to support New Hampshire communities, U.S. Senator Maggie Hassan today detailed how the President’s illegal and unconstitutional action is already harming Granite Staters during a press conference in the U.S. Capitol.
Click here to see Senator Hassan’s full remarks on President Trump’s dangerous, illegal funding freeze and see an excerpt below:
“This action will hurt people all across the country. President Trump’s order defunds police departments, even as law enforcement officers are trying to keep us safe. It imperils disaster relief as fires rage. It halts cancer research as we strive for cures, and it shuts down shelters for homeless veterans in the cold of winter.
“New Hampshire law enforcement agencies have told my office that the freeze of federal funding may force them to rescind job offers, meaning fewer cops on the streets. A New Hampshire organization that helps domestic violence survivors also told my office that it is now locked out of federal funding systems, which will significantly impact the crisis centers it runs for women.
“Let’s be clear: this money is not the President’s to freeze or take away. It was appropriated by Congress, and it belongs to the American people. To my Republican colleagues, I suggest that you have to decide what bridge it is, is too far… We cannot let America become a place where our leaders hold back the people’s funds by day and purge the people’s watchdogs by night.”
Moments ago, a federal judge temporarily blocked the freeze from proceeding until Monday, though the Trump Administration continues to pursue it. This illegal funding freeze has severe and broad-reaching impacts for services across New Hampshire. Programs impacted by this funding freeze include those that help hire police officers, support veterans, operate domestic violence shelters, provide access to health care, and nearly every federal program. Approximately 30% of New Hampshire’s state budget comes from federal funding.
US Senate News:
Source: United States Senator for Louisiana Bill Cassidy
WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Tim Scott (R-SC) led 24 Republican colleagues in introducing the Educational Choice for Children Act (ECCA), bicameral legislation to expand education freedom and opportunity for students. Specifically, it provides a charitable donation incentive for individuals and businesses to fund scholarship awards for students to cover expenses related to K-12 public and private education. U.S. Representative Adrian Smith (R-NE-03) introduced the companion legislation in the U.S House of Representatives.
“Parents want to see their child succeed. Giving them the ability to make decisions over their child’s education puts that child’s needs first,” said Dr. Cassidy. “More freedom empowers parents and allows American children to thrive in school.”
“When you give parents a choice, you give kids a better chance at achieving their dreams,” said Senator Scott. “By empowering families with more education resources and freedom, this bill will unlock opportunities that have been out of reach for students across America who deserve every chance to succeed and a schooling system that fosters their potential.”
“Giving students a brighter future, no matter their background or address, is critical to move American K-12 education forward,” said Representative Smith. “We must empower parents with more options, acknowledging they have the final say in what educational setting is best for their children. ECCA will benefit public, private, and homeschool students and increase the quality of education in our country. I thank Rep. Owens and Sen. Cassidy for championing this legislation alongside me.”
The Educational Choice for Children Act:
Provides $10 billion in annual tax credits to be made available to taxpayers. Allotment of these credits to individuals would be administered by the Treasury Department.
Sets a base amount for each state and then distributes the credits on a first-come, first-serve basis.
Uses a limited government approach with respect to federalism, thus avoiding mandates on states, localities, and school districts.
Includes provisions that govern Scholarship Granting Organizations (SGOs), as SGOs are given the ability to determine the individual amount of scholarship awards.
An estimated two million students in any elementary or secondary education setting, including homeschool, are eligible to receive a scholarship. Eligible use of scholarships awards includes tuition, fees, book supplies, and equipment for the enrollment or attendance at an elementary or secondary school.
Cassidy and Scott was joined by U.S. Senators Cynthia Lummis (R-WY), Steve Daines (R-MT), John Cornyn (R-TX), John Thune (R-SD), Cindy Hyde-Smith (R-MS), Eric Schmitt (R-MO), Tim Sheehy (R-MT), Ted Budd (R-NC), Tom Cotton (R-AR), John Kennedy (R-LA), Tommy Tuberville (R-AL), Jim Justice (R-WV), Jim Risch (R-ID), John Barrasso (R-WY), Thom Tillis (R-NC), Roger Marshall (R-KS), Todd Young (R-IN), Josh Hawley (R-MO), Katie Britt (R-AL), Pete Ricketts (R-NE), Marsha Blackburn (R-TN), Dave McCormick (R-PA), Kevin Cramer (R-ND), and Roger Wicker (R-MS) in introducing the bill.
The Educational Choice for Children Act has received the endorsement from former U.S. Secretary of Education Betsy DeVos; former U.S. Deputy Secretary of Education Dr. Mick Zais; former U.S. Attorney General Bill Barr; Louisiana State Superintendent of Education Dr. Cade Brumley; LA Kids Matter; Louisiana Family Forum; Louisiana State University Board of Supervisors; ACE Scholarships Louisiana Founder Eddie Rispone; ACE Scholarships; Invest in Education Coalition; ACSI Children’s Education Fund; America First Policy Institute; American Association of Christian Schools; American Federation for Children (AFC); American Principles Project; Americans for Tax Reform; Association of Christian Schools International (ACSI); Black Mothers Forum; U.S. Conference of Catholic Bishops (USCCB); Catholic Education Partners; CatholicVote; Center for Education Reform; Children’s Scholarship Fund; Club for Growth; Coalition for Jewish Values; Agudath Israel of America; Orthodox Union Advocacy; Republican Jewish Coalition; Concerned Women for America; Council for American Private Education (CAPE); Defense of Freedom Institute (DFI); Family Policy Alliance; Foundation for Excellence in Education (ExcelinEd); Freedom Foundation; Heartland Institute; Heritage Action for America; Home School Legal Defense Association (HSLDA); Independent Women’s Forum; Mountain States Policy Center; Parental Rights Foundation; Parents Defending Education Action; Partners in Mission; Project 21; Protect the First; 60Plus Association; Former Virginia & Florida Secretary of Education Gerard Robinson; several other conservative leaders; and more than 150 national and state groups.
“School choice empowers parents, regardless of their zip code, to choose the education that best fits their child’s need,” said Anthony de Nicola, Chairman of Invest in Education Coalition. “I applaud Senator Cassidy for reintroducing the Educational Choice for Children Act in the Senate. Now is our time to pass this critical legislation that would help millions of students access an education of their choosing so they can achieve their God-given potential.”
US Senate News:
Source: United States Senator for Louisiana Bill Cassidy
WASHINGTON – Today, U.S. Senator Bill Cassidy, M.D. (R-LA) questioned Robert F. Kennedy Jr., nominee for Secretary of the U.S. Department of Health and Human Services (HHS), at his confirmation hearing before the Senate Finance Committee.
Senator Cassidy: Mr. Kennedy, President Trump has sworn to protect Medicare. Republicans are exploring reforms to Medicaid that could help pay for Trump administration priorities. With this context, what will you do about dual eligibles?
Mr. Kennedy: About—
Senator Cassidy: Dual-eligibles.
Mr. Kennedy: Well, dual-eligibles are not right now served very well under the system. Those are people who are eligible for both Medicaid and Medicare. And I, you know, I suppose my answer to that is to make sure that the programs are consolidated, that they are integrated, and that care is integrated. I look forward to working with you, Dr. Cassidy, on making sure that we take good care of people who are dual-eligible.
Senator Cassidy: How would we—how do you propose that we integrate those programs? Does Medicare pay more, Medicare pay less, Medicaid pay more, Medicaid pay less? How do we do that?
Mr. Kennedy: I’m not exactly sure because I’m not in there. I mean, it is difficult to integrate them because Medicaid—Medicare is under fee for service, paid for by employer taxes. Medicaid is fully paid for federal government and it’s not fee for service. So, it’s—I do not know the answer to that. I look forward to exploring options with you.
Senator Cassidy: Republicans again are looking at ways to potentially reform Medicaid to help, you know, pay for President Trump’s priorities, but to improve outcomes. What thoughts do you have regarding Medicaid reform?
Mr. Kennedy: Well, Medicaid is not working for Americans, and it’s specifically not working for the target population. Most Americans like myself, I’m on Medicare Advantage, and I’m very happy with it. Most people who are on Medicaid are not happy. The premiums are too high, the deductibles are too high. The networks are narrow. The best doctors will not accept it at the best hospitals. And particularly, Medicaid was originally designed for a target population, the poorest Americans. It’s now been dramatically expanded. And the irony of the expansion is that the poorest Americans are now being robbed. Their services have dramatically decreased even though we’ve increased the price of Medicare by 60 percent over the last 4 years. The target population is being robbed. We need to figure out other options.
Senator Cassidy: With that said, obviously you’ve thought about that and I appreciate that. What reforms do you recommend, again, that would improve services I suppose, but also make it more cost efficient?
Mr. Kennedy: Well, President Trump has given me the charge of improving quality of care and lowering the price of care for all Americans. There are many things that we can do, I mean, what we want to, the ultimate outcome, I think, is to increase transparency, increase accountability, and to transition to a value-based system rather than a fee-based system—service-based system.
Senator Cassidy. On Medicaid in particular, can you just kind of take those kind of general principles and apply it to the Medicaid program?
Mr. Kennedy: You know I, listen, I think that there are many, many options with telemedicine, with AI right now. And, you know there’s a—including direct primary care systems, we are seeing that movement grow across the country. There’s a—one of the largest providers—
Senator Cassidy: So, so knowing, going back to Medicaid, though. And speaking of these specific advances, how would you, what reforms are you proposing, with these ideas vis a vis Medicaid?
Mr. Kennedy: Well, I don’t have a broad proposal for dismantling the program—
Senator Cassidy: I’m not saying—of course not saying that.
Mr. Kennedy: I think what we need to do is we need to experiment with pilot programs in each state. We need to keep our eye on the ultimate goal, which is value-based care, which is transparency, accountability, access.
Senator Cassidy: And one more thing, going back to Medicare, you mentioned you’re an MA. You mentioned earlier the Medicare fee for service. Do you have any kind of thoughts as to, whether or not patients on fee for service should move into MA or how should we handle that?
Mr. Kennedy: Whether patients—
Senator Cassidy: Who are on Medicare fee for service.
Mr. Kennedy: For traditional Medicare?
Senator Cassidy: Yes.
Mr. Kennedy: That’s their choice right now. I mean, we have I think 32 million Americans, or 30 million Americans on Medicare—on traditional Medicare, and then another 34, or thirty—34 on Medicare Advantage, roughly half and half. And I think more people would rather be on Medicare Advantage because it offers very good services, but people can’t afford it. It’s much more expensive. Oh, and answer to your first question, there, you know, are all kinds of exciting things that we can be doing, including cooperatives, which President Trump has supported, including health savings accounts, which President Trump has supported. All of these things to make people more accountable for their own health.
Senator Cassidy: And so we bring the cooperatives and the health savings accounts into Medicare and Medicaid?
Mr. Kennedy: Exactly. We try to—try to increase those, the use of those and to direct primary care to continue to transition into a value-based program that is private. Americans don’t, by and large, do not like the Affordable Care Act. People are on it. They don’t like Medicaid. They like Medicare. And they like private insurance. We need to listen to what people, they would prefer to be on private insurance. Most Americans, if they can afford to be, will be on private insurance. We need to figure out ways to improve care, particularly for elderly, for veterans, for the poor in this country, and Medicaid, the current model is not doing that. I would ask, you know, any of the Democrats who are chuckling just now. Do you think all that money, the $900 billion that we’re sending to Medicaid every year has made Americans healthy? Do we think it’s working for anybody? Are the premiums low enough?
US Senate News:
Source: United States Senator for Illinois Dick Durbin
WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee; along with U.S. Representative Jamie Raskin (D-MD-08), Ranking Member of the House Judiciary Committee; Senator Alex Padilla (D-CA), Ranking Member of the Senate Judiciary Subcommittee on Immigration, Citizenship, and Border Safety; and U.S. Representative Pramila Jayapal (D-WA-07), Ranking Member of the House Judiciary Subcommittee on Immigration Integrity, Security, and Enforcement, today urged U.S. Secretary of State Marco Rubio to immediately restore vital services for refugees already in the United States. The letter comes after the State Department abruptly halted services for refugees last week.
“This unprecedented order threatens to deprive refugees already in the United States of the vital assistance known as Reception and Placement (R&P) services, which help them during their first three months in the United States as they rebuild their lives here,” wrote the lawmakers.
Since the start of Fiscal Year 2025, more than 32,000 refugees have arrived through the U.S. Refugee Admissions Program (USRAP), thousands of whom remain eligible for R&P services. These refugees were forced to flee their home countries in order to escape war or persecution and were deemed eligible to resettle in the United States after undergoing thorough vetting. This is on top of the approximately 10,000 Afghan nationals who are in the U.S. on Special Immigrant Visas (SIV), which they received after risking their lives to assist U.S. troops and U.S. government efforts in Afghanistan; these SIVs also remain eligible for such benefits.
The stop work orders undermine legal obligations that the Department has entered into through its contracts with U.S.-based and intergovernmental organizations, increasing newly-arrived refugees’ vulnerability to homelessness and food insecurity at a time when they still have no lifeline for support. The R&P program covers basic needs like rent, food, and clothes in the first few months after arrival, providing core services for refugees who often resettle with nothing more than the clothes on their backs. Barring R&P services, cause undue and unnecessary suffering and hardship, breaking a promise we made to refugees and Afghan allies when we approved them for resettlement in America.
“We also call on you to do everything in your power to swiftly resume refugee processing and admissions—and restore this life-saving humanitarian program that advances U.S. security, foreign policy work, and diplomatic interests,” the lawmakers concluded.
Full text of today’s letter is available here.
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US Senate News:
Source: United States Senator for Illinois Dick Durbin
January 29, 2025
WASHINGTON – In a speech on the Senate floor last night, U.S. Senate Democratic Whip Dick Durbin (D-IL) denounced the Trump Administration’s decision to issue an Office of Management and Budget (OMB) memo to “temporarily pause all activities related to obligation or disbursement of trillions of dollars of Federal financial assistance,” which caused mass confusion about the funding and operations of hundreds of government-funded programs ranging from Medicaid, to Head Start, to Violence Against Women Act grants. Shortly before the federal funding freeze began, U.S. District Court Judge Loren L. Alikhan, who was confirmed under Durbin’s tenure as Chair of the Senate Judiciary Committee, temporarily blocked the move by the Trump Administration.
In his remarks, Durbin emphasized that the Trump Administration does not have the authority to institute a federal funding freeze as Congress holds the constitutional power of the purse.
“He [Acting OMB Director Matthew Vaeth] sent out a letter, or memo, that basically called for a temporary pause in government spending. By what authority did he do that? I don’t know. I’ve been in Congress for a few years. I’ve never quite seen anyone with an ‘Acting’ before their name have this much authority and power, but he had a lot. He has taken to himself the decision-making that affects families all over the United States, including in my State of Illinois,” Durbin said.
“But he [Vaeth] basically paused federal spending… so that these recipients could answer the basic questions as to whether they’re loyal to his point of view. He referred to those who didn’t agree with him as Marxists, as in Karl Marx… Who is this guy? How does he have this much authority? How is he able to say things like that that are so blatantly political?” Durbin said.
The memo caused immediate panic across the country as states’ Medicaid portals shut down and Head Start programs worried that they would not be open the following day to provide critical child care. The Trump Administration failed, when asked repeatedly, to provide clear guidance about what programs would be safe from being defunded.
“This poorly conceptualized, poorly communicated policy has created mass confusion in my state and across the nation. Worst yet, it has endangered [the] health, safety, [and] welfare of Americans across the country. The proposed freeze mandates that the government ‘temporarily pause’ the disbursement of key funds… We’re going to temporarily pause reimbursement to local units of government and charities, for example, while we decide whether they’re living up to the standards of Donald Trump in terms of his political values,” Durbin continued.
Durbin read out some of the programs that were thrown into chaos by the OMB memo, beginning with Head Start and domestic violence survivor programs.
“For many families, Head Start is day care. Head Start is Pre-K. Head Start is a chance for kids in tough family circumstances to have a fighting chance. Of course, the Head Start agencies need to get their federal funds to keep the lights on, to feed the kids, to make sure they can heat the buildings in the winter,” Durbin said.
“The other one is violence against women. The groups are calling us in Illinois. They call me because the Senate Judiciary Committee, which I serve on, authored this bill years ago. A Senator from Delaware at the time, Joe Biden, introduced this legislation. What it boils down to, is if you’re a victim of domestic violence, there are grants available to provide safe and secure places for you to stay, rather than [keeping you] in these horrible, violent situations at home. What are we going to do with Mr. Vaeth’s idea to put this on temporary pause?” Durbin said.
Durbin continued providing examples of threatened federal funding, including natural disaster relief, veterans benefits, and small business loans. Durbin pointed to the double standard of pausing federal aid to small businesses when major corporations, including Elon Musk’s company, Tesla, has received support from the federal government to stave off bankruptcy.
“Natural disaster relief speaks for itself. You think of the poor folks in California trying to recover from their wildfires. Think of the flooding, hurricanes, all the other events that take place. There are people who need a helping hand,” Durbin said.
“So many aspects of business rely on just a helping hand to get started. If you think loans to businesses are for little businesses, keep in mind that in 2009, Elon Musk came to the Obama Administration and asked for a loan so that his Tesla car company wouldn’t go into bankruptcy. There are a lot of smaller businesses just as desperate to get a helping hand,” Durbin said.
Durbin concluded his remarks by criticizing the Trump Administration for claiming to support American families while attempting to tear away the basic services and programming that Americans rely on. Durbin underscored that President Trump’s own team could not answer basic questions about the policy he attempted to institute.
“If your goal is to ‘Make America Great Again,’ why start by cutting these basic services for families and deserving people across this country?” Durbin said. “We’re better than that. I’m proud of a nation that cares for people that need a helping hand. I’m not ashamed to say that.”
“Even the President’s own Press Secretary a few minutes ago was unable to even answer the questions about what was going on with this OMB Director. You know why? Because this move is nothing more than a power grab designed to target the most vulnerable and disguise it as a way ‘to analyze government spending,’” Durbin said. “The President is blatantly violating the law by holding up these vital funds across America.”
“This measure [temporary pause by the federal judge] is only delaying chaos and uncertainty if it’s President Trump’s determined effort to make sure that this happens. We will not stand idly by while the President plays fast and loose with our nation’s laws and the American peoples’ lives and livelihoods. We can have fiscal responsibility, we could have a budget we’re proud of, but this action taken by a fellow last night, somewhere in the bowels of a building here in Washington, is hurting people all across America. You can’t help American families be great if you don’t give them a fighting chance,” Durbin concluded.
Video of Durbin’s remarks on the Senate floor is available here.
Audio of Durbin’s remarks on the Senate floor is available here.
Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.
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Source: Government of Canada – Prime Minister
Today, Prime Minister Justin Trudeau and the Minister of Finance and Intergovernmental Affairs, Dominic LeBlanc, met virtually with Canada’s premiers to discuss the Canada-U.S. relationship. As a follow-up to last week’s call, the Prime Minister reiterated the importance of lifting barriers to trade between provinces and territories and looked forward to the outcomes of the urgent meeting of the Committee on Internal Trade in Toronto, Ontario, this Friday. The Prime Minister and the premiers offered updates on the implementation of Canada’s border plan and complementary provincial and territorial actions.
The Prime Minister and the premiers discussed the ongoing threat of U.S. tariffs against Canadian goods, which will make life less affordable for Canadians and Americans alike and weaken economic growth in both countries. Defending our valued trade relationship remains the objective of all First Ministers.
The Prime Minister and the premiers voiced their commitment to a strong response if tariffs are imposed. They discussed options for federal, provincial, and territorial governments to mitigate the impacts on Canadian workers, families, and businesses.
The leaders agreed to continue their outreach to American officials at the federal, state, and local levels to raise awareness of the mutually beneficial partnership between Canada and the United States. In particular, First Ministers noted that bilateral trade in energy and critical minerals is hardwired into the Canadian and U.S. economies, and that Canada is the most reliable source of the critical minerals that support the U.S. defence and technology sectors. They also underscored the importance of the energy sector to our bilateral relationship, noting the collaborative efforts of governments and industry in supporting both Canadian and U.S. interests and bolstering the security posture of both countries.
The Prime Minister and the premiers recommitted to continue working together to stand up for Canadian consumers, jobs, and businesses. First Ministers agreed to reconvene next week, or earlier if required, to discuss next steps in Canada’s engagement with the U.S.
Source: South Australia Police
Seven youths have been arrested after a car was stolen from Port Augusta this morning.
Just after 2am this morning (30 January), Port Augusta police were called to Caroona Road after reports a house had been broken into and a silver Toyota Kluger 4WD had been stolen.
Just after 2.50am police observed the car travelling south on Augusta Highway where road spikes were used to stop the car in Port Wakefield.
Police Dog Edge assisted patrols to locate the driver and passengers.
The driver, a 16-year-old boy from Port Augusta West was arrested and expected to be charged with aggravated serious criminal trespass, theft and numerous traffic offences.
The six passengers, a 13-year-old boy from Port Augusta West, a 14-year-old boy from Port Augusta, two 15-year-old boys from Port Augusta West and two 16-year-old boys from Port Augusta West were arrested and expected to be charged with aggravated serious criminal trespass and other offences.
It is expected that the 7 youths will be refused bail and will attend the Port Pirie Youth Magistrates Court at a later stage today.
Police ask anyone who may have witnessed any suspicious behaviour in Port Augusta or have any information that may assist is asked to call Crime Stoppers on 1800 333 000 or online at www.crimestopperssa.com.au – you can remain anonymous.
Source: New Zealand Labour Party
The National Government’s big talk on combatting the exploitation of migrant workers has been exposed as a sham today.
“Hardly a week goes by without shocking new cases of migrant workers being exploited by unscrupulous employers. It beggars belief the Government only prosecuted four cases in the courts over one year,” Labour immigration spokesperson Phil Twyford said.
MPs were told in select committee today that there were 3,925 reports of exploitation called in by the public, and 812 investigations – however only four prosecutions.
“It is simply not good enough that all these reports and investigations resulted in only four prosecutions. The Government should be throwing the book at employers who are treating vulnerable migrant workers shamefully and putting New Zealand’s international reputation at risk,” Phil Twyford said.
“The public is tired of seeing cases of migrant workers arriving in New Zealand to find the job they were promised doesn’t exist, or cases of under-payment of wages, sub-standard accommodation, and other scams.
“Erica Stanford talked a big game on migrant worker exploitation while in Opposition. Since becoming Minister she has cut by half the amount of time an exploited migrant worker can get a temporary visa to allow them to find another job, get justice at the employment tribunal or get another visa.
“Now it turns out the compliance response to dodgy employers ripping off migrant workers is on a go-slow as well. It’s time Erica Stanford followed the advice in her own press releases and cracked down on the exploitation of migrant workers,” Phil Twyford said.
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Source: US State of New York
Governor Kathy Hochul today unveiled her plan to offer free community college tuition for adult learners ages 25 to 55 in New York State. The Governor highlighted her proposal at Onondaga Community College to showcase the region’s readiness for Micron to support New York State as a global hub for Semiconductor manufacturing and R&D. The plan, part of Governor Hochul’s 2025 State of the State, furthers her commitment to creating more workforce development opportunities to ensure every New Yorker has the opportunity to pursue a degree or credential for jobs in high-demand fields.
“When my dad got a college education, our whole family got a shot at a better life – and I want New Yorkers to have that opportunity,” Governor Hochul said. “Under my plan, every New Yorker will have the chance to pursue a free associate degree at SUNY and CUNY community colleges to help fill the in-demand jobs of tomorrow.”
New York State Opportunity Promise
Governor Hochul is steadfast in her commitment to making higher education more affordable and building the workforce that New York needs. The FY 2025 Enacted Budget included an historic expansion of the Tuition Assistance Program to help more New Yorkers cover the cost of college. Additionally, the Governor has continued to expand workforce development, apprenticeship, and microcredential programs to prepare New Yorkers for in-demand jobs. The Governor’s free community college proposal, NYS Opportunity Promise, is the next level of this commitment by making an associate degree more affordable and obtainable.
Across New York State, there are more than four million working-age adults who do not have a college degree or credential. The Governor’s proposal would cover tuition, fees, and books at any SUNY or CUNY community college for these adult learners who have never earned a degree and are pursuing an associate degree in a high demand field, including nursing, teaching, technology, and engineering.
SUNY Chancellor John B. King Jr. said, “SUNY’s community colleges are incredible engines of upward mobility, and Governor Hochul’s Free Community College plan will literally change the lives of New Yorkers seeking a degree in a high-demand field. SUNY campuses like Onondaga Community College are leading the way in meeting the needs of our adult learners and regional employers.”
New York as a National Workforce Hub
Upstate New York has been designated as a National Workforce Hub to dramatically expand domestic memory chip manufacturing in the United States. Federal and state incentives played a key role in securing Micron’s $100 billion investment in the White Pine Industrial Park in the town of Clay in Onondaga County – one of the largest economic development projects in U.S. history.
In total, the project is expected to create nearly 50,000 jobs statewide, including an average of 5,600 construction jobs per year paying federal prevailing wage. When complete, the complex will include the nation’s largest clean room space at approximately 2.4 million square feet, grow domestic semiconductor manufacturing, and enhance our national security by expanding the United States’ chipmaking capacity.
Additionally, Governor Hochul announced earlier this month that GlobalFoundries, a semiconductor manufacturer in Saratoga County, will invest $575 million to build a new center for advanced packaging and testing, along with $186 million for research and development at its Malta facility over the next decade.
State University of New York Chancellor John B. King Jr. joined as Onondaga Community College President Warren Hilton updated the Governor on the campus’s readiness to expand enrollment in academic programs tied to in-demand jobs. Included in the tour was the construction site for the $15 million, 5,000 square-foot Micron Simulation Lab at the campus, which is critical to help train students. The clean room is expected to be fully operational during the summer of 2026.
Under my plan, every New Yorker will have the chance to pursue a free associate degree at SUNY and CUNY community colleges to help fill the in-demand jobs of tomorrow.”
Governor Kathy Hochul
Empire State Development President, CEO and Commissioner Hope Knight said, “No one is doing more to prepare New York State for the future than Governor Hochul, and Onondaga Community College is a key partner in that effort. Innovative, cutting-edge industries are growing in New York State because our dynamic workforce is being well-equipped with the skills needed to succeed in the good-paying jobs we are helping to create. Governor Hochul’s proposal to provide free community college tuition to students pursuing high-demand occupations in strategic industries will help to further promote sustainable economic opportunity for all.”
New York State Department of Labor Commissioner Roberta Reardon said, “A knowledgeable workforce is essential to securing a strong future for New York State and offering no-cost higher education will open doors to in-demand careers. I thank Governor Hochul for prioritizing workforce development initiatives that are transforming the lives of New York families.”
Onondaga Community College President Hilton said, “During the last five years, our faculty has worked tirelessly to create academic programs aimed at educating and preparing students for valuable and rewarding careers in industries where workers are needed most. Our staff has done an outstanding job supporting those students during their time on campus. We are grateful to all Central New York employers who see the value in our students, the education they receive here, and their willingness to give them the opportunity to be successful in the workforce.”
Since Micron announced it was building the largest semiconductor facility in Clay, NY, Onondaga Community College has seen significant changes in enrollment in workforce development programs leading to direct jobs in the industry, as well as programs preparing New Yorkers for indirect job opportunities, including:
Onondaga Community College has many paths to electromechanical technology, which includes 112 students this year. Several students have already been offered jobs after graduation. Sixteen are expected to graduate this May with an associate degree, while 30 students are on track to complete the one-year credential program, which typically leads to an associate degree. The campus also has more than 300 students taking related courses in Onondaga County high schools.
Source: US State of New York
Governor Kathy Hochul today announced that gun violence in communities participating in the state’s Gun Involved Violence Elimination (GIVE) initiative declined to its lowest level on record last year. New York State began tracking this data in communities outside of New York City in 2006. Shooting incidents with injury declined 28 percent in 2024 compared to 2023, and the number of individuals injured declined 25 percent, with 238 fewer people harmed by gunfire. The Governor’s Fiscal Year 26 Executive Budget includes $370 million to continue the state’s multifaceted approach to reducing shootings and saving lives. That funding supports local and state law enforcement initiatives, youth employment programs, and nonprofit organizations that serve and support individuals and families and strengthen communities.
“New Yorkers are safer today than they were yesterday – and that’s because of the tireless efforts of our communities, law enforcement, and partners,” Governor Hochul said. “Gun violence has dropped by 28 percent, meaning 238 fewer people wounded by gunfire in our neighborhoods. But we’re not stopping here. My administration is doubling down on its commitment to reducing violence, supporting our youth, and strengthening our communities – ensuring that all New Yorkers can live in safety and peace.”
The 28 percent decline reflects 588 shooting incidents with injury reported last year by the 28 police departments participating in GIVE compared to 817 in 2023, and the number of shooting victims decreased by 25 percent (725 v. 963). When the state first began tracking this data in 2006, 17 police departments received funding to reduce shootings and violent crime: Those agencies reported 896 shooting incidents with injury and 1,007 individuals who sustained gunshot wounds. GIVE jurisdictions account for roughly 90 percent of violent crimes involving firearms and 85 percent of violent crime reported outside New York City.
The following police departments reported particularly significant declines in shooting incidents with injury in 2024 compared to 2023: Niagara, 52 percent; Rochester, 34 percent; Syracuse, 30 percent; and Yonkers, 47 percent. Shooting incidents with injury, shooting victims and shooting homicide data for each of the 28 GIVE agencies are available on the State Division of Criminal Justice Services (DCJS) website. In addition to the collective decrease in gun violence in GIVE communities, the New York City Police Department reported a seven percent (903 v. 974) decrease in shooting incidents in 2024 compared to 2023.
DCJS Commissioner Rossana Rosado said, “Our partnerships with local law enforcement agencies and community-based organizations through the GIVE initiative, SNUG street outreach program, Project RISE and our Crime Analysis Centers are helping to make a real difference in people’s lives and increasing safety in our communities. We applaud Governor Hochul’s leadership on public safety and her unprecedented support of these critical programs.”
Preliminary index crime reported by police agencies outside of New York City showed an eight percent decrease from January through September 2024 vs. 2023, the most current data available. There are seven index crime categories that are used to gauge overall crime trends: four violent (murder, rape, robbery, aggravated assault) and three property (burglary, larceny, motor vehicle theft). Data reported by the NYPD show a three percent reduction in crime in the five boroughs.
The $370 million investment to reduce and prevent gun violence and strengthen communities disproportionately impacted by crime includes, but is not limited to, the following programs and initiatives administered by DCJS:
The New York State Police, the State Department of Corrections and Community Supervision, the State Office of Temporary and Disability Assistance, and the state Office of Victim Services also will receive funding through that $370 million allocation.
That funding does not include other public safety initiatives outlined in the FY26 Executive Budget Briefing Book, including $35 million for the next round of the Securing Communities Against Hate Crimes grants to increase safety and security of organizations at risk of hate crimes or attacks because of their ideology, beliefs, or mission; or investments that expand support for victims and survivors of crime, including doubling funding for rape crisis centers to $12.8 million.
Source: Office of United States Attorneys
ALBUQUERQUE – An Española man has been charged with multiple felony counts of domestic assault, including strangulation and causing serious bodily injury.
According to court records, Isiah James Gutierrez-Arquero, 29, an enrolled member of the Santa Clara Pueblo, is accused of three counts of assaulting Jane Doe on September 21, 2023. Specifically, Gutierrez-Arquero is charged with assault resulting in serious bodily injury, assault resulting in substantial bodily injury to a dating partner and assaulting a dating partner by strangulation.
Gutierrez-Arquero will remain in custody pending trial, which has not been scheduled. If convicted, Gutierrez-Arquero faces up to 10 years in prison.
U.S. Attorney Alexander M.M. Uballez made the announcement today.
The Bureau of Indian Affairs investigated this case. Assistant U.S. Attorney Zachary Jones is prosecuting the case.
An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
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Source: Office of United States Attorneys
NEW ORLEANS, LA – U.S. Attorney Duane A. Evans announced that COY DAVID MILLER (“MILLER”), age 49, of Youngsville, LA, was sentenced on January 15, 2025, for Possession of Materials Involving the Sexual Exploitation of Minors, in violation of Title 18, United States Code, Sections 2252(a)(4)(B) and (b)(2).
According to court documents, on October 17, 2023, MILLER was searched by U.S. Customs and Border Protection and special agents with the U.S. Department of Homeland Security, Homeland Security Investigations, at the Louis Armstrong International Airport upon his return from Cancun, Mexico. Federal agents found MILLER in possession of images and videos of pre-pubescent child pornography.
Senior United States District Judge Ivan L.R. Lemelle sentenced MILLER to 46 months imprisonment, 10 years of supervised released, a $10,000 fine and registration as a sex offender.
This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by United States Attorney’s Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov.
The U.S. Attorney’s Office would also like to acknowledge the assistance of the U.S. Department of Homeland Security, Homeland Security Investigations, and the U.S. Customs and Border Protection. The prosecution of this case is being handled by Assistant U.S. Attorney Brian M. Klebba, Chief of the Financial Crimes Unit.