NewzIntel.com

Category: Australia

  • MIL-OSI Australia: Australian Deputy PM: Building the Northern Territory’s Future

    Source: Minister of Infrastructure

    The Albanese Government is building Australia’s future, investing more than $24 million for crucial infrastructure and community facilities across the Northern Territory.

    The Government is committed to delivering more homes and is investing $7 million to deliver enabling infrastructure to facilitate the construction of up to 730 homes, along with parklands, within the mixed-use Katherine East Neighbourhood Centre.

    The Ngurratjuta Service Hub will be expanded with a $4.8 million dollar grant from our Growing Regions Program.

    The investment will provide employment, education, and family support and services and a new climate-controlled facility to store and preserve its nationally significant art collection.

    We are investing $1.1 million for the Urapuntja Community Splash Park with splash pads and interactive features such as a bucket dumper, ground sprays and water cannons, and an eight-seater picnic shelter. 

    We are delivering $4 million from the regional Precincts and Partnerships program for a masterplan to upgrade infrastructure as part of the Nitmiluk Tourism Services Precinct within the Katherine region.

    The project is centred on Jawoyn history and culture, developing multipurpose and accessible infrastructure to contribute to social, cultural and economic outcomes.

    The Central Australian Regional Community Precincts including Ti Tree, Atitjere, Santa Teresa, Papunya, Yuendumu and Ntaria are receiving $4.7 million for planning and design.

    The Albanese Government is committed to delivering more homes and is investing $7 million to deliver enabling infrastructure to facilitate the construction of up to 730 homes, along with parklands, within the mixed-use Katherine East Neighbourhood Centre.

    The Albanese Government is also working to improve road and rail safety so people can get home following their journeys

    We are investing $1.9 million to upgrade sections of the Willowra main access road to improve road safety and accessibility, and $800,000 for important safety upgrades to the Gorrie Road railway level crossing near Mataranka including flashing lights and a new train detection system.

    These projects highlight the Government’s commitment to listening to local voices and funding priorities that directly benefit communities in the Northern Territory. 

    Quote attributable to Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

    “The Australian Government is investing in the Northern Territory supporting partnerships and projects that provide long-term benefits to communities.

    “We remain dedicated to working for all Australians by delivering infrastructure that increases community cohesion, liveability and accessibility.”

    Quote attributable to Member for Lingiari, Marion Scrymgour: 

    “I remain committed to ensuring the future growth and sustainability of remote communities and regional centres across my electorate of Lingiari.  

    “I welcome the funding announced today for delivering safer roads, more homes and increasing the liveability of these communities through improved recreational and social infrastructure.

    “I am confident the development of a masterplan for the Nitmiluk Tourism Services Precinct will broaden the community’s understanding and appreciation of Jawoyn history and culture, and strengthen social, cultural and economic outcomes for this precinct”.

    MIL OSI News –

  • MIL-OSI Australia: Building the Northern Territory’s Future

    Source: Australian Ministers for Regional Development

    The Albanese Government is building Australia’s future, investing more than $24 million for crucial infrastructure and community facilities across the Northern Territory.

    The Government is committed to delivering more homes and is investing $7 million to deliver enabling infrastructure to facilitate the construction of up to 730 homes, along with parklands, within the mixed-use Katherine East Neighbourhood Centre.

    The Ngurratjuta Service Hub will be expanded with a $4.8 million dollar grant from our Growing Regions Program.

    The investment will provide employment, education, and family support and services and a new climate-controlled facility to store and preserve its nationally significant art collection.

    We are investing $1.1 million for the Urapuntja Community Splash Park with splash pads and interactive features such as a bucket dumper, ground sprays and water cannons, and an eight-seater picnic shelter. 

    We are delivering $4 million from the regional Precincts and Partnerships program for a masterplan to upgrade infrastructure as part of the Nitmiluk Tourism Services Precinct within the Katherine region.

    The project is centred on Jawoyn history and culture, developing multipurpose and accessible infrastructure to contribute to social, cultural and economic outcomes.

    The Central Australian Regional Community Precincts including Ti Tree, Atitjere, Santa Teresa, Papunya, Yuendumu and Ntaria are receiving $4.7 million for planning and design.

    The Albanese Government is committed to delivering more homes and is investing $7 million to deliver enabling infrastructure to facilitate the construction of up to 730 homes, along with parklands, within the mixed-use Katherine East Neighbourhood Centre.

    The Albanese Government is also working to improve road and rail safety so people can get home following their journeys

    We are investing $1.9 million to upgrade sections of the Willowra main access road to improve road safety and accessibility, and $800,000 for important safety upgrades to the Gorrie Road railway level crossing near Mataranka including flashing lights and a new train detection system.

    These projects highlight the Government’s commitment to listening to local voices and funding priorities that directly benefit communities in the Northern Territory. 

    Quote attributable to Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

    “The Australian Government is investing in the Northern Territory supporting partnerships and projects that provide long-term benefits to communities.

    “We remain dedicated to working for all Australians by delivering infrastructure that increases community cohesion, liveability and accessibility.”

    Quote attributable to Member for Lingiari, Marion Scrymgour: 

    “I remain committed to ensuring the future growth and sustainability of remote communities and regional centres across my electorate of Lingiari.  

    “I welcome the funding announced today for delivering safer roads, more homes and increasing the liveability of these communities through improved recreational and social infrastructure.

    “I am confident the development of a masterplan for the Nitmiluk Tourism Services Precinct will broaden the community’s understanding and appreciation of Jawoyn history and culture, and strengthen social, cultural and economic outcomes for this precinct”.

    MIL OSI News –

  • MIL-OSI Australia: HOGWASH ROAD, CADELL (Grass Fire)

    Source: Country Fire Service – South Australia

    CADELL

    Hogwash Bend Grass Fire

    Issued for Hogwash Bend Conservation Park near Cadell in the Riverland.

    Just after 9:00pm on Wednesday 29 January, approximately 26 CFS firefighters on 8 trucks supported by heavy machinery responded to a scrub fire which was burning in hard to access terrain.

    The fire was located 300m from the campgrounds, with wind pushing the fire in the opposite direction from campers limiting immediate risk. SA Police were on scene supporting with informing campers in the area.

    Crews remained on scene into the early hours of this morning and created a control line around the fire, which has now been extinguished. National Parks and Wildlife Services will be in attendance over the coming days to ensure the scene remains safe.

    The cause of the fire is yet to be determined and Fire Investigators will be attending.

    Roads are currently open around this incident however this may change at short notice. Continue to monitor road closures at: traffic.sa.gov.au. Emergency services may be working on and around roads in the area, and motorists are advised take care and drive to the local conditions.

    Message ID 0008064

    MIL OSI News –

  • MIL-OSI Submissions: DRC: MSF appeals for humanitarian access in Goma as casualties seek medical care.

    Source: Médecins Sans Frontières/Doctors Without Borders (MSF)

    30 January, 2025: Goma/Kinshasa- An influx of wounded people is arriving at Kyeshero hospital in Goma, Democratic Republic of Congo (DRC). Médecins Sans Frontières/Doctors Without Borders (MSF) teams in the hospital are treating people through the armed clashes and insecurity that have hit the city in recent days. We have been affected by several incidents since the beginning of the week, some of which have limited our ability to provide people with the medical care they need. We are now preparing to send new teams to Goma and need guaranteed humanitarian access from the involved parties.

    Fighting between M23, the Congolese army, and their respective allies reached Goma’s city centre earlier this week, causing panic and impacting residents. Goma, the capital city of North Kivu province, has been cut off from the rest of the world for several days, and victims of the fighting are arriving at medical facilities whenever they can.

    Humanitarian and medical facilities have not been spared during the violence.

    “At Kyeshero hospital, a bullet pierced the roof of the operating theatre during an operation,” says Virginie Napolitano, MSF’s emergency coordinator in North Kivu, speaking from Goma. “Some of our stock of equipment and medicines has been looted, jeopardising our medical assistance inside and outside Goma. Armed looting has also affected our colleagues in Goma. One of them was wounded by gunshot in his home during an attack. Other organisations and medical facilities have also come under fire. This is totally unacceptable.”

    Despite the situation, an MSF team continues to provide care for wounded patients at Kyeshero hospital, in support of Ndosho hospital, where the International Committee of the Red Cross (ICRC) is receiving an even greater influx of wounded.

    Since Thursday, 142 wounded patients have been treated at Kyeshero. On Tuesday alone, MSF received 37 injured people, half of them civilians and the majority of whom are women. Most of the injuries were caused by shrapnel, while other patients suffered gunshot wounds.

    Since Friday, people have had to cope with continuous water and electricity cuts. The supply of meals that MSF provides to patients and their families is in jeopardy, as insecurity, the risk of looting, and the closure of roads are preventing us from replenishing food stocks, which only last two to three days.

    The worsening insecurity and intense fighting have forced MSF to temporarily reduce the number of active teams in Goma and in the camps for internally displaced people on the outskirts of the city. Meanwhile, medical and humanitarian needs in and around Goma will only grow. In recent weeks, tens of thousands of people have joined the 650,000 people who had already been living in camps around Goma for more than two years. Fighting has also reached areas around camps, sending people fleeing once again.

    “The impact of this fighting on the civilian population is enormous. In addition to the wounded and dead, we are receiving devastating reports from internally displaced people camps where our teams can no longer go,” says Stephan Goetghebuer, MSF’s head of programmes in North Kivu. “In the Kanyaruchinya displaced people’s site, the health centre we support continues to operate, but the team has seen two children die this week because they could not be transferred to any hospital.”

    MSF is preparing to send teams back into Goma to assess what response can be provided, and how best we could scale up, following the looting of the past few days. We would like to replenish our stocks and scale up emergency care as soon as possible. One possible way to move new teams and equipment into Goma would be through the Great Barrier, which separates DRC from Rwanda. This requires facilitation and guarantees from the involved parties.

    As the situation continues to deteriorate, MSF urges the warring parties to do more to protect civilians. They must also respect the most basic rules of international humanitarian law and guarantee humanitarian access, so that essential medical assistance can be provided to people.

    MSF teams are still present in other conflict-affected areas of both North and South Kivu provinces.

    MSF is an international, medical, humanitarian organisation that delivers medical care to people in need, regardless of their origin, religion, or political affiliation. MSF has been working in Haiti for over 30 years, offering general healthcare, trauma care, burn wound care, maternity care, and care for survivors of sexual violence. MSF Australia was established in 1995 and is one of 24 international MSF sections committed to delivering medical humanitarian assistance to people in crisis. In 2022, more than 120 project staff from Australia and New Zealand worked with MSF on assignment overseas. MSF delivers medical care based on need alone and operates independently of government, religion or economic influence and irrespective of race, religion or gender. For more information visit msf.org.au  
     

    MIL OSI – Submitted News –

  • MIL-OSI New Zealand: Call to End Prescribing Puberty Blockers In NZ

    Source: Family First

    MEDIA RELEASE

    30 January 2025

    Family First is calling for an immediate end to new prescribing of puberty blockers due to the clear lack of quality probative evidence of efficacy and safety.

    It comes at the same time as more than 100 doctors, academics, lawyers, politicians and “detransitioners” are calling for the Albanese government in Australia to launch an immediate inquiry into youth gender medicine and to pause the use of puberty blockers and hormone therapies for children in Australia.

    Family First and its legal representatives met with the Puberty Blocker Consultation Team from the Ministry of Health in January.

    Family First has subsequently written to both the PBC Team and Health NZ to reiterate the following points regarding the safety and efficacy requirements under the Medicines Act 1981 (the Medicines Act) and Family First’s concerns about inconsistent standards, stating the following:

    “We are aware that these provisions do not apply directly to off-label use of puberty blockers under section 25 of the Medicines Act, but we have been advised that the Medicines Act generally requires proof of safety and efficacy before allowing the sale and supply of new medications for specific indications in New Zealand.

    “Throughout the Medicines Act, there are strict conditions relating to safety and efficacy both for a medicine to first obtain consent to be used in New Zealand and secondly for it to be removed from the market if concerns arise about its safety and efficacy, including the following:

    1. Applications for the Minister’s consent under section 20 of the Medicines Act require evidence to be provided, under section 21(2), of both the safety and efficacy of the medicine.
    2. Section 35 enables the Minister to revoke or suspend a consent under sections 20 or 23 if he is of the opinion that either the medicine can no longer be administered or used safely or that the efficacy of the medicine can no longer be regarded as satisfactory.
    3. Section 36 enables the Director-General to give notice and require an importer or manufacturer to satisfy him of the “safety or efficacy of that medicine” if he “has reason to believe that any medicine, not being a new medicine, may be unsafe or ineffective for the therapeutic purpose for which is it sold”. This process can also then lead to a notice from the Minister prohibiting the sale or supply of the medicine under section 36(3)(a).
    4. Even a change in an existing approved medicine can be referred to the Minister for consideration, under section 24(5), if the Director-General considers that despite the evidence supplied he is insufficiently informed of the safety or efficacy of the medicine after that change.

    “As discussed, we are concerned about the ability of patients to give their informed consent for puberty blockers for Gender Dysmorphia prescribed under section 25 when they have not been proven to be safe, efficacious or reversible for the purposes they are currently being prescribed and used for in New Zealand.

    “This is based on the Ministry of Health’s own Position Statement on the Use of Puberty Blockers in Gender-Affirming Care dated 21 November, 2024, following the release of an evidence brief which examined the safety and long-term impacts of puberty blockers when used in the context of gender-affirming care. [View the Impact of Puberty Blockers in Gender-Dysphoric Adolescents: An evidence brief.]

    Family First’s position remains that there should be an immediate end to new prescribing of puberty blockers due to the clear lack of quality probative evidence of efficacy and safety. Existing users need to be transitioned from Puberty Blockers in a medically appropriate way or at the very least, have the lack of quality evidence on safety, efficacy and reversibility explained to them with a view to confirming they and their parents or guardians do provide informed consent.  This in turn also means the Ministry’s Position Statement must be updated immediately to remove the factually incorrect statements regarding efficacy, safety, and future risks, including any references to the PATHA Guidelines.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Health Protest – Protest calls for answers on company chosen to supply vape kits

    Source: Health Coalition Aotearoa

    Public Health experts are questioning a decision by the Government to purchase $575,000 worth of vaping products from a company accused of allegedly bribing the New Zealand Government.
    They will be meeting today at 12.30pm today on Parliament’s forecourt to raise their concerns and call for a public inquiry into the influence of the tobacco and vape industry on the Government’s Smokefree policy.
    The company chosen to supply vaping kits to Government funded stop smoking services is Chinese based vaping giant RELX.
    Reporting by The Straits Times in Singapore obtained leaked call recordings where employees of RELX can be heard discussing bribing the New Zealand Government.
    RELX employees can be heard saying: “we don’t do that visibly in Australia and New Zealand. But government payments are not a problem for us because, because these are extremely… how do I put it… subtle.”
    “It’s just like how the Big Tobacco does it, right, they go through multiple shell companies and associations and consultants and agencies and whatnot. And it’s almost… you need to have a very persistent investigative journalist to find out…”
    Additional reporting by 60 Minutes in Australia confirmed the company at the centre of these allegations is RELX.
    Thousands of RELX vaping products distributed to stop smoking services in early January were purchased by Te Whatu Ora. There doesn’t appear to be a formal tender process that took place to choose a vaping supplier and funding came out of the Smokefree Aotearoa 2025 Innovation fund.
    With serious accusations of bribery surfacing the Associate Minister of Health Casey Costello needs to front up and explain why no tender process was followed and why the Government chose vaping company RELX to supply $575k worth of vaping products.
    We are now over a year into our Government appearing to have been influenced by the tobacco and vape industry in their decision making and now there are accusations of bribery taking place.
    RELX has a questionable history of following relevant New Zealand legislation and regulations here and overseas. RELX continued to publish prohibited advertising including using Instagram influencers following new laws to crack down on vape advertising in late 2020.
    The Straits Times stories:
    60 Minutes story:
    The Age/Sydney Morning Herald version (also attached) of the 60 Minutes piece:
    RELX ownership
    Mission Holdings Limited is an umbrella company for Mission Retail Limited, Mission Distribution Limited and Mission Brands.
    The shareholders/directors are Jing Zhang and Jingrui Liu (the companies office address listed for both is: 4 Magee Place, East Tamaki Heights, Auckland, 2016) and Haodong (Sky) Deng and Dan Shan (Both share the same address: 9 Gilford Place, East Tamaki Heights, Auckland, 2016).
    Jing Zhang worked for British American Tobacco for 3 years 6 months from July 2007, then for Philip Morris International for 8 years and 3 months from Jan 2011 until March 2019, and founded Mission Brands in April of 2019.
    Haodong (Sky) Deng worked for Philip Morris from November 2014 until March 2019 before also co-founding Mission Brands in April 2019.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Arrest – Domestic violence – MacDonnell Region

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force have arrested a 35-year-old man in relation to a domestic violence incident that occurred in Amoonguna this morning.

    Around 5:30am, police received reports that a 36-year-old woman had been stabbed by her partner within the community.

    Police and St John Ambulance attended the scene and the woman was conveyed to Alice Springs Hospital in a stable condition with a laceration to her head.

    The 35-year-old man was arrested at the scene and remains in custody, expected to be charged later today.

    Investigations are ongoing and police urge anyone with information to call police on 131 444 and quote reference P25029595 . Anonymous reports can also be made through Crime Stoppers on 1800 333 000.

    Support services for those affected by domestic or family violence are available, including 1800RESPECT (1800 737 732) and Lifeline (13 11 14).

    MIL OSI News –

  • MIL-OSI: North American Construction Group Ltd. Announces Early Redemption of 5.5% Debentures Due June 30, 2028

    Source: GlobeNewswire (MIL-OSI)

    ACHESON, Alberta, Jan. 29, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA/NYSE:NOA) announced today that it has delivered notice to the holders of the Company’s outstanding 5.5% convertible unsecured subordinated debentures due June 30, 2028 (the “Debentures”) that pursuant to Section 4.3 of the trust indenture governing the Debentures dated June 1, 2021 (the “Trust Indenture”), the Company will, effective February 28, 2025 (the “Redemption Date”), redeem all issued and outstanding Debentures, plus accrued interest thereon.

    In accordance with the Trust Indenture, holders of these Debentures may convert the outstanding Debentures into common shares of the Company at a price of $24.23 per share, which is at a discount to the closing price of NACG’s common shares of $28.45 per share on January 29, 2025, the date of this press release.

    The Company encourages individual holders of Debentures (“Debentureholders”) to review redemption instructions from their financial institution to ensure a request for conversion is submitted in advance of the cutoff time set by the Debentureholder’s financial institution. This can be several days in advance of the Redemption Date and is not controlled by the Company.

    As of the date hereof, there was $74,106,000 ($1,000 per Debenture) aggregate principal amount of Debentures issued and outstanding. Accordingly, on the Redemption Date, subject to compliance with the Trust Indenture, the holder of each Debenture (unless converted prior to the Redemption Date in accordance with the terms of the Trust Indenture) will receive a total payment of $1,008.86111 (the “Redemption Price”), comprised of a principal repayment of $1,000.00 and all accrued and unpaid interest thereon from the interest payment date of December 31, 2024 of $8.86111 until the Redemption Date. All interest on the Debentures shall cease from and after the Redemption Date.

    The Company intends to pay the Redemption Price in cash. Subject to regulatory approval, the Company intends to have the Debentures de-listed from the Toronto Stock Exchange following their redemption.

    About the Company

    NACG is one of Canada and Australia’s largest providers of heavy construction and mining services. For more than 70 years, NACG has provided services to the mining, resource, and infrastructure construction markets. For more information about North American Construction Group Ltd., visit www.nacg.ca.

    For further information contact:
    Jason Veenstra, CPA, CA
    Chief Financial Officer
    North American Construction Group Ltd.
    (780) 948-2009
    jveenstra@nacg.ca
    www.nacg.ca

    Forward-Looking Information

    The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “will”, “intends”, “may”, “could” or similar expressions. In particular, this news release contains forward-looking statements and information relating to the redemption of the Debentures, the issuance of Common Shares as payment of the Redemption Price, the payment of cash in respect of interest and fractional shares and the anticipated de-listing of the Debentures. These forward-looking statements are being made by NACG based on certain assumptions that NACG has made in respect thereof as at the date of this news release, regarding, among other things that all required regulatory approvals will be obtained on the necessary terms in a timely manner; and that NACG will, on the Redemption Date, meet all of the required terms and conditions of the Debentures (including those set forth in the applicable debenture indentures) in order to effect the redemption on the terms currently contemplated (which includes assumptions respecting trading prices of the Common Shares). These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the risk that regulatory approvals will not be obtained in the timelines or on the terms required thereby delaying the redemption or causing it to not occur at all; the risk that NACG will not be able to meet the requirements for redemption on the Redemption Date, including with respect to the price of its Common Shares, which ability may be impacted by a number of risk factors. The material factors or assumptions used to develop the above forward-looking statements and the risks and uncertainties to which such forward-looking statements are subject are highlighted in the Company’s MD&A for the year ended December 31, 2023 and quarter ending September 30, 2024. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.com.

    The MIL Network –

  • MIL-OSI: Quick Custom Intelligence and Modulus Celebrate Success at ICE

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Jan. 29, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI), a leading provider of cutting-edge business intelligence solutions for the casino industry, and Modulus, an innovator in advanced gaming system technology, are pleased to announce a successful showcase at the International Casino Expo (ICE). Throughout the event, both companies met with dozens of current customers and new prospects, demonstrating the latest in AI technology and data-driven business intelligence tools.

    By joining forces in the Modulus booth, QCI and Modulus underscored the synergy of their combined technologies, generating excitement among attendees. The live demos highlighted how these next-generation solutions can empower casinos to make data-driven decisions, enhance customer engagement, and streamline operations.

    “The energy at this year’s ICE was truly inspiring,” said Marc Attal, COO of Modulus. “Our newest technology received an exceptional response, and our digitalization strategy for slots and tables resonated deeply with clients who clearly saw the benefits of optimization it brings. Showcasing QCI’s solutions in our booth amplified our message and created an immersive experience that highlighted the potential of the cutting-edge AGI55 platform. The excitement and enthusiasm from both existing and prospective clients made this one of our most successful shows yet, reaffirming our commitment to innovation and excellence.”

    “It was fantastic to be part of the show,” remarked Andrew Cardno, CTO of QCI. “Meeting so many new customers and prospects has sparked a sense of excitement and optimism for what lies ahead for QCI in the global casino market. We are grateful to Modulus for the opportunity to partner in showcasing how our integrated solutions can help casinos operate more efficiently and profitably.”

    Both companies look forward to expanding their footprint in international gaming markets, fueled by the success and enthusiasm generated at ICE. QCI and Modulus remain committed to developing innovative technologies that drive real-world results for casino operators everywhere.

    ABOUT Quick Custom Intelligence
    Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI AGI Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and The Bahamas. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Denver, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

    ABOUT Andrew Cardno

    Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavours.

    ABOUT Modulus 

    As one of the world’s largest independent gaming management system providers, Modulus operates across 40 countries spanning Europe, Africa, South America, Canada, and Asia. Our multilingual suite of management software empowers gaming operators to optimize revenues and efficiently manage costs. With headquarters in Monaco and offices in France and Austria, along with partner offices in South Africa, Latin America, and Asia, our dedicated team of R&D and support professionals ensures the highest levels of customer engagement and product development. Explore the innovative technology of SYSTM Connect, enhancing player experiences and delivering fast, reliable network communication. Visit our website at www.modulusgroup.eu. 

    Contact:

    Laurel Kay, Quick Custom Intellligence

    Phone: 858-349-8354

    The MIL Network –

  • MIL-OSI Submissions: Australia – Production begins at CH4 Global’s first full-scale EcoPark

    Source: CH4 Global

    ADELAIDE, Australia – January 30, 2024 – CH4 Global, Inc., will today officially open phase one of its first full-scale EcoPark, where it has begun to grow and process Asparagopsis in 10 large-scale cultivation ponds with a combined capacity of 2 million litres – capable of producing 80 metric tonnes of the seaweed each year.

    Over the next year, the facility will expand to 100 ponds capable of producing enough Asparagopsis to serve 45,000 cattle per day – a significant step toward meeting demand from CH4 Global’s existing commercial partners in Australia and beyond. With additional investment, the facility could eventually expand to 500 ponds capable of serving hundreds of thousands of cattle per day.

    South Australian Premier Peter Malinauskas attended the launch of the EcoPark in Louth Bay, 23km north of Port Lincoln on the Eyre Peninsula.

    “I congratulate CH4 global on this significant achievement,” Mr Malinauslkas said.

    “South Australia is already a world leader in decarbonisation.

    “Helping the rest of the world achieve this challenge presents an incredible opportunity to deliver a more complex economy and more jobs for South Australians.

    “CH4 Global’s EcoPark is a shining example of what we can achieve – using Research and Development to develop new industries.

    “Propagating a local seaweed to feed cattle has the potential to drastically reduce methane emissions from agriculture, both here and around the globe.”

    The EcoPark consists of research and development facilities, a seedling hatchery, patented in-land growth ponds, and harvesting and drying technologies to convert Asparagopsis into CH4 Global’s Methane Tamer products – allowing end-to-end production.

    The EcoPark will sustainably grow methane-reducing Asparagopsis at scale. Asparagopsis, which is a red seaweed native to South Australia, drastically reduces methane emissions from cows by up to 90 per cent.

    CH4 Global founder and Chief Executive Dr Steve Meller said the EcoPark was the first commercial facility of its kind, enabling the scalable propagation of Asparagopsis to meet the needs of feedlots under contract. CH4 Global’s system delivers consistent, high-quality production at a fraction of the cost, enabling profitability throughout the value chain without government subsidies.

    With its proprietary pond-based system, CH4 Global aims to reduce production costs by up to 90 per cent compared to conventional tank-based methods, enabling rapid scaling while positioning CH4 Global to deliver its feed supplement at a price point that ensures profitability throughout the agricultural value chain.

    “The EcoPark allows us to now grow Asparagopsis at-scale, providing more Methane Tamer to the feedlots and farmers we are already working with, and to meet the needs of the increasing number of organisations contacting us to help them change the feeding habits of their cows as we start bending the climate curve,” Dr Meller said.

    “We are well and truly working towards eliminating one billion metric tons of carbon dioxide equivalent emissions and reaching 150 million cattle by 2030 through our local and international partnerships with feedlots and farmers, and it’s fantastic to see beef from these cows hitting shelves in Australia and heading overseas.”

    Dr Meller said the Louth Bay EcoPark was an essential step on the climate journey and would be positive for the Eyre Peninsula community and economy.

    CH4 Global has committed to preventing the creation of one gigatonne of CO2 emissions by 2032.

    To do so, CH4 Global needs to reach 150 million cattle —10 per cent of the world’s total.

    “Along with supporting farmers in South Australia, Queensland and overseas to reduce emissions, we’re working closely with the Eyre Peninsula community by having worked with local contractors to build the EcoPark, sourcing local materials and providing regional jobs.”

    CH4 Global has also been working with First Nations communities across South Australia, including with the planting of native species and on a land management plan, and providing a gathering space on-site.

    CH4 Global has implemented a sustainable design framework for Louth Bay and future EcoParks, guiding the use and management of energy and natural resources, waste and GHG emissions, and efficient use of eco-friendly materials.

    As part of its sustainable design framework, CH4 Global has remediated the 14ha site and will be responsible for 13km of beach. Remediation has included removing 5,000 tonnes of concrete tanks – crushed and recycled; 11.76 tonnes of HDPE to be recycled in Adelaide, 10 tonnes of plastic aquaculture trays and other plastic equipment for filtering water and other purposes, which have been rehomed and reused within the community; and sent five tonnes of steel to recycling.

    CH4 Global will be holding an opening event at Louth Bay this morning, at 10.30am. The media is invited to attend.

    Dr Meller is available for interviews. Video footage and photography will also be available post-event.

    About CH4 Global

    CH4 Global, founded in 2018, is on an urgent mission to bend the climate curve, through collaboration with strategic partners worldwide. We deliver market-disruptive products that enable the food industry value chain to radically reduce GHG emissions.

    The company’s first innovation, Methane Tamer feed additives for feedlot cattle, harnesses the power of Asparagopsis seaweed to reduce enteric methane emissions by up to 90 per cent. CH4 Global is headquartered in Henderson, Nevada, in the US, with current subsidiaries in Australia and New Zealand.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Australia – International project to support Australia’s transition to clean energy with next-gen electrolysers – Swinburne University

    Source: Swinburne University


    An international team is developing new electrolysers to support Australia’s transition to clean energy. 


    Led by Swinburne University of Technology researchers Associate Professor Rosalie Hocking and Associate Professor Andrew Ang, the project will strengthen Australia’s capability in domestic manufacturing for renewable technologies, positioning the country as a leader in the global energy transition. 


    “This grant enables us to tackle key challenges in scaling up electrolysers by innovating catalyst design and electrode manufacturing, advancing CO₂ reduction technologies for a sustainable energy future,” says Associate Professor Hocking. 


    Hydrogen electrolysers enable the production of clean hydrogen from water using renewable electricity. This process provides a high-energy, low-emission alternative for sectors that are challenging to electrify, such as heavy transport and industrial processing. 


    By 2050, CSIRO predicts that manufacturing of hydrogen electrolysers industry could generate $1.7 billion in revenue and 4,000 jobs, plus $1.2 billion and 1,000 jobs from installation services. Associate Professor Ang says a key part of making this a reality is reducing costs. 


    “The cost of manufacturing is often overlooked in new technologies despite being a critical consideration in any scalable technology.”  


    “By scaling up these cutting-edge electrode systems, the project will contribute to the development of next-generation electrolysers that support Australia’s transition to clean energy.” 


    The international collaboration between Swinburne’s Chemistry and Mechanical Engineering team and Rajamangala University of Technology Phra Nakhon (RMUTP) in Thailand will examine innovative ways to fabricate catalysts materials and Australia’s capacity to scale those technologies. 


    This project aims to develop innovative copper oxide (CuOx) and multimetal oxide catalyst systems for the production of value-added C2+ products, such as hydrocarbons and syngas, using renewable energy in proton exchange membrane (PEM) electrolysers. 


    By advancing catalyst design and optimising manufacturing techniques, the project addresses key challenges related to cost and scalability in the deployment of hydrogen production technologies.  


    Associate Professor Hocking says that international partnerships are essential for building Australia’s science and research capabilities. 


    “Employing innovative techniques like thermal spray will help position Australia as a global leader in renewable technology development.” 

    MIL OSI – Submitted News –

  • MIL-OSI Australia: New data shows more people applying to become school teachers

    Source: Australian Ministers for Education

    New data shows more people applying to become school teachers.

    Data analysis by the Department of Education shows both applications and offers are up for people wanting to study an undergraduate course in education.

    Overall, preliminary results from tertiary admission centres are showing a 7 per cent increase in applications and a 14 per cent increase in offers compared to 2024.

    These positive early results come after the Albanese Labor Government and state and territory governments have been working together to tackle the teacher workforce shortage through the National Teacher Workforce Action Plan.

    Many states and territories have delivered significant pay increases for the teaching profession over the past two years.

    They have also taken important steps to help reduce teacher workload. 

    The Albanese Government brought back teaching scholarships worth up to $40,000 each to encourage more people to study teaching. 

    And for the first time ever, the Australian Government is introducing a Prac Payment for teaching students which provides financial support while they do the practical part of their course. 

    These initiatives come on top of the biggest reforms to teacher training in a generation, which include a stronger focus on how to teach children to read and write and do maths and manage behaviour.

    Quotes attributable to Minister for Education Jason Clare:

    “Being a teacher is the most important job in the world, and we don’t have enough of them.

    “The Liberals ripped the guts out of public school funding and under them, the teacher shortage crisis got worse. 

    “We’re now starting to see this turn around.

    “I want more young people to leap out of high school and want to become a teacher, rather than a lawyer or a banker.

    “That’s why we are tackling the teacher workforce shortage with teaching scholarships, reforms to teacher training and paid prac for teaching students.”

    Additional background

    Tertiary Admissions Centre total (undergraduates) – preliminary data(1) as at 16 January each reporting year
     

       2022    2023  2024 2025 (preliminary) % change from 2024 to 2025
    Applications 12,082 11,966 11,816 12,659 7%
    Offers 7,816 8,774 8,672 9,905 14%

    1.    Domestic, undergraduate student applications and offers for first semester study in Commonwealth Supported Places at Table A universities
    2.    Data reflect each applicant’s highest preference application and the most recent offer made to each applicant (one application and one offer per person).
     

    MIL OSI News –

  • MIL-OSI Submissions: US now New Zealand’s second largest export partner – Stats NZ media and information release – Overseas merchandise trade: December 2024

    Source: Statistics New Zealand

    US now New Zealand’s second largest export partner – 30 January 2025 – The United States (US) was the second largest export destination for New Zealand goods in 2024, with a total value of $9.0 billion, according to figures released by Stats NZ today. The US overtook Australia but remains behind China.

    “Although the US is our second largest export partner, New Zealand ranks outside the top 50 countries from which the US purchases goods,” international accounts spokesperson Viki Ward said.

    New Zealand exports to the US surpassed $9.0 billion for the first time in 2024, with the US receiving 12 percent of our total exports by value ($71.0 billion). By comparison, in the year ended December 2014, the US received 9.4 percent ($4.7 billion) of New Zealand’s total goods export value ($50.1 billion).

    Files:

    MIL OSI –

  • MIL-OSI New Zealand: US now New Zealand’s second largest export partner – Stats NZ media and information release – Overseas merchandise trade: December 2024

    Source: Statistics New Zealand

    US now New Zealand’s second largest export partner – 30 January 2025 – The United States (US) was the second largest export destination for New Zealand goods in 2024, with a total value of $9.0 billion, according to figures released by Stats NZ today. The US overtook Australia but remains behind China.

    “Although the US is our second largest export partner, New Zealand ranks outside the top 50 countries from which the US purchases goods,” international accounts spokesperson Viki Ward said.

    New Zealand exports to the US surpassed $9.0 billion for the first time in 2024, with the US receiving 12 percent of our total exports by value ($71.0 billion). By comparison, in the year ended December 2014, the US received 9.4 percent ($4.7 billion) of New Zealand’s total goods export value ($50.1 billion).

    Files:

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Job done on the Melrose Road Bridge replacement

    Source: Australian Ministers 1

    The Albanese Government continues to partner with Toowoomba Regional Council to get high priority local infrastructure off the ground, with construction of the Melrose Road bridge now complete and open to traffic.

    Officially opened today by Assistant Minister for Regional Development, Anthony Chisholm and Mayor of Toowoomba Regional Council, Geoff McDonald, the new bridge will improve the safety of this key rural route. 

    The $4.3 million project was made possible thanks to $2.5 million from the Albanese Government’s Safer Local Roads and Infrastructure Program, and $1.8 million from Toowoomba Regional Council. 

    Works involved the construction of a new two-lane concrete bridge to replace the ageing timber bridge on Melrose Road in Brookstead. 

    The upgrades will improve access for local agriculture businesses operating in the region, and also enhance the route’s resilience to natural disasters. 

    The new bridge will also support travel for specialised farming equipment, emergency response vehicles and public transport, including school buses. 

    Nationally, the Albanese Government is delivering significant funding increases to support local councils deliver their priority projects. 

    The Roads to Recovery program is progressively increasing from $500 million to $1 billion per year – with Toowoomba Regional Council to receive over $36 million over the next five years, a boost of $11.4 million.

    The Road Black Spot Program has also increased from $110 million to $150 million per year, and $200 million per year is available under our Safer Local Roads and Infrastructure Program.

    Quotes attributable to Federal Minister for Regional Development and Local Government, Kristy McBain:

    “More people are moving to our regions and this is putting more pressure on the roads we use every day, which is why we’re partnering with local councils to help ensure their local road networks are safe and fit-for-purpose.

    “Melrose Bridge provides essential access across the Condamine River to schools, community facilities, and agri business, which is why we’ve upgraded the old structure and invested in this road’s future.” 

    Quotes attributable to Federal Assistant Minister for Regional Development, Anthony Chisholm:

    “This new bridge, which replaced the old timber crossing on Melrose Road, will improve safety, traffic efficiency and allow local farmers to transport greater proportions of grain and other produce from their farms to suppliers.

    “Infrastructure projects, such as this one, deliver an immediate economic boost to regional and rural areas by reducing the potential for any of the risks associated with flood-related road closures.

    “Thank you to the community for their patience and co-operation during the construction of this project as it was a complex undertaking, with Melrose Road closed for the duration of construction.”

    Quotes attributable to Mayor of Toowoomba, Cr Geoff McDonald: 

    “The aim of the project was to improve, productivity, safety and community access, but it was also recognition of the road as an important connection for primary producers.

    “The transport of agricultural produce and farming machinery absolutely depend on a safe and secure crossing over the Condamine River. The upgraded Melrose Road bridge will provide a greater level of certainty for the Brookstead area farmers and associated industries.

    “Having the new bridge constructed to current engineering standards means it will have a much longer design life.”

     

    MIL OSI News –

  • MIL-OSI Australia: Contract awarded as Sheahan Bridge upgrade planning project progresses

    Source: New South Wales Premiere

    Published: 29 January 2025

    Released by: Minister for Regional Transport and Roads

    The Albanese and Minns Labor governments are progressing plans for an upgrade of a key bridge on one of Australia’s busiest road freight corridors, as part of efforts to unlock access for more heavy vehicles.

    The $20 million jointly funded planning project for the Sheahan Bridge Upgrade project on the Hume Highway at Gundagai has moved into its next phase of development with a contract awarded to provide a concept design for the bridge’s upgrade or replacement.

    WSP Australia Pty Ltd will provide concept design development and environmental assessment of potential upgrade or replacement options for the northbound bridge over the Murrumbidgee River.

    The current northbound bridge was built in 1977, with duplication of the southbound lanes officially opened to traffic by Prime Minister Anthony Albanese on 25 May 2009 when he was Minister for Infrastructure and Transport.

    While the load limit was increased from 68 to 85 tonnes in 2020 on the northbound bridge, for the safety of motorists Higher Productivity Vehicles still have to use a permit to travel on the NSW section of the Hume Highway due to the age of the bridge and structure limitations.

    These limitations on the northbound bridge also restrict opportunities for contraflow during emergency response or planned maintenance activities on the southbound bridge.

    The Federal and NSW Labor Governments are working together to ensure that this major bridge on the Hume Highway, the oldest and busiest highway in NSW, which follows the 200-year-old track traversed by Hume and Hovell in 1824, can meet the challenges of 21st century road freight.

    The upgrade planning project will investigate potential solution options which include:

    • building a replacement bridge on a new alignment upstream (east) or downstream (west) of the existing bridge
    • replacing the existing bridge on its current alignment
    • strengthening the existing bridge.

    Transport for NSW is now working with the contractor to further investigate each alternative and identify a preferred option.

    It is expected a preferred option will be identified for public display in mid-2026 and Transport will keep the community updated as the project progresses.

    Minister for Regional Transport and Roads Jenny Aitchison said:

    “The Hume Highway is the major freight corridor from Sydney to Melbourne, the oldest and busiest highway in Australia. It has been Labor governments which have invested and delivered the crucial upgrades that have ensured freight, tourism and other road users can rely on this vital network.

    “Instead of forcing HPVs to use permits, the NSW and Federal Labor governments are working together to deliver a fit for purpose bridge which will reduce red tape for HPV freight operators by enabling them to use this route without having to obtain permits.”

    NSW Labor’s spokesperson for Cootamundra Stephen Lawrence MLC:

    “All across regional NSW, Labor governments are working together to improve roads, bridges and other transport infrastructure.

    “I am very pleased to see the Sheahan Bridge upgrade planning project progressing and look forward to learning what the preferred improvement option is.”

    MIL OSI News –

  • MIL-OSI Australia: The next generation of NSW Electric Buses will be built in Nowra

    Source: New South Wales Premiere

    Published: 30 January 2025

    Released by: The Premier, Minister for Domestic Manufacturing and Government Procurement, Minister for Transport

    The South Coast is set to become a new manufacturing hub for the next generation of public transport with the creation of a brand-new electric bus manufacturing facility in Nowra.

    Australian owned bus manufacturer Foton Mobility Distribution is set to build a 6,000 square metre manufacturing facility in South Nowra from late 2025, subject to council approval.

    This follows the Minns Labor Government awarding a contract to Foton to deliver 126 battery electric buses that will be built in Nowra and service bus routes across Greater Sydney.

    The facility will also produce battery electric trucks, as well as hydrogen fuel cell engines, creating around 100 ongoing quality, skilled manufacturing jobs for local workers.

    Foton’s bus contract was one of the first bus orders made through the NSW Government’s Zero Emission Buses (ZEB) program.

    This program is also converting 11 existing bus depots in Greater Sydney to battery electric technology, building a new battery electric depot at Macquarie Park and procuring around 1,200 new electric buses by 2028.

    Transport for NSW is delivering the ZEB program in stages in close consultation with industry, including manufacturers, to provide an opportunity to increase capability and capacity supported by a published pipeline of bus orders.

    While the domestic manufacturing sector can’t be rebuilt overnight – facilities like this are the first step towards building things here in NSW again.

    This facility delivers on the NSW Government’s commitment to domestic manufacturing, supporting local jobs and local industry to build the public transport our state needs.

    This follows 12 years of offshoring by the former Liberal National Government, leading to NSW missing out on thousands of job opportunities and bringing lengthy delays and cost blowouts on major transport contracts.

    Premier Chris Minns said:

    “The offshoring of public transport by the former government was a complete disaster, which is why we’re building these buses here in NSW – creating local jobs and public transport that works.

    “This state of the art facility in Nowra will create ongoing skilled jobs in regional NSW while also delivering emissions free world class public transport for the people of our state.

    “Workers across NSW are great at building public transport like these buses, and under our government they’re building them here again.

    Minister for Transport Jo Haylen said:

    “When the Minns Labor Government says we want to build more buses here, we mean it.

    “Once our partners at Foton get this plant up and running there will be an extra 100 quality manufacturing jobs right here. That’s great news for Nowra and a big boost for NSW manufacturing.

    “We want our local manufacturers and suppliers have good opportunities to get involved in building the Zero Emissions Buses that we need. That’s why we have structured our zero-emissions bus program in a way that builds our bus manufacturing capacity for the long term.”

    “We are at the beginning of our project to build the clean, green buses of the future. Transport for NSW announced the first battery electric bus orders under the Zero Emissions Bus program for Greater Sydney in December 2024.

    “There will be many more orders to come for Sydney, Outer Metropolitan and Regional NSW and many good quality, skilled manufacturing jobs that will be created thanks to the Minns Labor Government’s support for building our buses, trains and ferries right here in Australia.”

    Minister for Domestic Manufacturing and Government Procurement Courtney Houssos said:

    “This new facility shows the high-quality products that NSW workers and businesses can deliver.

    “The previous government sent contracts like this offshore, costing NSW thousands of jobs and billions of dollars. We are choosing to support local jobs and local businesses.

    “By leveraging the power of government contracts like this, we can rebuild local industries, support local workers and grow the NSW economy, particularly in regional communities.

    “This is an important milestone as we deliver on our pledge to bring domestic manufacturing back to NSW.”

    Member for South Coast Liza Butler said:

    “The Minns Government understands the importance of local jobs and skills training for regional communities.”

    “The proposed new bus factory here in Nowra will provide fantastic employment opportunities for up to 100 people once fully operational and enable the re-skilling and upskilling of many workers who wish to be a part of the transition to zero emissions transport.”

    Member of the Legislative Council Sarah Kaine said:

    “We’re building Australia’s future right here in the South Coast and delivering good quality, local jobs in the process.”

    “This is a Labor Government that is investing back into its regional economies and ensuring equal opportunity for local manufacturing of our world-class transport system. 

    MIL OSI News –

  • MIL-OSI Australia: Eurobodalla Regional Hospital moves ahead with first concrete pour complete and highway roundabout works to begin

    Source: New South Wales Government 2

    Headline: Eurobodalla Regional Hospital moves ahead with first concrete pour complete and highway roundabout works to begin

    Published: 29 January 2025

    Released by: Minister for Health, Minister for the Illawarra and the South Coast, Minister for Regional Health

    Construction of the new $330 million Eurobodalla Regional Hospital is on track, with the first concrete pour complete and work to build a new roundabout on the Princes Highway set to start in the coming months.

    The new concrete slab forms part of the lower ground floor of the north-western corner of the hospital which will include the first paediatric department in the region and a contemporary maternity unit, supporting high-quality, patient-centred care.

    The new maternity department has been designed with extensive input from staff and the community, and will offer a calming, modern and culturally safe environment for women and families.

    The new paediatric department will complement other new services such as an intensive care unit and an MRI, enabling the hospital to provide comprehensive care for newborns, infants, and children.

    To support future access to the new hospital’s site entrance, work to deliver a new roundabout on the Princes Highway will shortly begin, with construction expected to start in the coming months.

    To ensure the safety of workers and motorists, temporary traffic conditions will be in place during this period, with work expected to be completed late 2025.

    Staff and the community are encouraged to stay up to date with the latest project news and information by visiting the project website.

    Quotes attributable to Minister for Regional Health Ryan Park:

    “The NSW Government is investing in the future of our local communities by delivering this critical health infrastructure project which will support the healthcare needs of the entire Eurobodalla Shire from Narooma to Batemans Bay.

    “The $330 million new Eurobodalla Regional Hospital will be larger than both Moruya and Batemans Bay hospitals combined and has been designed with the capacity to grow as demand for health services changes.

    “This exciting milestone is another step towards delivering a world-class hospital for the Eurobodalla community.”

    Quotes attributable to Member for Bega, Dr Michael Holland

    “It’s very exciting to see the significant progress being made on the $330 million Eurobodalla Regional Hospital project, which will soon provide more health services and more specialist care for our community.

    “I’m pleased to see the new paediatrics and maternity units taking shape, which will support elevated healthcare for families in the Eurobodalla, enabling and offering an enhanced level of service and care to our community.”

    MIL OSI News –

  • MIL-OSI Australia: Antarctic biodiversity database has ice-free areas covered

    Source: Australian Government – Antarctic Division

    Australian Antarctic Program scientists have released the most comprehensive database of species living in the ice-free areas of Antarctica, after 16 years of research.
    More than 35,600 records, some more than 200 years old, have been consolidated into one central location.
    The records comprise the location and identity of 1890 species, including mosses, lichens, fungi, invertebrates, microbes, birds and seals.

    Australian Antarctic Division Program Leader, Dr Aleks Terauds, said ‘The Biodiversity of Ice-free Antarctica Database’ will underpin future regional and global studies of ecology, diversity and change. For example, the Antarctic ecosystem classification, recently published in Nature Scientific Data, relied heavily on the records in this database.
    “The species represented in this database occur across all 16 ‘Antarctic Conservation Biogeographic Regions’, which are distinct areas characterized by different climates, landscapes and species,” Dr Terauds said.
    “By better understanding the location and diversity of species across these bioregions, and Antarctica generally, we can design better studies to understand ecological structure and function, and mitigate the impacts of environmental change on biodiversity.
    “This new Antarctic database can also be integrated into global biodiversity-related studies, and it supports conservation actions required under the Protocol on the Environmental Protection to the Antarctic Treaty.”
    Dr Terauds said the database began with an initial foundational dataset taken from the Scientific Committee on Antarctic Research (SCAR) Antarctic Biodiversity Database in 2008.
    Since then the research team has scoured other databases, herbaria, field research notes and scientific literature, quality checking and validating the spatial location and identity of additional records.
    The records were collected between the early 1800s and 2019, with most records collected after 1950.
    More than 15% of the records were of penguins and flying seabirds, and most (more than 15,000) were collected from the north-west Antarctic Peninsula, followed by almost 5000 from East Antarctica.
    Nearly 78% of records were collected within one kilometre of the continent’s coast.
    Dr Terauds said ice-free areas make up about 0.4% of Antarctica and include coastal oases, cliffs, nunataks (mountain summits or ridges poking through ice) and scree (loose stones).
    “The characteristics that make these small ‘islands in the ice’ attractive to the animals, plants and other organisms that live and breed in Antarctica, also makes them attractive to humans and potentially invasive species,” he said.
    “So it’s really important that we understand what’s there and use that information to advance scientific understanding, conservation and biosecurity.”
    The research was published in Ecology yesterday and is available through the Australian Antarctic Data Centre.  A companion paper assessing the potential use of the database was recently published in Diversity and Distributions.
    This content was last updated 1 minute ago on 30 January 2025.

    MIL OSI News –

  • MIL-OSI: Dundee Corporation Announces Acquisition of Shares of Odyssey Resources Limited

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 29, 2025 (GLOBE NEWSWIRE) — In accordance with regulatory requirements, Dundee Corporation (TSX: DC.A) (“Dundee”) announces that its wholly owned subsidiary, Dundee Resources Limited, has acquired 2,000,000 common shares of Odyssey Resources Limited (the “Issuer”) at the price of C$0.05 per share for aggregate consideration of C$100,000 pursuant to a non-brokered private placement.

    Immediately prior to the acquisition of securities described in this news release, Dundee and its affiliates owned 11,366,136 common shares of the Issuer representing an approximate 31.37% interest in the Issuer on an undiluted basis. Immediately following the transaction that triggered the requirement to file this news release, Dundee and its affiliates own or control an aggregate of 13,366,136 common shares representing an approximate 34.96% interest in the Issuer on an undiluted basis.

    Dundee acquired the securities of the Issuer for investment purposes only. Dundee intends to review, on a continuous basis, various factors related to its investment, including (but not limited to) the price and availability of the securities of the Issuer, subsequent developments affecting the Issuer or its business, and the general market and economic conditions. Based upon these and other factors, Dundee may decide to purchase additional securities of the Issuer or may decide in the future to sell all or part of its investment.

    This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report. The early warning report respecting the acquisition will be filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedarplus.ca under the Issuer’s profile. To obtain a copy of the early warning report filed by Dundee, please contact:

    Dundee Corporation
    Legal Department
    80 Richmond Street West, Suite 2000
    Toronto, Ontario M5H 2A4
    Tel: (416) 365-5172

    ABOUT DUNDEE CORPORATION

    Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is an active investor focused on delivering long-term, sustainable value as a trusted partner in the mining sector with more than 30 years of experience making accretive mining investments.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Investor and Media Relations
    T: (416) 864-3584
    E: ir@dundeecorporation.com

    The MIL Network –

  • MIL-OSI New Zealand: Universities – Remarkable climate solutions nominated for this year’s Earthshot Prize – Vic

    Source: Te Herenga Waka—Victoria University of Wellington

    An ocean remediation project, a predator-free blueprint, cleaner greenhouses, and a clean technology pioneer are the nominees put forward this year by Te Herenga Waka—Victoria University of Wellington to be considered for one of five £1,000,000 ($1.9m NZD) 2025 Earthshot Prizes.

    The Earthshot Prize finds and grows the solutions that will repair our planet, addressing the challenge to regenerate the place we all call home in the next ten years. As a thought leader in sustainability, the University is the only official nominator based in New Zealand.

    These remarkable sustainability solutions were selected by a panel for their potential for global impact, ability to be scaled or replicated, various environmental metrics, and solid organisational foundations.

    The Earthshot Prize has a network of nominators all over the world who nominate game-changing innovations that will help repair the planet, awarding the best five solutions each year with £1 million to scale their work. The independent charity was founded by Prince William, and former Prime Minister, Dame Jacinda Ardern, is on the Board of Trustees.

    The prizes are awarded to projects that highlight human ingenuity, drive change, and inspire collective action. The Earthshot Prize not only makes available the transformative financial resources of £5 million per year, it also has built a global, diverse, and hugely influential network of partnerships and collaborations involved with all levels of how the Prize works. All finalists get access to mentoring and support throughout the process.

    In 2023, one of the University’s nominees, Sea Forest Ltd, was one of the fifteen finalists for The Earthshot Prize. (ref. https://www.wgtn.ac.nz/sustainability/about-us/news/methane-busting-seaweed-a-finalist-for-international-earthshot-prize )

    The University’s nominees this year are:

    Predator Free Wellington

    New Zealand is at the top of the global list for threatened or endangered native species resulting from predation by introduced mammals. Predator Free Wellington is creating the world’s first predator-free capital city where native wildlife and communities thrive. They are creating the urban blueprint for the Predator Free Aotearoa New Zealand 2050 goal. The Predator Free Wellington team are developing a scalable, replicable system to permanently eliminate target introduced predators (rats, possums, mustelids) from Wellington city’s 30,000 hectares. This transformational project is a world-first, being delivered in partnership with every single resident and providing a replicable system for urban environments everywhere.

    Kaipara Moana Remediation

    The Kaipara is the southern hemisphere’s largest harbour and a place of global importance. Once home to ancient forests, the 600,000-hectare catchment is now degraded by land clearance, with around 700,000 tonnes of sediment flowing into the harbour each year, and 90 percent of wetlands lost. Through novel collaborations, investment in people, and ‘end-to-end’ support, Kaipara Moana Remediation mobilises landowners, iwi/hapū, communities, industry, and government to protect 16,200 kilometres of riparian margins, regenerate wetlands, and re-forest eroding hillsides. Using next-generation digital tools to identify ‘hotspots’ in the landscape, Kaipara Moana Remediation supports landowners to offset on-farm emissions, restore ecosystem remnants, and improve resilience to cyclones and floods impacting local communities.

    Hot Lime Labs

    Seventy percent of commercial greenhouses use natural gas for heat and yield-boosting CO2. The CO2 byproduct from natural gas is critical for greenhouses as it boosts yield by around 20 percent. No other greenhouse heating solution delivers clean CO2, so transitioning from natural gas carries a huge penalty and a major abatement challenge. The Hot Lime Labs vision is to decarbonise half the world’s greenhouses by 2030, reducing fossil emissions by 120 megatons per year. Hot Lime extracts CO2 from forestry and crop waste, replacing fossil-based CO2. Their solution delivers renewable CO2, boosting customer yields and enabling greenhouses to transition to renewable heating and decarbonise their operations.

    Mint Innovation

    As global mineral reserves deplete and decarbonisation becomes existential, Mint Innovation offers a sustainable solution. Mint is a clean technology pioneer, leveraging the world’s fastest growing waste streams and transforming them into value for a greener future. Their patented low-carbon technologies recover critical metals, such as copper, lithium, cobalt, nickel and rare earths from waste streams such as e-waste and spent li-ion batteries. Mint brings its world-first technology to these waste streams in city-scale facilities to return low-carbon metals back into local economies. The technology will help reduce our reliance on unsustainable practices like smelting and mining for mineral recovery, while diverting waste from landfills and preventing the export of hazardous waste to developing nations where it is typically disposed of in dangerous and highly pollutive ways.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Designing the Cultural Heart of Ipswich

    Source: Australian Ministers 1

    The Ipswich CBD will soon begin its transformation thanks to a $3.8 million investment from the Albanese Government to fund detailed upgrade designs.

    The Ipswich Central Heart: Art, Commerce and Urban Greening project is being funded through Stream One of the Australian Government’s urban Precincts and Partnerships Program (uPPP). 

    The project will develop designs for the expansion of the Ipswich Art Gallery and the redevelopment of the Ipswich Civic Centre. It will also include planning for a streetscape refresh of Brisbane Street, the integration of the Inner CBD Cycle Network and additional urban greening initiatives.

    The planned precinct aims to enhance economic development by creating new local job opportunities, in addition to supporting the investment already underway in Ipswich Central. 

    It will also deliver an arts and cultural precinct, providing a place for artists and performers to collectively work and create.

    City of Ipswich will work collaboratively alongside the Office of the Queensland Government Architect, Queensland Health, West Moreton Health, and the Department of Transport and Main Roads throughout this planning project.  

    Stream One of the uPPP funds the design of places that contribute to local economic growth and revitalise urban spaces to meet the needs of growing communities.

    This funding demonstrates the Albanese Government’s commitment to valuing local voices and developing partnerships that will help build Australia’s future in the long term. 

    Quotes attributable to Infrastructure, Transport, Regional Development and Local Government Minister, Catherine King: 

    “The Albanese Government’s urban Precincts and Partnerships Program is about reusing and reimagining our urban spaces to better serve the people who live in them.

    “The Ipswich CBD has enormous potential and this funding is the first critical step in realising this project.”  

    Quotes attributable to Assistant Minister for Regional Development, Anthony Chisholm: 

    “This new precinct, right in the heart of Ipswich, will improve arts and cultural experiences for the local community and help secure Ipswich’s status as a cultural hub in the south east.

    “This is yet another demonstration of the Federal Government’s ongoing commitment to back local priority infrastructure and community projects in our town centres.”

    Quotes attributable to Member for Blair, Shayne Neumann:

    “This $3.8 million investment from the Albanese Government in Ipswich’s heart will boost local businesses and jobs, in addition to supporting the investment already underway in Ipswich Central to make our city more vibrant and liveable. 

    “Ipswich is one of the fastest growing regions in Australia, and this funding will help drive a thriving arts and cultural zone in our city centre that can be used by our diverse arts and entertainment community.”

    Quotes attributable to Ipswich Deputy Mayor, Cr Nicole Jonic:

    “We want to build an Ipswich that provides not only jobs and opportunities, but access to arts, culture and recreation. 

    “The Ipswich Central Heart: Art, Commerce and Urban Greening project will help us create a modern city where people can work, play and have pride in where they live.

    “This much-needed Federal funding will enhance the capacity of Ipswich Central cultural assets, like the Ipswich Art Gallery and Ipswich Civic Centre, and improve connectivity between these venues and our revitalised CBD.”

    MIL OSI News –

  • MIL-OSI: StoneX Group Inc. to Announce 2025 Fiscal First Quarter Earnings on February 5, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (NASDAQ: SNEX) today announced that it will release its fiscal 2025 first quarter results after the market close on Wednesday, February 5, 2025. Management will host a conference call on Thursday, February 6, 2025 at 9:00 a.m. Eastern Time to review the Company’s 2025 fiscal first quarter results.

    A live web cast of the conference call as well as additional information to review during the call will be made available in PDF form at https://www.stonex.com. Participants can also access the call via https://register.vevent.com/register/BIe20141cf7fd043c89fde461964a3582e approximately ten minutes prior to the start time. Participants may preregister for the conference call here.

    For those who cannot access the live broadcast, a replay of the call will be available at https://www.stonex.com.

    About StoneX Group Inc.
    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune-500 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,600 employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 self-directed/retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

    CONTACT: StoneX Group Inc.

    Investor Inquiries:

    Kevin Murphy
    (212) 403 – 7296
    kevin.murphy@stonex.com

    SNEX-G

    The MIL Network –

  • MIL-OSI: InspireSemi Announces Administrative Update Webinar for Shareholders

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia and AUSTIN, Texas, Jan. 29, 2025 (GLOBE NEWSWIRE) — Inspire Semiconductor Holdings Inc. (“InspireSemi” or the “Company”), a chip design company that provides revolutionary high-performance, energy-efficient accelerated computing solutions for High Performance Computing (HPC), AI, graph analytics, and other compute-intensive workloads, is pleased to announce that it will provide an administrative update by live webinar on February 5, 2025, at 1:00 p.m. Eastern Time.

    This will primarily be an open forum for shareholders to clarify any remaining questions regarding the previously announced voluntary delisting from the TSX Venture Exchange, which was completed on December 31, 2024. A more general business update will also be scheduled shortly.

    You can also view a related list Frequently Asked Questions and Answers on the company website at: FAQ document.

    To join the live webinar please use the following Zoom information:

    Join from PC, Mac, iPad, or Android:
    https://us06web.zoom.us/j/86160306729?pwd=TfhZhAA4v2YvdbsbIhJws8cQD3fcj5.1

    Webinar ID: 861 6030 6729
    Passcode: 060367

    Phone one-tap:
    +13462487799,,86160306729#,,,,*060367# US (Houston)
    +12532158782,,86160306729#,,,,*060367# US (Tacoma)

    Join via audio:
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    +44 131 460 1196 United Kingdom
    +44 203 481 5237 United Kingdom
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    +44 203 901 7895 United Kingdom
    +44 208 080 6591 United Kingdom
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    +44 330 088 5830 United Kingdom
    +1 787 945 1488 Puerto Rico
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    +1 939 945 0244 Puerto Rico
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    +351 308 804 188 Portugal
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    +52 556 826 9800 Mexico
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    +49 69 5050 0952 Germany
    +49 695 050 2596 Germany
    +49 69 7104 9922 Germany
    +49 69 3807 9883 Germany
    +49 69 3807 9884 Germany
    +49 69 5050 0951 Germany
    +61 3 7018 2005 Australia
    +61 7 3185 3730 Australia
    +61 8 6119 3900 Australia
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    +61 2 8015 6011 Australia

    International numbers available: https://us06web.zoom.us/u/kf1d3JWW8

    About InspireSemi

    InspireSemi provides revolutionary high-performance, energy-efficient accelerated computing solutions for High-Performance Computing (HPC), AI, graph analytics, and other compute-intensive workloads. The Thunderbird I ‘supercomputer-cluster-on-a-chip’ is a disruptive, next-generation datacenter accelerator designed to address multiple underserved and diversified industries, including financial services, computer-aided engineering, energy, climate modeling, cybersecurity, and life sciences & drug discovery. Based on the open standard RISC-V instruction set architecture, InspireSemi’s solutions set new standards of performance, energy efficiency, and ease of programming. InspireSemi is headquartered in Austin, TX.

    For more information visit https://inspiresemi.com
    Follow InspireSemi on LinkedIn

    Company Contact
    Jack Cartwright, CFO (Interim)
    (737) 471-3230
    invest@inspiresemi.com

    Cautionary Statement on Forward-Looking Information

    This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Statements concerning InspireSemi’s objectives, goals, strategies, priorities, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of InspireSemi are forward-looking statements. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass.

    Forward-looking information includes, but is not limited to, information regarding the Delisting and any future listing. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this presentation, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of InspireSemi, to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company including information obtained from third-party industry analysts and other third-party sources and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement.

    Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information reflects management’s current beliefs and is based on information currently available to them and on assumptions they believe to be not unreasonable in light of all of the circumstances. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

    Should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

    The MIL Network –

  • MIL-OSI: Brookline Bancorp Announces Fourth Quarter Results

    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

    The MIL Network –

  • MIL-OSI: NorthEast Community Bancorp, Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2024

    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:

    • Performance metrics continue to be strong with a return on average total assets ratio of 2.19%, a return on average shareholders’ equity ratio of 13.80%, and an efficiency ratio of 38.99% for the quarter ended December 31, 2024. For the year ended December 31, 2024, the Company generated a return on average total assets ratio of 2.50%, a return on average shareholders’ equity ratio of 15.83%, and an efficiency ratio of 37.00%.
    • Net interest income increased by $91,000 and $5.6 million, or 0.4% and 5.8%, respectively, for the quarter and year ended December 31, 2024 compared to the same periods in 2023.
    • Our net loans receivable increased by $227.0 million, or 14.3%, to $1.8 billion at December 31, 2024 compared to $1.6 billion at December 31, 2023.

    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 %            

    The MIL Network –

  • MIL-OSI Australia: Seven arrested after car stolen

    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.

    MIL OSI News –

  • MIL-Evening Report: ABC’s Optics is a clever, believable comedy that will make you second-guess what you see in the media

    Source: The Conversation (Au and NZ) – By Edith Jennifer Hill, Associate Lecturer, Learning & Teaching Innovation, Flinders University

    ABC

    What does it mean to tell the truth? And how do we, as consumers of media, differentiate truth from fabrication? Optics, a new comedy series from the ABC, asks these questions through the setting of a public relations firm.

    The show expertly balances humour with quick-wit, social media vernacular, and a level of marketing wordsmithing that make you question if the news has ever told you a true story.

    The show is based in the PR firm Fritz & Randell and opens with the death of its aging CEO Frank Fritz (Peter Carroll), in a men-only board meeting no less.

    After Frank’s death, the son of the cofounder, Ian Randell (Charles Firth) makes a bid for top spot. But the owner of the firm, Bobby Bahl (Claude Jabbour) is concerned with “optics”, so he puts two young women in charge instead.

    Each episode follows a PR scandal, and we watch as the new heads of the company – Greta Goldman (Vic Zerbst) and Nicole Kidman (Jenna Owen) – grapple with difficult clients and, occasionally, even more difficult coworkers.

    Greta and Nicole are put in charge in every way, other than with the official promotion attached.

    Their young, spunky attitude and social media prowess is seen as a massive advantage. And it is. But it soon becomes apparent this move is much more than a feminist fresh-take for the firm – and is rather a bid to push some skeletons further back in the closet.

    With outrageous lines such as “is there an emoji for miscarriage”, you are guaranteed an entertaining watch.

    A familar cast

    You will probably recognise the show’s characters, either from your own office experiences, or your friend’s stories: the ageing CEO, people who act like they know more than they actually do, and young people talking about trends who may as well be speaking a different language.

    Ian, who wants to appear as if he has all the answers, seems to have no idea how to say a politically correct sentence. Greta and Nicole have such a deep knowledge of social media trends and memes that their quick banter leaves Ian with whiplash.

    The PR scandals that form the basis of each episode will feel relatable to a broad Australian audience. These characters – and the bizarre situations they find themselves in – effectively parody Australian contemporary media.

    Perfect timing

    It should be no surprise Vic Zerbst (playing Greta), Jenna Owen (playing Nicole) and Charles Firth (playing Ian) put on a consistently convincing and funny performance.

    The release of the show is also poetically timed with global conversations around online censorship, content moderation, algorithms and reliable news sources.

    While focusing on a variety of PR emergencies, Optics takes us on a riveting exploration of marketing and language. For instance, one crisis involving an AFL player who drunkenly punches a priest is flipped into him learning a lesson about toxic masculinity.

    We see Greta and Nicole craft apology video scripts and find convenient medical explanations for workplace outbursts.

    As a social media researcher and user, their approach to an apology video felt particularity familiar to me. Their redemption strategy is one I have seen used a thousand times by social media stars and celebrities.

    Two sides to each story

    The show’s writers balance ideas of truth and fabrication in a way that’s not only hilarious, but also very believable. When Greta and Nicole meet with Qualitus, an airline accused of scamming their customers, the Qualitus team presents them with an alternate story of clever marketing.

    In the captain’s lounge, surrounding by celebrities and the elite, Greta and Nicole negotiate deals and flip the narrative on Qualitus’ scams, helping the airline evade public scrutiny.

    Optics pays homage to the work PR professionals do everyday to save reputations and negotiate what information is shared with the public and what never sees the light of day.

    The show will have you questioning the stories you yourself are presented through news outlets. Further still, it will make you wonder how many hands those stories passed through before they hit the papers and screens.

    Optics is streaming now on ABC iView.

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

    – ref. ABC’s Optics is a clever, believable comedy that will make you second-guess what you see in the media – https://theconversation.com/abcs-optics-is-a-clever-believable-comedy-that-will-make-you-second-guess-what-you-see-in-the-media-247802

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: Papua New Guinea Resumes Radiotherapy, Starts Brachytherapy Services with IAEA Support

    Source: International Atomic Energy Agency – IAEA

    Staff at Angau Memorial Hospital in Lae, Papua New Guinea, celebrate the installation of the new brachytherapy machine used to treat gynaecological and other cancers. (Photo: Angau Memorial Hospital)

    After nearly a decade of inactivity, Papua New Guinea’s only radiotherapy machine re-started operations six months ago with support from the IAEA, giving renewed hope to thousands of cancer patients in the country.  

    This month, radiation medicine services at Angau Memorial Hospital received a boost with the start of brachytherapy, a critical procedure in the treatment of cervical cancer.  

    “This milestone represents a significant advancement in our cervical cancer treatment capabilities, offering more precise and localized therapy options to improve patient outcomes,” said Athula Kumara, medical physics expert at Angau Memorial Hospital, the facility that received the IAEA support.  

    Located in the city of Lae, Papua New Guinea’s shipping hub in the north, Angau is the country’s second largest hospital, catering for 675 000 people in the Morobe Province and serving as a regional referral hospital for 1.9 million residents. 

    The improved service is important as cancer remains a major public health issue in the country, with a burden of over 12 000 new cases and more than 7000 deaths every year, according to 2022 IARC figures. Breast, cervix uteri, as well as lip and oral cancers are the most frequent among women.  

    Brachytherapy is a form of internal radiotherapy in which sealed radioactive sources are placed inside or near a tumour, delivering high doses of radiation directly to the cancer while sparing surrounding healthy tissues. The procedure is a key component of radiation treatment for gynaecological cancers, but it can also be used to treat prostate, breast, soft tissue sarcomas, some head and neck tumours, and skin cancers.  

    The brachytherapy equipment was installed in late 2024 at Angau and started services this month. The first patient, a woman with cervical cancer, underwent external beam radiotherapy last year and is now receiving brachytherapy treatment as a boost.  

    The installation of the brachytherapy machine follows previous IAEA assistance in re-establishing radiotherapy at Angau. Services were discontinued in 2016, severely limiting options for cancer patients in the country. Many were referred abroad, but few could afford it. “Some travelled to Manila for treatment, but these cases were rare due to the high cost of travel and treatment,” Kumara said.   

    In 2023, an imPACT review carried out by the IAEA in collaboration with the World Health Organization (WHO) and the International Agency for Research on Cancer (IARC) recommended to urgently reestablish radiotherapy services in the country.  

    Through its technical cooperation and human health programmes, the IAEA supported the hospital in replacing the radiotherapy machine’s radioactive source and provided advice on the acquisition of the new brachytherapy unit. Radiotherapy started again in mid-August 2024, and Angau has since been treating around 50 patients per month on average, with hundreds more registered for treatment. “Treatment has been very successful, and we have seen many patients recover significantly after undergoing therapy,” Kumara added. 

    A key pre-requisite for the upgrade in radiation medicine has been  training medical physicists. “These highly specialized health professionals ensure optimal equipment performance and maintain high-quality, safe treatment procedures,” said Daniel Berger, medical physicist in the IAEA’s Division of Human Health who led recent technical missions to build local capacity in the country. “Their expertise enables precise dosimetry, planning and dose delivery while ensuring equipment and clinical processes meet international standards for effective patient care,” he explained.   

    Medical physicists also provide technical guidance for infrastructure improvements, collaborating closely with regulatory authorities to licence and deploy nuclear and radiation medicine equipment. “Their work ensures that radiotherapy services can meet the growing demand for cancer care, ultimately helping to improve patient outcomes and advance healthcare standards,” Berger added.    

    Radiotherapy is one of the main pillars of cancer treatment, along with surgery and chemotherapy. In 2022, the IAEA launched the Rays of Hope initiative to support countries in increasing access to this life-saving treatment. Since becoming a Member State in 2012, Papua New Guinea has received IAEA support to strengthen radiation safety, including for the management of radiation sources for medical use, and to build the required capacity to expand cancer diagnosis and treatment.  

    While progress has been made in advancing cancer care, Kumara highlights that early diagnosis and treatment provision remain a challenge. “Patients arrive at very late stages of their cancer, often with extensive masses. By the time they seek treatment, the cancer has already spread, making it more difficult to achieve optimal outcomes,” he said. “One of our key goals moving forward is to increase awareness, particularly in remote areas where access to healthcare is limited.”  

    Cervical cancer is the fourth most common cancer in women globally, with around 660 000 new cases in 2022. About 94 per cent of the 350 000 deaths caused by cervical cancer in the same year occurred in low- and middle-income countries, driven by inequalities in access to vaccination against the human papillomavirus (HPV), responsible for 95 per cent of all cervical cancers, as well as screening and treatment services.  

    In many countries, January is Cervical Cancer Awareness Month, supporting efforts to promote HPV vaccination for prevention and early diagnosis and treatment of precancers, which greatly improve prospects for cure.   

    MIL Security OSI –

  • MIL-Evening Report: How can you tell if your child is ready for a smartphone? What are the alternatives?

    Source: The Conversation (Au and NZ) – By Joanne Orlando, Researcher, Digital Literacy and Digital Wellbeing, Western Sydney University

    Don Pablo/ Shutterstock

    The start of the school year means some parents will asking a big question: is it time for a child’s first phone?

    Safety concerns, particularly around travel to and from school, or being home after school without a parent, often drive this decision. There can also be huge social pressure if many of a child’s friends have a phone.

    But it doesn’t have to be inevitable. How can you tell if your child is ready for a smartphone? What are the alternatives? And how do you set achievable, healthy boundaries if your child does get a phone?

    Why a phone is a big decision

    Many parents will be aware of the concerns about children’s wellbeing around technology, including potential harms to mental health, if they are exposed to inappropriate content, bullying or simply use the phone too much.

    Studies also show it can lead to dependence on the phone and distraction or lack of focus at school and in general. So it’s important to make good choices and provide family support alongside this.

    Having a phone can pose risks to your child if they are not ready for it.
    Body Stock/ Shutterstock

    How do you know if your child is ready for a phone?

    Appropriate phone ownership does not necessarily depend on a child’s age but on a child’s readiness and family circumstances.

    Recent studies show children who receive phones based on readiness rather than age show better long-term digital habits. These include managing the constant distraction of phones and good judgement around the content they regularly browse and engage with.

    You can look at a child’s child’s readiness for a phone in several ways:

    • how responsible are they with the technology they already use?

    • do they follow family guidelines around screen time?

    • how willing are they to discuss their online experiences with you? Do they come to you if there is a problem or something they don’t understand?

    • do they have a basic understanding of digital privacy and security?

    • what’s their decision-making like offline? What are they like with family, friends and other responsibilities?

    Non-phone options

    If you decide yes, your child is ready, they don’t necessarily have to go straight to a smartphone with all the bells, whistles and apps.

    For basic safety requirements, such as travel to school, a smartwatch or basic phone can allow your child to receive and make calls and texts, but without accessing the internet.

    If you want to prioritise social connection (so a child isn’t left out with friends), you could might start with a shared family tablet featuring supervised messaging apps. This allows children to maintain friendships within set boundaries.

    Instead of a smart phone for your child you could start with a smart watch.
    NADKI/ Shutterstock

    How to manage the transition to a phone

    As children demonstrate growing independence and digital maturity, they can progress to restricted smartphones with parental controls, gradually earning more privileges through demonstrated responsibility.

    Or your child you have a smartphone with regular “check ins”. Here parents and the child discuss and review common challenges such as managing notifications, apps the child is permitted to use and where the phone can be used.

    This approach acknowledges full smartphone access isn’t an immediate necessity but rather the final stage in a thoughtful digital progression.

    Research indicates families who implement this graduated approach report fewer conflicts around technology as well as better long-term digital habits in their children.

    The key lies in matching technology access to genuine needs rather than perceived social pressure, while maintaining clear boundaries and open communication.

    3 vital ‘new phone’ conversations to have

    Even though many schools now have phone restrictions during school hours, planning for healthy use outside of school is extremely important.

    There are three vital “new phone” conversations to have with your child, to make sure things get off to the right start.

    1. Friend requests: these can be over the top and often overwhelm children and parents. You do not have to say yes to all of them. Decide how to manage the continuous stream of requests and how to cull unnecessary contacts.

    2. Screen time: there will likely be a “screentime spike” when your child gets their own device. This is exacerbated by the constant temptation to just zone out and browse content. Decide together on workable “no-tech” times and zones in the home. For example, no phones in the car and no phones after 9pm, or restrictions on browsable content such as YouTube or Tiktok. Parents can assist children to use in-built screentime features in the phone that shut down such apps during restriction times.

    3. Notifications: because of multiple group chats and new friends, there will be never-ending pings and notifications. This will encourage even more screen time, sometimes well into the night. Go into the phone settings with your child and together decide which notifications to turn off (ideally, most of them). This will mean children have fewer distractions and more sleep, and the entire household will be more peaceful.

    Joanne Orlando receives funding from eSafety Commissioner.

    – ref. How can you tell if your child is ready for a smartphone? What are the alternatives? – https://theconversation.com/how-can-you-tell-if-your-child-is-ready-for-a-smartphone-what-are-the-alternatives-248224

    MIL OSI Analysis – EveningReport.nz –