Category: Business

MIL-OSI USA: Graham, Cruz and Britt Introduce Bill to Restrict Birthright Citizenship

US Senate News:

Source: United States Senator for South Carolina Lindsey Graham
WASHINGTON – U.S. Senators Lindsey Graham (R-South Carolina), Ted Cruz (R-Texas) and Katie Britt (R-Alabama) today introduced a bill that would restrict one of the biggest magnets for illegal immigration into the United States. The Birthright Citizenship Act of 2025 stops the practice of granting citizenship to both the children of illegal immigrants and the children of non-immigrants in the U.S. on temporary visas, also known as birthright citizenship. Graham first introduced the legislation in September 2024.
The exploitation of birthright citizenship is a major pull factor for illegal immigration and a weakness for our national security. The United States is one of only 33 countries in the world with no restrictions on birthright citizenship.
“It is long overdue for the United States to change its policy on birthright citizenship because it is being abused in so many ways,” said Senator Graham. “One example is birth tourism, where wealthy individuals from China and other nations come to the United States simply to have a child who will be an American citizen. When you look at the magnets that draw people to America, birthright citizenship is one of the largest. I also appreciate President Trump’s executive order to address birthright citizenship. It is time for the United States to align itself with the rest of the world and restrict this practice once and for all.”
“The promise of American citizenship should not incentivize illegal migration, but that’s exactly what has happened for far too long,” said Senator Britt. “It’s time to fix this. Senator Lindsey Graham’s and my Birthright Citizenship Act would codify President Trump’s commonsense stance and end the abuse of birthright citizenship that I do not believe is consistent with the original meaning of the 14thAmendment’s Citizenship Clause. This will protect our nation’s sovereignty, disincentivize illegal migration, and ensure America’s citizenship practices are stronger and better aligned with peer countries around the globe.”
The Biden-Harris Administration’s catch-and-release policies let migrants come into the U.S. illegally and stay for years, while enjoying many of the benefits of living in America.
Illegal immigration skyrocketed during the Biden-Harris Administration.
The Center for Immigration Studies estimates that in 2023, there were 225,000 to 250,000 births to illegal immigrants, amounting to close to seven percent of births in the U.S.
Our adversaries are taking advantage of our laws.
In September 2024, two individuals from California were found guilty in a “birth tourism” scheme. Predominantly Chinese clients paid the operators of a “maternity hotel” tens of thousands of dollars to come to the U.S. to give birth. Clients were coached on how to lie during the admissions process.
A 2022 Senate Homeland Security & Governmental Affairs Committee report found a birthing company catering to the wives of Russian oligarchs, celebrities, athletes, and public figures.
The Birthright Citizenship Act of 2025:
Specifies who can receive citizenship by virtue of their birth in the United States, including children born to at least one parent who is either:
A citizen or national of the U.S.,
A lawful permanent resident of the U.S., or
An alien performing active service in the armed forces.
This bill only applies to children born after the date of enactment.
To read the full bill text, click HERE.

MIL OSI USA News –

January 30, 2025
MIL-OSI USA: 01.29.2025 Sen. Cruz Introduces Legislation to Defund the CFPB and Restore Congressional Oversight

US Senate News:

Source: United States Senator for Texas Ted Cruz
WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) introduced the Defund the CFPB Act, which would zero out transfer payments from the Federal Reserve to the Consumer Financial Protection Bureau (CFPB).
Upon introduction, Sen. Cruz said, “The CFPB is an unelected, unaccountable bureaucratic agency that has imposed burdensome and harmful regulations on American businesses, banks, and credit unions. It is an unchecked Obama-era executive arm and the Federal Reserve should not be transferring funds to it. Enacting this legislation would save American taxpayers billions of dollars and I call on the Senate to expeditiously take it up and pass it.”
The bill is co-sponsored by Sens. John Barrasso (R-Wyo.), Rick Scott (R-Fla.), Steve Daines (R-Mont.), Marsha Blackburn (R-Tenn.), Mike Rounds (R-S.D.), and Mike Lee (R-Utah).
Rep. Keith Self (R-Texas-03) introduced the companion legislation in the House of Representatives.
Read the Defund the CFPB Act here.
BACKGROUND
This bill is supported by the Texas Credit Union Association (TXCUA), Texas Bankers Association (TBA), and Heritage Action.

MIL OSI USA News –

January 30, 2025
MIL-OSI USA: At Hearing, Warren Slams RFK Jr. for Dangerous Conflicts of Interest, Profiting From Anti-Vaccine Conspiracies

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren
January 29, 2025
Kennedy answers raise fresh questions about his ethics agreement
Kennedy could profit from anti-vaccine lawsuits he can influence as Health Secretary
Warren: “Kennedy can kill off access to vaccines and make millions of dollars while he does it…Kids might die, but Robert Kennedy will keep cashing in.”
Round 1 Questioning (YouTube) | Round 2 Questioning (YouTube)
Washington, D.C. – At a hearing of the Senate Finance Committee, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs and member of the Senate Finance Committee, questioned Mr. Robert F. Kennedy Jr., nominee for Secretary of Health and Human Services (HHS), about his dangerous conflicts of interest and record of profiting from anti-vaccine conspiracies.
Mr. Kennedy has made nearly $2.5 million in referral fees from the law firm Wisner Baum, in connection with lawsuits against vaccine makers. Mr. Kennedy receives a 10% contingency fee in these cases if the plaintiffs win, and his ethics agreement indicates he will continue to receive these payments even if he is confirmed as HHS Secretary. However, during his confirmation hearing, Mr. Kennedy initially appeared to agree to not accept any compensation from lawsuits against drug companies while serving as HHS Secretary, stating, “Well, I will certainly commit to that while I’m Secretary.” He then backtracked and did not clearly commit to ending this arrangement — through which he can profit off of anti-vaccine lawsuits even if he is confirmed as HHS Secretary.
If Mr. Kennedy does maintain his financial stake in anti-vaccine lawsuits, he will have a serious conflict of interest. Senator Warren highlighted seven ways Mr. Kennedy could benefit financially from anti-vaccine lawsuits and increase his payouts, including:
Publishing anti-vaccine conspiracies on government letterhead to influence juries;
Appointing anti-vaccine people to the CDC vaccine panel;
Opening vaccine manufacturers to lawsuits by removing vaccines from special compensation programs;
Making more injuries eligible for compensation even with no causal evidence;
Change vaccine court processes to make it easier to bring junk lawsuits to get vaccines pulled from the market; and
Turn over FDA data to his connections at law firm Wisner Baum, for their use in lawsuits.
Senator Warren also asked Mr. Kennedy if he would take responsibility for more than 80 deaths in Samoa after Mr. Kennedy spread anti-vaccine conspiracies in the country. Mr. Kennedy refused to take responsibility.
Transcript: Hearing to consider the nomination of Robert F. Kennedy, Jr., of California, to be Secretary of Health and Human ServicesSenate Committee on Finance January 29, 2025
Senator Elizabeth Warren: Thank you, Mr. Chairman. Mr. Kennedy, I want to start with something that I think you and I agree on: Big Pharma has too much power in Washington. You’ve said that, President Trump asked you to, “clean up corruption and conflicts.” Sounds great. You’ve said you will “slam shut the revolving door” between government agencies and the companies they regulate. That also sounds great.
So here’s an easy question: will you commit that when you leave this job, you will not accept compensation from a drug company, a medical device company, a hospital system, or a health insurer for at least four years—including as a lobbyist or board member?
Mr. Robert F. Kennedy, Jr., nominee for Secretary of Health and Human Services: Can you just repeat the last part of the question? Can I commit to what?
Senator Warren: Sure, you’re not going to take money from drug companies in any way shape or form?
Mr. Kennedy: Who? Me?
Senator Warren: Yes. You.
Mr. Kennedy: I’m happy to commit to that.
Senator Warren: Good, that’s what I figured. I said, it’s an easy question to start with. And I think you’re right on this question –
Mr. Kennedy: I don’t think any of them want to give me any money, by the way.
Senator Warren: Let’s keep going. You are right to say yes because every American has the right to know that every decision you make as our number one health officer is to help them—not to make money for yourself in the future.
So, I want to talk more about money. I’m looking at your paperwork right now. In the past two years, you’ve raked in $2.5 million from a law firm called Wisner Baum. You go online, you do commercials to encourage people to sign up with Wisner Baum to join lawsuits against vaccine makers. And for everyone who signs up, you personally get paid, and if they win their case, you get 10% of what they win. So, if you bring in someone who gets $10 million, you walk away with a million dollars.
Now, you just said that you want the American people to know that you cannot be bought, your decisions won’t depend on how much money you could make in the future, you won’t go work for a drug company after you leave HHS. But you and I both know there’s another way to make money.
So, Mr. Kennedy, will you also agree that you also won’t take any compensation from any lawsuits against drug companies while you are Secretary and for four years afterwards?
Mr. Kennedy: Well, I will certainly commit to that while I’m Secretary. But I do want to clarify something because you make me sound like a shill. I put together that case. I did the science day presentation to the judge on that case to get it into court, the docket hearing –
Senator Warren: Mr. Kennedy, it’s just a really simple question. You’ve taken in $2.5 million, I want to know if you will commit right now that not only will you not go to work for drug companies, you won’t go to work suing the drug companies and taking your rake out of that while you are Secretary and for four years after.
Mr. Kennedy: I will commit to not taking any fees from drug companies while I’m Secretary. I –
Senator Warren: No, I’m asking about fees from suing drug companies. Will you agree not to do that?
Mr. Kennedy: You are asking me to not sue drug companies, and I’m not going to agree to that –
Senator Warren: No. You can sue drug companies as much as you want.
Mr. Kennedy: I am not going to agree to not sue drug companies or anybody.
Senator Warren: So, let’s do a quick count here of how, as Secretary of HHS, if you get confirmed, you could influence every one of those lawsuits. Well, let me start the list.
You could publish your anti-vaccine conspiracies, but this time on U.S. government letterhead – something a jury might be impressed by.
Mr. Kennedy: I don’t understand that.
Senator Warren: You could appoint people to the CDC vaccine panel who share your anti-vax views and let them do your dirty work.
You could tell the CDC vaccine panel to remove a particular vaccine from the vaccine schedule.
You could remove vaccines from special compensation programs, which would open up manufacturers to mass torts.
You could make more injuries eligible for compensation even if there’s no causal evidence.
You could change vaccine court processes to make it easier to bring junk lawsuits.
You could turn over FDA data to your friends at the law firm, and they could use it however it benefitted them.
You could change vaccine labelling.
You could change vaccine information rules.
You could change which claims are compensated in the vaccine injury compensation program.
There’s a lot of ways you can influence those future lawsuits and pending lawsuits while you are Secretary of HHS, and I’m asking you to commit right now that you will not take a financial stake in every one of those lawsuits so that what you do as Secretary will also benefit you financially down the line.
Mr. Kennedy: I will comply with all the ethical guidelines.
Senator Warren: That’s not the question. You and I—you have said repeatedly—
Mr. Kennedy: You are asking me—Senator, you’re asking me not to sue vaccine—pharmaceutical companies.
Senator Warren: No, I am not. My question is: stop enriching yourself.
Look, no one should be fooled here. As Secretary of HHS, Robert Kennedy will have the power to undercut vaccines and vaccine manufacturing across our country. And for all his talk about “follow the science” and his promise that he won’t interfere with those of us who want to vaccinate our kids, the bottom line is the same: Kennedy can kill off access to vaccines and make millions of dollars while he does it.
Kids might die, but Robert Kennedy can keep cashing in.
Mr. Kennedy: Senator, I support vaccines, I will—I support the childhood schedule, I will do that. The only thing I want is good science, and that’s it.
Senator Warren: How about then saying you won’t make money off what you do as Secretary of HHS?
Chair Mike Crapo: Before we go to Senator Tillis, I think it would be important for me to make it very clear that Mr. Kennedy has gone through the same Office of Government Ethics process as every single other nominee in the Finance Committee this year and in previous administrations. In addition to listing his assets, including the items that you’ve identified, he has signed an ethics letter that has been reviewed by the Office of Government Ethics concerning any possible conflict in light of its functions and the nominee’s proposed duties. And we have a letter from the Office of Government Ethics that he has complied completely with all applicable laws and regulations governing conflicts of interest.
Senator Warren: Mr. Chairman, point of information here: have we had a single nominee come through who’s made two and a half million dollars off suing one of the entities that it would be regulating and plans to keep getting a take of every lawsuit in the future? Have we had that before?
Chair Crapo: I haven’t reviewed the past documentation of every other nominee’s financial interests, and so no. But I know that every single time we get a nominee, their financial interests are attacked. That’s why we have the Office of Government Ethics. That’s why they’ve reviewed everything that’s in his record, and that’s why he has even—I think, and I don’t know that I want to ask him to get into it—but he has listed his assets and has gone through a discussion of the responsibilities under our ethics laws and is complied with all of those requirements.
Round 2
Senator Warren: Thank you, Mr. Chairman. Mr. Kennedy, I want to ask about your role in a 2019 measles outbreak in Samoa. In July 2018, two children died immediately after receiving a measles vaccine that nurses had mistakenly mixed with a muscle relaxant. The nurses get charged with manslaughter, but the vaccination rates go down.
I asked you about this in my office. You told me flatly that your visit to Samoa had nothing to do with vaccinations. We now know that’s not true. I have the documentation. You met with the Prime Minister, you talked about vaccinations. You met with an anti-vaccine influencer who described the meeting as “profoundly monumental for this movement.”
So what happens? Vaccinations go down. There’s a measles outbreak, and children start dying, but you double down. You didn’t give up just four days after the Prime Minister declared a state of emergency. 16 people already dead. You sent a letter to him promoting the idea that the children had died not from measles but from a “defective vaccine.” You launched the idea that a measles vaccine caused these deaths.
You are a very influential man. In fact, you are called the leader of the disinformation dozen. UNICEF and WHO, the World Health Organization, investigated this. They say the claims are false. It is not biologically possible what you claimed, and yet, ultimately, more than 70 people died because they didn’t get vaccines.
So my question is, do you accept even a scintilla, just even a sliver of responsibility for the drop in vaccinations and the subsequent deaths of more than 70 people? Anything you’d do differently?
Mr. Kennedy: No, absolutely not. After the—there were two incidents in which children died in 2015 and again in 2018. 2015, it was from the measles vaccine. That’s what the New Zealand General Hospital found. The government of Samoa banned the measles vaccine after 2018. I arrived in July of the next year, after the ban had been in place for a year, and the measles—
Senator Warren: Mr. Chairman, understanding that you wanted to hold this to a minute, and then I don’t get to present all the facts and documentation I’ve got. How about if we just decide to make entries for the record on exactly what the record shows about Mr. Kennedy’s participation? And I think he’s answered the yes or no question. He takes no responsibility.
Chair Crapo: Senator Warren, we will do that. And Mr. Kennedy, and to all the senators, every senator knows that following this hearing, they will be able to ask you questions off the record, and you will be able to put answers back onto the record. So please give that answer. I apologize that we’re shutting you off for giving a full response right now.

MIL OSI USA News –

January 30, 2025
MIL-OSI USA: Ricketts Statement on Passing of Jay Dunlap

US Senate News:

Source: United States Senator Pete Ricketts (Nebraska)

January 29, 2025

WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) issued the following statement in response to the passing of former Union Bank and Trust (UBT) President and CEO Jay Dunlap:
“Jay Dunlap was a visionary businessman who loved the people he served. He grew Union Bank and Trust from a small community bank to the state’s third largest bank. While his bank grew bigger, his commitment to treating people right did too. He leaves a legacy of service, leadership, and generosity. Susanne and I send our condolences to his wife Shirley and family.”

Print
Share
Like
Tweet

MIL OSI USA News –

January 30, 2025

MIL-OSI Economics: Microsoft Cloud and AI strength drives second quarter results

Source: Microsoft

Headline: Microsoft Cloud and AI strength drives second quarter results

Microsoft Cloud and AI Strength Drives Second Quarter Results

REDMOND, Wash. — January 29, 2025 — Microsoft Corp. today announced the following results for the quarter ended December 31, 2024, as compared to the corresponding period of last fiscal year:

· Revenue was $69.6 billion and increased 12%

· Operating income was $31.7 billion and increased 17% (up 16% in constant currency)

· Net income was $24.1 billion and increased 10%

· Diluted earnings per share was $3.23 and increased 10%

“We are innovating across our tech stack and helping customers unlock the full ROI of AI to capture the massive opportunity ahead,” said Satya Nadella, chairman and chief executive officer of Microsoft. “Already, our AI business has surpassed an annual revenue run rate of $13 billion, up 175% year-over-year.”

“This quarter Microsoft Cloud revenue was $40.9 billion, up 21% year-over-year,” said Amy Hood, executive vice president and chief financial officer of Microsoft. ”We remain committed to balancing operational discipline with continued investments in our cloud and AI infrastructure.”

Business Highlights

Revenue in Productivity and Business Processes was $29.4 billion and increased 14% (up 13% in constant currency), with the following business highlights:

· Microsoft 365 Commercial products and cloud services revenue increased 15% driven by Microsoft 365 Commercial cloud revenue growth of 16% (up 15% in constant currency)

· Microsoft 365 Consumer products and cloud services revenue increased 8% driven by Microsoft 365 Consumer cloud revenue growth of 8%

· LinkedIn revenue increased 9%

· Dynamics products and cloud services revenue increased 15% (up 14% in constant currency) driven by Dynamics 365 revenue growth of 19% (up 18% in constant currency)

Revenue in Intelligent Cloud was $25.5 billion and increased 19%, with the following business highlights:

· Server products and cloud services revenue increased 21% driven by Azure and other cloud services revenue growth of 31%

Revenue in More Personal Computing was $14.7 billion and was relatively unchanged, with the following business highlights:

· Windows OEM and Devices revenue increased 4%

· Xbox content and services revenue increased 2%

· Search and news advertising revenue excluding traffic acquisition costs increased 21% (up 20% in constant currency)

Microsoft returned $9.7 billion to shareholders in the form of dividends and share repurchases in the second quarter of fiscal year 2025.

Business Outlook

Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

Quarterly Highlights, Product Releases, and Enhancements

Every quarter Microsoft delivers hundreds of products, either as new releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments, made over multiple years, designed to help customers be more productive and secure and to deliver differentiated value across the cloud and the edge.

Here are the major product releases and other highlights for the quarter, organized by product categories, to help illustrate how we are accelerating innovation across our businesses while expanding our market opportunities.

Environmental, Social, and Governance (ESG)

To learn more about Microsoft’s corporate governance and our environmental and social practices, please visit our investor relations Board and ESG website and reporting at Microsoft.com/transparency.

Webcast Details

Satya Nadella, chairman and chief executive officer, Amy Hood, executive vice president and chief financial officer, Alice Jolla, chief accounting officer, Keith Dolliver, corporate secretary and deputy general counsel, and Brett Iversen, vice president of investor relations, will host a conference call and webcast at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today to discuss details of the company’s performance for the quarter and certain forward-looking information. The session may be accessed at http://www.microsoft.com/en-us/investor. The webcast will be available for replay through the close of business on January 29, 2026.

Constant Currency

Microsoft presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year. Microsoft has provided this non-GAAP financial information to aid investors in better understanding our performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

Financial Performance Constant Currency Reconciliation

	Three Months Ended December 31,
($ in millions, except per share amounts)	Revenue	Operating Income	Net Income	Diluted Earnings per Share
2023 As Reported (GAAP)	$62,020	$27,032	$21,870	$2.93
2024 As Reported (GAAP)	$69,632	$31,653	$24,108	$3.23
Percentage Change Y/Y (GAAP)	12%	17%	10%	10%
Constant Currency Impact	$171	$206	$14	$0.00
Percentage Change Y/Y Constant Currency	12%	16%	10%	10%

Segment Revenue Constant Currency Reconciliation

	Three Months Ended December 31,
($ in millions)	Productivity and Business Processes	Intelligent Cloud	More Personal Computing
2023 As Reported (GAAP)	$25,854	$21,525	$14,641
2024 As Reported (GAAP)	$29,437	$25,544	$14,651
Percentage Change Y/Y (GAAP)	14%	19%	0%
Constant Currency Impact	$142	$(22)	$51
Percentage Change Y/Y Constant Currency	13%	19%	0%

We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

Selected Product and Service Revenue Constant Currency Reconciliation

	Three Months Ended December 31, 2024
	Percentage Change Y/Y (GAAP)	Constant Currency Impact	Percentage Change Y/Y Constant Currency
Microsoft Cloud	21%	0%	21%
Microsoft 365 Commercial products and cloud services	15%	0%	15%
Microsoft 365 Commercial cloud	16%	(1)%	15%
Microsoft 365 Consumer products and cloud services	8%	0%	8%
Microsoft 365 Consumer cloud	8%	0%	8%
LinkedIn	9%	0%	9%
Dynamics products and cloud services	15%	(1)%	14%
Dynamics 365	19%	(1)%	18%
Server products and cloud services	21%	0%	21%
Azure and other cloud services	31%	0%	31%
Windows OEM and Devices	4%	0%	4%
Xbox content and services	2%	0%	2%
Search and news advertising excluding traffic acquisition costs	21%	(1)%	20%

About Microsoft

Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

Forward-Looking Statements

Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:

· intense competition in all of our markets that may adversely affect our results of operations;

· focus on cloud-based and AI services presenting execution and competitive risks;

· significant investments in products and services that may not achieve expected returns;

· acquisitions, joint ventures, and strategic alliances that may have an adverse effect on our business;

· impairment of goodwill or amortizable intangible assets causing a significant charge to earnings;

· cyberattacks and security vulnerabilities that could lead to reduced revenue, increased costs, liability claims, or harm to our reputation or competitive position;

· disclosure and misuse of personal data that could cause liability and harm to our reputation;

· the possibility that we may not be able to protect information stored in our products and services from use by others;

· abuse of our advertising, professional, marketplace, or gaming platforms that may harm our reputation or user engagement;

· products and services, how they are used by customers, and how third-party products and services interact with them, presenting security, privacy, and execution risks;

· issues about the use of AI in our offerings that may result in reputational or competitive harm, or legal liability;

· excessive outages, data losses, and disruptions of our online services if we fail to maintain an adequate operations infrastructure;

· supply or quality problems;

· government enforcement under competition laws and new market regulation may limit how we design and market our products;

· potential consequences of trade and anti-corruption laws;

· potential consequences of existing and increasing legal and regulatory requirements;

· laws and regulations relating to the handling of personal data that may impede the adoption of our services or result in increased costs, legal claims, fines, or reputational damage;

· claims against us that may result in adverse outcomes in legal disputes;

· uncertainties relating to our business with government customers;

· additional tax liabilities;

· sustainability regulations and expectations that may expose us to increased costs and legal and reputational risk;

· an inability to protect and utilize our intellectual property may harm our business and operating results;

· claims that Microsoft has infringed the intellectual property rights of others;

· damage to our reputation or our brands that may harm our business and results of operations;

· adverse economic or market conditions that may harm our business;

· catastrophic events or geo-political conditions, such as the COVID-19 pandemic, that may disrupt our business;

· exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange; and

· the dependence of our business on our ability to attract and retain talented employees.

For more information about risks and uncertainties associated with Microsoft’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Microsoft’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft’s Investor Relations department at (800) 285-7772 or at Microsoft’s Investor Relations website at http://www.microsoft.com/en-us/investor.

All information in this release is as of December 31, 2024. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.

For more information, press only:

Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, rrt@we-worldwide.com

For more information, financial analysts and investors only:

Brett Iversen, Vice President, Investor Relations, (425) 706-4400

Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at http://www.microsoft.com/news. Web links, telephone numbers, and titles were correct at time of publication, but may since have changed. Shareholder and financial information, as well as today’s 2:30 p.m. Pacific time conference call with investors and analysts, is available at http://www.microsoft.com/en-us/investor.

**MICROSOFT CORPORATION**

INCOME STATEMENTS

(In millions, except per share amounts) (Unaudited)
	Three Months Ended December 31,		Six Months Ended December 31,
	Three Months Ended December 31,		Six Months Ended December 31,
	2024	2023	2024	2023
Revenue:
Product	$16,219	$18,941	$31,491	$34,476
Service and other	53,413	43,079	103,726	84,061
Total revenue	69,632	62,020	135,217	118,537
Cost of revenue:
Product	3,856	5,964	7,150	9,495
Service and other	17,943	13,659	34,748	26,430
Total cost of revenue	21,799	19,623	41,898	35,925
Gross margin	47,833	42,397	93,319	82,612
Research and development	7,917	7,142	15,461	13,801
Sales and marketing	6,440	6,246	12,157	11,433
General and administrative	1,823	1,977	3,496	3,451
Operating income	31,653	27,032	62,205	53,927
Other expense, net	(2,288)	(506)	(2,571)	(117)
Income before income taxes	29,365	26,526	59,634	53,810
Provision for income taxes	5,257	4,656	10,859	9,649
Net income	$24,108	$21,870	$48,775	$44,161
Earnings per share:
Basic	$3.24	$2.94	$6.56	$5.94
Diluted	$3.23	$2.93	$6.53	$5.92
Weighted average shares outstanding:
Basic	7,435	7,432	7,434	7,431
Diluted	7,468	7,468	7,469	7,465

COMPREHENSIVE INCOME STATEMENTS

(In millions) (Unaudited)
	Three Months Ended December 31,		Six Months Ended December 31,
	Three Months Ended December 31,		Six Months Ended December 31,
	2024	2023	2024	2023
Net income	$24,108	$21,870	$48,775	$44,161
Other comprehensive income (loss), net of tax:
Net change related to derivatives	34	(3)	24	18
Net change related to investments	(434)	1,331	680	1,071
Translation adjustments and other	(1,034)	660	(730)	305
Other comprehensive income (loss)	(1,434)	1,988	(26)	1,394
Comprehensive income	$22,674	$23,858	$48,749	$45,555

BALANCE SHEETS

(In millions) (Unaudited)
	December 31, 2024	June 30, 2024
Assets
Current assets:
Cash and cash equivalents	$17,482	$18,315
Short-term investments	54,073	57,228
Total cash, cash equivalents, and short-term investments	71,555	75,543
Accounts receivable, net of allowance for doubtful accounts of $662 and $830	48,188	56,924
Inventories	909	1,246
Other current assets	26,428	26,021
Total current assets	147,080	159,734
Property and equipment, net of accumulated depreciation of $82,820 and $76,421	166,902	135,591
Operating lease right-of-use assets	22,816	18,961
Equity and other investments	15,581	14,600
Goodwill	119,191	119,220
Intangible assets, net	25,385	27,597
Other long-term assets	36,943	36,460
Total assets	$533,898	$512,163
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$22,608	$21,996
Short-term debt	0	6,693
Current portion of long-term debt	5,248	2,249
Accrued compensation	9,176	12,564
Short-term income taxes	6,056	5,017
Short-term unearned revenue	45,508	57,582
Other current liabilities	20,286	19,185
Total current liabilities	108,882	125,286
Long-term debt	39,722	42,688
Long-term income taxes	24,389	27,931
Long-term unearned revenue	2,537	2,602
Deferred income taxes	2,513	2,618
Operating lease liabilities	17,254	15,497
Other long-term liabilities	35,906	27,064
Total liabilities	231,203	243,686
Commitments and contingencies
Stockholders’ equity:
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,435 and 7,434	104,829	100,923
Retained earnings	203,482	173,144
Accumulated other comprehensive loss	(5,616)	(5,590)
Total stockholders’ equity	302,695	268,477
Total liabilities and stockholders’ equity	$533,898	$512,163

CASH FLOWS STATEMENTS

(In millions) (Unaudited)
	Three Months Ended December 31,		Six Months Ended December 31,
	Three Months Ended December 31,		Six Months Ended December 31,
	2024	2023	2024	2023
Operations
Net income	$24,108	$21,870	$48,775	$44,161
Adjustments to reconcile net income to net cash from operations:
Depreciation, amortization, and other	6,827	5,959	14,210	9,880
Stock-based compensation expense	3,089	2,828	5,921	5,335
Net recognized losses on investments and derivatives	976	198	851	212
Deferred income taxes	(1,158)	(1,702)	(2,591)	(2,270)
Changes in operating assets and liabilities:
Accounts receivable	(5,978)	(2,951)	8,059	8,083
Inventories	711	1,474	338	969
Other current assets	(353)	725	(435)	(71)
Other long-term assets	(1,089)	(1,427)	(2,850)	(3,440)
Accounts payable	958	(2,521)	42	(1,307)
Unearned revenue	(6,338)	(5,538)	(11,891)	(9,664)
Income taxes	(3,395)	(1,554)	(2,379)	(129)
Other current liabilities	3,217	1,518	(2,262)	(2,588)
Other long-term liabilities	716	(26)	683	265
Net cash from operations	22,291	18,853	56,471	49,436
Financing
Proceeds from issuance (repayments) of debt, maturities of 90 days or less, net	0	(8,490)	(5,746)	10,202
Proceeds from issuance of debt	0	10,773	0	17,846
Repayments of debt	0	(2,916)	(966)	(4,416)
Common stock issued	256	261	962	946
Common stock repurchased	(4,986)	(4,000)	(9,093)	(8,831)
Common stock cash dividends paid	(6,170)	(5,574)	(11,744)	(10,625)
Other, net	(343)	(201)	(1,232)	(508)
Net cash from (used in) financing	(11,243)	(10,147)	(27,819)	4,614
Investing
Additions to property and equipment	(15,804)	(9,735)	(30,727)	(19,652)
Acquisition of companies, net of cash acquired, and purchases of intangible and other assets	(1,405)	(65,029)	(3,254)	(66,215)
Purchases of investments	(2,050)	(4,258)	(3,670)	(12,718)
Maturities of investments	2,604	4,150	4,740	19,868
Sales of investments	2,559	1,600	4,527	6,930
Other, net	(16)	1,347	(929)	365
Net cash used in investing	(14,112)	(71,925)	(29,313)	(71,422)
Effect of foreign exchange rates on cash and cash equivalents	(294)	72	(172)	(27)
Net change in cash and cash equivalents	(3,358)	(63,147)	(833)	(17,399)
Cash and cash equivalents, beginning of period	20,840	80,452	18,315	34,704
Cash and cash equivalents, end of period	$17,482	$17,305	$17,482	$17,305

SEGMENT REVENUE AND OPERATING INCOME

(In millions) (Unaudited)
	Three Months Ended December 31,		Six Months Ended December 31,
	Three Months Ended December 31,		Six Months Ended December 31,
	2024	2023	2024	2023
Revenue
Productivity and Business Processes	$29,437	$25,854	$57,754	$51,080
Intelligent Cloud	25,544	21,525	49,636	41,538
More Personal Computing	14,651	14,641	27,827	25,919
Total	$69,632	$62,020	$135,217	$118,537
Operating Income
Productivity and Business Processes	$16,885	$14,515	$33,401	$28,812
Intelligent Cloud	10,851	9,555	21,354	18,463
More Personal Computing	3,917	2,962	7,450	6,652
Total	$31,653	$27,032	$62,205	$53,927

We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

MIL OSI Economics –

January 30, 2025

MIL-OSI Submissions: OPEC Fund delivers record US$2.3 billion in development finance in 2024
Source: OPEC Fund for International Development (the OPEC Fund)

Highlights in the 49th year of operation included:

Lending growth: 35 percent increase y-o-y to US$2.3 billion

Triple agriculture and food security investments

Climate Action Plan delivery ahead of target

Bond placements: US$500 million in January 2024

Advancing partnerships: A co-financing agreement with the World Bank Group; MoUs with IFAD, FONPLATA; Country Framework Agreements with Uzbekistan, Kazakhstan, Turkmenistan.

January 29, 2025: The OPEC Fund for International Development achieved a record US$2.3 billion in new commitments in 2024 — a 35 percent increase year-on-year. These commitments, distributed across 70 projects worldwide, are combating climate change, improving global food security, advancing the energy transition and fostering sustainable economic and social development.

OPEC Fund President Abdulhamid Alkhalifa said: “In 2024, the OPEC Fund set a new benchmark in delivering impactful development finance to tackle global priorities. Our record commitments not only reflect our capacity to boost climate action and social resilience but also the strength of our cooperation with countries and development partners such as the World Bank and the Arab Coordination Group. As we approach our 50th anniversary, thanks to the strong support from our member countries and capital market investors, we are well positioned to maximize impact and create lasting benefits for communities worldwide.”

In 2024, the OPEC Fund’s financing supported projects across the Middle East and North Africa & Europe and Central Asia (39 percent of total commitments), Sub-Saharan Africa (34 percent), Asia and the Pacific (13 percent) as well as Latin America & the Caribbean (11 percent). The remaining 3 percent of financing was provided to support regional and global projects. The funds were delivered through a range of financial instruments in public and private sector lending, trade finance and grants operations.

The largest segment of last year’s funding was policy-based lending (19 percent), supporting government-led sustainable development programs and policy implementation in countries such as Armenia (US$50 million), Cote D’Ivoire (US$60 million), Jordan (US$100 million), Montenegro (US$50 million) , Morocco (US$100 million), Sri Lanka (US$50 million) and Uzbekistan (US$70 million).

Significant delivery to support global food security and climate action:

Compared to 2023, the OPEC Fund tripled its commitments to the agriculture sector, in line with its strategic priority to boost global food security. The OPEC Fund provided US$261 million in financing to promote agricultural sustainability in Benin (US$26 million), Eswatini (US$20 million), Honduras (US$15 million), Lesotho (US$20 million), Malawi (US$20 million), Rwanda (US$20 million), Tanzania (US$50 million) and Türkiye (US$50 million).

In 2024, the OPEC Fund delivered on its Climate Action Plan ahead of target. Aligned with this strategy, renewable energy projects constituted nearly 40 percent of the institution’s energy sector commitments last year. These included the Begana and Gamri hydro project in Bhutan (US$50 million), the Suez wind farm in Egypt (US$30 million), the Rogun hydropower project in Tajikistan (US$25 million) and a 42 MW wind farm in Uganda (US$16.5 million). Additional energy investments targeted improved transmission and connectivity in the Dominican Republic (two US$60 million loans) and Mauritania (US$40 million), as well as expanded energy access in Uzbekistan (US$37.5 million), all contributing to Sustainable Development Goal 7 – Clean and Affordable Energy.

Boosting sustainable and climate resilient infrastructure, significant funding (12 percent) was delivered to enhance connectivity in the transport sector. Major projects included investments in Madagascar (US$30 million), Oman (US$180 million), Paraguay (US$50 million), Senegal (US$38 million), Tanzania (US$41 million) and Uganda (US$30 million).

In the financial sector, the OPEC Fund allocated more than US$270 million to partner with governments and local banks for on-lending to small and medium-sized enterprises, driving job creation and enhancing access to finance in Armenia, Bangladesh, Bosnia and Herzegovina, the Dominican Republic, Nepal, Paraguay and Uzbekistan. Another US$375 million in trade finance supported the movement of critical commodities and goods, including agricultural products, to and from developing economies.

In 2024, the OPEC Fund strengthened partnerships with key institutions, including the African Development Bank (AfDB), Arab Coordination Group (ACG), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB); signed a co-financing agreement with the World Bank Group and MoUs with the International Fund for Agricultural Development (IFAD) and FONPLATA. The OPEC Fund also signed Country Framework Agreements with Uzbekistan, Kazakhstan, Turkmenistan aiming to further deepen the institution’s impact in the Central Asia region.

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$29 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.
MIL OSI – Submitted News –
January 30, 2025
MIL-OSI New Zealand: Business – Clear the queue to boost innovation and primary sector – BusinessNZ

Source: BusinessNZ

BusinessNZ strongly backs Animal and Plant Health NZ’s call for a sensible and modern approvals process for innovative plant and animal products, to unlock greater economic potential for the primary sector and boost economic growth.

Chief Executive Katherine Rich says our current system is too slow, too costly and uncertain.

“Some multinational firms find great difficulty launching in New Zealand because we’ve made bringing innovation here cost and time-prohibitive.

“It should not take an application more than four years to get approval – particularly products or treatments which have been safely on the market elsewhere for a decade.

“Whether it be the approval of innovative new products through the Environmental Protection Authority or new pharmaceuticals and medical devices through Medsafe, New Zealand needs effective approval processes for launching innovation here which is not cost-prohibitive and many years long.

“New Zealand needs to be an attractive place to launch new products for innovation. We must have an effective and efficient approvals process.”

Rich says BusinessNZ gladly joined businesses and organisations in co-signing a letter to Ministers, calling for positive change.

“We also support the Ministry for Regulation’s review of the agricultural and horticultural products regulatory approval process, and BusinessNZ expects to hear more in the coming weeks after findings are presented to Cabinet.”

The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

MIL OSI New Zealand News –

January 30, 2025
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 –

January 30, 2025
MIL-OSI Security: One Defendant Pleads Guilty And Two Others Charged With Fraudulently Obtaining $59 Million In Public Benefits And Laundering Proceeds To China

Source: Office of United States Attorneys

HARRISBURG – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Bruce Jin, age 60, pleaded guilty before United States District Court Judge Jennifer P. Wilson to one count of conspiracy to commit wire fraud and one count of conspiracy to launder monetary instruments in the amount of approximately $59 million. The United States Attorney’s Office also announced that Jin was charged with those offenses in August 2023, along with Brian R. Cleland, age 71, and Carlos A. Grijalva, age 59. All three defendants are residents of the Los Angeles, California area. The indictment also contains additional wire fraud charges against Cleland and Jin individually.

According to Acting United States Attorney John C. Gurganus, the indictment alleges that Cleland, Jin, and Grijalva, along with other unnamed coconspirators, conspired to obtain state unemployment compensation funds, and other public funds, through fraudulent means. The indictment alleges that the defendants and others entered into a series of agreements to make it appear as if they were operating legitimate businesses selling masks and other COVID19 personal protective equipment. In reality, the funds that the defendants obtained and laundered through their companies were derived from fraudulently obtained state unemployment compensation (“UC”) benefits. The indictment alleges that Economic Impact Payments, or “stimulus payments,” were also obtained through fraudulent means.

According to the indictment, unnamed members of the conspiracy, including some believed to be located in China, established thousands of accounts at banks across the United States using the personal identifying information (“PII”) of identity theft victims. From there, fraudulent UC claims were generated and paid to these accounts, including accounts in the names of people residing in the Middle District of Pennsylvania. The indictment alleges that these fraudulent UC claims were also generated by fraudsters based in China. As a result of this fraudulent activity, millions of dollars in fraudulent UC payments were made by Pennsylvania, Virginia, Florida, and other states.

After UC funds were paid out, they were then transferred from identity theft victims’ accounts to companies controlled by Cleland, Jin, and Grijalva. For instance, Jin, through companies that he controlled known as Ample International and Jin Commerce, allegedly received over $12 million in UC funds from the accounts of identity theft victims. In addition, the defendants are alleged to have used ACH processing—a type of electronic bank-to-bank transfer—to obtain over $45 million in fraudulent funds from the accounts of identity theft victims. This money mostly went from the accounts of identity theft victims to companies controlled by Cleland and Grijalva, including MexUS Service, Group Mex USA, CCB Group, GC Accounting, and CLECO. After that, Cleland and Grijalva transferred over $30 million to Jin’s companies and over $6 million to a company controlled by an associate of Jin who is referred to in the indictment as COCONSPIRATOR 1. That associate’s company is known in the indictment as COMPANY 1.

After Jin received the fraudulent funds, either from identity theft victims’ accounts or from Cleland and Grijalva through ACH processing, he then made international wire transfers totaling over $35 million to a bank account in China associated with a company known in the indictment as COMPANY 2. COMPANY 2 is controlled by an individual known in the indictment as COCONSPIRATOR 2, who, like COMPANY 2, is allegedly located in China. Jin also transferred over $2 million directly to COCONSPIRATOR 2.

The indictment also contains forfeiture allegations seeking over $59 million in US currency, as well as the contents of three bank accounts belonging to COMPANY 1 and a property in Honolulu, Hawaii that was purchased by COCONSPIRATOR 1 using funds connected to the charged offenses.

During his guilty plea, Bruce Jin admitted to the conduct that he is alleged to have engaged in with Cleland, Grijalva, and COCONSPIRATOR 2, as described above.

Jin has been detained since his arrest in August 2023. Cleland and Grijalva have been released pending trial on conditions. Cleland and Grijalva have both pleaded not guilty to the charged offenses and are scheduled for trial in May 2025.

“The Department of Justice is committed to identifying and punishing those who defrauded pandemic-era benefits programs, regardless of where they are located,” said Mandy Riedel, Director, COVID-19 Fraud Enforcement. “I commend the hard work of the prosecutors and investigators in the Middle District of Pennsylvania who doggedly pursued these organized overseas criminals to seek justice and the return of stolen tax payer funds.”

“Bruce Jin and his co-defendants engaged in an unemployment insurance (UI) fraud scheme that targeted multiple state workforce agencies, including the Pennsylvania Department of Labor and Industry,” stated Syreeta Scott, Special Agent-in-Charge of the Mid-Atlantic Region, U.S. Department of Labor, Office of Inspector General. “Jin conspired to file fraudulent UI claims in the names of identity theft victims who were not entitled to such benefits. We will continue to work with our law enforcement partners to protect the integrity of the UI system from those who seek to exploit this critical benefit program.”

“The millions of dollars fraudulently obtained in this case were meant to support struggling Americans, not to be funneled overseas,” said Wayne A. Jacobs, Special Agent in Charge of FBI Philadelphia. “The FBI is grateful for the ongoing collaboration of our partners as we work to hold accountable those who commit such egregious and complex financial crimes.”

The case was investigated by the Federal Bureau of Investigation and the U.S. Department of Labor, Office of Inspector General. Assistant U.S. Attorney Ravi Romel Sharma is prosecuting the case.

The U.S. Attorney General has established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

The maximum penalty under federal law for wire fraud and conspiracy to commit wire fraud is 20 years of imprisonment, a term of supervised release following imprisonment, and a fine. The maximum penalty for conspiracy to commit money laundering is also 20 years of imprisonment, a term of supervised release following imprisonment, and a fine.

A sentence following a finding of guilt is imposed by the Judge after consideration of the applicable federal sentencing statutes and the Federal Sentencing Guidelines.

Indictments are only allegations. All persons charged are presumed to be innocent unless and until found guilty in court.

# # #

MIL Security OSI –

January 30, 2025
MIL-OSI Security: Lead Defendants Plead Guilty to RICO Conspiracy to Transport, Hire, and Harbor Unauthorized Workers

Source: Office of United States Attorneys

Criminal Enterprise Employed Unauthorized Workers at Dozens of Mexican Restaurants Across the Midwest

KANSAS CITY, Mo. – Seven defendants, including an owner, president, chief financial officer, and controller of a Joplin, Mo., corporation, have pleaded guilty in federal court to their roles in a racketeering conspiracy to transport, hire, and harbor undocumented workers in several Midwestern states.

“This case sends a clear and unequivocal message: employing unauthorized workers will not be tolerated and will be met with severe consequences,” said Mark Zito, HSI Kansas City Special Agent in Charge. “Our investigation uncovered a blatant and systemic disregard for our nation’s employment laws. Those who engage in such unlawful practices not only undermine the integrity of our labor market but also exploit vulnerable individuals. HSI Kansas City is relentless in our pursuit to dismantle these illegal operations and hold violators accountable to the fullest extent of the law. If you break the law, you will face the full force of our investigation and prosecution.”

Jose Luis Bravo, 54, of Claremore, Oklahoma; Jose Guadalupe Razo, 54, of Carl Junction, Mo.; Anthony Edward Doll, 46, and Miguel Tarin-Martinez, 46, both of Joplin, Mo.; Alejandro Castillo-Ramirez, 43, a citizen of Mexico; Jaime Ramirez-Ceja, 46, a citizen of Mexico; and Veronica Razo de Lara, 50, of Great Bend, Kansas, have pleaded guilty before U.S. District Judge Roseann A. Ketchmark.

Each defendant admitted they were part of a RICO (racketeer influenced and corrupt organizations) conspiracy from Jan. 1, 2018, to Aug. 10, 2021, that transported and employed Mexican, Guatemalan, and El Salvadoran nationals who were not authorized to live or work in the United States. Conspirators also harbored and encouraged the unauthorized workers to remain and reside in the United States by providing them with housing and, in certain circumstances, fraudulent identification documentation.

Bravo is the partial owner of Specialty Foods Distribution, a corporation based in Joplin. Specialty Foods Distribution is a wholesale Mexican food products and restaurant supply company. Razo is the president of Specialty Foods Distribution; Doll is the chief financial officer; Tarin-Martinez is the controller.

Bravo, Razo, Doll, and Tarin-Martinez created and maintained a network of restaurants operating under multiple LLCs in Missouri, Arkansas, Kansas, and Oklahoma that were serviced by Specialty Foods Distribution. The defendants conspired to staff these restaurants with unauthorized workers. Castillo-Ramirez, Ramirez-Ceja, and Razo de Lara managed three of the enterprise-affiliated restaurants that employed unauthorized workers. By utilizing unauthorized workers — a workforce not available to law-abiding business owners — the defendants obtained an unfair and illegal competitive business advantage.

In addition to transporting, harboring, and hiring unauthorized workers, the racketeering activity involved evasive and fraudulent actions. Specifically, to maintain high levels of unauthorized employees at the enterprise-affiliated restaurants, the defendants kept certain unauthorized workers off official payroll records; required certain unauthorized workers to work at times when federal officials were unlikely to conduct inspections; failed to collect or maintain complete and accurate Form I-9 documentation; falsely attested to the accuracy of information on Form I-9 documentation; submitted inaccurate wage and hour reports to state officials; and facilitated fraudulent identification documentation being produced, transported, and provided to unauthorized workers.

Bravo specifically admitted that, as part of the RICO conspiracy, he facilitated the production and transportation of two fraudulent U.S. permanent resident cards from Claremore to Butler, Mo., as well as personally transported three unauthorized workers from Claremore to the state of Kansas. Bavo has agreed to forfeit to the government approximately $5.7 million, comprising the forfeiture of proceeds he obtained from the RICO enterprise as well as property that afforded a source of influence over the RICO enterprise. The forfeiture agreement involves liquidation of five financial accounts; the government obtaining cash in lieu of Bravo’s interest in 12 real properties; and the government obtaining cash in lieu of Bravo’s interest in portions of 24 individual companies or corporations, including a portion of SFD, which Bravo admitted afforded a source of influence over the RICO enterprise.

Razo specifically admitted that he conspired to harbor five unauthorized workers at enterprise-affiliated restaurants in Great Bend, and encouraged and induced three unauthorized workers at SFD to reside in the United States in violation of the law. Razo has agreed to forfeiture in the form of liquidation of one bank account and a money judgment in the amount of approximately $130,700, representing the proceeds he obtained from the RICO enterprise.

Doll specifically admitted to encouraging unauthorized workers to reside in the United States by conspiring to create a Missouri LLC for the purpose of opening a new restaurant where certain unauthorized workers could gain employment, and conspiring to harbor unauthorized workers by taking steps to ensure unauthorized workers did not utilize established timeclock payroll systems at certain enterprise-affiliated restaurants. Doll has agreed to forfeiture in the form of liquidation of two bank accounts and a money judgment in the amount of approximately $132,300, representing the proceeds he obtained from the RICO enterprise.

Tarin-Martinez specifically admitted to encouraging unauthorized workers to reside in the United States in violation of the law in Springfield, Mo., and in Pittsburg, Kan. Tarin-Martinez has agreed to forfeiture in the form of a money judgment in the amount of approximately $23,094, representing the proceeds he obtained from the RICO enterprise.

Castillo-Ramirez specifically admitted to harboring two unauthorized workers at an enterprise-affiliated restaurant in Augusta, Kan. Castillo-Ramirez also admitted to encouraging the two unauthorized workers to reside in the United States in violation of the law by providing the unauthorized workers with employment, keeping them out of the established payroll system, and paying them in cash or by local check.

Ramirez-Ceja specifically admitted to encouraging two unauthorized workers to reside in the United States in violation of the law by providing the workers with employment at an enterprise-affiliated restaurant in Lebanon, Mo., allowing the unauthorized workers to utilize fraudulent identification documents, and providing the unauthorized workers with housing. Additionally, Ramirez-Ceja admitted to making false attestations on two Form I-9 documents.

Razo de Lara specifically admitted to conspiring to harbor four unauthorized workers at an enterprise-affiliated restaurant in Great Bend. As part of the conspiracy, Razo de Lara agreed to keep unauthorized workers out of the established payroll system, pay the unauthorized workers in cash, and have certain unauthorized workers complete work at times when federal agents were unlikely to inspect the restaurant.

Under federal statutes, each of these defendants is subject to a sentence of up to 20 years in federal prison without parole. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendants will be determined by the court based on the advisory sentencing guidelines and other statutory factors. Sentencing hearings will be scheduled after the completion of presentence investigations by the United States Probation Office.

This case is being prosecuted by Assistant U.S. Attorneys Rudolph R. Rhodes IV, Leigh Farmakidis, and Nicholas Heberle. It was investigated by Homeland Security Investigations with assistance from IRS-Criminal Investigations, Kansas Bureau of Investigation, Kansas Department of Labor, Kansas Department of Revenue, Kansas Highway Patrol, and Missouri State Highway Patrol.

MIL Security OSI –

January 30, 2025
MIL-OSI Security: U.S. Attorney Michael F. Easley, Jr. Announces Departure

Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

Tenure Marked by Violent Crime Declines, White Collar Fraud Crackdown, Dismantling Drug Traffickers, and Expansion of Civil Rights

RALEIGH, N.C. – U.S. Attorney Michael F. Easley, Jr., announced today that he is stepping down on Monday, February 3, 2025, after leading the Office since November 2021. President Joseph Biden nominated Easley on September 28, 2021, and the U.S. Senate unanimously confirmed him on November 21, 2021. He was officially sworn in on November 26, 2021.

“It has been the highest honor to serve as the top federal law enforcement official for Eastern North Carolina – a place I was born, raised, and am proud to call home,” said Easley. “The men and women of the Eastern District are among the hardest working in the nation – steadfast in the mission to keep America safe. Together, we helped drive down violent crime, turbocharged white-collar prosecutions, protected civil rights, and stemmed the tide of narcotics into our communities. We did it through partnering, shoulder to shoulder, with local law enforcement and community leaders to solve our region’s most challenging problems. I extend my heartfelt appreciation to the prosecutors, judges, law enforcement, and staff who give so much to see justice done every day.”

“U.S. Attorney Easley is the kind of partner every sheriff hopes for – sharp, decisive, and committed to results. He didn’t just talk about law enforcement partnerships; he made them real, partnering with sheriffs for solutions and backing them up with action. Under his leadership, we made real progress— violent crime down, overdose deaths falling, and tighter collaboration. Easley set a new gold standard for what it means to lead in federal law enforcement,” said Eddie Caldwell, Executive Vice President and General Counsel of the North Carolina Sheriffs Association.

“We are deeply grateful for the years that U.S. Attorney Easley served at the helm of the Eastern District of North Carolina. His leadership, particularly through collaborative efforts, like the VCAP initiative, played a critical role in prosecuting violent offenders. His work has significantly contributed to our goal of making Raleigh one of the safest cities in the nation. He will be greatly missed,” said Raleigh Police Chief Estella Patterson.

Expansion of Resources to Make Communities Safer

U.S. Attorney Easley fought to significantly expand investigative and prosecutorial resources in the District, including a nearly 17% increase in prosecutors and new legal support staff and investigators. Much of the new personnel were allocated through a competitive national application process, with no district in the nation receiving more new prosecutors than the Eastern District of North Carolina (EDNC). The Office’s productivity and strong law enforcement partnerships also led the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) to add an additional team of agents to partner on violent crime reduction across the District.

Easley and his Project Safe Neighborhoods (PSN) team also worked with Department of Justice (DOJ) leadership to have Raleigh named a National Public Safety Partnership Site (PSP). The program aims to lower crime rates and improve quality of life through intensive training and technical assistance (TTA) to enhance gun violence investigations, constitutional policing, community engagement, crime analysis, and the use of technology in crime reduction.

Driving Down Violent Crime and Dismantling Drug Traffickers

Throughout his tenure, Easley and his team have led the charge to combat violent crime and drug trafficking in the District by launching a Violent Crime Action Plan (VCAP) with formal coordination sites in Raleigh, Fayetteville, Wilmington, Rocky Mount, New Bern, and the Albemarle Region. The VCAP strategy built deeper ties and sustained partnerships with law enforcement, with VCAP sites showing double-digit percentage declines in homicides since 2022, for example, Raleigh (↓37%), Fayetteville (↓39%), Wilmington (↓15%), and Rocky Mount (↓67%).

VCAP is a collaboration between the U.S. Attorney’s Office and local police departments, sheriff’s offices, and district attorney’s offices to identify and prosecute the most significant drivers of violence, specifically targeting shooters and the gunrunners who arm them. Notable cases include the 20-year sentence for a Crabtree Valley Mall robbery and the carjacking, the sentencing of a Crips Gang member for multi-state gun trafficking; the indictment of two Sampson County men allegedly responsible for a quintuple murder, the prosecution of gang members with fully-automatic machine guns; and gun smuggling to Mexico.

VCAP provides a forum for structured inter-agency coordination, intelligence-led policing, and deployment of federal Task Force Officers to bring federal technology to address local gun violence.

In 2022, 2023, and 2024, EDNC prosecuted over 850 individuals for firearms offenses and took over 750 guns off the streets.

In addition to VCAP, Easley revamped the Office’s Organized Crime & Drug Enforcement Task Force (OCDETF) by expanding the use of federal wiretaps, embedding federal agents alongside prosecutors, and increasing financial investigations. During Easley’s tenure, the Office achieved a #1 national rank for the number of OCDETF cases and #1 for the number of OCDETF defendants convicted of violence. Easley encouraged partners to prioritize national-scale cases with strong local impact, dismantling the trafficking, distribution, and money laundering pillars of criminal enterprises.

OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks. Notable cases include the 75-year sentence of a national leader of the Pagan’s Motorcycle Club for narcotics trafficking and violence; the indictment of 16 members of the Hell’s Angels and Red Devils motorcycle gangs as part of an alleged violent criminal enterprise; the 40-year sentence for a narcotics trafficker operating from a daycare; the prosecution of the leader of white supremacist organization for armed drug trafficking; the 35-year sentence of a violent Fayetteville fentanyl trafficker; the conviction of a Raleigh Police officer for drug trafficking; the conviction of two fentanyl traffickers with ties to the Sinaloa Cartel; the conviction of a Rocky Mount Blood Gang leader for drug trafficking and COVID-19 fraud; the 40-year sentence of a drug trafficker linked to the murder, dismemberment and disposal of a confidential informant; the prosecution of a former Wayne County Sheriff’s deputy for drug trafficking and bid-rigging; and the 50-year sentence of a violent Sampson County Blood Gang leader for armed drug trafficking.

Attacking the Fentanyl Epidemic

Easley also prioritized the prosecution of cases involving counterfeit pills and overdose deaths arising from fentanyl poisoning. An Elizabeth City man was sentenced to 20 years for trafficking heroin and fentanyl after causing an overdose death, a Raleigh man received a 15-year sentence after assisting in the distribution of fentanyl that killed a young woman, and a Snapchat fentanyl trafficker whose counterfeit pills led to an overdose death received 13 years in prison.

To help local law enforcement get justice for victims of fentanyl poisoning and their families, Easley launched Overdose Death Investigation Trainings to train more than 200 law enforcement officers and prosecutors across the District on building fentanyl death cases.

Easley also worked to reduce demand for opioids through outreach and education through the Heroin Education Action Team (HEAT), including educational events in local communities and schools. The team launched a powerful new educational video to teach students and communities about the dangers.

Protecting America’s National Security, Sensitive Technology, and Cybersecurity

Under Easley’s leadership, the Office prioritized national security cases involving domestic and international terrorism, international cybercriminals, and protecting sensitive technology from foreign adversaries. The prosecutions included a man accused of attempting to join ISIS and convictions against five members of a white supremacist plot to attack the energy grid, an anti-government bombmaker teaching how to target law enforcement, and a U.S. Army Major convicted of shipping guns to Ghana. The Office also extradited and pursued a groundbreaking case against one of the FBI’s most wanted cybercriminals responsible for tens of millions of dollars in losses from widescale ransomware attacks, including on a hospital.

Easley also built deeper ties with the DOJ’s National Security Division and the Department of Commerce Bureau of Industry & Security to launch a Disruptive Technology Strike Force (DTSF) cell to protect innovation in the Research Triangle’s high-tech sector. The DTSF partners with law enforcement and industry to protect advanced technology from unlawful acquisition by foreign adversaries. As home to the Research Triangle Park, world-class research institutions, and some of the Department of Defense’s largest installations, the EDNC hosts critical technology that malign foreign actors seek to obtain. The Raleigh DTSF cell is only one of fifteen in the country.

Surge in White Collar Fraud and Corruption Enforcement

Under Easley’s leadership, the Office saw a significant surge in white-collar enforcement, with white-collar caseloads increasing 115% in a year. Cases included the prosecution of a former Morgan Stanley financial advisor who defrauded investors in a multimillion-dollar Ponzi scheme, an ENT doctor sentenced to 25 years for defrauding Medicaid, a man who laundered $40mm in narco-linked crypto, and a plant manager who dumped tens of thousands of gallons of toxic waste into the Cape Fear River. The Office also prosecuted a $15-million-dollar COVID fraud scheme involving more than 20 businesses and individuals.

These cases arose from the launch of dedicated working groups focused on Securities Fraud, Money Laundering, Public Health, Environmental Crimes, and other priority areas. The Office also launched an annual Economic Crimes Summit to build deeper ties with investigators across about 30 different agencies.

Easley also launched an Illicit Finance Task Force with the Treasury Department to combat transnational money laundering by targeting third-party money launders and money-transmitting businesses utilizing cryptocurrency, banking, and brokerages to run dirty money through the American financial system.

Expanding Civil Rights Enforcement

Easley launched the Office’s first dedicated Civil Rights Team to enhance the Office’s civil rights enforcement. The team includes dedicated coordinators in both the Civil and Criminal Divisions and a designated Human Trafficking Coordinator. The Civil Rights Initiative emphasizes community engagement and law enforcement training.

As a part of the effort, the Office trained more than 200 officers in de-escalation, use of force, and community engagement strategies. The Office also hosted multiple outreach events through its United Against Hate Initiative to build stronger relationships between law enforcement and the community and to educate communities on how to identify and report hate crimes.

Easley also launched two human trafficking task forces – one in the Raleigh-Cary area and one in Southeastern North Carolina – to bring together law enforcement and community resources to share intelligence and investigative leads, provide specialized training, and promote greater public-private coordination to rescue and stabilize victims.

Strong Civil Practice

For the past three years, the EDNC’s Civil Division has ranked in the top 10 among large districts in the number of cases filed or responded to per AUSA. The Division has consistently ranked #1 in the Fourth Circuit for Affirmative Civil Rights and Affirmative Fraud cases and has ranked in the top five nationally compared to other large districts. EDNC’s Financial Litigation Program (FLP), responsible for collecting debts owed to the U.S. Government, collected over $58 million in the last three fiscal years.

About U.S. Attorney Easley

Prior to his appointment as the U.S. Attorney, Easley was a partner at a large international law firm focused on internal investigations and trial court work in state and federal courts.

Born in Southport, North Carolina, Easley attended the University of North Carolina, where he graduated Phi Beta Kappa with honors and distinction in political science. He later received his law degree with honors from the University of North Carolina School of Law.

MIL Security OSI –

January 30, 2025
MIL-OSI USA: CFTC, SEC Extend Form PF Amendments Compliance Date

Source: US Commodity Futures Trading Commission

CFTC, SEC Extend Form PF Amendments Compliance Date | CFTC

/PressRoom/PressReleases/9041-25
Skip to main content

January 29, 2025

WASHINGTON, D.C. — The Commodity Futures Trading Commission, together with the Securities and Exchange Commission, extended the compliance date for the amendments to Form PF that were adopted Feb. 8, 2024. The compliance date for these amendments, which was originally March 12, 2025, has been extended to June 12, 2025.
Form PF is the confidential reporting form for certain SEC-registered investment advisers to private funds, including those that also are registered with the CFTC as commodity pool operators or commodity trading advisers. This extension will mitigate certain administrative and technological burdens and costs associated with the prior compliance date. This extension will also provide more time for filers to program and test for compliance with these amendments.

-CFTC-

MIL OSI USA News –

January 30, 2025
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 –

January 30, 2025
MIL-OSI: BoC cuts rates amid tariff balancing act: CPA Canada

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 29, 2025 (GLOBE NEWSWIRE) — The Bank of Canada’s latest interest rate cut underscores its commitment to stimulating growth amid ongoing economic challenges – even as the looming tariff threat from south of the border complicates the outlook.

“The central bank’s decision to cut rates reflects its focus on the current state of the Canadian economy, ahead of potential external risks,” says CPA Canada’s chief economist, David-Alexandre Brassard.

“The impact of potential tariffs could simultaneously dampen growth and increase inflation. It’s a delicate balancing act.”

Despite past interest rate cuts successfully boosting demand, the Canadian economy continues to show signs of excess supply, evidenced by a weak labour market and slower-than-expected wage growth.

While inflation remains within the central bank’s target range, the decision to further lower rates aims to bolster economic activity and better position Canada for potential risks on the horizon.

In its Wednesday address, the Bank of Canada mentioned that currency risks posed by the interest rate spread between Canada and the U.S would gain importance in upcoming decisions. It also released new scenarios examining the potential impact of widespread tariffs from the U.S, noting that such tariffs could lead to a significant slowdown in the Canadian economy with GDP potentially dropping by more than two percentage points and inflation rising by one percentage point.

To arrange an interview with our chief economist, please contact media@cpacanada.ca.

The MIL Network –

January 30, 2025
MIL-OSI: Drugs Made In America Acquisition Corp. Announces Closing of $200,000,000 Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

Fort Lauderdale, FL, Jan. 29, 2025 (GLOBE NEWSWIRE) — Drugs Made In America Acquisition Corp. (Nasdaq: DMAAU), (the “Company”) today announced that it closed its initial public offering of 20,000,000 units at $10.00 per unit. The gross proceeds from the offering were $200 million before deducting underwriting discounts and estimated offering expenses. The units began trading on the Nasdaq Global Market (“Nasdaq“) under the ticker symbol “DMAAU” on January 28, 2025.

Each unit consists of one ordinary share and one right to receive one-eighth (1/8) of an ordinary share upon the consummation of an initial business combination. Once the securities comprising the units begin separate trading, the ordinary shares and rights are expected to be listed on Nasdaq under the symbols “DMAA” and “DMAAR”, respectively.

Clear Street acted as the sole book-running manager in the offering. Loeb & Loeb LLP served as legal counsel to the Company. Winston & Strawn LLP served as legal counsel to Clear Street.

The offering was made only by means of a prospectus, copies of which may be obtained from Clear Street, Attn: Syndicate Department, 150 Greenwich Street, 45th floor, New York, NY 10007, or by email at ecm@clearstreet.io. A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (“SEC”) on January 7, 2025 and a post-effective amendment was declared effective by the SEC on January 27, 2025.

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

About Drugs Made In America Acquisition Corp.
The Company is a blank check company incorporated in the Cayman Islands as an exempted company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses. It has not selected any specific business combination target and has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination. While the Company may pursue a business combination target in any business, industry or geographical location, it intends to focus its search for businesses in the pharmaceutical industry. The Company believes that it is possible to mitigate risks in the U.S. medical supply chain by investing in companies that will reduce America’s overreliance on production of pharmaceuticals from concentrated geographic regions through investments in strategic on-shoring of advanced domestic manufacturing technologies for critical drugs.

Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Registration Statement, as amended by the post-effective amendment, and related preliminary prospectus filed in connection with the initial public offering with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact Information
Drugs Made In America Acquisition Corp.
1 East Broward Boulevard, Suite 700
Fort Lauderdale, FL 33301

Lynn Stockwell
Chief Executive Officer and Executive Chair
Email: executive@dmaacorp.com
Phone: (954) 870-3099

The MIL Network –

January 30, 2025
MIL-OSI: HCI Group Sets Fourth Quarter and Full Year 2024 Earnings Call for Thursday, February 27, 2025, at 4:45 p.m. ET

Source: GlobeNewswire (MIL-OSI)

TAMPA, Fla., Jan. 29, 2025 (GLOBE NEWSWIRE) — HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, will hold a conference call on Thursday, February 27, 2025, at 4:45 p.m. Eastern time to discuss results for the fourth quarter and year ended December 31, 2024. Financial results will be issued in a press release the same day after the close of the market.

HCI management will host the presentation, followed by a question-and-answer period.

Interested parties can listen to the live presentation by dialing the listen-only number below or by clicking the webcast link available on the Investor Information section of the company’s website at www.hcigroup.com.

Date: Thursday, February 27, 2025
Time: 4:45 p.m. Eastern time (1:45 p.m. Pacific time)
Toll Free: 888-506-0062
International: 973-528-0011
Participant Access Code: 835158

Please call the conference telephone number 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.

A replay of the call will be available after 8:00 p.m. Eastern time on the same day as the call and via the Investor Information section of the HCI Group website at www.hcigroup.com.

Toll Free: 877-481-4010
International: 919-882-2331
Replay Passcode: 51955

About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, information technology services, insurance management, real estate, and reinsurance. HCI’s leading insurance operation, TypTap Insurance Company, is a technology-driven homeowners insurance company. TypTap’s operations are powered in large part by insurance-related information technology developed by HCI’s software subsidiary, Exzeo USA, Inc. HCI’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides homeowners insurance primarily in Florida. HCI’s real estate subsidiary, Greenleaf Capital, LLC, owns and operates multiple properties in Florida, including office buildings, retail centers and marinas.

The company’s common shares trade on the New York Stock Exchange under the ticker symbol “HCI” and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com.

Company Contact:
Bill Broomall, CFA
Investor Relations
HCI Group, Inc.
Tel (813) 776-1012
wbroomall@typtap.com

Investor Relations Contact:
Matt Glover
Gateway Group, Inc.
Tel 949-574-3860
HCI@gateway-grp.com

The MIL Network –

January 30, 2025
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:
+1 346 248 7799 US (Houston)
+1 253 215 8782 US (Tacoma)
+1 669 444 9171 US
+1 669 900 6833 US (San Jose)
+1 719 359 4580 US
+1 253 205 0468 US
+1 689 278 1000 US
+1 929 205 6099 US (New York)
+1 301 715 8592 US (Washington DC)
+1 305 224 1968 US
+1 309 205 3325 US
+1 312 626 6799 US (Chicago)
+1 360 209 5623 US
+1 386 347 5053 US
+1 507 473 4847 US
+1 564 217 2000 US
+1 646 931 3860 US
+44 131 460 1196 United Kingdom
+44 203 481 5237 United Kingdom
+44 203 481 5240 United Kingdom
+44 203 901 7895 United Kingdom
+44 208 080 6591 United Kingdom
+44 208 080 6592 United Kingdom
+44 330 088 5830 United Kingdom
+1 787 945 1488 Puerto Rico
+1 787 966 7727 Puerto Rico
+1 939 945 0244 Puerto Rico
+351 211 202 618 Portugal
+351 308 804 188 Portugal
+351 308 810 988 Portugal
+52 554 169 6926 Mexico
+52 556 826 9800 Mexico
+52 558 659 6001 Mexico
+52 558 659 6002 Mexico
+52 554 161 4288 Mexico
+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
+61 8 7150 1149 Australia
+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 –

January 30, 2025
MIL-OSI Canada: Alberta’s new Heritage Fund
[. The initial purpose of this fund was to invest a portion of Alberta’s non-renewable resource royalties each year so the investment interest earned in the fund would reduce the province’s reliance on resource revenues.

For decades, contributions to the Heritage Fund were limited and investment earnings were spent instead of being reinvested. Now, Alberta is adopting a bold, new plan to grow the Heritage Fund and achieve long-term growth and financial stability for the province. When the fund reaches its goal of $250 billion, the province can use a portion of the annual interest accrued to offset any decreases in resource royalties, invest in key provincial infrastructure and grow and protect the Alberta tax advantage.

The roadmap details how the “Alberta Model” will use three components to grow the fund to $250 billion and eventually fund public services and vital infrastructure:
- Strategic investments: There is a strong focus on opportunities that maximize growth while supporting areas that matter to Albertans, such as technology, energy and infrastructure.
- Global partnerships: The model benefits from working closely with like-minded organizations and investors around the world, to access premier opportunities and bring new ideas and expertise back to the province.
- Strong governance: The model is structured to ensure transparent and responsible investment management, so that every decision is made with the long-term interests of Albertans in mind.
“Albertans deserve a Heritage Fund they can rely on – one that is focused on creating long-term growth and financial stability. We owe it to future generations of Albertans. The new Heritage Fund will lessen our dependence on natural resource revenues, diversify our economy, and create both wealth and prosperity for generations to come.”

Danielle Smith, Premier

This plan builds on the vision of former premier Peter Lougheed and builds on the recent investments into the fund. As of September 2024, the Heritage Fund is worth $24.3 billion. With a $2-billion commitment from Budget 2024, the fund is projected to increase to more than $26 billion by the end of the 2024-25 fiscal year. If all of the Heritage Fund’s investment income had been reinvested since inception instead of being transferred to the general revenue fund, the Heritage Fund would be upwards of $250 billion today, generating about $20 billion annually.

Now is the time to take decisive action. By saving and reinvesting today, Alberta will reduce its reliance on unpredictable non-renewable resource revenue. A renewed Heritage Fund that earns money year over year will secure a resilient and prosperous Alberta for generations to come.

“Our plan to grow the Heritage Fund is about securing Alberta’s financial independence and providing stability for our children and grandchildren and build a lasting legacy for all Albertans.”

Nate Horner, President of Treasury Board and Minister of Finance

Strong governance is needed to provide direction, deliver high returns for Albertans, and ensure future growth amid changing economic conditions. To help achieve this and carry out the overall Heritage Fund plan, Alberta’s government has created the Heritage Fund Opportunities Corporation to govern and grow all Heritage Fund assets. The new corporation will strengthen partnerships with global sovereign wealth funds, thereby unlocking access to new opportunities. The new corporation will be assisted in its work by a world-class board of directors that will strengthen the governance of Heritage Fund assets and support investment decisions independent from government.

The Heritage Fund Opportunities Corporation will be chaired by Joe Lougheed.

“The Heritage Fund assets belong to Albertans – and future Albertans. The HFOC will have a world-class, independent board of directors providing oversight and guidance in an accountable and transparent fashion. Working closely with the Alberta Investment Management Corporation, the objective will be to deliver long-term growth of the assets of the Heritage Fund for future generations. It is an honour to serve in this governance role.”

Joe Lougheed, Chair, Heritage Fund Opportunities Corporation

Related information
- Renewing the Alberta Heritage Savings Trust Fund: a roadmap to securing Alberta’s future
- Growing the Heritage Fund video
Related news
- Premier’s address to the province (Feb. 21, 2024)
- Solid year-end sets stage for prosperous Alberta future (June 27, 2024)
- Q1 update: Cautious optimism for a stronger future (Aug. 29, 2024)
Multimedia
- Watch the news conference
MIL OSI Canada News –
January 30, 2025
MIL-OSI USA: New Dog Man PSA Campaign, DreamWorks Animation, the Ad Council and FEMA Partnered to Encourage Kids to Help Prepare for Emergencies

Source: US Federal Emergency Management Agency

Headline: New Dog Man PSA Campaign, DreamWorks Animation, the Ad Council and FEMA Partnered to Encourage Kids to Help Prepare for Emergencies

New Dog Man PSA Campaign, DreamWorks Animation, the Ad Council and FEMA Partnered to Encourage Kids to Help Prepare for Emergencies

DreamWorks Animation’s Dog Man, based on the best-selling Dav Pilkey books, arrives in theaters Jan. 31, 2025WASHINGTON — FEMA’s Ready Campaign and the Ad Council have partnered with DreamWorks Animation’s new film, Dog Man, based on the best-selling Dav Pilkey book series, for a national public service advertising (PSA) campaign. The campaign features the beloved canine crime-fighting hero spreading the message to children across the nation about the importance of being ready for the unexpected. In DreamWorks Animation’s upcoming film, in theaters Jan. 31, 2025, Dog Man must lean on his crime-fighting skills and planning abilities to stop the evil plots of Petey, the feline supervillain. His planning skills are being brought to life in the new PSA campaign, launching today, where Dog Man encourages kids to help their families prepare for emergencies. The initiative includes billboards and bus shelter advertising, as well as 30- and 15-second PSAs in both English and Spanish languages that are airing in donated media across the country.”Empowering our children to be active participants in disaster preparedness is vital to creating a more prepared nation,” said Lucas Hitt Acting Associate Administrator for FEMA’s Office of External Affairs. “This collaboration presents a unique opportunity to engage America’s youth in a relatable and impactful way, harnessing the beloved characters of DreamWorks Animation’s Dog Man to give the entire family the tools they need to be ready for anything.”Ready campaign messaging includes a four-step approach to preparedness:Be informed about different types of emergencies that could occur and their appropriate protective action.Make a family emergency plan including information on how to reconnect and reunite. Build emergency supply kits to ensure preparedness whether at home, at work or in the car. Get involved by finding opportunities to support community preparedness. The new creatives are an extension of FEMA and the Ad Council’s ongoing partnership on the Ready campaign, which has helped generate more than 128 million visitors to Ready.gov and Listo.gov in Spanish language since its launch in 2003. The Ready Campaign is designed to educate and empower all Americans to prepare for and respond to disasters including earthquakes, tornadoes, floods and wildfires. Launched in 2016 by Dav Pilkey—the #1 global bestselling author and award-winning illustrator of the Captain Underpants books—the Dog Man Scholastic series now includes 13 books. The series is one of the bestselling graphic novel series of all time with more than 60 million copies in print and translations in 47 languages. The series’ 2024 releases include Dog Man: The Scarlet Shedder, which became the #1 bestselling book in the U.S. and internationally and Dog Man: Big Jim Begins, published Dec. 3, 2024. For more information on what to do before, during or after emergencies, visit Ready.gov and Listo.gov in Spanish language. Television stations can download advertisements from the Ad Council’s website. The PSA video is also available to view on ready.gov/videos. About FEMA and the Ready CampaignFEMA’s mission is helping people before, during and after disasters. FEMA’s Ready Campaign, launched in Feb. 2003, is a national public service campaign designed to educate and empower the American people to prepare for, respond to and mitigate emergencies and disasters. The goal of the campaign is to promote preparedness through public involvement.Ready and its Spanish language version Listo ask individuals to do four key things:• Stay informed about the different types of emergencies that could occur and their appropriate responses.• Make a family emergency plan.• Build an emergency supply kit.• Get involved in your community by taking action to prepare for emergencies.Follow FEMA on social media at: FEMA Blog on fema.gov, @FEMA or @FEMAEspanol on X, FEMA or FEMA Espanol on Facebook, @FEMA on Instagram, and via FEMA YouTube channel.Follow Ready on social media at @ReadyGov on X, Ready on Facebook and ReadyGov on Instagram. The social media links provided are for reference only. FEMA does not endorse any non-government websites, companies or applications. About the Ad Council The Ad Council convenes creative storytellers to educate, unite and uplift audiences by opening hearts, inspiring action and accelerating change. For more than 80 years, the nonprofit organization and its partners in advertising, media, marketing and tech have been behind some of the country’s most iconic social impact campaigns – Smokey Bear, A Mind Is a Terrible Thing to Waste, Love Has No Labels, Tear the Paper Ceiling and many more. With a current focus on mental health, gun violence prevention, combating hate and bias, the overdose crisis and other critical issues, the Ad Council’s national campaigns encompass advertising and media content, ground game and community efforts, trusted messenger and influencer engagement, employer programs and other innovative strategies.To learn more or get involved, visit AdCouncil.org, join the Ad Council’s communities on Facebook, Instagram, LinkedIn and X, and view campaign creative on YouTube. About DreamWorks Animation’s Dog ManPart dog, part man, all hero. From DreamWorks Animation—creators of the beloved blockbuster franchises Kung Fu Panda, How to Train Your Dragon and The Boss Baby—comes the canine-crime-fighting film adaptation of Dav Pilkey’s New York Times bestselling literary phenomenon: Dog Man. When a faithful police dog and his human police officer owner are injured together on the job, a harebrained but life-saving surgery fuses the two of them together and Dog Man is born. Dog Man is sworn to protect and serve—and fetch, sit and roll over. As Dog Man embraces his new identity and strives to impress his Chief (Lil Rel Howery, Get Out, Free Guy), he must stop the pretty evil plots of feline supervillain Petey the Cat (Pete Davidson; Saturday Night Live, The King of Staten Island). Petey’s latest plan is to clone himself, creating the kitten Lil Petey, to double his ability to do crime stuff. Things get complicated, though, when Lil Petey forges an unexpected bond with Dog Man. When Lil Petey falls into the clutches of a common enemy, Dog Man and Petey reluctantly join forces in an action-packed race against time to rescue the young kitten. In the process, they discover the power of family (and kittens!) to bring even the most hostile foes together. Dog Man also stars Isla Fisher (Wedding Crashers, Rango) as TV reporter Sarah Hatoff, Poppy Liu (Hacks, The Afterparty) as Petey’s assistant, Butler, Emmy nominee Stephen Root (Barry, King of the Hill) as Grampa, Billy Boyd (the Lord of the Rings franchise, Seed of Chucky) as Sarah’s cameraman, Seamus, and Emmy and Golden Globe winner Ricky Gervais (The Office, Extras) as Flippy the fish.Dog Man is directed by Emmy winner Peter Hastings (The Epic Tales of Captain Underpants, Kung Fu Panda: Legends of Awesomeness), whose credits include the groundbreaking animated series Animaniacs and Pinky and the Brain. The film is produced by Karen Foster (Spirit Untamed), who served as co-producer on DreamWorks Animation’s How to Train Your Dragon. About DreamWorks AnimationDreamWorks Animation (DWA), a division of the Universal Filmed Entertainment Group, within NBCUniversal, a subsidiary of Comcast Corporation, is a global family entertainment company with feature film and television brands. The company’s deep portfolio of intellectual property is supported by a robust, worldwide consumer products practice, which includes licensing and location-based entertainment venues around the world. DWA’s feature film heritage includes many of the world’s most beloved characters and franchises, including Shrek, Madagascar, Kung Fu Panda, How to Train Your Dragon, Spirit, Trolls, The Boss Baby and 2022’s The Bad Guys and Puss in Boots: The Last Wish have amassed more than $16 billion in global box office receipts. DreamWorks Animation’s television studio is one of the world’s leading producers of high-quality, animated family programming, reaching consumers in more than 190 countries with a diverse array of award-winning original content through streaming and linear broadcasters.About Universal PicturesUniversal Pictures is a division of Universal Studios. Universal Studios is part of NBCUniversal. NBCUniversal is one of the world’s leading media and entertainment companies in the development, production and marketing of entertainment, news and information to a global audience. NBCUniversal owns and operates a valuable portfolio of news and entertainment networks, a premier motion picture company, significant television production operations, a leading television stations group and world-renowned theme parks. NBCUniversal is a subsidiary of Comcast Corporation.
erika.suzuki
Wed, 01/29/2025 – 20:06

MIL OSI USA News –

January 30, 2025
MIL-OSI USA: First Lady Marty Kemp Introduces Tenth Anti-Human Trafficking Bill

Source: US State of Georgia

ATLANTA – Today, on behalf of First Lady Marty Kemp, the Office of the Governor rolled out its 10th piece of legislation aimed at cracking down on human traffickers and buyers in the state while making Georgia a safe haven for victims.

The latest bill championed by First Lady Kemp, SB 42 closes a critical loophole in Georgia law and ensures traffickers face the full penalty that their crimes demand. Currently, the conduct prohibited by Georgia’s human trafficking statute against minors is substantially similar to the conduct prohibited by the crime of keeping a place of prostitution, pimping, and pandering against minors. Rule of lenity, a legal principle asserting courts should apply the more favorable sentence to defendants when the law is ambiguous, could lead to judges awarding lesser sentences to offenders as a result of this loophole.

“Georgia is a national leader in the fight against human trafficking because of our work supporting survivors and shining a light on the dark corners where this crime thrives,” said First Lady Marty Kemp. “The legislation introduced today will further that mission by ensuring proper penalties for offenders and securing greater justice for their victims. It will also build on the other initiatives we’re launching this week to make Georgians more aware of the dangers of human trafficking and how to report suspected trafficking situations.”

As a part of Human Trafficking Prevention and Awareness Month — observed each January — First Lady Kemp marked the occasion by announcing the following initiatives to better equip Georgians with the knowledge and tools to end this evil industry in the state:

First Lady Kemp Releases Updated Human Trafficking Awareness Training

In conjunction with the Department of Administrative Services (DOAS), the First Lady is releasing an updated human trafficking awareness training for state employees. This enhanced training incorporates new information on what Georgia has done in the years since to support survivors and empower law enforcement to go after offenders. Administered by DOAS, the training will be available to all state agencies, who are encouraged to have their employees participate. The training will also be available to the public on YouTube as a free and easily-accessible resource.

“State employees are essential in the fight against human trafficking,” said DOAS Commissioner Rebecca Sullivan. “It’s imperative for everyone to recognize the signs and be prepared to report them to effectively raise awareness and prevent this horrific crime. This training video is a vital resource packed with statistics and real-life stories that empower our state employees and the public to identify and report signs of sex trafficking with confidence. Together, we can make a significant impact in combating this issue.”

History of Training

Following initial meetings of the GRACE Commission, the need to raise awareness of the nature and signs of human trafficking was identified as a priority to move the needle on ending trafficking in the state. That led to the development of a 30-minute video training resource that provided viewers with an overview of sex trafficking, the telltale signs of its participants, and what to do when they believe they may have observed a trafficking situation.

First Lady Kemp and Georgia Ports Authority Release Updated Human Trafficking Public Service Announcement

The First Lady also unveiled, in partnership with the Georgia Ports Authority (GPA) and the Criminal Justice Coordinating Council (CJCC), a public service announcement (PSA) that will run at the state’s ports. With thousands of trucks entering and exiting ports facilities each day, this PSA will help bring attention to what drivers travelling through high-traffic destinations across the state can do to help end sex trafficking in Georgia. The PSA can be viewed here.

“Georgia Ports joins with Georgia First Lady Marty Kemp and the CJCC organization to work together to end human trafficking in our state,” said Georgia Ports Authority President and CEO Griff Lynch. “Trucking companies are Georgia Ports’ frontline customers and are vital to our success. Their assistance is also instrumental in ending human trafficking by learning more about it and reporting any suspicious activities to law enforcement as they drive around the Peach State every day.”

“CJCC is pleased to join First Lady Marty Kemp and the Georgia Ports Authority in a vital initiative to educate transportation professionals across Georgia about human trafficking,” said CJCC Executive Director Jay Neal. “Our goal is to ensure that victims are not only identified but also provided with the essential resources they need to heal and rebuild their lives. By equipping everyone with the tools to recognize the signs of human trafficking, we can work together to create a safer, more informed community.”

MIL OSI USA News –

January 30, 2025
MIL-OSI: Mountain Lake Acquisition Corp. Announces the Separate Trading of its Class A Ordinary Shares and Rights Commencing February 3, 2025

Source: GlobeNewswire (MIL-OSI)

NEVADA, Jan. 29, 2025 (GLOBE NEWSWIRE) — Mountain Lake Acquisition Corp. (NASDAQ: MLAC) (the “Company”) announced today that, commencing February 3, 2025, holders of the units sold in the Company’s initial public offering completed on December 16, 2024 may elect to separately trade the Class A ordinary shares of the Company and the rights included in such units on The Nasdaq Global Market (“Nasdaq”).

The Class A ordinary shares and rights that are separated will trade on Nasdaq under the symbols “MLAC” and “MLACR,” respectively. Those units not separated will continue to trade on Nasdaq under the symbol “MLACU.” Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into Class A ordinary shares and rights.

The units were initially offered by the Company in an underwritten offering. BTIG, LLC acted as sole book-running manager of the offering.

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

About Mountain Lake Acquisition Corp.

Mountain Lake Acquisition Corp. is a blank check company newly incorporated as a Cayman Islands exempted company with limited liability for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an initial business combination target in any business or industry or at any stage of its corporate evolution. The Company’s primary focus will be in completing a business combination with an established business of scale poised for continued growth, led by a highly regarded management team.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the anticipated use of the net proceeds of the offering and the Company’s search for an initial business combination. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact:

Douglas Horlick
doug@mountainlakeacquisition.com
Mountain Lake Acquisition Corp.
930 Tahoe Blvd STE 802 PMB 45
Incline Village, NV 89451
(775) 204-1489

The MIL Network –

January 30, 2025
MIL-OSI: Silvercrest Asset Management Group Inc. Announces Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — Silvercrest Asset Management Group Inc. (NASDAQ: SAMG), (the “Company”) today announced that its board of directors declared a quarterly dividend of $0.20 per share of Class A common stock on January 29, 2025. The dividend will be paid on or about March 21, 2025 to shareholders of record as of the close of business on March 14, 2025.

About Silvercrest
Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California and Wisconsin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors. As of September 30, 2024, the firm reported assets under management of $35.1 billion.

Investor Relations Contact:

Richard R. Hough III
212-649-0601
rhough@silvercrestgroup.com

The MIL Network –

January 30, 2025

MIL-OSI: Premium Income Corporation Announces Year End Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 29, 2025 (GLOBE NEWSWIRE) — (TSX: PIC.A; PIC.PR.A) Premium Income Corporation today announces results of operations for the fiscal year ended October 31, 2024. Increase in net assets attributable to holders of Class A shares amounted to $76.3 million or $4.34 per Class A share. Net assets attributable to holders of Class A shares were $83.6 million or $4.14 per Class A share. Cash distributions of $0.86 per Preferred share and $0.81 per Class A share were paid during the year.

Premium Income Corporation is a mutual fund corporation, which invests in a portfolio consisting principally of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, and the Toronto Dominion Bank. The Fund employs an active covered call writing strategy to enhance the income generated by the portfolio and to reduce volatility.

The investment portfolio of the Fund is managed by its investment manager, Mulvihill Capital Management Inc. The Fund’s Preferred and Class A shares are listed on the Toronto Stock Exchange under the symbols PIC.PR.A and PIC.A respectively.

Selected Financial Information: ($ Millions)

*Statement of Financial Position*		2024
*As at October 31*
Assets	$	397.4
Liabilities		(313.7)
Net Assets Attributable to
Holders of Class A Shares	$	83.6

*Statement of Comprehensive Income*
*Year ended October 31*
Income	$	96.8
Expenses		(4.3)
Operating Loss		92.4
Preferred Share Distributions		(16.1)
Increase in Net Assets Attributable
to Holders of Class A Shares	$	76.3

For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172 or visit www.mulvihill.com

John Germain, Senior Vice President & CFO	Mulvihill Capital Management Inc. 121 King Street West Suite 2600 Toronto, Ontario, M5H 3T9 416.681.3966; 1.800.725.7172 www.mulvihill.com info@mulvihill.com

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

The MIL Network –

January 30, 2025

MIL-OSI: Oportun to Report Fourth Quarter 2024 Financial Results on Wednesday, February 12, 2025

Source: GlobeNewswire (MIL-OSI)

SAN CARLOS, Calif., Jan. 29, 2025 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven financial services company, will release financial results for its fourth quarter 2024 on Wednesday, February 12, 2025, after market close.

Oportun will host a conference call and earnings webcast to discuss results on Wednesday, February 12, 2025, at 5:00 pm ET / 2:00 pm PT. A live webcast of the call will be accessible from Oportun’s investor relations website at investor.oportun.com, and a webcast replay of the call will be available for one year. The dial-in number for the conference call is 1-866-604-1698 (toll-free) or 1-201-389-0844 (international). Participants should call in 10 minutes prior to the scheduled start time.

About Oportun

Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $19.2 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com.

Investor Contact
Dorian Hare
(650) 590-4323
ir@oportun.com

Media Contact
Michael Azzano
Cosmo PR for Oportun
(415) 596-1978
michael@cosmo-pr.com

The MIL Network –

January 30, 2025
MIL-OSI: Climb Global Solutions Appoints John McCarthy as Chairman of its Board of Directors

Source: GlobeNewswire (MIL-OSI)

EATONTOWN, N.J., Jan. 29, 2025 (GLOBE NEWSWIRE) — Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb”, the “Company”, “we”, or “our”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, today announced the appointment of John McCarthy as the new Chairman of the Board of Directors (the “Board”), effective January 28, 2025. Mr. McCarthy’s appointment follows the resignation of Jeff Geygan from the Board, which will become effective February 28, 2025, and will reduce the Board to six members, five of whom are independent under Nasdaq listing standards.

Mr. McCarthy brings over 30 years of executive technology leadership to Climb’s Board, where he has been a director since June 2019 and currently serves as Chair of the Compensation Committee. Before joining Climb, he was the President and Chief Executive Officer of Mainline Information Systems, a nationally recognized technology solutions provider. Earlier in his career, Mr. McCarthy held senior executive roles at leading technology companies such as EMC, StorageApps, CNT, McData, and Virtual Iron. He is currently a member of the Operating Board for Stripes Group, and a member of the Board of Trustees for Providence College. Mr. McCarthy holds a Bachelor’s degree in Marketing from Providence College.

“I am honored to be appointed as Chairman of the Board and thankful for the trust placed in me by my fellow Board members,” said Mr. McCarthy. “I’d like to thank Jeff for his invaluable contributions to Climb throughout his tenure as Chairman. I look forward to building on this strong foundation and working with the Board and leadership team to continue driving the Company’s strategic vision forward.”

Mr. Geygan stated, “Serving as Chairman of the Board for the past seven years has been an incredible journey, and I am deeply grateful for the opportunity to have contributed to Climb’s remarkable growth and success.”

About Climb Global Solutions

Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the US, Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Climb Global Services. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.

Additional information can be found by visiting www.climbglobalsolutions.com.

Forward-Looking Statements

The statements in this release, other than statements of historical fact, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements are subject to certain risks and uncertainties. Many of the forward-looking statements may be identified by words such as ”look forward,” “believes,” “expects,” “intends,” “anticipates,” “plans,” “estimates,” “projects,” “forecasts,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “under construction,” “in development,” “opportunity,” “target,” “outlook,” “maintain,” “continue,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. In this press release, the forward-looking statements relate to, among other things, declaring and reaffirming our strategic goals, future operating results, and the effects and potential benefits of the strategic acquisition on our business. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include, without limitation, statements concerning our plans and expectations in connection with the transition of Board leadership and other plans and expectations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described in the section entitled “Risk Factors” contained in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and from time to time in the Company’s filings with the Securities and Exchange Commission.

Company Contact

Matthew Sullivan
Chief Financial Officer
(732) 847-2451
MatthewS@ClimbCS.com

Investor Relations Contact

Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
CLMB@elevate-ir.com

The MIL Network –

January 30, 2025

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 –

January 30, 2025

MIL-OSI USA: Senator Marshall Joins Fox & Friends to Discuss RFK, Jr.’s Confirmation Hearing

US Senate News:

Source: United States Senator for Kansas Roger Marshall

Washington, D.C. – U.S. Senator Roger Marshall, M.D. joined Fox & Friends to discuss his upcoming Senate Finance Committee hearing with President Trump’s nominee to lead Health and Human Services (HHS), Robert F. Kennedy, Jr.
As the leader and founder of the Make America Healthy Again Caucus, Senator Marshall shared how RFK, Jr. will combat America’s chronic disease epidemic by increasing access to whole, fresh foods for all Americans. Senator Marshall discussed how RFK, Jr. will bring about a new age of medical and nutritional transparency, empowering Americans to take control of their health.
Additionally, Senator Marshall discussed President Trump’s recent executive order mandating all federal employees to return to the office and end remote work.
[embedded content]
You may click HERE or on the image above to watch Senator Marshall’s full interview.
Highlights from Senator Marshall’s interview include:
On RFK Jr.’s first confirmation hearing today:
“What I need are those moms to call their Senators and support Bobby’s nomination. Look, if you agree with Bobby Kennedy that America is not very healthy right now, that 40% of Americans have a chronic disease. Our children, 20% of them are on some type of prescription drug. There’s a mental health explosion in our young children. So, I think Bobby just needs to share his heart. He needs to share with America why this is so important to him, and really disarm some of the false issues out there.”
On updating the United States’ nutritional standards:
“On these food additives – I sat down with the FDA Food Czar two years ago, raised these same questions. Finally, just after President Trump gets elected, they look at red dye. The problem is they’re relying on data from 40 or 50 years ago, that they don’t update these approval processes.”
“[RFK Jr.] is right. 70% of our calories are coming from processed foods, as opposed to fresh fruits and vegetables, fresh foods of all types. So Bobby and I will work together, Dr. Oz and President Trump’s team to help make those nutritious foods more affordable and more available to everyone across the country.”
On President Trump’s mandate for federal employees to return to office:
“Only 6% of federal employees are in the office – only 6%. Second data point I would give you is under Joe Biden, he added 128,000 employees. Meanwhile, they made $250 billion of improper payments. So our federal government is incompetent when it comes to appropriations that they send out $250 billion of inappropriate dollars, mostly for Medicare and Social Security. So we need those people to come back to do their job, to be accountable. This is exactly why 77 million people voted for Donald J Trump.”

MIL OSI USA News –

January 30, 2025
MIL-OSI Global: Meditation and mindfulness at work are welcome, but do they help avoid accountability for toxic culture?

Source: The Conversation – France (in French) – By Raysa Geaquinto Rocha, Assistant Professor at the Vrije Universiteit Amsterdam and lecturer, University of Essex

In an age when home offices, hybrid work arrangements and blurred boundaries between work and personal life are the norm, a recently established narrative is intensifying: the integration of spirituality into business.

This idea involves deliberately incorporating personal values and meaningful purpose into all aspects of organisational life – from individual expression to workplace practices and corporate identity. It’s an approach that seeks to cultivate environments where employees can find deeper meaning in their work while contributing to both economic and social progress, as my past research in the Journal of Business Ethics shows.

Spirituality in business transcends traditional management methods by acknowledging the inner lives of workers, promoting their personal growth and fostering genuine community connections. According to a 2016 interview with Eileen Fisher, the founder and then CEO of a $450-million fashion brand, company meetings opened with the ring of a meditation bell followed by a minute of silence. Fisher said the practice allows employees “to get in touch with what they’re there for and what matters to them and show up a little differently” and has contributed to the company’s recognised leadership in sustainability and women’s advocacy.

But are all corporate efforts like these genuine attempts to foster well-being, or can they instead be strategies to rebrand productivity demands?

Spiritual well-being in business

The incorporation of spirituality into the workplace represents a shift in how businesses approach leadership, employee wellbeing and corporate culture.

Take ice-cream maker Ben & Jerry’s partnership with Greyston Bakery, a leader in social enterprise. Under their “linked prosperity” model, Ben & Jerry’s sources all brownies for its Chocolate Fudge Brownie flavour from Greyston, which operates with an “open hiring” policy that does not require a background check for applicants and provides “help with child care, housing and ESL (English as a second language) classes”. The partnership shows how valuing human dignity and community empowerment can reshape conventional business practices into drivers of social change.

Spiritual integration manifests in plenty of other ways, too. Morning gatherings can become spaces for shared reflection rather than mere status updates. Dedicated quiet rooms can offer sanctuary for contemplation or prayer. Through mentorship relationships and community service initiatives, workplaces can evolve into environments where individuals can explore deeper questions about purpose. US outdoor clothing company Patagonia describes how it offers paid environmental internships and flexible policies that enable employees to align their work lives with how they see their authentic selves. These offerings reflect the idea that while people come to work to earn a living, they stay and thrive when work nourishes their spirit.

The trend of integrating spirituality into the workplace taps into the practical wisdom of spiritual traditions, honed over millennia, to foster attributes like mindfulness, compassion and interconnectedness. But despite its benefits, integration – or lip service to it – risks becoming a convenient excuse for businesses to shift the responsibility for stress and burn-out onto employees instead of addressing systemic issues.

The rise and fall of WeWork illustrates this phenomenon. As documented in both Hulu’s “WeWork: or the Making and Breaking of a $47 Billion Unicorn” and Apple TV+’s dramatic series “WeCrashed”, the workspace company masterfully leveraged spiritual rhetoric to attract young professionals. While the company promoted meditation spaces and wellness initiatives, these benefits masked issues including unsustainable work expectations, questionable management practices and a sexual assault claim. The disconnect between WeWork’s offerings and operational reality demonstrates how companies can appropriate spiritual practices only as a veneer.

When suits start talking spirit

When McKinsey & Company, a US management consulting firm that epitomizes corporate pragmatism, releases a podcast titled “Beyond 9 to 5: The power of spiritual health in the workplace”, it is clear that spirituality in business has moved beyond the fringe.

McKinsey’s global survey of 41,000 respondents, detailed in their May 2024 report “In search of self and something bigger: A spiritual health exploration”, found that spiritual health matters deeply to employees. But does this data reflect a genuine commitment to spirituality, or is it just a reflection of its currency in the corporate world?

After almost half a century of research on spirituality in business, it has become a mature field. The Academy of Management, “an association for management and organizational scholars”, recognised Management, Spirituality, and Religion as a Division, [“reflecting”] a broad range of member interests”. Still, the corporate world’s interest is raising eyebrows: the suspicion remains that spirituality is merely being repackaged as a tool for enhancing productivity. In his 2019 book “McMindfulness: How Mindfulness Became the New Capitalist Spirituality”, Ronald Purser illustrates this concern through Google’s “Search Inside Yourself” programme. While marketed as a path to employee wellness, the initiative exemplifies how meditation and mindfulness can be transformed into performance-enhancement tools, asking workers to develop “resilience” rather than addressing the root causes of workplace stress.

The whole self at work

The concept of bringing one’s “whole self” to work – a cornerstone of the Industry 5.0 concept promoted by the European Commission – emphasises employee authenticity. The idea of spirituality in the workplace intertwines with the idea of authentic self-expression, encompassing the recognition of one’s beliefs, values and quest for deeper meaning. These are dimensions historically excluded from professional settings. The idea is to create an environment where people can align their deepest motivations with their work.

While this ideal is noble in concept, it also raises complex questions about which aspects of our “whole selves” are appropriate to bring into the workplace. In 2015, the US Supreme Court ruled in favour of a job applicant whom the clothing company Abercrombie & Fitch refused to hire because her hijab conflicted with its dress code. Delta Airlines’ uniform policy revision last July illuminates the ongoing complexity of the issue. Following a controversy that began when a passenger made a social media post describing two flight attendants’ Palestinian flag pins – which were permitted under existing policy – as “Hamas badges”, the airline banned all national flag pins except US ones.

Juggling multiple selves

The promise of integrating our identities more seamlessly instead of compartmentalizing them features in the Apple TV series Severance. The show presents a dystopian take on work-life balance in which employees surgically separate their work and personal memories, inviting us to reflect on the identities we balance in our professional and personal lives. The character of Mark Scout, whose “innie” (work self) develops genuine connections with colleagues like Helly, demonstrates how even artificially separated selves seek authentic relationships and meaning. However, when these connections begin to flourish, employer Lumon Industries’ harsh punishments and control mechanisms kick in – suggesting that true workplace innovation and collaboration can only emerge when we’re allowed to bring our whole, unsevered selves to work.

By acknowledging and nurturing the various aspects of our personalities, we might attain new levels of connection in the workplace. But could the integration of spirituality and work lead to an environment where employees are perpetually “on”? A risk lies in creating a culture where work infiltrates every aspect of life, leaving no true respite. The very practices meant to nurture the spirit could paradoxically become tools that further blur the boundaries between professional obligations and personal renewal. A constant connection to work erodes personal boundaries, which can lead to stress and dissatisfaction that spills over into personal life. Addressing this “shadow side” is essential if we are to answer the question “Do you believe in life after work?” with a resounding yes.

A balanced approach

The integration of spirituality into business requires genuine commitment. While spiritual practices can bring multiple benefits, they must emerge from authentic values rather than serving as a quick fix for systemic issues.

Since the 1980s, when major corporations first explored Eastern spirituality, workplace spirituality has evolved into a $7.9 billion meditation market. But as companies invest in meditation apps and mindfulness programmes, they often fail to address the root causes of workplace stress and burn-out. Today, well-intentioned apps like CHILL Anywhere risk functioning as band-aids that place the burden of stress management on employees, instead of examining issues like unrealistic workloads, inadequate compensation, toxic leadership or prejudice.

Instrumentalizing spiritual practices into productivity tools fundamentally misses the point: true spirituality in business requires organizations to critically examine and transform the structural conditions that create employee suffering in the first place. Until companies commit to addressing these foundational issues, meditation rooms and mindfulness apps will remain superficial solutions that enable rather than challenge harmful workplace dynamics.

The future workplace should aim to harmonise profit and purpose, recognising that employee well-being is integral to long-term success. Spirituality in business manifests when organisations commit to both business excellence and human flourishing – addressing foundational concerns while nurturing deeper meaning and purpose. Only then can the promise of bringing our whole selves to work become a reality worth believing in.

Raysa Geaquinto Rocha ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

– ref. Meditation and mindfulness at work are welcome, but do they help avoid accountability for toxic culture? – https://theconversation.com/meditation-and-mindfulness-at-work-are-welcome-but-do-they-help-avoid-accountability-for-toxic-culture-244587

MIL OSI – Global Reports –

January 30, 2025
MIL-OSI Video: RBNZ Beyond the Cycle: Growth and interest rates in the long run – speech by Chief Economist Paul Conway

Source: Reserve Bank of New Zealand (video statements)

Full written version of speech available here: https://www.rbnz.govt.nz/hub/news/2025/01/beyond-the-cycle

https://www.youtube.com/watch?v=U8yj3nEUO-E

MIL OSI Video –

January 30, 2025
MIL-OSI United Nations: Aid efforts in Gaza escalate as risks from deadly unexploded ordnance grows

Source: United Nations 4

29 January 2025 Humanitarian Aid

As more than 423,000 displaced Palestinians return to their homes in northern Gaza following the opening of key roads, UN agencies are scaling up humanitarian aid and addressing the growing risks posed by unexploded ordnance such as landmines (UXO).

“Hope returns to Gaza, but it’s fragile,” said Corinne Fleischer, World Food Programme (WFP) Regional Director for the Middle East and North Africa. “With open crossings and sustained efforts, Gaza’s recovery can take root,” she emphasised.

The WFP has doubled its aid deliveries, bringing in 22,000 metric tons of food in the past six days – more than the entire supply that entered Gaza in November.

Scaling up essential services

UN Spokesperson Stéphane Dujarric highlighted further relief efforts, noting that six fuel tankers were delivered to northern Gaza on Wednesday.

Aid workers stationed along the Salah ad Din and Al Rashid roads continue to assist people making their way back north to shattered homes, providing food, water, and hygiene kits, with the UN Children’s fund (UNICEF) distributing identification bracelets for children to help families stay connected.

To support vulnerable groups, the World Health Organization (WHO) has supplied fuel, tents and equipment to establish trauma stabilization points along Al Rashid Road in collaboration with the Palestine Red Crescent Society.

Meanwhile, efforts to provide emergency nutrition continue, with high-energy biscuits distributed to 19,000 people south of Wadi Gaza and 10,000 in the north.

Shelter assistance is also being scaled up, with humanitarian partners distributing tents to families – many of whom are returning to homes that have been completely destroyed.

Water remains a critical concern and aid workers are ramping up water trucking operations. In Rafah alone, 300 cubic meters of potable water – enough for 50,000 people – is being distributed daily.

Danger underfoot

Despite the increasing humanitarian response, returning residents face significant risks from UXO contamination.

The UN Mine Action Service (UNMAS) has warned that between 5 to 10 percent of weapons fired into Gaza have failed to detonate, leaving behind deadly hazards.

Since October 2023, at least 92 people have been killed or injured by explosive ordnance. Informal reports suggest 24 victims since the ceasefire began, according to Luke Irving, Chief of the UN Mine Action Programme (UNMAS) in the occupied Palestinian territories, briefing the press on Wednesday from the enclave.

“Humanitarian convoys are finding items more and more, as we reach new areas which we previously could not get to, including large aircraft bombs, mortars, anti-tank weapons, rockets and rifle grenades,” he explained.

© WFP

An area of Rafah in the southern Gaza Strip lies in ruins.

Rubble removal

To mitigate risks, UNMAS and its partners are conducting awareness sessions, distributing safety leaflets and escorting humanitarian convoys along high-risk routes.

A newly established UN-led Gaza Debris Management Framework aims to ensure the safe removal of rubble, but progress is being hindered by UXO contamination, exposure to hazardous materials and complex property disputes.

Several UN agencies are collaborating to address both the environmental and housing concerns associated with these issues.

Deteriorating situation in West Bank

Meanwhile, in the occupied West Bank, violence and military operations continue to escalate.

The UN Office for the Coordination of Humanitarian Affairs (OCHA) has reported a drastic deterioration in the humanitarian situation, particularly in the governorates of Jenin and Tulkarm.

“We’ve repeatedly expressed our concern over the use of lethal, war-like tactics in law enforcement operations,” Mr. Dujarric said.

Israeli military operations in these areas have led to significant destruction of civilian infrastructure.

In Tulkarm, access to water and electricity has been disrupted and initial estimates suggest that nearly 1,000 people have been displaced in recent days.

Sustained humanitarian access

With humanitarian efforts scaling up, UN agencies are calling for unhindered access to deliver aid safely and ensure the protection of both civilians and humanitarian workers.

Mr. Dujarric reiterated the urgent need for safe passage for humanitarian workers, the protection of civilians and the acceleration of reconstruction efforts to support those returning home.

Soundcloud

MIL OSI United Nations News –

January 30, 2025

Category: Business

Source: BusinessNZ

Related information

Related news

Multimedia

Spiritual well-being in business

When suits start talking spirit

The whole self at work

Juggling multiple selves

A balanced approach

Scaling up essential services

Danger underfoot

Rubble removal

Deteriorating situation in West Bank

Sustained humanitarian access