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

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., Jan. 29, 2025 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), generated net income of $10.9 million, or $0.83 per basic share and $0.80 per diluted share, for the fourth quarter ended December 31, 2024 compared to net income of $12.1 million, or $0.82 per basic and diluted share, for the fourth quarter ended December 31, 2023. In addition, the Company generated net income of $47.8 million, or $3.64 per basic share and $3.58 per diluted share, for the year ended December 31, 2024 compared to net income of $46.3 million, or $3.32 per basic share and diluted share, for the year ended December 31, 2023.

    Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated “We are pleased to report another quarter of strong earnings due to the strong performance of our loan portfolio.   Despite the challenging high interest rate environment during 2023 that continued into most of 2024, loan demand remained strong with originations and outstanding commitments remaining robust. As has been in the past, construction lending in high demand-high absorption areas continues to be our focus.”

    Highlights for the fourth quarter and the year ended December 31, 2024 are as follows:

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

    Balance Sheet Summary

    Total assets increased $246.2 million, or 14.0%, to $2.0 billion at December 31, 2024, from $1.8 billion at December 31, 2023. The increase in assets was primarily due to increases in net loans of $227.0 million, cash and cash equivalents of $9.6 million, equity securities of $3.9 million, real estate owned of $3.7 million, and other assets of $3.3 million.

    Cash and cash equivalents increased $9.6 million, or 14.0%, to $78.3 million at December 31, 2024 from $68.7 million at December 31, 2023. The increase in cash and cash equivalents was a result of an increase in deposits of $270.3 million, partially offset by a decrease in borrowings of $64.0 million, an increase of $227.0 million in net loans, dividends to shareholders of $8.7 million, and stock repurchases of $2.4 million.

    Equity securities increased $3.9 million, or 21.5%, to $22.0 million at December 31, 2024 from $18.1 million at December 31, 2023. The increase in equity securities was attributable to the purchase of $4.0 million in equity securities during the second half of 2024, offset by market depreciation of $109,000 due to market interest rate volatility during the year ended December 31, 2024.

    Securities held-to-maturity decreased $1.2 million, or 7.8%, to $14.6 million at December 31, 2024 from $15.9 million at December 31, 2023 due to $1.2 million in maturities and pay-downs of various investment securities, partially offset by a decrease of $10,000 in the allowance for credit losses for held-to-maturity securities.

    Loans, net of the allowance for credit losses, increased $227.0 million, or 14.3%, to $1.8 billion at December 31, 2024 from $1.6 billion at December 31, 2023. The increase in loans, net of the allowance for credit losses, was primarily due to loan originations of $656.0 million during the year ended December 31, 2024, consisting primarily of $573.8 million in construction loans with respect to which approximately 36.3% of the funds were disbursed at loan closings, with the remaining funds to be disbursed over the terms of the construction loans. In addition, during the year ended December 31, 2024, we originated $54.9 million in commercial and industrial loans, $14.0 million in non-residential loans, $12.6 million in multi-family loans, and $600,000 in mixed-use loans. We also originated $9.2 million in letters of credit.

    Loan originations during the year ended December 31, 2024 resulted in a net increase of $206.8 million in construction loans, $8.6 million in commercial and industrial loans, $8.3 million in non-residential loans, $7.7 million in multi-family loans, and $409,000 in consumer loans. The increase in our loan portfolio was partially offset by decreases of $3.1 million in mixed-use loans and $1.8 million in residential loans, coupled with normal pay-downs and principal reductions.

    The allowance for credit losses related to loans decreased to $4.8 million as of December 31, 2024, from $5.1 million as of December 31, 2023. The decrease in the allowance for credit losses related to loans was due to charge-offs totaling $347,000, offset by provision for credit losses totaling $84,000.  

    Premises and equipment decreased $647,000, or 2.5%, to $24.8 million at December 31, 2024 from $25.5 million at December 31, 2023 primarily due to the depreciation of fixed assets.

    Investments in Federal Home Loan Bank stock decreased $532,000, or 57.3%, to $397,000 at December 31, 2024 from $929,000 at December 31, 2023. The decrease was due primarily to the mandatory redemption of Federal Home Loan Bank stock totaling $630,000 in connection with the maturity of $14.0 million in advances in 2024, offset by purchases of Federal Home Loan Bank stock totaling $98,000 due to the growth of our mortgage loan portfolio.

    Bank owned life insurance (“BOLI”) increased $656,000, or 2.6%, to $25.7 million at December 31, 2024 from $25.1 million at December 31, 2023 due to increases in the BOLI cash value.

    Accrued interest receivable increased $1.2 million, or 9.5%, to $13.5 million at December 31, 2024 from $12.3 million at December 31, 2023 due to an increase in the loan portfolio.

    Real estate owned increased $3.7 million, or 251.6%, to $5.1 million at December 31, 2024 from $1.5 million at December 31, 2023 due to foreclosure of a property, with a book value of $4.4 million, located in the Bronx, New York, offset by charge-offs totaling $689,000 resulting from a decrease in the estimated fair value of a foreclosed property located in Pittsburgh, Pennsylvania.

    Right of use assets — operating decreased $565,000, or 12.4%, to $4.0 million at December 31, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.

    Other assets increased $3.3 million, or 40.5%, to $11.3 million at December 31, 2024 from $8.0 million at December 31, 2023 due to increases of $2.8 million in tax assets, $476,000 in suspense accounts, and $6,000 in miscellaneous assets, partially offset by decreases of $40,000 in prepaid expenses and $2,000 in securities receivables.

    Total deposits increased $270.3 million, or 19.3%, to $1.7 billion at December 31, 2024 from $1.4 billion at December 31, 2023. The increase in deposits was primarily due to the Bank offering competitive interest rates to attract deposits. This resulted in a shift in deposits whereby certificates of deposit increased $239.7 million, or 31.5%, and NOW/money market accounts increased $98.0 million, or 67.4%, partially offset by decreases in savings account balances of $54.3 million, or 28.2%, and non-interest bearing demand deposits of $14.7 million, or 4.9%.

    Federal Reserve Bank borrowings of $50.0 million at December 31, 2023 and Federal Home Loan Bank advances of $14.0 million at December 31, 2023 were paid-off during the year ended December 31, 2024.

    Advance payments by borrowers for taxes and insurance decreased $402,000, or 19.9%, to $1.6 million at December 31, 2024 from $2.0 million at December 31, 2023 due primarily to real estate tax payments for borrowers.

    Lease liability – operating decreased $517,000, or 11.2%, to $4.1 million at December 31, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.

    Accounts payable and accrued expenses increased $972,000, or 7.2%, to $14.5 million at December 31, 2024 from $13.6 million at December 31, 2023 due primarily to increases in dividends payable and other payables of $856,000 and deferred compensation of $729,000, partially offset by decreases in accrued interest expense of $102,000, suspense account for loan closings of $99,000, and accrued expense of $79,000. The allowance for credit losses for off-balance sheet commitments decreased $333,000, or 32.1%, to $704,000 at December 31, 2024 from $1.0 million at December 31, 2023.

    Stockholders’ equity increased $39.7 million, or 14.2% to $319.1 million at December 31, 2024, from $279.3 million at December 31, 2023. The increase in stockholders’ equity was due to net income of $47.8 million for the year ended December 31, 2024, the amortization expense of $2.0 million relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, an increase of $1.3 million in earned employee stock ownership plan shares coupled with a reduction of $475,000 in unearned employee stock ownership plan shares, and an exercise of stock options totaling $14,000, partially offset by dividends paid and declared of $8.7 million, stock repurchases and stock repurchase excise taxes totaling $2.5 million, awarding restricted stock totaling $725,000. and $93,000 in other comprehensive income.

    Results of Operations for the Quarter Ended December 31, 2024 and 2023

    Net Interest Income

    Net interest income was $25.3 million for the quarter ended December 31, 2024, as compared to $25.2 million for the quarter ended December 31, 2023. The increase in net interest income of $92,000, or 0.4%, was primarily due to an increase in interest income that exceeded an increase in interest expense.

    The increase in interest income is attributable to increases in the average balances of loans, interest-bearing deposits, and investment securities, partially offset by a decrease in the average balances of FHLB stock. However, the Federal Reserve’s decrease of interest rates starting in September 2024 impacted the yield on our interest earning assets.

    The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the quarter ended December 31, 2024 was due to an increase in the cost of funds on our deposits. The increase in interest expense was also due to an increase in the average balances on our certificates of deposits and our interest-bearing demand deposits, offset by a decrease in the average balances on our savings and club deposits and our borrowed money.

    Total interest and dividend income increased $3.3 million, or 9.0%, to $40.5 million for the quarter ended December 31, 2024 from $37.1 million for the quarter ended December 31, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $249.5 million, or 15.0%, to $1.9 billion for the quarter ended December 31, 2024 from $1.7 billion for the quarter ended December 31, 2023, partially offset by a decrease in the yield on interest earning assets by 47 basis points from 8.93% for the quarter ended December 31, 2023 to 8.46% for the quarter ended December 31, 2024.

    Interest expense increased $3.3 million, or 27.3%, to $15.2 million for the quarter ended December 31, 2024 from $11.9 million for the quarter ended December 31, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 20 basis points from 4.14% for the quarter ended December 31, 2023 to 4.34% for the quarter ended December 31, 2024 and an increase in average interest bearing liabilities of  $247.3 million, or 21.5%, to $1.4 billion for the quarter ended December 31, 2024 from $1.2 billion for the quarter ended December 31, 2023.

    Our net interest margin decreased 77 basis points, or 12.7%, to 5.29% for the quarter ended December 31, 2024 compared to 6.06% for the quarter ended December 31, 2023. The decrease in the net interest margin was due to an increase in the cost of funds on interest-bearing liabilities and a decrease in the yield on interest-earning assets.

    Credit Loss Expense

    The Company recorded a credit loss expense of $26,000 for the quarter ended December 31, 2024 compared to a credit loss expense of $205,000 for the quarter ended December 31, 2023. The credit loss expense of $26,000 for the quarter ended December 31, 2024 was comprised of credit loss expense for loans of $230,000 due to charge-offs of $232,000 in unpaid overdrafts in our demand deposit accounts, offset by credit loss expense reduction for off-balance sheet commitments of $204,000 primarily attributable to a decrease in the aggregate unfunded off-balance sheet commitments.

    The credit loss expense of $205,000 for the three months ended December 31, 2023 was comprised of credit loss expense for loans of $352,000 and credit loss expense for held-to-maturity investment securities of $6,000, partially offset by credit loss expense reduction for off-balance sheet commitments of $153,000.

    With respect to the allowance for credit losses for loans, we charged-off $232,000 during the quarter ended December 31, 2024 as compared to charge-offs of $27,000 during the quarter ended December 31, 2023. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.

    We recorded no recoveries from previously charged-off loans during the quarter ended December 31, 2024 and 2023.

    Non-Interest Income

    Non-interest income for the quarter ended December 31, 2024 was $149,000 compared to non-interest income of $1.4 million for the quarter ended December 31, 2023. The decrease of $1.2 million, or 89.2%, in total non-interest income was primarily due to decreases of $1.2 million in unrealized gain (loss) on equity securities, $115,000 in investment advisory fees, and $12,000 in miscellaneous other non-interest income, partially offset by increases of $40,000 from sale/disposition of fixed assets, $14,000 in BOLI income, and $11,000 in other loan fees and service charges.

    The increase in unrealized gain (loss) on equity securities was due to an unrealized loss of $554,000 on equity securities during the quarter ended December 31, 2024 compared to an unrealized gain of $621,000 on equity securities during the quarter ended December 31, 2023. The unrealized loss of $554,000 on equity securities during the quarter ended December 31, 2024 was due to market interest rate volatility during the quarter ended December 31, 2024.

    The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees.

    Regarding the sale/disposition of fixed assets, we recorded gains of $22,000 during the quarter ended December 31, 2024 compared to losses of $18,000 during the quarter ended December 31, 2023.  

    The increase in BOLI income of $14,000 was due to an increase in the yield on BOLI assets.

    The increase of $11,000 in other loan fees and service charges was due to an increase of $24,000 in ATM/debit card/ACH fees and an increase of $2,000 in deposit account fees, partially offset by a decrease of $15,000 in other loan fees and loan servicing fees.

    Non-Interest Expense

    Non-interest expense increased $688,000, or 7.5%, to $9.9 million for the quarter ended December 31, 2024 from $9.2 million for the quarter ended December 31, 2023. The increase resulted primarily from increases of $444,000 in salaries and employee benefits, $163,000 in real estate owned expense, $108,000 in outside data processing expense, $79,000 in other operating expense, $18,000 in equipment expense, $7,000 in occupancy expense, and $7,000 in advertising expense, partially offset by a decrease of $138,000 in loss on the disposition of the Bank’s assets relating to the Harbor West Wealth Management Group.

    Income Taxes

    We recorded income tax expense of $4.6 million and $5.1 million for the quarter ended December 31, 2024 and 2023, respectively. For the quarter ended December 31, 2024, we had approximately $205,000 in tax exempt income, compared to approximately $190,000 in tax exempt income for the quarter ended December 31, 2023. Our effective income tax rates were 29.5% for the quarter ended December 31, 2024 and 2023, respectively.

    Results of Operations for the Year Ended December 31, 2024 and 2023

    Net Interest Income

    Net interest income was $102.8 million for the year ended December 31, 2024 as compared to $97.2 million for the year ended December 31, 2023. The increase in net interest income of $5.6 million, or 5.8%, was primarily due to an increase in interest income that exceeded an increase in interest expense.

    The increase in interest income is attributable to increases in loans and interest-bearing deposits, partially offset by decreases in investment securities and FHLB stock. The increase in interest income is also attributable to the Federal Reserve’s interest rate increases during 2023 that continued until September 2024. However, the Federal Reserve’s decrease of interest rates starting in September 2024 impacted the yield on our interest earning assets.

    The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the year ended December 31, 2024 was due to an increase in the cost of funds on our deposits and borrowed money. The increase in interest expense was also due to increases in the average balances on our certificates of deposits, our interest-bearing demand deposits, and our borrowed money, offset by a decrease in the average balance of our savings and club deposits.

    Total interest and dividend income increased $27.5 million, or 20.8%, to $160.0 million for the year ended December 31, 2024 from $132.5 million for the year ended December 31, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $312.3 million, or 20.6%, to $1.8 billion for the year ended December 31, 2024 from $1.5 billion for the year ended December 31, 2023 and an increase in the yield on interest earning assets by two basis points from 8.73% for the year ended December 31, 2023 to 8.75% for the year ended December 31, 2024.

    Interest expense increased $21.9 million, or 62.1%, to $57.2 million for the year ended December 31, 2024 from $35.3 million for the year ended December 31, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 77 basis points from 3.58% for the year ended December 31, 2023 to 4.35% for the year ended December 31, 2024, and an increase in average interest bearing liabilities of $328.9 million, or 33.3%, to $1.3 billion for the year ended December 31, 2024 from $986.3 million for the year ended December 31, 2023.

    Net interest margin decreased 79 basis points, or 12.3%, for the year ended December 31, 2024 to 5.62% compared to 6.41% for the year ended December 31, 2023.

    Credit Loss Expense

    The Company recorded a credit loss expense reduction totaling $260,000 for the year ended December 31, 2024 compared to a credit loss expense totaling $972,000 for the year ended December 31, 2023. The credit loss expense reduction of $260,000 for the year ended December 31, 2024 was comprised of a credit loss expense reduction for off-balance sheet commitments of $334,000 and a credit loss expense reduction for held-to-maturity investment securities of $10,000, offset by a credit loss expense for loans of $84,000.

    The credit loss expense reduction for off-balance sheet commitments of $334,000 for the year ended December 31, 2024 was primarily attributed to a reduction of $157.6 million in the level of off-balance sheet commitments. The credit loss expense reduction for held-to-maturity investment securities of $10,000 for the year ended December 31, 2024 was primarily attributed to a reduction of $708,000 in the level of applicable held-to-maturity investment securities.

    The credit loss expense for loans of $84,000 for the year ended December 31, 2024 was primarily attributed to charge-offs totaling $347,000, partially offset by favorable trends in the economy.  

    The credit loss expense of $972,000 for the year ended December 31, 2023 was comprised of credit loss expense for loans of $1.5 million and credit loss expense for held-to-maturity investment securities of $5,000, partially offset by a credit loss expense reduction for off-balance sheet commitments of $548,000.

    We charged-off $347,000 during the year ended December 31, 2024 as compared to charge-offs of $313,000 during the year ended December 31, 2023. The charge-offs of $347,000 during the year ended December 31, 2024 were against various unpaid overdrafts in our demand deposit accounts. The charge-offs of $312,000 during the year ended December 31, 2023 were comprised of a charge-off of $159,000 related to three performing construction loans on the same project whereby we sold the loans to a third-party at a loss of $159,000. The remaining charge-offs of $153,000 for the 2023 period were against various unpaid overdrafts in our demand deposit accounts.

    We recorded no recoveries from previously charged-off loans during the year ended December 31, 2024 and 2023.

    Non-Interest Income

    Non-interest income for the year ended December 31, 2024 was $2.8 million compared to non-interest income of $3.7 million for the year ended December 31, 2023. The decrease of $960,000, or 25.6%, in total non-interest income was primarily due to decreases of $458,000 in investment advisory fees, $403,000 in unrealized gains (losses) on equity securities, and $357,000 in BOLI income, partially offset by increases of $207,000 in other loan fees and service charges, $40,000 from sale/disposition of fixed assets, and $11,000 in miscellaneous other non-interest income.

    The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees. The decrease in unrealized gain (loss) on equity securities was due to an unrealized loss of $109,000 on equity securities during the year ended December 31, 2024 compared to an unrealized gain of $294,000 on equity securities during the year ended December 31, 2023. The unrealized loss of $109,000 on equity securities during the 2024 period was due to market interest rate volatility during the year ended December 31, 2024.

    The decrease in BOLI income was primarily due to two death claims totaling $1.8 million on BOLI policies that resulted in additional BOLI income of $404,000 in the year ended December 31, 2023.

    The increase of $207,000 in other loan fees and service charges was due to increases of $148,000 in other loan fees and loan servicing fees, $51,000 in ATM/debit card/ACH fees, and $7,000 in deposit account fees.

    Regarding the sale/disposition of fixed assets, we recorded gains of $22,000 during the year ended December 31, 2024 compared to losses of $18,000 during the year ended December 31, 2023.

    Non-Interest Expense

    Non-interest expense increased $3.8 million, or 10.9%, to $39.1 million for the year ended December 31, 2024 from $35.2 million for the year ended December 31, 2023. The increase resulted primarily from increases of $2.1 million in salaries and employee benefits, $879,000 in other operating expense, $638,000 in real estate owned expense, $394,000 in outside data processing expense, and $233,000 in occupancy expense, partially offset by decreases of $165,000 in equipment expense, $138,000 in loss on the disposition of the Bank’s assets relating to the Harbor West Wealth Management Group, and $103,000 in advertising expense.

    Income Taxes

    We recorded income tax expense of $19.0 million and $18.5 million for the year ended December 31, 2024 and 2023, respectively. For the year ended December 31, 2024, we had approximately $802,000 in tax exempt income, compared to approximately $1.1 million in tax exempt income for the year ended December 31, 2023. The decrease in tax exempt income was due to two death claims totaling $1.8 million on BOLI policies during the year ended December 31, 2023. Our effective income tax rates were 28.4% and 28.5% for the year ended December 31, 2024 and 2023, respectively.

    Asset Quality

    Non-performing assets were $5.1 million at December 31, 2024 compared to $5.8 million at December 31, 2023.   At December 31, 2023, we had two non-performing construction loans totaling $4.4 million secured by the same project located in the Bronx, New York. We successfully foreclosed on these two loans on October 21, 2024 and the balances were transferred to foreclosed real estate. As a result, at December 31, 2024, we had two non-performing assets consisting of two foreclosed properties, with one foreclosed property totaling $4.4 million located in the Bronx, New York and one foreclosed property totaling $767,000 located in Pittsburgh, Pennsylvania.

    Our ratio of non-performing assets to total assets remained low at 0.25% at December 31, 2024 as compared to 0.33% at December 31, 2023.

    The Company’s allowance for credit losses related to loans was $4.8 million, or 0.27% of total loans as of December 31, 2024, compared to $5.1 million, or 0.32% of total loans, as of December 31, 2023. Based on a review of the loans that were in the loan portfolio at December 31, 2024, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

    In addition, at December 31, 2024, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $704,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.

    Capital

    The Company’s total stockholders’ equity to assets ratio was 15.87% as of December 31, 2024.   At December 31, 2024, the Company had the ability to borrow $834.7 million from the Federal Reserve Bank of New York, $18.2 million from the Federal Home Loan Bank of New York and $8.0 million from Atlantic Community Bankers Bank.

    The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of December 31, 2024, the Bank had a tier 1 leverage capital ratio of 14.76% and a total risk-based capital ratio of 14.04%.

    The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of the stock repurchase program totaled $23.0 million, including commission costs and Federal excise taxes.   Of the total shares repurchased under this program, 957,275 of such shares were repurchased during 2023 at a total cost of $13.7 million, including commission costs and Federal excise taxes.

    The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of December 31, 2024, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.

    About NorthEast Community Bancorp

    NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.

    Forward Looking Statement

    This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation and its impact on regional and national economic conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, decreases in deposit levels necessitating increased borrowing to fund loans and securities, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area, the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns, and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

       
    CONTACT: Kenneth A. Martinek
      Chairman and Chief Executive Officer
       
    PHONE: (914) 684-2500
       
     
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Unaudited)
           
        December 31,   December 31,
           2024       2023 
        (In thousands, except share
        and per share amounts)
    ASSETS            
    Cash and amounts due from depository institutions   $ 13,700     $ 13,394  
    Interest-bearing deposits     64,559       55,277  
    Total cash and cash equivalents     78,259       68,671  
    Certificates of deposit     100       100  
    Equity securities     21,994       18,102  
    Securities held-to-maturity ( net of allowance for credit losses of $126 and $136, respectively )     14,616       15,860  
    Loans receivable     1,813,647       1,586,721  
    Deferred loan (fees) costs, net     (49 )     176  
    Allowance for credit losses     (4,830 )     (5,093 )
    Net loans     1,808,768       1,581,804  
    Premises and equipment, net     24,805       25,452  
    Investments in restricted stock, at cost     397       929  
    Bank owned life insurance     25,738       25,082  
    Accrued interest receivable     13,481       12,311  
    Real estate owned     5,120       1,456  
    Property held for investment     1,370       1,407  
    Right of Use Assets – Operating     4,001       4,566  
    Right of Use Assets – Financing     347       351  
    Other assets     11,302       8,044  
    Total assets   $ 2,010,298     $ 1,764,135  
    LIABILITIES AND STOCKHOLDERS’ EQUITY              
    Liabilities:              
    Deposits:              
    Non-interest bearing   $ 287,135     $ 300,184  
    Interest bearing     1,383,240       1,099,852  
    Total deposits     1,670,375       1,400,036  
    Advance payments by borrowers for taxes and insurance     1,618       2,020  
    Borrowings     –       64,000  
    Lease Liability – Operating     4,108       4,625  
    Lease Liability – Financing     609       571  
    Accounts payable and accrued expenses     14,530       13,558  
    Total liabilities     1,691,240       1,484,810  
                   
    Stockholders’ equity:              
    Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding   $ —     $ —  
    Common stock, $0.01 par value; 75,000,000 shares authorized; 14,016,254 shares and 14,144,856 shares outstanding, respectively     140       142  
    Additional paid-in capital     110,091       109,924  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares     (6,088 )     (6,563 )
    Retained earnings     214,691       175,505  
    Accumulated other comprehensive income     224       317  
    Total stockholders’ equity     319,058       279,325  
    Total liabilities and stockholders’ equity   $ 2,010,298     $ 1,764,135  
                 
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
     
                             
        Quarter Ended December 31,   Year Ended December 31,
         2024    2023   2024    2023
                    (In thousands, except per share amounts)
    INTEREST INCOME:                        
    Loans   $ 39,081     $ 35,660     $ 153,902     $ 127,486  
    Interest-earning deposits     1,144       1,257       5,202       4,143  
    Securities     247       209       909       859  
    Total Interest Income     40,472       37,126       160,013       132,488  
    INTEREST EXPENSE:                        
    Deposits     15,160       11,131       55,619       34,181  
    Borrowings     5       779       1,564       1,078  
    Financing lease     9       10       38       38  
    Total Interest Expense     15,174       11,920       57,221       35,297  
    Net Interest Income     25,298       25,206       102,792       97,191  
    Provision for (reversal of) credit loss     26       205       (260 )     972  
    Net Interest Income after Provision for (Reversal of) Credit Loss     25,272       25,001       103,052       96,219  
    NON-INTEREST INCOME:                        
    Other loan fees and service charges     485       474       2,098       1,891  
    Gain (loss) on disposition of equipment     22       (18 )     22       (18 )
    Earnings on bank owned life insurance     170       156       656       1,013  
    Investment advisory fees     –       115       –       458  
    Realized and unrealized (loss) gain on equity securities     (554 )     621       (109 )     294  
    Other     26       38       116       105  
    Total Non-Interest Income     149       1,386       2,783       3,743  
    NON-INTEREST EXPENSES:                        
    Salaries and employee benefits     5,204       4,760       20,942       18,839  
    Occupancy expense     712       705       2,828       2,595  
    Equipment     229       211       890       1,055  
    Outside data processing     680       572       2,604       2,210  
    Advertising     108       101       418       521  
    Loss on disposition of business     –       138       –       138  
    Real estate owned expense     204       41       731       93  
    Other     2,785       2,706       10,649       9,770  
    Total Non-Interest Expenses     9,922       9,234       39,062       35,221  
    INCOME BEFORE PROVISION FOR INCOME TAXES     15,499       17,153       66,773       64,741  
    PROVISION FOR INCOME TAXES     4,566       5,052       18,982       18,465  
    NET INCOME   $ 10,933     $ 12,101     $ 47,791     $ 46,276  
                             
    NORTHEAST COMMUNITY BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL DATA
    (Unaudited)
                  
        Quarter Ended December 31,   Year Ended December 31,  
         2024     2023     2024    2023  
        (In thousands, except per share amounts)   (In thousands, except per share amounts)  
    Per share data:                              
    Earnings per share – basic   $ 0.83     $ 0.82     $ 3.64     $ 3.32    
    Earnings per share – diluted     0.80       0.82       3.58       3.32    
    Weighted average shares outstanding – basic     13,132       14,720       13,136       13,930    
    Weighted average shares outstanding – diluted     13,582       14,778       13,359       13,936    
    Performance ratios/data:                          
    Return on average total assets     2.19 %     2.77 %     2.50 %     2.90 %  
    Return on average shareholders’ equity     13.80 %     17.49 %     15.83 %     17.09 %  
    Net interest income   $ 25,298     $ 25,206     $ 102,792     $ 97,191    
    Net interest margin     5.29 %     6.06 %     5.62 %     6.41 %  
    Efficiency ratio     38.99 %     34.72 %     37.00 %     34.90 %  
    Net charge-off ratio     0.05 %     0.01 %     0.02 %     0.02 %  
                               
    Loan portfolio composition:                December 31, 2024
    		    December 31, 2023
    		  
    One-to-four family               $ 3,472     $ 5,252    
    Multi-family                 206,606       198,927    
    Mixed-use                 26,571       29,643    
    Total residential real estate                 236,649       233,822    
    Non-residential real estate                 29,446       21,130    
    Construction                 1,426,167       1,219,413    
    Commercial and industrial                 119,736       111,116    
    Consumer                 1,649       1,240    
    Gross loans                 1,813,647       1,586,721    
    Deferred loan (fees) costs, net                 (49 )     176    
    Total loans               $ 1,813,598     $ 1,586,897    
    Asset quality data:                          
    Loans past due over 90 days and still accruing               $ –     $ –    
    Non-accrual loans                 –       4,385    
    OREO property                 5,120       1,456    
    Total non-performing assets               $ 5,120     $ 5,841    
                               
    Allowance for credit losses to total loans                 0.27 %     0.32 %  
    Allowance for credit losses to non-performing loans                 0.00 %     116.15 %  
    Non-performing loans to total loans                 0.00 %     0.28 %  
    Non-performing assets to total assets                 0.25 %     0.33 %  
                               
    Bank’s Regulatory Capital ratios:                          
    Total capital to risk-weighted assets                 13.92 %     13.43 %  
    Common equity tier 1 capital to risk-weighted assets                 13.65 %     13.10 %  
    Tier 1 capital to risk-weighted assets                 13.65 %     13.10 %  
    Tier 1 leverage ratio                 14.44 %     14.43 %  
                                   
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
                       
        Quarter Ended December 31, 2024   Quarter Ended December 31, 2023
        Average   Interest   Average   Average   Interest   Average
         Balance    and dividend    Yield    Balance    and dividend    Yield
        (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross   $ 1,784,920     $ 39,081     8.76 %   $ 1,545,446     $ 35,660     9.23 %
    Securities     36,817       232     2.52 %     33,124       188     2.27 %
    Federal Home Loan Bank stock     455       15     13.19 %     929       21     9.04 %
    Other interest-earning assets     90,279       1,144     5.07 %     83,436       1,257     6.03 %
    Total interest-earning assets     1,912,471       40,472     8.46 %     1,662,935       37,126     8.93 %
    Allowance for credit losses     (4,833 )                 (4,771 )            
    Non-interest-earning assets     92,422                   87,557              
    Total assets   $ 2,000,060                 $ 1,745,721              
                                         
    Interest-bearing demand deposit   $ 233,112     $ 2,198     3.77 %   $ 118,691     $ 1,026     3.46 %
    Savings and club accounts     137,295       767     2.23 %     206,120       1,404     2.72 %
    Certificates of deposit     1,026,433       12,195     4.75 %     758,928       8,701     4.59 %
    Total interest-bearing deposits     1,396,840       15,160     4.34 %     1,083,739       11,131     4.11 %
    Borrowed money     1,293       14     4.33 %     67,049       789     4.71 %
    Total interest-bearing liabilities     1,398,133       15,174     4.34 %     1,150,788       11,920     4.14 %
    Non-interest-bearing demand deposit     263,711                   298,739              
    Other non-interest-bearing liabilities     21,428                   19,449              
    Total liabilities     1,683,272                   1,468,976              
    Equity     316,788                   276,745              
    Total liabilities and equity   $ 2,000,060                 $ 1,745,721              
                                         
    Net interest income / interest spread         $ 25,298     4.12 %         $ 25,206     4.79 %
    Net interest rate margin                 5.29 %                 6.06 %
    Net interest earning assets   $ 514,338                 $ 512,147              
    Average interest-earning assets to interest-bearing liabilities     136.79 %                 144.50 %            
     
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
                       
        Year Ended December 31, 2024   Year Ended December 31, 2023
        Average   Interest   Average   Average   Interest   Average
           Balance      and dividend      Yield   Balance      and dividend      Yield
        (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross   $ 1,701,079     $ 153,902     9.05 %   $ 1,401,492     $ 127,486     9.10 %
    Securities     34,765       839     2.41 %     37,819       777     2.05 %
    Federal Home Loan Bank stock     677       70     10.34 %     984       82     8.33 %
    Other interest-earning assets     92,610       5,202     5.62 %     76,542       4,143     5.41 %
    Total interest-earning assets     1,829,131       160,013     8.75 %     1,516,837       132,488     8.73 %
    Allowance for credit losses     (4,940 )                 (4,676 )            
    Non-interest-earning assets     90,675                   84,287              
    Total assets   $ 1,914,866                 $ 1,596,448              
                                         
    Interest-bearing demand deposit   $ 209,993     $ 8,498     4.05 %   $ 93,426     $ 2,459     2.63 %
    Savings and club accounts     154,430       3,799     2.46 %     248,755       6,777     2.72 %
    Certificates of deposit     917,665       43,322     4.72 %     615,124       24,945     4.06 %
    Total interest-bearing deposits     1,282,088       55,619     4.34 %     957,305       34,181     3.57 %
    Borrowed money     33,117       1,602     4.84 %     29,007       1,116     3.85 %
    Total interest-bearing liabilities     1,315,205       57,221     4.35 %     986,312       35,297     3.58 %
    Non-interest-bearing demand deposit     277,957                   322,185              
    Other non-interest-bearing liabilities     19,739                   17,139              
    Total liabilities     1,612,901                   1,325,636              
    Equity     301,965                   270,812              
    Total liabilities and equity   $ 1,914,866                 $ 1,596,448              
                                         
    Net interest income / interest spread         $ 102,792     4.40 %         $ 97,191     5.15 %
    Net interest rate margin                 5.62 %                 6.41 %
    Net interest earning assets   $ 513,926                 $ 530,525              
    Average interest-earning assets to interest-bearing liabilities     139.08 %                 153.79 %            

    The MIL Network –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 29.01.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    29 January 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 29.01.2025

    Espoo, Finland – On 29 January 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 872,093 4.33
    CEUX – –
    BATE – –
    AQEU – –
    TQEX – –
    Total 872,093 4.33

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 29 January 2025 was EUR 3,777,558. After the disclosed transactions, Nokia Corporation holds 234,286,805 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI USA: Cassidy Questions HHS Secretary Nominee During Finance Committee Hearing

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – Today, U.S. Senator Bill Cassidy, M.D. (R-LA) questioned Robert F. Kennedy Jr., nominee for Secretary of the U.S. Department of Health and Human Services (HHS), at his confirmation hearing before the Senate Finance Committee. 
    Senator Cassidy: Mr. Kennedy, President Trump has sworn to protect Medicare. Republicans are exploring reforms to Medicaid that could help pay for Trump administration priorities. With this context, what will you do about dual eligibles?
    Mr. Kennedy: About—
    Senator Cassidy: Dual-eligibles.
    Mr. Kennedy: Well, dual-eligibles are not right now served very well under the system. Those are people who are eligible for both Medicaid and Medicare. And I, you know, I suppose my answer to that is to make sure that the programs are consolidated, that they are integrated, and that care is integrated. I look forward to working with you, Dr. Cassidy, on making sure that we take good care of people who are dual-eligible.
    Senator Cassidy: How would we—how do you propose that we integrate those programs? Does Medicare pay more, Medicare pay less, Medicaid pay more, Medicaid pay less? How do we do that?
    Mr. Kennedy: I’m not exactly sure because I’m not in there. I mean, it is difficult to integrate them because Medicaid—Medicare is under fee for service, paid for by employer taxes. Medicaid is fully paid for federal government and it’s not fee for service. So, it’s—I do not know the answer to that. I look forward to exploring options with you.
    Senator Cassidy: Republicans again are looking at ways to potentially reform Medicaid to help, you know, pay for President Trump’s priorities, but to improve outcomes. What thoughts do you have regarding Medicaid reform?
    Mr. Kennedy: Well, Medicaid is not working for Americans, and it’s specifically not working for the target population. Most Americans like myself, I’m on Medicare Advantage, and I’m very happy with it. Most people who are on Medicaid are not happy. The premiums are too high, the deductibles are too high. The networks are narrow. The best doctors will not accept it at the best hospitals. And particularly, Medicaid was originally designed for a target population, the poorest Americans. It’s now been dramatically expanded. And the irony of the expansion is that the poorest Americans are now being robbed. Their services have dramatically decreased even though we’ve increased the price of Medicare by 60 percent over the last 4 years. The target population is being robbed. We need to figure out other options.
    Senator Cassidy: With that said, obviously you’ve thought about that and I appreciate that. What reforms do you recommend, again, that would improve services I suppose, but also make it more cost efficient?
    Mr. Kennedy: Well, President Trump has given me the charge of improving quality of care and lowering the price of care for all Americans. There are many things that we can do, I mean, what we want to, the ultimate outcome, I think, is to increase transparency, increase accountability, and to transition to a value-based system rather than a fee-based system—service-based system. 
    Senator Cassidy. On Medicaid in particular, can you just kind of take those kind of general principles and apply it to the Medicaid program?
    Mr. Kennedy: You know I, listen, I think that there are many, many options with telemedicine, with AI right now. And, you know there’s a—including direct primary care systems, we are seeing that movement grow across the country. There’s a—one of the largest providers—
    Senator Cassidy: So, so knowing, going back to Medicaid, though. And speaking of these specific advances, how would you, what reforms are you proposing, with these ideas vis a vis Medicaid?
    Mr. Kennedy: Well, I don’t have a broad proposal for dismantling the program—
    Senator Cassidy: I’m not saying—of course not saying that.
    Mr. Kennedy: I think what we need to do is we need to experiment with pilot programs in each state. We need to keep our eye on the ultimate goal, which is value-based care, which is transparency, accountability, access.
    Senator Cassidy: And one more thing, going back to Medicare, you mentioned you’re an MA. You mentioned earlier the Medicare fee for service. Do you have any kind of thoughts as to, whether or not patients on fee for service should move into MA or how should we handle that?
    Mr. Kennedy: Whether patients—
    Senator Cassidy: Who are on Medicare fee for service.
    Mr. Kennedy: For traditional Medicare?
    Senator Cassidy: Yes.
    Mr. Kennedy: That’s their choice right now. I mean, we have I think 32 million Americans, or 30 million Americans on Medicare—on traditional Medicare, and then another 34, or thirty—34 on Medicare Advantage, roughly half and half. And I think more people would rather be on Medicare Advantage because it offers very good services, but people can’t afford it. It’s much more expensive. Oh, and answer to your first question, there, you know, are all kinds of exciting things that we can be doing, including cooperatives, which President Trump has supported, including health savings accounts, which President Trump has supported. All of these things to make people more accountable for their own health.
    Senator Cassidy: And so we bring the cooperatives and the health savings accounts into Medicare and Medicaid? 
    Mr. Kennedy: Exactly. We try to—try to increase those, the use of those and to direct primary care to continue to transition into  a value-based program that is private. Americans don’t, by and large, do not like the Affordable Care Act. People are on it. They don’t like Medicaid. They like Medicare. And they like private insurance. We need to listen to what people, they would prefer to be on private insurance. Most Americans, if they can afford to be, will be on private insurance. We need to figure out ways to improve care, particularly for elderly, for veterans, for the poor in this country, and Medicaid, the current model is not doing that. I would ask, you know, any of the Democrats who are chuckling just now. Do you think all that money, the $900 billion that we’re sending to Medicaid every year has made Americans healthy? Do we think it’s working for anybody? Are the premiums low enough?

    MIL OSI USA News –

  • MIL-OSI USA: Durbin: If Your Goal Is To Make America Great Again, Why Would You Start By Cutting Basic Services For Families?

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    January 29, 2025

    In a speech on the Senate floor, Durbin listed the critical programs—VAWA funding, veterans’ support, early education programs—that were thrown into chaos by the OMB memo that put ahold on federal funding

    WASHINGTON – In a speech on the Senate floor last night, U.S. Senate Democratic Whip Dick Durbin (D-IL) denounced the Trump Administration’s decision to issue an Office of Management and Budget (OMB) memo to “temporarily pause all activities related to obligation or disbursement of trillions of dollars of Federal financial assistance,” which caused mass confusion about the funding and operations of hundreds of government-funded programs ranging from Medicaid, to Head Start, to Violence Against Women Act grants.  Shortly before the federal funding freeze began, U.S. District Court Judge Loren L. Alikhan, who was confirmed under Durbin’s tenure as Chair of the Senate Judiciary Committee, temporarily blocked the move by the Trump Administration.

    In his remarks, Durbin emphasized that the Trump Administration does not have the authority to institute a federal funding freeze as Congress holds the constitutional power of the purse.

    “He [Acting OMB Director Matthew Vaeth] sent out a letter, or memo, that basically called for a temporary pause in government spending.  By what authority did he do that? I don’t know. I’ve been in Congress for a few years.  I’ve never quite seen anyone with an ‘Acting’ before their name have this much authority and power, but he had a lot.  He has taken to himself the decision-making that affects families all over the United States, including in my State of Illinois,” Durbin said.

    “But he [Vaeth] basically paused federal spending… so that these recipients could answer the basic questions as to whether they’re loyal to his point of view.  He referred to those who didn’t agree with him as Marxists, as in Karl Marx… Who is this guy?  How does he have this much authority? How is he able to say things like that that are so blatantly political?” Durbin said.

    The memo caused immediate panic across the country as states’ Medicaid portals shut down and Head Start programs worried that they would not be open the following day to provide critical child care.  The Trump Administration failed, when asked repeatedly, to provide clear guidance about what programs would be safe from being defunded.

    “This poorly conceptualized, poorly communicated policy has created mass confusion in my state and across the nation.  Worst yet, it has endangered [the] health, safety, [and] welfare of Americans across the country.  The proposed freeze mandates that the government ‘temporarily pause’ the disbursement of key funds… We’re going to temporarily pause reimbursement to local units of government and charities, for example, while we decide whether they’re living up to the standards of Donald Trump in terms of his political values,” Durbin continued.

    Durbin read out some of the programs that were thrown into chaos by the OMB memo, beginning with Head Start and domestic violence survivor programs.

    “For many families, Head Start is day care.  Head Start is Pre-K.  Head Start is a chance for kids in tough family circumstances to have a fighting chance.  Of course, the Head Start agencies need to get their federal funds to keep the lights on, to feed the kids, to make sure they can heat the buildings in the winter,” Durbin said.

    “The other one is violence against women.  The groups are calling us in Illinois.  They call me because the Senate Judiciary Committee, which I serve on, authored this bill years ago.  A Senator from Delaware at the time, Joe Biden, introduced this legislation.  What it boils down to, is if you’re a victim of domestic violence, there are grants available to provide safe and secure places for you to stay, rather than [keeping you] in these horrible, violent situations at home.  What are we going to do with Mr. Vaeth’s idea to put this on temporary pause?” Durbin said.

    Durbin continued providing examples of threatened federal funding, including natural disaster relief, veterans benefits, and small business loans.  Durbin pointed to the double standard of pausing federal aid to small businesses when major corporations, including Elon Musk’s company, Tesla, has received support from the federal government to stave off bankruptcy.

    “Natural disaster relief speaks for itself.  You think of the poor folks in California trying to recover from their wildfires.  Think of the flooding, hurricanes, all the other events that take place.  There are people who need a helping hand,” Durbin said.

    “So many aspects of business rely on just a helping hand to get started.  If you think loans to businesses are for little businesses, keep in mind that in 2009, Elon Musk came to the Obama Administration and asked for a loan so that his Tesla car company wouldn’t go into bankruptcy.  There are a lot of smaller businesses just as desperate to get a helping hand,” Durbin said.

    Durbin concluded his remarks by criticizing the Trump Administration for claiming to support American families while attempting to tear away the basic services and programming that Americans rely on.  Durbin underscored that President Trump’s own team could not answer basic questions about the policy he attempted to institute.

    “If your goal is to ‘Make America Great Again,’ why start by cutting these basic services for families and deserving people across this country?” Durbin said.  “We’re better than that.  I’m proud of a nation that cares for people that need a helping hand.  I’m not ashamed to say that.”

    “Even the President’s own Press Secretary a few minutes ago was unable to even answer the questions about what was going on with this OMB Director.  You know why?  Because this move is nothing more than a power grab designed to target the most vulnerable and disguise it as a way ‘to analyze government spending,’” Durbin said. “The President is blatantly violating the law by holding up these vital funds across America.”

    “This measure [temporary pause by the federal judge] is only delaying chaos and uncertainty if it’s President Trump’s determined effort to make sure that this happens.  We will not stand idly by while the President plays fast and loose with our nation’s laws and the American peoples’ lives and livelihoods.  We can have fiscal responsibility, we could have a budget we’re proud of, but this action taken by a fellow last night, somewhere in the bowels of a building here in Washington, is hurting people all across America.  You can’t help American families be great if you don’t give them a fighting chance,” Durbin concluded.

    Video of Durbin’s remarks on the Senate floor is available here.

    Audio of Durbin’s remarks on the Senate floor is available here.

    Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.

    -30-

    MIL OSI USA News –

  • MIL-OSI Canada: Prime Minister Justin Trudeau speaks with premiers on the Canada–U.S. relationship

    Source: Government of Canada – Prime Minister

    Today, Prime Minister Justin Trudeau and the Minister of Finance and Intergovernmental Affairs, Dominic LeBlanc, met virtually with Canada’s premiers to discuss the Canada-U.S. relationship. As a follow-up to last week’s call, the Prime Minister reiterated the importance of lifting barriers to trade between provinces and territories and looked forward to the outcomes of the urgent meeting of the Committee on Internal Trade in Toronto, Ontario, this Friday. The Prime Minister and the premiers offered updates on the implementation of Canada’s border plan and complementary provincial and territorial actions.

    The Prime Minister and the premiers discussed the ongoing threat of U.S. tariffs against Canadian goods, which will make life less affordable for Canadians and Americans alike and weaken economic growth in both countries. Defending our valued trade relationship remains the objective of all First Ministers.

    The Prime Minister and the premiers voiced their commitment to a strong response if tariffs are imposed. They discussed options for federal, provincial, and territorial governments to mitigate the impacts on Canadian workers, families, and businesses.

    The leaders agreed to continue their outreach to American officials at the federal, state, and local levels to raise awareness of the mutually beneficial partnership between Canada and the United States. In particular, First Ministers noted that bilateral trade in energy and critical minerals is hardwired into the Canadian and U.S. economies, and that Canada is the most reliable source of the critical minerals that support the U.S. defence and technology sectors. They also underscored the importance of the energy sector to our bilateral relationship, noting the collaborative efforts of governments and industry in supporting both Canadian and U.S. interests and bolstering the security posture of both countries.

    The Prime Minister and the premiers recommitted to continue working together to stand up for Canadian consumers, jobs, and businesses. First Ministers agreed to reconvene next week, or earlier if required, to discuss next steps in Canada’s engagement with the U.S.

    Associated Links

    MIL OSI Canada News –

  • MIL-OSI Canada: New cabinet committee will protect B.C.’s economy from tariff threat

    Premier David Eby is tasking a new cabinet committee with co-ordinating the whole-of-government approach to protect B.C.’s workers, businesses and economy against ongoing tariff threats from the United States.

    Ravi Kahlon, Minister of Housing and Municipal Affairs, will chair the committee, which will act as a day-to-day war room, co-ordinating actions across government to fight back on behalf of British Columbians and grow the province’s economy.

    “The proposed U.S. tariffs are a direct attack on B.C.’s families,” Premier Eby said. “This threat isn’t going away anytime soon – not while this president is in power. Every minister has an important role to play in fighting back. Minister Kahlon brings deep experience in government to the table and is uniquely positioned to co-ordinate this work across government ministries.”

    The B.C. government has stepped up with a three-point strategy to fight back and protect British Columbians: respond to U.S. tariffs with tough counter-actions and outreach to American decision-makers; strengthen B.C.’s economy by expediting projects and supporting industry and workers; and diversify trade markets for products so British Columbia is less reliant on U.S. markets and customers.

    “We didn’t ask for this fight, but B.C. will not be bullied,” Kahlon said. “My colleagues and I will work shoulder to shoulder with workers, business and community leaders to meet this moment.”

    The new committee will ensure that B.C.’s response is fast, tough and fully focused on protecting British Columbians, while strengthening, growing and diversifying the province’s economy for the long-term.

    Members of the new cabinet committee are:

    • Ravi Kahlon, Minister of Housing and Municipal Affairs (chair)
    • Diana Gibson, Minister of Jobs, Economic Development and Innovation
    • Brenda Bailey, Minister of Finance
    • Adrian Dix, Minister of Energy and Climate Solutions
    • Lana Popham, Minister of Agriculture and Food
    • Randene Neill, Minister of Water, Land and Resource Stewardship
    • Rick Glumac, Minister of State for Trade
    • Ravi Parmar, Minister of Forests
    • Jagrup Brar, Minister of Mining and Critical Minerals
    • Tamara Davidson, Minister of Environment and Parks

    MIL OSI Canada News –

  • MIL-OSI USA: Federal Court Orders International Enterprise to Pay Over $451 Million for Global Binary Options Fraud

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — The Commodity Futures Trading Commission today announced the U.S. District Court for Northern District of Illinois issued an order of default judgment against five offshore entities and three individuals, finding them liable for fraud and other violations of the Commodity Exchange Act and CFTC regulations in connection with a global retail binary options fraud that victimized U.S. residents. The defendants executed their unlawful scheme through internet websites using fictitious trade names such as BigOption, BinaryBook, and BinaryOnline. 
    The following foreign entities and Israeli citizens were found liable for, and enjoined from, fraud and other violations:

    Yukom Communications Ltd., incorporated in Israel
    Linkopia Mauritius Ltd., incorporated in Mauritius
    Wirestech Limited d/b/a BigOption, incorporated in the Marshall Islands
    WSB Investments Ltd. d/b/a BinaryBook, incorporated in Anguilla, the United Kingdom, St. Vincent and the Grenadines, and Gibraltar
    Zolarex Ltd. d/b/a BinaryOnline, incorporated in the Marshall Islands
    Yossi Herzog 
    Lee Elbaz 
    Shalom Peretz

    The order finds the defendants engaged in fraud and other violations and orders them to pay, jointly and severally, $112.9 million in restitution and a $338.7 million civil monetary penalty. The order also permanently enjoins them from engaging in conduct that violates the CEA, as charged, and permanently bans them from registering with the CFTC and from trading in any CFTC-regulated markets. 
    The order stems from the CFTC’s complaint, filed Aug. 12, 2019, charging defendants with fraud and other violations. [See CFTC Press Release No. 7995-19]
    Case Background
    The order finds that from March 26, 2014, until the filing of the complaint on Aug. 12, 2019, the defendants made numerous fraudulent misrepresentations to customers on websites and through email and telephone solicitations, telling customers that binary option transactions were profitable, when in fact the substantial majority of their customers lost money, and individual brokers misrepresented their names, financial expertise, and physical location. The order finds the defendants misappropriated customer funds and made additional misrepresentations to thwart customers’ attempts to withdraw their funds, including failing to disclose material information about so-called “bonuses” and “risk-free trades.” The defendants also manipulated their trading platform’s risk settings to limit or prevent customers from being “in the money” with winning trades.
    Previous Settlement
    The court previously entered a consent order against another defendant involved in the fraud, Yakov Cohen, which resolved similar allegations against Cohen and required that he disgorge $7 million in ill-gotten gains received from his participation in the fraudulent binary options scheme.  [See CFTC Press Release 8962-24]
    Parallel Criminal Actions
    On Aug. 7, 2019, Elbaz was convicted by a federal jury of wire fraud and conspiracy to commit wire fraud in violation of criminal statutes based upon substantially the same underlying facts as alleged in the CFTC complaint, she was sentenced to 20 years in prison, and ordered to pay restitution of $28 million in United States v. Elbaz, No. 18-cr-00157 (D. Md.)
    Cohen pled guilty to a charge of conspiracy to commit wire fraud predicated on the same conduct charged in CFTC’s complaint. He was sentenced to 5.5 years in prison on Aug.15, 2024 and ordered to pay $7 million in restitution on January 22, 2025, in United States v. Yakov Cohen, No. 19 cr 77-1 PX (D. Md.).
    The CFTC thanks the U.S. Attorney’s Office for the District of Maryland for their assistance in this matter. 
    The Division of Enforcement staff responsible for this case are Heather Dasso, Elizabeth N. Pendleton, Elizabeth Streit, Scott R. Williamson, and Robert T. Howell.   
    * * * * * * *
    Fraud Advisory
    The CFTC’s Office of Customer Education and Outreach and the SEC’s Office of Investor Education and Advocacy have issued a joint investor alert to warn about fraudulent schemes involving binary options and their trading platforms. The alert warns customers the perpetrators of these unlawful schemes may refuse to credit customer accounts, deny fund reimbursement, commit identity theft, and manipulate software to generate losing trades.
    The CFTC also urges the public to verify a company’s registration at NFA BASIC before committing funds. Customers should be wary of providing funds to any unregistered entity.
    Suspicious activities or information, such as possible violations of commodity trading laws, can be reported to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online or contact the CFTC Whistleblower Office. Whistleblowers may be eligible to receive between 10 and 30 percent of the monetary sanctions collected, paid from the CFTC Customer Protection Fund financed through monetary sanctions paid to the CFTC by violators of the CEA.

    MIL OSI USA News –

  • MIL-OSI: Pulse Announces a $10.0 Million Seismic Data Licensing Agreement and Provides Revenue Update

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Jan. 29, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to announce the signing of a $10.0 million seismic data licensing sales contract for 3D seismic data located in West Central Alberta. Pulse’s data library provides extensive seismic coverage critical for today’s data focused exploration and development companies throughout Western Canada.

    The Company is also pleased to provide a preliminary update on recent licensing revenue. Since October 1, 2024, the Company has licensed $21.7 million of data. Of this amount, $5.6 million was licensed in the fourth quarter of 2024, bringing expected total revenue for 2024 to $23.4 million. For 2025, including the deal announced today, total licensing revenue is $16.1 million.

    “As owners of Canada’s largest licensable seismic data library, we value our client relationships and the role our subsurface data plays as a strategic risk mitigation tool for the energy industry,” stated Neal Coleman, the Company’s President and CEO. “We are very pleased to report this material data licensing agreement, helping our clients maximize the value of their projects, while also generating returns for Pulse. Significant sales such as this, produce material incremental free cashflow for the Company,” Coleman continued.

    Pulse returned $9.5 million of capital to shareholders in 2024 through dividends and share buybacks. In the second quarter of 2024 the Company increased its regular quarterly dividend by 9%, to an annualized dividend of $0.06 per share. Additionally, a special dividend of $0.05 per share was paid in the third quarter of 2024. Dividends of $0.10875 per common share were declared and paid in 2024, representing a total of $5.6 million. The Company purchased and cancelled approximately 1.8 million shares under its normal course issuer bid in 2024, contributing $3.9 million of the $9.5 million in total capital returned in the year.

    These figures are preliminary and have not yet been audited or reviewed by our auditors. The Company will release its 2024 annual and fourth quarter financial results on February 13, 2025, after markets close.

    Significant quarterly and annual fluctuations in data sales are intrinsic to the seismic data library business. The Company remains focused on maintaining a strong balance sheet, a low-cost structure and providing excellent customer care.

    CORPORATE PROFILE

    Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada’s oil and natural gas exploration and development occur.

    For further information, please contact:

    Neal Coleman, President and CEO
    Or
    Pamela Wicks, VP Finance and CFO

    Tel.: 403-237-5559
    Toll-free: 1-877-460-5559
    E-mail: info@pulseseismic.com.
    Please visit our website at www.pulseseismic.com

    PDF available: http://ml.globenewswire.com/Resource/Download/57936ee4-ab00-4327-a730-9854ad3d848c

    The MIL Network –

  • MIL-OSI: Landmark Bancorp, Inc. Announces Conference Call to Discuss Fourth Quarter 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    Manhattan, KS, Jan. 29, 2025 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (Nasdaq: LARK) announced that it will release earnings for the fourth quarter of 2024 after the market closes on Tuesday, February 4, 2025. The Company will host a conference call to discuss these results on Wednesday, February 5, 2024 at 10:00 am (CT). Investors may listen to the Company’s earnings call via telephone by dialing (833) 470-1428 and using access code 296482. Investors are encouraged to call the dial-in number at least 5 minutes prior to the scheduled start of the call.

    A replay of the earnings call will be available through February 12, 2025, by dialing (866) 813-9403 and using access code 817329.

    About Landmark

    Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the NASDAQ Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, LaCrosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

    Contact:
    Mark A. Herpich
    Chief Financial Officer
    (785) 565-2000

    The MIL Network –

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

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

    ABC

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

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

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

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

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

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

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

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

    A familar cast

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

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

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

    Perfect timing

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

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

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

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

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

    Two sides to each story

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

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

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

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

    Optics is streaming now on ABC iView.

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

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

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Economics: Eyedea’s AI-powered visual recognition software protected and monetized by Thales Sentinel Platform

    Source: Thales Group

    Headline: Eyedea’s AI-powered visual recognition software protected and monetized by Thales Sentinel Platform

    • Thales Sentinel protects Eyedea technologies based on artificial intelligence and machine learning, assuring customers that software is secure, trusted and validated
    • Enables Eyedea to scale revenue streams and focus on technology innovation

    Thales today announced a collaboration with the visual recognition technology company Eyedea, enabling the company to deploy and protect its AI-powered and machine learning visual recognition software for customers around the world using Thales Sentinel, the world’s leading software monetization and protection platform.

    With high-profile, security-conscious customers including international and national police organisations such as Interpol, Europol and the Czech Police, Eyedea was originally established in 2006 by a research group from the Czech Technical University in Prague’s Centre for Machine Perception.

    The company offers AI visual recognition software that can classify things such as vehicle make and models, number plates, train carriage numbers and more, from CCTV footage. ​ From standard traffic cameras, their technology recognises activities such as distracted drivers, unfastened or fastened seatbelts, and counts passengers for use in environments like carpool lanes. In addition, Eyedea’s technology can make human factors and vehicle license plates unidentifiable in image data, ensuring compliance with GDPR and other local data protection laws.

    “We’re very proud of the long-standing relationship we’ve built with Eyedea. Thales Sentinel has been able to offer IP protection and flexible packaging as their AI-based software has grown to support hundreds of public and private customers worldwide. We look forward to continuing to work together as Eyedea further innovates and evolves its AI technology,” commented Damien Bullot, Vice President Software Monetization at Thales.

    “Thales Sentinel is essential for us to go-to-market in a secure and assured way. Our customers need to be able to trust that access to our software is safeguarded, while we need to protect our IP and manage the active deployments we have. Thales Sentinel does a fantastic job of handling both, and our long-standing partnership with them allows us to scale our revenue streams, and focus more of our time on technology innovation, as time goes on,” said Martin Urban, CEO at Eyedea.

    Eyedea’s customers use its AI recognition software by embedding it into existing hardware and software they’re using. This is delivered via software development kits (SDKs) supplied by Eyedea, alongside a Thales Sentinel license on a hardware key. The combination of the hardware key along with the SDK not only provides assurance to customers that their access to the software is safeguarded, but also that the team at Eyedea can be sure there’s no unauthorised use or tampering of their software.

    The Sentinel Envelope secures the software from breaches, and the Sentinel Licensing further enables Eyedea to offer varying packaging tiers based on customer requirements. This includes the flexibility to offer customers a free three-month trial which expires based on time or volume of usage, which customers can then opt to purchase as a one-year license.

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence & Security, Aeronautics & Space, and Cyber & Digital.

    It develops products and solutions that help make the world safer, greener and more inclusive.

    The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.

    Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.

    MIL OSI Economics –

  • MIL-OSI Economics: U.S. Coast Guard awards Verizon Business $66 million Enterprise Infrastructure Solutions task order

    Source: Verizon

    Headline: U.S. Coast Guard awards Verizon Business $66 million Enterprise Infrastructure Solutions task order

    WASHINGTON, D.C. – The U.S. Coast Guard has awarded Verizon Business an 8-year Enterprise Infrastructure Solutions (EIS) task order worth up to $66 million over the life of the contract. Under this agreement, Verizon will provide Wi-Fi, phone, data, and other services to the U.S. Coast Guard’s C5I (Command, Control, Communication, Computer, Cyber, and Intelligence) office.

    Verizon will be partnering with the Coast Guard to phase out end-of-life TDM services, implementing solutions like a cellular-based POTS replacement for essential voice communications. This includes offering Contact Center as a Service (CCaaS), delivering secure IL-4 (Impact Level 4) software-based solutions for Coast Guard call centers.

    “The U.S. Coast Guard task order is yet another example of the strong relationship Verizon enjoys with a number of federal agencies, to include the Department of Homeland Security (DHS), the Department of Defense (DoD), the Department of Veterans Affairs and more” said Michael Adams, associate vice president for federal civilian services at Verizon. “The trust placed in Verizon by the federal government is indicative of the reliability and security of our enterprise solutions.”

    While the base task order spans 12 months, it may extend up to an eight-year period of performance. Verizon will deliver EIS services, including internet protocol service (IPS), broadband internet service (BIS), internet protocol voice service (IPVS), toll-free service, managed network services, managed security services, contact center services, and related equipment.

    Verizon has earned the trust of the U.S. Armed Forces through a number of contract wins, including a 10-year, $2.67 billion multiple award contract with the U.S. Navy, a $1 billion DoD engagement to overhaul the Pentagon’s network, and a $78 million digital modernization contract with Naval District Washington.

    For more information on Verizon’s work across the public sector, visit our website.

    MIL OSI Economics –

  • MIL-Evening Report: Women don’t have a ‘surge’ in fertility before menopause – but surprise pregnancies can happen, even after 45

    Source: The Conversation (Au and NZ) – By Karin Hammarberg, Adjunct Senior Research Fellow, Global and Women’s Health, School of Public Health & Preventive Medicine, Monash University

    IKO-studio/Shutterstock

    Every now and then we see media reports about celebrities in their mid 40s having surprise pregnancies. Or you might hear stories like these from friends or relatives, or see them on TV.

    Menopause signals the end of a woman’s reproductive years and happens naturally between age 45 and 55 (the average is 51). After 12 months with no periods, a woman is considered postmenopausal.

    While the chance of pregnancy is very low in the years leading up to menopause – the so called menopausal transition or perimenopause – the chance is not zero.

    So, what do we know about the chance of conceiving naturally after age 45? And what are the risks?

    Is there a spike in fertility before menopause?

    The hormonal changes that accompany perimenopause cause changes to the menstrual cycle pattern, and some have suggested there can be a “surge” in fertility at perimenopause. But there’s no evidence this exists.

    In the years leading up to menopause, a woman’s periods often become irregular, and she might have some of the common symptoms of menopause such as hot flushes and night sweats.

    This might lead women to think they have hit menopause and can’t get pregnant anymore. But while pregnancy in a woman in her mid 40s is significantly less likely compared to a woman in her 20s or 30s, it’s still possible.

    The stats for natural pregnancies after age 45

    Although women in their mid- to late 40s sometimes have “miracle babies”, the chance of pregnancy is minimal in the five to ten years leading up to menopause.

    The monthly chance of pregnancy in a woman aged 30 is about 20%. By age 40 it’s less than 5% and by age 45 the chance is negligible.

    We don’t know exactly how many women become pregnant in their mid to late 40s, as many pregnancies at this age miscarry. The risk of miscarriage increases from 10% in women in their 20s to more than 50% in women aged 45 years or older. Also, for personal or medical reasons some pregnancies are terminated.

    According to a review of demographic data on age when women had their final birth across several countries, the median age was 38.6 years. But the range of ages reported for last birth in the reviewed studies showed a small proportion of women give birth after age 45.

    Having had many children before seems to increase the odds of giving birth after age 45. A study of 209 women in Israel who had conceived spontaneously and given birth after age 45 found 81% had already had six or more deliveries and almost half had had 11 or more previous deliveries.

    Conceiving naturally at age 45 plus is not unheard of.
    pixelheadphoto digitalskillet/Shutterstock

    There’s no reliable data on how common births after age 45 are in Australia. The most recent report on births in Australia show that about 5% of babies are born to women aged 40 years or older.

    However, most of those were likely born to women aged between 40 and 45. Also, the data includes women who conceive with assisted reproductive technologies, including with the use of donor eggs. For women in their 40s, using eggs donated by a younger woman significantly increases their chance of having a baby with IVF.

    What to be aware of if you experience a late unexpected pregnancy

    A surprise pregnancy late in life often comes as a shock and deciding what to do can be difficult.

    Depending on their personal circumstances, some women decide to terminate the pregnancy. Contrary to the stereotype that abortions are most common among very young women, women aged 40–44 are more likely to have an abortion than women aged 15–19.

    This may in part be explained by the fact older women are up to ten times more likely to have a fetus with chromosomal abnormalities.

    There are some extra risks involved in pregnancy when the mother is older. More than half of pregnancies in women aged 45 and older end in miscarriage and some are terminated if prenatal testing shows the fetus has the wrong number of chromosomes.

    This is because at that age, most eggs have chromosomal abnormalities. For example, the risk of having a pregnancy affected by Down syndrome is one in 86 at age 40 compared to one in 1,250 at age 20.

    There are some added risks associated with pregnancy when the mother is older.
    Natalia Deriabina/Shutterstock

    Apart from the increased risk of chromosomal abnormalities, advanced maternal age also increases the risk of stillbirth, fetal growth restriction (when the unborn baby doesn’t grow properly), preterm birth, pre-eclampsia, gestational diabetes and caesarean section.

    However, it’s important to remember that since the overall risk of all these things is small, even with an increase, the risk is still small and most babies born to older mothers are born healthy.

    Multiple births are also more common in older women than in younger women. This is because older women are more likely to release more than one egg if and when they ovulate.

    A study of all births in England and Wales found women aged 45 and over were the most likely to have a multiple birth.

    The risks of babies being born prematurely and having health complications are higher in twin than singleton pregnancies, and the risks are highest in women of advanced maternal age.

    What if you want to become pregnant in your 40s?

    If you’re keen to avoid pregnancy during perimenopause, it’s recommended you use contraception.

    But if you want to get pregnant in your 40s, there are some things you can do to boost your chance of conceiving and having a healthy baby.

    These include preparing for pregnancy by seeing a GP for a preconception health check, taking folic acid and iodine supplements, not smoking, limiting alcohol consumption, maintaining a healthy weight, exercising regularly and having a nutritious diet.

    If you get good news, talking to a doctor about what to expect and how to best manage a pregnancy in your 40s can help you be prepared and will allow you to get personalised advice based on your health and circumstances.

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

    – ref. Women don’t have a ‘surge’ in fertility before menopause – but surprise pregnancies can happen, even after 45 – https://theconversation.com/women-dont-have-a-surge-in-fertility-before-menopause-but-surprise-pregnancies-can-happen-even-after-45-247454

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: New analysis of asteroid dust reveals evidence of salty water in the early Solar System

    Source: The Conversation (Au and NZ) – By Nick Timms, Associate Professor, School of Earth and Planetary Sciences, Curtin University

    A view of eight sample trays containing the final sample material from asteroid Bennu. Erika Blumenfeld & Joseph Aebers/JSC

    In October 2020, a van-sized robotic spacecraft briefly touched down on the surface of Bennu, a 525-metre-wide asteroid 320 million kilometres from Earth.

    As part of NASA’s OSIRIS-REx mission, the spacecraft not only spent two years orbiting and imaging the asteroid, it also collected a precious sample of dust and small rocks from Bennu’s rubbly surface.

    In September 2023, a capsule containing the pristine asteroid sample returned to Earth, landing in the Utah desert in the United States.

    Since then, an international team of scientists – of which we are members – have been busy studying the roughly 120 grams of material collected from Bennu.

    Our findings are revealed in two new papers published in Nature and Nature Astronomy today. They indicate that water may have once been present on Bennu’s parent body, and offer new insights into the chemistry of the early Solar System.

    Pristine remnants of rocks from deep time

    Asteroids are fragmentary remnants of pre-existing parent bodies from early in our Solar System’s history that have since been destroyed by collisions with other objects. They orbit the Sun and come in many different shapes, sizes and chemical compositions.

    Asteroid Bennu was targeted for the OSIRIS-REx mission because remote sensing observations from Earth indicated it as a B-type asteroid. These asteroids are rich in carbon and hydrated clay minerals, possibly sharing similarities to the most primitive group of meteorites on Earth, known as carbonaceous chondrites.

    Unlike meteorite samples, samples collected from asteroids have not been physically or chemically modified by Earth’s atmosphere and biosphere. This allows us to tackle key questions about the evolution of the early Solar System, planet formation, and the ingredients for life.

    Another aim of the OSIRIS-REx mission is to link findings from samples in the laboratory to those from remote sensing techniques. This helps us corroborate astronomical observations of asteroids to improve our surveys of the Solar System.

    Curation teams process the sample return capsule from NASA’s OSIRIS-REx mission in a cleanroom.
    Keegan Barber/NASA

    Tiny crystals of salt minerals

    To prevent contamination, the sealed capsule containing the sample was stored and handled in a huge glass box when it was returned to Earth. This tank had rubber gloves feeding into it from the side so scientists could handle the samples without directly touching them. It had also been purged with nitrogen to keep out moisture and oxygen from Earth’s atmosphere.

    When we analysed the interior of Bennu’s dust particles, we were surprised to find tiny crystals of the salt minerals known as halite and sylvite.

    This was a breakthrough discovery.

    Halite is extremely rare in meteorites. It has only been found in three out of hundreds of thousands of known meteorites on Earth. We also know that halite is highly soluble. It can degrade quickly when exposed to air or water on Earth.

    Other members of the OSIRIS-REx sample analysis team identified a variety of other salt minerals in the Bennu sample. These included sodium carbonates, phosphates, sulphates and fluorides.

    These minerals can form by the evaporation of brines – similar to deposits that form in Earth’s salt lakes.

    By comparing these results with the chemical makeup of salt lakes on Earth, a picture began to emerge of brines evaporating on the parent body of asteroid Bennu, leaving behind salts as evidence.

    Tiny crystals of several minerals including sodium carbonate (pictured here) were found in samples of the asteroid Bennu.
    Timothy McCoy/Smithsonian

    A variety of organic compounds

    This discovery provides a new insight into water activity during the earliest times in our Solar System. But the presence of salt minerals is significant for another reason.

    On Earth, these minerals are a catalyst for the formation of organic compounds such as nucleobases and nucleosides – the prebiotic building blocks of terrestrial biology.

    And indeed, in a separate analysis of the Bennu sample, other colleagues on the OSIRIS-REx mission identified a wide variety of organic compounds present on the carbon- and nitrogen-rich asteroid.

    These compounds include 14 of the 20 amino acids we also find in Earth’s biological processes. They also include several amino acids that are absent in known biology, ammonia, and all five nucleobases found in RNA and DNA.

    Even though no life was detected on Bennu, the two new studies show that a briny, carbon-rich environment on Bennu’s parent body was suitable for assembling the building blocks of life.

    In September 2023, a capsule containing the pristine sample from Bennu returned to Earth, landing in the Utah desert in the United States.
    Keegan Barber/NASA

    Ongoing investigations

    The findings from returned samples of asteroid Bennu may provide researchers insight into what happens on distant icy bodies in our Solar System.

    Some of these bodies include Saturn’s moon Enceladus and the dwarf planet Ceres in the asteroid belt between Mars and Jupiter.

    Both Enceladus and Ceres have subsurface brine oceans. Could they possibly harbour life?

    We are continuing to investigate Bennu using the pristine samples collected back in 2020. We are currently researching the timing of the Bennu parent body breakup event and looking for evidence of impacts recorded by various minerals in the samples.

    The authors of this article acknowledge the contribution of the following people to the research at Curtin University: Fred Jourdan, Steven Reddy, David Saxey, Celia Mayers, and Xiao Sun, as well as the entire OSIRIS-REx team.

    William Rickard receives funding from the Australian Research Council, Australia Government

    Nick Timms and Phil Bland do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. New analysis of asteroid dust reveals evidence of salty water in the early Solar System – https://theconversation.com/new-analysis-of-asteroid-dust-reveals-evidence-of-salty-water-in-the-early-solar-system-248439

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Sen. Greg Dolezal Reappointed Chief Deputy Whip

    Source: US State of Georgia

    ATLANTA (January 29, 2025) — Sen. Greg Dolezal (R–Cumming) has been reappointed by Majority Whip Sen. Randy Robertson (R–Cataula) to serve as Chief Deputy Whip for the 2025-2026 Biennium.

    “I am honored to have been renamed Chief Deputy Whip for the 2025-2026 Biennium,” said Sen. Dolezal. “I thank Majority Whip Robertson and my colleagues for their trust as we continue to uphold the conservative principles that define our great state. I am committed to ensuring that our caucus remains unified and effective as we advance the values our constituents elected us to defend.”

    “Sen. Dolezal has consistently demonstrated exceptional leadership, fierce dedication and strong commitment to our party’s values,” said Sen. Robertson. “His unwavering work ethic makes him the ideal choice to serve as Chief Deputy Whip. I am confident that his dedication to the Georgia Senate and its Republican values will continue to serve our caucus and the people of Georgia well.”

    Sen. Dolezal has served in the Georgia Senate since 2018. He will also serve as the Chairman of the Senate Committee on Transportation and Vice Chairman of Appropriations. Sen. Dolezal will serve as a member of the Senate Committees on Regulated Industries and Utilities, Rules, and Assignments and as an Ex-Officio member of the Senate Committees for Education and Youth, Finance, Judiciary, and Reapportionment and Redistricting.

    # # # #

    Sen. Greg Dolezal serves as Chairman of the Senate Committee on Transportation. He represents the 27th Senate District, which includes a large part of Forsyth County. He may be reached by phone at (404) 656-7127 or via email at Greg.Dolezal@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Hawley Secures Zeldin Commitment to Clean Up West Lake Landfill as EPA Administrator

    US Senate News:

    Source: United States Senator Josh Hawley (R-Mo)

    Wednesday, January 29, 2025

    Ahead of the first Senate vote to advance Lee Zeldin as Environmental Protection Agency (EPA) Administrator, U.S. Senator Josh Hawley (R-Mo.) secured Zeldin’s commitment to visit and clean up the West Lake Landfill Superfund site in Bridgeton, Missouri.
    “For years, the EPA has dragged their feet and refused to clean up the West Lake Landfill. And Missourians have been left to suffer. I was happy to hear Lee Zeldin commit to changing the failed status quo, if confirmed as EPA Administrator,” said Senator Hawley. “He’s committed to visiting the West Lake Landfill site, to finally start cleanup – and get it finished. This is a tremendous step in the right direction. And now we must pass RECA.” 
    BACKGROUND
    The West Lake Landfill Superfund site contains radioactive contamination dating back from the Manhattan project. In the 1960s, the federal government hired a company to dispose of this waste, which originated from a processing facility in St. Louis, but the waste was placed in the landfill in 1973 without proper remediation. The EPA has jurisdiction over the site.
    Senator Hawley’s proposal to expand and reauthorize the RECA program passed the Senate twice, with strong bipartisan support. Last week, Senator Hawley reintroduced his proposal to give nuclear radiation victims compensation.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Government Approves Mutual Credit Guarantee Scheme to Strengthen MSME Manufacturing Sector, fulfilling the budget announcement of 2024-25

    Source: Government of India

    Government Approves Mutual Credit Guarantee Scheme to Strengthen MSME Manufacturing Sector, fulfilling the budget announcement of 2024-25

    Loans upto Rs. 100 crore for purchase of Plant and Machinery / Equipment are eligible for guarantee coverage giving a boost to manufacturing sector

    Scheme offers 60% guarantee coverage to Member Lending Institutions (MLIs*) for credit facility upto Rs.100 crore sanctioned to eligible MSMEs

    Posted On: 29 JAN 2025 8:35PM by PIB Delhi

    GoI has approved introduction of Mutual Credit Guarantee Scheme for MSMEs (MCGS- MSME) for providing 60% guarantee coverage by National Credit Guarantee Trustee Company Limited (NCGTC) to Member Lending Institutions (MLIs*) for credit facility upto Rs.100 crore sanctioned to eligible MSMEs under MCGS-MSME for purchase of equipment / machinery.

    Salient Features of The Scheme

    • Borrower should be an MSME with valid Udyam Registration Number;
    • Loan amount guaranteed shall not exceed Rs.100 crore
    • Project Cost could be of higher amounts also
    • Minimum cost of equipment /machinery is 75% of project cost
    • Loan upto Rs.50 crore under the Scheme shall have repayment period of upto 8 years with upto 2 years moratorium period on principal instalments. For loans above Rs.50 crore, higher repayment schedule and moratorium period on principal instalments can be considered.
    • Upfront (initial) contribution of 5% of the loan amount shall be deposited at the time of application of guarantee cover
    • Annual Guarantee Fee on loan under the Scheme shall be Nil during the year of sanction. During the next 3 years, it shall be 1.5% p.a. of loan outstanding as on March 31 of previous year. Thereafter, Annual Guarantee Fee shall be 1% p.a. of loan outstanding as on March 31 of previous year

    The Scheme will be applicable to all loans sanctioned under MCGS-MSME during the period of 4 years from the date of issue of operational guidelines of the scheme or till cumulative guarantee of Rs. 7 lakh crore are issued, whichever is earlier.

    Major Impact

    Manufacturing sector currently comprises 17% of the nation’s GDP and over 27.3 million workers. Hon’ble Prime Minister’s has given a call for ‘Make in India, Make for the World’ and has signalled that India is ready and keen to increase the share of manufacturing to 25% of GDP. The Mutual Credit Guarantee Scheme for MSMEs (MCGS-MSME) is expected to facilitate the availability of credit for purchase of Plant and Machinery / Equipment by MSMEs and give a major boost to manufacturing and thereby to Make in India.

    Background

    Global supply chains are realigning. India is emerging as an alternative supply source given its raw materials, low labour costs, growing manufacturing knowhow, and entrepreneurial ability. One of the major costs involved in manufacturing is the fixed cost of Plant and Machinery (P&M)/ Equipment’s. With availability of credit to expand the installed capacity of manufacturing units, it can be expected that the manufacturing will grow at a faster pace. Also, the need for a credit guarantee scheme for the manufacturing units, particularly for the enterprises in the medium category has been raised by industry associations from time to time. So, to give a boost to manufacturing by facilitating the availability of credit for purchase of Plant and Machinery / Equipment, ‘Mutual Credit Guarantee Scheme for MSMEs (MCGS-MSME) is being introduced. The scheme will facilitate collateral free loans by banks and financial institutions to MSMEs who are in need of debt capital for their expansion and growth.

    *MLIs – All Scheduled Commercial Banks (SCBs), Non-Banking Financial Companies (NBFCs) and All India Financial institutions (AIFIs), who register with NCGTC under the Scheme.

    ******

    NB/AD

    (Release ID: 2097455) Visitor Counter : 101

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: A High-Level Committee (HLC), under the chairmanship of Union Home Minister and Minister of Cooperation, Shri Amit Shah approves Rs. 3027.86 crore for disaster mitigation for various states

    Source: Government of India

    A High-Level Committee (HLC), under the chairmanship of Union Home Minister and Minister of Cooperation, Shri Amit Shah approves Rs. 3027.86 crore for disaster mitigation for various states

    To fulfil Prime Minister Shri Narendra Modi’s vision of disaster resilient India, Ministry of Home Affairs, under the guidance of Home Minister Shri Amit Shah, has taken several initiatives to ensure effective management of disasters in the country

    HLC approves project for catalytic assistance to 12 most drought prone states at a total outlay of Rs. 2022.16 crore

    Committee also approves the Mitigation Project on Lightning Safety in 10 states at a total cost of Rs. 186.78 crore

    Union Home Minister also approves the Mitigation Scheme for Forest Fire Risk Management for implementation in 144 high-priority districts in 19 states at a total outlay of Rs. 818.92 crore

    Modi government has taken a number of steps to prevent any extensive loss to life and property during disasters by strengthening disaster risk reduction system in India

    More than Rs. 24,981 crore has already been released to the states during the current financial year

    Posted On: 29 JAN 2025 8:21PM by PIB Delhi

    A High-Level Committee (HLC), under the chairmanship of Union Home Minister and Minister of Cooperation, Shri Amit Shah has approved Rs. 3027.86 crore for disaster mitigation projects for various states. The committee, comprising of Finance Minister, Agriculture Minister and Vice Chairman NITI Aayog as members considered proposals of Mitigation Project on Lightning Safety to mitigate lightning Risk in 50 heavy lightning prone districts in 10 states and catalytic assistance to 49 districts of 12 most drought prone states for funding from National Disaster Mitigation Fund (NDMF).

    The High-Level Committee has approved project for catalytic assistance to 12 most drought prone states at a total outlay of Rs. 2022.16 crore, out of which, Central share will be Rs. 1200 crore.  These 12 states are Andhra Pradesh, Bihar, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Odisha, Rajasthan, Tamil Nadu, Telangana and Uttar Pradesh.

    The Committee has also approved the Mitigation Project on Lightning Safety in 10 states at a total outlay of Rs. 186.78 crore for Andhra Pradesh, Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Meghalaya, Odisha, Uttar Pradesh and West Bengal.

    Union Home Minister has also approved the Mitigation Scheme for Forest Fire Risk Management for implementation in 144 high-priority districts in 19 states at a total outlay of Rs. 818.92 crores, out of which central share from NDMF & NDRF will be Rs. 690.63 Crore. The primary objective of the scheme will be to implement a mitigation project for transforming the forest fire management approach in the country so as to strengthen and support vital forest fire prevention and mitigation activities .  The states of Andhra Pradesh, Arunachal Pradesh, Assam, Chhattisgarh, Gujarat, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Manipur, Maharashtra, Mizoram, Madhya Pradesh, Meghalaya, Nagaland, Odisha, Tamil Nadu, Telangana and Uttarakhand will submit their respective proposals undertaking necessary activities for mitigation of forest fires, preparedness for forest fire response as well as for post-fire assessment and recovery.

    To fulfil Prime Minister Shri Narendra Modi’s vision of disaster resilient India, the Ministry of Home Affairs, under the guidance of Home Minister Shri Amit Shah, has taken several initiatives to ensure effective management of disasters in the country. The Government under the leadership of Prime Minister Modi has taken a number of steps to prevent any extensive loss of life and property during disasters by strengthening the disaster risk reduction system in India. 

    Prior to these proposals, the HLC had approved financial assistance from NDMF for other projects viz. Urban Flood Risk Mitigation Projects in seven major cities at a total outlay of Rs 3075.65 crore, GLOF Risk Management in 4 states at a total outlay of Rs. 150 crore and Landslide Risk Mitigation in 15 states at a total outlay of Rs. 1000 Crore.

    Further, more than Rs. 24,981 crore has already been released to the states during the current financial year. This includes Rs.17479.60 crore from the State Disaster Response Fund (SDRF) to 27 states, Rs.4808.30 crore from the National Disaster Response Fund (NDRF) to 18 states, Rs.1973.55 crore from the State Disaster Mitigation Fund (SDMF) to 13 states and Rs. 719.72 crore from National Disaster Mitigation Fund (NDMF) to 08 states.

    *****

    Raj Kumar / Vivek / Ashutosh / Priyabhanshu / Pankaj

    (Release ID: 2097448) Visitor Counter : 152

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CBIC destroys 10,413 kg seized narcotics and 94.62 lakh tablets worth Rs. 2,246 during Drug Disposal Drivefrom 11th to 26th January, 2025

    Source: Government of India (2)

    Posted On: 29 JAN 2025 6:53PM by PIB Delhi

    As part of Drug Disposal Driveby the Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance, from 11th to 26th, January, 2025, the field formations of CBIC destroyed around 7,844 kgganja, 1,724 kg methaqualone (mandrax), 560 kghashish/charas, 130 kg methamphetamine, 105 kgketamine, 23 kgheroin, 20 kg cocaine, 7 kg MDMA, 94.16 lakh tramadol HCL tablets, 46,000 alprazolam tablets and 586 ampules of injections of various drugs.

     

    The illicit international market value of destroyed NDPS is around Rs. 2246 crores. The destruction was carried out in a safe and non-hazardous manner at multiple locations across India.

     

    The Drug Disposal Drive not only underscores CBIC’s commitment towards combating NDPS trafficking but also aims to promote awareness among public of the initiatives being taken by CBIC in this regard. The drive coincides with the nationwide drive launched by Union Home Minister during regional conference on Drug Trafficking and National Security held on 11th January 2025 at New Delhi.

    ****

    NB/KMN

    (Release ID: 2097413) Visitor Counter : 65

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Written question – Cybersecurity scandal in the Spanish Tax Agency – E-000250/2025

    Source: European Parliament

    Question for written answer  E-000250/2025
    to the Commission
    Rule 144
    Nora Junco García (ECR), Diego Solier (ECR)

    We are extremely concerned about the alarming cybersecurity situation in Spain, specifically in relation to the recent announcement of an alleged theft of data from the Spanish Tax Agency. According to numerous reports and cybersecurity companies, a group of hackers, using advanced technology called ‘Trinity’, claims to be in possession of more than 560 GB of sensitive information on Spanish taxpayers.

    While the Spanish government has denied evidence of the attack, the country’s own cybersecurity experts are seriously investigating the threat. This incident, together with previous episodes such as the attack on the Spanish Directorate-General for Traffic, is evidence of an alarming lack of preventive measures and inadequate management in the protection of citizens’ sensitive data.

    The seriousness of this case not only puts citizens’ privacy at risk, but also exposes systemic negligence in the Spanish public administration.

    In light of the above, can the Commission answer the following:

    • 1.Does the Commission consider that Member States’ state cybersecurity systems should be more strictly assessed by EU bodies to avoid cross-border risks?
    • 2.What action does the Commission intend to take to ensure that personal data across the EU is protected against national negligence?

    Submitted: 21.1.2025

    Last updated: 29 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Germany: INERATEC’s e-fuel demo plant in Frankfurt gets €70 million from EIB, EU-Commission and Breakthrough energy

    Source: European Investment Bank

    • The Capital injection will finance development of Europe’s first large-scale e-Fuel plant in Frankfurt and further research and development of INERATEC`s e-Fuels.
    • INERATEC`s e-fuels will support compliance with EU regulation requirements to add synthetic aviation fuel to kerosene to decarbonize aviation
    • Financing includes a €30million grant by Breakthrough Energy Catalyst, their first in Germany, underpinning the maturity of INERATEC’S technology 

    The European Investment Bank (EIB) and Breakthrough Energy Catalyst are providing a €70 million funding package through the EU-Catalyst Partnership to INERATEC, a Germany based e-fuel company. The EIB is providing a €40 million venture-debt-loan, backed by the EU`s InvestEU-program, while Breakthrough Energy Catalyst is awarding a grant of €30 million. The package will support the financing of INERATEC’s carbon neutral e-fuel production plant in Frankfurt, as well as further research and development. The Frankfurt plant is set to be Europe`s largest when opening in 2025.

    Long term market growth expected for e-SAF and e-Fuels

    E-fuel production uses CO2 and hydrogen to produce synthetic fuels and chemicals that are carbon neutral or close to carbon neutral when used. They have significant potential in hard-to-decarbonize sectors such as aviation, where commercial demand is underpinned by clear regulation. Therefore, long-term market growth can be expected.

    The EU’s ReFuelEU Aviation regulation requires that aviation fuel suppliers provide jet-fuel with 1.2 per cent minimum synthetic fuel content by 2030, rising to 35 per cent in 2050. Based in Karlsruhe, Germany, INERATEC is well placed for this growing market, offering an efficient, scalable modular design.

    INERATEC’S Frankfurt plant will produce up to 2,500 tons of e-fuels and e-chemicals, including e-sustainable aviation fuel (e-SAF). The plant will also incorporate an upgrading facility, enabling the e-crude oil to be refined into certifiable, ready-to-use sustainable aviation fuel on site. The fuel will support compliance with the EU’s synthetic aviation fuel mandate.

    INERATEC’s Frankfurt plant to show e-Fuel production is possible at scale

    EIB-Vice-President Nicola Beer said: “E-fuels are a crucial part of achieving a competitive net-zero economy, particularly in the mobility and transport sector. Game-changing technologies like Ineratec’s play a vital role in this transition. Together with the European Commission and Breakthrough Energy, through the EIB’s venture debt product, we are supporting an innovative startup in scaling up production and advancing research to make e-fuels a viable, sustainable alternative to fossil fuels.”

    INERATEC CEO Tim Boeltken said: “INERATEC’S Frankfurt production plant will show that e-fuel production is no longer a technological concept but a scalable reality. Reliable production of certifiable e-SAF is possible in the near-term – at commercial scale, that will be a breakthrough for sustainable aviation. This investment from EIB and Breakthrough Energy Catalyst is a sign of confidence in the INERATEC technology and approach.”

    Mario Fernandez, Head of Breakthrough Energy Catalyst, adds: “We are delighted to be working with INERATEC. This ground-breaking project will bring us a decisive step closer to the decarbonisation of aviation.”

    The financing reinforces EIB position as the ‘The Climate Bank’, a priority in the EIB Group’s 2024-2027 Strategic Roadmap, and supports the objectives of the European Commission’s RefuelEU aviation regulations.

    Background information

    EIB

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

    EIB venture debt is a quasi-equity investment product suitable for early and growth stage ventures, combining a long-term loan with an instrument linking the return to the performance of the company. Since 2015, the EIB has invested €6 billion in Venture Debt, backing over 200 companies and realising over 50 exits. With the backing of InvestEU, the EIB aims to support European ventures and scale-ups in the cleantech, deep-tech and life sciences sectors.

    INERATEC is committed to defossilizing and decarbonizing the world. The company produces e-Fuels and e-chemicals: carbon-neutral fossil fuel substitutes for use in the aviation, shipping and chemical industries. Its modular, scalable plants use renewable hydrogen and biogenic CO2 to produce synthetic kerosene, gasoline, diesel, waxes, methanol or natural gas. It is building what will be the world’s largest e-fuels plant to date, in Frankfurt, which will produce up to 2,500 tonnes of ultra-low-carbon aviation fuel per year. The company is based in Karlsruhe, Germany and backed by diverse international investors. www.ineratec.com

    Breakthrough Energy is committed to accelerating the world’s journey to a clean energy future. The organization funds breakthrough technologies, advocates for climate-smart policies, and mobilizes partners around the world to take effective action, accelerating progress at every stage.

    Breakthrough Energy Catalyst is a novel platform that funds and invests in first-of-a-kind commercial projects for emerging climate technologies. By investing in these opportunities, Catalyst seeks to accelerate the adoption of these technologies worldwide and reduce their costs.

    Catalyst currently focuses on five technology areas: clean hydrogen, sustainable aviation fuel, direct air capture, long-duration energy storage, and manufacturing decarbonization. In addition to capital, Catalyst leverages the team’s energy-infrastructure-investing and project-development expertise to work with innovators on advancing their projects from the development stage to funding and ultimately, to construction. Learn more about Breakthrough Energy and Catalyst at breakthroughenergy.org.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Alleged breach of cooling-off period rules for former Commissioners – E-000229/2025

    Source: European Parliament

    Question for written answer  E-000229/2025
    to the Commission
    Rule 144
    Marieke Ehlers (PfE), Auke Zijlstra (PfE), Ton Diepeveen (PfE)

    The Commission has authorised former Commissioner Thierry Breton to join the US company Bank of America. This decision would appear to be at odds with the rules in force, which set a 2-year cooling-off period for former Commissioners, and with Article 245 of the Treaty on the Functioning of the European Union (TFEU).

    The cooling-off period applies to relations that are susceptible to lobbying or a potential conflict of interests.

    Mr Breton appears to demonstrate that his role on the bank’s Global Advisory Council (GAC) will be purely advisory and unremunerated, but does not appear to rule out a conflict of interests.

    • 1.Is an unremunerated job a valid reason for exempting a former Commissioner from the cooling-off period?
    • 2.Does the Commission consider that a ‘purely advisory role’ by definition rules out lobbying?
    • 3.How will the Commission verify whether Mr Breton is engaging in lobbying or not in the exercise of his duties on the GAC, and how will it monitor any conflicts of interest that may arise in the exercise of his duties on the GAC?

    Submitted: 20.1.2025

    Last updated: 29 January 2025

    MIL OSI Europe News –

  • MIL-OSI: Adams Resources & Energy, Inc. Stockholders Approve Acquisition by an Affiliate of Tres Energy LLC

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) — Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) (“Adams” or the “Company”) announced today that its stockholders have voted at a special meeting of the Company’s stockholders (the “Special Meeting”) to approve the pending acquisition of the Company by an affiliate of Tres Energy LLC. Under the terms of the merger agreement that was approved at the Special Meeting, Adams stockholders will receive $38.00 per share in cash for each share of Adams common stock they own immediately prior to the effective time of the merger.

    Approximately 77% of the Company’s outstanding shares were voted at the Special Meeting, and the merger was approved by over 76% of the Company’s outstanding shares. The final voting results on the proposals voted on at the Special Meeting will be set forth in a Form 8-K that will be filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”).

    The merger is expected to close in early February 2025, subject to customary closing conditions.

    Forward-Looking Statements and Information

    This communication contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. Any statements contained in this communication that are not statements of historical fact, including statements about the timing of the proposed transaction, Adams’s ability to consummate the proposed transaction and the expected benefits of the proposed transaction, may be deemed to be forward-looking statements. All such forward-looking statements are intended to provide management’s current expectations for the future of the Company based on current expectations and assumptions relating to the Company’s business, the economy and other future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future performance, plans, actions or events. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties include, among others: (i) the risk that a condition of closing of the proposed transaction may not be satisfied or that the closing of the proposed transaction might otherwise not occur, (ii) risks related to disruption of management time from ongoing business operations due to the proposed transaction, (iii) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of Adams, (iv) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Adams to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers, (v) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement, including in circumstances requiring the Company to pay a termination fee, (vi) unexpected costs, charges or expenses resulting from the Merger, (vii) potential litigation relating to the Merger that could be instituted against the parties to the Merger Agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto, (viii) worldwide economic or political changes that affect the markets that the Company’s businesses serve which could have an effect on demand for the Company’s products and services and impact the Company’s profitability, and (ix) disruptions in the global credit and financial markets, including diminished liquidity and credit availability, cyber-security vulnerabilities, crude oil pricing and supply issues, retention of key employees, increases in fuel prices, and outcomes of legal proceedings, claims and investigations. Accordingly, actual results may differ materially from those contemplated by these forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in Adams’s filings with the SEC, including the risks and uncertainties identified in Part I, Item 1A – Risk Factors of Adams’s Annual Report on Form 10-K for the year ended December 31, 2023 and in the Company’s other filings with the SEC.

    These forward-looking statements speak only as of the date of this communication, and Adams does not assume any obligation to update or revise any forward-looking statement made in this communication or that may from time to time be made by or on behalf of the Company, whether in response to new information, future events, or otherwise, except as required by applicable law.

    There can be no assurance that the proposed transaction will in fact be consummated. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this communication. The Company undertakes no obligation or duty to update or revise any of these forward-looking statements after the date of this communication, whether in response to new information, future events, or otherwise, except as required by applicable law.

    About Adams Resources & Energy, Inc.

    Adams Resources & Energy, Inc. is engaged in crude oil marketing, transportation, terminalling and storage, tank truck transportation of liquid chemicals and dry bulk and recycling and repurposing of off-spec fuels, lubricants, crude oil and other chemicals through its subsidiaries, GulfMark Energy, Inc., Service Transport Company, Victoria Express Pipeline, L.L.C., GulfMark Terminals, LLC, Phoenix Oil, Inc., and Firebird Bulk Carriers, Inc. For more information, visit www.adamsresources.com.

    About Tres Energy LLC

    Tres Energy LLC is a privately held limited liability company that invests in and operates strategic energy assets across the United States. For more information, visit www.tres-energy.com.

    Company Contact

    Tracy E. Ohmart
    EVP, Chief Financial Officer
    tohmart@adamsresources.com
    (713) 881-3609

    The MIL Network –

  • MIL-OSI: Penns Woods Bancorp, Inc. Reports Fourth Quarter 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    WILLIAMSPORT, Pa., Jan. 29, 2025 (GLOBE NEWSWIRE) — Penns Woods Bancorp, Inc. (NASDAQ: PWOD)

    Penns Woods Bancorp, Inc. achieved net income of $17.7 million for the twelve months ended December 31, 2024, resulting in basic and diluted earnings per share of $2.35.

    Highlights

    • Net income, as reported under generally accepted accounting principles (GAAP), for the three and twelve months ended December 31, 2024 was $3.7 million and $17.7 million, respectively, compared to $5.6 million and $16.6 million for the same periods of 2023. Results for the three and twelve months ended December 31, 2024 compared to 2023 were impacted by an increase in net interest income of $1.6 million and $3.9 million, respectively, as the cost of funds stabilized. The three and twelve month periods ended December 31, 2024 have been impacted by after-tax merger related expenses of $581,000 resulting from the announced acquisition of the company by Northwest Bancshares, Inc. The disposal of assets related to two former branch properties resulted in a one time after-tax loss of $261,000 for the twelve month period ended December 31, 2024.
    • The allowance for credit losses was impacted for the three and twelve months ended December 31, 2024 by a provision for credit losses of $420,000 and $121,000, respectively, compared to a negative provision for credit losses of $1.7 million and $1.5 million for the 2023 periods. The recognition of a negative provision for credit losses for the 2023 periods was due primarily to a recovery on a commercial loan which positively affected the historical loss rates, and the payoff of a nonperforming commercial loan.
    • Basic and diluted earnings per share for the three months ended December 31, 2024 were $0.50 and $0.49, respectively, while the twelve months ended December 31, 2024 basic and diluted was $2.35. This compares to basic and diluted earnings per share of $0.77 and $2.34, respectively, for the three and twelve month periods ended December 31, 2023.
    • Annualized return on average assets was 0.67% for the three months ended December 31, 2024, compared to 1.02% for the corresponding period of 2023. Return on average assets was 0.80% for the twelve months ended December 31, 2024, compared to 0.79% for the corresponding period of 2023.
    • Annualized return on average equity was 7.28% for the three months ended December 31, 2024, compared to 12.60% for the corresponding period of 2023. Return on average equity was 9.14% for the twelve months ended December 31, 2024, compared to 9.84% for the corresponding period of 2023.

    Net Income

    Net income from core operations (“core earnings”), which is a non-GAAP measure of net income excluding net securities gains or losses, was $4.4 million and $18.4 million, respectively, for the three and twelve months ended December 31, 2024 compared to $5.6 million and $16.7 million for the same periods of 2023. Core earnings per share (non-GAAP) for the three months ended December 31, 2024 were basic $0.58 and diluted $0.57 while basic and diluted for the twelve months ended December 31, 2024 were $2.44. Basic and diluted core earnings per share for the three and twelve month periods of 2023 were $0.77 and $2.36, respectively. Annualized core return on average assets and core return on average equity (non-GAAP) were 0.78% and 8.48%, respectively, for the three months ended December 31, 2024, compared to 1.02% and 12.63% for the corresponding period of 2023. Annualized core return on average assets and core return on average equity (non-GAAP) were 0.83% and 9.46%, respectively, for the twelve months ended December 31, 2024, compared to 0.79% and 9.93% for the corresponding period of 2023. A reconciliation of the non-GAAP financial measures of core earnings, core return on assets, core return on equity, core earnings per share and tangible book value per share to the comparable GAAP financial measures is included at the end of this press release.

    Net Interest Margin

    The net interest margin for the three and twelve months ended December 31, 2024 was 2.98% and 2.83% respectively, compared to 2.73% and 2.80% for the corresponding periods of 2023. The increase in the net interest margin for the three month period was driven by an increase in the rate collected on interest-earning assets of 34 basis points (“bps”), while the decrease in the net interest margin for the twelve month period was driven by a 74 bps increase in the rate paid on interest-bearing liabilities. The overall increase in interest rates over the periods resulted in increases to both the yield on the earnings asset portfolio and the rate paid on interest-bearing liabilities. Driving the increase in the yield and interest income on the earning assets portfolio was the repricing of legacy assets coupled with portfolio growth. The average loan portfolio balance increased $47.4 million and $106.9 million, respectively, for the three and twelve month periods ended December 31, 2024 compared to the same periods of 2023 as the average yield on the portfolio increased 31 bps and 61 bps, resulting in an increase in taxable equivalent interest income of $2.0 million and $16.5 million, for the periods. The three and twelve month periods ended December 31, 2024 were impacted by an increase of 57 bps and 66 bps in the yield earned on the securities portfolio as legacy securities matured with the funds reinvested at higher rates, which resulted in an increase in taxable equivalent interest income of $285,000 and $1.5 million, respectively. Short-term borrowings decreased leading to a decrease of $1.8 million and $3.9 million, respectively, in expense for the three and twelve month periods ended December 31, 2024 compared to the same periods of 2023. The rate paid on interest-bearing deposits increased 37 bps and 96 bps, respectively, or $2.1 million and $13.8 million in expense, for the three and twelve month periods ended December 31, 2024 compared to the corresponding periods of 2023 due to the rate environment, an increase in competition for deposits, and a migration of deposit balances from core deposits to higher rate time deposits. The rates paid on time deposits significantly contributed to the increase in funding costs as rates paid for the three and twelve month periods ended December 31, 2024 compared to the same periods of 2023 increased 29 bps and 87 bps, respectively, or $1.7 million and $9.9 million in expense, as deposit gathering campaigns continued to focus on time deposits with a maturity of five to twenty-four months. In addition, brokered deposits have been utilized to assist with funding the loan portfolio growth and contributed to the increase in time deposit funding costs, while lowering the reliance on higher cost short-term borrowings.

    Assets

    Total assets increased to $2.2 billion at December 31, 2024, an increase of $27.5 million compared to December 31, 2023.  Net loans increased $36.9 million to $1.9 billion at December 31, 2024 compared to December 31, 2023, as continued emphasis was placed on commercial loan growth and indirect auto lending. The investment portfolio decreased $10.7 million from December 31, 2023 to December 31, 2024.

    Non-performing Loans

    The ratio of non-performing loans to total loans ratio increased to 0.47% at December 31, 2024 from 0.17% at December 31, 2023, as non-performing loans increased to $8.9 million at December 31, 2024 from $3.1 million at December 31, 2023. The majority of non-performing loans involve loans that are either in a secured position and have sureties with a strong underlying financial position or have been classified as individually evaluated loans that have a specific allocation recorded within the allowance for credit losses. Net loan charge offs of $228,000 and $540,000 for the three and twelve months ended December 31, 2024, respectively, impacted the allowance for credit losses, which was 0.63% of total loans at December 31, 2024 compared to 0.62% at December 31, 2023. Exposure to non-owner occupied office space is minimal at $14.1 million at December 31, 2024 with none of these loans being delinquent.

    Deposits

    Deposits increased $116.6 million to $1.7 billion at December 31, 2024 compared to December 31, 2023. Noninterest-bearing deposits decreased $14.2 million to $456.9 million at December 31, 2024 compared to December 31, 2023.  Core deposits declined $17.8 million as deposits migrated from core deposit accounts into time deposits as market rates and competition for deposits increased. Core deposit gathering efforts remained focused on increasing the utilization of electronic (internet and mobile) deposit banking by our customers. Core deposits have remained stable at $1.2 billion over the past five quarters. Interest-bearing deposits increased $130.8 million from December 31, 2023 to December 31, 2024 due to growth in the time deposit portfolio of $80.8 million as customers sought a higher rate of interest. Brokered deposit balances increased $53.6 million to $178.3 million at December 31, 2024 as this funding source was utilized to supplement funding loan portfolio growth, while reducing the need to draw upon available borrowing lines. A campaign to attract time deposits with a maturity of five to twenty-four months commenced during the latter part of 2022 and has continued throughout 2023 and 2024 with current efforts centered on five months.

    Shareholders’ Equity

    Shareholders’ equity increased $13.7 million to $205.2 million at December 31, 2024 compared to December 31, 2023.  During the three and twelve months ended December 31, 2024 there were no shares issued under the previously disclosed registered at-the-market offering. A total 31,066 shares for net proceeds of $632,000 were issued as part of the Dividend Reinvestment Plan during the twelve months ended December 31, 2024. Accumulated other comprehensive loss of $5.3 million at December 31, 2024 decreased from a loss of $9.2 million at December 31, 2023 as a result of a decrease in net unrealized loss on available for sale securities to $4.6 million at December 31, 2024 from a net unrealized loss of $6.4 million at December 31, 2023, coupled with a decrease in loss of $2.0 million in the defined benefit plan obligation. The current level of shareholders’ equity equates to a book value per share of $27.16 at December 31, 2024 compared to $25.51 at December 31, 2023, and an equity to asset ratio of 9.19% at December 31, 2024 and 8.69% at December 31, 2023. Tangible book value per share (a non-GAAP measure) increased to $24.97 at December 31, 2024 compared to $23.29 at December 31, 2023. Dividends declared for the three and twelve months ended December 31, 2024 and 2023 were $0.32 and $1.28 per share.

    Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates sixteen branch offices providing financial services in Lycoming, Clinton, Centre, Montour, Union, and Blair Counties, and Luzerne Bank, which operates eight branch offices providing financial services in Luzerne County, and United Insurance Solutions, LLC, which offers insurance products.  Investment and insurance products are offered through Jersey Shore State Bank’s subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group.

    NOTE:  This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).  Management uses the non-GAAP measure of net income from core operations in its analysis of the company’s performance. This measure, as used by the Company, adjusts net income determined in accordance with GAAP to exclude the effects of special items, including significant gains or losses that are unusual in nature such as net securities gains and losses. Because these certain items and their impact on the Company’s performance are difficult to predict, management believes presentation of financial measures excluding the impact of such items provides useful supplemental information in evaluating the operating results of the Company’s core businesses. These disclosures should not be viewed as a substitute for net income determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

    This press release may contain certain “forward-looking statements” including statements concerning plans, objectives, future events or performance and assumptions and other statements, which are statements other than statements of historical fact.  The Company cautions readers that the following important factors, among others, may have affected and could in the future affect actual results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company herein: (i) the effect of changes in laws and regulations, including federal and state banking laws and regulations, and the associated costs of compliance with such laws and regulations either currently or in the future as applicable; (ii) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as by the Financial Accounting Standards Board, or of changes in the Company’s organization, compensation and benefit plans; (iii) the effect on the Company’s competitive position within its market area of the increasing consolidation within the banking and financial services industries, including the increased competition from larger regional and out-of-state banking organizations as well as non-bank providers of various financial services; (iv) the effect of changes in interest rates; (v) the effects of health emergencies, including the spread of infectious diseases or pandemics; (vi) the effect of changes in the business cycle and downturns in the local, regional or national economies; or (vii) any potential adverse events or developments resulting from the merger agreement, dated December 16, 2024, between Penns Woods Bancorp, Inc. and Northwest Bancshares, Inc., including, without limitation, any event, change, or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement or the possibility that the parties may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or to successfully integrate the business and operations of Jersey Shore State Bank and Luzerne Bank with those of Northwest Savings Bank after closing.  For a list of other factors which could affect the Company’s results, see the Company’s filings with the Securities and Exchange Commission, including “Item 1A.  Risk Factors,” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

    You should not place undue reliance on any forward-looking statements.  These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise.  The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

    Previous press releases and additional information can be obtained from the Company’s website at www.pwod.com.

    Contact: Richard A. Grafmyre, Chief Executive Officer
      110 Reynolds Street
      Williamsport, PA 17702
      570-322-1111 e-mail: pwod@pwod.com
     
    PENNS WOODS BANCORP, INC.
    CONSOLIDATED BALANCE SHEET
    (UNAUDITED)
     
        December 31,
    (In Thousands, Except Share and Per Share Data)     2024       2023     % Change
    ASSETS:                
    Noninterest-bearing cash           $         19,989     $         28,969             (31.00 ) %
    Interest-bearing balances in other financial institutions                     8,983               8,493             5.77   %
    Total cash and cash equivalents                     28,972               37,462             (22.66 ) %
                     
    Investment debt securities, available for sale, at fair value                     184,542               190,945             (3.35 ) %
    Investment equity securities, at fair value                     1,111               1,122             (0.98 ) %
    Restricted investment in bank stock                     20,032               24,323             (17.64 ) %
    Loans held for sale                     3,266               3,993             (18.21 ) %
    Loans                     1,877,078               1,839,764             2.03   %
    Allowance for credit losses                     (11,848 )             (11,446 )           3.51   %
    Loans, net                     1,865,230               1,828,318             2.02   %
    Premises and equipment, net                     27,789               30,250             (8.14 ) %
    Accrued interest receivable                     11,114               11,044             0.63   %
    Bank-owned life insurance                     45,681               33,867             34.88   %
    Investment in limited partnerships                     6,691               7,815             (14.38 ) %
    Goodwill                     16,450               16,450             —   %
    Intangibles                     107               210             (49.05 ) %
    Operating lease right of use asset             2,811               2,512             11.90   %
    Deferred tax asset                     3,493               4,655             (24.96 ) %
    Other assets                     15,049               11,843             27.07   %
    TOTAL ASSETS           $         2,232,338     $         2,204,809             1.25   %
                     
    LIABILITIES:                
    Interest-bearing deposits           $         1,249,145     $         1,118,320             11.70   %
    Noninterest-bearing deposits                     456,936               471,173             (3.02 ) %
    Total deposits                     1,706,081               1,589,493             7.33   %
                    %
    Short-term borrowings                     42,200               145,926             (71.08 ) %
    Long-term borrowings                     254,588               252,598             0.79   %
    Accrued interest payable                     4,664               3,814             22.29   %
    Operating lease liability                     2,889               2,570             12.41   %
    Other liabilities                     16,685               18,852             (11.49 ) %
    TOTAL LIABILITIES                     2,027,107               2,013,253             0.69   %
                     
    SHAREHOLDERS’ EQUITY:                
    Preferred stock, no par value, 3,000,000 shares authorized; no shares issued                     —               —     n/a
    Common stock, par value $5.55, 22,500,000 shares authorized; 8,066,968 and 8,019,219 shares issued; 7,556,743 and 7,508,994 shares outstanding                     44,815               44,550             0.59   %
    Additional paid-in capital                     63,193               61,733             2.37   %
    Retained earnings                     115,331               107,238             7.55   %
    Accumulated other comprehensive loss:                
    Net unrealized loss on available for sale securities                     (4,567 )             (6,396 )           28.60   %
    Defined benefit plan                     (726 )             (2,754 )           73.64   %
    Treasury stock at cost, 510,225 shares                     (12,815 )             (12,815 )           —   %
    TOTAL SHAREHOLDERS’ EQUITY                     205,231               191,556             7.14   %
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY           $         2,232,338     $         2,204,809             1.25   %
     
    PENNS WOODS BANCORP, INC.
    CONSOLIDATED STATEMENT OF INCOME
    (UNAUDITED)
     
        Three Months Ended December 31,   Twelve Months Ended December 31,
    (In Thousands, Except Share and Per Share Data)     2024       2023     % Change
    		     2024       2023     % Change
    INTEREST AND DIVIDEND INCOME:                                
    Loans including fees           $         25,759     $         23,720             8.60   %   $         99,780     $         83,291             19.80   %
    Investment securities:                                
    Taxable                     1,826               1,476             23.71   %             7,039               5,346             31.67   %
    Tax-exempt                     59               107             (44.86 ) %             292               517             (43.52 ) %
    Dividend and other interest income                     607               614             (1.14 ) %             2,587               2,441             5.98   %
    TOTAL INTEREST AND DIVIDEND INCOME                     28,251               25,917             9.01   %             109,698               91,595             19.76   %
                                     
    INTEREST EXPENSE:                                
    Deposits                     9,523               7,445             27.91   %             35,962               22,131             62.50   %
    Short-term borrowings                     479               2,317             (79.33 ) %             4,503               8,401             (46.40 ) %
    Long-term borrowings                     2,686               2,207             21.70   %             10,353               6,099             69.75   %
    TOTAL INTEREST EXPENSE                     12,688               11,969             6.01   %             50,818               36,631             38.73   %
                                     
    NET INTEREST INCOME                     15,563               13,948             11.58   %             58,880               54,964             7.12   %
                                     
    PROVISION (RECOVERY) FOR CREDIT LOSSES                      420               (1,742 )           124.11   %             121               (1,479 )           108.18   %
                                     
    NET INTEREST INCOME AFTER PROVISION (RECOVERY) OF CREDIT LOSSES                     15,143               15,690             (3.49 ) %             58,759               56,443             4.10   %
                                     
    NON-INTEREST INCOME:                                
    Service charges                     516               533             (3.19 ) %             2,067               2,090             (1.10 ) %
    Net debt securities losses, available for sale                     (9 )             (68 )           86.76   %             (49 )             (193 )           74.61   %
    Net equity securities (losses) gains                     (35 )             50             (170.00 ) %             (11 )             15             (173.33 ) %
    Bank-owned life insurance                     303               171             77.19   %             1,159               1,063             9.03   %
    Gain on sale of loans                     463               314             47.45   % .           1,484               1,046             41.87   %
    Insurance commissions                     128               113             13.27   %             553               529             4.54   %
    Brokerage commissions                     163               127             28.35   %             684               575             18.96   %
    Loan broker income                     543               264             105.68   %             1,384               992             39.52   %
    Debit card income                     385               333             15.62   %             1,437               1,328             8.21   %
    Other                     253               384             (34.11 ) %             910               930             (2.15 ) %
    TOTAL NON-INTEREST INCOME                     2,710               2,221             22.02   %             9,618               8,375             14.84   %
                                     
    NON-INTEREST EXPENSE:                                
    Salaries and employee benefits                     7,032               6,284             11.90   %             26,256               25,062             4.76   %
    Occupancy                     758               746             1.61   %             3,152               3,168             (0.51 ) %
    Furniture and equipment                     1,233               889             38.70   %             3,669               3,392             8.17   %
    Software amortization                     339               250             35.60   %             996               843             18.15   %
    Pennsylvania shares tax                     351               275             27.64   %             1,373               1,082             26.89   %
    Professional fees                     523               640             (18.28 ) %             2,177               2,953             (26.28 ) %
    Federal Deposit Insurance Corporation deposit insurance                     385               456             (15.57 ) %             1,564               1,578             (0.89 ) %
    Marketing                     74               90             (17.78 ) %             283               684             (58.63 ) %
    Intangible amortization                     25               25             —   %             102               117             (12.82 ) %
    Merger expense                     735               —     n/a             735               —     n/a
    Other                     1,525               1,342             13.64   %             6,177               5,617             9.97   %
    TOTAL NON-INTEREST EXPENSE                     12,980               10,997             18.03   %             46,484               44,496             4.47   %
    INCOME BEFORE INCOME TAX PROVISION                     4,873               6,914             (29.52 ) %             21,893               20,322             7.73   %
    INCOME TAX PROVISION                     1,132               1,359             (16.70 ) %             4,154               3,714             11.85   %
    NET INCOME AVAILABLE TO COMMON SHAREHOLDERS’   $         3,741     $         5,555             (32.66 ) %   $         17,739     $         16,608             6.81   %
    EARNINGS PER SHARE – BASIC            $         0.50     $         0.77             (35.06 ) %   $         2.35     $         2.34             0.43   %
    EARNINGS PER SHARE – DILUTED           $         0.49     $         0.77             (36.36 ) %   $         2.35     $         2.34             0.43   %
    WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC                     7,555,168               7,255,222             4.13   %             7,535,397               7,112,450             5.95   %
    WEIGHTED AVERAGE SHARES OUTSTANDING – DILUTED                     7,693,185               7,255,222             6.04   %             7,543,111               7,112,450             6.06   %
     
    PENNS WOODS BANCORP, INC.
    AVERAGE BALANCES AND INTEREST RATES 
    (UNAUDITED)
     
        Three Months Ended
        December 31, 2024   December 31, 2023
    (Dollars in Thousands)   Average 
    Balance (1)    		   Interest   Average 
    Rate    		   Average 
    Balance (1)    		   Interest   Average 
    Rate
    ASSETS:                        
    Tax-exempt loans (3)           $         69,967     $         453             2.58   %   $         68,234     $         478             2.78   %
    All other loans                     1,806,212               25,401             5.59   %             1,760,509               23,342             5.26   %
    Total loans (2)                     1,876,179               25,854             5.48   %             1,828,743               23,820             5.17   %
                             
    Taxable securities                     199,868               2,277             4.63   %             193,744               1,932             4.04   %
    Tax-exempt securities (3)                     11,317               75             2.70   %             18,041               135             3.03   %
    Total securities                     211,185               2,352             4.53   %             211,785               2,067             3.96   %
                             
    Interest-bearing balances in other financial institutions                     13,136               156             4.72   %             11,795               158             5.31   %
                             
    Total interest-earning assets                     2,100,500               28,362             5.38   %             2,052,323               26,045             5.04   %
                             
    Other assets                     137,840                       130,421          
                             
    TOTAL ASSETS           $         2,238,340             $         2,182,744          
                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                        
    Savings           $         209,300               266             0.51   %   $         222,740               229             0.41   %
    Super Now deposits                     220,792               1,070             1.93   %             227,113               1,129             1.97   %
    Money market deposits                     323,181               2,656             3.27   %             293,542               2,217             3.00   %
    Time deposits                     504,683               5,531             4.36   %             377,516               3,870             4.07   %
    Total interest-bearing deposits                     1,257,956               9,523             3.01   %             1,120,911               7,445             2.64   %
                             
    Short-term borrowings                     38,495               479             4.96   %             163,088               2,317             5.63   %
    Long-term borrowings                     256,521               2,686             4.17   %             235,998               2,207             3.71   %
    Total borrowings                     295,016               3,165             4.27   %             399,086               4,524             4.50   %
                             
    Total interest-bearing liabilities                     1,552,972               12,688             3.25   %             1,519,997               11,969             3.12   %
                             
    Demand deposits                     454,612                       457,546          
    Other liabilities                     25,218                       28,786          
    Shareholders’ equity                     205,538                       176,415          
                             
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY           $         2,238,340             $         2,182,744          
    Interest rate spread (3)                           2.13   %                   1.92   %
    Net interest income/margin (3)               $         15,674             2.98   %       $         14,076             2.73   %
    1. Information on this table has been calculated using average daily balance sheets to obtain average balances.
    2. Non-accrual loans have been included with loans for the purpose of analyzing net interest earnings.
    3. Income and rates on fully taxable equivalent basis include an adjustment for the difference between annual income from tax-exempt obligations and the taxable equivalent of such income at the standard tax rate of 21%.
       
        Three Months Ended December 31,
          2024       2023  
    Total interest income           $         28,251     $         25,917  
    Total interest expense                     12,688               11,969  
    Net interest income (GAAP)                     15,563               13,948  
    Tax equivalent adjustment                     111               128  
    Net interest income (fully taxable equivalent) (non-GAAP)           $         15,674     $         14,076  
     
    PENNS WOODS BANCORP, INC.
    AVERAGE BALANCES AND INTEREST RATES 
    (UNAUDITED)
     
        Twelve Months Ended
        December 31, 2024   December 31, 2023
    (Dollars in Thousands)   Average 
    Balance (1)    		   Interest   Average 
    Rate    		   Average 
    Balance (1)    		   Interest   Average 
    Rate
    ASSETS:                        
    Tax-exempt loans (3)           $         69,448     $         1,943             2.80   %   $         66,863     $         1,849             2.77   %
    All other loans                     1,796,096               98,245             5.47   %             1,691,742               81,830             4.84   %
    Total loans (2)                     1,865,544               100,188             5.37   %             1,758,605               83,679             4.76   %
                             
    Taxable securities                     202,934               9,072             4.47   %             189,804               7,263             3.83   %
    Tax-exempt securities (3)                     13,045               370             2.84   %             23,872               654             2.74   %
    Total securities                     215,979               9,442             4.37   %             213,676               7,917             3.71   %
                             
    Interest-bearing balances in other financial institutions                     11,074               554             5.00   %             10,916               524             4.80   %
                             
    Total interest-earning assets                     2,092,597               110,184             5.27   %             1,983,197               92,120             4.65   %
                             
    Other assets                     132,720                       131,704          
                             
    TOTAL ASSETS           $         2,225,317             $         2,114,901          
                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                        
    Savings           $         215,107               1,077             0.50   %   $         231,000               685             0.30   %
    Super Now deposits                     218,932               4,373             2.00   %             276,868               4,155             1.50   %
    Money market deposits                     311,836               10,390             3.33   %             292,755               7,024             2.40   %
    Time deposits                     460,869               20,122             4.37   %             293,252               10,267             3.50   %
    Total interest-bearing deposits                     1,206,744               35,962             2.98   %             1,093,875               22,131             2.02   %
                             
    Short-term borrowings                     82,046               4,503             5.49   %             157,140               8,401             5.36   %
    Long-term borrowings                     256,850               10,353             4.03   %             186,094               6,099             3.28   %
    Total borrowings                     338,896               14,856             4.40   %             343,234               14,500             4.23   %
                             
    Total interest-bearing liabilities                     1,545,640               50,818             3.29   %             1,437,109               36,631             2.55   %
                             
    Demand deposits                     454,878                       477,828          
    Other liabilities                     30,680                       31,243          
    Shareholders’ equity                     194,119                       168,721          
                             
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY           $         2,225,317             $         2,114,901          
    Interest rate spread (3)                           1.98   %                   2.10   %
    Net interest income/margin (3)               $         59,366             2.83   %       $         55,489             2.80   %
    1. Information on this table has been calculated using average daily balance sheets to obtain average balances.
    2. Non-accrual loans have been included with loans for the purpose of analyzing net interest earnings.
    3. Income and rates on fully taxable equivalent basis include an adjustment for the difference between annual income from tax-exempt obligations and the taxable equivalent of such income at the standard tax rate of 21%.
       
        Twelve months ended December 31,
          2024       2023  
    Total interest income           $         109,698     $         91,595  
    Total interest expense                     50,818               36,631  
    Net interest income (GAAP)                     58,880               54,964  
    Tax equivalent adjustment                     486               525  
    Net interest income (fully taxable equivalent) (non-GAAP)           $         59,366     $         55,489  
    (Dollars in Thousands, Except Per Share Data, Unaudited)   Quarter Ended
        12/31/2024   9/30/2024   6/30/2024   3/31/2024   12/31/2023
    Operating Data                    
    Net income           $         3,741       $         4,801       $         5,390       $         3,808       $         5,555    
    Net interest income                     15,563                 15,056                 14,515                 13,746                 13,948    
    Provision (recovery) for credit losses                     420                 740                 (1,177 )               138                 (1,742 )  
    Net security (losses) gains                     (44 )               36                 (19 )               (33 )               (18 )  
    Non-interest income, excluding net security (losses) gains                     2,754                 2,385                 2,044                 2,495                 2,239    
    Non-interest expense                     12,980                 10,884                 10,996                 11,623                 10,997    
                         
    Performance Statistics                    
    Net interest margin                     2.98   %             2.88   %             2.83   %             2.69   %             2.73   %
    Annualized cost of total deposits                     2.22   %             2.27   %             2.14   %             2.01   %             1.89   %
    Annualized non-interest income to average assets                     0.48   %             0.43   %             0.37   %             0.45   %             0.41   %
    Annualized non-interest expense to average assets                     2.32   %             1.95   %             1.98   %             2.10   %             2.02   %
    Annualized return on average assets                     0.67   %             0.86   %             0.97   %             0.69   %             1.02   %
    Annualized return on average equity                     7.28   %             9.60   %             11.12   %             8.03   %             12.60   %
    Annualized net loan charge-offs (recoveries) to average loans     0.05   %     0.07   %     (0.09 ) %     0.08   %     (0.05 ) %
    Net charge-offs (recoveries)                      228                 328                 (396 )               380                 (209 )  
    Efficiency ratio                     70.73   %             62.26   %             66.25   %             71.41   %             67.78   %
                         
    Per Share Data                    
    Basic earnings per share           $         0.50       $         0.64       $         0.72       $         0.51       $         0.77    
    Diluted earnings per share                     0.49                 0.64                 0.72                 0.51                 0.77    
    Dividend declared per share                     0.32                 0.32                 0.32                 0.32                 0.32    
    Book value                     27.16                 26.96                 26.13                 25.72                 25.51    
    Tangible book value (Non-GAAP)                     24.97                 24.77                 23.93                 23.50                 23.29    
    Common stock price:                    
    High                     34.06                 23.98                 21.08                 22.64                 23.64    
    Low                     23.74                 19.29                 17.17                 18.44                 20.05    
    Close                     30.39                 23.79                 20.55                 19.41                 22.51    
    Weighted average common shares:                    
    Basic                     7,555                 7,544                 7,529                 7,513                 7,255    
    Fully Diluted                     7,693                 7,544                 7,529                 7,513                 7,255    
    End-of-period common shares:                    
    Issued                     8,067                 8,065                 8,052                 8,036                 8,019    
    Treasury                     (510 )               (510 )               (510 )               (510 )               (510 )  
    (Dollars in Thousands, Unaudited)   Quarter Ended
        12/31/2024   9/30/2024   6/30/2024   3/31/2024   12/31/2023
    Financial Condition Data:                    
    General                    
    Total assets           $         2,232,338       $         2,259,250       $         2,234,617       $         2,210,116       $         2,204,809    
    Loans, net                     1,865,230                 1,863,586                 1,855,054                 1,843,805                 1,828,318    
    Goodwill                     16,450                 16,450                 16,450                 16,450                 16,450    
    Intangibles                     107                 133                 158                 184                 210    
    Total deposits                     1,706,081                 1,700,321                 1,648,093                 1,618,562                 1,589,493    
    Noninterest-bearing                     456,936                 452,922                 461,092                 471,451                 471,173    
    Savings                     208,340                 211,560                 218,354                 220,932                 219,287    
    NOW                     212,687                 218,279                 209,906                 208,073                 214,888    
    Money Market                     308,977                 321,614                 320,101                 299,916                 299,353    
    Time Deposits                     340,844                 328,294                 310,187                 292,372                 260,067    
    Brokered Deposits                     178,297                 167,652                 128,453                 125,818                 124,725    
    Total interest-bearing deposits                     1,249,145                 1,247,399                 1,187,001                 1,147,111                 1,118,320    
                         
    Core deposits*                     1,186,940                 1,204,375                 1,209,453                 1,200,372                 1,204,701    
    Shareholders’ equity                     205,231                 203,694                 197,087                 193,517                 191,556    
                         
    Asset Quality                    
    Non-performing loans           $         8,904       $         7,940       $         6,784       $         7,958       $         3,148    
    Non-performing loans to total assets                     0.40   %             0.35   %             0.30   %             0.36   %             0.14   %
    Allowance for credit losses on loans                     11,848                 11,588                 11,234                 11,542                 11,446    
    Allowance for credit losses on loans to total loans                     0.63   %             0.62   %             0.60   %             0.62   %             0.62   %
    Allowance for credit losses on loans to non-performing loans                     133.06   %             145.94   %             165.60   %             145.04   %             363.60   %
    Non-performing loans to total loans                     0.47   %             0.42   %             0.36   %             0.43   %             0.17   %
                         
    Capitalization                    
    Shareholders’ equity to total assets                     9.19   %             9.02   %             8.82   %             8.76   %             8.69   %
                                                       
    * Core deposits are defined as total deposits less time deposits and brokered deposits.
     
    Reconciliation of GAAP and Non-GAAP Financial Measures
    (UNAUDITED)
     
        Three Months Ended December 31,   Twelve Months Ended December 31,
    (Dollars in Thousands, Except Per Share Data, Unaudited)    2024    2023    2024    2023
    GAAP net income           $         3,741       $         5,555       $         17,739       $         16,608    
    Net securities losses, net of tax                     35                 14                 47                 141    
    Merger expenses, net of tax                     581                 —                 581                 —    
    Non-GAAP core earnings           $         4,357       $         5,569       $         18,367       $         16,749    
                     
        Three Months Ended December 31,   Twelve Months Ended December 31,
         2024    2023    2024    2023
    Return on average assets (ROA)                     0.67   %             1.02   %             0.80   %             0.79   %
    Net securities losses, net of tax                     0.01   %             —   %             —   %             —   %
    Merger expenses, net of tax                     0.10   %             —   %             0.03   %             —   %
    Non-GAAP core ROA                     0.78   %             1.02   %             0.83   %             0.79   %
                     
        Three Months Ended December 31,   Twelve Months Ended December 31,
         2024    2023    2024    2023
    Return on average equity (ROE)                     7.28   %             12.60   %             9.14   %             9.84   %
    Net securities losses, net of tax                     0.07   %             0.03   %             0.02   %             0.09   %
    Merger expenses, net of tax                     1.13   %             —   %             0.30   %             —   %
    Non-GAAP core ROE                     8.48   %             12.63   %             9.46   %             9.93   %
                     
        Three Months Ended December 31,   Twelve Months Ended December 31,
         2024    2023    2024    2023
    Basic earnings per share (EPS)           $         0.50       $         0.77       $         2.35       $         2.34    
    Net securities losses, net of tax                     —                 —                 0.01                 0.02    
    Merger expenses, net of tax                     0.08                 —                 0.08                 —    
    Non-GAAP basic core EPS           $         0.58       $         0.77       $         2.44       $         2.36    
             
        Three Months Ended December 31,   Twelve Months Ended December 31,
         2024    2023    2024    2023
    Diluted EPS           $         0.49       $         0.77       $         2.35       $         2.34    
    Net securities losses, net of tax                     —                 —                 0.01                 0.02    
    Merger expenses, net of tax                     0.08                 —                 0.08                 —    
    Non-GAAP diluted core EPS           $         0.57       $         0.77       $         2.44       $         2.36    
    (Dollars in Thousands, Except Share and Per Share Data, Unaudited)   Quarter Ended
        12/31/2024   9/30/2024   6/30/2024   3/31/2024   12/31/2023
    Total shareholders’ equity           $         205,231     $         203,694     $         197,087     $         193,517     $         191,556  
    Goodwill                     (16,450 )             (16,450 )             (16,450 )             (16,450 )             (16,450 )
    Intangibles                     (107 )             (133 )             (158 )             (184 )             (210 )
    Tangible shareholders’ equity           $         188,674     $         187,111     $         180,479     $         176,883     $         174,896  
                         
    Shares outstanding                     7,556,743               7,554,488               7,541,474               7,525,372               7,508,994  
                         
    Book value per share           $         27.16     $         26.96     $         26.13     $         25.72     $         25.51  
    Tangible book value per share (Non-GAAP)           $         24.97     $         24.77     $         23.93     $         23.50     $         23.29  
                                             

    The MIL Network –

  • MIL-OSI Europe: Written question – Monte dei Paschi di Siena’s buyout bid for Mediobanca – P-000356/2025

    Source: European Parliament

    Priority question for written answer  P-000356/2025
    to the Commission
    Rule 144
    Gaetano Pedulla’ (The Left)

    On 24 January, the bank Monte dei Paschi di Siena (MPS) announced a EUR 13.3 billion buyout bid for Mediobanca. The Italian State, through the Ministry of Economy, still has an 11.7 % share in MPS, despite the obligation to sell the entire stake by 2024 set by the European Commission, which in 2017 authorised the bank’s rescue, waiving State aid rules in doing so.

    Since 2017, MPS has received a total of EUR 7 billion in public funding and has undertaken costly staff redundancy plans – the last of which affected 4 125 employees – again with the financial support of the State.

    It should also be noted that, despite the size of the public share, the government in fact appoints the bank’s top management.

    In view of the above, can the Commission answer the following questions:

    • 1.Does the costly financial transaction announced by MPS – an institution rescued from bankruptcy with public funds – comply with EU rules on State aid (Article 107 TFEU)?
    • 2.Does it comply with the primary objective of maintaining financial stability within the meaning of Article 127(1) TFEU, given that MPS’s current capitalisation is EUR 8.10 billion, while Mediobanca’s is EUR 13.75 billion?
    • 3.Could the Ministry of Economy and Finance be authorised to participate in the announced capital increase of MPS if it were to make such a request?

    Submitted: 27.1.2025

    Last updated: 29 January 2025

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Lochaber Area Place Plan approved

    Source: Scotland – Highland Council

    A robust yet dynamic Lochaber Area Place Plan (APP) was agreed recently (Monday 27 January 2025) which clearly outlines the aspirations expressed by the communities within its boundaries, many of which link across to proposed or potential actions contained as part of FW2040 and wider Highland plans such as the Highland Investment Plan, Highland Local Development Plan, Highland Outcome Improvement Plan and the Strategic Housing Investment Plan.

    The Lochaber APP highlights the need for improved health and wellbeing services and facilities including both care and mental health; suitable and affordable housing; empowering young people and expanding access to diverse and inclusive activities; better provision of public transport and infrastructure; tourism management; fostering economic growth and a strong, skilled workforce.

    Lochaber Area Committee Vice Chair, Cllr John Grafton said: “Area Place Plans (APP) are important for Lochaber as they are community led plans, offering the opportunity to shape the vision, ambition and key priorities for both people and place across Lochaber. They help to target resources, service delivery and with clear area specific plans, assist in attracting investment.

    “The Lochaber APP is a dynamic and fluid plan that will evolve over time, as sub-regional Area Place Plans are still to be added, whilst Action Plans for some priorities are already being developed. Ensuring a clear vision is captured that reflect the community aspirations for their area.”

    The Plans will help The Highland Council, partners, and communities to leverage funding by evidencing the impact of every pound spent and the actions associated will provide clarity and manage expectation around how and where resources are prioritised. They will also provide a stronger framework for communities to prepare plans for their own community, empowering them to drive and deliver change.

    Community engagement will build a shared understanding of how ‘Place’ underpins development, service delivery and how organisations and communities work together. These plans will be a future guide to get the best impact for people living in an area, based on a shared understanding of local need.

    The Area Place Plan is available here (Item 4).

    MIL OSI United Kingdom –

  • MIL-OSI USA: Attorney General Alan Wilson stands up for farmers: fights California’s power grab on porkRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson announced today that he has joined 22 other state attorneys general in filing a brief urging the U.S. Supreme Court to hear the case Iowa Pork Producers Association v. Bonta. This case challenges California’s Proposition 12, a law that imposes strict animal welfare regulations on pork producers across the country, regardless of the state that they operate in. 

    “California’s Californication of our food supply is out of control—first, they come for pork, next, they’ll have us eating crickets. Proposition 12 is nothing more than a power grab by coastal elites who want to dictate how the rest of America farms, eats, and does business. South Carolina won’t stand by while they force their radical agenda on the entire country.” said Attorney General Wilson. 

    The brief argues that California’s Proposition 12 Law: 

    • Harms agricultural states and consumers by imposing costly regulations that raise pork prices nationwide. 
    • Encourages economic protectionism by allowing one state to impose its regulatory preferences on others, creating a dangerous precedent that could lead to conflicting state mandates. 
    • Violates the U.S. Constitution, including the Dormant Commerce Clause, Import-Export Clause, and Full Faith and Credit Clause. 
    • Proposition 12 requires that all pork sold in California come from pigs raised under specific housing conditions but also requires these standards for pork produced in other states. Given California’s position as the largest consumer of pork in the nation while producing very little itself, the law effectively forces out-of-state farmers to comply with California’s regulations or be excluded from the market. 

    “The Constitution was designed to prevent exactly this kind of economic balkanization,” Attorney General Wilson said. “If Proposition 12 is allowed to stand, it will set a dangerous precedent where states can impose their own regulatory will on others, leading to chaos in national markets.” 

    The U.S. Supreme Court is being urged to review the Ninth Circuit’s decision, which declined to consider key constitutional issues raised by the petitioners. The coalition of attorneys general argues that the Supreme Court must step in to clarify the limits of state power and uphold the principles of free and fair interstate commerce. 

    You can read the brief here.

    MIL OSI USA News –

  • MIL-Evening Report: How do workers cope in no-win situations? Midwives found out the hard way during the pandemic

    Source: The Conversation (Au and NZ) – By James Greenslade-Yeats, Research Fellow in Management, Auckland University of Technology

    Eldar Nurkovic/Shutterstock

    During the pandemic, midwives faced what researchers call a “pragmatic paradox” – a situation where contradictory demands are imposed on individuals who can neither refuse nor fulfil the demands.

    Midwives needed to care for women and babies despite the risk of infecting them with the virus. Their experiences shed important light on how we can think about no-win situations in the workplace.

    In our recently published research, we surveyed 215 New Zealand midwives about their experiences of working through COVID lockdowns and how they coped with what felt at times like a no-win situation.

    The absurdity of contradictory demands

    Pragmatic paradoxes place workers in absurd, no-win situations. They can occur simply because of leadership issues or glitches in management bureaucracies. They can also happen during unique crises – such as the pandemic.

    But many workers are so used to feeling powerless that they may not recognise – much less question – the absurdity of contradictory demands.

    This is especially true in situations where workers lack opportunities to discuss or challenge the directives they receive from above.

    When the pandemic struck, midwives’ professional roles suddenly entailed an inherent contradiction they had no opportunity to question.

    They were contractually obligated to protect societal wellbeing by providing ongoing maternity services. Yet due to the fast evolving situation and initial shortages of safety equipment, providing those services entailed risking public wellbeing by exposing themselves and their clients to the virus.

    As one of our research participants explained:

    I felt that I was in a very difficult situation. I was connecting with multiple “bubbles” on a daily basis. I was scared that I could be in a position to pass COVID on to vulnerable people.

    As expected, most midwives in our study felt disempowered by the tensions of this situation:

    I felt extremely vulnerable. As a lead maternity carer midwife, considered an essential service, I had no control over whether I could just not work.

    But surprisingly, a small number of midwives were seemingly motivated by it. As one explained,

    [My family] thought I was “brave” and “courageous” to keep working – but this was simply my job! I felt like I had a duty to pregnant women to front up and continue as per normal.

    During the pandemic, midwives faced a pragmatic paradox – they were expected to enter multiple people’s homes while also preventing the spread of COVID-19.
    metamorworks/Shutterstock

    Recognised and supported?

    Why would some midwives feel motivated by their contractual obligations to fulfil contradictory demands?

    The crux, we found, was not whether they were aware of the contradiction inherent in their situation, but whether that awareness was accompanied by a sense of professional recognition and support.

    If midwives felt like they were recognised and supported in their ongoing efforts – like valuable members in the “team of five million” – they framed and accepted their contradictory situation as part of a societal duty.

    Midwives placed particular importance on recognition and support from the government and the public. As one explained,

    I felt the love. Heading out on the motorway I would see the sign thanking essential workers. And the government was always mentioning us and thanking us.

    In contrast, if they felt like health system leaders and the public were oblivious to their situation, they interpreted contradictory work demands as stressful and disempowering.

    Another midwife said,

    I became very angry and felt midwives were like lambs to the slaughter – we had no PPE, we were being told to carry on working, in the media we were invisible. Our professional body seemed to put the women we cared for ahead of our wellbeing.

    Managing pragmatic paradoxes

    There are two ways to look at the implications of our findings. One is to suggest pragmatic paradoxes are not as bad as they initially seem.

    Contradictions abound in contemporary society, so it may be inevitable people face conflicting yet unrefusable demands in their jobs. But if leaders and managers can motivate workers to embrace those demands – or at least recognise the difficulty of the tasks – the outcome can be positive.

    An alternative reading is workers who feel motivated by pragmatic paradoxes are casualties of something akin to gaslighting. According to this logic, contradictory demands are imposed by those at the top of their respective organisations and societies, so that’s where the demands ought to be dealt with.

    For example, the government could have minimised the risks midwives faced during the pandemic by better access to protective equipment, thereby resolving their contradictory situation. Suggesting contradictory demands should be passed down to lower-level workers is therefore equivalent to accepting a certain level of oppression.

    Whichever interpretation resonates more, our research underscores the importance of communication as a means of ensuring workers are not disempowered by pragmatic paradoxes.

    Over the course of the pandemic, healthcare workers worldwide eventually improved their contradictory situation by posting on social media and talking to the press. Political leaders and health management recognised the workforce needed greater support to navigate the contradictory demands of risking wellbeing to protect wellbeing.

    The broader lesson is when people face contradictory directives, they should be able to discuss and challenge them.

    Research suggests that in interpersonal situations, humour may be an effective means of doing so without directly threatening the power or competence of those in charge.

    Of course, this brings us to one final paradox: that encouraging humour and employee voice requires fostering the type of environment where pragmatic paradoxes are unlikely to thrive in the first place.

    Tago Mharapara receives funding from Auckland University of Technology

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

    – ref. How do workers cope in no-win situations? Midwives found out the hard way during the pandemic – https://theconversation.com/how-do-workers-cope-in-no-win-situations-midwives-found-out-the-hard-way-during-the-pandemic-247679

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Duckworth Votes Against Sean Duffy’s Nomination to Be Transportation Secretary

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth
    January 28, 2025
    [WASHINGTON, D.C.] – Today, U.S. Senator Tammy Duckworth (D-IL)—a member of the U.S. Senate Commerce, Science and Transportation Committee (CST)—released the following statement after the Senate confirmed Rep. Sean Duffy by a vote of 77-22 to serve as Secretary of the Department of Transportation.
    “Heading into this week, I was prepared to vote to confirm Rep. Duffy. Our conversations were productive and encouraging, and I thought he was sufficiently qualified to serve as Transportation Secretary. But President Trump’s sweeping order to freeze federal grant funding—including historic investments from the Bipartisan Infrastructure Law—is illegal and hurting Americans in red and blue states alike, and I cannot vote to confirm a Transportation Secretary while transportation funding is being unlawfully withheld.”
    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Crapo Statement at HHS Secretary Nomination Hearing

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo
    Washington, D.C.—U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) delivered the following remarks at a hearing to consider the nomination of Robert F. Kennedy Jr. to be Secretary of the U.S. Department of Health and Human Services.
    As prepared for delivery:
    “Thank you to my colleagues and to Mr. Kennedy for being here today.  Congratulations on your nomination.
    “Throughout this process, Mr. Kennedy, you have been accessible to members and staff on both sides of the aisle and have demonstrated a strong commitment to fulfilling the responsibilities of this role.
    “The Department of Health and Human Services oversees our nation’s largest health care programs, providing coverage for nearly two in every five Americans.
    “Improving Medicare, Medicaid and CHIP, among other initiatives, presents challenges, especially in the face of a rapidly aging population, stubbornly high costs and persistent barriers to access.
    “However, this also provides us an opportunity to deliver bold, transformative solutions.
    “As a Committee, we share a commitment to advancing commonsense, bipartisan policies that improve the delivery of health care in this country.
    “This Committee has worked to realign incentives in the prescription drug supply chain, enhance access in rural communities, expand the availability of telehealth and improve the broken clinician payment structure.
    “Across these and other issues, I look forward to working with the Administration to continue pursuing meaningful reforms that serve the American people more effectively and efficiently. 
    “Too often, patients encounter a health care system that is a disjointed, dysfunctional maze.  Complex and bureaucratic chutes and ladders have become the norm. 
    “Meanwhile, even as health care spending climbs, outcomes across a range of conditions continue to decline. 
    “Mr. Kennedy, if confirmed, you will have the opportunity to chart a new and better course for the federal approach to tackling both the drivers and the consequences of our ailing health care system.
    “Your commitment to combatting chronic conditions that drive health care costs will be critical to our success.
    “Prioritizing disease prevention and addressing the factors that fuel conditions such as diabetes, cardiovascular disease, metabolic disease, Alzheimer’s disease, COPD and cancer will save lives, reduce costs and build a healthier, stronger country.
    “Private-sector breakthroughs, from groundbreaking cancer medications to curative gene therapies, offer hope.  But misguided government initiatives and market volatility risk eroding American leadership in lifesaving R&D. 
    “Your advocacy for health care transparency has the potential to empower consumers across the country, promoting competition to enhance quality while cutting excessive spending, both for patients and for taxpayers.  
    “Today’s hearing will provide a forum to hear more about your vision, particularly for the federal programs under this Committee’s jurisdiction.
    “Mr. Kennedy, you represent a voice for an inspiring coalition of Americans who are deeply committed to improving the health and well-being of our nation.
    “Regardless of political party, everyone in this room shares a common recognition that our current system has fallen short—as well as a common desire to make our country healthier. 
    “I look forward to today’s conversation, as well as to your testimony, Mr. Kennedy.”

    MIL OSI USA News –