Economy – Page 1261 – NewzIntel.com

MIL-OSI: NVIDIA Sets Conference Call for Fourth-Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., Jan. 29, 2025 (GLOBE NEWSWIRE) — NVIDIA will host a conference call on Wednesday, February 26, at 2 p.m. PT (5 p.m. ET) to discuss its financial results for the fourth quarter and fiscal year 2025, which ended January 26, 2025.

The call will be webcast live (in listen-only mode) on investor.nvidia.com. The company’s prepared remarks will be followed by a Q&A session, which will be limited to questions from financial analysts and institutional investors.

Ahead of the call, NVIDIA will provide written commentary on its fourth-quarter results from its chief financial officer, Colette Kress. This material will be posted to investor.nvidia.com immediately after the company’s results are publicly announced at approximately 1:20 p.m. PT.

The webcast will be recorded and available for replay until the company’s conference call to discuss financial results for its first quarter of fiscal year 2026.

About NVIDIA
NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

For further information, contact:
Investor Relations NVIDIA Corporation ir@nvidia.com	Corporate Communications NVIDIA Corporation press@nvidia.com

The MIL Network –

January 30, 2025

MIL-OSI: Univest Securities, LLC Announces Closing of $3.4 Million Registered Direct Offering for its Client Lichen China Limited (NASDAQ: LICN)

Source: GlobeNewswire (MIL-OSI)

New York, New York, Jan. 29, 2025 (GLOBE NEWSWIRE) — Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the of registered direct offering (the “Offering”) for its client Lichen China Limited (NASDAQ: LICN) (the “Company”), a dedicated financial and taxation service provider.

Under the terms of the securities purchase agreement, the Company has agreed to sell to several investors for the purchase and sale of an aggregate of 42,500,000 shares of Company’s Class A ordinary share, par value $0.00004 per share (the “Shares”) (or pre-funded warrants in lieu thereof) at a purchase price of $0.08 per share in a registered direct offering. The purchase price for the pre-funded warrants is identical to the purchase price for Shares, less the exercise price of $0.001 per share.

The aggregate gross proceeds to the Company was approximately $3.4 million.

Univest Securities, LLC acted as the sole placement agent.

The registered direct offering was made pursuant to a shelf registration statement on Form F-3 (File No. 333-277230) previously filed by the Company and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on March 1, 2024. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering were filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, by contacting Univest Securities, LLC at info@univest.us, or by calling +1 (212) 343-8888.

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

About Univest Securities, LLC

Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.

About Lichen China Limited

Lichen China Limited focuses on providing financial and taxation solution services, education support services, and software and maintenance services under its “Lichen” brand. In recognition of the Company’s expertise and experience in the financial and taxation solution services industry for over 18 years, the Company has built up its reputation as a dedicated financial and taxation solution services provider of professional and high-quality services in China. For more information, please visit the Company’s website: https://ir.lichenzx.com/.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. Univest Securities LLC and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:
Univest Securities, LLC
Edric Guo
Chief Executive Officer
75 Rockefeller Plaza, Suite 18C
New York, NY 10019
Phone: (212) 343-8888
Email: info@univest.us

The MIL Network –

January 30, 2025

MIL-OSI United Nations: From policy to progress: UN deputy chief Mohammed outlines path for Africa’s clean energy transformation

Source: United Nations 4

29 January 2025 Economic Development

United Nations Deputy Secretary-General Amina Mohammed highlighted on Tuesday the critical need for collaborative and urgent action to achieve the ambitious goal of bringing electricity to 300 million Africans by 2030.

“Access to electricity is not just a matter of convenience; it is a fundamental human right that underpins economic growth, education, healthcare, and gender equality,” Ms. Mohammed told African Heads of State attending the Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.

The Summit brought together African leaders and development partners to discuss Mission 300, an initiative by the African Development Bank and the World Bank. The initiative addresses energy access challenges and aims to create jobs for Africa’s youth and support future development.

“We must work together, with a sense of urgency and commitment, to ensure that no one is left behind in this transformative journey,” Ms. Mohammed, stressed.

Africa’s energy landscape presents a paradox. Despite being rich in renewable resources, the continent grapples with one of the lowest levels of energy access globally. As the UN deputy chief pointed out, nearly 600 million Africans lack access to electricity, making it essential to leverage the continent’s abundant renewable energy resources and critical minerals.

Unlocking Africa’s potential

“Africa has immense potential to show the world what a new economic development paradigm grounded in sustainability, resilience, justice, and inclusivity can look like,” Ms. Mohammed stated, and underscored the interconnectedness of enhanced energy access with broader development goals, such as health, education, and gender equality.

“By advancing long-term energy security and sovereignty, we can foster peace, create green jobs, and build resilient livelihoods – paving the way for improved stability and prosperity across the continent,” she said.

She highlighted that with renewable energy now being the cheapest source of new electricity, the Mission 300 initiative represents a transformative opportunity for Africa.

A shining example: Tanzania’s progress

Ms. Mohammed praised Tanzania as a beacon of success, showcasing how rural electrification and off-grid renewable energy solutions can transform lives, particularly in remote and underserved areas.

“The country has made remarkable strides, with electricity access increasing from just 14 per cent in 2011 to 46 per cent in 2022,” she noted. This progress has led to over one million new connections, driving the rural electrification rate to 72 per cent.

“This progress means that more boys and girls in remote areas can now study in well-lit classrooms, health workers can deliver life-saving services to off-grid populations, and rural businesses can thrive with reliable power,” said the UN deputy chief, emphasizing that energy access is not just about electricity – it’s about opportunity, equity, and the foundation of a brighter future.

Policies and reforms for transforming African energy

In a panel discussion that was held Monday on the theme Policies and Reforms for Transforming African Energy, Ms. Mohammed reiterated the need for comprehensive reforms to accelerate electrification across the continent. She stressed the role of renewable energy in driving sustainable development and reducing greenhouse gas emissions.

“Africa is rich in renewable energy resources, from solar and wind to hydro and geothermal power,” she said. “By harnessing these resources, we can not only provide electricity to millions but also create green jobs, improve health outcomes, and protect the environment.”

The Deputy Secretary-General highlighted three key areas for policymakers to focus on: fostering policy coherence, mobilizing finance and support, and enhancing transparent international cooperation.

UN Tanzania/Muntazar Abuhaidary

Fostering policy coherence

Ms. Mohammed underscored the importance of coherent and aligned policies with Sustainable Development Goals (SDGs) and Nationally Determined Contributions (NDCs), the individual climate action plans submitted by each country under the Paris Agreement.

“Policy makers and the international institutions need to strive to ensure sector-wide plans are coherent and aligned with the achievement of the SDGs due in 2030, while investors need robust regulatory laws in place to ensure business can operate aligned with them,” she stressed.

She added that “NDCs must coordinate the transition from fossil fuels with scaling of renewables and grid modernization and expansion, ensuring energy security and affordability.”

Ms. Mohammed also emphasized that NDCs represent a unique opportunity for all countries to align their new climate plans and energy strategies, together with addressing adaptation needs.

Mobilizing finance and support

While private sector investments are crucial, Ms. Mohammed stressed the importance of public financing, especially in modernizing grid infrastructure to expand access and integrate renewables. “Blending concessional public funds with commercial funds can help multiply renewable energy investments in developing countries,” she noted.

“We must work to strengthen the health of Africa’s public finances and tackle unsustainable debt burdens that are crowding out essential public investments,” the UN deputy chief added, calling for long-term concessional finance and the implementation of the $1.3 trillion roadmap agreed last year at the UN climate conference in Baku.

Transparent international cooperation

Ms. Mohammed went on to emphasize the importance of international investments and cross-border partnerships in delivering electricity projects at a massive scale. “Public private partnerships need to be subject to stable and transparent public procurement rules throughout the whole project cycle,” she said.

“Transparency and accountability should be a hallmark of Mission 300 and set a new standard for cooperation across the continent,” she concluded.

African Heads of State commit to energy reforms

The summit saw African Heads of State commit to concrete reforms and actions to expand access to reliable, affordable, and sustainable electricity. The Dar es Salaam Energy Declaration, endorsed by the summit, outlines the commitments and practical actions needed to achieve the Mission 300 goals.

“Today, we have taken a significant step towards transforming Africa’s energy landscape,” said President Samia Suluhu Hassan of Tanzania. “By working together and implementing these reforms, we can ensure that our citizens have access to clean and affordable energy, which is essential for their well-being and economic prosperity.”

Africa can lead clean energy transition

In her closing remarks, Ms. Mohammed expressed optimism about Africa’s potential to lead the global clean energy transition.

“With the right policies and reforms, Africa can become a model for sustainable development and resilience,” she said. “Let us seize this opportunity to create a brighter future for our continent and its people.”

MIL OSI United Nations News –

January 30, 2025

MIL-OSI: Parkway International Capital Group Funds $17.5 Million Senior Living Refinance

Source: GlobeNewswire (MIL-OSI)

HENDERSON, Nev., Jan. 29, 2025 (GLOBE NEWSWIRE) — Parkway International Capital Group (PIC Group) has successfully closed a $17.5 million refinance loan for a premier senior living development in Henderson, Nevada, demonstrating its expertise in large-scale, customized financing solutions.

Why the Borrower Chose PIC Group
The borrower, a leading healthcare and senior living developer with over $500 million in completed projects, selected PIC Group for its:

* Industry Expertise: Proven success in senior living financing
* Efficient Execution: Closing within 20 days
* Tailored Solutions: Structuring that delivered cost savings and flexibility

Addressing Growing Market Demand
The project, a 150-unit senior living community with independent living, assisted living, and memory care services, meets rising demand in Henderson, where the senior population continues to grow. This aligns with a projected 44% increase in demand for senior housing by 2030 (NIC data).

Financial Highlights
* Loan Amount: $17.5 million
* Loan Term: 36 Months, up to 5 years amortization
* Interest Rate: Fixed at 8.98%
* Loan-to-Value (LTV): 75%, ensuring liquidity and equity balance

The refinance reduced the borrower’s annual debt service by $450,000 and provided capital for future projects.

About Parkway International Capital Group
PIC Group specializes in innovative commercial financing for high-value projects, partnering with clients to deliver tailored solutions and exceptional results.

Media Contact

Marvin Fincham
Visit our website at pic-group.net
Email us at loans@pic-group.net

The MIL Network –

January 30, 2025

MIL-OSI: ACNB Corporation Announces First Quarter Cash Dividend

Source: GlobeNewswire (MIL-OSI)

GETTYSBURG, Pa., Jan. 29, 2025 (GLOBE NEWSWIRE) — ACNB Corporation (NASDAQ: ACNB), financial holding company for ACNB Bank and ACNB Insurance Services, Inc., announced today that the Board of Directors approved and declared a regular quarterly cash dividend of $0.32 per share of ACNB Corporation common stock payable on March 14, 2025, to shareholders of record as of February 28, 2025. This per share amount reflects a 6.7% increase over the $0.30 per share paid in the first quarter of 2024. This dividend declaration is expected to result in aggregate dividend payments of approximately $3.38 million to ACNB Corporation shareholders in the first quarter of 2025, an increase of approximately 24% over the prior quarter, due to the additional shares expected to be issued to former Traditions Bancorp, Inc. shareholders upon the anticipated close of the acquisition on February 1, 2025.

ACNB Corporation, headquartered in Gettysburg, PA, is the independent $2.4 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and ACNB Insurance Services, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 27 community banking offices and two loan offices located in the Pennsylvania counties of Adams, Cumberland, Franklin, Lancaster and York and the Maryland counties of Baltimore, Carroll and Frederick. ACNB Insurance Services, Inc. is a full-service insurance agency with licenses in 46 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster and Jarrettsville, MD, and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit investor.acnb.com.

FORWARD-LOOKING STATEMENTS – In addition to historical information, this press release may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of Management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Corporation’s market areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “intends”, “will”, “should”, “anticipates”, or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as national, regional and local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties, and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: short-term and long-term effects of inflation and rising costs on the Corporation, customers and economy; effects of governmental and fiscal policies, as well as legislative and regulatory changes; effects of new laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which the Corporation and its subsidiaries must comply; impacts of the capital and liquidity requirements of the Basel III standards; effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of the business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the effects of short-term and long-term federal budget and tax negotiations and a failure to increase the government debt limit or a prolonged shutdown of the federal government; effects of economic conditions particularly with regard to the negative impact of any pandemic, epidemic or health-related crisis and the responses thereto on the operations of the Corporation and current customers, specifically the effect of the economy on loan customers’ ability to repay loans; effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; inflation, securities market and monetary fluctuations; risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest rate protection agreements, as well as interest rate risks; difficulties in acquisitions and integrating and operating acquired business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; effects of technology changes; effects of general economic conditions and more specifically in the Corporation’s market areas; failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities; acts of war or terrorism or geopolitical instability; disruption of credit and equity markets; ability to manage current levels of impaired assets; loss of certain key officers; ability to maintain the value and image of the Corporation’s brand and protect the Corporation’s intellectual property rights; continued relationships with major customers; and, potential impacts to the Corporation from continually evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial losses. We caution readers not to place undue reliance on these forward-looking statements. They only reflect Management’s analysis as of this date. The Corporation does not revise or update these forward-looking statements to reflect events or changed circumstances. Please carefully review the risk factors described in other documents the Corporation files from time to time with the SEC, including the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Please also carefully review any Current Reports on Form 8-K filed by the Corporation with the SEC.

ACNB #2025-3

Contact:

Kevin J. Hayes
SVP/General Counsel,
Secretary & Chief
Governance Officer
717.339.5161
khayes@acnb.com

The MIL Network –

January 30, 2025

MIL-OSI: Banco Itaú Chile Schedules Fourth Quarter 2024 Financial Results, Conference Call and Webcast

Source: GlobeNewswire (MIL-OSI)

SANTIAGO, Chile, Jan. 29, 2025 (GLOBE NEWSWIRE) — BANCO ITAÚ CHILE (SSE: ITAUCL) announced today that it will release its results for the fourth quarter ended December 31, 2024, before the market opens in Santiago, on February 28, 2025.

On Monday, March 3, 2025, at 11:00 A.M. Santiago time (9:00 A.M. ET), the Company’s management team will host a conference call to discuss the financial results. The call will be hosted by André Gailey, CEO; Claudia Labbé Montevecchi, Head of IR and Chief Sustainability Officer; and Matías Valenzuela Barrenechea, Head of FP&A, Capital and IR.

Conference Call Details:

Online registration: https://registrations.events/direct/Q4I6136278

All participants must pre-register using this link to join the conference call. Upon registering, each participant will be provided with details to connect to the call and a registrant ID.

Webcast:

The webcast will be available through the following link:

https://events.q4inc.com/attendee/846439085

Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. Following the event, the event will be available in the same link.

Telephone and Virtual Q&A session:

The Q&A session will be available for participants connected through the conference call and through the webcast, where attendees will be allowed to type in their questions – we will read and answer selected questions verbally.

Investor Relations – Itaú Chile

IR@itau.cl / ir.itau.cl

The MIL Network –

January 30, 2025

MIL-OSI: National Fuel Reports First Quarter Earnings

Source: GlobeNewswire (MIL-OSI)

WILLIAMSVILLE, N.Y., Jan. 29, 2025 (GLOBE NEWSWIRE) — National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the first quarter of its 2025 fiscal year.

FISCAL 2025 FIRST QUARTER SUMMARY

GAAP net income of $45.0 million (or $0.49 per share), which includes $104.6 million in non-cash, after-tax impairment charges in the Exploration & Production segment, compared to GAAP net income of $133.0 million (or $1.44 per share) in the prior year.
Adjusted operating results of $151.9 million (or $1.66 per share), an increase of 14%, or $16.7 million ($0.20 per share), compared to the prior year. See non-GAAP reconciliation on page 2.
Pipeline & Storage segment net income increased $8.4 million, or 35%, compared to the prior year, primarily due to the settlement of the Supply Corporation rate case, which led to increased rates effective February 1, 2024.
Utility segment net income increased $5.9 million, or 22%, compared to the prior year driven by a three-year settlement of a rate proceeding in the Company’s New York jurisdiction, which led to increased rates starting October 1, 2024.
E&P segment adjusted operating results increased $2.6 million, or 5%, compared to the prior year, supported by hedging-related gains, which more than offset the $0.08 per MMBtu decrease in the weighted average natural gas price compared to the prior year.
The Company repurchased $34 million of common stock during the quarter, which brings the total amount repurchased to $99 million, or 1.7 million shares, under the $200 million share buyback program, authorized in March 2024.
The Company is increasing its guidance for fiscal 2025 adjusted earnings per share to a range of $6.50 to $7.00 as a result of higher forecasted natural gas prices and ongoing improvements in the outlook for each segment.

MANAGEMENT COMMENTS

David P. Bauer, President and CEO of National Fuel Gas Company, stated: “Fiscal 2025 is off to a great start for National Fuel, with each business contributing to our strong consolidated adjusted operating results.

“In our regulated segments, we are delivering on our long-term growth outlook, with adjusted earnings per share in the quarter increasing approximately 30% compared to the prior year. The recent approval of our rate case settlement in our New York utility jurisdiction, which extends through 2027, combined with the ongoing benefits from ratemaking activity in our Pennsylvania utility territory and at Supply Corporation, gives us further confidence in our 7% to 10% earnings growth projections over the next three years. Furthermore, our integrated upstream and gathering operations in the Eastern Development Area (“EDA”) continue to exceed expectations, with the combination of strong operational execution and our highly-prolific assets. This differentiated ability to drive capital efficiency improvements alongside a rising price outlook for natural gas positions these businesses to deliver strong results in the coming years. We expect that these tailwinds will contribute to rising free cash flow across the system and deliver significant value to National Fuel shareholders.”

RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS


	Three Months Ended
	December 31,
(in thousands except per share amounts)	2024			2023
Reported GAAP Earnings	$	44,986		$	133,020
Items impacting comparability:
Impairment of assets (E&P)		141,802			—
Tax impact of impairment of assets		(37,169	)		—
Unrealized (gain) loss on derivative asset (E&P)		349			4,198
Tax impact of unrealized (gain) loss on derivative asset		(94	)		(1,151	)
Unrealized (gain) loss on other investments (Corporate / All Other)		2,617			(1,049	)
Tax impact of unrealized (gain) loss on other investments		(550	)		220
Adjusted Operating Results	$	151,941		$	135,238

Reported GAAP Earnings Per Share	$	0.49		$	1.44
Items impacting comparability:
Impairment of assets, net of tax (E&P)		1.14			—
Unrealized (gain) loss on derivative asset, net of tax (E&P)		—			0.03
Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)		0.02			(0.01	)
Rounding		0.01			—
Adjusted Operating Results Per Share	$	1.66		$	1.46

FISCAL 2025 GUIDANCE UPDATE

National Fuel is increasing its guidance for fiscal 2025 adjusted earnings per share, which are now expected to be within a range of $6.50 to $7.00. This updated range incorporates better than expected results in the first quarter along with the anticipated impact of higher natural gas prices and higher production in the Exploration and Production segment for the remainder of the fiscal year. The Company is now assuming NYMEX natural gas prices will average $3.50 per MMBtu for the remaining nine months of fiscal 2025, an increase of $0.70 from the $2.80 per MMBtu assumed in previous guidance. This updated natural gas price projection approximates the current NYMEX forward curve at this time, however; given the continued volatility in NYMEX natural gas prices, the Company is providing the following sensitivities to its adjusted operating results guidance range:

NYMEX Assumption *Remaining 9 months* ($/MMBtu)		Fiscal 2025 Adjusted Earnings Per Share Sensitivities
$3.00		$6.15 – $6.65
$3.50		$6.50 – $7.00
$4.00		$6.90 – $7.40

The Company’s production guidance for fiscal 2025 is now expected to be in the range of 410 to 425 Bcfe, an increase of 7.5 Bcfe, or 2%, at the midpoint compared to previous guidance. The revised production guidance is principally a result of ongoing improvements in Seneca’s well results and additional operational efficiencies in the highly prolific EDA. This is also expected to result in increased Gathering segment revenue, relative to the Company’s prior projections, and as a result the Company has increased the midpoint of its guidance range by $5 million. While the Company’s guidance does not incorporate any future price-related curtailments, with 87% of its projected fiscal 2025 production linked to firm sales contracts, Seneca has limited exposure to in-basin markets. Further, 71% of expected production for the balance of the fiscal year is either matched by a financial hedge, including a combination of swaps and no-cost collars, or was entered into at a fixed price, both of which provide price certainty for that production.

Additionally, as a result of operational improvements, the Company is revising Seneca’s capital expenditure guidance range downward to $495 million to $515 million, or $505 million at the midpoint, which is a $5 million decrease from the midpoint of the Company’s previous guidance.

The Company’s other fiscal 2025 guidance assumptions remain largely unchanged and are detailed in the table on page 7.

DISCUSSION OF FIRST QUARTER RESULTS BY SEGMENT

The following earnings discussion of each operating segment for the quarter ended December 31, 2024 is summarized in a tabular form on pages 8 and 9 of this report. It may be helpful to refer to those tables while reviewing this discussion.

Note that management defines adjusted operating results as reported GAAP earnings adjusted for items impacting comparability, and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.

Upstream Business

Exploration and Production Segment

The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC (“Seneca”). Seneca explores for, develops and produces primarily natural gas reserves in Pennsylvania.

	Three Months Ended
	December 31,
(in thousands)	2024			2023		Variance
GAAP Earnings	$	(46,777	)	$	52,483	$	(99,260	)
Impairment of assets, net of tax		104,633			—		104,633
Unrealized (gain) loss on derivative asset, net of tax		255			3,047		(2,792	)
Adjusted Operating Results	$	58,111		$	55,530	$	2,581

Adjusted EBITDA	$	156,645		$	159,970	$	(3,325	)

Seneca’s first quarter GAAP earnings decreased $99.3 million versus the prior year. This was driven by non-cash, pre-tax impairment charges of $141.8 million ($104.6 million after-tax), the majority of which is related to a “ceiling test” impairment which required Seneca to write-down the book value of its reserves under the full cost method of accounting. For purposes of the ceiling test, the 12-month average of first day of the month pricing for NYMEX natural gas for the period ended December 31, 2024 was $2.13 per MMBtu.

Excluding impairments, as well as the net impact of unrealized losses related to reductions in the fair value of contingent consideration received in connection with the June 2022 divestiture of Seneca’s California assets (see table above), Seneca’s adjusted operating results increased $2.6 million primarily due to higher realized natural gas prices after the impact of hedging and lower per unit operating expenses, partially offset by lower natural gas production.

During the first quarter, Seneca produced 97.7 Bcf of natural gas, a decrease of 3.0 Bcf, or 3%, from the prior year. Compared to the preceding fourth quarter of fiscal 2024, production in the first quarter is higher by 5.8 Bcf, or 6%. Early in the quarter, Seneca curtailed approximately 1 Bcf of production due to low in-basin pricing. Production in the quarter was lower than the prior year largely due to the timing of turn in line dates for new wells between fiscal years.

Seneca’s average realized natural gas price, after the impact of hedging and transportation costs, was $2.53 per Mcf, an increase of $0.02 per Mcf from the prior year. Seneca recorded hedging gains of $29.7 million, or an uplift of $0.30 per Mcf, during the quarter, which more than offset a $0.08 per Mcf decrease in pre-hedge natural gas price realizations versus the prior year.

On a per unit basis, first quarter Lease Operating Expense (“LOE”) was $0.67 per Mcf, consistent with the prior year. LOE included $55.0 million ($0.56 per Mcf) for gathering and compression services from the Company’s Gathering segment to connect Seneca’s production to sales points along interstate pipelines. General and Administrative Expense (“G&A”) was $0.20 per Mcf, an increase of $0.02 per Mcf compared to the prior year driven by the combination of higher personnel costs and modestly lower production. Depreciation, Depletion and Amortization Expense (“DD&A”) was $0.65 per Mcf, a decrease of $0.06 per Mcf from the prior year largely due to ceiling test impairments recorded in the third and fourth quarters of fiscal 2024 that lowered Seneca’s full cost pool depletable base.

Midstream Businesses

Pipeline and Storage Segment

The Pipeline and Storage segment’s operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.

	Three Months Ended
	December 31,
(in thousands)	2024		2023		Variance
GAAP Earnings	$	32,454	$	24,055	$	8,399

Adjusted EBITDA	$	70,953	$	59,142	$	11,811

The Pipeline and Storage segment’s first quarter GAAP earnings increased $8.4 million versus the prior year primarily due to higher operating revenues, partly offset by higher operation and maintenance (“O&M”) expense.

The increase in operating revenues of $12.2 million, or 13%, was primarily attributable to an increase in Supply Corporation’s transportation and storage rates effective February 1, 2024, in accordance with its rate settlement, which was approved in fiscal 2024. O&M expense increased $1.1 million primarily due to higher pipeline integrity and labor-related costs.

Gathering Segment

The Gathering segment’s operations are carried out by National Fuel Gas Midstream Company, LLC’s limited liability companies. The Gathering segment constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which delivers Seneca and other non-affiliated Appalachian production to the interstate pipeline system.

	Three Months Ended
	December 31,
(in thousands)	2024		2023		Variance
GAAP Earnings	$	27,145	$	28,825	$	(1,680	)

Adjusted EBITDA	$	51,936	$	53,061	$	(1,125	)

The Gathering segment’s first quarter GAAP earnings decreased $1.7 million versus the prior year due to lower operating revenues and higher DD&A expense.

Operating revenues decreased $1.5 million, or 2%, primarily due to a decrease in throughput from Seneca. DD&A expense increased $1.1 million primarily due to higher average depreciable plant in service compared to the prior year.

Downstream Business

Utility Segment

The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution Corporation”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

	Three Months Ended
	December 31,
(in thousands)	2024		2023		Variance
GAAP Earnings	$	32,499	$	26,551	$	5,948

Adjusted EBITDA	$	60,665	$	53,366	$	7,299

The Utility segment’s first quarter GAAP earnings increased $5.9 million, or 22%, primarily as a result of the implementation of the recent rate case order in the Utility’s New York jurisdiction.

For the quarter, customer margin (operating revenues less purchased gas sold) increased $9.1 million, primarily due to the aforementioned rate case in Distribution Corporation’s New York jurisdiction, for which a settlement became effective October 1, 2024. Other income, which was also impacted by the rate settlement, increased $4.0 million. This was in large part due to the recognition of non-service pension and post-retirement benefit income that is offset with a corresponding reduction in new base rates and as a result, has no effect on net income.

O&M expense increased by $1.6 million, primarily driven by higher personnel costs, partially offset by a reduction related to amortizations of certain regulatory assets as a result of the New York rate settlement. DD&A expense increased $0.8 million primarily due to higher average depreciable plant in service compared to the prior year. Interest expense increased $2.3 million primarily due to a higher average amount of net borrowings.

Corporate and All Other

The Company’s operations that are included in Corporate and All Other generated a combined net loss of $0.3 million in the current-year first quarter, which was $1.4 million lower than combined earnings of $1.1 million in the prior-year first quarter. The reduction in earnings during the quarter was primarily driven by unrealized losses recorded on investment securities that fund non-qualified retirement benefit plans.

EARNINGS TELECONFERENCE

A conference call to discuss the results will be held on Thursday, January 30, 2025, at 9 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link. A webcast link to the conference call will be provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com. A replay will be available following the call through the end of the day, Thursday, February 6, 2025. To access the replay, dial 1-866-813-9403 and provide Access Code 245940.

National Fuel is an integrated energy company reporting financial results for four operating segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: impairments under the SEC’s full cost ceiling test for natural gas reserves; changes in the price of natural gas; changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; changes in economic conditions, including inflationary pressures, supply chain issues, liquidity challenges, and global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity or data security breaches; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; the Company’s ability to complete strategic transactions; increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; negotiations with the collective bargaining units representing the Company’s workforce, including potential work stoppages during negotiations; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company’s projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

GUIDANCE SUMMARY

As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2025. Additional details on the Company’s forecast assumptions and business segment guidance are outlined in the table below.

The revised adjusted earnings per share guidance range excludes certain items that impacted the comparability of adjusted operating results during the three months ended December 31, 2024, including: (1) the after tax impairment of assets, which reduced earnings by $1.14 per share; (2) after-tax unrealized losses on a derivative asset, which reduced earnings by less than $0.01 per share; and (3) after-tax unrealized losses on other investments, which reduced earnings by $0.02 per share. While the Company expects to record certain adjustments to unrealized gain or loss on a derivative asset and unrealized gain or loss on investments during the nine months ending September 30, 2025, the amounts of these and other potential adjustments and charges, including ceiling test impairments, are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.

	Previous FY 2025 Guidance	Updated FY 2025 Guidance

Consolidated Adjusted Earnings per Share	$5.50 to $6.00	$6.50 to $7.00
Consolidated Effective Tax Rate	~ 24.5 – 25%	~ 25%

Capital Expenditures(Millions)
Exploration and Production	$495 – $525	$495 – $515
Pipeline and Storage	$130 – $150	$130 – $150
Gathering	$95 – $110	$95 – $110
Utility	$165 – $185	$165 – $185
Consolidated Capital Expenditures	$885 – $970	$885 – $960

Exploration and Production Segment Guidance

Commodity Price Assumptions*
NYMEX natural gas price	$2.80 /MMBtu	$3.50 /MMBtu
Appalachian basin spot price	$2.00 /MMBtu	$2.90 /MMBtu

Realized natural gas prices, after hedging ($/Mcf)	$2.47 – $2.51	$2.77 – $2.81

Production (Bcf)	400 to 420	410 to 425

E&P Operating Costs($/Mcf)
LOE	$0.68 – $0.70	$0.68 – $0.70
G&A	$0.18 – $0.19	$0.18 – $0.19
DD&A	$0.65 – $0.69	$0.63 – $0.67

Other Business Segment Guidance(Millions)
Gathering Segment Revenues	$245 – $255	$250 – $260
Pipeline and Storage Segment Revenues	$415 – $435	$415 – $435

* Commodity price assumptions are for the remaining nine months of the fiscal year.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED DECEMBER 31, 2024
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
(Thousands of Dollars)	Production			Storage			Gathering			Utility			All Other			Consolidated*

First quarter 2024 GAAP earnings	$	52,483		$	24,055		$	28,825		$	26,551		$	1,106		$	133,020
Items impacting comparability:
Unrealized (gain) loss on derivative asset		4,198															4,198
Tax impact of unrealized (gain) loss on derivative asset		(1,151	)														(1,151	)
Unrealized (gain) loss on other investments														(1,049	)		(1,049	)
Tax impact of unrealized (gain) loss on other investments														220			220
First quarter 2024 adjusted operating results		55,530			24,055			28,825			26,551			277			135,238
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		(6,016	)														(6,016	)
Higher (lower) realized natural gas prices, after hedging		1,885															1,885
Midstream Revenues
Higher (lower) operating revenues					9,637			(1,151	)								8,486
Downstream Margins***
Impact of usage and weather											(325	)					(325	)
Impact of new rates in New York											7,865						7,865
Operating Expenses
Lower (higher) lease operating and transportation expenses		1,133															1,133
Lower (higher) operating expenses					(856	)					(1,244	)					(2,100	)
Lower (higher) depreciation / depletion		6,842						(835	)		(624	)					5,383
Other Income (Expense)
Higher (lower) other income		(1,680	)								3,176			1,686			3,182
(Higher) lower interest expense											(1,785	)					(1,785	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(8	)		(488	)		443			(584	)		205			(432	)
All other / rounding		425			106			(137	)		(531	)		(436	)		(573	)
First quarter 2025 adjusted operating results		58,111			32,454			27,145			32,499			1,732			151,941
Items impacting comparability:
Impairment of assets		(141,802	)														(141,802	)
Tax impact of impairment of assets		37,169															37,169
Unrealized gain (loss) on derivative asset		(349	)														(349	)
Tax impact of unrealized gain (loss) on derivative asset		94															94
Unrealized gain (loss) on other investments														(2,617	)		(2,617	)
Tax impact of unrealized gain (loss) on other investments														550			550
First quarter 2025 GAAP earnings	$	(46,777	)	$	32,454		$	27,145		$	32,499		$	(335	)	$	44,986

* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED DECEMBER 31, 2024
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
	Production			Storage			Gathering			Utility			All Other			Consolidated*

First quarter 2024 GAAP earnings per share	$	0.57		$	0.26		$	0.31		$	0.29		$	0.01		$	1.44
Items impacting comparability:
Unrealized (gain) loss on derivative asset, net of tax		0.03															0.03
Unrealized (gain) loss on other investments, net of tax														(0.01	)		(0.01	)
First quarter 2024 adjusted operating results per share		0.60			0.26			0.31			0.29			—			1.46
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		(0.07	)														(0.07	)
Higher (lower) realized natural gas prices, after hedging		0.02															0.02
Midstream Revenues
Higher (lower) operating revenues					0.11			(0.01	)								0.10
Downstream Margins***
Impact of usage and weather											—						—
Impact of new rates in New York											0.09						0.09
Operating Expenses
Lower (higher) lease operating and transportation expenses		0.01															0.01
Lower (higher) operating expenses					(0.01	)					(0.01	)					(0.02	)
Lower (higher) depreciation / depletion		0.08						(0.01	)		(0.01	)					0.06
Other Income (Expense)
Higher (lower) other income		(0.02	)								0.03			0.02			0.03
(Higher) lower interest expense											(0.02	)					(0.02	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		—			(0.01	)		—			(0.01	)		—			(0.02	)
All other / rounding		0.02			—			0.01			—			(0.01	)		0.02
First quarter 2025 adjusted operating results per share		0.64			0.35			0.30			0.36			0.01			1.66
Items impacting comparability:
Impairment of assets, net of tax		(1.14	)														(1.14	)
Unrealized gain (loss) on derivative asset, net of tax		—															—
Unrealized gain (loss) on other investments, net of tax														(0.02	)		(0.02	)
Rounding		(0.01	)														(0.01	)
First quarter 2025 GAAP earnings per share	$	(0.51	)	$	0.35		$	0.30		$	0.36		$	(0.01	)	$	0.49

* Amounts do not reflect intercompany eliminations.
** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
*** Downstream margin defined as operating revenues less purchased gas expense.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

(Thousands of Dollars, except per share amounts)
	Three Months Ended
	December 31,
	(Unaudited)
SUMMARY OF OPERATIONS	2024			2023
Operating Revenues:
Utility Revenues	$	228,424		$	201,920
Exploration and Production and Other Revenues		248,860			254,019
Pipeline and Storage and Gathering Revenues		72,198			69,422
		549,482			525,361
Operating Expenses:
Purchased Gas		65,337			56,552
Operation and Maintenance:
Utility		55,244			53,705
Exploration and Production and Other		33,541			34,826
Pipeline and Storage and Gathering		35,941			34,962
Property, Franchise and Other Taxes		22,056			22,416
Depreciation, Depletion and Amortization		109,370			115,790
Impairment of Assets		141,802			—
		463,291			318,251

Operating Income		86,191			207,110

Other Income (Expense):
Other Income (Deductions)		7,720			3,732
Interest Expense on Long-Term Debt		(33,362	)		(28,462	)
Other Interest Expense		(4,381	)		(6,273	)

Income Before Income Taxes		56,168			176,107

Income Tax Expense		11,182			43,087

Net Income Available for Common Stock	$	44,986		$	133,020

Earnings Per Common Share
Basic	$	0.50		$	1.45
Diluted	$	0.49		$	1.44

Weighted Average Common Shares:
Used in Basic Calculation		90,777,446			91,910,244
Used in Diluted Calculation		91,434,741			92,442,145

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)

	December 31,			September 30,
(Thousands of Dollars)	2024			2024
ASSETS
Property, Plant and Equipment	$	14,675,281		$	14,524,798
Less – Accumulated Depreciation, Depletion and Amortization		7,393,477			7,185,593
Net Property, Plant and Equipment		7,281,804			7,339,205
Current Assets:
Cash and Temporary Cash Investments		48,694			38,222
Receivables – Net		202,821			127,222
Unbilled Revenue		57,117			15,521
Gas Stored Underground		24,725			35,055
Materials and Supplies – at average cost		47,820			47,670
Other Current Assets		83,435			92,229
Total Current Assets		464,612			355,919
Other Assets:
Recoverable Future Taxes		83,740			80,084
Unamortized Debt Expense		5,206			5,604
Other Regulatory Assets		106,386			108,022
Deferred Charges		68,952			69,662
Other Investments		71,493			81,705
Goodwill		5,476			5,476
Prepaid Pension and Post-Retirement Benefit Costs		185,224			180,230
Fair Value of Derivative Financial Instruments		20,695			87,905
Other		7,860			5,958
Total Other Assets		555,032			624,646
Total Assets	$	8,301,448		$	8,319,770
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders’ Equity
Common Stock, $1 Par Value Authorized – 200,000,000 Shares; Issued and
Outstanding – 90,612,955 Shares and 91,005,993 Shares, Respectively	$	90,613		$	91,006
Paid in Capital		1,039,705			1,045,487
Earnings Reinvested in the Business		1,698,648			1,727,326
Accumulated Other Comprehensive Loss		(76,153	)		(15,476	)
Total Comprehensive Shareholders’ Equity		2,752,813			2,848,343
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs		2,189,421			2,188,243
Total Capitalization		4,942,234			5,036,586
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper		200,000			90,700
Current Portion of Long-Term Debt		500,000			500,000
Accounts Payable		120,991			165,068
Amounts Payable to Customers		42,587			42,720
Dividends Payable		46,671			46,872
Interest Payable on Long-Term Debt		44,376			27,247
Customer Advances		15,295			19,373
Customer Security Deposits		36,091			36,265
Other Accruals and Current Liabilities		172,409			162,903
Fair Value of Derivative Financial Instruments		20,893			4,744
Total Current and Accrued Liabilities		1,199,313			1,095,892
Other Liabilities:
Deferred Income Taxes		1,089,394			1,111,165
Taxes Refundable to Customers		303,344			305,645
Cost of Removal Regulatory Liability		296,660			292,477
Other Regulatory Liabilities		147,561			151,452
Other Post-Retirement Liabilities		3,476			3,511
Asset Retirement Obligations		199,310			203,006
Other Liabilities		120,156			120,036
Total Other Liabilities		2,159,901			2,187,292
Commitments and Contingencies		—			—
Total Capitalization and Liabilities	$	8,301,448		$	8,319,770

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Three Months Ended
	December 31,
(Thousands of Dollars)	2024			2023

Operating Activities:
Net Income Available for Common Stock	$	44,986		$	133,020
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Impairment of Assets		141,802			—
Depreciation, Depletion and Amortization		109,370			115,790
Deferred Income Taxes		(5,385	)		38,362
Stock-Based Compensation		4,705			4,660
Other		7,146			8,041
Change in:
Receivables and Unbilled Revenue		(115,165	)		(58,459	)
Gas Stored Underground and Materials and Supplies		10,180			6,915
Other Current Assets		8,814			892
Accounts Payable		9,703			(3,355	)
Amounts Payable to Customers		(133	)		1,013
Customer Advances		(4,078	)		2,083
Customer Security Deposits		(174	)		2,079
Other Accruals and Current Liabilities		21,266			28,612
Other Assets		(3,892	)		(6,306	)
Other Liabilities		(9,057	)		(2,403	)
Net Cash Provided by Operating Activities	$	220,088		$	270,944

Investing Activities:
Capital Expenditures	$	(240,427	)	$	(246,938	)
Other		5,878			(920	)
Net Cash Used in Investing Activities	$	(234,549	)	$	(247,858	)

Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper		109,300			12,500
Shares Repurchased Under Repurchase Plan		(33,524	)		—
Dividends Paid on Common Stock		(46,872	)		(45,451	)
Net Repurchases of Common Stock Under Stock and Benefit Plans		(3,971	)		(3,897	)
Net Cash Provided by (Used in) Financing Activities	$	24,933		$	(36,848	)

Net Increase (Decrease) in Cash and Cash Equivalents		10,472			(13,762	)
Cash and Cash Equivalents at Beginning of Period		38,222			55,447
Cash and Cash Equivalents at December 31	$	48,694		$	41,685

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

UPSTREAM BUSINESS


	Three Months Ended
(Thousands of Dollars, except per share amounts)	December 31,
EXPLORATION AND PRODUCTION SEGMENT	2024			2023			Variance
Total Operating Revenues	$	248,860		$	254,019		$	(5,159	)
Operating Expenses:
Operation and Maintenance:
General and Administrative Expense		19,326			17,793			1,533
Lease Operating and Transportation Expense		65,640			67,074			(1,434	)
All Other Operation and Maintenance Expense		3,867			5,544			(1,677	)
Property, Franchise and Other Taxes		3,382			3,638			(256	)
Depreciation, Depletion and Amortization		63,304			71,965			(8,661	)
Impairment of Assets		141,802			—			141,802
		297,321			166,014			131,307

Operating Income (Loss)		(48,461	)		88,005			(136,466	)

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		37			100			(63	)
Interest and Other Income (Deductions)		272			(1,513	)		1,785
Interest Expense		(15,200	)		(15,268	)		68
Income (Loss) Before Income Taxes		(63,352	)		71,324			(134,676	)
Income Tax Expense (Benefit)		(16,575	)		18,841			(35,416	)
Net Income (Loss)	$	(46,777	)	$	52,483		$	(99,260	)
Net Income (Loss) Per Share (Diluted)	$	(0.51	)	$	0.57		$	(1.08	)

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

MIDSTREAM BUSINESSES

	Three Months Ended
(Thousands of Dollars, except per share amounts)	December 31,
PIPELINE AND STORAGE SEGMENT	2024			2023			Variance
Revenues from External Customers	$	68,750		$	64,826		$	3,924
Intersegment Revenues		37,862			29,587			8,275
Total Operating Revenues		106,612			94,413			12,199
Operating Expenses:
Purchased Gas		(42	)		601			(643	)
Operation and Maintenance		27,034			25,950			1,084
Property, Franchise and Other Taxes		8,667			8,720			(53	)
Depreciation, Depletion and Amortization		18,585			18,213			372
		54,244			53,484			760

Operating Income		52,368			40,929			11,439

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		952			1,257			(305	)
Interest and Other Income		2,040			1,931			109
Interest Expense		(11,729	)		(11,725	)		(4	)
Income Before Income Taxes		43,631			32,392			11,239
Income Tax Expense		11,177			8,337			2,840
Net Income	$	32,454		$	24,055		$	8,399
Net Income Per Share (Diluted)	$	0.35		$	0.26		$	0.09


	Three Months Ended
	December 31,
GATHERING SEGMENT	2024			2023			Variance
Revenues from External Customers	$	3,448		$	4,596		$	(1,148	)
Intersegment Revenues		57,683			57,992			(309	)
Total Operating Revenues		61,131			62,588			(1,457	)
Operating Expenses:
Operation and Maintenance		9,429			9,504			(75	)
Property, Franchise and Other Taxes		(234	)		23			(257	)
Depreciation, Depletion and Amortization		10,515			9,458			1,057
		19,710			18,985			725

Operating Income		41,421			43,603			(2,182	)

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		—			9			(9	)
Interest and Other Income		58			73			(15	)
Interest Expense		(4,210	)		(3,729	)		(481	)
Income Before Income Taxes		37,269			39,956			(2,687	)
Income Tax Expense		10,124			11,131			(1,007	)
Net Income	$	27,145		$	28,825		$	(1,680	)
Net Income Per Share (Diluted)	$	0.30		$	0.31		$	(0.01	)

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

DOWNSTREAM BUSINESS


	Three Months Ended
(Thousands of Dollars, except per share amounts)	December 31,
UTILITY SEGMENT	2024			2023			Variance
Revenues from External Customers	$	228,424		$	201,920		$	26,504
Intersegment Revenues		85			87			(2	)
Total Operating Revenues		228,509			202,007			26,502
Operating Expenses:
Purchased Gas		101,473			84,051			17,422
Operation and Maintenance		56,260			54,684			1,576
Property, Franchise and Other Taxes		10,111			9,906			205
Depreciation, Depletion and Amortization		16,827			16,037			790
		184,671			164,678			19,993

Operating Income		43,838			37,329			6,509

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		5,871			470			5,401
Interest and Other Income		528			1,911			(1,383	)
Interest Expense		(10,716	)		(8,457	)		(2,259	)
Income Before Income Taxes		39,521			31,253			8,268
Income Tax Expense		7,022			4,702			2,320
Net Income	$	32,499		$	26,551		$	5,948
Net Income Per Share (Diluted)	$	0.36		$	0.29		$	0.07

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

	Three Months Ended
(Thousands of Dollars, except per share amounts)	December 31,
ALL OTHER	2024			2023			Variance
Total Operating Revenues	$	—		$	—		$	—
Operating Expenses:
Operation and Maintenance		—			—			—
		—			—			—

Operating Income		—			—			—
Other Income (Expense):
Interest and Other Income (Deductions)		(136	)		(77	)		(59	)
Interest Expense		(116	)		(81	)		(35	)
Loss before Income Taxes		(252	)		(158	)		(94	)
Income Tax Benefit		(59	)		(37	)		(22	)
Net Loss	$	(193	)	$	(121	)	$	(72	)
Net Loss Per Share (Diluted)	$	—		$	—		$	—

	Three Months Ended
	December 31,
CORPORATE	2024			2023			Variance
Revenues from External Customers	$	—		$	—		$	—
Intersegment Revenues		1,341			1,285			56
Total Operating Revenues		1,341			1,285			56
Operating Expenses:
Operation and Maintenance		4,047			3,795			252
Property, Franchise and Other Taxes		130			129			1
Depreciation, Depletion and Amortization		139			117			22
		4,316			4,041			275

Operating Loss		(2,975	)		(2,756	)		(219	)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Costs		(212	)		(387	)		175
Interest and Other Income		41,061			41,030			31
Interest Expense on Long-Term Debt		(33,362	)		(28,462	)		(4,900	)
Other Interest Expense		(5,161	)		(8,085	)		2,924
Income (Loss) before Income Taxes		(649	)		1,340			(1,989	)
Income Tax Expense (Benefit)		(507	)		113			(620	)
Net Income (Loss)	$	(142	)	$	1,227		$	(1,369	)
Net Income (Loss) Per Share (Diluted)	$	(0.01	)	$	0.01		$	(0.02	)


	Three Months Ended
	December 31,
INTERSEGMENT ELIMINATIONS	2024			2023			Variance
Intersegment Revenues	$	(96,971	)	$	(88,951	)	$	(8,020	)
Operating Expenses:
Purchased Gas		(36,094	)		(28,100	)		(7,994	)
Operation and Maintenance		(60,877	)		(60,851	)		(26	)
		(96,971	)		(88,951	)		(8,020	)
Operating Income		—			—			—
Other Income (Expense):
Interest and Other Deductions		(42,751	)		(41,072	)		(1,679	)
Interest Expense		42,751			41,072			1,679
Net Income	$	—		$	—		$	—
Net Income Per Share (Diluted)	$	—		$	—		$	—

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT INFORMATION (Continued)
(Thousands of Dollars)

	Three Months Ended
	December 31,
	(Unaudited)
							Increase
	2024			2023			(Decrease)

Capital Expenditures:
Exploration and Production	$	122,602	⁽¹⁾⁽²⁾	$	160,957	⁽³⁾⁽⁴⁾	$	(38,355	)
Pipeline and Storage		19,792	⁽¹⁾⁽²⁾		24,554	⁽³⁾⁽⁴⁾		(4,762	)
Gathering		13,027	⁽¹⁾⁽²⁾		19,569	⁽³⁾⁽⁴⁾		(6,542	)
Utility		36,430	⁽¹⁾⁽²⁾		30,510	⁽³⁾⁽⁴⁾		5,920
Total Reportable Segments		191,851			235,590			(43,739	)
All Other		—			—			—
Corporate		204			61			143
Total Capital Expenditures	$	192,055		$	235,651		$	(43,596	)

(1)	Capital expenditures for the quarter ended December 31, 2024, include accounts payable and accrued liabilities related to capital expenditures of $56.3 million, $4.4 million, $6.0 million, and $4.9 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at December 31, 2024, since they represent non-cash investing activities at that date.

(2)	Capital expenditures for the quarter ended December 31, 2024, exclude capital expenditures of $63.3 million, $14.4 million, $21.7 million and $20.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2024 and paid during the quarter ended December 31, 2024. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2024, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at December 31, 2024.

(3)	Capital expenditures for the quarter ended December 31, 2023, include accounts payable and accrued liabilities related to capital expenditures of $74.9 million, $5.5 million, $11.1 million, and $6.4 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at December 31, 2023, since they represented non-cash investing activities at that date.

(4)	Capital expenditures for the quarter ended December 31, 2023, exclude capital expenditures of $43.2 million, $31.8 million, $20.6 million and $13.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2023 and paid during the quarter ended December 31, 2023. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2023, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at December 31, 2023.

DEGREE DAYS
				Percent Colder
				(Warmer) Than:
Three Months Ended December 31,	Normal	2024	2023	Normal ⁽¹⁾	Last Year ⁽¹⁾
Buffalo, NY	2,253	1,884	1,858	(16.4)	1.4
Erie, PA	1,894	1,697	1,664	(10.4)	2.0

⁽¹⁾Percents compare actual 2024 degree days to normal degree days and actual 2024 degree days to actual 2023 degree days.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

EXPLORATION AND PRODUCTION INFORMATION


	Three Months Ended
	December 31,
					Increase
	2024		2023		(Decrease)

Gas Production/Prices:
Production (MMcf)
Appalachia		97,717		100,757		(3,040	)

Average Prices (Per Mcf)
Weighted Average	$	2.23	$	2.31	$	(0.08	)
Weighted Average after Hedging		2.53		2.51		0.02

Selected Operating Performance Statistics:
General and Administrative Expense per Mcf ⁽¹⁾	$	0.20	$	0.18	$	0.02
Lease Operating and Transportation Expense per Mcf ⁽¹⁾⁽²⁾	$	0.67	$	0.67	$	—
Depreciation, Depletion and Amortization per Mcf ⁽¹⁾	$	0.65	$	0.71	$	(0.06	)

⁽¹⁾Refer to page 13 for the General and Administrative Expense, Lease Operating and Transportation Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.

⁽²⁾Amounts include transportation expense of $0.57 and $0.56 per Mcf for the three months ended December 31, 2024 and December 31, 2023, respectively.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES



Pipeline and Storage Throughput – (millions of cubic feet – MMcf)

	Three Months Ended
	December 31,
			Increase
	2024	2023	(Decrease)
Firm Transportation – Affiliated	31,870	31,495	375
Firm Transportation – Non-Affiliated	171,012	168,606	2,406
Interruptible Transportation	62	118	(56	)
	202,944	200,219	2,725

Gathering Volume – (MMcf)
	Three Months Ended
	December 31,
			Increase
	2024	2023	(Decrease)
Gathered Volume	120,961	124,261	(3,300	)


Utility Throughput – (MMcf)
	Three Months Ended
	December 31,
			Increase
	2024	2023	(Decrease)
Retail Sales:
Residential Sales	18,476	17,982	494
Commercial Sales	2,919	2,800	119
Industrial Sales	199	138	61
	21,594	20,920	674
Transportation	16,942	17,528	(586	)
	38,536	38,448	88

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES

In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding adjusted operating results, adjusted EBITDA and free cash flow, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company’s ongoing operating results or liquidity and for comparing the Company’s financial performance to other companies. The Company’s management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.

Management defines adjusted operating results as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel’s reported GAAP earnings to adjusted operating results for the three months ended December 31, 2024 and 2023:

	Three Months Ended
	December 31,
(in thousands except per share amounts)	2024			2023
Reported GAAP Earnings	$	44,986		$	133,020
Items impacting comparability:
Impairment of assets (E&P)		141,802			—
Tax impact of impairment of assets		(37,169	)		—
Unrealized (gain) loss on derivative asset (E&P)		349			4,198
Tax impact of unrealized (gain) loss on derivative asset		(94	)		(1,151	)
Unrealized (gain) loss on other investments (Corporate / All Other)		2,617			(1,049	)
Tax impact of unrealized (gain) loss on other investments		(550	)		220
Adjusted Operating Results	$	151,941		$	135,238

Reported GAAP Earnings Per Share	$	0.49		$	1.44
Items impacting comparability:
Impairment of assets, net of tax (E&P)		1.14			—
Unrealized (gain) loss on derivative asset, net of tax (E&P)		—			0.03
Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)		0.02			(0.01	)
Rounding		0.01			—
Adjusted Operating Results Per Share	$	1.66		$	1.46

Management defines adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability. The following tables reconcile National Fuel’s reported GAAP earnings to adjusted EBITDA for the three months ended December 31, 2024 and 2023:

	Three Months Ended
	December 31,
(in thousands)	2024			2023
Reported GAAP Earnings	$	44,986		$	133,020
Depreciation, Depletion and Amortization		109,370			115,790
Other (Income) Deductions		(7,720	)		(3,732	)
Interest Expense		37,743			34,735
Income Taxes		11,182			43,087
Impairment of Assets		141,802			—
Adjusted EBITDA	$	337,363		$	322,900

Adjusted EBITDA by Segment
Pipeline and Storage Adjusted EBITDA	$	70,953		$	59,142
Gathering Adjusted EBITDA		51,936			53,061
Total Midstream Businesses Adjusted EBITDA		122,889			112,203
Exploration and Production Adjusted EBITDA		156,645			159,970
Utility Adjusted EBITDA		60,665			53,366
Corporate and All Other Adjusted EBITDA		(2,836	)		(2,639	)
Total Adjusted EBITDA	$	337,363		$	322,900

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
SEGMENT ADJUSTED EBITDA

	Three Months Ended
	December 31,
(in thousands)	2024			2023
Exploration and Production Segment
Reported GAAP Earnings	$	(46,777	)	$	52,483
Depreciation, Depletion and Amortization		63,304			71,965
Other (Income) Deductions		(309	)		1,413
Interest Expense		15,200			15,268
Income Taxes		(16,575	)		18,841
Impairment of Assets		141,802			—
Adjusted EBITDA	$	156,645		$	159,970

Pipeline and Storage Segment
Reported GAAP Earnings	$	32,454		$	24,055
Depreciation, Depletion and Amortization		18,585			18,213
Other (Income) Deductions		(2,992	)		(3,188	)
Interest Expense		11,729			11,725
Income Taxes		11,177			8,337
Adjusted EBITDA	$	70,953		$	59,142

Gathering Segment
Reported GAAP Earnings	$	27,145		$	28,825
Depreciation, Depletion and Amortization		10,515			9,458
Other (Income) Deductions		(58	)		(82	)
Interest Expense		4,210			3,729
Income Taxes		10,124			11,131
Adjusted EBITDA	$	51,936		$	53,061

Utility Segment
Reported GAAP Earnings	$	32,499		$	26,551
Depreciation, Depletion and Amortization		16,827			16,037
Other (Income) Deductions		(6,399	)		(2,381	)
Interest Expense		10,716			8,457
Income Taxes		7,022			4,702
Adjusted EBITDA	$	60,665		$	53,366

Corporate and All Other
Reported GAAP Earnings	$	(335	)	$	1,106
Depreciation, Depletion and Amortization		139			117
Other (Income) Deductions		2,038			506
Interest Expense		(4,112	)		(4,444	)
Income Taxes		(566	)		76
Adjusted EBITDA	$	(2,836	)	$	(2,639	)

Management defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divestitures. The Company is unable to provide a reconciliation of any projected free cash flow measure to its comparable GAAP financial measure without unreasonable efforts. This is due to an inability to calculate the comparable GAAP projected metrics, including operating income and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.

The MIL Network –

January 30, 2025

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

US Senate News:

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

MIL OSI USA News –

January 30, 2025

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

Source: Microsoft

Headline: Microsoft Cloud and AI strength drives second quarter results

Microsoft Cloud and AI Strength Drives Second Quarter Results

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

· Revenue was $69.6 billion and increased 12%

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

· Net income was $24.1 billion and increased 10%

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

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

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

Business Highlights

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

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

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

· LinkedIn revenue increased 9%

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

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

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

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

· Windows OEM and Devices revenue increased 4%

· Xbox content and services revenue increased 2%

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

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

Business Outlook

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

Quarterly Highlights, Product Releases, and Enhancements

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

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

Environmental, Social, and Governance (ESG)

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

Webcast Details

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

Constant Currency

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

Financial Performance Constant Currency Reconciliation

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

Segment Revenue Constant Currency Reconciliation

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

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

Selected Product and Service Revenue Constant Currency Reconciliation

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

About Microsoft

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

Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

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

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

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

· supply or quality problems;

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

· potential consequences of trade and anti-corruption laws;

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

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

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

· uncertainties relating to our business with government customers;

· additional tax liabilities;

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

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

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

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

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

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

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

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

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

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

For more information, press only:

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

For more information, financial analysts and investors only:

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

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

**MICROSOFT CORPORATION**

INCOME STATEMENTS

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

COMPREHENSIVE INCOME STATEMENTS

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

BALANCE SHEETS

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

CASH FLOWS STATEMENTS

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

SEGMENT REVENUE AND OPERATING INCOME

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

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

MIL OSI Economics –

January 30, 2025

MIL-OSI Submissions: OPEC Fund delivers record US$2.3 billion in development finance in 2024

Source: OPEC Fund for International Development (the OPEC Fund)

Highlights in the 49th year of operation included:

Lending growth: 35 percent increase y-o-y to US$2.3 billion
Triple agriculture and food security investments
Climate Action Plan delivery ahead of target
Bond placements: US$500 million in January 2024
Advancing partnerships: A co-financing agreement with the World Bank Group; MoUs with IFAD, FONPLATA; Country Framework Agreements with Uzbekistan, Kazakhstan, Turkmenistan.

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

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

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

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

Significant delivery to support global food security and climate action:

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

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

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

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

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

About the OPEC Fund

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

MIL OSI – Submitted News –

January 30, 2025

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

Source: Te Herenga Waka—Victoria University of Wellington

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

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

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

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

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

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

The University’s nominees this year are:

Predator Free Wellington

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

Kaipara Moana Remediation

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

Hot Lime Labs

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

Mint Innovation

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

MIL OSI New Zealand News –

January 30, 2025

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

Source: Office of United States Attorneys

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

# # #

MIL Security OSI –

January 30, 2025

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

Source: Office of United States Attorneys

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

MIL Security OSI –

January 30, 2025

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

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

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

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

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

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

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

Expansion of Resources to Make Communities Safer

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

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

Driving Down Violent Crime and Dismantling Drug Traffickers

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

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

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

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

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

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

Attacking the Fentanyl Epidemic

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

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

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

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

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

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

Surge in White Collar Fraud and Corruption Enforcement

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

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

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

Expanding Civil Rights Enforcement

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

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

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

Strong Civil Practice

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

About U.S. Attorney Easley

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

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

MIL Security OSI –

January 30, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

CONTACT: StoneX Group Inc.

Investor Inquiries:

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

SNEX-G

The MIL Network –

January 30, 2025

MIL-OSI: BoC cuts rates amid tariff balancing act: CPA Canada

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

The MIL Network –

January 30, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

The MIL Network –

January 30, 2025

MIL-OSI: InspireSemi Announces Administrative Update Webinar for Shareholders

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

Webinar ID: 861 6030 6729
Passcode: 060367

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

About InspireSemi

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

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

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

Cautionary Statement on Forward-Looking Information

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

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

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

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

The MIL Network –

January 30, 2025

MIL-OSI Canada: Alberta’s new Heritage Fund

[. The initial purpose of this fund was to invest a portion of Alberta’s non-renewable resource royalties each year so the investment interest earned in the fund would reduce the province’s reliance on resource revenues.

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

The roadmap details how the “Alberta Model” will use three components to grow the fund to $250 billion and eventually fund public services and vital infrastructure:

Strategic investments: There is a strong focus on opportunities that maximize growth while supporting areas that matter to Albertans, such as technology, energy and infrastructure.
Global partnerships: The model benefits from working closely with like-minded organizations and investors around the world, to access premier opportunities and bring new ideas and expertise back to the province.
Strong governance: The model is structured to ensure transparent and responsible investment management, so that every decision is made with the long-term interests of Albertans in mind.

“Albertans deserve a Heritage Fund they can rely on – one that is focused on creating long-term growth and financial stability. We owe it to future generations of Albertans. The new Heritage Fund will lessen our dependence on natural resource revenues, diversify our economy, and create both wealth and prosperity for generations to come.”

Danielle Smith, Premier

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

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

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

Nate Horner, President of Treasury Board and Minister of Finance

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

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

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

Joe Lougheed, Chair, Heritage Fund Opportunities Corporation

Related information

Renewing the Alberta Heritage Savings Trust Fund: a roadmap to securing Alberta’s future
Growing the Heritage Fund video

Related news

Premier’s address to the province (Feb. 21, 2024)
Solid year-end sets stage for prosperous Alberta future (June 27, 2024)
Q1 update: Cautious optimism for a stronger future (Aug. 29, 2024)

Multimedia

Watch the news conference

MIL OSI Canada News –

January 30, 2025

MIL-OSI Canada: shíshálh Nation, B.C. renew landmark reconciliation agreement

Source: Government of Canada regional news

Patrick Weiler, MP for West Vancouver-Sunshine Coast-Sea to Sky Country –

“The shíshálh Nation and the Province of British Columbia chose a new path in 2018 to work together on the process of reconciliation. I’m excited to see this shared commitment renewed and updated, and I look forward to collaborating to plan for the future and bring positive outcomes to the entire Sunshine Coast.”

Ravi Parmar, Minister of Forests –

“True, lasting and meaningful reconciliation will only be achieved through honouring the commitments we’ve made and building trusted partnerships by working side by side with First Nations. In renewing the Foundation Agreement, shíshálh Nation and the Province are helping build a strong, robust and sustainable forest sector for the next 100 years.”

Alton Toth, chair, Sunshine Coast Regional District –

“This update to the Foundation Agreement is a tremendous step forward for the shíshálh Nation when it comes to self-determination and reclaiming rights that were previously suppressed. The Sunshine Coast Regional District is honoured to work with the shíshálh Nation on numerous projects and services on an ongoing basis. We look forward to strengthening these partnerships and exploring new opportunities as we continue our shared journey toward meaningful reconciliation.”

Jef Keighley, director, Sunshine Coast Conservation Association –

“I heartily applaud and join in celebrating the shíshálh Nation’s second five-year update of their historic Foundation Agreement. The Nation has proven that true reconciliation works to the mutual benefit of both shíshálh and non-shíshálh people living within their spectacular swiya. British Columbians should also thank the Province for demonstrating the courage, vision and wisdom in working with the shíshálh Nation to help build a more co-operative path to our future.”

Kelly Matheson-King, chief operating officer, BluEarth Renewables –

“The renewal of the Foundation Agreement between shíshálh Nation and the Province clearly signals an ongoing commitment to advancing the journey to reconciliation. It is exciting to see the renewed commitment of these governments to shared decision-making in relation to land, environment and economy. BluEarth deeply values walking in partnership with shíshálh through our joint implementation of renewable energy technologies within their swiya.”

Kent Stuehmer, vice-president and general manager, Heidelberg Materials –

“Heidelberg Materials is pleased to continue building on our long-standing and successful relationship with the shíshálh Nation, as we celebrate yet another milestone in this historic agreement with the provincial government. We look forward to the growth and opportunities that this progressive and collaborative approach provides to the people of Sechelt and to all those who live and work in B.C.”

MIL OSI Canada News –

January 30, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

About Oportun

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

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

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

The MIL Network –

January 30, 2025

MIL-OSI: Brookline Bancorp Announces Fourth Quarter Results

Source: GlobeNewswire (MIL-OSI)

Net Income of $17.5 million, EPS of $0.20

Operating Earnings of $20.7 million, Operating EPS of $0.23

Quarterly Dividend of $0.135

BOSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) — Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net income of $17.5 million, or $0.20 per basic and diluted share, and excluding $3.4 million of merger-related charges, operating earnings after tax (non-GAAP) of $20.7 million, or $0.23 per basic and diluted share for the fourth quarter of 2024, compared to net income and operating earnings after tax (non-GAAP) of $20.1 million, or $0.23 per basic and diluted share, for the third quarter of 2024, and $22.9 million, or $0.26 per basic and diluted share, for the fourth quarter of 2023.

For the year ended December 31, 2024, the Company reported net income of $68.7 million, or $0.77 per basic and diluted share, compared to $75.0 million, or $0.85 per basic and diluted share, for the year ended December 31, 2023. For the year ended December 31, 2024, the Company reported operating earnings after tax (non-GAAP) of $72.4 million, or $0.81 per basic and diluted share, compared to $92.9 million, or $1.05 per basic and diluted share, for the year ended December 31, 2023.

Paul Perrault, Chairman and Chief Executive Officer, commented on the Company’s performance, “Brookline Bancorp had an excellent year in 2024. We finished the year with solid deposit and loan growth and are well positioned as we look forward to 2025. We are looking forward to 2025 and our recently announced strategic merger with Berkshire Hills Bancorp. I would like to recognize the contributions of our employees in contributing to our growth and success in 2024. Our employees exemplify the Brookline Bancorp culture of providing excellent customer service.”

BALANCE SHEET

Total assets at December 31, 2024 increased $228.6 million to $11.9 billion from $11.7 billion at September 30, 2024, and increased $523.1 million from $11.4 billion at December 31, 2023. At December 31, 2024, total loans and leases were $9.8 billion, representing an increase of $24.1 million from September 30, 2024, and an increase of $137.7 million from December 31, 2023.

Total investment securities at December 31, 2024 increased $39.6 million to $895.0 million from $855.4 million at September 30, 2024, and decreased $21.6 million from $916.6 million at December 31, 2023. Total cash and cash equivalents at December 31, 2024 increased $135.8 million to $543.7 million from $407.9 million at September 30, 2024, and increased $410.6 million from $133.0 million at December 31, 2023. As of December 31, 2024, total investment securities and total cash and cash equivalents represented 12.1 percent of total assets, compared to 10.8 percent and 9.2 percent as of September 30, 2024 and December 31, 2023, respectively.

Total deposits at December 31, 2024 increased $169.4 million to $8.9 billion from $8.7 billion at September 30, 2024, consisting of a $115.9 million increase in customer deposits and a $53.4 million increase in brokered deposits. Total deposits increased $353.5 million from $8.5 billion at December 31, 2023, primarily driven by growth in customer deposits.

Total borrowed funds at December 31, 2024 increased $22.3 million to $1.5 billion from September 30, 2024, and increased $143.2 million from $1.4 billion at December 31, 2023.

The ratio of stockholders’ equity to total assets was 10.26 percent at December 31, 2024, as compared to 10.54 percent at September 30, 2024, and 10.53 percent at December 31, 2023. The ratio of tangible stockholders’ equity to tangible assets (non-GAAP) was 8.27 percent at December 31, 2024, as compared to 8.50 percent at September 30, 2024, and 8.39 percent at December 31, 2023. Tangible book value per common share (non-GAAP) decreased $0.08 from $10.89 at September 30, 2024 to $10.81 at December 31, 2024, and increased $0.31 from $10.50 at December 31, 2023.

NET INTEREST INCOME

Net interest income increased $2.0 million to $85.0 million during the fourth quarter of 2024 from $83.0 million for the quarter ended September 30, 2024. The net interest margin increased 5 basis points to 3.12 percent for the three months ended December 31, 2024 from 3.07 percent for the three months ended September 30, 2024, primarily driven by lower funding costs partially offset by lower yields on loans and leases.

NON-INTEREST INCOME

Total non-interest income for the quarter ended December 31, 2024 increased $0.2 million to $6.6 million from $6.3 million for the quarter ended September 30, 2024. The increase was primarily driven by an increase of $1.1 million in loan level derivative income, net, partially offset by a decline of $0.8 million in mark to market on interest rate swaps.

PROVISION FOR CREDIT LOSSES

The Company recorded a provision for credit losses of $4.1 million for the quarter ended December 31, 2024, compared to $4.8 million for the quarter ended September 30, 2024. The decrease in the provision was largely driven by improving economic forecasts and stabilization in the volume of adversely graded credits.

Total net charge-offs for the fourth quarter of 2024 were $7.3 million, compared to $3.8 million in the third quarter of 2024. The $7.3 million in net charge-offs was driven by one large $5.1 million charge-off in equipment financing which was previously reserved for. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis increased to 30 basis points for the fourth quarter of 2024 from 16 basis points for the third quarter of 2024.

The allowance for loan and lease losses represented 1.28 percent of total loans and leases at December 31, 2024, compared to 1.31 percent at September 30, 2024, and 1.22 percent at December 31, 2023. The decrease in the ratio was driven by a reduction in specific reserves due to charge-offs in the quarter.

ASSET QUALITY

The ratio of total nonperforming loans and leases to total loans and leases was 0.71 percent at December 31, 2024 as compared to 0.73 percent at September 30, 2024. Total nonaccrual loans and leases decreased $1.9 million to $69.3 million at December 31, 2024 from $71.2 million at September 30, 2024. The ratio of nonperforming assets to total assets was 0.59 percent at December 31, 2024 as compared to 0.62 percent at September 30, 2024. Total nonperforming assets decreased $2.4 million to $70.5 million at December 31, 2024 from $72.8 million at September 30, 2024.

NON-INTEREST EXPENSE

Non-interest expense for the quarter ended December 31, 2024 increased $5.8 million to $63.7 million from $57.9 million for the quarter ended September 30, 2024. The increase was primarily driven by an increase of $3.4 million in merger and acquisition expense, and an increase of $2.1 million in compensation and employee benefits expense.

PROVISION FOR INCOME TAXES

The effective tax rate was 26.4 percent and 25.1 percent for the three and twelve months ended December 31, 2024 compared to 24.7 percent for the three months ended September 30, 2024 and 19.9 percent and 20.1 percent for the three and twelve months ended December 31, 2023.

RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

The annualized return on average assets decreased to 0.61 percent during the fourth quarter of 2024 compared to 0.70 percent for the third quarter of 2024; and was 0.60 percent for the year ended December 31, 2024, compared to 0.67 percent for the year ended December 31, 2023.

The annualized return on average tangible stockholders’ equity (non-GAAP) decreased to 7.21 percent during the fourth quarter of 2024 compared to 8.44 percent for the third quarter of 2024; and was 7.24 percent for the year ended December 31, 2024 compared to 8.36 percent for the year ended December 31, 2023.

DIVIDEND DECLARED

The Company’s Board of Directors approved a dividend of $0.135 per share for the quarter ended December 31, 2024. The dividend will be paid on February 28, 2025 to stockholders of record on February 14, 2025.

PROPOSED TRANSACTION WITH BERKSHIRE HILLS BANCORP, INC.

On December 16, 2024, the Company, Berkshire Hills Bancorp, Inc. (“Berkshire”), and Commerce Acquisition Sub, Inc., a Delaware corporation and wholly-owned subsidiary of the Berkshire formed solely to facilitate the merger (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into Brookline, with Brookline as the surviving entity, and immediately thereafter, Brookline will merge with and into Berkshire, with Berkshire as the surviving entity (collectively, the “Merger”). As a result of the Merger, the separate corporate existence of the Company will cease, and Berkshire will continue as the surviving corporation. Under the terms of the Merger Agreement, which was unanimously approved by the Boards of Directors of both companies, each outstanding share of Company common stock will be exchanged for the right to receive 0.42 shares of Berkshire common stock. Holders of Company common stock will receive cash in lieu of fractional shares of Berkshire common stock. As a result of the proposed transaction and a $100 million common stock offering by Berkshire to support the proposed transaction, Berkshire stockholders will own approximately 51%, Brookline stockholders will own approximately 45%, and investors in new shares will own approximately 4% of the outstanding shares of the combined company. The proposed transaction is expected to close by the end of the second half of 2025, subject to satisfaction of customary closing conditions, including receipt of required regulatory approvals and approvals from Berkshire and the Company stockholders.

CONFERENCE CALL

The Company will conduct a conference call/webcast at 1:30 PM Eastern Time on Thursday, January 30, 2025 to discuss the results for the quarter, business highlights and outlook. A copy of the Earnings Presentation is available on the Company’s website, www.brooklinebancorp.com. To listen to the call and view the Company’s Earnings Presentation, please join the call via https://events.q4inc.com/attendee/129324302. To listen to the call without access to the slides, please dial 833-470-1428 (United States) or 404-975-4839 (internationally) and ask for the Brookline Bancorp, Inc. call (Access Code 138268). A recording of the call will be available for one week following the call on the Company’s website under “Investor Relations” or by dialing 866-813-9403 (United States) or 929-458-6194 (internationally) and entering the passcode: 646121.

ABOUT BROOKLINE BANCORP, INC.

Brookline Bancorp, Inc., a bank holding company with approximately $11.9 billion in assets and branch locations in eastern Massachusetts, Rhode Island and the Lower Hudson Valley of New York State, is headquartered in Boston, Massachusetts and operates as the holding company for Brookline Bank, Bank Rhode Island, and PCSB Bank. The Company provides commercial and retail banking services and cash management and investment services to customers throughout Central New England and the Lower Hudson Valley of New York State. More information about Brookline Bancorp, Inc. and its banks can be found at the following websites: www.brooklinebank.com, www.bankri.com and www.pcsb.com.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters, including statements regarding the Company’s business, credit quality, financial condition, liquidity and results of operations. Forward-looking statements may differ, possibly materially, from what is included in this press release due to factors and future developments that are uncertain and beyond the scope of the Company’s control. These include, but are not limited to, the occurrence of any event, change or other circumstances that could give rise to the right of the Company or Berkshire to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against Berkshire or Company; delays in completing the proposed transaction with Berkshire; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction) or stockholder approvals, or to satisfy any of the other conditions to the proposed transaction on a timely basis or at all, including the ability of Berkshire and the Company to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the impact of certain restrictions during the pendency of the proposed transaction on the parties’ ability to pursue certain business opportunities and strategic transactions; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; changes in interest rates; general economic conditions (including inflation and concerns about liquidity) on a national basis or in the local markets in which the Company operates; turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in the value of securities and other assets in the Company’s investment portfolio; increases in loan and lease default and charge-off rates; the adequacy of allowances for loan and lease losses; decreases in deposit levels that necessitate increases in borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics; changes in regulation; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions and adverse economic developments; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; and changes in assumptions used in making such forward-looking statements. Forward-looking statements involve risks and uncertainties which are difficult to predict. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company’s Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the SEC. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

BASIS OF PRESENTATION

The Company’s consolidated financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) as set forth by the Financial Accounting Standards Board in its Accounting Standards Codification and through the rules and interpretive releases of the SEC under the authority of federal securities laws. Certain amounts previously reported have been reclassified to conform to the current period’s presentation.

NON-GAAP FINANCIAL MEASURES

The Company uses certain non-GAAP financial measures, such as operating earnings after tax, operating earnings per common share, operating return on average assets, operating return on average tangible assets, operating return on average stockholders’ equity, operating return on average tangible stockholders’ equity, tangible book value per common share, tangible stockholders’ equity to tangible assets, return on average tangible assets (annualized) and return on average tangible stockholders’ equity (annualized). These non-GAAP financial measures provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial services sector. A detailed reconciliation table of the Company’s GAAP to the non-GAAP measures is attached.

INVESTOR RELATIONS:

Contact:

Carl M. Carlson
Brookline Bancorp, Inc.
Co-President and Chief Financial and Strategy Officer
(617) 425-5331
carl.carlson@brkl.com


BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Selected Financial Highlights (Unaudited)

	At and for the Three Months Ended															At and for the Twelve Months Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
	(Dollars In Thousands Except per Share Data)
Earnings Data:
Net interest income	$	84,988		$	83,008		$	80,001		$	81,588		$	83,555		$	329,585		$	339,711
Provision for credit losses on loans		4,141			4,832			5,607			7,423			3,851			22,003			37,868
Provision (credit) for credit losses on investments		(104	)		(172	)		(39	)		(44	)		(76	)		(359	)		339
Non-interest income		6,587			6,348			6,396			6,284			8,027			25,615			31,934
Non-interest expense		63,719			57,948			59,184			61,014			59,244			241,865			239,524
Income before provision for income taxes		23,819			26,748			21,645			19,479			28,563			91,691			93,914
Net income		17,536			20,142			16,372			14,665			22,888			68,715			74,999

Performance Ratios:
Net interest margin (1)		3.12	%		3.07	%		3.00	%		3.06	%		3.15	%		3.06	%		3.24	%
Interest-rate spread (1)		2.35	%		2.26	%		2.14	%		2.21	%		2.39	%		2.24	%		2.50	%
Return on average assets (annualized)		0.61	%		0.70	%		0.57	%		0.51	%		0.81	%		0.60	%		0.67	%
Return on average tangible assets (annualized) (non-GAAP)		0.62	%		0.72	%		0.59	%		0.53	%		0.83	%		0.61	%		0.69	%
Return on average stockholders’ equity (annualized)		5.69	%		6.63	%		5.49	%		4.88	%		7.82	%		5.67	%		6.42	%
Return on average tangible stockholders’ equity (annualized) (non-GAAP)		7.21	%		8.44	%		7.04	%		6.26	%		10.12	%		7.24	%		8.36	%
Efficiency ratio (2)		69.58	%		64.85	%		68.50	%		69.44	%		64.69	%		68.09	%		64.45	%

Per Common Share Data:
Net income — Basic	$	0.20		$	0.23		$	0.18		$	0.16		$	0.26		$	0.77		$	0.85
Net income — Diluted		0.20			0.23			0.18			0.16			0.26			0.77			0.85
Cash dividends declared		0.135			0.135			0.135			0.135			0.135			0.540			0.540
Book value per share (end of period)		13.71			13.81			13.48			13.43			13.48			13.71			13.48
Tangible book value per common share (end of period) (non-GAAP)		10.81			10.89			10.53			10.47			10.50			10.81			10.50
Stock price (end of period)		11.80			10.09			8.35			9.96			10.91			11.80			10.91

Balance Sheet:
Total assets	$	11,905,326		$	11,676,721		$	11,635,292		$	11,542,731		$	11,382,256		$	11,905,326		$	11,382,256
Total loans and leases		9,779,288			9,755,236			9,721,137			9,655,086			9,641,589			9,779,288			9,641,589
Total deposits		8,901,644			8,732,271			8,737,036			8,718,653			8,548,125			8,901,644			8,548,125
Total stockholders’ equity		1,221,939			1,230,362			1,198,480			1,194,231			1,198,644			1,221,939			1,198,644

Asset Quality:
Nonperforming assets	$	70,452		$	72,821		$	62,683		$	42,489		$	45,324		$	70,452		$	45,324
Nonperforming assets as a percentage of total assets		0.59	%		0.62	%		0.54	%		0.37	%		0.40	%		0.59	%		0.40	%
Allowance for loan and lease losses	$	125,083		$	127,316		$	121,750		$	120,124		$	117,522		$	125,083		$	117,522
Allowance for loan and lease losses as a percentage of total loans and leases		1.28	%		1.31	%		1.25	%		1.24	%		1.22	%		1.28	%		1.22	%
Net loan and lease charge-offs	$	7,252		$	3,808		$	8,387		$	8,781		$	7,141		$	28,228		$	19,663
Net loan and lease charge-offs as a percentage of average loans and leases (annualized)		0.30	%		0.16	%		0.35	%		0.36	%		0.30	%		0.29	%		0.21	%

Capital Ratios:
Stockholders’ equity to total assets		10.26	%		10.54	%		10.30	%		10.35	%		10.53	%		10.26	%		10.53	%
Tangible stockholders’ equity to tangible assets (non-GAAP)		8.27	%		8.50	%		8.23	%		8.25	%		8.39	%		8.27	%		8.39	%

(1) Calculated on a fully tax-equivalent basis.
(2) Calculated as non-interest expense as a percentage of net interest income plus non-interest income.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)

	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
ASSETS	(In Thousands Except Share Data)
Cash and due from banks	$	64,673		$	82,168		$	60,067		$	45,708		$	34,514
Short-term investments		478,997			325,721			283,017			256,178			98,513
Total cash and cash equivalents		543,670			407,889			343,084			301,886			133,027
Investment securities available-for-sale		895,034			855,391			856,439			865,798			916,601
Total investment securities		895,034			855,391			856,439			865,798			916,601
Allowance for investment security losses		(82	)		(186	)		(359	)		(398	)		(441	)
Net investment securities		894,952			855,205			856,080			865,400			916,160
Loans and leases held-for-sale		—			—			—			6,717			—
Loans and leases:
Commercial real estate loans		5,716,114			5,779,290			5,782,111			5,755,239			5,764,529
Commercial loans and leases		2,506,664			2,453,038			2,443,530			2,416,904			2,399,668
Consumer loans		1,556,510			1,522,908			1,495,496			1,482,943			1,477,392
Total loans and leases		9,779,288			9,755,236			9,721,137			9,655,086			9,641,589
Allowance for loan and lease losses		(125,083	)		(127,316	)		(121,750	)		(120,124	)		(117,522	)
Net loans and leases		9,654,205			9,627,920			9,599,387			9,534,962			9,524,067
Restricted equity securities		83,155			82,675			78,963			74,709			77,595
Premises and equipment, net of accumulated depreciation		86,781			86,925			88,378			89,707			89,853
Right-of-use asset operating leases		43,527			41,934			35,691			33,133			30,863
Deferred tax asset		56,620			50,827			60,032			60,484			56,952
Goodwill		241,222			241,222			241,222			241,222			241,222
Identified intangible assets, net of accumulated amortization		17,461			19,162			20,830			22,499			24,207
Other real estate owned and repossessed assets		1,103			1,579			1,974			1,817			1,694
Other assets		282,630			261,383			309,651			310,195			286,616
Total assets	$	11,905,326		$	11,676,721		$	11,635,292		$	11,542,731		$	11,382,256
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand checking accounts	$	1,692,394		$	1,681,858		$	1,638,378		$	1,629,371		$	1,678,406
NOW accounts		617,246			637,374			647,370			654,748			661,863
Savings accounts		1,721,247			1,736,989			1,735,857			1,727,893			1,669,018
Money market accounts		2,116,360			2,041,185			2,073,557			2,065,569			2,082,810
Certificate of deposit accounts		1,885,444			1,819,353			1,718,414			1,670,147			1,574,855
Brokered deposit accounts		868,953			815,512			923,460			970,925			881,173
Total deposits		8,901,644			8,732,271			8,737,036			8,718,653			8,548,125
Borrowed funds:
Advances from the FHLB		1,355,926			1,345,003			1,265,079			1,150,153			1,223,226
Subordinated debentures and notes		84,328			84,293			84,258			84,223			84,188
Other borrowed funds		79,592			68,251			80,125			127,505			69,256
Total borrowed funds		1,519,846			1,497,547			1,429,462			1,361,881			1,376,670
Operating lease liabilities		44,785			43,266			37,102			34,235			31,998
Mortgagors’ escrow accounts		15,875			14,456			17,117			16,245			17,239
Reserve for unfunded credits		5,981			6,859			11,400			15,807			19,767
Accrued expenses and other liabilities		195,256			151,960			204,695			201,679			189,813
Total liabilities		10,683,387			10,446,359			10,436,812			10,348,500			10,183,612
Stockholders’ equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, and 96,998,075 shares issued, respectively		970			970			970			970			970
Additional paid-in capital		902,584			901,562			904,775			903,726			902,659
Retained earnings		458,943			453,555			445,560			441,285			438,722
Accumulated other comprehensive income		(52,882	)		(38,081	)		(61,693	)		(60,841	)		(52,798	)
Treasury stock, at cost;
7,019,384 shares, 7,015,843 shares, 7,373,009 shares, 7,354,399 shares, and 7,354,399 shares, respectively		(87,676	)		(87,644	)		(91,132	)		(90,909	)		(90,909	)
Total stockholders’ equity		1,221,939			1,230,362			1,198,480			1,194,231			1,198,644
Total liabilities and stockholders’ equity	$	11,905,326		$	11,676,721		$	11,635,292		$	11,542,731		$	11,382,256

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)

	Three Months Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
	(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases	$	147,436		$	149,643		$	145,585		$	145,265		$	142,948
Debt securities		6,421			6,473			6,480			6,878			6,945
Restricted equity securities		1,460			1,458			1,376			1,492			1,333
Short-term investments		2,830			1,986			1,914			1,824			1,093
Total interest and dividend income		158,147			159,560			155,355			155,459			152,319
Interest expense:
Deposits		56,562			59,796			59,721			56,884			54,034
Borrowed funds		16,597			16,756			15,633			16,987			14,730
Total interest expense		73,159			76,552			75,354			73,871			68,764
Net interest income		84,988			83,008			80,001			81,588			83,555
Provision for credit losses on loans		4,141			4,832			5,607			7,423			3,851
Credit for credit losses on investments		(104	)		(172	)		(39	)		(44	)		(76	)
Net interest income after provision for credit losses		80,951			78,348			74,433			74,209			79,780
Non-interest income:
Deposit fees		2,297			2,353			3,001			2,897			3,064
Loan fees		439			464			702			789			515
Loan level derivative income, net		1,115			—			106			437			778
Gain on sales of loans and leases		406			415			130			—			410
Other		2,330			3,116			2,457			2,161			3,260
Total non-interest income		6,587			6,348			6,396			6,284			8,027
Non-interest expense:
Compensation and employee benefits		37,202			35,130			34,762			36,629			35,401
Occupancy		5,393			5,343			5,551			5,769			5,127
Equipment and data processing		6,780			6,831			6,732			7,031			7,245
Professional services		1,345			2,143			1,745			1,900			1,442
FDIC insurance		2,017			2,118			2,025			1,884			1,839
Advertising and marketing		1,303			859			1,504			1,574			758
Amortization of identified intangible assets		1,701			1,668			1,669			1,708			1,965
Merger and restructuring expense		3,378			—			823			—			—
Other		4,600			3,856			4,373			4,519			5,467
Total non-interest expense		63,719			57,948			59,184			61,014			59,244
Income before provision for income taxes		23,819			26,748			21,645			19,479			28,563
Provision for income taxes		6,283			6,606			5,273			4,814			5,675
Net income	$	17,536		$	20,142		$	16,372		$	14,665		$	22,888
Earnings per common share:
Basic	$	0.20		$	0.23		$	0.18		$	0.16		$	0.26
Diluted	$	0.20		$	0.23		$	0.18		$	0.16		$	0.26
Weighted average common shares outstanding during the period:
Basic		89,098,443			89,033,463			88,904,692			88,894,577			88,867,159
Diluted		89,483,964			89,319,611			89,222,315			89,181,508			89,035,505
Dividends paid per common share	$	0.135		$	0.135		$	0.135		$	0.135		$	0.135

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)

	Twelve Months Ended December 31,
	2024			2023
	(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases	$	587,929		$	533,739
Debt securities		26,252			29,648
Restricted equity securities		5,786			5,571
Short-term investments		8,554			8,329
Total interest and dividend income		628,521			577,287
Interest expense:
Deposits		232,963			175,665
Borrowed funds		65,973			61,911
Total interest expense		298,936			237,576
Net interest income		329,585			339,711
Provision for credit losses on loans		22,003			37,868
(Credit) provision for credit losses on investments		(359	)		339
Net interest income after provision for credit losses		307,941			301,504
Non-interest income:
Deposit fees		10,548			11,611
Loan fees		2,394			2,036
Loan level derivative income, net		1,658			3,890
Gain on investment securities, net		—			1,704
Gain on sales of loans and leases		951			2,581
Other		10,064			10,112
Total non-interest income		25,615			31,934
Non-interest expense:
Compensation and employee benefits		143,723			138,895
Occupancy		22,056			20,203
Equipment and data processing		27,374			27,004
Professional services		7,133			7,226
FDIC insurance		8,044			7,844
Advertising and marketing		5,240			4,724
Amortization of identified intangible assets		6,746			7,840
Merger and restructuring expense		4,201			7,411
Other		17,348			18,377
Total non-interest expense		241,865			239,524
Income before provision for income taxes		91,691			93,914
Provision for income taxes		22,976			18,915
Net income	$	68,715		$	74,999
Earnings per common share:
Basic	$	0.77		$	0.85
Diluted	$	0.77		$	0.85
Weighted average common shares outstanding during the period:
Basic		88,983,248			88,230,681
Diluted		89,302,304			88,450,646
Dividends paid per common share	$	0.540		$	0.540

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Asset Quality Analysis (Unaudited)

	At and for the Three Months Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
	(Dollars in Thousands)
NONPERFORMING ASSETS:
Loans and leases accounted for on a nonaccrual basis:
Commercial real estate mortgage	$	11,525		$	11,595		$	11,659		$	18,394		$	19,608
Multi-family mortgage		6,596			1,751			—			—			—
Construction		—			—			—			—			—
Total commercial real estate loans		18,121			13,346			11,659			18,394			19,608

Commercial		14,676			15,734			16,636			3,096			3,886
Equipment financing		31,509			37,223			27,128			13,668			14,984
Total commercial loans and leases		46,185			52,957			43,764			16,764			18,870

Residential mortgage		3,999			3,862			4,495			4,563			4,292
Home equity		1,043			1,076			790			950			860
Other consumer		1			1			1			1			—
Total consumer loans		5,043			4,939			5,286			5,514			5,152

Total nonaccrual loans and leases		69,349			71,242			60,709			40,672			43,630

Other real estate owned		700			780			780			780			780
Other repossessed assets		403			799			1,194			1,037			914
Total nonperforming assets	$	70,452		$	72,821		$	62,683		$	42,489		$	45,324

Loans and leases past due greater than 90 days and still accruing	$	811		$	16,091		$	4,994		$	363		$	228

Nonperforming loans and leases as a percentage of total loans and leases		0.71	%		0.73	%		0.62	%		0.42	%		0.45	%
Nonperforming assets as a percentage of total assets		0.59	%		0.62	%		0.54	%		0.37	%		0.40	%

PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:
Allowance for loan and lease losses at beginning of period	$	127,316		$	121,750		$	120,124		$	117,522		$	119,081
Charge-offs		(8,414	)		(4,183	)		(8,823	)		(5,390	)		(7,722	)
Recoveries		1,162			375			436			309			581
Net charge-offs		(7,252	)		(3,808	)		(8,387	)		(5,081	)		(7,141	)
Provision for loan and lease losses excluding unfunded commitments *		5,019			9,374			10,013			7,683			5,582
Allowance for loan and lease losses at end of period	$	125,083		$	127,316		$	121,750		$	120,124		$	117,522

Allowance for loan and lease losses as a percentage of total loans and leases		1.28	%		1.31	%		1.25	%		1.24	%		1.22	%

NET CHARGE-OFFS:
Commercial real estate loans	$	—		$	—		$	3,819		$	606		$	1,087
Commercial loans and leases **		7,257			3,797			4,571			8,179			6,061
Consumer loans		(5	)		11			(3	)		(4	)		(7	)
Total net charge-offs	$	7,252		$	3,808		$	8,387		$	8,781		$	7,141

Net loan and lease charge-offs as a percentage of average loans and leases (annualized)		0.30	%		0.16	%		0.35	%		0.36	%		0.30	%

*Provision for loan and lease losses does not include (credit) provision of $(0.9 million), $(4.5 million), $(4.4 million), $(0.3 million), and $(1.7 million) for credit losses on unfunded commitments during the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively.
** The balance at March 31, 2024 includes a $3.7 million charge-off on a letter of credit which impacted the provision.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Average Yields / Costs (Unaudited)

	Three Months Ended
	December 31, 2024						September 30, 2024						December 31, 2023
	Average Balance		Interest (1)		Average Yield/ Cost		Average Balance		Interest (1)		Average Yield/ Cost		Average Balance		Interest (1)		Average Yield/ Cost
	(Dollars in Thousands)
Assets:
Interest-earning assets:
Investments:
Debt securities (2)	$	856,065	$	6,463	3.02	%	$	853,924	$	6,516	3.05	%	$	876,350	$	6,986	3.19	%
Restricted equity securities (2)		75,879		1,459	7.69	%		75,225		1,459	7.76	%		67,567		1,334	7.90	%
Short-term investments		236,784		2,830	4.78	%		145,838		1,986	5.44	%		85,790		1,093	5.09	%
Total investments		1,168,728		10,752	3.68	%		1,074,987		9,961	3.71	%		1,029,707		9,413	3.66	%
Loans and Leases:
Commercial real estate loans (3)		5,752,591		81,195	5.52	%		5,772,456		83,412	5.65	%		5,727,930		81,653	5.58	%
Commercial loans (3)		1,170,295		19,750	6.61	%		1,079,084		18,440	6.69	%		969,603		16,296	6.58	%
Equipment financing (3)		1,310,143		26,295	8.03	%		1,353,649		26,884	7.94	%		1,347,589		25,211	7.48	%
Consumer loans (3)		1,529,654		20,881	5.44	%		1,505,095		21,123	5.60	%		1,475,580		19,888	5.37	%
Total loans and leases		9,762,683		148,121	6.07	%		9,710,284		149,859	6.17	%		9,520,702		143,048	6.01	%
Total interest-earning assets		10,931,411		158,873	5.81	%		10,785,271		159,820	5.93	%		10,550,409		152,461	5.78	%
Non-interest-earning assets		649,161						666,067						721,532
Total assets	$	11,580,572					$	11,451,338					$	11,271,941

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	630,408		1,056	0.67	%	$	639,561		1,115	0.69	%	$	657,134		1,146	0.69	%
Savings accounts		1,741,355		10,896	2.49	%		1,738,756		12,098	2.77	%		1,658,144		10,684	2.56	%
Money market accounts		2,083,033		13,856	2.65	%		2,038,048		15,466	3.02	%		2,140,225		16,239	3.01	%
Certificates of deposit		1,857,483		20,691	4.43	%		1,768,026		20,054	4.51	%		1,530,772		14,517	3.76	%
Brokered deposit accounts		797,910		10,063	5.02	%		841,067		11,063	5.23	%		880,604		11,448	5.16	%
Total interest-bearing deposits		7,110,189		56,562	3.16	%		7,025,458		59,796	3.39	%		6,866,879		54,034	3.12	%
Borrowings:
Advances from the FHLB		1,144,157		13,958	4.77	%		1,139,049		14,366	4.94	%		965,846		11,943	4.84	%
Subordinated debentures and notes		84,311		1,944	9.22	%		84,276		1,378	6.54	%		84,170		1,381	6.56	%
Other borrowed funds		65,947		695	4.20	%		53,102		1,012	7.58	%		136,566		1,406	4.09	%
Total borrowings		1,294,415		16,597	5.02	%		1,276,427		16,756	5.14	%		1,186,582		14,730	4.86	%
Total interest-bearing liabilities		8,404,604		73,159	3.46	%		8,301,885		76,552	3.67	%		8,053,461		68,764	3.39	%
Non-interest-bearing liabilities:
Demand checking accounts		1,693,138						1,669,092						1,723,849
Other non-interest-bearing liabilities		250,303						264,324						323,855
Total liabilities		10,348,045						10,235,301						10,101,165
Stockholders’ equity		1,232,527						1,216,037						1,170,776
Total liabilities and equity	$	11,580,572					$	11,451,338					$	11,271,941
Net interest income (tax-equivalent basis) /Interest-rate spread (4)				85,714	2.35	%				83,268	2.26	%				83,697	2.39	%
Less adjustment of tax-exempt income				726						260						142
Net interest income			$	84,988					$	83,008					$	83,555
Net interest margin (5)					3.12	%					3.07	%					3.15	%

(1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
(2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
(3) Loans on nonaccrual status are included in the average balances.
(4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Average Yields / Costs (Unaudited)

	Twelve Months Ended
	December 31, 2024						December 31, 2023
	Average Balance		Interest (1)		Average Yield/ Cost		Average Balance		Interest (1)		Average Yield/ Cost
	(Dollars in Thousands)
Assets:
Interest-earning assets:
Investments:
Debt securities (2)	$	862,381	$	26,416	3.06	%	$	947,782	$	29,891	3.15	%
Restricted equity securities (2)		74,788		5,786	7.74	%		72,264		5,572	7.71	%
Short-term investments		164,445		8,554	5.20	%		158,718		8,329	5.25	%
Total investments		1,101,614		40,756	3.70	%		1,178,764		43,792	3.72	%
Loans and Leases:
Commercial real estate loans (3)		5,760,432		327,221	5.59	%		5,654,385		307,652	5.37	%
Commercial loans (3)		1,086,460		73,369	6.65	%		929,077		59,110	6.28	%
Equipment financing (3)		1,352,993		106,329	7.86	%		1,277,224		92,112	7.21	%
Consumer loans (3)		1,501,626		82,273	5.47	%		1,470,677		75,098	5.10	%
Total loans and leases		9,701,511		589,192	6.07	%		9,331,363		533,972	5.72	%
Total interest-earning assets		10,803,125		629,948	5.83	%		10,510,127		577,764	5.50	%
Non-interest-earning assets		670,299						704,244
Total assets	$	11,473,424					$	11,214,371

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	650,225		4,543	0.70	%	$	720,572		4,275	0.59	%
Savings accounts		1,726,504		46,220	2.68	%		1,439,293		27,974	1.94	%
Money market accounts		2,056,066		60,796	2.96	%		2,205,430		58,153	2.64	%
Certificates of deposit		1,737,697		76,134	4.38	%		1,428,727		44,122	3.09	%
Brokered deposit accounts		873,182		45,270	5.18	%		819,419		41,141	5.02	%
Total interest-bearing deposits		7,043,674		232,963	3.31	%		6,613,441		175,665	2.66	%
Borrowings:
Advances from the FHLB		1,124,432		55,851	4.89	%		1,092,996		52,467	4.73	%
Subordinated debentures and notes		84,258		6,074	7.21	%		84,116		5,476	6.51	%
Other borrowed funds		78,859		4,048	5.13	%		124,793		3,968	3.18	%
Total borrowings		1,287,549		65,973	5.04	%		1,301,905		61,911	4.69	%
Total interest-bearing liabilities		8,331,223		298,936	3.59	%		7,915,346		237,576	3.00	%
Non-interest-bearing liabilities:
Demand checking accounts		1,657,922						1,823,759
Other non-interest-bearing liabilities		273,243						307,160
Total liabilities		10,262,388						10,046,265
Stockholders’ equity		1,211,036						1,168,106
Total liabilities and equity	$	11,473,424					$	11,214,371
Net interest income (tax-equivalent basis) /Interest-rate spread (4)				331,012	2.24	%				340,188	2.50	%
Less adjustment of tax-exempt income				1,427						477
Net interest income			$	329,585					$	339,711
Net interest margin (5)					3.06	%					3.24	%

(1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
(2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
(3) Loans on nonaccrual status are included in the average balances.
(4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Financial Information (Unaudited)

										At and for the Three Months Ended December 31,						At and for the Twelve Months Ended December 31,
										2024			2023			2024			2023
Reconciliation Table – Non-GAAP Financial Information										(Dollars in Thousands Except Share Data)

Reported Pretax Income										$	23,819		$	28,563		$	91,691		$	93,914
Less:
Security gains											—			—			—			1,704
Add:
Day 1 PCSB CECL provision											—			—			—			16,744
Merger and acquisition expenses											3,378			—			4,201			7,411
Operating Pretax income										$	27,197		$	28,563		$	95,892		$	116,365
Effective tax rate											23.9	%		19.9	%		24.5	%		20.1	%
Provision for income tax											6,511			5,675			23,480			23,437
Operating earnings after tax										$	20,686		$	22,888		$	72,412		$	92,928

Operating earnings per common share:
Basic										$	0.23		$	0.26		$	0.81		$	1.05
Diluted										$	0.23		$	0.26		$	0.81		$	1.05

Weighted average common shares outstanding during the period:
Basic											89,098,443			88,867,159			88,983,248			88,230,681
Diluted											89,483,964			89,035,505			89,302,304			88,450,646


Return on average assets *											0.61	%		0.81	%		0.60	%		0.67	%
Less:
Security gains (after-tax) *											—	%		—	%		—	%		0.01	%
Add:
Day 1 PCSB CECL provision (after-tax) *											—	%		—	%		—	%		0.12	%
Merger and acquisition expenses (after-tax) *											0.09	%		—	%		0.03	%		0.05	%
Operating return on average assets *											0.70	%		0.81	%		0.63	%		0.83	%


Return on average tangible assets *											0.62	%		0.83	%		0.61	%		0.69	%
Less:
Security gains (after-tax) *											—	%		—	%		—	%		0.01	%
Add:
Day 1 PCSB CECL provision (after-tax) *											—	%		—	%		—	%		0.12	%
Merger and acquisition expenses (after-tax) *											0.09	%		—	%		0.03	%		0.05	%
Operating return on average tangible assets *											0.71	%		0.83	%		0.64	%		0.85	%


Return on average stockholders’ equity *											5.69	%		7.82	%		5.67	%		6.42	%
Less:
Security gains (after-tax) *											—	%		—	%		—	%		0.12	%
Add:
Day 1 PCSB CECL provision (after-tax) *											—	%		—	%		—	%		1.14	%
Merger and acquisition expenses (after-tax) *											0.83	%		—	%		0.26	%		0.51	%
Operating return on average stockholders’ equity *											6.52	%		7.82	%		5.93	%		7.95	%


Return on average tangible stockholders’ equity *											7.21	%		10.12	%		7.24	%		8.36	%
Less:
Security gains (after-tax) *											—	%		—	%		—	%		0.15	%
Add:
Day 1 PCSB CECL provision (after-tax) *											—	%		—	%		—	%		1.49	%
Merger and acquisition expenses (after-tax) *											1.06	%		—	%		0.33	%		0.66	%
Operating return on average tangible stockholders’ equity *											8.27	%		10.12	%		7.57	%		10.36	%
* Ratios at and for the three months ended are annualized.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Financial Information (Unaudited)

	At and for the Three Months Ended															At and for the Twelve Months Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
	(Dollars in Thousands)

Net income, as reported	$	17,536		$	20,142		$	16,372		$	14,665		$	22,888		$	68,715		$	74,999

Average total assets	$	11,580,572		$	11,451,338		$	11,453,394		$	11,417,185		$	11,271,941		$	11,473,424		$	11,214,371
Less: Average goodwill and average identified intangible assets, net		259,496			261,188			262,859			264,536			266,225			262,011			270,637
Average tangible assets	$	11,321,076		$	11,190,150		$	11,190,535		$	11,152,649		$	11,005,716		$	11,211,413		$	10,943,734

Return on average tangible assets (annualized)		0.62	%		0.72	%		0.59	%		0.53	%		0.83	%		0.61	%		0.69	%

Average total stockholders’ equity	$	1,232,527		$	1,216,037		$	1,193,385		$	1,201,904		$	1,170,776		$	1,211,036		$	1,168,106
Less: Average goodwill and average identified intangible assets, net		259,496			261,188			262,859			264,536			266,225			262,011			270,637
Average tangible stockholders’ equity	$	973,031		$	954,849		$	930,526		$	937,368		$	904,551		$	949,025		$	897,469

Return on average tangible stockholders’ equity (annualized)		7.21	%		8.44	%		7.04	%		6.26	%		10.12	%		7.24	%		8.36	%

Total stockholders’ equity	$	1,221,939		$	1,230,362		$	1,198,480		$	1,194,231		$	1,198,644		$	1,221,939		$	1,198,644
Less:
Goodwill		241,222			241,222			241,222			241,222			241,222			241,222			241,222
Identified intangible assets, net		17,461			19,162			20,830			22,499			24,207			17,461			24,207
Tangible stockholders’ equity	$	963,256		$	969,978		$	936,428		$	930,510		$	933,215		$	963,256		$	933,215

Total assets	$	11,905,326		$	11,676,721		$	11,635,292		$	11,542,731		$	11,382,256		$	11,905,326		$	11,382,256
Less:
Goodwill		241,222			241,222			241,222			241,222			241,222			241,222			241,222
Identified intangible assets, net		17,461			19,162			20,830			22,499			24,207			17,461			24,207
Tangible assets	$	11,646,643		$	11,416,337		$	11,373,240		$	11,279,010		$	11,116,827		$	11,646,643		$	11,116,827

Tangible stockholders’ equity to tangible assets		8.27	%		8.50	%		8.23	%		8.25	%		8.39	%		8.27	%		8.39	%

Tangible stockholders’ equity	$	963,256		$	969,978		$	936,428		$	930,510		$	933,215		$	963,256		$	933,215

Number of common shares issued		96,998,075			96,998,075			96,998,075			96,998,075			96,998,075			96,998,075			96,998,075
Less:
Treasury shares		7,019,384			7,015,843			7,373,009			7,354,399			7,354,399			7,019,384			7,354,399
Unvested restricted shares		880,248			883,789			713,443			749,099			749,099			880,248			749,099
Number of common shares outstanding		89,098,443			89,098,443			88,911,623			88,894,577			88,894,577			89,098,443			88,894,577

Tangible book value per common share	$	10.81		$	10.89		$	10.53		$	10.47		$	10.50		$	10.81		$	10.50

PDF available: http://ml.globenewswire.com/Resource/Download/396afece-df5e-4cc5-a637-0706599b2b0d

The MIL Network –

January 30, 2025

MIL-OSI: 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 –

January 30, 2025

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 –

January 30, 2025

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 –

January 30, 2025

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 –

January 30, 2025

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 –

January 30, 2025

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 –

January 30, 2025

MIL-OSI USA: Barrasso Calls on Senate to Confirm Lee Zeldin

US Senate News:

Source: United States Senator for Wyoming John Barrasso
“Lee knows that innovation, not government intervention, is the best solution to lower prices, to grow the economy, and to protect our environment…He is the right nominee to lead the EPA.”
WASHINGTON, D.C. – U.S. Senator John Barrasso (R-Wyo.), Senate Majority Whip, today spoke on the Senate floor calling for the quick confirmation of Lee Zeldin, President Donald J. Trump’s nominee for Administrator of the Environmental Protection Agency (EPA).
Click HERE to watch Senator Barrasso’s remarks.
Sen. Barrasso’s remarks as prepared:
“I strongly support Congressman Lee Zeldin to be the Administrator of the Environmental Protection Agency.
“We are blessed in America with enormous natural resources.
“I support using our resources responsibly. I support sensible environmental stewardship. Americans deserve clean water and clean air. They deserve good jobs and economic strength.
“Environmental protection and economic growth should go hand-in-hand. They are not mutually exclusive.
“As head of the EPA, Lee will return the agency to its original missionof protecting America’s air, water, and land – without, as he puts it, ‘suffocating the economy.’
“Nearly two weeks ago, the Senate Committee on Environment and Public Works held a hearing on Lee. As the former Chairman of the Committee, I was honored to introduce him.
“Lee is highly qualified. His support is bipartisan.
“Lee is a lifelong public servant. He is a seasoned lawyer with a sharp legal mind. He has over 20 years of military service. He currently serves as a Lieutenant Colonel in the Army Reserves.
“Lee also served 8 years in Congress. As a representative from New York,he worked to strengthen our economy and protect his district’s unique ecosystem. He worked across party lines to do so.
“For the last four years, the so-called experts at the Environmental Protection Agency went on a reckless regulatory rampage.
“They saddled American families and businesses with higher costs and heavy-handed restrictions. They bowed to climate extremism and ignored common sense.
“In 2024, the EPA introduced one of the most expensive regulations in American history – the electric vehicle mandate.
“The EV Mandate was left-wing lunacy at its worst.
“According to the Competitive Enterprise Institute, its total cost of compliance is $760 billion. To put that in perspective, the cost of this one regulation is nearly equal to the price tag of 8 years of regulations under President Barack Obama.
“The EV mandate would also cost hundreds of thousands of jobs.
“Americans rejected the EV Mandate and other costly climate policies in November. President Trump revoked the EV Mandate on his first day in office.
“Here in the Senate, repealing the Biden EV subsidies is one of my top priorities. These subsidies are estimated to cost more than $393 billion.
“Americans should not have their tax dollars pay for vehicles thatmost Americans don’t want, can’t afford, and don’t work for them or their families. Americans should not be dependent on Communist China like we are today with electric vehicles.
“Lee Zeldin will continue President Trump’s mission to roll back punishing, political regulations.
“The EPA does important work in states and local communities.
“Lee will be a fantastic partner to my home state of Wyoming.
“He will not impose one-size-fits-all mandates on American consumers and businesses. Instead, he will cut red tape. We will see a new wave of creativity and innovation.
“Lee knows that innovation, not government intervention, is the best solution to lower prices, to grow the economy, and to protect our environment.
“Many Americans are confident that Lee will right the ship and restore balance at the EPA.
“One of those organizations is the National Association of Clean Water Agencies.
“In a letter to the Committee, the Association said that Lee has ‘shown a willingness to engage with a broad spectrum of stakeholders to address pressing issues.’
“Lee also impressed our colleagues here in the Senate. This is what my Democrat colleague from Arizona said about Lee: ‘He’s a qualified candidate for this job.’
“I share America’s confidence in Lee.
“Through three hours of tough questions, Lee Zeldin proved he is well-qualified.
“He showed he is committed to strong environmental protection and energy production.
“He is the right nominee to lead the EPA. The Senate should confirm him quickly.”

MIL OSI USA News –

January 30, 2025

MIL-OSI Economics: E-commerce work programme focuses on bridging the digital divide

Source: World Trade Organization

A key theme among the discussions was the need for increased investment in digital infrastructure and capacity building, and for the establishment of regulatory frameworks related to e-commerce. Members highlighted the challenges facing developing economies and least developed countries, such as limited broadband connectivity, digital skills gaps and outdated legislation.

Members stressed the need for resilient information and communications technology (ICT) and payment systems that enable e-commerce transactions. Members also underscored the importance of digital rules, such as the Information Technology Agreement and the e-commerce moratorium, in facilitating international investment and digital connectivity.

The role of the WTO was identified as crucial in providing opportunities for discussions and collaboration among members and external stakeholders. Members proposed organizing dedicated matchmaking sessions to connect developing economies and LDCs with available support. Additionally, members expressed interest in partnering with other international organizations such as the Organisation for Economic Cooperation and Development, International Trade Centre and the International Telecommunication Union to provide technical assistance and capacity-building programmes.

Members also saw value in organizing regional peer-to-peer learning events and thematic workshops involving external stakeholders as part of the work programme on the digital divide.

Members shared information on national efforts to close the digital divide. Initiatives include support for regional studies on the digital economy, and online systems to reduce business operational costs and to foster inclusive digital ecosystems. Other examples include programmes focused on developing digital skills and digital infrastructure, efforts to expand internet access in underserved regions, promoting secure internet access and digital literacy, improving internet and mobile networks, and developing digital literacy and skills among women and vulnerable groups.

Ambassador Richard Brown of Jamaica, the facilitator of the e-commerce work programme, said: “The matter of availability and access to digital infrastructure is very necessary, but not sufficient, to create the fundamental conditions for e-commerce to grow. We know there are other factors that we need to contemplate in that conversation.” The next dedicated discussion on 17 February will address the legal and regulatory frameworks needed, with a focus on consumer protection, privacy and data protection, as well as cyber security, he noted.

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MIL OSI Economics –

January 30, 2025

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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

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