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Category: Finance

  • MIL-OSI Security: Second Defendant Admits His Role in ATM Skimming Bank Fraud Conspiracy

    Source: Office of United States Attorneys

    PROVIDENCE – A second Romanian national has admitted to a federal judge in Rhode Island that he participated in a conspiracy that installed card skimming devices on bank ATMs in at least six states, including Rhode Island, announced United States Attorney Zachary A. Cunha.

    Mario Demarco, a/k/a Marius Lupu a/k/a David Ademec, until recently residing in Queens, New York, pleaded guilty today to a charge of conspiracy to commit bank fraud. A co-defendant, Stefano Garioli, a/k/a Dumitru Bogdan Pancu a/k/a Leon Vutkus, also of Queens, New York, pleaded guilty on December 11, 2024, to the same charge.

    According to information presented to the court, for more than two years, beginning in May 2022, the two men conspired together and with others to commit bank fraud by placing skimming devices on ATM machines in order to steal customer bank account information and PINs. The stolen information was used to clone counterfeit bank cards that were then used to fraudulently withdraw money from the bank accounts of unsuspecting customers. 

    The ATM skimmer conspiracy first came to the attention law enforcement on July 5, 2024, when a bank branch manager notified the Warwick Police Department that bank surveillance video had captured two men, later identified as the defendants, placing a skimming device inside a drive-up ATM. Nearby security video also captured images of the two men’s vehicle. The same vehicle was also identified as having been present two days earlier when a skimming device was placed inside an ATM at a North Kingstown bank branch.

    On July 6, 2024, Cranston Police reported that a vehicle matching the one recorded by bank security cameras had been captured on a Flock camera in their city. Warwick Police responded to the area of the camera and located the vehicle. Demarco was detained as he walked away from a nearby ATM; Garioli was located sitting in the vehicle.

    Further investigation determined that the two men had worked together and with others for more than two years placing skimmer devices on ATMs in Rhode Island, Massachusetts, Connecticut, New York, New Jersey, and Pennsylvania.

    DeMarco and Garioli are scheduled to be sentenced on May 6, 2025. The defendants’ sentences will be determined by a federal district judge after consideration of the U.S. Sentencing Guidelines and other statutory factors.

    The case is being prosecuted by Assistant United States Attorney Ly T. Chin.

    The matter was investigated by Homeland Security Investigations with assistance from the Warwick, RI Police Department, Cranston, RI Police Department, East Greenwich, RI  Police Department, North Kingstown, RI  Police Department, East Providence, RI Police Department, Boston, MA Police Department, New York City Police Department, and the Stratford, CT Police Department.

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  • 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.

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  • MIL-OSI Security: Leader of Drug Trafficking Organization Pleads Guilty to Numerous Drug Distribution Charges

    Source: Office of United States Attorneys

    BOSTON – One of the leaders of a large-scale drug trafficking conspiracy operating in and around the South Shore area of Massachusetts has pleaded guilty to multiple federal drug offenses in federal court in Boston.

    Giovanni Pina, 27, of Brockton, pleaded guilty to one count of possessing with intent to distribute and distributing 500 grams and more of methamphetamine; one count of distributing and possessing with intent to distribute methamphetamine on a premises where a minor was present and/or resided; and one count of conspiracy to possess with intent to distribute 400 grams or more of fentanyl, 100 grams or more of a fentanyl analogue and 500 grams or more of cocaine. U.S. Senior District Court Judge William G. Young scheduled sentencing for April 30, 2025. Pina was charged by complaint in February 2023 and subsequently indicted by a federal grand jury in March 2023.  

    Beginning in at least January 2021 through at least November 2021, Pina served as one of the leaders of a large-scale drug trafficking conspiracy that distributed fentanyl, fentanyl analogue and cocaine in and around the South Shore area – including in the Brockton, Quincy and Weymouth communities. Part of that conspiracy involved a Weymouth “stash house.” During a search of the stash house location in January 2021, two kilo presses; extensive drug paraphernalia, including blenders, digital scales and packaging equipment; more than 10 kilograms of fentanyl, fentanyl analogue and cocaine; three firearms; ammunition; two high-capacity magazines; and a speed loader were recovered.

    Additionally, Pina participated in a number of recorded drug deals with a cooperating witness in January and February 2023. One recorded drug deal occurred on or about Jan. 12, 2023, at a residence in Brockton, during which the deal and in the presence of a minor, Pina provided the witness with a box containing orange pills in exchange for cash. Subsequent lab testing confirmed that the pills consisted of over 2,000 grams of a mixture and substance of methamphetamine. On or about Jan. 25, 2023, Pina participated in another recorded drug deal with the cooperating witness in a vehicle in Taunton. During the deal, Pina provided the witness with a box that contained a large amount of orange pills in exchange for cash.  Subsequent lab testing confirmed that the pills consisted of over 2,500 grams of a mixture and substance of methamphetamine.  

    The charge of conspiracy to possess with intent to distribute 400 grams or more of fentanyl, 100 grams or more of a fentanyl analogue and 500 grams or more of cocaine provides for a mandatory minimum sentence of at least 10 years and up to life in prison, at least five years and up to a lifetime of supervised release and a fine of up to $10 million. The charge of possession with intent to distribute and distribution of 500 grams or more of a mixture and substance of methamphetamine provides for a mandatory minimum sentence of 10 years and up to life in prison, at least five years and up to a lifetime of supervised release and a fine of up to $10 million. The charge of distributing and possessing with intent to distribute methamphetamine on premises where a minor was present and/or resided provides for an additional consecutive term of up to 20 years in prison, up to three years of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and Quincy Police Chief Mark Kennedy made the announcement today. Valuable assistance in the investigation was provided by the Massachusetts State Police; Suffolk County Sheriff’s Department; and the Quincy, Weymouth, Braintree, Randolph, Brockton, East Bridgewater and Bridgewater Police Departments. Assistant U.S. Attorney Kaitlin R. O’Donnell of the Criminal Division is prosecuting the case.

    This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.https://www.justice.gov/OCDETF
     

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  • 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.

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  • MIL-OSI Security: Hot Springs Man Sentenced to More Than 10 Years in Federal Prison for Methamphetamine and Firearms Possession

    Source: Office of United States Attorneys

    HOT SPRINGS – An Arkansas man has been sentenced to 123 months in Federal Prison for Possession of Methamphetamine with the Intent to Distribute and Possession of a Firearm in furtherance of a Drug Trafficking Offense.  The Honorable Chief Judge Susan O. Hickey presided over the sentencing hearings, which took place in the United States District Court in Hot Springs.

    According to court records, on March 7, 2023, Darryl Lavell Williams, age 30, of Hot Springs, was observed by Hot Springs Police Department Officers walking along East Grand Avenue carrying a black backpack.  Officers recognized Williams and knew that he had an active warrant from the Arkansas Parole Board.  As Officers approached Williams, he ignored their commands and attempted to dispose of the backpack by throwing it off a bridge.  Williams was taken into custody and the backpack was located.  A search of the backpack revealed a loaded Jimenez 9mm handgun and 47 grams of methamphetamine.

    On June 5, 2024, Williams pleaded guilty to Possession of a mixture or substance containing a detectable amount of Methamphetamine with Intent to Distribute and Possession of a firearm in Furtherance of a Drug Trafficking Crime. 

    U.S. Attorney David Clay Fowlkes made the announcement.

    The Hot Springs Police Departments Special Investigation Division investigated the case.

    Assistant U.S. Attorney Trent Daniels prosecuted the case for the United States.

    Related court documents may be found on the Public Access to Electronic Records website at www.pacer.gov.

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  • 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.

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    CONTACT: StoneX Group Inc.

    Investor Inquiries:

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

    SNEX-G

    The MIL Network –

  • MIL-OSI: 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 –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    Webinar ID: 861 6030 6729
    Passcode: 060367

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

    Join via audio:
    +1 346 248 7799 US (Houston)
    +1 253 215 8782 US (Tacoma)
    +1 669 444 9171 US
    +1 669 900 6833 US (San Jose)
    +1 719 359 4580 US
    +1 253 205 0468 US
    +1 689 278 1000 US
    +1 929 205 6099 US (New York)
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    +1 360 209 5623 US
    +1 386 347 5053 US
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    +1 564 217 2000 US
    +1 646 931 3860 US
    +44 131 460 1196 United Kingdom
    +44 203 481 5237 United Kingdom
    +44 203 481 5240 United Kingdom
    +44 203 901 7895 United Kingdom
    +44 208 080 6591 United Kingdom
    +44 208 080 6592 United Kingdom
    +44 330 088 5830 United Kingdom
    +1 787 945 1488 Puerto Rico
    +1 787 966 7727 Puerto Rico
    +1 939 945 0244 Puerto Rico
    +351 211 202 618 Portugal
    +351 308 804 188 Portugal
    +351 308 810 988 Portugal
    +52 554 169 6926 Mexico
    +52 556 826 9800 Mexico
    +52 558 659 6001 Mexico
    +52 558 659 6002 Mexico
    +52 554 161 4288 Mexico
    +49 69 5050 0952 Germany
    +49 695 050 2596 Germany
    +49 69 7104 9922 Germany
    +49 69 3807 9883 Germany
    +49 69 3807 9884 Germany
    +49 69 5050 0951 Germany
    +61 3 7018 2005 Australia
    +61 7 3185 3730 Australia
    +61 8 6119 3900 Australia
    +61 8 7150 1149 Australia
    +61 2 8015 6011 Australia

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

    About InspireSemi

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

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

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

    Cautionary Statement on Forward-Looking Information

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

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

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

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

    The MIL Network –

  • 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 –

  • MIL-OSI: Silvercrest Asset Management Group Inc. Announces Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

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

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

    Investor Relations Contact:

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

    The MIL Network –

  • MIL-OSI: Premium Income Corporation Announces Year End Results

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Selected Financial Information: ($ Millions)  
       
    Statement of Financial Position   2024
    As at October 31  
    Assets $ 397.4
    Liabilities   (313.7)
    Net Assets Attributable to  
    Holders of Class A Shares $ 83.6
       
    Statement of Comprehensive Income  
    Year ended October 31  
    Income $ 96.8
    Expenses   (4.3)
    Operating Loss   92.4
    Preferred Share Distributions   (16.1)
    Increase in Net Assets Attributable  
    to Holders of Class A Shares $ 76.3
         

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

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

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

    The MIL Network –

  • 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 –

  • MIL-OSI: Climb Global Solutions Appoints John McCarthy as Chairman of its Board of Directors

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    About Climb Global Solutions

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

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

    Forward-Looking Statements

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

    Company Contact

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

    Investor Relations Contact

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

    The MIL Network –

  • MIL-OSI: Brookline Bancorp Announces Fourth Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    Net Income of $17.5 million, EPS of $0.20

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

    Quarterly Dividend of $0.135

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

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

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

    BALANCE SHEET

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

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

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

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

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

    NET INTEREST INCOME

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

    NON-INTEREST INCOME

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

    PROVISION FOR CREDIT LOSSES

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

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

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

    ASSET QUALITY

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

    NON-INTEREST EXPENSE

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

    PROVISION FOR INCOME TAXES

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

    RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

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

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

    DIVIDEND DECLARED

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

    PROPOSED TRANSACTION WITH BERKSHIRE HILLS BANCORP, INC.

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

    CONFERENCE CALL

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

    ABOUT BROOKLINE BANCORP, INC.

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

    FORWARD-LOOKING STATEMENTS

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

    BASIS OF PRESENTATION

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

    NON-GAAP FINANCIAL MEASURES

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

    INVESTOR RELATIONS:

    Contact: Carl M. Carlson
    Brookline Bancorp, Inc.
    Co-President and Chief Financial and Strategy Officer
    (617) 425-5331
    carl.carlson@brkl.com
     
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Selected Financial Highlights (Unaudited)
     
      At and for the Three Months Ended At and for the Twelve
    Months Ended
      December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 December 31,
    2024    		 December 31,
    2023
      (Dollars In Thousands Except per Share Data)
    Earnings Data:              
    Net interest income $ 84,988   $ 83,008   $ 80,001   $ 81,588   $ 83,555   $ 329,585   $ 339,711  
    Provision for credit losses on loans   4,141     4,832     5,607     7,423     3,851     22,003     37,868  
    Provision (credit) for credit losses on investments   (104 )   (172 )   (39 )   (44 )   (76 )   (359 )   339  
    Non-interest income   6,587     6,348     6,396     6,284     8,027     25,615     31,934  
    Non-interest expense   63,719     57,948     59,184     61,014     59,244     241,865     239,524  
    Income before provision for income taxes   23,819     26,748     21,645     19,479     28,563     91,691     93,914  
    Net income   17,536     20,142     16,372     14,665     22,888     68,715     74,999  
                   
    Performance Ratios:              
    Net interest margin (1)   3.12 %   3.07 %   3.00 %   3.06 %   3.15 %   3.06 %   3.24 %
    Interest-rate spread (1)   2.35 %   2.26 %   2.14 %   2.21 %   2.39 %   2.24 %   2.50 %
    Return on average assets (annualized)   0.61 %   0.70 %   0.57 %   0.51 %   0.81 %   0.60 %   0.67 %
    Return on average tangible assets (annualized) (non-GAAP)   0.62 %   0.72 %   0.59 %   0.53 %   0.83 %   0.61 %   0.69 %
    Return on average stockholders’ equity (annualized)   5.69 %   6.63 %   5.49 %   4.88 %   7.82 %   5.67 %   6.42 %
    Return on average tangible stockholders’ equity (annualized) (non-GAAP)   7.21 %   8.44 %   7.04 %   6.26 %   10.12 %   7.24 %   8.36 %
    Efficiency ratio (2)   69.58 %   64.85 %   68.50 %   69.44 %   64.69 %   68.09 %   64.45 %
                   
    Per Common Share Data:              
    Net income — Basic $ 0.20   $ 0.23   $ 0.18   $ 0.16   $ 0.26   $ 0.77   $ 0.85  
    Net income — Diluted   0.20     0.23     0.18     0.16     0.26     0.77     0.85  
    Cash dividends declared   0.135     0.135     0.135     0.135     0.135     0.540     0.540  
    Book value per share (end of period)   13.71     13.81     13.48     13.43     13.48     13.71     13.48  
    Tangible book value per common share (end of period) (non-GAAP)   10.81     10.89     10.53     10.47     10.50     10.81     10.50  
    Stock price (end of period)   11.80     10.09     8.35     9.96     10.91     11.80     10.91  
                   
    Balance Sheet:              
    Total assets $ 11,905,326   $ 11,676,721   $ 11,635,292   $ 11,542,731   $ 11,382,256   $ 11,905,326   $ 11,382,256  
    Total loans and leases   9,779,288     9,755,236     9,721,137     9,655,086     9,641,589     9,779,288     9,641,589  
    Total deposits   8,901,644     8,732,271     8,737,036     8,718,653     8,548,125     8,901,644     8,548,125  
    Total stockholders’ equity   1,221,939     1,230,362     1,198,480     1,194,231     1,198,644     1,221,939     1,198,644  
                   
    Asset Quality:              
    Nonperforming assets $ 70,452   $ 72,821   $ 62,683   $ 42,489   $ 45,324   $ 70,452   $ 45,324  
    Nonperforming assets as a percentage of total assets   0.59 %   0.62 %   0.54 %   0.37 %   0.40 %   0.59 %   0.40 %
    Allowance for loan and lease losses $ 125,083   $ 127,316   $ 121,750   $ 120,124   $ 117,522   $ 125,083   $ 117,522  
    Allowance for loan and lease losses as a percentage of total loans and leases   1.28 %   1.31 %   1.25 %   1.24 %   1.22 %   1.28 %   1.22 %
    Net loan and lease charge-offs $ 7,252   $ 3,808   $ 8,387   $ 8,781   $ 7,141   $ 28,228   $ 19,663  
    Net loan and lease charge-offs as a percentage of average loans and leases (annualized)   0.30 %   0.16 %   0.35 %   0.36 %   0.30 %   0.29 %   0.21 %
                   
    Capital Ratios:              
    Stockholders’ equity to total assets   10.26 %   10.54 %   10.30 %   10.35 %   10.53 %   10.26 %   10.53 %
    Tangible stockholders’ equity to tangible assets (non-GAAP)   8.27 %   8.50 %   8.23 %   8.25 %   8.39 %   8.27 %   8.39 %
                   
    (1) Calculated on a fully tax-equivalent basis.
    (2) Calculated as non-interest expense as a percentage of net interest income plus non-interest income.
                   
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Consolidated Balance Sheets (Unaudited)
     
      December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023
    ASSETS (In Thousands Except Share Data)
    Cash and due from banks $ 64,673   $ 82,168   $ 60,067   $ 45,708   $ 34,514  
    Short-term investments   478,997     325,721     283,017     256,178     98,513  
    Total cash and cash equivalents   543,670     407,889     343,084     301,886     133,027  
    Investment securities available-for-sale   895,034     855,391     856,439     865,798     916,601  
    Total investment securities   895,034     855,391     856,439     865,798     916,601  
    Allowance for investment security losses   (82 )   (186 )   (359 )   (398 )   (441 )
    Net investment securities   894,952     855,205     856,080     865,400     916,160  
    Loans and leases held-for-sale   —     —     —     6,717     —  
    Loans and leases:          
    Commercial real estate loans   5,716,114     5,779,290     5,782,111     5,755,239     5,764,529  
    Commercial loans and leases   2,506,664     2,453,038     2,443,530     2,416,904     2,399,668  
    Consumer loans   1,556,510     1,522,908     1,495,496     1,482,943     1,477,392  
    Total loans and leases   9,779,288     9,755,236     9,721,137     9,655,086     9,641,589  
    Allowance for loan and lease losses   (125,083 )   (127,316 )   (121,750 )   (120,124 )   (117,522 )
    Net loans and leases   9,654,205     9,627,920     9,599,387     9,534,962     9,524,067  
    Restricted equity securities   83,155     82,675     78,963     74,709     77,595  
    Premises and equipment, net of accumulated depreciation   86,781     86,925     88,378     89,707     89,853  
    Right-of-use asset operating leases   43,527     41,934     35,691     33,133     30,863  
    Deferred tax asset   56,620     50,827     60,032     60,484     56,952  
    Goodwill   241,222     241,222     241,222     241,222     241,222  
    Identified intangible assets, net of accumulated amortization   17,461     19,162     20,830     22,499     24,207  
    Other real estate owned and repossessed assets   1,103     1,579     1,974     1,817     1,694  
    Other assets   282,630     261,383     309,651     310,195     286,616  
    Total assets $ 11,905,326   $ 11,676,721   $ 11,635,292   $ 11,542,731   $ 11,382,256  
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Deposits:          
    Demand checking accounts $ 1,692,394   $ 1,681,858   $ 1,638,378   $ 1,629,371   $ 1,678,406  
    NOW accounts   617,246     637,374     647,370     654,748     661,863  
    Savings accounts   1,721,247     1,736,989     1,735,857     1,727,893     1,669,018  
    Money market accounts   2,116,360     2,041,185     2,073,557     2,065,569     2,082,810  
    Certificate of deposit accounts   1,885,444     1,819,353     1,718,414     1,670,147     1,574,855  
    Brokered deposit accounts   868,953     815,512     923,460     970,925     881,173  
    Total deposits   8,901,644     8,732,271     8,737,036     8,718,653     8,548,125  
    Borrowed funds:          
    Advances from the FHLB   1,355,926     1,345,003     1,265,079     1,150,153     1,223,226  
    Subordinated debentures and notes   84,328     84,293     84,258     84,223     84,188  
    Other borrowed funds   79,592     68,251     80,125     127,505     69,256  
    Total borrowed funds   1,519,846     1,497,547     1,429,462     1,361,881     1,376,670  
    Operating lease liabilities   44,785     43,266     37,102     34,235     31,998  
    Mortgagors’ escrow accounts   15,875     14,456     17,117     16,245     17,239  
    Reserve for unfunded credits   5,981     6,859     11,400     15,807     19,767  
    Accrued expenses and other liabilities   195,256     151,960     204,695     201,679     189,813  
    Total liabilities   10,683,387     10,446,359     10,436,812     10,348,500     10,183,612  
    Stockholders’ equity:          
    Common stock, $0.01 par value; 200,000,000 shares authorized; 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, and 96,998,075 shares issued, respectively   970     970     970     970     970  
    Additional paid-in capital   902,584     901,562     904,775     903,726     902,659  
    Retained earnings   458,943     453,555     445,560     441,285     438,722  
    Accumulated other comprehensive income   (52,882 )   (38,081 )   (61,693 )   (60,841 )   (52,798 )
    Treasury stock, at cost;          
    7,019,384 shares, 7,015,843 shares, 7,373,009 shares, 7,354,399 shares, and 7,354,399 shares, respectively   (87,676 )   (87,644 )   (91,132 )   (90,909 )   (90,909 )
    Total stockholders’ equity   1,221,939     1,230,362     1,198,480     1,194,231     1,198,644  
    Total liabilities and stockholders’ equity $ 11,905,326   $ 11,676,721   $ 11,635,292   $ 11,542,731   $ 11,382,256  
               
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Consolidated Statements of Income (Unaudited)
     
      Three Months Ended
      December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023
      (In Thousands Except Share Data)
    Interest and dividend income:          
    Loans and leases $ 147,436   $ 149,643   $ 145,585   $ 145,265   $ 142,948  
    Debt securities   6,421     6,473     6,480     6,878     6,945  
    Restricted equity securities   1,460     1,458     1,376     1,492     1,333  
    Short-term investments   2,830     1,986     1,914     1,824     1,093  
    Total interest and dividend income   158,147     159,560     155,355     155,459     152,319  
    Interest expense:          
    Deposits   56,562     59,796     59,721     56,884     54,034  
    Borrowed funds   16,597     16,756     15,633     16,987     14,730  
    Total interest expense   73,159     76,552     75,354     73,871     68,764  
    Net interest income   84,988     83,008     80,001     81,588     83,555  
    Provision for credit losses on loans   4,141     4,832     5,607     7,423     3,851  
    Credit for credit losses on investments   (104 )   (172 )   (39 )   (44 )   (76 )
    Net interest income after provision for credit losses   80,951     78,348     74,433     74,209     79,780  
    Non-interest income:          
    Deposit fees   2,297     2,353     3,001     2,897     3,064  
    Loan fees   439     464     702     789     515  
    Loan level derivative income, net   1,115     —     106     437     778  
    Gain on sales of loans and leases   406     415     130     —     410  
    Other   2,330     3,116     2,457     2,161     3,260  
    Total non-interest income   6,587     6,348     6,396     6,284     8,027  
    Non-interest expense:          
    Compensation and employee benefits   37,202     35,130     34,762     36,629     35,401  
    Occupancy   5,393     5,343     5,551     5,769     5,127  
    Equipment and data processing   6,780     6,831     6,732     7,031     7,245  
    Professional services   1,345     2,143     1,745     1,900     1,442  
    FDIC insurance   2,017     2,118     2,025     1,884     1,839  
    Advertising and marketing   1,303     859     1,504     1,574     758  
    Amortization of identified intangible assets   1,701     1,668     1,669     1,708     1,965  
    Merger and restructuring expense   3,378     —     823     —     —  
    Other   4,600     3,856     4,373     4,519     5,467  
    Total non-interest expense   63,719     57,948     59,184     61,014     59,244  
    Income before provision for income taxes   23,819     26,748     21,645     19,479     28,563  
    Provision for income taxes   6,283     6,606     5,273     4,814     5,675  
    Net income $ 17,536   $ 20,142   $ 16,372   $ 14,665   $ 22,888  
    Earnings per common share:          
    Basic $ 0.20   $ 0.23   $ 0.18   $ 0.16   $ 0.26  
    Diluted $ 0.20   $ 0.23   $ 0.18   $ 0.16   $ 0.26  
    Weighted average common shares outstanding during the period:        
    Basic   89,098,443     89,033,463     88,904,692     88,894,577     88,867,159  
    Diluted   89,483,964     89,319,611     89,222,315     89,181,508     89,035,505  
    Dividends paid per common share $ 0.135   $ 0.135   $ 0.135   $ 0.135   $ 0.135  
               
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Consolidated Statements of Income (Unaudited)
       
      Twelve Months Ended December 31,
      2024 2023
      (In Thousands Except Share Data)
    Interest and dividend income:    
    Loans and leases $ 587,929   $ 533,739
    Debt securities   26,252     29,648
    Restricted equity securities   5,786     5,571
    Short-term investments   8,554     8,329
    Total interest and dividend income   628,521     577,287
    Interest expense:    
    Deposits   232,963     175,665
    Borrowed funds   65,973     61,911
    Total interest expense   298,936     237,576
    Net interest income   329,585     339,711
    Provision for credit losses on loans   22,003     37,868
    (Credit) provision for credit losses on investments   (359 )   339
    Net interest income after provision for credit losses   307,941     301,504
    Non-interest income:    
    Deposit fees   10,548     11,611
    Loan fees   2,394     2,036
    Loan level derivative income, net   1,658     3,890
    Gain on investment securities, net   —     1,704
    Gain on sales of loans and leases   951     2,581
    Other   10,064     10,112
    Total non-interest income   25,615     31,934
    Non-interest expense:    
    Compensation and employee benefits   143,723     138,895
    Occupancy   22,056     20,203
    Equipment and data processing   27,374     27,004
    Professional services   7,133     7,226
    FDIC insurance   8,044     7,844
    Advertising and marketing   5,240     4,724
    Amortization of identified intangible assets   6,746     7,840
    Merger and restructuring expense   4,201     7,411
    Other   17,348     18,377
    Total non-interest expense   241,865     239,524
    Income before provision for income taxes   91,691     93,914
    Provision for income taxes   22,976     18,915
    Net income $ 68,715   $ 74,999
    Earnings per common share:    
    Basic $ 0.77   $ 0.85
    Diluted $ 0.77   $ 0.85
    Weighted average common shares outstanding during the period:  
    Basic   88,983,248     88,230,681
    Diluted   89,302,304     88,450,646
    Dividends paid per common share $ 0.540   $ 0.540
         
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Asset Quality Analysis (Unaudited)
     
      At and for the Three Months Ended
      December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023
      (Dollars in Thousands)
    NONPERFORMING ASSETS:          
    Loans and leases accounted for on a nonaccrual basis:          
    Commercial real estate mortgage $ 11,525   $ 11,595   $ 11,659   $ 18,394   $ 19,608  
    Multi-family mortgage   6,596     1,751     —     —     —  
    Construction   —     —     —     —     —  
    Total commercial real estate loans   18,121     13,346     11,659     18,394     19,608  
               
    Commercial   14,676     15,734     16,636     3,096     3,886  
    Equipment financing   31,509     37,223     27,128     13,668     14,984  
    Total commercial loans and leases   46,185     52,957     43,764     16,764     18,870  
               
    Residential mortgage   3,999     3,862     4,495     4,563     4,292  
    Home equity   1,043     1,076     790     950     860  
    Other consumer   1     1     1     1     —  
    Total consumer loans   5,043     4,939     5,286     5,514     5,152  
               
    Total nonaccrual loans and leases   69,349     71,242     60,709     40,672     43,630  
               
    Other real estate owned   700     780     780     780     780  
    Other repossessed assets   403     799     1,194     1,037     914  
    Total nonperforming assets $ 70,452   $ 72,821   $ 62,683   $ 42,489   $ 45,324  
               
    Loans and leases past due greater than 90 days and still accruing $ 811   $ 16,091   $ 4,994   $ 363   $ 228  
               
    Nonperforming loans and leases as a percentage of total loans and leases   0.71 %   0.73 %   0.62 %   0.42 %   0.45 %
    Nonperforming assets as a percentage of total assets   0.59 %   0.62 %   0.54 %   0.37 %   0.40 %
               
    PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:      
    Allowance for loan and lease losses at beginning of period $ 127,316   $ 121,750   $ 120,124   $ 117,522   $ 119,081  
    Charge-offs   (8,414 )   (4,183 )   (8,823 )   (5,390 )   (7,722 )
    Recoveries   1,162     375     436     309     581  
    Net charge-offs   (7,252 )   (3,808 )   (8,387 )   (5,081 )   (7,141 )
    Provision for loan and lease losses excluding unfunded commitments *   5,019     9,374     10,013     7,683     5,582  
    Allowance for loan and lease losses at end of period $ 125,083   $ 127,316   $ 121,750   $ 120,124   $ 117,522  
               
    Allowance for loan and lease losses as a percentage of total loans and leases   1.28 %   1.31 %   1.25 %   1.24 %   1.22 %
               
    NET CHARGE-OFFS:          
    Commercial real estate loans $ —   $ —   $ 3,819   $ 606   $ 1,087  
    Commercial loans and leases **   7,257     3,797     4,571     8,179     6,061  
    Consumer loans   (5 )   11     (3 )   (4 )   (7 )
    Total net charge-offs $ 7,252   $ 3,808   $ 8,387   $ 8,781   $ 7,141  
               
    Net loan and lease charge-offs as a percentage of average loans and leases (annualized)   0.30 %   0.16 %   0.35 %   0.36 %   0.30 %
               
    *Provision for loan and lease losses does not include (credit) provision of $(0.9 million), $(4.5 million), $(4.4 million), $(0.3 million), and $(1.7 million) for credit losses on unfunded commitments during the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively.
    ** The balance at March 31, 2024 includes a $3.7 million charge-off on a letter of credit which impacted the provision.
               
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Average Yields / Costs (Unaudited)
     
      Three Months Ended
      December 31, 2024 September 30, 2024 December 31, 2023
      Average
    Balance    		 Interest (1) Average
    Yield/
    Cost    		 Average
    Balance    		 Interest (1) Average
    Yield/
    Cost    		 Average
    Balance    		 Interest (1) Average
    Yield/
    Cost
      (Dollars in Thousands)
    Assets:                  
    Interest-earning assets:                  
    Investments:                  
    Debt securities (2) $ 856,065 $ 6,463 3.02 % $ 853,924 $ 6,516 3.05 % $ 876,350 $ 6,986 3.19 %
    Restricted equity securities (2)   75,879   1,459 7.69 %   75,225   1,459 7.76 %   67,567   1,334 7.90 %
    Short-term investments   236,784   2,830 4.78 %   145,838   1,986 5.44 %   85,790   1,093 5.09 %
    Total investments   1,168,728   10,752 3.68 %   1,074,987   9,961 3.71 %   1,029,707   9,413 3.66 %
    Loans and Leases:                  
    Commercial real estate loans (3)   5,752,591   81,195 5.52 %   5,772,456   83,412 5.65 %   5,727,930   81,653 5.58 %
    Commercial loans (3)   1,170,295   19,750 6.61 %   1,079,084   18,440 6.69 %   969,603   16,296 6.58 %
    Equipment financing (3)   1,310,143   26,295 8.03 %   1,353,649   26,884 7.94 %   1,347,589   25,211 7.48 %
    Consumer loans (3)   1,529,654   20,881 5.44 %   1,505,095   21,123 5.60 %   1,475,580   19,888 5.37 %
    Total loans and leases   9,762,683   148,121 6.07 %   9,710,284   149,859 6.17 %   9,520,702   143,048 6.01 %
    Total interest-earning assets   10,931,411   158,873 5.81 %   10,785,271   159,820 5.93 %   10,550,409   152,461 5.78 %
    Non-interest-earning assets   649,161       666,067       721,532    
    Total assets $ 11,580,572     $ 11,451,338     $ 11,271,941    
                       
    Liabilities and Stockholders’ Equity:                  
    Interest-bearing liabilities:                  
    Deposits:                  
    NOW accounts $ 630,408   1,056 0.67 % $ 639,561   1,115 0.69 % $ 657,134   1,146 0.69 %
    Savings accounts   1,741,355   10,896 2.49 %   1,738,756   12,098 2.77 %   1,658,144   10,684 2.56 %
    Money market accounts   2,083,033   13,856 2.65 %   2,038,048   15,466 3.02 %   2,140,225   16,239 3.01 %
    Certificates of deposit   1,857,483   20,691 4.43 %   1,768,026   20,054 4.51 %   1,530,772   14,517 3.76 %
    Brokered deposit accounts   797,910   10,063 5.02 %   841,067   11,063 5.23 %   880,604   11,448 5.16 %
    Total interest-bearing deposits   7,110,189   56,562 3.16 %   7,025,458   59,796 3.39 %   6,866,879   54,034 3.12 %
    Borrowings:                  
    Advances from the FHLB   1,144,157   13,958 4.77 %   1,139,049   14,366 4.94 %   965,846   11,943 4.84 %
    Subordinated debentures and notes   84,311   1,944 9.22 %   84,276   1,378 6.54 %   84,170   1,381 6.56 %
    Other borrowed funds   65,947   695 4.20 %   53,102   1,012 7.58 %   136,566   1,406 4.09 %
    Total borrowings   1,294,415   16,597 5.02 %   1,276,427   16,756 5.14 %   1,186,582   14,730 4.86 %
    Total interest-bearing liabilities   8,404,604   73,159 3.46 %   8,301,885   76,552 3.67 %   8,053,461   68,764 3.39 %
    Non-interest-bearing liabilities:                  
    Demand checking accounts   1,693,138       1,669,092       1,723,849    
    Other non-interest-bearing liabilities   250,303       264,324       323,855    
    Total liabilities   10,348,045       10,235,301       10,101,165    
    Stockholders’ equity   1,232,527       1,216,037       1,170,776    
    Total liabilities and equity $ 11,580,572     $ 11,451,338     $ 11,271,941    
    Net interest income (tax-equivalent basis) /Interest-rate spread (4)     85,714 2.35 %     83,268 2.26 %     83,697 2.39 %
    Less adjustment of tax-exempt income     726       260       142  
    Net interest income   $ 84,988     $ 83,008     $ 83,555  
    Net interest margin (5)     3.12 %     3.07 %     3.15 %
                       
    (1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
    (2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
    (3) Loans on nonaccrual status are included in the average balances.
    (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets.
                       
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Average Yields / Costs (Unaudited)
     
      Twelve Months Ended
      December 31, 2024 December 31, 2023
      Average
    Balance    		 Interest (1) Average
    Yield/
    Cost    		 Average
    Balance    		 Interest (1) Average
    Yield/
    Cost
      (Dollars in Thousands)
    Assets:            
    Interest-earning assets:            
    Investments:            
    Debt securities (2) $ 862,381 $ 26,416 3.06 % $ 947,782 $ 29,891 3.15 %
    Restricted equity securities (2)   74,788   5,786 7.74 %   72,264   5,572 7.71 %
    Short-term investments   164,445   8,554 5.20 %   158,718   8,329 5.25 %
    Total investments   1,101,614   40,756 3.70 %   1,178,764   43,792 3.72 %
    Loans and Leases:            
    Commercial real estate loans (3)   5,760,432   327,221 5.59 %   5,654,385   307,652 5.37 %
    Commercial loans (3)   1,086,460   73,369 6.65 %   929,077   59,110 6.28 %
    Equipment financing (3)   1,352,993   106,329 7.86 %   1,277,224   92,112 7.21 %
    Consumer loans (3)   1,501,626   82,273 5.47 %   1,470,677   75,098 5.10 %
    Total loans and leases   9,701,511   589,192 6.07 %   9,331,363   533,972 5.72 %
    Total interest-earning assets   10,803,125   629,948 5.83 %   10,510,127   577,764 5.50 %
    Non-interest-earning assets   670,299       704,244    
    Total assets $ 11,473,424     $ 11,214,371    
                 
    Liabilities and Stockholders’ Equity:            
    Interest-bearing liabilities:            
    Deposits:            
    NOW accounts $ 650,225   4,543 0.70 % $ 720,572   4,275 0.59 %
    Savings accounts   1,726,504   46,220 2.68 %   1,439,293   27,974 1.94 %
    Money market accounts   2,056,066   60,796 2.96 %   2,205,430   58,153 2.64 %
    Certificates of deposit   1,737,697   76,134 4.38 %   1,428,727   44,122 3.09 %
    Brokered deposit accounts   873,182   45,270 5.18 %   819,419   41,141 5.02 %
    Total interest-bearing deposits   7,043,674   232,963 3.31 %   6,613,441   175,665 2.66 %
    Borrowings:            
    Advances from the FHLB   1,124,432   55,851 4.89 %   1,092,996   52,467 4.73 %
    Subordinated debentures and notes   84,258   6,074 7.21 %   84,116   5,476 6.51 %
    Other borrowed funds   78,859   4,048 5.13 %   124,793   3,968 3.18 %
    Total borrowings   1,287,549   65,973 5.04 %   1,301,905   61,911 4.69 %
    Total interest-bearing liabilities   8,331,223   298,936 3.59 %   7,915,346   237,576 3.00 %
    Non-interest-bearing liabilities:            
    Demand checking accounts   1,657,922       1,823,759    
    Other non-interest-bearing liabilities   273,243       307,160    
    Total liabilities   10,262,388       10,046,265    
    Stockholders’ equity   1,211,036       1,168,106    
    Total liabilities and equity $ 11,473,424     $ 11,214,371    
    Net interest income (tax-equivalent basis) /Interest-rate spread (4)     331,012 2.24 %     340,188 2.50 %
    Less adjustment of tax-exempt income     1,427       477  
    Net interest income   $ 329,585     $ 339,711  
    Net interest margin (5)     3.06 %     3.24 %
                 
    (1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
    (2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
    (3) Loans on nonaccrual status are included in the average balances.
    (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets.
                 
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Non-GAAP Financial Information (Unaudited)
             
          At and for the Three Months Ended
    December 31,    		 At and for the Twelve Months Ended
    December 31,
            2024 2023 2024 2023
    Reconciliation Table – Non-GAAP Financial Information   (Dollars in Thousands Except Share Data)
                 
    Reported Pretax Income     $ 23,819   $ 28,563   $ 91,691   $ 93,914  
    Less:              
    Security gains   —     —     —     1,704  
    Add:              
    Day 1 PCSB CECL provision         —     —     —     16,744  
    Merger and acquisition expenses     3,378     —     4,201     7,411  
    Operating Pretax income   $ 27,197   $ 28,563   $ 95,892   $ 116,365  
    Effective tax rate     23.9 %   19.9 %   24.5 %   20.1 %
    Provision for income tax     6,511     5,675     23,480     23,437  
    Operating earnings after tax       $ 20,686   $ 22,888   $ 72,412   $ 92,928  
                   
    Operating earnings per common share:            
    Basic       $ 0.23   $ 0.26   $ 0.81   $ 1.05  
    Diluted       $ 0.23   $ 0.26   $ 0.81   $ 1.05  
                   
    Weighted average common shares outstanding during the period:          
    Basic         89,098,443     88,867,159     88,983,248     88,230,681  
    Diluted         89,483,964     89,035,505     89,302,304     88,450,646  
                   
                   
    Return on average assets *       0.61 %   0.81 %   0.60 %   0.67 %
    Less:              
    Security gains (after-tax) *       — %   — %   — %   0.01 %
    Add:              
    Day 1 PCSB CECL provision (after-tax) *     — %   — %   — %   0.12 %
    Merger and acquisition expenses (after-tax) *     0.09 %   — %   0.03 %   0.05 %
    Operating return on average assets *       0.70 %   0.81 %   0.63 %   0.83 %
                   
                   
    Return on average tangible assets *       0.62 %   0.83 %   0.61 %   0.69 %
    Less:              
    Security gains (after-tax) *       — %   — %   — %   0.01 %
    Add:              
    Day 1 PCSB CECL provision (after-tax) *     — %   — %   — %   0.12 %
    Merger and acquisition expenses (after-tax) *     0.09 %   — %   0.03 %   0.05 %
    Operating return on average tangible assets *       0.71 %   0.83 %   0.64 %   0.85 %
                   
                   
    Return on average stockholders’ equity *       5.69 %   7.82 %   5.67 %   6.42 %
    Less:              
    Security gains (after-tax) *       — %   — %   — %   0.12 %
    Add:              
    Day 1 PCSB CECL provision (after-tax) *     — %   — %   — %   1.14 %
    Merger and acquisition expenses (after-tax) *     0.83 %   — %   0.26 %   0.51 %
    Operating return on average stockholders’ equity *     6.52 %   7.82 %   5.93 %   7.95 %
                   
                   
    Return on average tangible stockholders’ equity *     7.21 %   10.12 %   7.24 %   8.36 %
    Less:              
    Security gains (after-tax) *       — %   — %   — %   0.15 %
    Add:              
    Day 1 PCSB CECL provision (after-tax) *     — %   — %   — %   1.49 %
    Merger and acquisition expenses (after-tax) *     1.06 %   — %   0.33 %   0.66 %
    Operating return on average tangible stockholders’ equity *     8.27 %   10.12 %   7.57 %   10.36 %
    * Ratios at and for the three months ended are annualized.          
                   
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Non-GAAP Financial Information (Unaudited)
     
      At and for the Three Months Ended At and for the Twelve
    Months Ended
      December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 December 31,
    2024    		 December 31,
    2023
      (Dollars in Thousands)
                   
    Net income, as reported $ 17,536   $ 20,142   $ 16,372   $ 14,665   $ 22,888   $ 68,715   $ 74,999  
                   
    Average total assets $ 11,580,572   $ 11,451,338   $ 11,453,394   $ 11,417,185   $ 11,271,941   $ 11,473,424   $ 11,214,371  
    Less: Average goodwill and average identified intangible assets, net   259,496     261,188     262,859     264,536     266,225     262,011     270,637  
    Average tangible assets $ 11,321,076   $ 11,190,150   $ 11,190,535   $ 11,152,649   $ 11,005,716   $ 11,211,413   $ 10,943,734  
                   
    Return on average tangible assets (annualized)   0.62 %   0.72 %   0.59 %   0.53 %   0.83 %   0.61 %   0.69 %
                   
    Average total stockholders’ equity $ 1,232,527   $ 1,216,037   $ 1,193,385   $ 1,201,904   $ 1,170,776   $ 1,211,036   $ 1,168,106  
    Less: Average goodwill and average identified intangible assets, net   259,496     261,188     262,859     264,536     266,225     262,011     270,637  
    Average tangible stockholders’ equity $ 973,031   $ 954,849   $ 930,526   $ 937,368   $ 904,551   $ 949,025   $ 897,469  
                   
    Return on average tangible stockholders’ equity (annualized)   7.21 %   8.44 %   7.04 %   6.26 %   10.12 %   7.24 %   8.36 %
                   
    Total stockholders’ equity $ 1,221,939   $ 1,230,362   $ 1,198,480   $ 1,194,231   $ 1,198,644   $ 1,221,939   $ 1,198,644  
    Less:              
    Goodwill   241,222     241,222     241,222     241,222     241,222     241,222     241,222  
    Identified intangible assets, net   17,461     19,162     20,830     22,499     24,207     17,461     24,207  
    Tangible stockholders’ equity $ 963,256   $ 969,978   $ 936,428   $ 930,510   $ 933,215   $ 963,256   $ 933,215  
                   
    Total assets $ 11,905,326   $ 11,676,721   $ 11,635,292   $ 11,542,731   $ 11,382,256   $ 11,905,326   $ 11,382,256  
    Less:              
    Goodwill   241,222     241,222     241,222     241,222     241,222     241,222     241,222  
    Identified intangible assets, net   17,461     19,162     20,830     22,499     24,207     17,461     24,207  
    Tangible assets $ 11,646,643   $ 11,416,337   $ 11,373,240   $ 11,279,010   $ 11,116,827   $ 11,646,643   $ 11,116,827  
                   
    Tangible stockholders’ equity to tangible assets   8.27 %   8.50 %   8.23 %   8.25 %   8.39 %   8.27 %   8.39 %
                   
    Tangible stockholders’ equity $ 963,256   $ 969,978   $ 936,428   $ 930,510   $ 933,215   $ 963,256   $ 933,215  
                   
    Number of common shares issued   96,998,075     96,998,075     96,998,075     96,998,075     96,998,075     96,998,075     96,998,075  
    Less:              
    Treasury shares   7,019,384     7,015,843     7,373,009     7,354,399     7,354,399     7,019,384     7,354,399  
    Unvested restricted shares   880,248     883,789     713,443     749,099     749,099     880,248     749,099  
    Number of common shares outstanding   89,098,443     89,098,443     88,911,623     88,894,577     88,894,577     89,098,443     88,894,577  
                   
    Tangible book value per common share $ 10.81   $ 10.89   $ 10.53   $ 10.47   $ 10.50   $ 10.81   $ 10.50  

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

    The MIL Network –

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

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

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

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    Balance Sheet Summary

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Net Interest Income

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

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

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

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

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

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

    Credit Loss Expense

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

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

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

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

    Non-Interest Income

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

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

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

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

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

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

    Non-Interest Expense

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

    Income Taxes

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

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

    Net Interest Income

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

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

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

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

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

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

    Credit Loss Expense

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

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

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

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

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

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

    Non-Interest Income

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

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

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

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

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

    Non-Interest Expense

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

    Income Taxes

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

    Asset Quality

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

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

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

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

    Capital

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

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

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

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

    About NorthEast Community Bancorp

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

    Forward Looking Statement

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Nokia Corporation: Repurchase of own shares on 29.01.2025

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

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

    * Rounded to two decimals

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

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

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

    On behalf of Nokia Corporation

    BofA Securities Europe SA

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

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

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

    Inquiries:

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

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

    Attachment

    The MIL Network –

  • MIL-OSI USA: Cassidy, Scott Lead Colleagues in Reintroducing Bill to Expand School Choice, Educational Opportunity

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Tim Scott (R-SC) led 24 Republican colleagues in introducing the Educational Choice for Children Act (ECCA), bicameral legislation to expand education freedom and opportunity for students. Specifically, it provides a charitable donation incentive for individuals and businesses to fund scholarship awards for students to cover expenses related to K-12 public and private education. U.S. Representative Adrian Smith (R-NE-03) introduced the companion legislation in the U.S House of Representatives. 
    “Parents want to see their child succeed. Giving them the ability to make decisions over their child’s education puts that child’s needs first,” said Dr. Cassidy. “More freedom empowers parents and allows American children to thrive in school.”
    “When you give parents a choice, you give kids a better chance at achieving their dreams,” said Senator Scott. “By empowering families with more education resources and freedom, this bill will unlock opportunities that have been out of reach for students across America who deserve every chance to succeed and a schooling system that fosters their potential.”
    “Giving students a brighter future, no matter their background or address, is critical to move American K-12 education forward,” said Representative Smith. “We must empower parents with more options, acknowledging they have the final say in what educational setting is best for their children. ECCA will benefit public, private, and homeschool students and increase the quality of education in our country. I thank Rep. Owens and Sen. Cassidy for championing this legislation alongside me.”
    The Educational Choice for Children Act:

    Provides $10 billion in annual tax credits to be made available to taxpayers. Allotment of these credits to individuals would be administered by the Treasury Department.
    Sets a base amount for each state and then distributes the credits on a first-come, first-serve basis.
    Uses a limited government approach with respect to federalism, thus avoiding mandates on states, localities, and school districts.
    Includes provisions that govern Scholarship Granting Organizations (SGOs), as SGOs are given the ability to determine the individual amount of scholarship awards.

    An estimated two million students in any elementary or secondary education setting, including homeschool, are eligible to receive a scholarship. Eligible use of scholarships awards includes tuition, fees, book supplies, and equipment for the enrollment or attendance at an elementary or secondary school.
    Cassidy and Scott was joined by U.S. Senators Cynthia Lummis (R-WY), Steve Daines (R-MT), John Cornyn (R-TX), John Thune (R-SD), Cindy Hyde-Smith (R-MS), Eric Schmitt (R-MO), Tim Sheehy (R-MT), Ted Budd (R-NC), Tom Cotton (R-AR), John Kennedy (R-LA), Tommy Tuberville (R-AL), Jim Justice (R-WV), Jim Risch (R-ID), John Barrasso (R-WY), Thom Tillis (R-NC), Roger Marshall (R-KS), Todd Young (R-IN), Josh Hawley (R-MO), Katie Britt (R-AL), Pete Ricketts (R-NE), Marsha Blackburn (R-TN), Dave McCormick (R-PA), Kevin Cramer (R-ND), and Roger Wicker (R-MS) in introducing the bill. 
    The Educational Choice for Children Act has received the endorsement from former U.S. Secretary of Education Betsy DeVos; former U.S. Deputy Secretary of Education Dr. Mick Zais; former U.S. Attorney General Bill Barr; Louisiana State Superintendent of Education Dr. Cade Brumley; LA Kids Matter; Louisiana Family Forum; Louisiana State University Board of Supervisors; ACE Scholarships Louisiana Founder Eddie Rispone; ACE Scholarships; Invest in Education Coalition; ACSI Children’s Education Fund; America First Policy Institute; American Association of Christian Schools; American Federation for Children (AFC); American Principles Project; Americans for Tax Reform; Association of Christian Schools International (ACSI); Black Mothers Forum; U.S. Conference of Catholic Bishops (USCCB); Catholic Education Partners; CatholicVote; Center for Education Reform; Children’s Scholarship Fund; Club for Growth; Coalition for Jewish Values; Agudath Israel of America; Orthodox Union Advocacy; Republican Jewish Coalition; Concerned Women for America; Council for American Private Education (CAPE); Defense of Freedom Institute (DFI); Family Policy Alliance; Foundation for Excellence in Education (ExcelinEd); Freedom Foundation; Heartland Institute; Heritage Action for America; Home School Legal Defense Association (HSLDA); Independent Women’s Forum; Mountain States Policy Center; Parental Rights Foundation; Parents Defending Education Action; Partners in Mission; Project 21; Protect the First; 60Plus Association; Former Virginia & Florida Secretary of Education Gerard Robinson; several other conservative leaders; and more than 150 national and state groups.
    “School choice empowers parents, regardless of their zip code, to choose the education that best fits their child’s need,” said Anthony de Nicola, Chairman of Invest in Education Coalition. “I applaud Senator Cassidy for reintroducing the Educational Choice for Children Act in the Senate. Now is our time to pass this critical legislation that would help millions of students access an education of their choosing so they can achieve their God-given potential.”

    MIL OSI USA News –

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

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

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

    MIL OSI USA News –

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

    Source: Government of Canada – Prime Minister

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

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

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

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

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

    Associated Links

    MIL OSI Canada News –

  • MIL-OSI USA: Shooting Incidents With Injury Declined 28 Percent in 2024

    Source: US State of New York

    Governor Kathy Hochul today announced that gun violence in communities participating in the state’s Gun Involved Violence Elimination (GIVE) initiative declined to its lowest level on record last year. New York State began tracking this data in communities outside of New York City in 2006. Shooting incidents with injury declined 28 percent in 2024 compared to 2023, and the number of individuals injured declined 25 percent, with 238 fewer people harmed by gunfire. The Governor’s Fiscal Year 26 Executive Budget includes $370 million to continue the state’s multifaceted approach to reducing shootings and saving lives. That funding supports local and state law enforcement initiatives, youth employment programs, and nonprofit organizations that serve and support individuals and families and strengthen communities.

    “New Yorkers are safer today than they were yesterday – and that’s because of the tireless efforts of our communities, law enforcement, and partners,” Governor Hochul said. “Gun violence has dropped by 28 percent, meaning 238 fewer people wounded by gunfire in our neighborhoods. But we’re not stopping here. My administration is doubling down on its commitment to reducing violence, supporting our youth, and strengthening our communities – ensuring that all New Yorkers can live in safety and peace.”

    The 28 percent decline reflects 588 shooting incidents with injury reported last year by the 28 police departments participating in GIVE compared to 817 in 2023, and the number of shooting victims decreased by 25 percent (725 v. 963). When the state first began tracking this data in 2006, 17 police departments received funding to reduce shootings and violent crime: Those agencies reported 896 shooting incidents with injury and 1,007 individuals who sustained gunshot wounds. GIVE jurisdictions account for roughly 90 percent of violent crimes involving firearms and 85 percent of violent crime reported outside New York City.

    The following police departments reported particularly significant declines in shooting incidents with injury in 2024 compared to 2023: Niagara, 52 percent; Rochester, 34 percent; Syracuse, 30 percent; and Yonkers, 47 percent. Shooting incidents with injury, shooting victims and shooting homicide data for each of the 28 GIVE agencies are available on the State Division of Criminal Justice Services (DCJS) website. In addition to the collective decrease in gun violence in GIVE communities, the New York City Police Department reported a seven percent (903 v. 974) decrease in shooting incidents in 2024 compared to 2023.

    DCJS Commissioner Rossana Rosado said, “Our partnerships with local law enforcement agencies and community-based organizations through the GIVE initiative, SNUG street outreach program, Project RISE and our Crime Analysis Centers are helping to make a real difference in people’s lives and increasing safety in our communities. We applaud Governor Hochul’s leadership on public safety and her unprecedented support of these critical programs.”

    Preliminary index crime reported by police agencies outside of New York City showed an eight percent decrease from January through September 2024 vs. 2023, the most current data available. There are seven index crime categories that are used to gauge overall crime trends: four violent (murder, rape, robbery, aggravated assault) and three property (burglary, larceny, motor vehicle theft). Data reported by the NYPD show a three percent reduction in crime in the five boroughs.

    The $370 million investment to reduce and prevent gun violence and strengthen communities disproportionately impacted by crime includes, but is not limited to, the following programs and initiatives administered by DCJS:

    • $50 million through the Law Enforcement Technology grant program, which provides funding so police departments and sheriffs’ offices can purchase new equipment and technology to modernize their operations and more effectively solve and prevent crime.
    • $36 million for GIVE, which funds the 28 police departments and district attorneys’ offices, probation departments, and sheriffs’ offices in 21 counties outside of New York City.
    • $21 million for the SNUG Street Outreach Program, which operates in 14 communities across the state: Albany, the Bronx, Buffalo, Hempstead, Mount Vernon, Newburgh, Niagara Falls, Poughkeepsie, Rochester, Syracuse, Troy, Utica, Wyandanch, and Yonkers. The program uses a public health approach to address gun violence by identifying the source, interrupting transmission, and treating individuals, families and communities affected by the violence.
    • $18 million in continued support for the state’s unique, nationally recognized Crime Analysis Center Network, and $13 million in new funding to establish the New York State Crime Analysis and Joint Special Operations Command Headquarters, a strategic information, technical assistance and training hub for 11 Centers in the state’s network, and enhance existing partnerships and expand information sharing with the New York State Intelligence Center operated by the State Police, the locally run Nassau County Lead Development Center, and the State’s Joint Security Operations Center, which focuses on protecting the State from cyber threats.
    • $20 million for Project RISE (Restore, Invest, Sustain, Empower) in 10 communities to support mentoring, mental health services, restorative practices, trust building, employment and education support and youth development activities, among other programs and services that address trauma resulting from long-term exposure to violence, build resilience and strengthen youth, families and neighborhoods.

    The New York State Police, the State Department of Corrections and Community Supervision, the State Office of Temporary and Disability Assistance, and the state Office of Victim Services also will receive funding through that $370 million allocation.

    That funding does not include other public safety initiatives outlined in the FY26 Executive Budget Briefing Book, including $35 million for the next round of the Securing Communities Against Hate Crimes grants to increase safety and security of organizations at risk of hate crimes or attacks because of their ideology, beliefs, or mission; or investments that expand support for victims and survivors of crime, including doubling funding for rape crisis centers to $12.8 million.

    MIL OSI USA News –

  • MIL-OSI Security: Youngsville Man Sentenced for Possession of Materials Involving Sexual Exploitation of Minors

    Source: Office of United States Attorneys

    NEW ORLEANS, LA – U.S. Attorney Duane A. Evans announced that COY DAVID MILLER (“MILLER”), age 49, of Youngsville, LA, was sentenced on January 15, 2025, for Possession of Materials Involving the Sexual Exploitation of Minors, in violation of Title 18, United States Code, Sections 2252(a)(4)(B) and (b)(2). 

    According to court documents, on October 17, 2023, MILLER was searched by U.S. Customs and Border Protection and special agents with the U.S. Department of Homeland Security, Homeland Security Investigations, at the Louis Armstrong International Airport upon his return from Cancun, Mexico.  Federal agents found MILLER in possession of images and videos of pre-pubescent child pornography.

    Senior United States District Judge Ivan L.R. Lemelle sentenced MILLER to 46 months imprisonment, 10 years of supervised released, a $10,000 fine and registration as a sex offender.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice.  Led by United States Attorney’s Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims.  For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov.

    The U.S. Attorney’s Office would also like to acknowledge the assistance of the U.S. Department of Homeland Security, Homeland Security Investigations, and the U.S. Customs and Border Protection.  The prosecution of this case is being handled by Assistant U.S. Attorney Brian M. Klebba, Chief of the Financial Crimes Unit.

    MIL Security OSI –

  • MIL-OSI Security: Two More Defendants Sentenced to Prison for Roles in Puerto Rico-to- Western Pennsylvania Cocaine Trafficking Operation

    Source: Office of United States Attorneys

    PITTSBURGH, Pa. – A resident of New Castle, Pennsylvania, and a resident of Florida, Puerto Rico, were sentenced in federal court for their convictions of conspiracy to distribute and possess with intent to distribute cocaine and related charges, Acting United States Attorney Troy Rivetti announced today. The defendants were among 17 individuals from Lawrence County, Pennsylvania; Puerto Rico; and Youngstown, Ohio, indicted in March 2024 for violating federal narcotics, firearms, and racketeering laws by conspiring to distribute cocaine throughout Western Pennsylvania and Youngstown (read the Indictment news release here).

    Senior United States District Judge Arthur J. Schwab imposed the sentences on Jean Sanchez Tulla, 38, of Puerto Rico, and Glenn Samuels, 33, of New Castle, sentencing Tulla to nine years of imprisonment, to be followed by five years of supervised release, for conspiring to distribute and possess with intent to distribute 500 grams or more of cocaine and interstate travel or transmission in aid of racketeering, and Samuels to 37 months of prison, to be followed by four years of supervised release, for conspiracy to distribute and possess with intent to distribute a quantity of cocaine.

    According to information presented to the Court, Tulla was a leading member of the organized drug trafficking group that shipped kilogram quantities of cocaine from Puerto Rico, often mailing drug parcels through the U.S. Postal Service to co-conspirators responsible for selling the cocaine in Western Pennsylvania; Youngstown, Ohio; and elsewhere. Specifically, Tulla was responsible for possessing with intent to distribute and distributing between five and 15 kilograms of cocaine on behalf of and during the course of the conspiracy. He also traveled from Puerto Rico to Pennsylvania—including at least 15 trips to Pittsburgh from 2023 to 2024—and elsewhere to facilitate and promote the drug trafficking enterprise, including to receive drug proceeds from other members of the organization.

    Upon receipt of the shipped cocaine, leaders of the drug trafficking organization in Western Pennsylvania would distribute smaller quantities of the drugs to multiple co-conspirators, including Samuels, in order to maximize profits. Those co-conspirators then distributed the cocaine in New Castle, Ellwood City, and elsewhere in Lawrence County. At least 100 grams of cocaine was attributable to Samuels, who was found during the investigation to frequent the New Castle residence of the drug trafficking organization’s local leader for short durations, often multiple times a day.

    Assistant United States Attorney Carl J. Spindler prosecuted this case on behalf of the government.

    Acting United States Attorney Rivetti commended the Drug Enforcement Administration, Lawrence County High Intensity Drug Trafficking Area (HIDTA) Drug Task Force, and United States Postal Inspection Service, as well as the New Castle Police Department, Ellwood City Police Department, Federal Bureau of Investigation, Internal Revenue Service – Criminal Investigation, Pennsylvania Office of Attorney General, Pennsylvania State Police, Pittsburgh Bureau of Police, and United States Department of Agriculture for the investigation leading to the successful prosecution of Tulla and Samuels.

    Lawrence County is one of six Western Pennsylvania counties officially designated as a High Intensity Drug Trafficking Area by the White House’s Office of National Drug Control Policy. The county received its HIDTA designation in July 2022, allowing it to receive dedicated federal resources to coordinate federal, state, and local governments in fighting drug trafficking and abuse.

    This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. 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.

    MIL Security OSI –

  • MIL-OSI Security: Project Safe Childhood Sentencings in Columbus

    Source: Office of United States Attorneys

    COLUMBUS, Ga. – A Harris County, Georgia, resident who engaged in criminal sexual activity with a middle schooler and a former contractor at Fort Moore guilty of possessing hundreds of files of child sexual abuse material (CSAM) on his phone were both sentenced to federal prison this week resulting from Project Safe Childhood investigations.

    Patrick John Irvine, 22, of Shiloh, Georgia, was sentenced to serve 120 months in prison to be followed by ten years of supervised release on Jan. 28. Irvine previously pleaded guilty to one count of transportation with intent to engage in criminal sexual activity on Oct. 15, 2024.

    Terric Taylor, 28, of Fortson, Georgia, was sentenced to serve 97 months in prison to be followed by ten years of supervised release on Jan. 28. Taylor previously pleaded guilty to one count of possessing child pornography on Oct. 15, 2024.

    Both defendants will have to register as a sex offender upon release from prison. U.S. District Judge Clay Land presided over the cases. There is no parole in the federal system.

    “Our office has zero tolerance for people who prey on children, and we will use every resource at our disposal to investigate and prosecute Project Safe Childhood cases,” said Acting U.S. Attorney C. Shanelle Booker. “Both cases demonstrate how law enforcement and community partners are helping us hold child sex offenders accountable.”

    “With a victim-centered approach, the FBI will continue working with our law enforcement partners to hold those who choose to prey on our most vulnerable citizens accountable,” said FBI Atlanta Acting Special Agent in Charge Sean Burke.

    “These cases show how local, state, and federal law enforcement agencies are working together to fight for the safety of our children,” said Harris County Sheriff Mike Jolley.

    According to court documents and statements referenced in court in the Irvine case, sometime in mid-March 2024, Irvine met 12-year-old Jane Doe on Snapchat, and they continued to communicate through Snapchat, Facetime and text messages over the next several weeks. Irvine made plans with Jane Doe to travel approximately four hours from his home in Harris County to a meeting place near her home in Alabama. They met on the night of March 23, 2024, and on March 24, 2024, Irvine texted Jane Doe to, “start packing, I’ll get you next weekend.” Irvine returned to Jane Doe’s Alabama residence on the evening of Friday, March 29, 2024, and drove her to Georgia. Jane Doe’s family members reported her missing the next day. Jane Doe’s mother acquired her daughter’s cell phone records from AT&T and discovered a high frequency of calls between the victim and a number she did not recognize, which was Irvine’s phone number. She attempted to call and text Irvine’s number, and finally got a response:

    • Defendant: “Sorry, I’m at work. Is everything okay?”

    • Mom: “No I need to talk to you now. I’m [the victim’s] mother. Please answer.”

    • Defendant: “[victim’s first name] who?”

    • Mom: “Why is a 12-year-old calling the number multiple times late at night if you are old enough to be working? It’s all over my call AT&T call logs.”

    • Defendant: “We were going to hang out then I found out how old she was, and I haven’t talked to her since. Is everything okay?”

    • Mom: “You need to call me. The police will be calling soon.”

    • Defendant: “Sorry I’m at work and I can’t call right now.”

    After identifying the subscriber of this number as Irvine, the Harris County Sheriff’s Office was notified and dispatched to Irvine’s residence. Upon arrival, Irvine emerged shirtless from the house and initially denied Jane Doe was in the house, but then stated that she had just gotten out of the shower. Jane Doe escaped out of a window and was found hiding in the woods.

    According to court documents and statements referenced in court in the Taylor case, the National Center for Missing and Exploited Children (NCMEC) received a Cybertip on July 17, 2022, from the social media platform X concerning user “strayBreeders04” who had uploaded a file of child pornography on the platform. The Georgia Bureau of Investigation (GBI) and the Harris County Sheriff’s Office (HCSO) discovered Taylor was the user and was employed as a contractor at Fort Moore. Working with Fort Moore’s Criminal Investigation Division (CID), Taylor was located, and he admitted to agents that he uploaded images of child pornography to X. Agents found several files of child sexual abuse material (CSAM) on his phone. Taylor estimated he had approximately 50 videos of children engaging in sexual acts on his device.

    These cases were brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse, launched in May 2006 by the Department of Justice. Led by the U.S. Attorneys’ Offices and the DOJ’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state and local resources to locate, apprehend and prosecute individuals who exploit children, as well as identify and rescue victims. For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov.

    The Irvine case was investigated bythe FBI, the Harris County Sheriff’s Office and the Walker County, Alabama, Sheriff’s Office.

    The Taylor case was investigated by the FBI, GBI and the Harris County Sheriff’s Office with assistance from the National Center for Missing and Exploited Children (NCMEC).

    Assistant U.S. Attorney Crawford Seals prosecuted the cases for the Government

    MIL Security OSI –

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

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

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

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

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

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

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

    Members of the new cabinet committee are:

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

    MIL OSI Canada News –

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

    Source: US Commodity Futures Trading Commission

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

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

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

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

    CORPORATE PROFILE

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

    For further information, please contact:

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    About Landmark

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

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

    The MIL Network –

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

    Source: US State of Georgia

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

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

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

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

    # # # #

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

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

    MIL OSI USA News –