NewzIntel.com

Category: Finance

  • MIL-OSI Security: Member of Large-Scale Drug Trafficking Organization Sentenced to 16 Years in Prison for Distributing Meth, PCP, Fentanyl, and Other Narcotics

    Source: Office of United States Attorneys

    PHILADELPHIA – United States Attorney Jacqueline C. Romero announced that Diane Gillard, 41, of Philadelphia, Pennsylvania, was sentenced by United States District Court Judge John M. Gallagher to 192 months in prison, 10 years of supervised release, and $2,100 in restitution for drug trafficking and gun offenses.

    On July 18, 2023, a grand jury in the Eastern District of Pennsylvania returned a 54-count superseding indictment charging Gillard, brother Phillip Gillard, and seven other codefendants with their participation in a large-scale drug trafficking organization operating in the Port Richmond section of Philadelphia, in the immediate vicinity of the Memphis Street Academy, a charter school located at 2950 Memphis Street.

    In November 2023, Diane Gillard pleaded guilty to all charges in the superseding indictment.

    Those charges arose from the FBI’s two-year investigation into the Gillard drug trafficking organization, which supplied other drug traffickers with wholesale quantities of methamphetamine, phencyclidine (“PCP”), fentanyl, and other narcotics.

    Throughout the course of the investigation, law enforcement agents conducted surveillance and undercover sting operations, during which drugs were purchased from the defendants. The group maintained three separate properties in connection with their drug trafficking organization, all of which were less than 1,000 feet away from the Memphis Street Academy.

    In total, the FBI confiscated over 20 pounds of pure methamphetamine, three gallons of PCP, one and a half kilograms of cocaine, 900 grams of crack cocaine, 400 grams of fentanyl, and 11 firearms.

    Codefendants Sharif Jackson, Amin Whitehead, Cesar Maldonado, Terrence Maxwell, Raphael Sanchez, Melvin Dreher, and Arron Preno previously pleaded guilty and received prison sentences in this case. Jackson was sentenced to 180 months in prison, Whitehead to 138 months, Maldonado to 96 months, Maxwell to 93 months, Sanchez to 90 months, Dreher to 60 months, and Preno to six months. Phillip Gillard, who was convicted at trial in February, is scheduled to be sentenced in December.

    “Diane Gillard was a central participant in the Gillard Street Gang’s trafficking, caught red-handed selling large amounts of drugs on multiple occasions,” said U.S. Attorney Romero. “This is a group that helped flood Philly’s streets with meth, PCP, fentanyl, and more. My office and our partners will continue to target those fueling our city’s drug epidemic and callously profiting from people’s pain and addiction.”

    “Drugs like fentanyl, methamphetamine, and cocaine devastate communities across our nation and have no place in our city,” said Wayne A. Jacobs, Special Agent in Charge of FBI Philadelphia. “Today’s sentence is a culmination of a years-long investigation, and the tireless dedication of the FBI and our law enforcement partners in pursuit of those who bring these harmful drugs into our communities.”

    “The interagency cooperation on this case has been truly outstanding,” said Edward V. Owens, Special Agent in Charge of HSI Philadelphia. “I commend the special agents and prosecutors who worked to ensure that these criminals and the dangerous drugs that they were trafficking will no longer threaten the American public.”

    The case was investigated by the FBI, Philadelphia Police Department, and Homeland Security Investigations, with extraordinary cooperation from the Memphis Street Academy, and is being prosecuted by Assistant United States Attorneys Everett Witherell and Robert W. Schopf.

    MIL Security OSI –

  • MIL-OSI Security: New Bern Man Pleads Guilty for Posing as Landlord to Fraudulently Collect Nearly $150,000 in COVID-19 Rental Assistance

    Source: Office of United States Attorneys

    RALEIGH, N.C. – New Bern resident Anthony Lynch, 35, pled guilty to charges that he defrauded a program designed to help struggling North Carolina residents stay in their homes during the COVID-19 pandemic.

    “Mr. Lynch exploited a taxpayer-funded program meant to support struggling families and individuals trying to stay in their homes during an unprecedented global pandemic,” said U.S. Attorney Michael Easley. “Lynch sought nearly $400,000 in emergency federal funds in 25 separate relief applications. His ill-gotten profits have now landed him a federal conviction.”

    According to court documents and other information presented in court, Lynch pled guilty to one count of mail fraud for falsely claiming to be the landlord of properties in Craven, Pamlico and Onslow Counties with renters who were unable to pay rent due to the COVID-19 pandemic.  Lynch submitted 25 applications to the North Carolina Housing Opportunities and Prevention of Evictions Program (NC HOPE), which was established during the pandemic to provide emergency rental assistance to tenants who struggled to pay rent and therefore faced eviction due to financial difficulties caused by the pandemic.

    Despite having no ownership or management responsibilities for any of the properties listed in the 25 applications he submitted, Lynch requested nearly $400,000 in emergency federal funding.  His fraudulent applications resulted in 11 checks, totaling $144,000 being mailed to Lynch at his home in New Bern.  He faces up to 27 months in prison, if convicted.     

    The NC HOPE Program administered federal COVID-19 relief funds and provided emergency rental assistance to North Carolina renters who faced eviction and homelessness during the pandemic.  The program allowed renters to submit an online application to apply for rental assistance.  If approved, the program paid the tenant’s rent, in checks sent directly to the landlord, for up to 15 months of overdue or future rent payments.

    Michael F. Easley, Jr., U.S. Attorney for the Eastern District of North Carolina, made the announcement after the guilty plea was accepted by Chief United States District Judge Richard E. Myers.  The United States Department of Housing and Urban Development, Office of Inspector General; the United States Department of Treasury, Office of Inspector General; and the North Carolina State Bureau of Investigation investigated the case and it is being prosecuted by Assistant U.S. Attorney Karen Haughton.

    Related court documents and information are located on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER by searching for Case No. 4:24-cr-00061.

    MIL Security OSI –

  • MIL-OSI USA: Following Their Call For Accountability Forr Failures at Buffalo VA, Schumer, Gillibrand, Kennedy, Langworthy Announce Nationwide Review To Identify & Investigate Systemic Issues Within The VA’s Community Care Practices

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand

    Investigation Will Help Ensure That No Veteran – In Buffalo Or Anywhere Else In The Country – Fails To Receive Desperately Needed Treatment Again 

    Following their call for accountability after egregious failures at the Buffalo VA left veterans waiting weeks or months to receive care, U.S. Senate Majority Leader Chuck Schumer, Senator Kirsten Gillibrand, Representative Tim Kennedy, and Representative Nick Langworthy today announced a nationwide evaluation of the VA’s community care consult practices to root out systemic issues within the VA’s health care network.

    At Schumer, Gillibrand, Kennedy, and Langworthy’s request, the Government Accountability Office (GAO) will be conducting a comprehensive review of the VA’s community care consult practices. The investigation will include a review of the VA’s practices around scheduling patient treatment, particularly for high-risk and complex conditions. It will also review practices around handling concerns raised by patients and health care providers in the case of delayed treatment. 

    “No veteran, in Western NY or anywhere in America, should experience failures like those that occurred at the Buffalo VA. We must make sure this unacceptable failure to provide the care our veterans need never happens again. This new independent investigation by the Government Accountability Office will conduct a top-to-bottom review of the VA’s nationwide practices,” said Senator Schumer. “We must put better infrastructure and oversight practices in place to protect veterans in Western NY and across the country. We will be watching the VA like a hawk to ensure changes are made and VA centers across the country deliver on their promise to our vets to provide them the top-notch care they have earned and deserve.”

    “What happened at the Buffalo VA was unacceptable. Nothing should ever get in the way of veterans receiving desperately needed care,” said Senator Gillibrand. “I am glad that the Government Accountability Office is investigating the VA at my urging and I look forward to seeing the results of their investigation. I will continue to monitor this situation closely and fight to ensure that no veteran slips through the cracks.”

    “I am pleased that the Government Accountability Office is moving forward with reviewing VA community care practices to ensure our heroes receive the quality and timely medical services they deserve,” said Congressman Kennedy. “I will continue to do everything in my power to uphold our duty of care and get the Buffalo VA back on track.” 

    “We must keep our nation’s promise to our veterans that when they get home, they get the care they earned and deserve — the failures that caused critical delays in care at the Buffalo VA are absolutely unacceptable,” said Congressman Langworthy. “This new investigation led by the Government Accountability Office will help us identify the problems that allowed this to happen and ensure it never happens again. I’ll be actively involved to make sure we hold the VA accountable and deliver real results for our veterans.”

    According to a report from the Department of Veterans Affairs Office of Inspector General, critically ill patients at the Buffalo VA had their treatments postponed for months or even canceled entirely, despite concerns raised by patients and health care providers. In one case, a patient waited nine weeks for radiation therapy for a new cancer malignancy, despite efforts by the chief of oncology to get the community care team to schedule treatment. In another, a veteran died waiting for palliative radiation therapy that would have eased severe pain from stage 4 cancer. Following the shocking revelations of the report the lawmakers requested an independent investigation by the GAO into the VA community care practices that led to these failures to ensure better care for veterans both in Western NY and across the country.

    Specifically, the GAO review will include: 

    1. Oversight of medical centers’ adherence to Veterans Health Administration (VHA) requirements for processing consults for conditions considered high-risk or complex; 
    2. Whether consults are appropriately prioritized and consistently processed within VHA’s timeliness requirements;
    3. Reviewing how medical facilities, VISN leaders, and the VHA Office of Integrated Veteran Care respond to concerns regarding delays in consult scheduling from providers, staff, patients, and their families and how this is built into VHA’s quality and risk management programs;
    4. Best practices to prevent and address leadership deficiencies within the community care scheduling process, including the prioritization of patient safety.

    The full text of Senator Schumer, Gillibrand, Kennedy, and Langworthy’s original letter requesting this investigation by the Government Accountability Office is available HERE or below:

    Dear Mr. Dodaro:

                On Friday, September 27th, the Department of Veterans Affairs Office of Inspector General (“OIG”) released its findings following its inspection of the VA Western New York Health System in Buffalo, New York. The report – Leaders Failed to Address Community Care Consult Delays Despite Staff’s Advocacy Efforts at VA Western New York Healthcare System in Buffalo – found a shocking pattern of apathy and incompetence on the part of Department facility and community care leaders in addressing the needs of patients with complex and high-risk conditions.

                As the report indicates, these delays caused or led to an increased risk of harm to the patients. One veteran passed away while waiting months to receive palliative care that would have helped manage cancer pain in their final months. Another patient waited nine weeks to schedule radiation therapy for a new cancer malignancy, despite efforts by the chief of oncology to get the community care team to schedule treatment. Another veteran in their twenties continued to suffer from seizures for another 10 months as they waited for a consult to be scheduled, the delay partially caused by a referral being canceled by the community care medical director. These are only some of the cases highlighted by an OIG report that identified incompetence and bureaucratic red tape that failed the veterans in Buffalo again and again.

                The failure by the leadership at the Buffalo VA Medical Center must never occur again, and veterans across the United States must be reassured that they can receive timely and high-quality health care across the VA health care system.  Therefore, I request that the Government Accountability Office (GAO) conduct a review of Veterans Integrated Services Networks’ (VISN) community care consult practices. The review should include, but not be limited to: 

    1. Oversight of medical centers’ adherence to Veterans Health Administration (VHA) requirements for processing consults for conditions considered high-risk or complex; 
    2. Whether consults are appropriately prioritized and consistently processed within VHA’s timeliness requirements;
    3. Reviewing how medical facility, VISN leaders, and the VHA Office of Integrated Veteran Care respond to concerns regarding delays in consult scheduling from providers, staff, patients, and their families and how this is built into VHA’s quality and risk management programs;
    4. Best practices to prevent and address leadership deficiencies within the community care scheduling process, including the prioritization of patient safety;

    I request a briefing on the preliminary findings with final results to be submitted on a date and in form mutually agreed upon. Please include recommendations, as appropriate, for agency or congressional action in your evaluation.

    Sincerely, 

    MIL OSI USA News –

  • MIL-OSI USA: After 60 Years, Nuclear Power for Spaceflight is Still Tried and True

    Source: NASA

    Editor’s Note: Originally published on June 21, 2021.

    Six decades after the launch of the first nuclear-powered space mission, Transit IV-A, NASA is embarking on a bold future of human exploration and scientific discovery. This future builds on a proud history of safely launching and operating nuclear-powered missions in space.

    “Nuclear power has opened the solar system to exploration, allowing us to observe and understand dark, distant planetary bodies that would otherwise be unreachable. And we’re just getting started,” said Dr. Thomas Zurbuchen, associate administrator for NASA’s Science Mission Directorate. “Future nuclear power and propulsion systems will help revolutionize our understanding of the solar system and beyond and play a crucial role in enabling long-term human missions to the Moon and Mars.”

    From Humble Beginnings: Nuclear Power Spawns an Age of Scientific Discovery

    On June 29, 1961, the John’s Hopkins University Applied Physics Laboratory launched the Transit IV-A Spacecraft. It was a U.S. Navy navigational satellite with a SNAP-3B radioisotope powered generator producing 2.7 watts of electrical power — about enough to light an LED bulb. Transit IV-A broke an APL mission-duration record and confirmed the Earth’s equator is elliptical. It also set the stage for ground-breaking missions that have extended humanity’s reach across the solar system.

    Since 1961, NASA has flown more than 25 missions carrying a nuclear power system through a successful partnership with the Department of Energy (DOE), which provides the power systems and plutonium-238 fuel.

    “The department and our national laboratory partners are honored to play a role in powering NASA’s space exploration activities,” said Tracey Bishop, deputy assistant secretary in DOE’s Office of Nuclear Energy. “Radioisotope Power Systems are a natural extension of our core mission to create technological solutions that meet the complex energy needs of space research, exploration, and innovation.”

    There are only two practical ways to provide long-term electrical power in space: the light of the sun or heat from a nuclear source.

    We couldn’t do the mission without it. No other technology exists to power a mission this far away from the Sun, even today.

    Alan Stern
    Principal Investigator, NASA’s New Horizons Mission to Pluto and Beyond

    “As missions move farther away from the Sun to dark, dusty, and harsh environments, like Jupiter, Pluto, and Titan, they become impossible or extremely limited without nuclear power,” said Leonard Dudzinski, chief technologist for NASA’s Planetary Science Division and program executive for Radioisotope Power.

    That’s where Radioisotope Power Systems, or RPS, come in. They are a category of power systems that convert heat generated by the decay of plutonium-238 fuel into electricity.

    “These systems are reliable and efficient,” said June Zakrajsek, manager for NASA’s Radioisotope Power Systems Program office at Glenn Research Center in Cleveland. “They operate continuously over long-duration space missions regardless of sunlight, temperature, charged particle radiation, or surface conditions like thick clouds or dust. They’ve allowed us to explore from the Sun to Pluto and beyond.”

    RPS powered the Apollo Lunar Surface Experiment Package. They’ve sustained Voyager 1 and 2 since 1977, and they kept Cassini-Huygens’ instruments warm as it explored frigid Saturn and its moon Titan.

    Today, a Multi-Mission Thermoelectric Generator (MMRTG) powers the Perseverance rover, which is captivating the nation as it searches for signs of ancient life on Mars, and a single RTG is sustaining New Horizons as it ventures on its way out of the solar system 15 years after its launch.

    “The RTG was and still is crucial to New Horizons,” said Alan Stern, New Horizons principal investigator from the Southwest Research Institute. “We couldn’t do the mission without it. No other technology exists to power a mission this far away from the Sun, even today.”

    New Horizons carries seven scientific instruments and a radioisotope thermoelectric generator. The spacecraft weighs 1,060 pounds.
    NASA/JHUAPL

    Great Things to Come: Science and Human Exploration

    Dragonfly, which is set to launch in 2028, is the next mission with plans to use an MMRTG. Part of NASA’s New Frontiers program, Dragonfly is an octocopter designed to explore and collect samples on Saturn’s largest moon, Titan, an ocean world with a dense, hazy atmosphere.

    “RPS is really an enabling technology,” said APL’s Zibi Turtle, principal investigator for the upcoming Dragonfly mission. “Early missions like Voyager, Galileo, and Cassini that relied on RPS have completely changed our understanding and given us a geography of the distant solar system…Cassini gave us our first close-up look at the surface of Titan.”

    According to Turtle, the MMRTG serves two purposes on Dragonfly: power output to charge the lander’s battery and waste heat to keep its instruments and electronics warm.

    “Flight is a very high-power activity. We’ll use a battery for flight and science activities and recharge the battery using the MMRTG,” said Turtle. “The waste heat from the power system is a key aspect of our thermal design. The surface of Titan is very cold, but we can keep the interior of the lander warm and cozy using the heat from the MMRTG.”

    As the scientific community continues to benefit from RPS, NASA’s Space Technology Mission Directorate is investing in new technology using reactors and low-enriched uranium fuel to enable a robust human presence on the Moon and eventually human missions to Mars.

    Astronauts will need plentiful and continuous power to survive the long lunar nights and explore the dark craters on the Moon’s South Pole. A fission surface power system could provide enough juice to power robust operations. NASA is leading an effort, working with the DOE and industry to design a fission power system for a future lunar demonstration that will pave the way for base camps on the Moon and Mars.

    NASA has also thought about viable ways to reduce the time it takes to travel to Mars, including nuclear propulsion systems.

    As NASA advances its bold vision of exploration and scientific discovery in space, it benefits from 60 years of the safe use of nuclear power during spaceflight. Sixty years of enlightenment that all started with a little satellite called Transit IV-A.

    News Media ContactJan WittryNASA’s Glenn Research Center

    MIL OSI USA News –

  • MIL-OSI USA: Money to Advance Zero-Emission Homes in New York

    Source: US State of New York

    Governor Kathy Hochul today announced $10 million is now available to advance new zero-emission homes in New York State. The Building Better Homes – Zero Emission Homes for Healthier Communities program incentivizes the design, construction and marketing of new clean and resilient single-family homes and townhomes and provides training and technical support to builders and developers. Advancing zero-emission new construction across the state will reduce emissions, improve indoor air quality, and create healthy, comfortable and resilient living environments for all New Yorkers.

    “New homes built to the latest clean energy and efficiency standards will ensure greener, healthier housing is available to all New Yorkers while helping pave the way toward a more sustainable future,” Governor Hochul said. “This investment is another part of the State’s comprehensive strategy to transform the new construction market, curb emissions, and ensure fewer homes and buildings rely on fossil fuels.”

    The Building Better Homes – Zero Emission Homes for Healthier Communities Program, administered by the New York State Energy Research and Development Authority (NYSERDA), provides funding on a first come, first served basis to builders and developers that commit to designing, constructing and growing market awareness and demand for new zero emission single-family homes and townhomes. Projects must meet performance requirements and third-party certification criteria that address clean energy, above code energy efficiency, and resiliency, including heating, ventilation, and air conditioning (HVAC) systems that remain operable during power outages or include backup power sources that can be used in the event of a power outage.

    New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “Bringing builders and developers resources to advance zero-emission new construction is at the heart of Governor Hochul’s commitment to build homes that are healthy, comfortable, and maximize consumer control over energy use. This program continues NYSERDA’s long history of working with the market to bring the latest in energy and efficiency measures to more New Yorkers.”

    The base incentive per home is up to $7,000 and up to $4,000 for townhomes. Homes located in disadvantaged communities, as defined by the Climate Justice Working Group, will be eligible for the higher incentive amount with an additional $1,000 offered per project in these areas. Funding is also available for Passive House training of staff and contractors to help develop the expertise needed to effectively incorporate these standards into new homes.

    Applications for a single home, townhome or multiple homes and townhomes within a housing subdivision will be accepted through December 31, 2025, by 3 p.m. ET or until funds have been exhausted. For more information on this opportunity, including eligibility requirements, please visit NYSERDA’s website.

    This program is part of the Building Better Homes Initiative, which is designed to advance market awareness of zero-emission building practices and provide resources that can be distributed to consumers about the benefits of them. Benefits to consumers include improved indoor air quality, reducing the potential for asthma and allergies, and more comfortable living, all resulting from modern, high-performance appliances, such as induction cooktops, convection ovens, and clothes washers with integrated heat pump dryers.

    Zero-emission homes are also more likely to operate seamlessly during power outages due to incorporating passive resiliency and survivability measures. With more than 10,000 new homes being built per year in New York State, working with the home building market to reduce emissions is critical to making progress toward the State’s climate and energy goals, including the Governor’s goal to achieve two million climate-friendly homes by 2030.

    Buildings are one of the most significant sources of greenhouse gas emissions in New York State, and through NYSERDA and utility programs, more than $6.8 billion is being invested to decarbonize buildings. By improving energy efficiency in buildings and advancing statewide installations of onsite storage, renewables, and electric vehicle charging equipment, the State will reduce its carbon emissions and advance toward the ambitious target of reducing on-site energy consumption by 185 TBtu by 2025, the equivalent of powering 1.8 million homes.

    This program is funded through the State’s Clean Energy Fund (CEF).

    New York State’s Nation-Leading Climate Plan

    New York State’s climate agenda calls for an orderly and just transition that creates family-sustaining jobs, continues to foster a green economy across all sectors and ensures that at least 35 percent, with a goal of 40 percent of the benefits of clean energy investments, are directed to disadvantaged communities. Guided by some of the nation’s most aggressive climate and clean energy initiatives, New York is advancing a suite of efforts – including the New York Cap-and-Invest program (NYCI) and other complementary policies – to reduce greenhouse gas emissions 40 percent by 2030 and 85 percent by 2050 from 1990 levels. New York is also on a path to achieving a zero-emission electricity sector by 2040, including 70 percent renewable energy generation by 2030, and economy-wide carbon neutrality by mid-century. A cornerstone of this transition is New York’s unprecedented clean energy investments, including more than $28 billion in 61 large-scale renewable and transmission projects across the State, $6.8 billion to reduce building emissions, $3.3 billion to scale up solar, nearly $3 billion for clean transportation initiatives and over $2 billion in NY Green Bank commitments. These and other investments are supporting more than 170,000 jobs in New York’s clean energy sector as of 2022 and over 3,000 percent growth in the distributed solar sector since 2011. To reduce greenhouse gas emissions and improve air quality, New York also adopted zero-emission vehicle regulations, including requiring all new passenger cars and light-duty trucks sold in the State be zero emission by 2035. Partnerships are continuing to advance New York’s climate action with more than 400 registered and more than 130 certified Climate Smart Communities, nearly 500 Clean Energy Communities, and the State’s largest community air monitoring initiative in 10 disadvantaged communities across the State to help target air pollution and combat climate change.

    MIL OSI USA News –

  • MIL-OSI Security: Evolving challenges of admissibility of e-evidence addressed at annual JITs Network meeting

    Source: Eurojust

    As organised crime groups increasingly exploit emerging technologies to facilitate their illicit activities, the need for effective and efficient collection of electronic evidence has become paramount. The meeting aimed to tackle the new legal challenges arising from the shift towards virtual evidence, and to identify best practices for Joint Investigation Teams (JITs) to support judicial and law enforcement authorities in obtaining electronic evidence across the EU and beyond.

    Eurojust has been actively involved in supporting the gathering of electronic evidence and ensuring its admissibility in courts. The Agency, alongside Europol, has co-implemented the SIRIUS Project, which aims to enhance cooperation between judicial and law enforcement authorities, as well as service providers, to expedite access to electronic evidence across borders.

    The meeting was opened by Eurojust President Mr Ladislav Hamran and Europol Executive Director Ms Catherine De Bolle.

    In his opening remarks, President Hamran said, “The effective collection of electronic evidence is a crucial component of nearly all criminal investigations and prosecutions today. Through collaboration and knowledge-sharing among JIT Experts, I’m confident we can develop innovative solutions to overcome the challenges of gathering, preserving, and exchanging electronic evidence, and ultimately strengthen our collective ability to bring criminals to justice.”

    More than 85 participants attended the event, including 36 JIT National Experts from 23 EU Member States alongside representatives from the European Commission, eu-LISA, EJTN, ICC-OTP and OLAF.

    For two decades, the JITs Network has been instrumental in facilitating the work of practitioners, encouraging the use of JITs, and promoting the exchange of experience and best practices. On this occasion, the JITs Network marked its 20th annual meeting. These annual meetings are a vital forum for JIT National Experts to discuss issues related to JITs and international cooperation; laying the foundation for trust and understanding that is essential for efficient cross-border collaboration.

    Mr Piotr Radomski, one of the longest-standing JIT National Experts in the Network, stated: “The outstanding commitment of both past and present JIT National Experts, alongside the role the colleagues of the JITs Network Secretariat play, is evident to all practitioners fighting transnational crime. All of them are working with passion and dedication to further promote the idea of cooperation in the form of JITs.”

    The JITs Network of National Experts on Joint Investigation Teams was established in 2005 to facilitate the work of practitioners, as well as to encourage the use of JITs and contribute to the sharing of experiences and best practices. The JITs Network Secretariat has been hosted by Eurojust since 2011.

    MIL Security OSI –

  • MIL-OSI Security: Former Coffeewood Prison Guard Sentenced to 40 Years on Child Exploitation, Child Pornography Charges

    Source: Office of United States Attorneys

    CHARLOTTESVILLE, Va. – A former prison officer at Coffeewood Correctional Center in Mitchells, Virginia, was sentenced this week to 40 years in federal prison on a series of federal charges related to child sexual exploitation and child pornography.

    Davey Jonathan Sisk, 30, of Culpeper, Virginia, pled guilty in June to two counts of sexually exploiting and attempting to sexually exploit a child as well as one count of receiving child pornography.

    According to court documents, Sisk used the social media application “Telegram” to engage another individual, Anna Layher, to create videos and photos of minors engaged in sexually explicit conduct and then send to him. These videos and photos involved victims as young as three years old.  Anna Layher, who was prosecuted in the Eastern District of Virginia for her role in sexually exploiting these victims, also received a 40-year sentence in September 2024.

    In addition, from 2021 through 2022, a 12-year-old minor living in Texas engaged in sexual intercourse with another minor child and then sold videos and images of these sexual encounters on the internet through various social media applications, including Snapchat. Sisk admitted to using the Snapchat username “JAKESMOOT2021” and to paying over $450 through Cash App to the 12-year-old minor in exchange for multiple sexually explicit images and videos.

    United States Attorney Christopher R. Kavanaugh made the announcement.

    Homeland Security Investigations in Harrisonburg, VA and Washington, D.C. investigated the case.

    Assistant U.S. Attorney Sally J. Sullivan prosecuted the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by U.S. Attorney’s Offices and the 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.justice.gov/psc.

    MIL Security OSI –

  • MIL-OSI Security: Former Postal Worker Sentenced to Probation for Mail Theft

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – United States Attorney Duane A. Evans announced that DAVID RAYFORD (“RAYFORD”), age 40, of Kenner, La., was sentenced by United States District Judge Wendy B. Vitter on October 17, 2024, to one year probation, payment of a $100 mandatory special assessment fee and three hundred dollars in restitution, for Mail Theft, a violation of Title 18, United States Code, Section 1709.

    According to court records, on June 14, 2021, a Postal Service customer, contacted the United States Postal Service, Office of Inspector General to report non-delivery of a greeting card that was sent to his address.  The card was sent by a family member, in early May, 2021.  The family member advised that she mailed a Navy Federal Credit Union Visa gift card and cash to the victim and was able to provide a receipt for the purchase of the gift card.

    RAYFORD, an employee of the United States Postal Service, was the postman on the delivery route on which the card was stolen.  RAYFORD used the stolen Navy Federal Credit Union Visa gift card at Walmart.  Walmart Global Investigations identified two purchases made by RAYFORD utilizing the Navy Federal Credit Union Visa gift card. 

    The case was investigated by the United States Postal Service, Office of the Inspector General. Assistant United States Attorney Carter K.D. Guice, Jr. of the General Crimes Unit is in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI USA: DOD Kicks Off Groundbreaking Applied Research Project in Hypersonic Infrared Targeting Sensing

    Source: United States Department of Defense

    The Department of Defense (DoD) today announced the Hypersonic Infrared Target Sensing (HITS) joint-service proposal as the winner of the fiscal year 2025 Applied Research for the Advancement of S&T Priorities (ARAP) Program award competition. The HITS team includes the Naval Research Laboratory, Air Force Research Laboratory, and Missile Defense Agency, led by the Combat Capabilities Development Command Army Research Laboratory (DEVCOM ARL).

    This three-year, $45-million project will involve the collaboration of more than 50 federal scientists and engineers across the military service labs.

    “Investments into our military labs and facilities are imperative for the DoD to invest in technological solutions that attract and retain the future workforce,” said Dr. Aprille Ericsson, the assistant secretary of defense for science and technology and S&T Executive Committee chair, during a check-presentation ceremony at the Pentagon with the HITS team. “The project will also support up to 50 new graduate and postdoctoral researchers on-site or through the labs and their academic partners, growing the DoD’s depth in multiple emerging research areas.”

    The HITS research program will address the challenges of developing infrared seekers for hypersonic weapons. This includes locating targets throughout hypersonic flight, advancing gimbal-free target discrimination in extreme hypersonic turbulence, developing high-temperature infrared materials, and addressing thermal distortion through the seeker window.

    With additional participation from the Defense Advanced Research Projects Agency, the DEVCOM ARL-led team will build in-house capabilities while partnering with academia, university-affiliated research centers, and industry to execute the multidisciplinary effort, leveraging early laboratory demonstrations from basic research investments.

    “Our approach encompasses innovative multi-physics modeling, meta-optical design, advanced fabrication techniques, and infrared optical characterization, with the ultimate goal of improving the precision of these weapons at longer ranges in more agile, lower cost platforms,” said Dr. Henry Everitt, senior technologist for optical sciences at DEVCOM ARL and the HITS team lead.

    To participate in the annual ARAP award competition, DoD laboratories and centers must submit applied research (BA-2) funding proposals addressing specific technology or capability gaps while enhancing collaboration across the military services and DoD agencies. A proposal must demonstrate a clear pathway from research to product fielding. “The S&T Executive Committee received nine high-quality white paper submissions for this year’s competition and narrowed it down to three finalists,” said Ericsson.

    Each finalist team briefed its full proposal to the executive committee, a defense multi-service, multi-agency group coordinated by the Office of the Under Secretary of Defense for Research and Engineering, under which Ericsson’s office operates.

    “Every team demonstrated tremendous initiative, professionalism, and vision in developing its proposal, proving once again that the dedication and excellence of our defense scientists and engineers are the key ingredients for the ARAP program’s success, as it solves challenging problems for the joint collaborative fight,” said Ericsson.

    The call for ARAP white papers for fiscal year 2026 is now open with submissions due on Friday, November 13, 2024. For questions or assistance accessing the DoDTechipedia OUSD(R&E) ARAP Webpage, please contact the R21 Team at osd.pentagon.ousd-atl.mbx.communities-of-interest@mail.mil.

    About USD(R&E)

    The Office of the Under Secretary of Defense for Research and Engineering OUSD(R&E) champions research, science, technology, engineering, and innovation to maintain the U.S. military’s technological advantage. Learn more at www.cto.mil or visit us on LinkedIn at https://www.linkedin.com/company/ousdre.

    MIL OSI USA News –

  • MIL-OSI: UPDATE – Talen Energy to Report Third Quarter 2024 Financial Results on November 14, 2024

    Source: GlobeNewswire (MIL-OSI)

    Reflects Update to Previously Announced Date to Accommodate Schedules in the Investor Community, New Event Links Included

    HOUSTON, Oct. 23, 2024 (GLOBE NEWSWIRE) — Talen Energy Corporation (“Talen”) (NASDAQ: TLN) plans to release its third quarter 2024 financial results on Thursday, November 14, 2024, before market open. President and Chief Executive Officer Mac McFarland and Chief Financial Officer Terry Nutt will discuss the financial and operating results during an earnings call at 10:00 a.m. EST (9:00 a.m. CST) on November 14, 2024.

    To listen to the earnings call, please register in advance for the webcast here. For participants joining the call via phone, please register here prior to the start time to receive dial-in information. For those unable to participate in the live event, a digital replay of the earnings call will be archived for approximately one year and available on Talen’s Investor Relations website at https://ir.talenenergy.com/news-events/events.

    About Talen
    Talen Energy (NASDAQ: TLN) is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 10.7 gigawatts of power infrastructure in the United States, including 2.2 gigawatts of nuclear power and a significant dispatchable fossil fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet principally located in the Mid-Atlantic and Montana. Our team is committed to generating power safely and reliably, delivering the most value per megawatt produced and driving the energy transition. Talen is also powering the digital infrastructure revolution. We are well-positioned to capture this significant growth opportunity, as data centers serving artificial intelligence increasingly demand more reliable, clean power. Talen is headquartered in Houston, Texas. For more information, visit https://www.talenenergy.com/.

    Investor Relations:
    Ellen Liu
    Senior Director, Investor Relations
    InvestorRelations@talenenergy.com

    Media:
    Taryne Williams
    Director, Corporate Communications
    Taryne.Williams@talenenergy.com

    Forward-Looking Statements
    This communication contains forward-looking statements within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this communication, or incorporated by reference into this communication, are forward-looking statements. Throughout this communication, we have attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecasts,” “goal,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” or other forms of these words or similar words or expressions or the negative thereof, although not all forward-looking statements contain these terms. Forward-looking statements address future events and conditions concerning, among other things capital expenditures, earnings, litigation, regulatory matters, hedging, liquidity and capital resources and accounting matters. Forward-looking statements are subject to substantial risks and uncertainties that could cause our future business, financial condition, results of operations or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this communication. All of our forward-looking statements include assumptions underlying or relating to such statements that may cause actual results to differ materially from expectations, and are subject to numerous factors that present considerable risks and uncertainties.

    The MIL Network –

  • MIL-OSI Economics: Global Sovereign Debt Roundtable — 3rd Cochairs Progress Report

    Source: International Monetary Fund

    October 23, 2024

    Washington, DC: The Global Sovereign Debt Roundtable (GSDR) met today and reviewed progress on the work to improve debt restructuring processes and timelines, and to help address debt vulnerabilities. Participants also discussed priority areas for the work going forward. At the end of the meeting, the International Monetary Fund Managing Director Kristalina Georgieva, World Bank Group President Ajay Banga, and Finance Minister of Brazil Fernando Haddad, co-chairs of the GSDR, issued the attached GSDR 3rd Cochairs Report as well as the compilation of technical issues discussed by the GSDR so far.

    The GSDR brings together debtor countries and official and private creditors with the objective to build common understanding among key stakeholders on debt sustainability and debt restructuring challenges, and ways to address them.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    MIL OSI Economics –

  • MIL-OSI Security: RM of Tache — St. Pierre-Jolys RCMP respond to fatal collision

    Source: Royal Canadian Mounted Police

    On October 23, 2024, at approximately 12:30 am, St. Pierre-Jolys received a report of a collision on Highway 1 and Provincial Road 206. When officers arrived on scene, one vehicle was in the south ditch and two vehicles were on the highway.

    Investigation determined a car and a SUV were travelling eastbound on Highway 1 and were side-by-side when the passenger tire of the car, with the control arm and other mechanical parts, came off and struck the SUV, which was travelling in the south lane. This caused the car to come to rest on the roadway and immediately catch fire. The 25-year-old male driver from Calgary was able to exit the vehicle. He was transported to local hospital with non-life threatening injuries.

    After the SUV was struck by the tire and parts from the car, the SUV entered the ditch and rolled. The 59-year-old male driver, from Steinbach, was pronounced deceased on scene. The 45-year-old male passenger, from the RM of Hanover, was transported to local hospital with non-life threatening injuries.

    A third vehicle was travelling close behind the collision and struck the tire component of the car, which was left on the highway after the collision, making the vehicle inoperable. The 28-year-old female driver, from Kenora, Ontario, was transported to hospital with minor physical injuries.

    A RCMP Forensic Collision Reconstructionist is assisting with the ongoing investigation.

    MIL Security OSI –

  • MIL-OSI USA: Rep. Panetta Announces New Federal Investment to Further Modernize Monterey Regional Airport

    Source: United States House of Representatives – Congressman Jimmy Panetta (D-Calif)

    Monterey, CA – United States Representative Jimmy Panetta (CA-19) announced a new federal investment to support Monterey Regional Airport’s initial phase of terminal construction.  Rep. Panetta secured $14.2 million through the Airport Terminal Program (ATP) to fund the construction and replacement of a 70-year-old terminal, including the relocation of a LEED Platinum-certified terminal, improved internal airport access, and enhanced landside road access.  This includes a multimodal bus connection for the Monterey-Salinas Transit Company.  This funding was made possible by the Bipartisan Infrastructure Investment and Jobs Act.

    “Residents and visitors alike deserve a Monterey Regional Airport that is safe, reliable, and comfortable,” said Rep. Panetta. “I’m proud to ensure that the federal government is investing in local airports like ours to meet the demands of modern travelers with updated amenities and enhanced safety features.  With this federal support, we will continue to improve the mobility, economy, and quality of life in California’s 19th Congressional District.”

    “This new grant will be the first federal funding dedicated directly to the construction of the replacement terminal building,” said Monterey Regional Airport Executive Director Michael La Pier.  “With the design completed, we will be ready to move forward with the start of the construction in the spring with a completion some time in late 2026.  We’d like to thank Representative Panetta for his help and guidance in this process. It means a great deal to the airport to have such strong support in the District and in Washington.”

    Rep. Panetta continues working alongside local partners to ensure the federal government plays its role in modernizing the Monterey Regional Airport.  Previously, Rep. Panetta secured more than $64 million in federal funding to support new terminal design, tarmac improvements, and other modernization and safety initiatives.

    The Bipartisan Infrastructure Investment and Jobs Act provided $15 billion in airport infrastructure funding.  For more information on projects nationwide, visit: here.

    ###

    MIL OSI USA News –

  • MIL-OSI Australia: Bolstering Food Security in Africa

    Source: Australian Government – Minister of Foreign Affairs

    The Australian Government is bolstering Africa’s ability to withstand the escalating impacts of climate change and combatting food insecurity through a new Africa-Australia Partnership for Climate Responsive Agriculture.

    To be announced at the Commonwealth Heads of Government Meeting where climate change is a major focus, the Partnership will use Australian expertise to support the climate resilience of farming communities in Africa. 

    Delivered by the Australian Centre for International Agricultural Research (ACIAR) over a six-year period, the first year of $11.9 million in funding will contribute to the development of new bilateral research projects and training programs, in close collaboration with local partners. 

    ACIAR is already supporting impactful research in Eastern and Southern Africa, including the improvement of sustainable crop and livestock systems, and forest management practices as well as plant biosecurity to stimulate commercial options for smallholder farmers.

    The Partnership will allow ACIAR to expand its operations into Northern and Western Africa, as well as deliver capacity development and innovative partnerships across the continent.

    Quotes attributable to Minister for Foreign Affairs, Senator the Hon Penny Wong: 

    “Through innovative partnerships and Australian know-how, we are helping build a future where communities are fed, economies are stronger and the environment is protected. It’s about securing a better, more resilient future for all.

    “This initiative will help address food insecurity in regions most exposed to climate change’s devastating impacts.

    “It is another example of the Albanese Government’s commitment to helping our partners across the world in the fight against climate change and our work to shape the world for the better.”

    Quotes attributable to Minister for International Development, the Hon Pat Conroy MP:

    “Investing in Africa’s food security through climate-responsive agriculture is also an investment in Australian farmers and those throughout our region who are facing similar climate impacts.

    “This will help secure lives and livelihoods for decades to come.”

    Quotes attributable to Assistant Minister for Foreign Affairs, the Hon Tim Watts MP: 

    “Australia is a trusted partner in agricultural innovation and this Partnership will further deepen our economic and research ties with Africa.

    “By sharing expertise and resources with African nations, we are helping to build resilient communities that can withstand the interconnected challenges of food security and climate change.”

    MIL OSI News –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 23.10.2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    23 October 2024 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 23.10.2024

    Espoo, Finland – On 23 October 2024 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 1,334,469 4.34
    CEUX 394,178 4.34
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,728,647 4.34

    * Rounded to two decimals

    On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase 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 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.

    Total cost of transactions executed on 23 October 2024 was EUR 7,504,921. After the disclosed transactions, Nokia Corporation holds 181,887,229 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.

    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 40 803 4080
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI Australia: UPDATE: Fatal crash at Meadows

    Source: South Australia Police

    A woman has died following a crash at Meadows yesterday.

    Just after 3.30 pm, Wednesday 23 October, emergency services were called to Dashwood Gully Road after reports of a crash between a Suzuki sedan and Hyundai sedan.

    The 76-year-old driver of the Suzuki was taken to hospital for treatment of life-threatening injuries but sadly, she died yesterday (Wednesday 23 October).

    The 68-year-old driver of the Hyundai was taken to hospital with minor injuries.

    Dashwood Gully Road was closed between Brookman Road and Ellis Road for a period of time however has since re-opened.

    Major Crash Investigators attended the scene to investigate the circumstances surrounding the crash.

    The woman’s death is the 70th life lost on SA roads.

    MIL OSI News –

  • MIL-OSI: Greenway Technologies Announces Gas to Hydrogen System H-Reformer®

    Source: GlobeNewswire (MIL-OSI)

    ARLINGTON, Texas, Oct. 23, 2024 (GLOBE NEWSWIRE) — Greenway Technologies, Inc. (OTC: GWTI), (“Greenway”), is an advanced gas-to-liquids (“GTL”) and gas-to-hydrogen (“GTH”) technology development company. Greenway has developed and marketed a patented system, the G-Reformer®, that converts natural gas (methane) from various sources to a mixture of hydrogen and carbon monoxide (syngas). Continued ongoing research has developed a new version of the G-Reformer®, named the “H-Reformer®,” which converts natural gas to hydrogen and carbon dioxide. The H-Reformer® system is modular and small enough to be deployed in areas close to consumption, eliminating the cost of compressing and transporting the resultant hydrogen while separating and removing created carbon dioxide.

    Two significant changes have been made to the original G-Reformer® to make a reforming system focused on hydrogen creation rather than syngas creation. First, enhancements to the controlling software have modified the G-Reformer® to convert approximately 50% of the created carbon monoxide to carbon dioxide while also producing additional hydrogen. The H-Reformer® also includes an extension to the reforming vessel used in the G-Reformer®. This module will house the physical components needed to convert the remaining carbon monoxide to hydrogen and carbon dioxide within the reforming unit. The result is the generation of considerably more hydrogen per unit of natural gas input than the original G-Reformer® produces and high conversion of carbon monoxide to carbon dioxide. Carbon dioxide is externally separated from resultant hydrogen by commercially available processes, yielding highly pure hydrogen and liquid carbon dioxide, which will be removed, sold, or sequestered. This new reforming system is named the H-Reformer®.

    Created hydrogen will be available for use at the point of manufacture. Hydrogen compression or liquefaction costs are also eliminated for applications that do not need compressed hydrogen (e.g., electrical power generation). In cases where compressed hydrogen is required, the hydrogen can undergo the compression process at the consumption site while eliminating hydrogen transportation.

    Unlike other natural gas-to-hydrogen technologies, the Greenway reforming process does not require external heating sources, resulting in a highly efficient and lower carbon-generating process. When pipeline-quality fossil natural gas is the input, the system will make “blue hydrogen.” When renewable pipeline-quality methane is the input, the system will make “green hydrogen.” These distinctions are important for associated clean air credits, which depend on the input natural gas source and the resultant carbon’s disposition.

    The Greenway system is modular and can be scaled by adding additional H-Reformer® modules. The system produces hydrogen at an extremely low cost per unit compared to other technologies.

    Currently, Greenway is in discussions with several prospective parties interested in creating hydrogen for various potential uses.

    Notice Regarding Forward-Looking Statements:

    This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the ongoing effects of the pandemic on delays and orders regarding Greenway’s proprietary gas-to-liquids system, potential business developments and future interest in our clean fuel technologies.

    Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, the continuation of the JV withThe University of Texas at Arlington, and the ongoing impact of the pandemic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

    CONTACT:
    Robert Kevin Jones
    Greenway Technologies, Inc.
    kevin.jones@gwtechinc.com

    For more information, visit GWTI’s website: www.gwtechinc.com

    The MIL Network –

  • MIL-OSI Video: Special Agent Describes Work in New Mexico for Operation Not Forgotten

    Source: Federal Bureau of Investigation (FBI) (video statements)

    Special Agent Hailey Evans describes her 30-day deployment to New Mexico in support of Operation Not Forgotten, a four-month surge of FBI resources to Indian country to help investigate crimes against Tribal women and children.

    Learn more at: www.fbi.gov/news/stories/operation-not-forgotten-shines-new-light-on-indian-country-cases

    —————————————————
    Subscribe to Inside the FBI wherever you get your podcasts:
    Spotify: https://open.spotify.com/show/4H2d3cg…
    Apple Podcasts: https://podcasts.apple.com/us/podcast…
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    https://www.youtube.com/watch?v=m_LKiBTDkGQ

    MIL OSI Video –

  • MIL-OSI Video: Special Agent Describes Work in North Dakota for Operation Not Forgotten

    Source: Federal Bureau of Investigation (FBI) (video statements)

    Special Agent Amanda Risner describes her 30-day deployment to North Dakota in support of Operation Not Forgotten, a four-month surge of FBI resources to Indian country to help investigate crimes against Tribal women and children.

    Learn more at: www.fbi.gov/news/stories/operation-not-forgotten-shines-new-light-on-indian-country-cases

    —————————————————
    Subscribe to Inside the FBI wherever you get your podcasts:
    Spotify: https://open.spotify.com/show/4H2d3cg…
    Apple Podcasts: https://podcasts.apple.com/us/podcast…
    Google Podcasts: https://podcasts.google.com/feed/aHR0…
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    Follow us on social media:
    X: https://twitter.com/fbi
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    YouTube: youtube.com/user/fbi

    https://www.youtube.com/watch?v=c7EZ6mfbEUc

    MIL OSI Video –

  • MIL-OSI Video: ‘A Big Asset to Have Tribal PD and BIA With Us’

    Source: Federal Bureau of Investigation (FBI) (video statements)

    Sam Davenport, a special agent in the Pinetop-Lakeside office of the FBI’s Phoenix Division, describes how important it is for the Bureau to have support on American Indian reservations from the Bureau of Indian Affairs (BIA) and tribal police departments.
    —————————————————
    Subscribe to Inside the FBI wherever you get your podcasts:
    Spotify: https://open.spotify.com/show/4H2d3cg…
    Apple Podcasts: https://podcasts.apple.com/us/podcast…
    Google Podcasts: https://podcasts.google.com/feed/aHR0…
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    Follow us on social media:
    X: https://twitter.com/fbi
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    Instagram: https://instagram.com/fbi
    YouTube: youtube.com/fbi

    https://www.youtube.com/watch?v=ZKhef29ZDyY

    MIL OSI Video –

  • MIL-OSI Asia-Pac: English Translation of Prime Minister’s Remarks at the Open Plenary of the 16th BRICS Summit

    Source: Government of India

    Posted On: 23 OCT 2024 5:22PM by PIB Delhi

    Your Highness,
    Excellencies,

    Ladies and Gentlemen,

    Congratulations to President Putin for the excellent organisation of the 16th BRICS Summit.

    And, once again, a warm welcome to all the new friends who have joined BRICS. In its new avatar, BRICS accounts for 40 per cent of the world’s humanity and about 30 per cent of the global economy.

    In the last nearly two decades, BRICS has achieved many milestones.I am confident that in the times to come, this organisation will emerge as a more effective medium to face global challenges.

    I would also like to convey warm greetings to Her Excellency Dilma Rousseff, President of the New Development Bank.

    Friends,

    In the last ten years, this bank has emerged as an important option for the development needs of the countries of the Global South.The opening of GIFT or Gujarat International Finance Tech City in India as well as regional centres in Africa and Russia has boosted the activities of this bank. And, development projects worth about USD 35 billion have been sanctioned. NDB should continue to work on the basis of the demand driven principle. And, while expanding the bank, ensuring long-term financial sustainability, healthy credit rating and market access should remain a priority.

    Friends,

    In its new expanded avatar, BRICS has emerged as an economy of more than USD 30 trillion dollars.The BRICS Business Council and the BRICS Women Business Alliance have played a special role in increasing our economic cooperation.

    This year, the consensus reached within BRICS on WTO reforms, trade facilitation in Agriculture, resilient supply chains, e-commerce and Special Economic Zones will strengthen our economic cooperation.Amidst all these initiatives, we should also focus on the interests of small and medium scale industries.

    I am pleased that the BRICS Startup Forum proposed during India’s presidency in 2021 will be launched this year. The Railway Research Network initiative taken by India is also playing an important role in increasing logistics and supply chain connectivity among BRICS countries. This year, the consensus reached by BRICS countries, in collaboration with UNIDO, to prepare a skilled work force for Industry 4.0 is quite significant.

    The BRICS Vaccine R&D Centre launched in 2022 is helping increase health security in all the countries. We would be happy to share India’s successful experience in Digital Health with BRICS partners.

    Friends,

    Climate Change has been a subject of our common priority.

    The consensus reached for the BRICS Open Carbon Market Partnership under Russia’s presidency is welcome. In India too, special emphasis is being laid on green growth, climate resilient infrastructure and green transition. Indeed, India has taken up several initiatives like the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Mission LiFE i.e. Lifestyle for Environment, Ek Ped Maa Ke Naam or a Tree in the name of mother.

    Last year, during COP-28, we started an important initiative called Green Credit.I invite BRICS partners to join these initiatives.

    Special emphasis is being laid on the construction of infrastructure in all BRICS countries.

    We have established a digital platform called the Gati-Shakti portal to rapidly expand multi-modal connectivity in India. This has helped in integrated infrastructure development planning and implementation and has reduced logistics costs.

    We will be happy to share our experiences with all of you.

    Friends,

    We welcome efforts to increase financial integration among BRICS countries.

    Trade in local currencies and smooth cross-border payments will strengthen our economic cooperation. The Unified Payments Interface (UPI) developed by India is a huge success story and has been adopted in many countries.

    Last year, together with His Highness Sheikh Mohamed, it was launched in the UAE as well. We can also cooperate with other BRICS countries in this area.

    Friends,

    India is fully committed to increasing cooperation under BRICS.

    Our strong belief in our diversity and multipolarity is our strength. This strength of ours, and our shared belief in humanity, will help in giving a meaningful shape to a prosperous and a bright future for the generations to come.

    I thank everyone for today’s very important and valuable discussions.

    As the next President of BRICS, I extend my heartfelt best wishes to President Lula. India will give its full support for the success of your BRICS presidency.

    Once again, many thanks to President Putin and all the leaders.

    DISCLAIMER – This is the approximate translation of Prime Minister’s remarks. Original remarks were delivered

    MIL OSI Asia Pacific News –

  • MIL-OSI: Hanover Bancorp, Inc. Reports Third Quarter 2024 Results and Declares $0.10 Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter Performance Highlights

    • Net Income: Net income for the quarter ended September 30, 2024 totaled $3.5 million or $0.48 per diluted share (including Series A preferred shares). Adjusted (non-GAAP) net income (excluding severance and retirement expenses) was $3.7 million or $0.50 per diluted share for the quarter ended September 30, 2024.
    • Record Non-interest Income: The Company reported record non-interest income of $4.0 million for the quarter ended September 30, 2024, an increase of $0.3 million or 9.17% from the quarter ended June 30, 2024 and $0.2 million or 6.66% from the quarter ended September 30, 2023.
    • Net Interest Income: Net interest income was $13.1 million for the quarter ended September 30, 2024, an increase of $1.3 million, or 11.04% from the September 30, 2023 quarter.
    • Net Interest Margin: The Company’s net interest margin during the quarter ended September 30, 2024 increased to 2.37% from 2.29% in the quarter ended September 30, 2023.
    • Strong Liquidity Position: At September 30, 2024, undrawn liquidity sources, which include cash and unencumbered securities and secured and unsecured funding capacity, totaled $637.1 million or approximately 240% of uninsured deposit balances.
    • Deposit Activity: Core deposits, consisting of Demand, NOW, Savings and Money Market, increased $71.0 million or 5.14% from December 31, 2023. Total deposits increased $52.9 million or 2.78% from December 31, 2023. Insured and collateralized deposits, which include municipal deposits, accounted for approximately 86% of total deposits at September 30, 2024.
    • Loan Growth: Loans totaled $2.01 billion, a net increase of $48.6 million or 3.31% annualized, from December 31, 2023. The Company’s commercial real estate concentration ratio continued to improve, decreasing to 397% of capital at September 30, 2024 from 432% of capital at December 31, 2023 and 448% of capital at September 30, 2023. The Company continues to focus loan growth primarily in residential loan products originated for sale to specific buyers in the secondary market, C&I and SBA loans, which strategically enhances our management of liquidity and capital while producing additional non-interest income.
    • Asset Quality: At September 30, 2024, the Bank’s asset quality remained solid with non-performing loans totaling $15.5 million, representing 0.77% of the total loan portfolio, and the allowance for credit losses equaling 1.17% of total loans. Loans secured by office space accounted for 2.27% of the total loan portfolio with a total balance of $45.5 million, of which less than 1% is located in Manhattan.
    • Banking Initiatives: At September 30, 2024, the Company’s banking initiatives reflected continuing momentum:
      • SBA & USDA Banking: Gains on sale of SBA loans totaled $2.4 million for the quarter ended September 30, 2024, representing a 63.83% increase over the comparable 2023 quarter. Total SBA loans sold were $27.1 million for the quarter ended September 30, 2024, representing a 47.00% increase over the comparable 2023 quarter. Premiums earned on the sale of SBA loans increased to 9.59% for the quarter ended September 30, 2024 from 8.66% for the quarter ended September 30, 2023.
      • C&I Banking/Hauppauge Business Banking Center: The C&I Banking Team and the Hauppauge Business Banking Center increased deposits to $96.0 million as of September 30, 2024 from $36.1 million at September 30, 2023. Loan originations tied to this office were $8 million during the quarter. Momentum continues to build with current deposits of $105 million and deposit and C&I loan pipelines related to this office of $43 million and $104 million, respectively.
      • Residential Lending: The Bank continues to originate loans for its portfolio while developing the flow origination program launched in late 2023. Of the $27.3 million in closed loans originated in the quarter ended September 30, 2024, $7.4 million were originated for the Bank’s portfolio and reflected a weighted average yield of 7.59% before origination and other fees, which average 50-100 bps per loan, and a weighted average LTV of 61%.
    • Tangible Book Value Per Share: Tangible book value per share (including Series A preferred shares) was $23.28 at September 30, 2024 compared to $22.51 at December 31, 2023.  
    • Quarterly Cash Dividend: The Company’s Board of Directors approved a $0.10 per share cash dividend on both common and Series A preferred shares payable on November 13, 2024 to stockholders of record on November 6, 2024.
    • Port Jefferson Branch: The Company has received regulatory approval for the opening of a full-service branch in Port Jefferson, New York. Business development staff have already joined the Company in anticipation of the opening of this location. The Bank expects this site to be fully operational in the first quarter of 2025.

    MINEOLA, N.Y., Oct. 23, 2024 (GLOBE NEWSWIRE) — Hanover Bancorp, Inc. (“Hanover” or “the Company” – NASDAQ: HNVR), the holding company for Hanover Community Bank (“the Bank”), today reported results for the quarter ended September 30, 2024 and the declaration of a $0.10 per share cash dividend on both common and Series A preferred shares payable on November 13, 2024 to stockholders of record on November 6, 2024.

    Earnings Summary for the Quarter Ended September 30, 2024

    The Company reported net income for each of the quarters ended September 30, 2024 and 2023 of $3.5 million or $0.48 per diluted share (including Series A preferred shares). The Company recorded adjusted (non-GAAP) net income (excluding severance and retirement expenses) of $3.7 million or $0.50 per diluted share in the quarter ended September 30, 2024, versus adjusted (non-GAAP) net income (excluding a litigation settlement payment) of $2.8 million or $0.38 per diluted share in the comparable 2023 quarter. Returns on average assets, average stockholders’ equity and average tangible equity were 0.62%, 7.35% and 8.19%, respectively, for the quarter ended September 30, 2024, versus 0.66%, 7.58% and 8.47%, respectively, for the comparable quarter of 2023.   Adjusted (non-GAAP) returns, exclusive of severance and retirement expenses on average assets, average stockholders’ equity and average tangible equity were 0.65%, 7.69% and 8.56%, respectively, in the quarter ended September 30, 2024, versus 0.53%, 6.00% and 6.71%, respectively, in the comparable 2023 quarter, exclusive of a litigation settlement payment.

    While net interest income and non-interest income increased during the quarter ended September 30, 2024 compared to the September 30, 2023 quarter, this was offset by an increase in non-interest expenses, particularly compensation and benefits, resulting in flat earnings between these periods.   The increase in non-interest income is primarily related to the increase in the gain on sale of loans held-for-sale which was partially offset by a decrease in other operating income. In the September 30, 2023 quarter, the Company settled ongoing litigation and received a settlement payment of $975 thousand which was recorded in other operating income. Included in compensation and benefits expense in the third quarter of 2024 was expense related to additional staff for the SBA, C&I Banking and Operations teams and severance payments in August 2024 paid in connection with a loan personnel restructuring initiative. These expenses were offset by lower incentive compensation expense resulting from reduced projected lending activity and lower deferred loan origination costs.

    Net interest income was $13.1 million for the quarter ended September 30, 2024, an increase of $1.3 million, or 11.04%, versus the comparable 2023 quarter due to improvement of the Company’s net interest margin to 2.37% in the 2024 quarter from 2.29% in the comparable 2023 quarter. The yield on interest earning assets increased to 6.17% in the 2024 quarter from 5.61% in the comparable 2023 quarter, an increase of 56 basis points that was partially offset by a 58 basis point increase in the cost of interest-bearing liabilities to 4.53% in 2024 from 3.95% in the third quarter of 2023.

    Earnings Summary for the Nine Months Ended September 30, 2024

    For the nine months ended September 30, 2024, the Company reported net income of $8.4 million or $1.14 per diluted share (including Series A preferred shares), versus $9.8 million or $1.33 per diluted share (including Series A preferred shares) in the comparable 2023 nine-month period.   The Company recorded adjusted (non-GAAP) net income (excluding severance and retirement expenses) of $8.6 million or $1.16 per diluted share for the nine months ended September 30, 2024, versus adjusted (non-GAAP) net income (excluding severance and retirement expenses and a litigation settlement payment) of $9.4 million or $1.27 per diluted share in the comparable 2023 nine-month period.

    The decrease in net income recorded for the nine months ended September 30, 2024 from the comparable 2023 period resulted from an increase in the provision for credit losses and an increase in non-interest expense, which were partially offset by an increase in non-interest income, consisting primarily of gain on sale of loans held-for-sale. The increase in non-interest expense was primarily attributed to additional staff for the SBA, C&I Banking and Operations teams.   The Company’s effective tax rate decreased to 24.50% for the nine months ended September 30, 2024 from 26.03% in the comparable 2023 period.

    Net interest income was $39.3 million for the nine months ended September 30, 2024, a slight increase of $0.1 million, or 0.14% from the comparable 2023 period. The Company’s net interest margin was 2.41% in the 2024 period and 2.65% in the comparable 2023 period. The yield on interest earning assets increased to 6.14% in the 2024 period from 5.58% in the comparable 2023 period, an increase of 56 basis points that was offset by a 95 basis point increase in the cost of interest-bearing liabilities to 4.45% in 2024 from 3.50% in the comparable 2023 period due to the rapid and significant rise in interest rates.

    Michael P. Puorro, Chairman and Chief Executive Officer, commented on the Company’s quarterly results: “We are pleased with third-quarter results, which reflect the benefits of our diversified revenue streams. Strategic expansion of our C&I banking and government guaranteed lending initiatives continue to deliver sustained results. The success of our Hauppauge Business Banking Center over the last 16 months has yielded exceptional results as evidenced by over $100 million in deposits. Our investment in diversifying our residential lending activities from portfolio originations to including flow originations is gaining momentum. The continued decline in interest rates forecast by many economists is expected to provide sustained net interest margin expansion over the near term, having an anticipated positive impact on earnings. We believe these factors, coupled with our commitment to efficiency across our organization, position us for continued growth and opportunity, particularly in a market with continued consolidation. We continue to strategically seek opportunities to recruit talent and expand our footprint in the underserved Long Island community and wider New York City markets.”

    Balance Sheet Highlights

    Total assets at September 30, 2024 were $2.33 billion versus $2.27 billion at December 31, 2023. Total securities available for sale at September 30, 2024 were $98.4 million, an increase of $36.9 million from December 31, 2023, primarily driven by growth in U.S. Treasury securities, corporate bonds and mortgage-backed securities.

    Total deposits at September 30, 2024 were $1.96 billion, an increase of $52.9 million or 2.78%, compared to $1.90 billion at December 31, 2023. Our loan to deposit ratio was 102% at September 30, 2024 and 103% at December 31, 2023.

    Although core deposits, comprised of Demand, NOW, Savings and Money Market, grew to $1.45 billion as of September 30, 2024 from $1.38 billion as of December 31, 2023, Demand deposit balances decreased from $207.8 million to $206.3 million during the same period. This decrease was confined to deposits made by residential loan borrowers in anticipation of residential loan closings. These funds comprise the equity residential borrowers are required to contribute to residential loan closings. The volume of these deposits rise and fall in proportion to the volume of anticipated residential loan closings. As the pace of residential lending increases, the volume of Demand deposits will increase accordingly. Demand deposits, net of balances related to residential loan closings, grew to $181.8 million as of September 30, 2024 from $166.4 million as of December 31, 2023, an increase of 9.28%, underscoring the continued success of our C&I Banking vertical.

    The Company had $366.2 million in total municipal deposits at September 30, 2024, at a weighted average rate of 4.24% versus $528.1 million at a weighted average rate of 4.62% at December 31, 2023. The Company’s municipal deposit program is built on long-standing relationships developed in the local marketplace. This core deposit business will continue to provide a stable source of funding for the Company’s lending products at costs lower than those of consumer deposits and market-based borrowings.   The Company continues to broaden its municipal deposit base and currently services 39 customer relationships.

    Total borrowings at September 30, 2024 were $125.8 million, with a weighted average rate and term of 4.25% and 22 months, respectively. At September 30, 2024 and December 31, 2023, the Company had $107.8 million and $126.7 million, respectively, of term FHLB advances outstanding. The Company had $18.0 million of FHLB overnight borrowings outstanding at September 30, 2024 and none at December 31, 2023. At September 30, 2024 and December 31, 2023, the Company’s borrowings from the Federal Reserve’s Paycheck Protection Program Liquidity Facility (“PPPLF”) were $0 and $2.3 million, respectively.   The Company had no borrowings outstanding under lines of credit with correspondent banks at September 30, 2024 and December 31, 2023.   The Company utilizes a number of strategies to manage interest rate risk, including interest rate swap agreements which currently provide a benefit to net interest income.

    Stockholders’ equity was $192.3 million at September 30, 2024 compared to $184.8 million at December 31, 2023. The $7.5 million increase was primarily due to an increase of $6.2 million in retained earnings and a decrease of $0.3 million in accumulated other comprehensive loss. The increase in retained earnings was due primarily to net income of $8.4 million for the nine months ended September 30, 2024, which was offset by $2.2 million of dividends declared. The accumulated other comprehensive loss at September 30, 2024 was 1.10% of total equity and was comprised of a $1.0 million after tax net unrealized loss on the investment portfolio and a $1.1 million after tax net unrealized loss on derivatives.

    Loan Portfolio

    For the nine months ended September 30, 2024, the Bank’s loan portfolio grew to $2.01 billion, for an increase of $48.6 million or 3.31% annualized. Growth was concentrated primarily in residential, SBA and C&I loans. At September 30, 2024, the Company’s residential loan portfolio (including home equity) amounted to $745.9 million, with an average loan balance of $483 thousand and a weighted average loan-to-value ratio of 57%. Commercial real estate and multifamily loans totaled $1.09 billion at September 30, 2024, with an average loan balance of $1.5 million and a weighted average loan-to-value ratio of 59%. As will be discussed below, only approximately 37% of the multifamily portfolio is subject to rent regulation. The Company’s commercial real estate concentration ratio continued to improve, decreasing to 397% of capital at September 30, 2024 from 432% of capital at December 31, 2023, with loans secured by office space accounting for 2.27% of the total loan portfolio and totaling $45.5 million. The Company’s loan pipeline with executed term sheets at September 30, 2024 is approximately $142 million, with approximately 97% being niche-residential, conventional C&I and SBA and USDA lending opportunities.  

    Historically, the Bank generated additional income by strategically originating and selling residential and government guaranteed loans to other financial institutions at premiums, while also retaining servicing rights in some sales. However, with the rapid increases in interest rates in recent years, the appetite among the Bank’s purchasers of residential loans for acquiring pools of loans declined, eliminating the Bank’s ability to sell residential loans in its portfolio on desirable terms. Commencing in late 2023, the Bank initiated development of a flow origination program under which the Bank originates individual loans for sale to specific buyers, thereby positioning the Bank to resume residential loan sales and generate fee income to complement sale premiums earned from the sale of the guaranteed portion of SBA loans. During the quarter ended September 30, 2024, the Company sold $16.5 million of residential loans under this program and recorded gains on sale of loans held-for-sale of $0.4 million. We expect the volume of activity to increase as the year progresses and our flow pipeline continues to build. Because we continue to prioritize the management of liquidity and capital, new business development is largely focused on flow originations over portfolio growth.

    The Bank’s investment in government guaranteed lending continues to yield results. During the quarters ended September 30, 2024 and 2023, the Company sold approximately $27.1 million and $18.4 million, respectively, in the government guaranteed portion of SBA loans and recorded gains on sale of loans held-for-sale of $2.4 million and $1.5 million, respectively.

    Commercial Real Estate Statistics

    A significant portion of the Bank’s commercial real estate portfolio consists of loans secured by Multi-Family and CRE-Investor owned real estate that are predominantly subject to fixed interest rates for an initial period of 5 years. The Bank’s exposure to Land/Construction loans is minor at $9.5 million, all at floating interest rates, and CRE-owner occupied loans have a sizable mix of floating rates. As shown below, these two portfolios have only 11% combined of loans maturing through the balance of 2024 and 2025, with 55% maturing in 2027 alone.

    Multi-Family Market Rent Portfolio Fixed Rate Reset/Maturity Schedule   Multi-Family Stabilized Rent Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period
    (loan data as of
    9/30/24)    		   #
    Loans    		   Total O/S
    ($000’s
    omitted)    		   Avg O/S
    ($000’s
    omitted)    		   Avg Interest
    Rate    		   Calendar Period
    (loan data as of
    9/30/24)    		   #
    Loans    		   Total O/S
    ($000’s
    omitted)    		   Avg O/S
    ($000’s
    omitted)    		   Avg Interest
    Rate
                                                     
    2024   3   $ 1,861   $ 620   7.07 %   2024   4   $ 4,014   $ 1,004   5.43 %
    2025   9     15,977     1,775   4.16 %   2025   14     19,438     1,388   4.57 %
    2026   36     119,170     3,310   3.66 %   2026   20     43,147     2,157   3.67 %
    2027   72     178,368     2,477   4.31 %   2027   53     125,417     2,366   4.22 %
    2028   18     29,980     1,666   6.16 %   2028   11     9,966     906   7.12 %
    2029+   8     5,647     706   7.32 %   2029+   5     2,326     465   6.40 %
    Fixed Rate   146     351,003     2,404   4.30 %   Fixed Rate   107     204,308     1,909   4.33 %
    Floating Rate   3     457     152   9.56 %   Floating Rate   1     1,804     1,804   6.25 %
    Total   149   $ 351,460   $ 2,359   4.32 %   Total   108   $ 206,112   $ 1,908   4.34 %
    CRE Investor Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period
    (loan data as of
    9/30/24)    		   #
    Loans    		   Total O/S
    ($000’s omitted)    		   Avg O/S
    ($000’s omitted)    		   Avg Interest
    Rate
                           
    2024   18   $ 30,965   $ 1,720   5.56 %
    2025   27     18,259     676   5.11 %
    2026   33     45,806     1,388   4.85 %
    2027   87     149,261     1,716   4.75 %
    2028   32     32,826     1,026   6.65 %
    2029+   16     6,519     407   6.15 %
    Fixed Rate   213     283,636     1,332   5.13 %
    Floating Rate   3     12,368     4,123   8.80 %
    Total CRE-Inv.   216   $ 296,004   $ 1,370   5.28 %


    Rental breakdown of Multi-Family portfolio

    The table below segments our portfolio of loans secured by Multi-Family properties based on rental terms and location. As shown below, 63% of the combined portfolio is secured by properties subject to free market rental terms, the dominant tenant type, and both the Market Rent and Stabilized Rent segments of our portfolio present very similar average borrower profiles. The portfolio is primarily located in the New York City boroughs of Brooklyn, the Bronx and Queens. 

    Multi-Family Loan Portfolio – Loans by Rent Type
    Rent Type   # of Notes   Outstanding
    Loan Balance    		   % of Total
    Multi-Family    		   Avg Loan
    Size    		   LTV   Current
    DSCR    		   Avg #
    of Units
            ($000’s omitted)         ($000’s omitted)              
                                         
    Market   149   $ 351,460   63 % $ 2,359   61.8 % 1.40   11
    Location                                    
    Manhattan   7   $ 17,911   3 % $ 2,559   52.0 % 1.63   15
    Other NYC   94   $ 246,140   44 % $ 2,619   61.5 % 1.39   10
    Outside NYC   48   $ 87,409   16 % $ 1,821   64.8 % 1.40   12
                                         
    Stabilized   108   $ 206,112   37 % $ 1,908   63.1 % 1.38   11
    Location                                    
    Manhattan   7   $ 10,892   2 % $ 1,556   53.5 % 1.49   15
    Other NYC   89   $ 176,115   32 % $ 1,979   63.5 % 1.38   11
    Outside NYC   12   $ 19,105   3 % $ 1,592   64.7 % 1.40   16


    Office Property Exposure

    The Bank’s exposure to the Office market is minor at $45 million (2% of all loans), has a 1.8x weighted average DSCR, a 54% weighted average LTV and less than $400 thousand of exposure in Manhattan. The portfolio has no delinquencies, defaults or modifications.

    Asset Quality and Allowance for Credit Losses

    The Bank’s asset quality ratios remain solid. At September 30, 2024, the Company reported $15.5 million in non-performing loans which represented 0.77% of total loans outstanding. Non-performing loans were $14.5 million at December 31, 2023 and $15.8 million at June 30, 2024.

    During the third quarter of 2024, the Bank recorded a provision for credit losses expense of $0.2 million. The September 30, 2024, allowance for credit losses balance was $23.4 million versus $19.7 million at December 31, 2023 and $23.6 million at June 30, 2024. The allowance for credit losses as a percent of total loans was 1.17% at September 30 and June 30, 2024, inclusive of a $2.5 million allowance on an individually analyzed loan, versus 1.00% at December 31, 2023, which does not include the aforementioned $2.5 million allowance.  

    Net Interest Margin

    The Bank’s net interest margin increased to 2.37% for the quarter ended September 30, 2024 from 2.29% in the quarter ended September 30, 2023. The increase from the prior year quarter was primarily related to the increase in the average yield on loans, partially offset by the increase in the average total cost of funds. The Bank’s net interest margin was 2.46% in the quarter ended June 30, 2024, inclusive of $321 thousand or 6 bps related to an interest recovery on the sale of a non-performing loan. There were no such recoveries in the current quarter. Further, contributing to the decrease from the prior linked quarter was an increase in the total cost of interest-bearing deposits primarily related to the delayed timing of the Fed rate cut and our decision to ensure deposit retention via shorter duration products. Despite the linked quarter margin compression, we believe the Company is well positioned for the current or more favorable interest rate environments.

    About Hanover Community Bank and Hanover Bancorp, Inc.

    Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey, with a new branch opening in Port Jefferson, New York in the first quarter of 2025.

    Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.

    Non-GAAP Disclosure

    This discussion, including the financial statements attached thereto, includes non-GAAP financial measures which include the Company’s adjusted net income, adjusted basic and diluted earnings per share, adjusted return on average assets, adjusted return on average equity, tangible common equity (“TCE”) ratio, TCE, tangible assets, tangible book value per share, return on average tangible equity and efficiency ratio. A non-GAAP financial measure is a numerical measure of historical or future performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes that the presentation of non-GAAP financial measures provides both management and investors with a greater understanding of the Company’s operating results and trends in addition to the results measured in accordance with GAAP, and provides greater comparability across time periods. While management uses non-GAAP financial measures in its analysis of the Company’s performance, this information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures used by other financial institutions.

    With respect to the calculations of and reconciliations of adjusted net income, TCE, tangible assets, TCE ratio and tangible book value per share, reconciliations to the most comparable U.S. GAAP measures are provided in the tables that follow.

    Forward-Looking Statements

    This release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Hanover Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Hanover Bancorp, Inc. may turn out to be incorrect. They can be affected by inaccurate assumptions that Hanover Bancorp, Inc. might make or by known or unknown risks and uncertainties, including those discussed in our Annual Report on Form 10-K under Item 1A – Risk Factors, as updated by our subsequent filings with the Securities and Exchange Commission. Further, the adverse effect of health emergencies or natural disasters on the Company, its customers, and the communities where it operates may adversely affect the Company’s business, results of operations and financial condition for an indefinite period of time. Consequently, no forward-looking statement can be guaranteed. Hanover Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

    HANOVER BANCORP, INC.
    STATEMENTS OF CONDITION (unaudited)
    (dollars in thousands)
                 
        September 30,   June 30,   December 31,
          2024       2024       2023  
    Assets            
    Cash and cash equivalents $ 141,231     $ 141,115     $ 177,207  
    Securities-available for sale, at fair value   98,359       98,813       61,419  
    Investments-held to maturity   3,828       3,902       4,041  
    Loans held for sale   16,721       11,615       8,904  
                 
    Loans, net of deferred loan fees and costs   2,005,813       2,012,954       1,957,199  
    Less: allowance for credit losses   (23,406 )     (23,644 )     (19,658 )
    Loans, net   1,982,407       1,989,310       1,937,541  
                 
    Goodwill     19,168       19,168       19,168  
    Premises & fixed assets   16,373       16,541       15,886  
    Operating lease assets   8,776       9,210       9,754  
    Other assets   40,951       41,424       36,140  
      Assets $ 2,327,814     $ 2,331,098     $ 2,270,060  
                 
    Liabilities and stockholders’ equity          
    Core deposits $ 1,453,444     $ 1,477,824     $ 1,382,397  
    Time deposits   504,100       464,105       522,198  
    Total deposits   1,957,544       1,941,929       1,904,595  
                 
    Borrowings   125,805       148,953       128,953  
    Subordinated debentures   24,675       24,662       24,635  
    Operating lease liabilities   9,472       9,911       10,459  
    Other liabilities   17,979       15,571       16,588  
      Liabilities   2,135,475       2,141,026       2,085,230  
                 
    Stockholders’ equity   192,339       190,072       184,830  
      Liabilities and stockholders’ equity $ 2,327,814     $ 2,331,098     $ 2,270,060  
    HANOVER BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)
    (dollars in thousands, except per share data)
                       
        Three Months Ended   Nine Months Ended  
        9/30/2024   9/30/2023   9/30/2024   9/30/2023  
                       
    Interest income $ 34,113   $ 28,952   $ 99,965   $ 82,471  
    Interest expense   21,011     17,153     60,681     43,243  
      Net interest income   13,102     11,799     39,284     39,228  
    Provision for credit losses (1)   200     500     4,540     1,932  
      Net interest income after provision for credit losses   12,902     11,299     34,744     37,296  
                       
    Loan servicing and fee income   960     681     2,709     2,031  
    Service charges on deposit accounts   123     75     333     212  
    Gain on sale of loans held-for-sale   2,834     1,468     7,926     3,515  
    Gain on sale of investments   –     –     4     –  
    Other operating income   37     1,483     180     1,679  
      Non-interest income   3,954     3,707     11,152     7,437  
                       
    Compensation and benefits   6,840     5,351     18,901     16,320  
    Occupancy and equipment   1,799     1,758     5,412     4,882  
    Data processing   547     516     1,560     1,533  
    Professional fees   762     800     2,297     2,462  
    Federal deposit insurance premiums   360     386     1,043     1,101  
    Other operating expenses   1,930     1,506     5,499     5,152  
      Non-interest expense   12,238     10,317     34,712     31,450  
                       
      Income before income taxes   4,618     4,689     11,184     13,283  
    Income tax expense   1,079     1,166     2,740     3,457  
                       
      Net income $ 3,539   $ 3,523   $ 8,444   $ 9,826  
                       
    Earnings per share (“EPS”):(2)                
    Basic $ 0.48   $ 0.48   $ 1.14   $ 1.34  
    Diluted $ 0.48   $ 0.48   $ 1.14   $ 1.33  
                       
    Average shares outstanding for basic EPS (2)(3)   7,411,064     7,327,345     7,395,758     7,327,836  
    Average shares outstanding for diluted EPS (2)(3)   7,436,068     7,407,483     7,420,415     7,407,954  
                       
    (1) CECL was adopted effective 10/1/23. Prior periods were based on the incurred loss methodology.
    (2) Calculation includes common stock and Series A preferred stock.
    (3) Average shares outstanding before subtracting participating securities.
                       
    Note: Prior period information has been adjusted to conform to current period presentation.
    HANOVER BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)
    QUARTERLY TREND
    (dollars in thousands, except per share data)
                         
        Three Months Ended
        9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
                         
    Interest income $ 34,113   $ 33,420   $ 32,432   $ 31,155   $ 28,952
    Interest expense   21,011     20,173     19,497     18,496     17,153
      Net interest income   13,102     13,247     12,935     12,659     11,799
    Provision for credit losses (1)   200     4,040     300     200     500
      Net interest income after provision for credit losses   12,902     9,207     12,635     12,459     11,299
                         
    Loan servicing and fee income   960     836     913     778     681
    Service charges on deposit accounts   123     114     96     85     75
    Gain on sale of loans held-for-sale   2,834     2,586     2,506     2,326     1,468
    Gain on sale of investments   –     4     –     –     –
    Other operating income   37     82     61     65     1,483
      Non-interest income   3,954     3,622     3,576     3,254     3,707
                         
    Compensation and benefits   6,840     6,499     5,562     5,242     5,351
    Occupancy and equipment   1,799     1,843     1,770     1,746     1,758
    Data processing   547     495     518     530     516
    Professional fees   762     717     818     729     800
    Federal deposit insurance premiums   360     365     318     375     386
    Other operating expenses   1,930     1,751     1,818     2,048     1,506
      Non-interest expense   12,238     11,670     10,804     10,670     10,317
                         
      Income before income taxes   4,618     1,159     5,407     5,043     4,689
    Income tax expense   1,079     315     1,346     1,280     1,166
                         
      Net income $ 3,539   $ 844   $ 4,061   $ 3,763   $ 3,523
                         
    Earnings per share (“EPS”):(2)                  
    Basic $ 0.48   $ 0.11   $ 0.55   $ 0.51   $ 0.48
    Diluted $ 0.48   $ 0.11   $ 0.55   $ 0.51   $ 0.48
                         
    Average shares outstanding for basic EPS (2)(3)   7,411,064     7,399,816     7,376,227     7,324,133     7,327,345
    Average shares outstanding for diluted EPS (2)(3)   7,436,068     7,449,110     7,420,926     7,383,529     7,407,483
                         
    (1) CECL was adopted effective 10/1/23. Prior periods were based on the incurred loss methodology.
    (2) Calculation includes common stock and Series A preferred stock.
    (3) Average shares outstanding before subtracting participating securities.
                         
    Note: Prior period information has been adjusted to conform to current period presentation.
    HANOVER BANCORP, INC.
    CONSOLIDATED NON-GAAP FINANCIAL INFORMATION (1)(unaudited)
    (dollars in thousands, except per share data)
                   
      Three Months Ended   Nine Months Ended
      9/30/2024   9/30/2023   9/30/2024   9/30/2023
                   
    ADJUSTED NET INCOME:              
    Net income, as reported $ 3,539     $ 3,523     $ 8,444     $ 9,826  
    Adjustments:              
    Litigation settlement payment   –       (975 )     –       (975 )
    Severance and retirement expenses   219       –       219       456  
    Total adjustments, before income taxes   219       (975 )     219       (519 )
    Adjustment for reported effective income tax rate   55       (243 )     55       (138 )
    Total adjustments, after income taxes   164       (732 )     164       (381 )
    Adjusted net income $ 3,703     $ 2,791     $ 8,608     $ 9,445  
    Basic earnings per share – adjusted $ 0.50     $ 0.38     $ 1.16     $ 1.29  
    Diluted earnings per share – adjusted $ 0.50     $ 0.38     $ 1.16     $ 1.27  
                   
    ADJUSTED OPERATING EFFICIENCY RATIO(2):              
    Operating efficiency ratio, as reported   71.75 %     66.53 %     68.83 %     67.39 %
    Adjustments:              
    Litigation settlement payment   0.00 %     4.47 %     0.00 %     1.44 %
    Severance and retirement expenses   -1.28 %     0.00 %     -0.43 %     -0.98 %
    Adjusted operating efficiency ratio   70.47 %     71.00 %     68.40 %     67.85 %
                   
    ADJUSTED RETURN ON AVERAGE ASSETS   0.65 %     0.53 %     0.51 %     0.62 %
    ADJUSTED RETURN ON AVERAGE EQUITY   7.69 %     6.00 %     6.04 %     6.93 %
    ADJUSTED RETURN ON AVERAGE TANGIBLE EQUITY   8.56 %     6.71 %     6.73 %     7.77 %
                   
    (1)  A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.
                   
    (2) Excludes gain on sale of securities available for sale.
    HANOVER BANCORP, INC.
    SELECTED FINANCIAL DATA (unaudited)
    (dollars in thousands)
                   
      Three Months Ended   Nine Months Ended
      9/30/2024   9/30/2023   9/30/2024   9/30/2023
    Profitability:              
    Return on average assets   0.62 %     0.66 %     0.50 %     0.64 %
    Return on average equity (1)   7.35 %     7.58 %     5.93 %     7.21 %
    Return on average tangible equity (1)   8.19 %     8.47 %     6.60 %     8.08 %
    Pre-provision net revenue to average assets   0.85 %     0.98 %     0.94 %     1.00 %
    Yield on average interest-earning assets   6.17 %     5.61 %     6.14 %     5.58 %
    Cost of average interest-bearing liabilities   4.53 %     3.95 %     4.45 %     3.50 %
    Net interest rate spread (2)   1.64 %     1.66 %     1.69 %     2.08 %
    Net interest margin (3)   2.37 %     2.29 %     2.41 %     2.65 %
    Non-interest expense to average assets   2.15 %     1.94 %     2.08 %     2.06 %
    Operating efficiency ratio (4)   71.75 %     66.53 %     68.83 %     67.39 %
                   
    Average balances:              
    Interest-earning assets $ 2,201,068     $ 2,046,502     $ 2,175,478     $ 1,975,584  
    Interest-bearing liabilities   1,847,177       1,723,235       1,822,613       1,653,908  
    Loans   2,019,384       1,840,900       2,006,142       1,802,349  
    Deposits   1,891,132       1,638,777       1,835,862       1,644,964  
    Borrowings   150,770       259,549       181,445       186,187  
                   
                   
    (1) Includes common stock and Series A preferred stock.
    (2) Represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (3) Represents net interest income divided by average interest-earning assets.
    (4) Represents non-interest expense divided by the sum of net interest income and non-interest income excluding gain on sale of securities available for sale.
    HANOVER BANCORP, INC.
    SELECTED FINANCIAL DATA (unaudited)
    (dollars in thousands, except share and per share data)
                   
      At or For the Three Months Ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023
    Asset quality:              
    Provision for credit losses – loans (1) $ 200     $ 3,850     $ 300     $ 200  
    Net (charge-offs)/recoveries   (438 )     (79 )     (85 )     677  
    Allowance for credit losses   23,406       23,644       19,873       19,658  
    Allowance for credit losses to total loans (2)   1.17 %     1.17 %     0.99 %     1.00 %
    Non-performing loans $ 15,469     $ 15,828     $ 14,878     $ 14,451  
    Non-performing loans/total loans   0.77 %     0.79 %     0.74 %     0.74 %
    Non-performing loans/total assets   0.66 %     0.68 %     0.64 %     0.64 %
    Allowance for credit losses/non-performing loans   151.31 %     149.38 %     133.57 %     136.03 %
                   
    Capital (Bank only):              
    Tier 1 Capital $ 198,196     $ 195,703     $ 195,889     $ 193,324  
    Tier 1 leverage ratio   8.85 %     8.89 %     8.90 %     9.08 %
    Common equity tier 1 capital ratio   12.99 %     12.78 %     12.99 %     13.17 %
    Tier 1 risk based capital ratio   12.99 %     12.78 %     12.99 %     13.17 %
    Total risk based capital ratio   14.24 %     14.21 %     14.19 %     14.31 %
                   
    Equity data:              
    Shares outstanding (3)   7,428,366       7,402,163       7,392,412       7,345,012  
    Stockholders’ equity $ 192,339     $ 190,072     $ 189,543     $ 184,830  
    Book value per share (3)   25.89       25.68       25.64       25.16  
    Tangible common equity (3)   172,906       170,625       170,080       165,351  
    Tangible book value per share (3)   23.28       23.05       23.01       22.51  
    Tangible common equity (“TCE”) ratio (3)   7.49 %     7.38 %     7.43 %     7.35 %
                   
    (1) Excludes $0, $190 thousand, $0 and $0 provision for credit losses on unfunded commitments for the quarters ended 9/30/24, 6/30/24, 3/31/24 and 12/31/23, respectively.
    (2) Calculation excludes loans held for sale.
    (3) Includes common stock and Series A preferred stock.
                   
    Note: Prior period information has been adjusted to conform to current period presentation.        
    HANOVER BANCORP, INC.
    STATISTICAL SUMMARY
    QUARTERLY TREND
    (unaudited, dollars in thousands, except share data)
                   
      9/30/2024   6/30/2024   3/31/2024   12/31/2023
                   
    Loan distribution (1):              
    Residential mortgages $ 719,037     $ 733,040     $ 730,017     $ 689,211  
    Multifamily   557,634       562,503       568,043       572,849  
    Commercial real estate   529,948       549,725       556,708       561,183  
    Commercial & industrial   171,899       139,209       123,419       107,912  
    Home equity   26,825       27,992       26,879       25,631  
    Consumer   470       485       449       413  
                   
      Total loans $ 2,005,813     $ 2,012,954     $ 2,005,515     $ 1,957,199  
                   
    Sequential quarter growth rate   -0.35 %     0.37 %     2.47 %     4.41 %
                   
    CRE concentration ratio   397 %     403 %     416 %     432 %
                   
    Loans sold during the quarter $ 43,537     $ 35,302     $ 26,735     $ 29,740  
                   
    Funding distribution:              
    Demand $ 206,327     $ 199,835     $ 202,934     $ 207,781  
    N.O.W.   621,880       661,998       708,897       661,276  
    Savings   53,024       44,821       48,081       47,608  
    Money market   572,213       571,170       493,123       465,732  
    Total core deposits   1,453,444       1,477,824       1,453,035       1,382,397  
    Time   504,100       464,105       464,227       522,198  
    Total deposits   1,957,544       1,941,929       1,917,262       1,904,595  
    Borrowings   125,805       148,953       148,953       128,953  
    Subordinated debentures   24,675       24,662       24,648       24,635  
                   
      Total funding sources $ 2,108,024     $ 2,115,544     $ 2,090,863     $ 2,058,183  
                   
    Sequential quarter growth rate – total deposits   0.80 %     1.29 %     0.67 %     9.77 %
                   
    Period-end core deposits/total deposits ratio   74.25 %     76.10 %     75.79 %     72.58 %
                   
    Period-end demand deposits/total deposits ratio   10.54 %     10.29 %     10.58 %     10.91 %
                   
    (1) Excluding loans held for sale
    HANOVER BANCORP, INC.
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (1)(unaudited)
    (dollars in thousands, except share and per share amounts)
                       
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Tangible common equity                  
    Total equity (2) $ 192,339     $ 190,072     $ 189,543     $ 184,830     $ 185,907  
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )
    Less: core deposit intangible   (265 )     (279 )     (295 )     (311 )     (327 )
    Tangible common equity (2) $ 172,906     $ 170,625     $ 170,080     $ 165,351     $ 166,412  
                       
    Tangible common equity (“TCE”) ratio                
    Tangible common equity (2) $ 172,906     $ 170,625     $ 170,080     $ 165,351     $ 166,412  
    Total assets   2,327,814       2,331,098       2,307,508       2,270,060       2,149,632  
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )
    Less: core deposit intangible   (265 )     (279 )     (295 )     (311 )     (327 )
    Tangible assets $ 2,308,381     $ 2,311,651     $ 2,288,045     $ 2,250,581     $ 2,130,137  
    TCE ratio (2)   7.49 %     7.38 %     7.43 %     7.35 %     7.81 %
                       
    Tangible book value per share                  
    Tangible equity (2) $ 172,906     $ 170,625     $ 170,080     $ 165,351     $ 166,412  
    Shares outstanding (2)   7,428,366       7,402,163       7,392,412       7,345,012       7,320,419  
    Tangible book value per share (2) $ 23.28     $ 23.05     $ 23.01     $ 22.51     $ 22.73  
                       
    (1)  A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.
                       
    (2)  Includes common stock and Series A preferred stock.
    HANOVER BANCORP, INC.
    NET INTEREST INCOME ANALYSIS
    For the Three Months Ended September 30, 2024 and 2023
    (unaudited, dollars in thousands)
                           
      2024
    		   2023
      Average       Average   Average       Average
      Balance   Interest   Yield/Cost   Balance   Interest   Yield/Cost
                           
    Assets:                      
    Interest-earning assets:                      
    Loans $ 2,019,384   $ 31,356   6.18 %   $ 1,840,900   $ 26,059   5.62 %
    Investment securities   103,870     1,619   6.20 %     15,232     198   5.16 %
    Interest-earning cash   69,204     934   5.37 %     176,884     2,391   5.36 %
    FHLB stock and other investments   8,610     204   9.43 %     13,486     304   8.94 %
    Total interest-earning assets   2,201,068     34,113   6.17 %     2,046,502     28,952   5.61 %
    Non interest-earning assets:                      
    Cash and due from banks   9,360             6,700        
    Other assets   50,730             53,638        
    Total assets $ 2,261,158           $ 2,106,840        
                           
    Liabilities and stockholders’ equity:                      
    Interest-bearing liabilities:                      
    Savings, N.O.W. and money market deposits $ 1,209,030   $ 13,941   4.59 %   $ 985,625   $ 10,186   4.10 %
    Time deposits   487,377     5,546   4.53 %     478,061     4,060   3.37 %
    Total savings and time deposits   1,696,407     19,487   4.57 %     1,463,686     14,246   3.86 %
    Borrowings   126,104     1,198   3.78 %     234,936     2,604   4.40 %
    Subordinated debentures   24,666     326   5.26 %     24,613     303   4.88 %
    Total interest-bearing liabilities   1,847,177     21,011   4.53 %     1,723,235     17,153   3.95 %
    Demand deposits   194,725             175,091        
    Other liabilities   27,826             23,994        
    Total liabilities   2,069,728             1,922,320        
    Stockholders’ equity   191,430             184,520        
    Total liabilities & stockholders’ equity $ 2,261,158           $ 2,106,840        
    Net interest rate spread         1.64 %           1.66 %
    Net interest income/margin     $ 13,102   2.37 %       $ 11,799   2.29 %
                           
    HANOVER BANCORP, INC.
    NET INTEREST INCOME ANALYSIS
    For the Nine Months Ended September 30, 2024 and 2023
    (unaudited, dollars in thousands)
                           
      2024   2023
      Average       Average   Average       Average
      Balance   Interest   Yield/Cost   Balance   Interest   Yield/Cost
                           
    Assets:                      
    Interest-earning assets:                      
    Loans $ 2,006,142   $ 92,217   6.14 %   $ 1,802,349   $ 75,581   5.61 %
    Investment securities   99,363     4,610   6.20 %     15,837     594   5.01 %
    Interest-earning cash   60,202     2,445   5.42 %     147,423     5,673   5.14 %
    FHLB stock and other investments   9,771     693   9.47 %     9,975     623   8.35 %
    Total interest-earning assets   2,175,478     99,965   6.14 %     1,975,584     82,471   5.58 %
    Non interest-earning assets:                      
    Cash and due from banks   8,431             8,238        
    Other assets   50,593             53,720        
    Total assets $ 2,234,502           $ 2,037,542        
                           
    Liabilities and stockholders’ equity:                      
    Interest-bearing liabilities:                      
    Savings, N.O.W. and money market deposits $ 1,162,587   $ 39,541   4.54 %   $ 1,026,164   $ 27,883   3.63 %
    Time deposits   478,581     15,418   4.30 %     441,557     9,657   2.92 %
    Total savings and time deposits   1,641,168     54,959   4.47 %     1,467,721     37,540   3.42 %
    Borrowings   156,792     4,744   4.04 %     161,588     4,732   3.92 %
    Subordinated debentures   24,653     978   5.30 %     24,599     971   5.28 %
    Total interest-bearing liabilities   1,822,613     60,681   4.45 %     1,653,908     43,243   3.50 %
    Demand deposits   194,694             177,243        
    Other liabilities   26,944             24,253        
    Total liabilities   2,044,251             1,855,404        
    Stockholders’ equity   190,251             182,138        
    Total liabilities & stockholders’ equity $ 2,234,502           $ 2,037,542        
    Net interest rate spread         1.69 %           2.08 %
    Net interest income/margin     $ 39,284   2.41 %       $ 39,228   2.65 %

    Investor and Press Contact:
    Lance P. Burke
    Chief Financial Officer
    (516) 548-8500

    The MIL Network –

  • MIL-OSI: TeraWulf Inc.’s Board of Directors Authorizes $200 Million Share Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    EASTON, Md., Oct. 23, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced that its Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $200 million of the Company’s outstanding shares of common stock through December 31, 2025.

    The share repurchase program reflects the Company’s confidence in its business strategy and financial health. TeraWulf intends to repurchase shares using excess cash, prioritizing this initiative after disciplined capital expenditures aimed at supporting organic growth in HPC/AI and evaluating strategic opportunities, such as potential site acquisitions.

    “We have taken decisive steps to strengthen our balance sheet, including fully retiring our debt earlier this year, while making substantial progress in executing our business strategy,” said Paul Prager, Chief Executive Officer of TeraWulf. “These achievements reinforce our confidence in TeraWulf’s long-term vision. With a stronger financial foundation, we are well-positioned to optimize our capital allocation. The Board’s approval of a $200 million share repurchase program over the next year highlights our commitment to creating value for stockholders and driving profitable growth, all while delivering strong returns.”

    When determining the amount of capital to be allocated to share repurchases, TeraWulf will consider various factors, including historical and projected business performance, cash flow, liquidity, and prevailing global economic and market conditions. The Company will also assess the market price of its common stock.

    The timing, method, price, and volume of any share repurchases will be at the Company’s discretion. Purchases may be made through open market transactions, privately negotiated transactions, or through investment banking structures, among other avenues, subject to applicable laws. The Company is not obligated to repurchase a specific number of shares and retains the right to modify, suspend, or discontinue the program at any time.

    About TeraWulf

    TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and high-performance computing. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including nuclear and hydroelectric power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

    Investors:
    Investors@terawulf.com

    Media:
    media@terawulf.com

    The MIL Network –

  • MIL-OSI: Goosehead Insurance, Inc. Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    –   Total Revenue Increased 10% and Core Revenue* Grew 16% over the Prior-Year Period –

    –   Total Written Premium increased 28% to $1.03 billion over the Prior-Year Period –

    –   Net Income of $12.6 million versus Net Income of $11.3 million a year ago –

    –   Adjusted EBITDA* of $26.1 million versus $22.4 million in the Prior-Year Period –

    WESTLAKE, Texas, Oct. 23, 2024 (GLOBE NEWSWIRE) — Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the third quarter ended September 30, 2024.

    Third Quarter 2024 Highlights

    • Total Revenues grew 10% over the prior-year period to $78.0 million in the third quarter of 2024
    • Third quarter Core Revenues* of $73.5 million increased 16% over the prior-year period
    • Third quarter net income of $12.6 million improved from net income of $11.3 million a year ago
    • EPS of $0.31 per share increased from $0.29 in the prior-year period, and Adjusted EPS* of $0.50 per share increased 10% over the prior-year period
    • Net Income Margin for the third quarter was 16%
    • Adjusted EBITDA* of $26.1 million increased from $22.4 million in the prior-year period
    • Adjusted EBITDA Margin* increased versus the prior-year period to 34%
    • Total Written Premiums placed for the third quarter increased 28% over the prior-year period to $1.03 billion
    • Policies in Force increased 12% from the prior-year period to approximately 1,636,000
    • Corporate agent headcount of 458 was up 45% compared to the prior-year period
    • Total franchise producers of 2,093 increased 4% from the prior-year period and 5% compared to second quarter 2024

    *Core Revenue, Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Core Revenue to total revenues, Adjusted EPS to basic earnings per share and Adjusted EBITDA to net income, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the reconciliation table accompanying this release.

    “We delivered an outstanding third quarter result in the face of continued macro headwinds related to product availability and real estate as well as severe weather events which temporarily impacted production across several large states,” stated Mark Miller, President and CEO. “For the quarter, total revenue grew 10%, core revenue grew 16%, net income margin was 16% and adjusted EBITDA margin expanded to 34%, up from 32% in the year ago quarter. This marked the first time we have generated over $1 billion of premium in a single quarter, with 28% growth over the prior year, a great milestone for the company. We are seeing strong momentum in a number of our key performance indicators that we expect will drive future growth, including franchise productivity, total producer headcount and policy in force growth rates. We have also stabilized our client retention levels in the quarter at 84%, despite continued market challenges. I’m extremely pleased with the tremendous accomplishments of the organization over the past 2 years driven by our exceptional people and industry leading technology. We are well positioned for a strong finish to 2024 and faster growth in 2025 and beyond as we progress to our goal of being the largest distributor of personal lines in the US.”

    Third Quarter 2024 Results
    For the third quarter of 2024, revenues were $78.0 million, an increase of 10% compared to the corresponding period in 2023. Core Revenues, a non-GAAP measure which excludes contingent commissions, initial franchise fees, interest income, and other income, were $73.5 million, a 16% increase from $63.1 million in the prior-year period. Core Revenues are the most reliable revenue stream for the Company, consisting of New Business Commissions, Agency Fees, New Business Royalty Fees, Renewal Commissions, and Renewal Royalty Fees. Core Revenue growth was driven by improved franchise productivity, increased corporate agent headcount, client retention of 84%, and rising premium rates. The Company grew total written premiums, which we consider to be the leading indicator of future revenue growth, by 28% in the third quarter.

    Total operating expenses, excluding equity-based compensation, depreciation and amortization, and impairment expenses for the third quarter of 2024 were $51.9 million, up 7% from $48.6 million in the prior-year period. The increase from the prior period was due to increased employee compensation and benefits expenses related to investments in corporate producers, partnership, technology, and service functions. General and administrative expenses, excluding impairment, increased to $15.2 million from $14.8 million primarily due to investments in technology and systems to drive growth and continue to improve the client experience. Equity-based compensation increased to $7.1 million for the period, compared to $6.5 million a year ago. Bad debt expense of $0.6 million decreased from $0.8 million a year ago.

    Net income in the third quarter of 2024 was $12.6 million versus net income of $11.3 million a year ago. Earnings per share and Net Income Margin for the third quarter of 2024 were $0.31 and 16%, respectively. Adjusted EPS for the third quarter of 2024, which excludes equity-based compensation and impairment expense, was $0.50 per share. Total Adjusted EBITDA was $26.1 million for the third quarter of 2024 compared to $22.4 million in the prior-year period. Adjusted EBITDA Margin of 34% increased compared to the prior-year period.

    Liquidity and Capital Resources
    As of September 30, 2024, the Company had cash and cash equivalents of $47.5 million. We had an unused line of credit of $74.8 million as of September 30, 2024. Total outstanding term note payable balance was $95.6 million as of September 30, 2024. During the quarter ended September 30, 2024, the Company did not repurchase any shares of Class A common stock. As of September 30, 2024, $36.8 million remains available under the share repurchase authorization.

    2024 Outlook
    The Company is raising its guidance for full year 2024 as follows:

    • Total written premiums placed for 2024 are expected to be between $3.70 billion and $3.82 billion, representing growth of 25% on the low end of the range to 29% on the high end of the range.
    • Total revenues for 2024 are expected to be between $295 million and $310 million, representing growth of 13% on the low end of the range to 19% on the high end of the range.
    • Adjusted EBITDA Margin is expected to expand for the full year 2024.

    Conference Call Information
    Goosehead will host a conference call and webcast today at 4:30 PM ET to discuss these results.

    To access the call by phone, participants should go to this link (registration link), and you will be provided with the dial in details.

    In addition, a live webcast of the conference call will also be available on Goosehead’s investor relations website at http://ir.goosehead.com.

    A webcast replay of the call will be available at http://ir.goosehead.com for one year following the call.

    About Goosehead

    Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 150 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.

    Forward-Looking Statements

    This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Goosehead’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.

    Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, conditions impacting insurance carriers or other parties with which Goosehead does business, the loss of one or more key executives or an inability to attract and retain qualified personnel and the failure to attract and retain highly qualified franchisees. These risks and uncertainties also include, but are not limited to, those described under the captions “1A. Risk Factors” in Goosehead’s Annual Report on Form 10-K for the year ended December 31, 2023 and in Goosehead’s other filings with the SEC, which are available free of charge on the Securities Exchange Commission’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Goosehead or to persons acting on behalf of Goosehead are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Goosehead does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

    Contacts
    Investor Contact:
    Dan Farrell
    Goosehead Insurance – VP Capital Markets
    Phone: (214) 838-5290
    Email: dan.farrell@goosehead.com; IR@goosehead.com;

    PR Contact:
    Mission North for Goosehead Insurance
    Email: goosehead@missionnorth.com; PR@goosehead.com

     
    Goosehead Insurance, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except per share amounts)
             
        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Revenues:                
    Commissions and agency fees   $ 30,942     $ 31,980     $ 88,782     $ 88,637  
    Franchise revenues     46,862       38,729       131,076       108,490  
    Interest income     231       321       725       1,135  
    Total revenues     78,035       71,030       220,583       198,262  
    Operating Expenses:                
    Employee compensation and benefits     43,217       39,436       127,898       113,801  
    General and administrative expenses     15,201       14,831       49,236       48,019  
    Bad debts     565       797       2,345       3,352  
    Depreciation and amortization     2,614       2,352       7,814       6,817  
    Total operating expenses     61,597       57,416       187,293       171,989  
    Income from operations     16,438       13,614       33,290       26,273  
    Other Income:                
    Interest expense     (2,060 )     (1,617 )     (5,529 )     (5,057 )
    Other income (expense)     544       —       (5,742 )     —  
    Income before taxes     14,922       11,997       22,019       21,216  
    Tax (benefit) expense     2,315       724       (3,272 )     2,944  
    Net income     12,607       11,273       25,291       18,272  
    Less: net income attributable to non-controlling interests     5,048       4,339       9,720       7,753  
    Net income attributable to Goosehead Insurance, Inc.   $ 7,559     $ 6,934     $ 15,571     $ 10,519  
    Earnings per share:                
    Basic   $ 0.31     $ 0.29     $ 0.63     $ 0.44  
    Diluted   $ 0.29     $ 0.28     $ 0.58     $ 0.43  
    Weighted average shares of Class A common stock outstanding                
    Basic     24,293       24,124       24,689       23,674  
    Diluted     37,942       24,891       38,269       24,274  
                                     
     
    Goosehead Insurance, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except per share amounts)
             
        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Revenues:                
    Core Revenue:                
    Renewal Commissions(1)   $ 20,215     $ 19,036     $ 56,767     $ 53,395  
    Renewal Royalty Fees(2)     38,070       30,040       103,951       80,344  
    New Business Commissions(1)     6,249       6,125       18,612       17,899  
    New Business Royalty Fees(2)     6,994       5,910       20,396       17,819  
    Agency Fees(1)     1,989       2,008       6,036       6,642  
    Total Core Revenue     73,516       63,119       205,762       176,099  
    Cost Recovery Revenue:                
    Initial Franchise Fees(2)     1,413       2,430       5,288       8,780  
    Interest Income     231       321       725       1,135  
    Total Cost Recovery Revenue     1,644       2,751       6,013       9,915  
    Ancillary Revenue:                
    Contingent Commissions(1)     2,490       4,811       7,367       10,701  
    Other Franchise Revenues(2)     385       349       1,440       1,547  
    Total Ancillary Revenue     2,875       5,160       8,808       12,248  
    Total Revenues     78,035       71,030       220,583       198,262  
    Operating Expenses:                
    Employee compensation and benefits, excluding equity-based compensation     36,124       32,977       106,816       94,850  
    General and administrative expenses, excluding impairment     15,201       14,831       48,889       44,391  
    Bad debts     565       797       2,345       3,352  
    Total     51,890       48,605       158,050       142,593  
    Adjusted EBITDA     26,145       22,425       62,533       55,669  
    Adjusted EBITDA Margin     34 %     32 %     28 %     28 %
                     
    Interest expense     (2,060 )     (1,617 )     (5,529 )     (5,057 )
    Depreciation and amortization     (2,614 )     (2,352 )     (7,814 )     (6,817 )
    Tax benefit (expense)     (2,315 )     (724 )     3,272       (2,944 )
    Equity-based compensation     (7,093 )     (6,459 )     (21,082 )     (18,951 )
    Impairment expense     —       —       (347 )     (3,628 )
    Other income (expense)     544       —       (5,742 )     —  
    Net Income   $ 12,607     $ 11,273     $ 25,291     $ 18,272  
    Net Income Margin     16 %     16 %     11 %     9 %
                                     

    (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q for the three and nine months ended September 30, 2024 and 2023.
    (2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q for the three and nine months ended September 30, 2024 and 2023.

     
    Goosehead Insurance, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited)
    (In thousands, except per share amounts)
             
        September 30,   December 31,
        2024   2023
    Assets        
    Current Assets:        
    Cash and cash equivalents   $ 47,544     $ 41,956  
    Restricted cash     2,568       2,091  
    Commissions and agency fees receivable, net     9,679       12,903  
    Receivable from franchisees, net     11,261       9,720  
    Prepaid expenses     5,701       7,889  
    Total current assets     76,753       74,559  
    Receivable from franchisees, net of current portion     3,644       9,269  
    Property and equipment, net of accumulated depreciation     25,369       30,316  
    Right-of-use asset     34,134       38,406  
    Intangible assets, net of accumulated amortization     23,230       17,266  
    Deferred income taxes, net     190,368       181,209  
    Other assets     4,565       3,867  
    Total assets   $ 358,063     $ 354,892  
    Liabilities and Stockholders’ Equity        
    Current Liabilities:        
    Accounts payable and accrued expenses   $ 19,259     $ 16,398  
    Premiums payable     2,568       2,091  
    Lease liability     9,297       8,897  
    Contract liabilities     3,337       4,129  
    Note payable     10,063       9,375  
    Liabilities under tax receivable agreement     4,948       —  
    Total current liabilities     49,472       40,890  
    Lease liability, net of current portion     50,249       57,382  
    Note payable, net of current portion     84,639       67,562  
    Contract liabilities, net of current portion     15,710       22,970  
    Liabilities under tax receivable agreement, net of current portion     155,748       149,302  
    Total liabilities     355,818       338,106  
    Class A common stock, $0.01 par value per share – 300,000 shares authorized, 24,369 shares issued and outstanding as of September 30, 2024, 24,966 shares issued and outstanding as of December 31, 2023     244       250  
    Class B common stock, $0.01 par value per share – 50,000 shares authorized, 12,722 issued and outstanding as of September 30, 2024, 12,954 shares issued and outstanding as of December 31, 2023     127       130  
    Additional paid in capital     89,005       103,228  
    Accumulated deficit     (31,029 )     (47,056 )
    Total stockholders’ equity     58,347       56,552  
    Non-controlling interests     (56,102 )     (39,766 )
    Total equity     2,245       16,786  
    Total liabilities and equity   $ 358,063     $ 354,892  
                     

    Goosehead Insurance, Inc.
    Reconciliation Non-GAAP Measures to GAAP

    This release includes Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS that are not required by, nor presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The Company refers to these measures as “non-GAAP financial measures.” The Company uses these non-GAAP financial measures when planning, monitoring and evaluating its performance and considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax position, depreciation, amortization and certain other items that the Company believes are not representative of its core business. The Company uses Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS for business planning purposes and in measuring its performance relative to that of its competitors.

    These non-GAAP financial measures are defined by the Company as follows:

    • “Core Revenue” is a supplemental measure of our performance and includes Renewal Commissions, Renewal Royalty Fees, New Business Commissions, New Business Royalty Fees, and Agency Fees. We believe that Core Revenue is an appropriate measure of operating performance because it summarizes all of our revenues from sales of individual insurance policies.
    • “Cost Recovery Revenue” is a supplemental measure of our performance and includes Initial Franchise Fees and Interest Income. We believe that Cost Recovery Revenue is an appropriate measure of operating performance because it summarizes revenues that are viewed by management as cost recovery mechanisms.
    • “Ancillary Revenue” is a supplemental measure of our performance and includes Contingent Commissions and Other Income. We believe that Ancillary Revenue is an appropriate measure of operating performance because it summarizes revenues that are ancillary to our core business.
    • “Adjusted EBITDA” is a supplemental measure of the Company’s performance. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of items that do not relate to business performance. Adjusted EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation and amortization, adjusted to exclude equity-based compensation, impairment expense, and other non-operating items, including, among other things, certain non-cash charges and certain non-recurring or non-operating gains or losses.
    • “Adjusted EBITDA Margin” is Adjusted EBITDA as defined above, divided by total revenue excluding other non-operating items. Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level.
    • “Adjusted EPS” is a supplemental measure of our performance, defined as earnings per share (the most directly comparable GAAP measure) before non-recurring or non-operating income and expenses. Adjusted EPS is a useful measure to management because it eliminates the impact of items that do not relate to business performance and helps measure our profitability on a consolidated level.

    While the Company believes that these non-GAAP financial measures are useful in evaluating its business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues, net income, or earnings per share, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in the Company’s industry, may calculate such measures differently, which reduces their usefulness as comparative measures.

    The following tables show a reconciliation from total revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue (non-GAAP basis) for the three and nine months ended September 30, 2024 and 2023 (in thousands):

      Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
      2024
    		   2023
    		   2024
    		   2023
    Total Revenues $ 78,035     $ 71,030     $ 220,583     $ 198,262  
                   
    Core Revenue:              
    Renewal Commissions(1) $ 20,215     $ 19,036     $ 56,767     $ 53,395  
    Renewal Royalty Fees(2)   38,070       30,040       103,951       80,344  
    New Business Commissions(1)   6,249       6,125       18,612       17,899  
    New Business Royalty Fees(2)   6,994       5,910       20,396       17,819  
    Agency Fees(1)   1,989       2,008       6,036       6,642  
    Total Core Revenue   73,516       63,119       205,762       176,099  
    Cost Recovery Revenue:              
    Initial Franchise Fees(2)   1,413       2,430       5,288       8,780  
    Interest Income   231       321       725       1,135  
    Total Cost Recovery Revenue   1,644       2,751       6,013       9,915  
    Ancillary Revenue:              
    Contingent Commissions(1)   2,490       4,811       7,367       10,701  
    Other Franchise Revenues(2)   385       349       1,440       1,547  
    Total Ancillary Revenue   2,875       5,160       8,808       12,248  
    Total Revenues $ 78,035     $ 71,030     $ 220,583     $ 198,262  
                                   

    (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Condensed Consolidated Statements of Operations.
    (2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Condensed Consolidated Statements of Operations.

    The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP basis) for the three and nine months ended September 30, 2024 and 2023 (in thousands):

        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Net Income   $ 12,607     $ 11,273     $ 25,291     $ 18,272  
    Interest expense     2,060       1,617       5,529       5,057  
    Depreciation and amortization     2,614       2,352       7,814       6,817  
    Tax (benefit) expense     2,315       724       (3,272 )     2,944  
    Equity-based compensation     7,093       6,459       21,082       18,951  
    Impairment expense     —       —       347       3,628  
    Other (income) expense     (544 )     —       5,742       —  
    Adjusted EBITDA   $ 26,145     $ 22,425     $ 62,533     $ 55,669  
    Net Income Margin(1)     16 %     16 %     11 %     9 %
    Adjusted EBITDA Margin(2)     34 %     32 %     28 %     28 %
                                     

    (1) Net Income Margin is calculated as Net Income divided by Total Revenue ($12,607/$78,035) and ($11,273/$71,030) for the three months ended September 30, 2024 and 2023. Net Income Margin is calculated as Net Income divided by Total Revenue ($25,291/$220,583) and ($18,272/$198,262) for the nine months ended September 30, 2024 and 2023.
    (2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($26,145/$78,035), and ($22,425/$71,030) for the three months ended September 30, 2024 and 2023, respectively. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($62,533/$220,583), and ($55,669/$198,262) for the nine months ended September 30, 2024 and 2023.

    The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three and nine months ended September 30, 2024 and 2023. Note that totals may not sum due to rounding:

        Three Months Ended
    September 30,    		   Nine Months Ended
    September 30,
        2024
    		   2023
    		   2024
    		   2023
    Earnings per share – basic (GAAP)   $ 0.31     $ 0.29     $ 0.63     $ 0.44  
    Add: equity-based compensation(1)     0.19       0.17       0.56       0.50  
    Add: impairment expense(2)     —       —       0.01       0.10  
    Adjusted EPS (non-GAAP)   $ 0.50     $ 0.46     $ 1.20     $ 1.04  
                                     

    (1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$7.1 million/(24.3 million + 12.7 million)] for the three months ended September 30, 2024 and [$6.5 million/ (24.1 million + 13.6 million)] for the three months ended September 30, 2023. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$21.1 million/(24.7 million + 12.8 million)] for the nine months ended September 30, 2024 and [$19.0 million/ (23.7 million + 14.0 million)] for the nine months ended September 30, 2023.
    (2) Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$0.3 million/(24.7 million + 12.8 million)] for the nine months ended September 30, 2024. Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$3.6 million/(23.7 million + 14.0 million)] for the nine months ended September 30, 2023. No impairment was recorded for the three months ended September 30, 2024 and three months ended September 30, 2023.

     
    Goosehead Insurance, Inc.
    Key Performance Indicators
                 
        September 30, 2024   December 31, 2023   September 30, 2023
    Corporate sales agents < 1 year tenured     277       135       132  
    Corporate sales agents > 1 year tenured     181       165       184  
    Operating franchises < 1 year tenured     93       183       254  
    Operating franchises > 1 year tenured     1,023       1,043       1,031  
    Total Franchise Producers     2,093       1,957       2,008  
    QTD Corporate Agent Productivity < 1 Year(1)   $ 15,570     $ 13,789     $ 16,266  
    QTD Corporate Agent Productivity > 1 Year(1)   $ 28,887     $ 25,738     $ 28,963  
    QTD Franchise Productivity < 1 Year(2)   $ 22,303     $ 10,975     $ 9,583  
    QTD Franchise Productivity > 1 Year(2)   $ 29,950     $ 21,103     $ 22,305  
    Policies in Force     1,636,000       1,486,000       1,456,000  
    Client Retention     84 %     86 %     87 %
    Premium Retention     99 %     101 %     102 %
    QTD Written Premium (in thousands)   $ 1,028,736     $ 756,082     $ 802,939  
    Net Promoter Score (“NPS”)     90       92       92  
                             

    (1) – Corporate Productivity is New Business Production per Agent (Corporate): The New Business Revenue collected related to corporate sales, divided by the average number of full-time corporate sales agents for the same period. This calculation excludes interns, part-time sales agents and partial full-time equivalent sales managers.
    (2) – Franchise Productivity is New Business Production per Franchise: The gross commissions paid by Carriers and Agency Fees received related to policies in their first term sold by franchise sales agents, divided by the average number of franchises for the same period, prior to paying Royalty Fees to the Company.

    The MIL Network –

  • MIL-OSI: Credit Acceptance Announces Timing of Third Quarter 2024 Earnings Release and Webcast

    Source: GlobeNewswire (MIL-OSI)

    Southfield, Michigan, Oct. 23, 2024 (GLOBE NEWSWIRE) — Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today that we expect to issue a news release with our third quarter 2024 earnings on Wednesday, October 30, 2024, after the market closes. A webcast is scheduled for Thursday, October 31, 2024, at 8:30 a.m. Eastern Time to discuss third quarter 2024 earnings.  

    Conference Call and Webcast Information:
    Date: Thursday, October 31, 2024
    Time: 8:30 a.m. Eastern Time

    Telephone Access: 

    Only persons accessing the webcast by telephone will be able to pose questions to the presenters during the webcast. To participate by telephone, you must pre-register using the following link:

    https://register.vevent.com/register/BIc3f0d088751f49af853a2c2511fe2362

    or through the link posted on the “Investor Relations” section of our website at ir.creditacceptance.com. Upon registering you will be provided with the dial-in number and a unique PIN to access the webcast by telephone.

    Webcast Access:
    The webcast can also be accessed live by visiting the “Investor Relations” section of our website at ir.creditacceptance.com.

    Additionally, a replay and transcript of the webcast will be archived in the “Investor Relations” section of our website.

    Description of Credit Acceptance Corporation

    We make vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing.

    Without our financing programs, consumers are often unable to purchase vehicles or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the Nasdaq Stock Market under the symbol CACC. For more information, visit creditacceptance.com.

    The MIL Network –

  • MIL-OSI: TeraWulf Inc. Announces Proposed Private Offering of $350 Million of Convertible Notes

    Source: GlobeNewswire (MIL-OSI)

    EASTON, Md., Oct. 23, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced that it intends to offer, subject to market conditions and other factors, $350 million aggregate principal amount of convertible senior notes due 2030 (the “Convertible Notes”) in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).

    TeraWulf also expects to grant the initial purchasers of the Convertible Notes an option to purchase, within a 13-day period beginning on, and including the date on which the Convertible Notes are first issued, up to an additional $75 million aggregate principal amount of the Convertible Notes. The offering is subject to market and other conditions, and there can be no assurance as to whether, when or on what terms the offering may be completed. 

    The Company intends to use the net proceeds from the offering to pay the cost of the capped call transactions (as described below), to repurchase shares of the Company’s common stock (the “common stock”) and for general corporate purposes.

    The Convertible Notes will be senior unsecured obligations of the Company and will accrue interest at a rate payable semi-annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2025. The Convertible Notes will mature on February 1, 2030, unless earlier repurchased, redeemed or converted in accordance with their terms. Prior to November 1, 2029, the Convertible Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, the Convertible Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.

    The Convertible Notes will be convertible into cash in respect of the aggregate principal amount of the Convertible Notes to be converted and cash, shares of the common stock or a combination of cash and shares of the common stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted. The initial conversion rate, interest rate and other terms of the Convertible Notes will be determined at the time of pricing in negotiations with the initial purchasers of the Convertible Notes.

    In connection with the pricing of the Convertible Notes, the Company expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers of the Convertible Notes and/or other financial institutions (the “option counterparties”). If the initial purchasers of the Convertible Notes exercise their option to purchase additional Convertible Notes, the Company expects to use a portion of the net proceeds from the sale of the additional Convertible Notes to enter into additional capped call transactions with the option counterparties.

    The capped call transactions are expected generally to reduce potential dilution to the common stock upon conversion of any Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap.

    In connection with establishing their initial hedges of the capped call transactions, the Company expects the option counterparties or their respective affiliates to purchase shares of the common stock and/or enter into various derivative transactions with respect to the common stock concurrently with or shortly after the pricing of the Convertible Notes. This activity could increase (or reduce the size of any decrease in) the market price of the common stock or the Convertible Notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common stock and/or purchasing or selling shares of the common stock or other securities of the Company in secondary market transactions following the pricing of the Convertible Notes and prior to the maturity of the Convertible Notes (and are likely to do so on each exercise date for the capped call transactions or following any termination of any portion of the capped call transactions in connection with any repurchase, redemption or early conversion of the Convertible Notes). This activity could also cause or avoid an increase or decrease in the market price of the common stock or the Convertible Notes, which could affect holders of the Convertible Notes’ ability to convert the Convertible Notes and, to the extent the activity occurs following conversion of the Convertible Notes or during any observation period related to a conversion of the Convertible Notes, it could affect the amount and value of the consideration that holders of the Convertible Notes will receive upon conversion of such Convertible Notes.

    The Company expects to repurchase the shares of common stock from purchasers of the Convertible Notes in privately negotiated transactions effected concurrently with the pricing of the Convertible Notes, and the Company expects the purchase price per share of the common stock repurchased in such transactions to equal the closing price per share of the common stock on the date the offering of the Convertible Notes is priced.

    The Convertible Notes and any shares of common stock issuable upon conversion of the Convertible Notes, if any, have not been registered under the Securities Act, securities laws of any other jurisdiction, and the Convertibles Notes and such shares of common stock may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and any applicable state securities laws. The Convertible Notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act.

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

    About TeraWulf

    TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and high-performance computing. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including nuclear and hydroelectric power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts, such as statements concerning the proposed terms of the notes and the capped call transactions, the completion, timing and size of the proposed offering of the notes and the capped call transactions, and the anticipated use of proceeds from the proposed offering (including the proposed share repurchases). All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

    Investors:
    Investors@terawulf.com

    Media:
    media@terawulf.com

    The MIL Network –

  • MIL-OSI: American Coastal Insurance Corporation Provides Hurricane Loss Updates and Schedules Release of Third Quarter 2024 Financial Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    ST. PETERSBURG, Fla., Oct. 23, 2024 (GLOBE NEWSWIRE) — American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) (“the Company”, “American Coastal” or “ACIC”) the insurance holding company of American Coastal Insurance Company (“AmCoastal”), announced estimated hurricane losses for the 2024 third and fourth quarters. The Company also expects to release its financial results for the third quarter ended September 30, 2024, on Wednesday, November 6, 2024, after the close of the market, and will conduct its quarterly conference call at 5:00 p.m. ET.

    2024 Third Quarter Update:

    The Company estimates net current accident quarter catastrophe losses incurred stemming from Hurricanes Debby and Helene in the third quarter of 2024 to be approximately $3.8 million, net of tax impacts. $2.4 million of this impact from Helene is retained by AmCoastal, with $1.4 million being retained by the Company’s captive reinsurance entity. The Company does not expect losses from Debby or Helene to reach the excess of loss layers of AmCoastal’s reinsurance program and expects to deliver positive net income for the third quarter of 2024.

    2024 Fourth Quarter Update:

    The Company estimates net current accident quarter catastrophe losses incurred stemming from Hurricane Milton in the fourth quarter of 2024 to be approximately $16.2 million, net of tax impacts. $7.9 million of this impact from Milton is retained by AmCoastal, with $8.3 million being retained by the Company’s captive reinsurance entity. The Company also expects to incur approximately $13 million of reinstatement premiums that will be amortized as ceded premiums earned over the remaining eight month coverage period, from October 2024 through May 2025.

    “Hurricanes Helene and Milton were severe storms with devastating impact, and our primary focus is on servicing our policyholders. ACIC’s underwriting discipline and robust reinsurance program serve to protect AmCoastal’s balance sheet and reduce volatility from the active Atlantic hurricane season. We estimate a gross loss between $150 and $200 million from Milton, leaving 100 percent of AmCoastal’s $1.26 billion occurrence based reinsurance tower available for subsequent catastrophe events. With AmCoastal’s reinsurance tower fully intact and a lower $10.3 million retention on potential second and third events, net of tax impacts, the Company remains strongly positioned for the remainder of the 2024 Atlantic hurricane season, and is expected to remain profitable in the fourth quarter, despite Milton’s impact,” said Brad Martz, President of American Coastal.

    Third Quarter 2024 Conference Call Details:

    The conference call will include live remarks followed by a question and answer (Q&A) session. Interested parties are invited to participate in the conference call and should dial-in 10 minutes before the conference call is scheduled to begin.

    Wednesday, November 6, 2024 – 5:00 p.m. ET

    Participant Dial-In Numbers:

    United States: 877-445-9755
    International: 201-493-6744

    To listen to the conference call via webcast, please visit the Company website and click on the webcast link at the top of the page or click here. The webcast will be archived and accessible for approximately 30 days following the call.

    About American Coastal Insurance Corporation:
    American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, Exceptional’ from Demotech, and maintains an “A-” insurance financial strength rating with a Stable outlook by Kroll. ACIC maintains a ‘BB+’ issuer rating with a Stable outlook by Kroll.

    Contact Information:
    Alexander Baty
    Vice President, Finance & Investor Relations, American Coastal Insurance Corporation
    investorrelations@amcoastal.com
    (727) 425-8076        

    Karin Daly
    Investor Relations, Vice President, The Equity Group
    kdaly@equityny.com
    (212) 836-9623

    The MIL Network –

  • MIL-OSI: Amplify Energy Schedules Third Quarter 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 23, 2024 (GLOBE NEWSWIRE) — Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) announced today that it will report third quarter 2024 financial and operating results after the U.S. financial markets close on November 6, 2024. Management will host a conference call at 10:00 a.m. CT on November 7, 2024 to discuss the Company’s results. Interested parties are invited to participate in the conference call by dialing (877) 550-1707 (Conference ID: AEC3Q24) at least 15 minutes prior to the start of the call. A replay of the call will be available by phone at (800) 654-1563 (Access Code: 10171254) for a fourteen-day period following the call.

    About Amplify Energy

    Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), East Texas / North Louisiana, and the Eagle Ford (Non-op). For more information, visit www.amplifyenergy.com.

    Investor Relations Contacts

    Jim Frew — SVP & Chief Financial Officer
    (832) 219-9044
    jim.frew@amplifyenergy.com

    Michael Jordan — Director, Finance and Treasurer
    (832) 219-9051
    michael.jordan@amplifyenergy.com

    The MIL Network –

  • MIL-OSI: LiveRamp to Discuss Second Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 23, 2024 (GLOBE NEWSWIRE) — LiveRamp® (NYSE: RAMP), the leading global data collaboration platform, today announced that its fiscal 2025 second quarter financial results will be released on Wednesday, November 6, 2024 after the financial markets close. A conference call to discuss the results will be held on the same day at 1:30 p.m. PT.

    A live webcast of the conference call can be accessed on the LiveRamp Investor Relations website.

    Additionally, the conference call can be accessed via the telephone by dialing (800) 715-9871 or (646) 307-1963. The conference call ID is 9668872.

    To automatically receive LiveRamp financial news by email, please visit the company’s Investor Relations website and subscribe to email alerts.

    About LiveRamp

    LiveRamp is the data collaboration platform of choice for the world’s most innovative companies. A groundbreaking leader in enterprise identity, LiveRamp offers a connected customer view with clarity and context while protecting brand and consumer trust. We offer flexibility to collaborate wherever data lives to support a wide range of data collaboration use cases—within organizations, between brands, and across our global network of premier partners. Global innovators, from iconic consumer brands and tech platforms to retailers, financial services, and healthcare leaders, turn to LiveRamp to deepen customer engagement and loyalty, activate new partnerships, and maximize the value of their first-party data while staying on the forefront of rapidly evolving compliance and privacy requirements. LiveRamp is based in San Francisco, California with offices worldwide. Learn more at LiveRamp.com.

    For more information, contact:
    Drew Borst
    LiveRamp Investor Relations
    Investor.Relations@LiveRamp.com

    The MIL Network –

  • MIL-OSI: Logan Ridge Finance Corporation Schedules Third Quarter 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 23, 2024 (GLOBE NEWSWIRE) — Logan Ridge Finance Corporation (Nasdaq: LRFC) (“LRFC,” “Logan Ridge” or the “Company”) to release its financial results for the third quarter ended September 30, 2024, on Thursday, November 7, 2024, after market close. The Company will host a conference call on Tuesday, November 12, 2024, at 11:00 a.m. ET to discuss these results.

    By Phone: To access the call, please dial (646) 307-1963 approximately 10 minutes prior to the start of the conference call and use the conference ID 1567736.

    A replay of this conference call will be available shortly after the live call through November 19, 2024.

    By Webcast: A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis at https://edge.media-server.com/mmc/p/qktrwywh. The online archive of the webcast will be available on the Company’s website shortly after the call at www.loganridgefinance.com in the Investor Resources section under Events and Presentations.

    About Logan Ridge Finance Corporation

    Logan Ridge Finance Corporation (Nasdaq: LRFC) is a publicly traded, externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Logan Ridge invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle market companies. Logan Ridge Finance Corporation is externally managed by Mount Logan Management, LLC, a wholly owned subsidiary of Mount Logan Capital Inc. Both Mount Logan Management, LLC and Mount Logan Capital Inc. are affiliates of BC Partners Advisors L.P.

    Logan Ridge’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on the Company’s website at loganridgefinance.com.

    Contacts:
    Logan Ridge Finance Corporation
    650 Madison Avenue, 3rd floor
    New York, NY 10022

    Brandon Satoren
    Chief Financial Officer
    Brandon.Satoren@bcpartners.com
    (212) 891-2880

    The Equity Group Inc.
    Lena Cati
    lcati@equityny.com
    (212) 836-9611

    The Equity Group Inc.
    Val Ferraro
    vferraro@equityny.com
    (212) 836-9633

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –