NewzIntel.com

Category: Great Britain

  • MIL-OSI United Kingdom: Take away owner fined for a string of food safety and hygiene breaches A local takeaway owner has been ordered to pay more than £5,000 following a conviction fo..

    Source: City of Lancaster

    A local takeaway owner has been ordered to pay more than £5,000 following a conviction for a string of food safety and hygiene breaches.

    Mr Khalil Hakim, the owner of Urban Spice, on Brock Street, Lancaster, pleaded guilty when he appeared at Lancaster Magistrates court on Tuesday (January 21) after failing to comply with requirements under the Food Safety and Hygiene (England) Regulations 2013.

    Inspections by Lancaster City Council’s Environmental Health team in February and March 2024 identified poor standards at the premises, which included mouldy onion bhajis found in the fridge, poor handling of food, poor cleanliness and a lack of food safety management procedures.

    Officers served statutory hygiene improvement notices to seek improved standards at the premises.

    Following non-compliance Mr Hakim appeared at court for failing to comply with two Hygiene Improvement Notices for food safety management and food safety training, and for placing food on the market which was deemed unsafe.

    Mr Hakim was ordered to pay £5615.94 in fines and costs ( £1,600 in fines, Victim surcharge of £640 and legal costs of £3375.94).

    Lancaster City Council will continue to monitor the business and take further action if necessary.

    Councillor Paul Hart, cabinet member with responsibility for environmental services, said: “Our Food Safety team is committed to ensuring the protection and safeguarding of residents and visitors consuming food across our district.

    “The team continually inspect and monitor all food businesses to ensure they adhere to relevant laws and regulations and we work with businesses, where needed, to help drive their operations up to expected standards.

    “Poor food hygiene standards pose a serious threat to public health. This business had a history of poor ratings, and as this case shows, we will not hesitate in taking action against businesses who fall short of food safety and hygiene requirements.”

    Last updated: 29 January 2025

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  • MIL-OSI United Kingdom: Public invited to share their positive experiences of Life Project

    Source: Northern Ireland – City of Derry

    Public invited to share their positive experiences of Life Project

    29 January 2025

    Derry City and Strabane District Council is celebrating the success of its pioneering Life Project by inviting the public to share their positive experiences of the initiative.

    The Life Project has been running for seven years and has led to thousands of tree saplings being planted to mark every birth, death, civil partnership and marriage registered in the Council’s District Registration offices.

    The trees symbolise growth, remembrance and new beginnings during life’s most significant moments and are part of a wider regional strategy to improve air quality and the public’s mental health across the City and District.

    Registering families are encouraged to plant the tree to commemorate their loved one or life event at their own property but if they don’t have a suitable location, Council can identify alternative sites in its parks and green spaces and plant the tree for them.

    Mayor of Derry City and Strabane District Council, Councillor Lilian Seenoi-Barr, has urged the public to submit their stories and images on the project website to celebrate its success and inspire other families to get involved.

    “Since the launch of the Life Tree project in 2018 over 10,000 sapling trees have been distributed and planted across our Council area,” she noted.

    “Each tree represents a meaningful life moment for a family and leaves a lasting physical legacy to mark and remember it.

    “To highlight the project’s success, we would love to hear from you if your family has been involved, what your tree has symbolised for you and how it has helped you celebrate and honour one of life’s significant moments.” 

    You can share your experience now by visiting the project website at www.lifeprojectderrystrabane.com and completing the ‘Share Your Story’ form with the option to upload pictures.

    The stories may be shared on Council’s Social Media pages and with the local media.

    A community planting day will take place at Bay Road Park on Saturday 22nd February to plant some of the left over trees from the Life Project. Members of the public are invited to come along to help and further details will be shared via the Council’s social media pages in the weeks before the event.

    Further information on the Life Tree Project is available through the Environmental Health Department of Derry City and Strabane District Council by calling 028 71 253253 or e mailing [email protected].

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  • MIL-OSI United Kingdom: Storm Éowyn – information and advice

    Source: Northern Ireland Direct

    Date published:

    There is information about public services affected by Storm Éowyn and drop-in centres for those without water or power. Also, advice on food safety, the dangers of carbon monoxide and damaged electricity equipment or power lines. Keep a close eye on neighbours and support them in whatever way you can.

    Emergency numbers

    You should note the following numbers in case of emergency:

    • emergency services – 999 or 112
    • Northern Ireland Electricity Networks – 03457 643 643
    • NI Gas Emergency Service – 0800 002 001
    • Northern Ireland Water Waterline – 03457 440 088
    • Flooding Incident Line – 0300 2000 100
    • Housing Executive – 03448 920 901

    Damaged electricity equipment or power lines

    Do not approach any damaged electricity equipment or broken power lines.

    Be extra careful around fallen trees, as they often take electricity poles and wires with them as they fall.

    Be aware that electricity can jump gaps. 

    Report anything that looks dangerous to NIE Networks on:

    • phone: 03457 643643

    Reporting a power cut or damaged power line

    If your power is off or you’ve found a damaged power line, you can report it or get more information – contact NIE Networks or visit their website:

    • NIE Networks Customer Helpline: 03457 643 643
    • Power cuts

    Electricity supply

    You can information about electricity supply, including an updated list of areas affected by power cuts, on the NIE Networks website.

    Local councils information and community assistance or drop-in centres

    There is information about community assistance or drop-in centres at this link – NIE Networks representatives will be at a number of these venues:

    You can find your local council area information, including about community drop-in centres, at these links:

    Water supply

    If there are difficulties with water supply and sewerage, you will get the most up-to-date information on areas experiencing disruption and what is being done on the NI Water website. This includes a full postcode search facility. 

    You can also phone Waterline 24 hours a day/ 365 days a year on:

    • 03457 440088

    Older people, people with a serious medical condition, or people who need extra help for any other reason can join the NI Water customer care register to get a range of free extra services.

    Carbon monoxide dangers

    If you’re without electricity, using equipment such as kerosene heaters, charcoal grills (BBQs) and portable generators indoors can cause carbon monoxide levels high enough to result in carbon monoxide poisoning.

    Only equipment designed to be used indoors should be brought inside the home.

    For any fuel-burning equipment indoors:

    • there must be good ventilation
    • it must be used with a carbon monoxide alarm

    Always follow the manufacturer’s guidance.

    There is further advice at this link: 

    Symptoms of carbon monoxide poisoning include headaches, nausea, breathlessness, dizziness, collapse, and loss of consciousness. 

    If affected, you should:

    • open doors and windows for ventilation and go outside into the fresh air
    • go to your GP or nearest Emergency Department
    • if it’s urgent, call 999
    • call the relevant emergency advice line
      • Gas Emergency Service (24 hours) 0800 002 001
      • Oil (OFTEC) 0845 65 85 080

    Food safety advice

    If a power cut has affected your home and you have no electricity supply, it’s important you continue to store and prepare food safely. 

    You can find advice at this link: 

    If your water supply is cut off, it is recommended using alcohol-based hand sanitiser for cleaning your hands before touching food.

    Report a fallen tree or blocked road

    You can report a fallen tree or blocked road at the following link:

    Roads information

    Work is ongoing to remove obstructions. Road users are advised to use caution, as there is debris on some roads and roadsides. 

    You can get the latest updates about roads at this link:

    Where roads are closed, follow road signs and any diversions in place.

    Public transport

    For the latest information on bus and train services, go to the Translink website.

    School closures

    You can find information about schools affected by the bad weather at this link:

    MOT and driving tests 

    Driver and Vehicle Agency (DVA) testing services resumed as scheduled on Saturday 25 January.

    There is some disruption for vehicle tests anticipated at Armagh and Omagh, and driving tests at Altnagelvin.

    DVA will contact affected customers.

    Unless you receive a notification from DVA, you should arrive for your appointment as scheduled. 

    Public libraries

    All public libraries are open, with free Wi-Fi, power outlets, and seating.

    Find out more about the services available at: 

    Jobs and Benefits offices and Department for Communities offices 

    All Jobs and Benefits offices and Department for Communities offices are open, except for the Foyle Jobs and Benefit Office due to some storm damage.

    Temporary closure of Foyle Jobs and Benefits office

    Information for benefits customers:

    • Foyle Jobs and Benefits office is currently closed due to storm damage
    • staff working remotely are providing a normal service
    • while the office is closed, benefit payments due will still be paid by the date due
    • Universal Credit customers can use the online service and journal as usual
    • telephone calls will be handled by staff working remotely
    • Jobseeker’s Allowance (JSA) signing at Foyle Jobs and Benefits offices is excused
    • staff will contact affected customers for telephone or alternative in-person appointments
    • customers in need of urgent in-person support can contact another Jobs and Benefits office

    Forests, country parks, nature reserves and angling

    Safe public access at all sites by the storm will be reinstated as soon as possible.

    Birdkeepers

    Birdkeepers are reminded to be extra vigilant during the clean-up following the storm.

    Flooding or damage to hen houses can increase the risk of an avian influenza incursion.

    Health services

    Urgent and emergency care services are open as normal.

    Use the Phone First service for your local Health and Social Care Trust before travelling to an Emergency Department.

    However, call 999 if you or someone you care for is experiencing a life-threatening emergency.

    You can find information from the Trusts at these links:

    Financial help if your house floods

    If your home is flooded due to the weather, contact the local council and ask about their emergency payments scheme.

    More useful links

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  • MIL-OSI United Kingdom: Antibiotic ‘Access’ list updated for the UK

    Source: United Kingdom – Executive Government & Departments

    UKHSA has published an updated antimicrobial stewardship tool

    The UK Health Security Agency (UKHSA) has published an updated antimicrobial stewardship tool to support healthcare professionals across the UK prescribe the most appropriate antibiotics for patients, while protecting their future effectiveness.

    The UK’s tool is based on the World Health Organization’s (WHO) AWaRe (Access, Watch or Reserve) classification system, which was developed to support good antibiotic stewardship at local, national and global levels. This recent review, which applies to all 4 nations in the UK, was conducted in response to the WHO updating its categories in 2023.

    Most patients should receive Access antibiotics in the first instance, which offer the most effective treatment while minimising the potential for resistance. However, in a few cases some patients may require Watch or Reserve. Watch antibiotics are first or second choice antibiotics indicated for a limited number of infections, while Reserve are “last resort” or new antibiotics. These are closely monitored and prioritised as targets of stewardship programmes to ensure continued effectiveness.

    In UKHSA’s latest review, with contribution from 60 experts across the 4 UK nations, the English Surveillance Programme for Antimicrobial Utilisation and Resistance oversight group and Department of Health Expert Advisory Group on Antimicrobial Prescribing, Resistance and Healthcare-associated Infection (APRHAI) has provided a UK classification for 90 antibiotics.

    The most significant change is that all first-generation cephalosporins are now classed as Access, compared to Watch in 2019. This means that patients with certain allergies, such as penicillin, will have access to a wider range of antibiotics that currently show less potential to develop resistance to bacteria than others. The change aligns with the 2023 WHO AWaRe classification but does not mandate increased use of cephalosporins. All other cephalosporins remain in the Watch or Reserve categories.

    In keeping with UKHSA’s review in 2019, amoxicillin/clavulanic acid remains in Watch in the UK, but is classified as Access in the 2023 WHO AWaRe classification. Amoxicillin/clavulanic acid is an important and widely used drug globally. However, in the UK setting specifically, experts judged that its use is more likely to develop resistance in bacteria compared to other antibiotics. 

    UK-AWaRe classification is an important stewardship tool to help achieve the 20-year UK vision to contain and control antimicrobial resistance. It also supports one of the national targets set in the UK National Action Plan for antimicrobial resistance 2024 to 2029. By 2029, the UK is aiming to achieve 70% of total use of antibiotics from the Access category across the human healthcare system to preserve efficacy. According to the latest assessment in 2023, this was 64.1% for England.

    Dr Colin Brown, Deputy Director at UKHSA said:

    The AWaRe classification has played an important role in antibiotic stewardship in the UK and continues to do so. This review for the UK will help healthcare professionals choose the best treatment options for their patients, while preserving the effectiveness of antibiotics for future use.

    It will also support the development of guidelines for antibiotic prescribing and our UK targets to tackle antibiotic resistance set out in the National Action Plan.

    Appropriate use of antibiotics is essential in our fight against resistant bacteria.

    Updates to this page

    Published 29 January 2025

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  • MIL-OSI United Kingdom: HIV health disparities in London

    Source: Mayor of London

    In 2023, London recorded the highest new HIV diagnosis rate of any region in England, standing at 17.2 per 100,000.1 The UK Health Security Agency’s (UKHSA) latest dataset, relating to 2023, also shows that:

    • Testing in London increased by 8 per cent between 2022 and 2023 (413,755 to 445,655), exceeding 2019 levels (430,853). 
    • There was an increase in the number of diagnoses for all age groups among men exposed through sex between men and living in London, except for those aged 65 years and over. The increase was highest among those aged 15 to 24 years (24 per cent increase).
    • The number of late diagnoses declined by four per cent amongst those living in London.
    • There was an increase in deaths in London amongst men from 184 to 196 (6.5 per cent) and women from 46 to 59 (28.3 per cent) between 2022 and 2023.

    Despite progress towards zero-HIV targets, there are existing HIV health disparities amongst particular demographics in London. The National AIDS Trust has previously stated that “glaring disparities in progress on HIV between different groups demonstrate the urgent need for Government investment.”2

    In the second of a two-meeting investigation, the London Assembly Health Committee will discuss HIV prevention efforts in London, the work of HIV charities in London and international comparisons.

    The guests are:

    Panel 1 – HIV prevention in London (10:00 – 11:10)

    • Marc Thompson, Lead Commissioner, London HIV Prevention Programme
    • Mona Hayat, Director of Sexual Health, London Sexual Health Programme
    • Professor Kevin Fenton CBE, Statutory Health Advisor to the Mayor

    Panel 2 – HIV charities in London (11:15 – 12:25)

    • Mark Santos, Executive Director, Positive East
    • Joel Robinson, CEO, Spectra London
    • Kat Smithson, CEO, British Association for Sexual Health and HIV
    • Tony Wong, Chief Executive Officer, METRO Charity
    • Juddy Otti, Head of HIV Services, Africa Advocacy Foundation

    Panel 3 – International comparisons (12:30 – 13:00) – attending remotely

    • Elske Hoornenborg, Head of the Center for Sexual Health and medical doctor specialised in internal medicine and infectious diseases, Public Health Service of Amsterdam

    The meeting will take place on Thursday 30 January from 10am in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.

    Media and members of the public are invited to attend.

    The meeting can also be viewed LIVE or later via webcast or YouTube.

    Follow us @LondonAssembly.

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  • MIL-OSI United Kingdom: Monthly GDP Estimates for November

    Source: Scottish Government

    An Official Statistics in Development publication for Scotland

    Scotland’s onshore GDP contracted by 0.5% in November 2024, according to statistics announced by the Chief Statistician. This follows a revised contraction of 0.4% (revised from -0.2%) in October 2024.

    In the three months to November, GDP is estimated to have contracted by 0.3% compared to the previous three month period. This indicates a decrease in growth relative to the revised growth of 0.4% (revised from 0.3%) in 2024 Quarter 3 (July to September).

    In November, the largest contribution to headline GDP was made by the Professional, Scientific and Technical Services sector which contracted by 3.5%, contributing -0.3 percentage points to the overall contraction. The largest positive contribution was made by the Information & Communications sector which grew by 1.1%, contributing 0.1 percentage points towards GDP.

    Background

    The quarterly statistical publication and data are available at:

    https://www.gov.scot/publications/gdp-quarterly-national-accounts-2024-q3

    The monthly statistical publication and data are available at:

    https://www.gov.scot/publications/monthly-gdp-november-2024

    All results are seasonally adjusted and presented in real terms (adjusted to remove inflation). GDP growth relates to Scotland’s onshore economy, which means it does not include the output of offshore oil and gas extraction.

    Gross Domestic Product (GDP) measures the output of the economy in Scotland and are designated as official statistics in development. This means that they are still in development but have been released to enable their use at an early stage. All results are provisional and subject to relatively high levels of uncertainty.

    Further information on GDP statistics is available at http://www.gov.scot/gdp

    These estimates are compiled in line with the Code of Practice for Statistics – more information on the standards of official statistics can be accessed at: https://www.statisticsauthority.gov.uk/code-of-practice/

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  • MIL-OSI United Kingdom: Action to reduce prison population

    Source: Scottish Government

    Legislation to come into force.

    A new law to bring about an immediate and sustained reduction in the prison population will take effect from 11 February.

    The Prisoners (Early Release) (Scotland) Act – passed by the Scottish Parliament in November 2024 – will change the release point for those serving prison sentences of less than four years from 50% of their sentence to 40%.

    There will be no change to the release point for prisoners serving sentences for domestic abuse or sexual offences.

    It is expected this change will bring about a 5% reduction in the sentenced prison population compared to if no change had been made. At the point of commencement the change will apply to eligible prisoners already serving sentences of less than four years and those sentenced from then on.

    This will mean that an estimated 260-390 short-term prisoners who have served 40% of their sentence will be released by the Scottish Prison Service in three tranches over six weeks.

    The commencement regulations laid in the Scottish Parliament today, which bring the Act into force, set out this will be done on:

    Tranche 1: 18th – 20th February

    Tranche 2: 4th – 6th March

    Tranche 3: 18th – 20th March

    The Bill does not make any changes to the Victim Notification Schemes. Victims who have already signed up to the Victim Notification Scheme (VNS) will be told automatically by the Scottish Prison Service if there is a change to the date of release of the prisoner in their case. Victims who are not signed up to the VNS, can also contact the Scottish Prison Service directly to receive information. Victims will also be able to nominate Victim Support Scotland, Rape Crisis Scotland, ASSIST or Children First to receive information about prisoner release on their behalf.

    Justice Secretary Angela Constance said:

    “The prison population has significantly grown in recent years and I recognise that the impact is being felt in prisons and across the justice system.

    “While not a complete solution, this Act will bring sustained reduction to prisoner numbers so the prison estate can continue to function effectively.

    “We need the prison system to focus on those who pose the greatest risk to the public and provide a range of support to help reduce reoffending and integration back into the community. That is why this Act is backed by both the Prison Officers’ Association and the Prison Governors Association.

    “I absolutely recognise that the release of prisoners can be distressing for victims of crime and that changing the release point for short-term prisoners has the potential to raise questions and cause concern. That is why we will continue to work closely with victim support organisations to ensure that accessible information is available to victims on the change to the release point for short-term prisoners.”

    Background

    In November 2024, the Scottish Parliament voted in favour of the Prisoners (Early Release) (Scotland) Act.

    The Prisoner (Early Release) (Scotland) Act 2025 (Commencement) Regulations 2025.

    Support is available to those being released from prison. All prisoners are entitled to support to help reintegrate with their community and rebuild relationships, including through mentoring and one-to-one support both prior to and post release.

    Information of the number of prisoners released at each tranche will be published within two months following the initial release of prisoners including how many victims were notified of release.

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  • MIL-OSI United Kingdom: Circular 2025/01: Victims and Prisoners Act 2024 – part 1 (victims of crime) related measures

    Source: United Kingdom – Executive Government & Departments

    Information on the commencement of measures in Part 1 (victims of criminal conduct) of the Victims and Prisoners Act 2024.

    Applies to England and Wales

    Documents

    Circular 2025/01: Victims and Prisoners Act 2024 – part 1 (victims of crime) related measures

    HTML

    Details

    This circular is issued to inform criminal justice agencies and other interested authorities of the commencement of measures in Part 1 (victims of criminal conduct) of the Victims and Prisoners Act 2024 (the Act).

    Updates to this page

    Published 29 January 2025

    Sign up for emails or print this page

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  • MIL-OSI United Kingdom: The Alley Theatre announces Spring 2025 workshops

    Source: Northern Ireland – City of Derry

    The Alley Theatre announces Spring 2025 workshops

    29 January 2025

    Strabane’s cultural hub, the Alley Theatre, is delighted to unveil its vibrant line-up of workshops for Spring 2025. Over the next few months the Alley is offering a wide array of hands-on, creative experiences – from unique arts and crafts to culinary skills, these workshops are designed for all ages and skill levels, promising a season full of fun, learning, and artistic expression.

    Large Props Workshop
    Get ready to roll up your sleeves and bring your artistic vision to life in an exciting three-week Props Workshop. Every Saturday from 15th February – 1st March, participants will work together to design and create large-scale props for use in upcoming Alley Theatre productions and community events in Strabane. No previous experience required, just a passion for creativity and a collaborative spirit
    This is a fantastic opportunity to get involved in the theatre community while learning new skills in prop-making, painting, and design. Suitable for ages 16 years and up.  Times 12noon – 4pm. Free to take part but must be pre-booked.

    Thai Cooking Workshop
    Embark on a culinary adventure with this hands-on workshop where you will learn to prepare three authentic Thai dishes each week from scratch. Taking place each Saturday from 15th – 29th March from 2-4pm you will be led by an experienced Thai chef from Thai Arts and Cooking NI. Dive into the rich flavours of Thai cuisine, learning the techniques and secrets behind making mouth-watering dishes. With a small group size, this workshop provides an intimate setting to learn, practice, and savour the fruits of your labour. Perfect for food lovers looking to expand their cooking repertoire. The cost is £25 per week.

    Spring Willow Wreath Workshop
    Celebrate the season of renewal by creating your very own spring willow wreath on Saturday 29th March from 11am-2pm. Under the guidance of Fiona Doney, you will use locally sourced willow and seasonal foliage, you’ll learn the art of wreath-making, designing a beautiful decoration that embodies the spirit of spring. Ideal for beginners, this workshop will also give you tips on how to embellish your wreath with natural decorations, perfect for brightening your home or garden. Cost £25.

    Woodturning Demonstration
    Ever wondered how those beautiful, handcrafted wooden bowls are made? This live demonstration on Saturday 5th April will take you through the fascinating process of woodturning. Watch expert wood turner Gavin Campbell as he transforms a block of wood into a stunning bowl using a traditional electric lathe. This hands-on demonstration will offer insight into the craftsmanship and patience required for this age-old art form. This workshop runs from 2-4pm and cost £10.

    Intergenerational Workshops

    Ceramic Flower Picture
    Get your hands dirty and bring spring to life with a beautiful ceramic flower picture. This two-part workshop on Saturday 5th and 12th April from 10am-1pm will guide you through creating a stunning clay picture bursting with vibrant flowers. Whether you’re a beginner or an experienced artist, this workshop is perfect for unleashing your creativity and enjoying the tactile process of working with clay.  Led by Leona Devine, this workshop is suitable for ages 10 years up to adults of all ages.  Cost £15 (children), £25 (adults).

    Children’s / Teenage Workshops

    Make Your Own Teddy Bear
    A heart-warming workshop perfect for young crafters on Saturday 22nd February from 11am-1pm. Children will design and stitch together their very own teddy bear, creating a lifelong friend to cherish. Each bear comes with a personalized birth certificate, making this a memorable keepsake. A great bonding experience for parents and children alike. Cost £10, suitable for age 6+.

    Fused Glass Sun Catchers
    Discover the world of glass art and design by creating your own stunning fused glass sun catcher. Suitable for ages 12+, this hands-on class will teach participants how to combine colours and textures to create a functional piece of art that can brighten any space. Led by Natasha Duddy, the workshop runs on Saturday 22nd March from 1.30-3.30pm and costs £15.

    Introduction to Embroidery
    Suitable for ages 10 years+, learn the art of hand embroidery with a focus on modern techniques. Led by Sinead Crumlish on Saturdays from 22nd March – 12th April,10.30am-12.30pm each week. This workshop will explore a variety of stitches and designs to create a beautiful bespoke tote bag. It costs £25.

    Upcycling & Mark Making
    Get creative and express yourself with sustainable art by turning your old clothes into new and functional pieces on Saturdays 26th April and 3rd May. This eco-friendly workshop will inspire participants to repurpose materials and give them a second life. Learn to print and stitch techniques and make art using old fabrics and packaging.  Suitable for ages 12+, the cost is £20.

    Easter Fun
    Hop into the Easter spirit with a fun and festive craft workshop on Saturday 19th April.  With multiple sessions available at 10.30am and 11.40pm children can get creative with clay and design their own Easter-themed projects, from bunnies to eggs and beyond. This is a fantastic way for kids to express their artistic flair while celebrating the joy of Easter. This is a free workshop, but it must be pre-booked. 

    Also on Saturday 19th April from 1pm-4pm, let your children’s imagination run wild in a drop in interactive storytelling sessions. Children will enjoy hearing Easter-themed stories come to life through captivating story-telling and hands-on participation. With plenty of opportunities for creative expression, these sessions bring the magic of storytelling to life for all ages

    Speaking about the new workshop programme Andrea Campbell, Arts Development Officer of the Alley Theatre commented “We’re thrilled to offer these workshops as part of our commitment to providing creative opportunities for everyone in Strabane and beyond.  Whether you’re looking to pick up a new hobby, try something hands-on, or meet like-minded creatives, these workshops are all about inspiring confidence and creativity. We look forward to welcoming participants of all ages to these engaging and fun classes.”

    Workshops are filling up quickly, so don’t miss out on your chance to be part of this creative spring season at The Alley Theatre. To book please visit the Alley Theatre website www.alley-theatre.com or call the box office on 028 71 384444.

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  • MIL-OSI United Kingdom: Club offers Armed Forces members and veterans breakfast and banter

    Source: City of Wolverhampton

    The Wolverhampton Armed Forces & Veterans Breakfast Club meets at The Bankfield Inn, Bilston, on the last Saturday of the month from 9.30am, and offers people breakfast and banter in a safe, social environment.

    The ethos of the Bilston club, which was set up in 2019, is ‘mutual support’. Membership is free and all people need to pay for is their breakfast.

    Councillor Craig Collingswood, chair of Wolverhampton’s Armed Forces Covenant Partnership Board, attended last weekend’s club and said: “The Wolverhampton Armed Forces & Veterans Breakfast Club is a brilliant initiative.

    “It offers veterans and serving members the chance to enjoy the company of other Armed Forces personnel past and present, helps to combat loneliness and enables veterans to ‘return to the tribe’.”

    The club also meets socially for regimental and association dinners, nights out, barbecues, parties, summer balls and Christmas parties. For more details, please visit Armed Forces & Veterans Breakfast Club.

    Elsewhere, Veterans in the Community runs 3 veterans’ groups in the Wolverhampton area – at Wednesfield Conservative Club on Mondays from 11am to 1pm, the RAFA Club, Goldthorn Road, on Tuesdays from 1pm to 3pm, and Lunt Community Centre, Bilston, on Wednesdays from 1pm to 3pm. All ages are welcome to attend to enjoy refreshments and good company, as well as regular events and trips.

    As lead for the Armed Forces Covenant Partnership Board for the city, the City of Wolverhampton Council co-ordinates support for the Armed Forces community across Wolverhampton.

    The council welcomes veterans and the wider Armed Forces community into the organisation and offers a range of supportive policies such as guaranteed interview schemes for veterans applying for job vacancies and an allowance of up to 24 days’ paid leave for reservists and adult cadet force volunteers. For details of current employment opportunities, please visit WMJobs.

    Meanwhile, Armed Forces veterans in Wolverhampton can enjoy free bus travel and discounted rail travel. Travel for West Midlands is running an incentive scheme in collaboration with local bus operators enabling unlimited free travel on all buses, all day, in the Network West Midlands area for up to six months. To find out more, please email wolves.afd@wolverhampton.gov.uk.

    A Veterans Railcard is also available, offering discounts on rail travel in England, Wales and Scotland. For further information please visit Veterans Railcard.

    For more information about the Armed Forces Covenant, and the help and support that is available to members of the Armed Forces community in Wolverhampton, please visit Armed Forces Covenant.

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  • MIL-OSI Security: Police seize more than 4500 XL Bully dogs since ban

    Source: United Kingdom National Police Chiefs Council

    500% increase in police costs for dealing with dangerous dogs expected by end of financial year 

    Almost one year on from the ban on XL Bully dogs in the UK, the latest figures show the huge burden this has placed on policing, with kennel spaces reaching capacity and costs increasing by the day.  

    Chief Constable Mark Hobrough is National Police Chiefs’ Council lead for dangerous dogs, he said: 

    “Since the introduction of the ban on XL Bully dogs police services have had to quickly adapt, taking positive action to respond to thousands of calls from the public and doing everything we can to remove these dangerous dogs from our communities.  

    “Undoubtedly the ban and our response to it has driven down the number of dog attacks and we are pleased that the public continues to support us by reporting suspected XL Bully dogs in their local area.  

    “However, the demand has been and continues to be simply huge. We are facing a number of challenges in kennel capacity, resourcing and ever-mounting costs and as of today, we have not received any additional funding to account for this.  

    “Veterinary bills and the cost of kennelling across policing has risen from £4m in 2018 to currently standing at more than £11m and this is expected to rise to as much as £25m by the end of April 2025. That’s a predicted 500% increase. 

    “Before the XL Bully ban was introduced there were 120 Dog Liaison Officers across England and Wales, we then trained an additional 100 with a further 40 identified to be trained this coming year.  This means that in some areas established dog handlers have been called away from other policing duties. We have had to purchase additional vehicles, equipment and find countless extra kennel spaces from the finite that are available within the industry.   

    “Policing will uphold the government’s decisions, and we’ll act robustly to do so, but the bigger picture is a focus on responsible dog ownership. People need to be aware of the types of dogs that they’re bringing into their homes and make the right decisions to choose a breed which suits their lifestyle, environment and experience. 

    “We are also asking for amendments to the existing legislation so we have alternative options to deal with the specific circumstances of a particular case. At the moment, the only option you have is to go to court when someone is in possession of an unregistered XL Bully but we feel there are some situations which could be swiftly dealt with through out of court disposals. For example, there’s potentially a big difference in someone who has unwittingly ended up owning a dog from a young age they weren’t aware was an XL Bully or those who on veterinary advice were unable to have their dog neutered by the deadline versus an individual who is intentionally breeding and selling these dogs.  

    “At the top end, unscrupulous criminal dealers and breeders need to feel the full weight of the law going to court but alternative methods of out of court disposals would support us in taking a proportionate response as required.   

    “We will always protect our communities by ensuring these dangerous dogs are dealt with but we urgently need the Government to support us in coping with the huge demand the ban has placed on our ever-stretched resources.” 

    Statistics 
    • Police forces in England and Wales have seized and euthanised 848 dogs between February and September 2024 at an estimated cost of £340K. These were dogs which were surrendered to police by owners who had not complied with the ban, nor taken advantage of the compensation scheme. 
    • Between February and September 2024, policing has seized over 4,586 suspected S1 dogs * throughout England and Wales. People have been going to court, and will continue to do so, facing criminal convictions, fines and imprisonment for being in possession of these illegal types of dog. 
    • Since the start of the XL Bully ban police services have increased kennel capacity by a third.  
    • It can cost up to £1,000 a month to keep dogs in kennels and with up to an 18-month lead in time so both kennel demand / expenditure moving forward will become even more acute. We are aware of court cases not being scheduled until mid-2026 for some dangerously out of control cases. 
    • The police officer/staff overtime bill for forces between February 2024 and September 2024 was circa £560K. 

    *A section 1 dog is any of the specified banned breeds in the Dangerous Dogs Act.  

    MIL Security OSI –

  • MIL-OSI United Kingdom: Brexit cost: higher energy bills and lower investment

    Source: Scottish Government

    Scottish Government calls for closer energy links with Europe.

    The Scottish Government is calling for closer co-operation with Europe to help lower energy bills and boost investment.

    Ahead of upcoming UK Government talks with the EU the Scottish Government has published a report, identifying  a number of opportunities to more closely align with the European Union on energy matters.

    These include:

    • accelerating the adoption of more efficient UK-EU electricity trading arrangements to bring down energy costs for consumers
    • linking the UK and EU Emissions Trading Schemes (ETS) to help reduce costs and barriers to trade

    Estimates from the UK energy industry predict that unless the UK moves toward closer cooperation with the EU on energy and climate, it may lead to additional costs of up to £10billion in 2024-25, through higher energy bills and lower Treasury revenues.

    The Scottish Government’s wants Scotland to be an EU member state, however the report published today sets out immediate actions which would rebuild closer collaboration with the EU on energy and climate matters and offset some of the damage caused by Brexit.

    Acting Cabinet Secretary for Net Zero and Energy Gillian Martin said: “As we approach the fifth anniversary of Brexit, the costs to the people of Scotland are becoming ever clearer.

    “The best future for Scotland is to be a member state of the EU. But we will always be a voice for closer co-operation with our fellow Europeans – in particular around issues which impact us all such as lowering energy bills and driving up investment in renewables.

    “This paper highlights the key areas where working together is vital for achieving our shared ambitions – driving economic growth, reducing costs, strengthening energy security and substantially contributing to our shared climate goals.

    “We have a pivotal role to play and stand ready to work collaboratively with the UK Government and wider partners to re-build a closer relationship with Europe in this space.”

    Background

    Read the Closer energy and climate cooperation with the EU report

    Energy UK Explains: the cost of the UK-EU relationship for energy – Energy UK

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Scottish rocket launch boost to get Britain back into space race

    Source: United Kingdom – Government Statements

    A landmark Scottish rocket launch is set to solidify the UK as a European leader in the space sector.

    £20 million to launch the first UK made orbital rocket from Saxavord.

    • Landmark Scottish rocket launch set to boost UK’s launching power and make Britain a European space leader
    • £20 million government investment will help to fund the construction and launch of the first UK-manufactured and UK-launched orbital rocket
    • Orbex’s rocket Prime will encourage economic investment and support high-skilled jobs, as part of the Plan for Change

    A landmark Scottish rocket launch is set to solidify the UK as a European leader in the space sector, following a £20 million government investment in UK launch company Orbex to build and launch a rocket from the shores of Scotland.

    Tech Secretary Peter Kyle announced the investment today (29th January) at Brussels’ European Space Conference, positioning Britain as a leading international partner and cooperator in Europe’s access to space. The investment will help to fund Orbex’s rocket Prime, the first UK-manufactured and UK-launched orbital rocket.

    Prime is set to take off from late 2025 at Scottish spaceport SaxaVord, one of two licensed vertical launch spaceports in Europe. It will catalyse the UK’s position as a leading small satellite manufacturer and global space leader, and support 140 highly paid jobs in the region as part of the government’s Plan for Change.

    The investment will contribute to this government’s mission to grow the economy, boosting the UK’s ability to regularly launch rockets into orbit from its shores and attracting launch investment into the UK.

    With European demand for satellites up to 2033 forecasted to be worth $50 billion, even 2% of this would bring around $1 billion in revenues for the UK economy alone.

    Developing Britain’s launch capabilities is already helping to bring new jobs and economic benefits to communities and organisations across the UK. So far, the Prime project has created more than 140 highly skilled jobs in Forres, with many more anticipated as the company continues to grow.

    The launch of Prime will also help to inspire a new generation of British space professionals. By showcasing the pivotal role of Britain in the space age, government is investing now to ensure a sector that is vibrant, innovative, and above all, successful in achieving our goal for the UK to become a leading European provider of small satellite launch.

    Technology Secretary Peter Kyle said:

    Britain’s impressive toolkit of scientific talent, world class facilities, and unique geography means we stand ready to lead the charge and to work together with our international partners as a key part of the new space revolution in Europe.

    By investing £20 million in this rocket launch, we are not only helping the country to become a leading destination for small satellite launches in Europe but bringing highly skilled jobs and investment to communities and organisations across the UK, as part of our Plan for Change.   

    Supporting Orbex’s launch will also turbocharge the country’s position in the space sector and inspire our next generation of space professionals, who will be able to design, test, build and launch British rockets, carrying British satellites, from British soil.

    Designed to launch satellites into orbit, Prime will benefit from the UK’s latitude, with Scotland’s geographical positioning providing easy access to valuable polar orbits.

    The British-built Prime is also Europe-leading in its pioneering approach to sustainability.  It is poised to become the first in a new generation of ultra green launch systems, powered by renewable bio-propane fuel, which cuts carbon emissions significantly compared to other similarly sized rockets being developed elsewhere around the world.

    The rocket is also designed to be re-useable. Upon returning to Earth, what does not burn up harmlessly in the atmosphere will be recovered and components will be refurbished and reused in future projects.    

    Britain is already a key player in the satellite industry, with Glasgow building more satellites than any other city in Europe.

    Dr Paul Bate CEO UK Space Agency said:

    Space is a fast-growing global industry and there is a real opportunity for the UK to play a greater role now than ever before. This new government investment is not just about launching a rocket, but building a more prosperous future for all, powered by space technology.

    Orbex is a highly innovative company that can serve customers in the UK, Europe and beyond with its Prime launch vehicle, create hundreds of high skilled jobs in Scotland and inspire a new generation to reach for the stars. We will work closely with them as we countdown to launch, continue to develop our national space capabilities, and strengthen our international partnerships.

    Scotland Office Minister, Kirsty McNeill, said:

    It’s an exciting time for the Scottish space sector and this £20 million investment from the UK government in Orbex will help Scotland maintain our position as a leader as we look forward to the first satellite launch later this year.

    This important industry is playing a vital role in our Plan for Change, helping economic growth and employing thousands of people in good quality jobs, often in small towns and rural communities, across the country.

    Phillip Chambers, CEO of Orbex, said:

    This first of a kind investment by the UK government demonstrates its confidence in the UK’s space rocket manufacturing and launch sector and is an exciting start to the opening of our Series D fundraising. We are entering the final preparations to deliver the most flexible and environmentally sustainable launch services to the global satellite industry.

    This investment paves the way not only for us to launch our first rocket this year but also to develop a larger rocket to enable us to compete in the European Launcher Challenge. These development goals are crucial to our longer-term development.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 300

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Environment Agency secures record commitments from water sector

    Source: United Kingdom – Government Statements

    The EA, working closely with Natural England, has secured the largest ever environmental commitment from water companies since privatisation.  

    The Environment Agency working closely with Natural England has secured the largest ever commitment from water companies to clean up the environment and invest in new infrastructure since privatisation.   

    The Water Industry National Environment Programme (WINEP) sets out over 24,000 actions water companies must take over the next five years to meet their legal requirements for the environment. This series of targeted interventions represents a £22.1bn investment in the environment – four times more than was secured in the last Price Review and will deliver tangible benefits for our water system and for customers. 

    As part of the PR24 process the Environment Agency assessed actions proposed by water companies and, alongside Ofwat and Natural England, provided technical guidance to make sure these actions will provide direct solutions to environmental pressures and help drive nature recovery. 

    The agreed actions will lead to improvements in water infrastructure to secure future supply, habitats and biodiversity and drinking water quality. For example, water companies have submitted plans to establish trials to remove nitrate, restore nationally important chalk streams, and install bespoke biosecurity measures to remove invasive species.  

    Further goals set out under WINEP include:  

    • Reducing the amount of water abstracted, leading to an estimated 60 million litres of water being retained in the environment every day, 

    • Protecting and enhancing of 13,500 km rivers,  

    • Upgrading 2,350 storm overflows leading to an estimated annual reduction of sewage spills by of 85,000 annually, 

    • Improving 21 newly designated bathing water sites across England, 

    • Reducing phosphorous inputs to the environment at over 800 sewage treatment works, 

    • Installing 3,500 monitors at emergency overflows sites.

    Alan Lovell, Chair of the Environment Agency said: 

    This unprecedented level of investment represents a vital step forward towards ensuring we have clean, safe, and abundant water now and for future generations. 

    Working with the water companies on this £22bn programme is a crucial way to realise the government’s goals of stimulating development and boosting economic growth, while ensuring the sector can meet its ambitious environment commitments.

    We will work closely with Defra, Ofwat and other regulators to monitor water company progress and ensure they deliver what has been promised. If water companies fail to carry out their legal obligations to the environment, we will take action.” 

    Steve Reed, Secretary of State for the Environment said: 

    It is no secret that our water system needs fixing and that our rivers, lakes and seas are choked by pollution.  

    Customers deserve the money they pay in bills to go towards improving the service they receive, and that is why the Government will ringfence money earmarked for investment, so it can only be spent on projects like these. 

    We are also going further to fix our water system through the Water (Special Measures) Bill, by introducing new powers to ban the payment of bonuses for polluting water bosses and bring criminal charges against lawbreakers.” 

    Natural England provides advice and guidance where water company activity may influence protected sites ,including Special Areas of Conservation (SAC), Special Protection Areas (SPA) and Sites of Special Scientific Interest (SSSI), such as through water abstraction and discharges, and how this can be improved through the WINEP.  

    Marian Spain, Chief Executive of Natural England, said: 

    The scale of investment in the Water Industry National Environment Programme (WINEP) is a positive step towards delivering sustainable outcomes for the water environment, nature recovery, biodiversity improvement and sustainable growth.  

    Natural England will be working to maximise the opportunity of this significant investment, to get full value for money via integrated approaches and work with our partners including the Environment Agency, water companies and Defra to help deliver this ambitious programme.

    Chris Walters, Senior Director, Price Review 2024 at Ofwat said:  

    We welcome the EA’s publication of the WINEP programme. In December we approved a record £104bn investment package, including over £22bn for WINEP.  

    This quadruples the investment of the last five years, providing water companies with an opportunity to turn around their environmental performance and regain customers’ trust by improving services.  

    We will monitor companies and hold them to account for their investment programmes so that they do this”.

    David Henderson, Chief Executive, Water UK said:

    This programme will be the largest amount of money ever spent on the natural environment. It will help to support economic growth, build more homes, secure our water supplies and end sewage entering our rivers and seas.

    The Environment Agency and other regulators will drive water companies to embrace state-of-the-art technologies and groundbreaking innovations when delivering the actions set out under WINEP.  

    These collaborative efforts are crucial to cutting pollution, managing water efficiency, and increasing resilience to climate change for the benefit of both nature and people. By doing so we and industry can stimulate development and support the Government’s objective of boosting economic growth.  

    The investment was secured through Ofwat’s final determinations announced in December and has been factored into upcoming changes to customer bills. 

    The WINEP data set will be published at 0800 on 29 January on GOV.UK

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Australia: Housing Delivery Authority starts strong, creating the potential for more than 40,000 new homes

    Source: New South Wales Premiere

    Published: 29 January 2025

    Released by: The Premier, Minister for Housing

    In the first three weeks since the Housing Delivery Authority (HDA) started accepting Expressions of Interest (EOI) for larger scale housing developments, it has already received nearly 100 proposals with the potential for more than 40,000 homes, with more expected.

    So far, 85 EOIs in metropolitan areas and 11 in regional NSW have been received, exceeding expectations.

    The HDA offers proponents a new State Significant Development pathway and State Significant Development pathway with a concurrent rezoning process – neither having to be approved by councils, cutting approval times and speeding up the delivery of new homes.

    Each EOI is assessed against its capacity to deliver high yield, well-located, good quality homes faster.

    Having identified that major residential developments above $60 million in metropolitan areas and $30 million in regional NSW often take longer in their assessment, these can now be submitted through the HDA.

    These complex proposals often require greater resources and planning capabilitites and as a result, the projects can get stuck in council planning systems for years.

    These delays compound declining housing availability, worsening affordability and create greater uncertainty for proponents who are trying to build much needed new homes.

    In early February, the HDA will meet to recommend proposals to be declared a State Significant Development (SSD) project, community consultation and assessment will then proceed.

    The EOI process is ongoing, providing regular opportunities for industry to have their major residential development proposals considered, with submissions reviewed monthly.

    For more information visit Housing Delivery Authority | Planning

    Premier for New South Wales:

    “For far too long, it has been made harder and harder for people to build homes in NSW, so it is wonderful to see these reforms starting to turn that around.”

    “Without these major changes that are speeding up the delivery of new homes, Sydney risks becoming a city without a future because it’s simply too expensive to put a roof over your head.

    “By speeding up the approval of new homes near existing infrastructure and removing red tape that seems to have been designed to slow down development, we’re delivering the homes that young people, families and workers need.”

    Minister for Planning and Public Spaces Paul Scully said:

    “We expected 80 to 100 EOIs in the first year, so to see this many in less than a month signals trust from the industry in the Minns Government to deliver.

    “Building more homes for NSW is a priority for the Minns Labor Government and the HDA is a major step towards unlocking those homes.

    “This pathway is about seeing good quality projects move through the planning system faster and as part of that process, if we don’t see shovels in the ground in two years, proponent will lose their approval.

    “The Minns Government is making it easier to build more houses closer to jobs, infrastructure, parks and transport and we need more, quality, large scale residential development proposals from industry to build a better NSW.”

    MIL OSI News –

  • MIL-OSI Australia: 1,500 people receive care from NSW pharmacies for common skin conditions

    Source: New South Wales Premiere

    Published: 29 January 2025

    Released by: Minister for Health

    Almost 1,500 people have received more convenient and easy-to-access care for common skin conditions as part of the NSW Pharmacy Dermatology Trial.

    The trial, which has surpassed the six-month milestone, allows appropriately trained pharmacists to manage common minor skin conditions.

    These conditions include impetigo (school sores), shingles, mild to moderate eczema and acute mild plaque psoriasis.

    Over 480 pharmacies across the state are currently participating in the trial.

    The skin conditions phase of the trial builds on trials which have enabled authorised pharmacists to undertake consultations for urinary tract infections (UTI) and the resupply of the oral contraceptive pill (OCP).

    Since June 2024, authorised pharmacists have been able to offer the UTI service as part of usual business, and the resupply of OCP since September.

    This initiative has allowed thousands of people with the option of conveniently obtaining a prescription through their local pharmacist, relieving pressure on general practitioners (GP) and freeing up GP appointments for people who need them the most.

    While the supply and accessibility of GPs is a responsibility of the Commonwealth, challenges relating to access to primary care is impacting the state’s hospitals.

    The NSW Government however is playing its part by embracing new and innovative initiatives to create pathways outside the hospital, including:

    • Empowering pharmacists to provide care for selected common conditions;
    • Delivering more urgent care services and clinics;
    • Delivering more virtual care services; and
    • Saving bulk-billing in NSW by providing payroll tax relief to GP clinics. 

    Quotes attributable to Minister for Health Ryan Park:

    “Imagine, instead of struggling to find a GP appointment to receive a script for a minor skin condition, you could just pop down to your local pharmacy, and receive the care you need, when you need it.

    “We’re providing thousands of people with the option of conveniently obtaining a prescription this way, relieving pressure on our GPs and saving GP appointments for people who need them the most.

    “I am so pleased more than 1,400 people across NSW have been able to access more convenient, timely support for common mild skin conditions thanks to this trial.

    “The NSW Government is committed to supporting innovative initiatives like this one that are helping improve access to primary care services.

    Quotes attributable to Catherine Bronger, Senior Vice of President of the Pharmacy Guild of Australia, NSW Branch:

    “Community pharmacists in NSW have provided immediate care for nearly 1,500 patients with minor skin conditions through the NSW Pharmacy Dermatology Trial.

    With over 480 participating pharmacies, the initiative offers convenient prescription access, easing the burden on GPs and reserving their appointments for more critical cases.

    This approach benefits both the community and its residents by making treatment more accessible and efficient.  The Pharmacy Guild of Australia is proud and honoured to be part of this critical initiative, supporting and evolving the NSW healthcare landscape.”

    MIL OSI News –

  • MIL-OSI Australia: 360,000 households across NSW notified of seat change ahead of 2025 federal election [29 January 2025]

    Source: Australian Electoral Commission

    Updated: 29 January 2025

    The AEC is notifying more than 360,000 households in NSW that they are enrolled in a different electoral division after federal boundaries were redrawn in the state last year.

    AEC State Manager for New South Wales Rebecca Main said that a federal election must be held sometime in the next four months.

    “With a federal election coming it is important that voters are familiar with the seat they’ll be voting in for the House of Representatives,” Ms Main said.

    “Redrawn boundaries mean a lot of people will be voting in different seats to last time, so we’re letting them know in a few ways including by sending letters and running ads on social media.”

    “It is an automatic change made on their enrolment record but the action required by voters is simply to know what their seat is ahead of time so they can be prepared when they’re thinking about who they might vote for.”

    Editor’s notes:

    MIL OSI News –

  • MIL-OSI Security: Former Tufts Medical Center Doctor Sentenced to a Decade in Prison for Attempted Sex Trafficking of a Child

    Source: United States Department of Justice (Human Trafficking)

    BOSTON – A former anesthesiologist at Tufts Medical Center in Boston was sentenced today for attempted sex trafficking of a child.

    Sadeq Ali Quraishi, 47, was sentenced by U.S. District Court Judge Angel Kelley to 10 years in prison, to be followed by five years of supervised release. In October 2024, Quraishi was convicted of one count of attempted sex trafficking of a child.

    “Today’s sentence reflects the seriousness of Mr. Quraishi’s heinous actions and underscores our unwavering commitment to protecting children from exploitation. Our office, alongside our law enforcement partners, will continue to aggressively pursue individuals who fuel the market for child sex trafficking and hold them accountable for their crimes. This sentence reflects our dedication to identifying those who prey on our most vulnerable and holding them accountable for their inhumane acts,” said United States Attorney Leah B. Foley.

    “As a doctor, Quraishi was in a position of public trust. He abused that trust when he actively sought out and agreed to pay to sexually abuse a child. Fortunately, instead of the vulnerable child he planned to meet, he was met with an undercover HSI special agent,” said Special Agent in Charge Michael J. Krol for Homeland Security Investigations in New England. “It is a heartbreaking truth that children are trafficked every day, but HSI remains steadfast in our commitment to fight the exploitation of children here in Massachusetts and around the world.”

    In November 2022, law enforcement conducted an undercover operation designed to identify and apprehend people who sought to pay for sex with children. To that end, law enforcement placed advertisements online offering commercial sex with two young girls who were purportedly 12 and 14 years old.

    Quraishi, then a practicing anesthesiologist at Tufts Medical Center, responded to one of the advertisements. Through an ensuing text conversation with undercover agents posing as the seller of the two girls, Quraishi agreed to pay $250 for a sex act to be performed by a 14-year-old girl. Shortly thereafter, Quraishi obtained cash from an ATM, and drove from his Boston home to a Waltham hotel to meet with the purported seller. Once at the hotel, he met with an undercover agent, confirmed he had the money to pay for the commercial sex act, and accepted a keycard he believed would give him access to the room where the 14-year-old girl would be. During that meeting, Quraishi was arrested and found to be in possession of exactly $250.

    If you or someone you know may be impacted or experiencing commercial sex trafficking, please contact USAMA.VictimAssistance@usdoj.gov.

    U.S. Attorney Foley and HSI SAC Krol made the announcement today. Assistant U.S. Attorneys Brian A. Fogerty of the Human Trafficking & Civil Rights Unit and Lauren A. Graber of Criminal Division prosecuted the case. 

    MIL Security OSI –

  • MIL-OSI Security: Member of Violent Gang Pleads Guilty to Racketeering and Firearm and Drug Trafficking Offenses

    Source: Office of United States Attorneys

    BOSTON – A Boston-area man pleaded guilty today to his role in Cameron Street, a violent Boston gang.

    Jonathan Darosa, a/k/a “Jeezy,” 31, of Boston, pleaded guilty to one count of conspiracy to participate in a racketeering enterprise (more commonly referred to as RICO or racketeering conspiracy); one count of being a felon in possession of firearm and ammunition; one count of distribution of and possession with intent to distribute cocaine and oxycodone; and one count of distribution of and possession with intent to distribute cocaine. U.S. Senior District Court Judge William G. Young scheduled sentencing for May 1, 2025.

    Over the course of a two-year investigation, Darosa was identified as a member of Cameron Street. On two separate occasions, Darosa distributed cocaine and oxycodone to a cooperating witness. Additionally, in an interaction with law enforcement, Darosa threatened officers, telling them “If I had a gun on me, I would have shot at you,” “I am not going back to jail,” and “I keep it on my hip.” In April 2021 in Dorchester, local law enforcement observed Darosa wearing a “waist bag” across his chest – law enforcement had recovered firearms from similar bags in the past. During a search of Darosa’s person, a Taurus 9 millimeter semi-automatic pistol containing 12 rounds of assorted 9 millimeter ammunition, including one round in the chamber, was recovered.

    According to court documents, Cameron Street is a violent gang based largely in the Dorchester section of Boston that used violence and threats of violence to preserve, protect and expand its territory, promote a climate of fear and enhance its reputation.

    Darosa has been convicted on three prior occasions of unlawful possession of a firearm, including a 2016 conviction in Suffolk Superior Court for which he served a three-year prison sentence.

    The charge of RICO conspiracy and conspiracy to interfere with commerce by force or violence each provide for a sentence of up to 20 years in prison, three years of supervised release and a fine of $250,000. The charge of being a felon in possession of a firearm and ammunition provides for a sentence of up to 10 years in prison, three years of supervised release and a fine of $250,000. The charge of distribution of cocaine and oxycodone provides for a sentence of up to 20 years in prison, at least three years of supervised release up to life and a fine of $1 million. The charge of distribution of and possession with intent to distribute cocaine provides for a sentence of up to 20 years in prison, at least three years of supervised release up to life and a fine of $1 million. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley; James M. Ferguson, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives, Boston Feld Division; Stephen Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration, New England Field Division; and Boston Police Commissioner Michael Cox made the announcement today. Valuable assistance was provided by the Massachusetts State Police; Suffolk County Sheriff’s Office; Suffolk, Plymouth, Norfolk and Bristol County District Attorney’s Offices; and the Canton, Quincy, Randolph, Somerville, Brockton, Malden, Stoughton, Rehoboth and Pawtucket (R.I.) Police Departments. Assistant U.S. Attorneys Christopher Pohl and Charles Dell’Anno of the Narcotics & Money Laundering Unit are prosecuting the case.

    This operation is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    The remaining defendants named in the indictment are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI: Western New England Bancorp, Inc. Reports Results for Three Months and Year Ended December 31, 2024 and Declares Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    WESTFIELD, Mass., Jan. 28, 2025 (GLOBE NEWSWIRE) — Western New England Bancorp, Inc. (the “Company” or “WNEB”) (NasdaqGS: WNEB), the holding company for Westfield Bank (the “Bank”), announced today the unaudited results of operations for the three and twelve months ended December 31, 2024. For the three months ended December 31, 2024, the Company reported net income of $3.3 million, or $0.16 per diluted share, compared to net income of $2.5 million, or $0.12 per diluted share, for the three months ended December 31, 2023. On a linked quarter basis, net income was $3.3 million, or $0.16 per diluted share, for the three months ended December 31, 2024, as compared to net income of $1.9 million, or $0.09 per diluted share, for the three months ended September 30, 2024. For the twelve months ended December 31, 2024, net income was $11.7 million, or $0.56 per diluted share, compared to net income of $15.1 million, or $0.70 per diluted share, for the twelve months ended December 31, 2023.

    The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.07 per share on the Company’s common stock. The dividend will be payable on or about February 26, 2025 to shareholders of record on February 12, 2025.

    James C. Hagan, President and Chief Executive Officer, commented, “I am pleased to report the results for the fourth quarter of 2024. Our strong, diversified, core deposit base was integral in effectively managing our funding costs over the last two years during a rising rate environment. Our disciplined approach to managing our funding costs resulted in an increase in net interest income for the second consecutive quarter in 2024.

    As we continue to manage the balance sheet, we remain focused on identifying initiatives to mitigate top line pressures and improve efficiencies over the Company’s long-term. In 2024, total deposits increased $118.9 million, or 5.6%, and core deposits represented 68.9% of total deposits as compared to 2023. The loan-to-deposit ratio decreased to 91.5%. We continue to focus on extending credit within our markets and servicing the needs of our existing customer base while ensuring new opportunities present the appropriate levels of risk and return.

    Our asset quality remains strong, with nonaccrual loans at 0.26% of total loans, and classified loans, which we define as special mention and substandard loans, at 1.9% of total loans as of December 31, 2024. Our loan portfolio continues to perform well and we continue to proactively identify and manage credit risk within the loan portfolio, consistent with our prudent credit culture.

    The Company is considered to be well-capitalized and we remain disciplined in our capital management strategies. During the twelve months ended December 31, 2024, we repurchased 934,282 shares of the Company’s common stock at an average price per share of $7.94. We continue to believe that buying back shares represents a prudent use of the Company’s capital. We are pleased to be able to continue to return value to shareholders through share repurchases. Although the banking environment has been challenged, our capital management strategies have been critical to sustaining growth in book value per share, which increased to $11.30, while tangible book value per share, a non-GAAP financial measure, increased $0.33, or 3.2%, to $10.63 at December 31, 2024.”

    Hagan concluded, “Over the last few years, the banking industry as a whole experienced challenging headwinds, however, our team remains focused on serving our customers and supporting our community. Our commitment to strong capital and liquidity levels gives us a strong foundation to take advantage of opportunities in the markets we serve and to enhance shareholder value in the long term.”

    Key Highlights:

    Loans and Deposits

    Total loans increased $42.9 million, or 2.1%, from $2.0 billion at December 31, 2023 to $2.1 billion at December 31, 2024. Residential real estate loans, including home equity loans, increased $53.5 million, or 7.4%, commercial real estate loans decreased $4.0 million, or 0.4%, commercial and industrial loans decreased $5.7 million, or 2.7%, and consumer loans decreased $1.1 million, or 19.8%.

    Total deposits increased $118.9 million, or 5.6%, from $2.1 billion at December 31, 2023 to $2.3 billion at December 31, 2024. Core deposits, which the Company defines as all deposits except time deposits, increased $26.7 million, or 1.7%, from $1.5 billion, or 71.5% of total deposits, at December 31, 2023, to $1.6 billion, or 68.9% of total deposits, at December 31, 2024. Time deposits increased $92.2 million, or 15.1%, from $611.4 million at December 31, 2023 to $703.6 million at December 31, 2024. Brokered time deposits, which are included in time deposits, totaled $1.7 million at December 31, 2024 and at December 31, 2023. The loan-to-deposit ratio decreased from 94.6% at December 31, 2023 to 91.5% at December 31, 2024.

    Liquidity

    The Company’s liquidity position remains strong with solid core deposit relationships, cash, unencumbered securities, a diversified deposit base and access to diversified borrowing sources. At December 31, 2024, the Company had $1.1 billion in immediately available liquidity, compared to $643.6 million in uninsured deposits, or 28.4% of total deposits, representing a coverage ratio of 171.8%.

    Uninsured deposits of the Bank’s customers are eligible for FDIC pass-through insurance if the customer opens an IntraFi Insured Cash Sweep account or a reciprocal time deposit through the Certificate of Deposit Account Registry System. IntraFi allows for up to $250.0 million per customer of pass-through FDIC insurance, which would more than cover each of the Bank’s deposit customers if such customer desired to have such pass-through insurance.

    Allowance for Credit Losses and Credit Quality

    At December 31, 2024, the allowance for credit losses was $19.5 million, or 0.94% of total loans and 362.9% of nonperforming loans, compared to $20.3 million, or 1.00% of total loans and 315.6% of nonperforming loans, at December 31, 2023. At December 31, 2024, nonperforming loans totaled $5.4 million, or 0.26% of total loans, compared to $6.4 million, or 0.32% of total loans, at December 31, 2023. Total delinquent loans decreased $1.0 million, or 16.7%, from $6.0 million, or 0.30% of total loans, at December 31, 2023 to $5.0 million, or 0.24% of total loans, at December 31, 2024. At December 31, 2024 and December 31, 2023, the Company did not have any other real estate owned.

    Net Interest Margin

    The net interest margin was 2.41% for the three months ended December 31, 2024, compared to 2.40% for the three months ended September 30, 2024. The net interest margin, on a tax-equivalent basis, was 2.43% for the three months ended December 31, 2024, compared to 2.42% for the three months ended September 30, 2024.

    Stock Repurchase Program

    On May 22, 2024, the Board of Directors authorized a new stock repurchase plan (the “2024 Plan”) under which the Company may repurchase up to 1.0 million shares, or approximately 4.6%, of the Company’s then-outstanding shares of common stock.

    During the three months ended December 31, 2024, the Company repurchased 220,000 shares of common stock under the 2024 Plan, with an average price per share of $9.00. During the twelve months ended December 31, 2024, the Company repurchased 934,282 shares of common stock under the 2024 Plan and the previously existing share repurchase plan, as applicable, with an average price per share of $7.94. As of December 31, 2024, there were 472,318 shares of common stock available for repurchase under the 2024 Plan.

    The repurchase of shares under the stock repurchase program is administered through an independent broker. The shares of common stock repurchased under the 2024 Plan have been and will continue to be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, or otherwise, depending upon market conditions. There is no guarantee as to the exact number, or value, of shares that will be repurchased by the Company, and the Company may discontinue repurchases at any time that the Company’s management (“Management”) determines additional repurchases are not warranted. The timing and amount of additional share repurchases under the 2024 Plan will depend on a number of factors, including the Company’s stock price performance, ongoing capital planning considerations, general market conditions, and applicable legal requirements.

    Book Value and Tangible Book Value

    The Company’s book value per share was $11.30 at December 31, 2024, compared to $10.96 at December 31, 2023, while tangible book value per share, a non-GAAP financial measure, increased $0.33, or 3.2%, from $10.30 at December 31, 2023 to $10.63 at December 31, 2024. See pages 20-22 for the related tangible book value calculation and a reconciliation of GAAP to non-GAAP financial measures.

    Net Income for the Three Months Ended December 31, 2024 Compared to the Three Months Ended September 30, 2024

    The Company reported an increase in net income of $1.4 million, or 72.7%, from $1.9 million, or $0.09 per diluted share, for the three months ended September 30, 2024, to $3.3 million, or $0.16 per diluted share, for the three months ended December 31, 2024. Net interest income increased $545,000, or 3.7%, the provision for credit losses decreased $1.7 million, non-interest income increased $113,000, or 3.6%, and non-interest expense increased $520,000, or 3.6%. Return on average assets and return on average equity were 0.49% and 5.48%, respectively, for the three months ended December 31, 2024, compared to 0.29% and 3.19%, respectively, for the three months ended September 30, 2024.

    Net Interest Income and Net Interest Margin

    On a sequential quarter basis, net interest income, our primary driver of revenues, increased $545,000, or 3.7%, to $15.3 million for the three months ended December 31, 2024, from $14.7 million for the three months ended September 30, 2024. The increase in net interest income was primarily due to an increase in interest income of $746,000, or 2.7%, partially offset by an increase in interest expense of $201,000, or 1.5%.

    The net interest margin was 2.41% for the three months ended December 31, 2024, compared to 2.40% for the three months ended September 30, 2024. The net interest margin, on a tax-equivalent basis, was 2.43% for the three months ended December 31, 2024, compared to 2.42% for the three months ended September 30, 2024. During the three months ended December 31, 2024 and during the three months ended September 30, 2024, the Company had a fair value hedge which contributed to an increase in the net interest margin of one basis point for the three months ended December 31, 2024, compared to an increase of seven basis points during the three months ended September 30, 2024. Excluding the interest income attributed to the fair value hedge, the net interest margin increased seven basis points from 2.33% for the three months ended September 30, 2024 to 2.40% for the three months ended December 31, 2024, respectively. The fair value hedge matured in October of 2024.

    The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, was 4.52% for the three months ended December 31, 2024, compared to 4.54% for the three months ended September 30, 2024. Excluding the impact of the fair value hedge discussed above, the average yield on interest-earnings assets, without the impact of tax-equivalent adjustments, increased four basis points to 4.51% during the three months ended December 31, 2024, compared to 4.47% during the three months ended September 30, 2024. The average loan yield, without the impact of tax-equivalent adjustments, was 4.86% for the three months ended December 31, 2024, compared to 4.90% for the three months ended September 30, 2024. Excluding the impact of the fair value hedge discussed above, the average yield on loans, without the impact of tax-equivalent adjustments, increased two basis points to 4.84% during the three months ended December 31, 2024, compared to 4.82% during the three months ended September 30, 2024. During the three months ended December 31, 2024, average interest-earning assets increased $75.8 million, or 3.1% to $2.5 billion, primarily due to an increase in average loans of $24.2 million, or 1.2%, an increase in average short-term investments, consisting of cash and cash equivalents, of $44.8 million, or 139.7%, and an increase in average securities of $6.8 million, or 1.9%.

    The average cost of total funds, including non-interest bearing accounts and borrowings, decreased four basis points from 2.24% for the three months ended September 30, 2024 to 2.20% for the three months ended December 31, 2024. The average cost of core deposits, which the Company defines as all deposits except time deposits, increased five basis points to 0.98% for the three months ended December 31, 2024, from 0.93% for the three months ended September 30, 2024. The average cost of time deposits decreased 13 basis points from 4.44% for the three months ended September 30, 2024, to 4.31% for the three months ended December 31, 2024. The average cost of borrowings, including subordinated debt, decreased one basis point from 5.05% for the three months ended September 30, 2024 to 5.04% for the three months ended December 31, 2024. Average demand deposits, an interest-free source of funds, increased $20.0 million, or 3.6%, from $559.2 million, or 25.7% of total average deposits, for the three months ended September 30, 2024, to $579.2 million, or 25.6% of total average deposits, for the three months ended December 31, 2024.

    Provision for (Reversal of) Credit Losses

    During the three months ended December 31, 2024, the Company recorded a reversal of credit losses of $762,000, compared to a provision for credit losses of $941,000 during the three months ended September 30, 2024. The provision for credit losses includes a reversal of credit losses on loans of $553,000 and a reversal of credit losses on unfunded loan commitments of $209,000. The reversal of credit losses on loans was due to changes in the economic environment and related adjustments to the quantitative components of the CECL methodology as well as changes in the loan portfolio mix. The provision for credit losses was determined by a number of factors: the continued strong credit performance of the Company’s loan portfolio, changes in the loan portfolio mix and Management’s consideration of existing economic conditions and the economic outlook from the Federal Reserve’s actions to control inflation. The decrease in reserves on unfunded loan commitments was due to an decrease in commercial real estate unfunded loan commitments of $19.5 million, or 10.0%, from $195.3 million at September 30, 2024 to $175.8 million at December 31, 2024. Management continues to monitor macroeconomic variables related to increasing interest rates, inflation and the concerns of an economic downturn, and believes it is appropriately reserved for the current economic environment.

    During the three months ended December 31, 2024, the Company recorded net recoveries of $128,000, compared to net charge-offs of $98,000 for the three months ended September 30, 2024.

    Non-Interest Income

    On a sequential quarter basis, non-interest income increased $113,000, or 3.6%, to $3.3 million for the three months ended December 31, 2024, from $3.1 million for the three months ended September 30, 2024. During the three months ended December 31, 2024, service charges and fees on deposits decreased $40,000, or 1.7%, to $2.3 million from the three months ended September 30, 2024. Income from bank-owned life insurance (“BOLI”) increased $16,000, or 3.4%, from the three months ended September 30, 2024 to $486,000 for the three months ended December 31, 2024. During the three months ended December 31, 2024, the Company reported $187,000 in other income from loan-level swap fees on commercial loans, compared to $74,000 during the three months ended September 30, 2024. During the three months ended December 31, 2024, the Company reported a loss of $11,000 from mortgage banking activities, compared to income from mortgage banking activities of $246,000, during the three months ended September 30, 2024. During the three months ended December 31, 2024, the Company reported unrealized losses on marketable equity securities of $9,000, compared to unrealized gains of $10,000, during the three months ended September 30, 2024. During the three months ended December 31, 2024, the Company reported gains on non-marketable equity investments of $300,000 and did not have comparable income during the three months ended September 30, 2024.

    Non-Interest Expense

    For the three months ended December 31, 2024, non-interest expense increased $520,000, or 3.6%, to $14.9 million from $14.4 million for the three months ended September 30, 2024. Salaries and related benefits increased $317,000, or 3.9%, primarily related to incentive compensation accrual adjustments due to revised payout estimates and an increase in health insurance benefits. FDIC insurance expense increased $51,000, or 15.1%, occupancy expense increased $39,000, or 3.2%, primarily due to snow removal costs of $47,000, advertising expense increased $39,000, or 14.4%, data processing expense increased $31,000, or 3.6%, software expenses increased $30,000, or 4.9%, furniture and equipment expense increased $22,000, or 4.6%, and other non-interest expense increased $116,000, or 8.8%. These increases were partially offset by a decrease in professional fees of $69,000, or 12.8%, and a decrease in debit card processing and ATM network costs of $56,000, or 8.6%.

    For the three months ended December 31, 2024 and the three months ended September 30, 2024, the efficiency ratio was 80.6%. For the three months ended December 31, 2024, the adjusted efficiency ratio, a non-GAAP financial measure, was 81.9% compared to 80.7% for the three months ended September 30, 2024. The increase in the adjusted efficiency ratio was driven by higher expenses during the three months ended December 31, 2024. See pages 20-22 for the related adjusted efficiency ratio calculation and a reconciliation of GAAP to non-GAAP financial measures.

    Income Tax Provision

    Income tax expense for the three months ended December 31, 2024 was $1.1 million, with an effective tax rate of 24.6%, compared to $618,000, with an effective tax rate of 24.5%, for the three months ended September 30, 2024.

    Net Income for the Three Months Ended December 31, 2024 Compared to the Three Months Ended December 31, 2023

    The Company reported net income of $3.3 million, or $0.16 per diluted share, for the three months ended December 31, 2024, compared to net income of $2.5 million, or $0.12 per diluted share, for the three months ended December 31, 2023. Net interest income decreased $903,000, or 5.6%, provision for credit losses decreased $1.2 million, non-interest income increased $540,000, or 19.9%, and non-interest expense increased $141,000, or 1.0%, during the same period. Return on average assets and return on average equity were 0.49% and 5.48%, respectively, for the three months ended December 31, 2024, compared to 0.39% and 4.31%, respectively, for the three months ended December 31, 2023.

    Net Interest Income and Net Interest Margin

    Net interest income decreased $903,000, or 5.6%, to $15.3 million, for the three months ended December 31, 2024, from $16.2 million for the three months ended December 31, 2023. The decrease in net interest income was due to an increase in interest expense of $2.7 million, or 25.7%, partially offset by an increase in interest and dividend income of $1.8 million, or 6.8%. During the three months ended December 31, 2024 and the three months ended December 31, 2023, the Company had a fair value hedge which contributed $74,000 to interest income during the three months ended December 31, 2024, compared to $459,000 during the three months ended December 31, 2023. The fair value hedge matured in October of 2024. The increase in interest expense was a result of competitive pricing on deposits due to the continued high interest rate environment and the unfavorable shift in the deposit mix from low cost core deposits to high cost time deposits.

    The net interest margin was 2.41% for the three months ended December 31, 2024, compared to 2.64% for the three months ended December 31, 2023. The net interest margin, on a tax-equivalent basis, was 2.43% for the three months ended December 31, 2024, compared to 2.66% for the three months ended December 31, 2023. The decrease in the net interest margin was primarily due to an increase in the average cost of interest-bearing liabilities and the unfavorable shift in the deposit mix from low cost core deposits to high cost time deposits, which was partially offset by an increase in the average yield on interest-earning assets. During the three months ended December 31, 2024, the Company had a fair value hedge which contributed to an increase in the net interest margin of one basis point, compared to an increase of eight basis points during the three months ended December 31, 2023. The fair value hedge matured in October of 2024.

    The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, was 4.52% for the three months ended December 31, 2024, compared to 4.38% for the three months ended December 31, 2023. The average loan yield, without the impact of tax-equivalent adjustments, was 4.86% for the three months ended December 31, 2024, compared to 4.71% for the three months ended December 31, 2023. During the three months ended December 31, 2024, average interest-earning assets increased $89.9 million, or 3.7%, to $2.5 billion, primarily due to an increase in average loans of $45.7 million, or 2.3%, an increase in average short-term investments, consisting of cash and cash equivalents, of $34.0 million, or 79.3%, an increase in average securities of $6.4 million, or 1.8%, and an increase in average other investments of $3.8 million, or 31.4%.

    The average cost of total funds, including non-interest bearing accounts and borrowings, increased 39 basis points from 1.81% for the three months ended December 31, 2023, to 2.20% for the three months ended December 31, 2024. The average cost of core deposits, which the Company defines as all deposits except time deposits, increased 22 basis points to 0.98% for the three months ended December 31, 2024, from 0.76% for the three months ended December 31, 2023. The average cost of time deposits increased 53 basis points from 3.78% for the three months ended December 31, 2023 to 4.31% for the three months ended December 31, 2024. The average cost of borrowings, including subordinated debt, increased 21 basis points from 4.83% for the three months ended December 31, 2023 to 5.04% for the three months ended December 31, 2024. Average demand deposits, an interest-free source of funds, decreased $9.6 million, or 1.6%, from $588.7 million, or 27.0% of total average deposits, for the three months ended December 31, 2023, to $579.2 million, or 25.6% of total average deposits, for the three months ended December 31, 2024.

    Provision for (Reversal of) Credit Losses

    During the three months ended December 31, 2024, the Company recorded a reversal of credit losses of $762,000, compared to a provision for credit losses of $486,000 during the three months ended December 31, 2023. The decrease was primarily due to a decrease in unfunded commercial real estate loan commitments, as well as changes in the economic environment and related adjustments to the quantitative components of the CECL methodology. The provision for credit losses was determined by a number of factors: the continued strong credit performance of the Company’s loan portfolio, changes in the loan portfolio mix and Management’s consideration of existing economic conditions and the economic outlook from the Federal Reserve’s actions to control inflation. Management continues to monitor macroeconomic variables related to increasing interest rates, inflation and the concerns of an economic downturn, and believes it is appropriately reserved for the current economic environment.

    The Company recorded net recoveries of $128,000 for the three months ended December 31, 2024, as compared to net charge-offs of $136,000 for the three months ended December 31, 2023.

    Non-Interest Income

    Non-interest income increased $540,000, or 19.9%, from $2.7 million for the three months ended December 31, 2023, to $3.3 million for the three months ended December 31, 2024. Service charges and fees on deposits increased $18,000, or 0.8%, and income from BOLI increased $54,000, or 12.5%, from the three months ended December 31, 2023 to the three months ended December 31, 2024. During the three months ended December 31, 2024, the Company reported $187,000 in other income from loan-level swap fees on commercial loans and did not have comparable income during the three months ended December 31, 2023. During the three months ended December 31, 2024, the Company reported a loss of $11,000 from mortgage banking activities and did not have comparable loss during the three months ended December 31, 2023. During the three months ended December 31, 2024 and the three months ended December 31, 2023, the Company reported $9,000 and $1,000, respectively, in unrealized losses on marketable equity securities. During the three months ended December 31, 2024, the Company reported a gain on non-marketable equity investments of $300,000 and did not have comparable non-interest income during the three months ended December 31, 2023.

    Non-Interest Expense

    For the three months ended December 31, 2024, non-interest expense increased $141,000, or 1.0%, to $14.9 million from $14.8 million for the three months ended December 31, 2023. During the three months ended December 31, 2023, the Company reached an agreement-in-principle to settle purported class action lawsuits concerning the Company’s deposit products and related disclosures, specifically involving overdraft fees and insufficient funds fees. This agreement-in-principle reflects our business decision to avoid the costs, uncertainties and distractions of further litigation. Excluding the legal settlement accrual of $510,000 during the three months ended December 31, 2023, non-interest expense increased $651,000, or 4.6%, from $14.3 million for the three months ended December 31, 2023 to $14.9 million for the three months ended December 31, 2024.

    Salaries and related benefits increased $690,000, or 8.9%, to $8.4 million, primarily related to incentive compensation accrual adjustments due to revised payout estimates and annual merit increases. Data processing expense increased $112,000, or 14.2%, occupancy expense increased $58,000, or 4.8%, FDIC insurance expense increased $51,000, or 15.1%, software related expenses increased $44,000, or 7.4%, debit card processing and ATM network costs increased $34,000, or 6.0%, and furniture and equipment related expenses increased $11,000, or 2.2%. These increases were partially offset by a decrease in professional fees of $203,000, or 30.1%, a decrease in advertising expense of $67,000, or 17.8%, and a decrease in other non-interest expense of $589,000, or 29.1%. Excluding the $510,000 legal settlement accrual, other non-interest expense decreased $79,000, or 5.2%.

    For the three months ended December 31, 2024, the efficiency ratio was 80.6%, compared to 78.3% for the three months ended December 31, 2023. For the three months ended December 31, 2024, the adjusted efficiency ratio, a non-GAAP financial measure, was 81.9% compared to 78.3% for the three months ended December 31, 2023. The increase in the efficiency ratio and the non-GAAP adjusted efficiency ratio was primarily driven by lower revenues during the three months ended December 31, 2024, compared to the three months ended December 31, 2023. See pages 20-22 for the related adjusted efficiency ratio calculation and a reconciliation of GAAP to non-GAAP financial measures.

    Income Tax Provision

    For the three months ended December 31, 2024, income tax expense was $1.1 million, with an effective tax rate of 24.6%, compared to $1.1 million, with an effective tax rate of 30.6%, for the three months ended December 31, 2023. For the three months ended December 31, 2023, the effective tax rate was negatively impacted by discrete items totaling $285,000.

    Net Income for the Twelve Months Ended December 31, 2024 Compared to the Twelve Months Ended December 31, 2023

    For the twelve months ended December 31, 2024, the Company reported net income of $11.7 million, or $0.56 per diluted share, compared to $15.1 million, or $0.70 per diluted share, for the twelve months ended December 31, 2023. Net interest income decreased $8.1 million, or 11.9%, provision for credit losses decreased $1.5 million, non-interest income increased $2.0 million, or 18.4%, and non-interest expense increased $78,000, or 0.1%, during the same period in 2023. Return on average assets and return on average equity were 0.45% and 4.93% for the twelve months ended December 31, 2024, respectively, compared to 0.59% and 6.47% for the twelve months ended December 31, 2023, respectively.

    Net Interest Income and Net Interest Margin

    During the twelve months ended December 31, 2024, net interest income decreased $8.1 million, or 11.9%, to $59.8 million, compared to $67.9 million for the twelve months ended December 31, 2023. The decrease in net interest income was primarily due to an increase in interest expense of $16.8 million, or 50.6%, partially offset by an increase in interest and dividend income of $8.7 million, or 8.6%.

    The net interest margin for the twelve months ended December 31, 2024 was 2.45%, compared to 2.82% for the twelve months ended December 31, 2023. The net interest margin, on a tax-equivalent basis, was 2.47% for the twelve months ended December 31, 2024, compared to 2.84% for the twelve months ended December 31, 2023.

    The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, increased 30 basis points from 4.20% for the twelve months ended December 31, 2023 to 4.50% for the twelve months ended December 31, 2024. The average yield on loans, without the impact of tax-equivalent adjustments, increased 32 basis points from 4.54% for the twelve months ended December 31, 2023 to 4.86% for the twelve months ended December 31, 2024. During the twelve months ended December 31, 2024, average interest-earning assets increased $33.5 million, or 1.4%, to $2.4 billion, compared to the twelve months ended December 31, 2023, primarily due to an increase in average loans of $29.0 million, or 1.4%, an increase in average short-term investments, consisting of cash and cash equivalents, of $12.8 million, or 62.5%, and an increase in average other investments of $2.2 million, or 18.1%, partially offset by a decrease in average securities of $10.6 million, or 2.9%.

    During the twelve months ended December 31, 2024, the average cost of funds, including non-interest-bearing demand accounts and borrowings, increased 70 basis points from 1.44% for the twelve months ended December 31, 2023 to 2.14%. For the twelve months ended December 31, 2024, the average cost of core deposits, including non-interest-bearing demand deposits, increased 24 basis points from 0.65% for the twelve months ended December 31, 2023, to 0.89%. The average cost of time deposits increased 129 basis points from 3.03% for the twelve months ended December 31, 2023 to 4.32% for the twelve months ended December 31, 2024. The average cost of borrowings, which include borrowings and subordinated debt, increased 16 basis points from 4.84% for the twelve months ended December 31, 2023 to 5.00% for the twelve months ended December 31, 2024.

    For the twelve months ended December 31, 2024, average demand deposits, an interest-free source of funds, decreased $41.4 million, or 6.9%, from $602.7 million, or 27.8% of total average deposits, for the twelve months ended December 31, 2023, to $561.3 million, or 25.8% of total average deposits.

    Provision for (Reversal of) Credit Losses

    During the twelve months ended December 31, 2024, the Company recorded a reversal of credit losses of $665,000, compared to a provision for credit losses of $872,000 during the twelve months ended December 31, 2023. The decrease in reserves was primarily due to changes in the economic environment and related adjustments to the quantitative components of the CECL methodology. During the twelve months ended December 31, 2024, the Company recorded net recoveries of $87,000, compared to net charge-offs of $2.0 million for the twelve months ended December 31, 2023. The charge-offs during the twelve months ended December 31, 2023 were related to one commercial relationship acquired in October 2016 from Chicopee Bancorp, Inc. Specifically, the Company recorded a $1.9 million charge-off on the acquired commercial relationship, which represented the non-accretable credit mark that was required to be grossed-up to the loan’s amortized cost basis with a corresponding increase to the allowance for credit losses under the CECL implementation.

    The decrease in the provision for credit losses was primarily due to changes in the loan mix as well as economic environment and related adjustments to the quantitative components of the CECL methodology. The provision for credit losses was determined by a number of factors: the continued strong credit performance of the Company’s loan portfolio, changes in the loan portfolio mix and Management’s consideration of existing economic conditions and the economic outlook from the Federal Reserve’s actions to control inflation. Management continues to monitor macroeconomic variables related to increasing interest rates, inflation and the concerns of an economic downturn, and believes it is appropriately reserved for the current economic environment.

    Non-Interest Income

    For the twelve months ended December 31, 2024, non-interest income increased $2.0 million, or 18.4%, from $10.9 million for the twelve months ended December 31, 2023 to $12.9 million. During the twelve months ended December 31, 2023, the Company recorded a non-recurring final termination expense of $1.1 million related to the defined benefit pension plan termination. During the twelve months ended, December 31, 2023, the Company also recorded a non-taxable gain of $778,000 on BOLI death benefits and did not have a comparable gain during the twelve months ended December 31, 2024. Excluding the defined benefit pension plan termination expense and the BOLI death benefit, non-interest income increased $1.6 million, or 14.6%.

    During the twelve months ended December 31, 2024, service charges and fees increased $346,000, or 3.9%, and income from BOLI increased $91,000, or 5.0%, from $1.8 million for the twelve months ended December 31, 2023 to $1.9 million. During the twelve months ended December 31, 2024, the Company recorded other income from loan-level swap fees on commercial loans of $261,000 and did not have comparable income during the twelve months ended December 31, 2023. During the twelve months ended December 31, 2024, the Company reported a gain of $1.3 million on non-marketable equity investments, compared to a gain of $590,000 during the twelve months ended December 31, 2023. During the twelve months ended December 31, 2024, the Company reported a loss on the disposal of premises and equipment of $6,000, compared to a loss of $3,000 during the twelve months ended December 31, 2023. During the twelve months ended December 31, 2023, the Company also reported unrealized losses on marketable equity securities of $1,000, compared to unrealized gains on marketable equity securities of $13,000 during the twelve months ended December 31, 2024.

    Non-Interest Expense

    For the twelve months ended December 31, 2024, non-interest expense increased $78,000, or 0.1%, to $58.4 million from the twelve months ended December 31, 2023. During the twelve months ended December 31, 2023, the Company reached an agreement-in-principle to settle purported class action lawsuits concerning the Company’s deposit products and related disclosures, specifically involving overdraft fees and insufficient funds fees. This agreement-in-principle reflects our business decision to avoid the costs, uncertainties and distractions of further litigation. Excluding the legal settlement accrual of $510,000, non-interest expense increased $588,000, or 1.0%, from $57.8 million for the twelve months ended December 31, 2023 to $58.4 million for the twelve months ended December 31, 2024.

    During the same period, salaries and related benefits increased $472,000, or 1.5%, software expenses increased $208,000, or 9.0%, data processing expense increased $320,000, or 10.1%, debit card processing and ATM network costs increased $298,000, or 13.9%, occupancy expense increased $146,000, or 3.0%, due to higher repair and maintenance costs, real estate taxes, and depreciation expense. FDIC insurance expense increased $139,000, or 10.5%. These increases were partially offset by a decrease in professional fees of $571,000, or 20.9%, which is comprised of legal fees, audit and other professional fees. During the three months ended December 31, 2023, professional fees included legal fees related to the settlement of the purported class action lawsuits. Advertising expense decreased $226,000, or 15.1%, and other non-interest expense, excluding the $510,000 legal settlement accrual, decreased $199,000, or 3.5%.

    For the twelve months ended December 31, 2024, the efficiency ratio was 80.4%, compared to 74.0% for the twelve months ended December 31, 2023. For the twelve months ended December 31, 2024, the adjusted efficiency ratio, a non-GAAP financial measure, was 81.8%, compared to 74.3% for the twelve months ended December 31, 2023. See pages 20-22 for the related efficiency ratio calculations and a reconciliation of GAAP to non-GAAP financial measures.

    Income Tax Provision

    For the twelve months ended December 31, 2024, income tax expense was $3.3 million, with an effective tax rate of 22.0%, compared to $4.5 million, with an effective tax rate of 23.1%, for twelve months ended December 31, 2023. The decrease in income tax expense for the twelve months ended December 31, 2024 compared to the twelve months December 31, 2023 was due to lower income before taxes in 2024.

    Balance Sheet

    At December 31, 2024, total assets were $2.7 billion, an increase of $88.5 million, or 3.5%, from December 31, 2023. The increase in total assets was primarily due to an increase in total loans of $42.9 million, or 2.1%, an increase in cash and cash equivalents of $37.6 million, or 130.4%, and an increase in investment securities of $5.5 million, or 1.5%.

    Investments

    At December 31, 2024, the investment securities portfolio totaled $366.1 million, or 13.8% of total assets, compared to $360.7 million, or 14.1% of total assets, at December 31, 2023. At December 31, 2024, the Company’s available-for-sale securities portfolio, recorded at fair market value, increased $23.6 million, or 17.2%, from $137.1 million at December 31, 2023 to $160.7 million. The held-to-maturity securities portfolio, recorded at amortized cost, decreased $18.4 million, or 8.2%, from $223.4 million at December 31, 2023 to $205.0 million at December 31, 2024.

    At December 31, 2024, the Company reported unrealized losses on the available-for-sale securities portfolio of $31.2 million, or 16.2% of the amortized cost basis of the available-for-sale securities portfolio, compared to unrealized losses of $29.2 million, or 17.5% of the amortized cost basis of the available-for-sale securities at December 31, 2023. At December 31, 2024, the Company reported unrealized losses on the held-to-maturity securities portfolio of $39.4 million, or 19.2% of the amortized cost basis of the held-to-maturity securities portfolio, compared to $35.7 million, or 16.0% of the amortized cost basis of the held-to-maturity securities portfolio at December 31, 2023.

    The securities in which the Company may invest are limited by regulation. Federally chartered savings banks have authority to invest in various types of assets, including U.S. Treasury obligations, securities of various government-sponsored enterprises, mortgage-backed securities, certain certificates of deposit of insured financial institutions, repurchase agreements, overnight and short-term loans to other banks, corporate debt instruments and marketable equity securities. The securities, with the exception of $4.6 million in corporate bonds, are issued by the United States government or government-sponsored enterprises and are therefore either explicitly or implicitly guaranteed as to the timely payment of contractual principal and interest. These positions are deemed to have no credit impairment, therefore, the disclosed unrealized losses with the securities portfolio relate primarily to changes in prevailing interest rates. In all cases, price improvement in future periods will be realized as the issuances approach maturity.

    Management regularly reviews the portfolio for securities in an unrealized loss position. At December 31, 2024 and December 31, 2023, the Company did not record any credit impairment charges on its securities portfolio and attributed the unrealized losses primarily due to fluctuations in general interest rates or changes in expected prepayments and not due to credit quality. The primary objective of the Company’s investment portfolio is to provide liquidity and to secure municipal deposit accounts while preserving the safety of principal. The available-for-sale and held-to-maturity portfolios are both eligible for pledging to the Federal Home Loan Bank (“FHLB”) as collateral for borrowings. The portfolios are comprised of high-credit quality investments and both portfolios generated cash flows monthly from interest, principal amortization and payoffs, which support’s the Bank’s objective to provide liquidity.

    Total Loans

    Total loans increased $42.9 million, or 2.1%, from December 31, 2023, to $2.1 billion at December 31, 2024. The increase in total loans was due to an increase in residential real estate loans, including home equity loans, of $53.5 million, or 7.4%, partially offset by a decrease in commercial real estate loans of $4.0 million, or 0.4%, a decrease in commercial and industrial loans of $5.7 million, or 2.7% and a decrease in consumer loans of $1.1 million, or 19.8%. During the twelve months ended December 31, 2024, the Company sold $20.1 million in fixed rate residential loans to the secondary market with servicing retained.

    The following table presents the summary of the loan portfolio by the major classification of the loan at the periods indicated:

      December 31, 2024   December 31, 2023
      (Dollars in thousands)
       
    Commercial real estate loans:      
    Non-owner occupied $ 880,828   $ 881,643
    Owner-occupied   194,904     198,108
    Total commercial real estate loans   1,075,732     1,079,751
           
    Residential real estate loans:      
    Residential   653,802     612,315
    Home equity   121,857     109,839
    Total residential real estate loans   775,659     722,154
           
    Commercial and industrial loans   211,656     217,447
           
    Consumer loans   4,391     5,472
    Total gross loans   2,067,438     2,024,824
    Unamortized premiums and net deferred loans fees and costs   2,751     2,493
    Total loans $ 2,070,189   $ 2,027,317

    Credit Quality

    Management continues to closely monitor the loan portfolio for any signs of deterioration in borrowers’ financial condition and also in light of speculation that commercial real estate values may deteriorate as the market continues to adjust to higher vacancies and interest rates. We continue to proactively take steps to mitigate risk in our loan portfolio.

    Total delinquency was $5.0 million, or 0.24% of total loans, at December 31, 2024, compared to $6.0 million, or 0.30% of total loans at December 31, 2023. At December 31, 2024, nonperforming loans totaled $5.4 million, or 0.26% of total loans, compared to $6.4 million, or 0.32% of total loans, at December 31, 2023. At December 31, 2024 and December 31, 2023, there were no loans 90 or more days past due and still accruing interest. Total nonperforming assets totaled $5.4 million, or 0.20% of total assets, at December 31, 2024, compared to $6.4 million, or 0.25% of total assets, at December 31, 2023. At December 31, 2024 and December 31, 2023, the Company did not have any other real estate owned. At December 31, 2024, the allowance for credit losses was $19.5 million, or 0.94% of total loans and 362.9% of nonperforming loans, compared to $20.3 million, or 1.00% of total loans and 315.6% of nonperforming loans, at December 31, 2023. Total classified loans, defined as special mention and substandard loans, decreased $1.1 million, or 2.8%, from $39.5 million, or 1.9% of total loans, at December 31, 2023 to $38.4 million, or 1.9% of total loans, at December 31, 2024. Our commercial real estate portfolio is comprised of diversified property types and primarily within our geographic footprint. At December 31, 2024, the commercial real estate portfolio totaled $1.1 billion, and represented 52.0% of total loans. Of the $1.1 billion, $880.8 million, or 81.9%, was categorized as non-owner occupied commercial real estate and represented 325.2% of the Bank’s total risk-based capital. More details on the diversification of the loan portfolio are available in the supplementary earnings presentation.

    Deposits

    Total deposits increased $118.9 million, or 5.6%, from $2.1 billion at December 31, 2023 to $2.3 billion at December 31, 2024. Core deposits, which the Company defines as all deposits except time deposits, increased $26.7 million, or 1.7%, from $1.5 billion, or 71.5% of total deposits, at December 31, 2023, to $1.6 billion, or 68.9% of total deposits, at December 31, 2024. Non-interest-bearing deposits decreased $14.0 million, or 2.4%, to $565.6 million, and represent 25.0% of total deposits, money market accounts increased $27.1 million, or 4.3%, to $661.5 million, savings accounts decreased $5.8 million, or 3.1%, to $181.6 million and interest-bearing checking accounts increased $19.3 million, or 14.7%, to $150.3 million.

    Time deposits increased $92.2 million, or 15.1%, from $611.4 million at December 31, 2023 to $703.6 million at December 31, 2024. Brokered time deposits, which are included in time deposits, totaled $1.7 million at December 31, 2024 and at December 31, 2023. The Company has experienced growth and movement in both money market accounts and time deposits as a result of relationship pricing, the current interest rate environment, and customer behaviors, as opposed to time deposit specials or interest rate adjustments. We continue our disciplined and focused approach to core relationship management and customer outreach to meet funding requirements and liquidity needs, with an emphasis on retaining a long-term customer relationship base by competing for and retaining deposits in our local market. At December 31, 2024, the Bank’s uninsured deposits represented 28.4% of total deposits, compared to 26.8% at December 31, 2023.

    The table below is a summary of our deposit balances for the periods noted:

        December 31, 2024   September 30, 2024   December 31, 2023
        (Dollars in thousands)
    Core Deposits:            
    Demand accounts   $ 565,620   $ 568,685   $ 579,595
    Interest-bearing accounts     150,348     140,332     131,031
    Savings accounts     181,618     179,214     187,405
    Money market accounts     661,478     635,824     634,361
    Total Core Deposits   $ 1,559,064   $ 1,524,055   $ 1,532,392
    Time Deposits:     703,583     700,151     611,352
    Total Deposits:   $ 2,262,647   $ 2,224,206   $ 2,143,744

    FHLB and Subordinated Debt

    At December 31, 2024, total borrowings decreased $33.4 million, or 21.3%, from $156.5 million at December 31, 2023 to $123.1 million. At December 31, 2024, short-term borrowings decreased $10.7 million, or 66.5%, to $5.4 million, compared to $16.1 million at December 31, 2023. Long-term borrowings decreased $22.6 million, or 18.8%, from $120.6 million at December 31, 2023 to $98.0 million at December 31, 2024. At December 31, 2024 and December 31, 2023, borrowings also consisted of $19.8 million and $19.7 million, respectively, in fixed-to-floating rate subordinated notes.

    The Company utilized the Bank Term Funding Program (“BTFP”), which was created in March 2023 to enhance banking system liquidity by allowing institutions to pledge certain securities at par value and borrow at a rate of ten basis points over the one-year overnight index swap rate. The BTFP was available to federally insured depository institutions in the U.S., with advances having a term of up to one year with no prepayment penalties. The BTFP ceased extending new advances in March 2024. At December 31, 2023, the Company’s outstanding balance under the BTFP was $90.0 million. There was no outstanding balance under the BTFP at December 31, 2024.

    As of December 31, 2024, the Company had $461.6 million of additional borrowing capacity at the Federal Home Loan Bank, $382.9 million of additional borrowing capacity under the Federal Reserve Bank Discount Window and $25.0 million of other unsecured lines of credit with correspondent banks.

    Capital

    At December 31, 2024, shareholders’ equity was $235.9 million, or 8.9% of total assets, compared to $237.4 million, or 9.3% of total assets, at December 31, 2023. The change was primarily attributable to an increase in accumulated other comprehensive loss of $1.5 million, cash dividends paid of $5.9 million, repurchase of shares at a cost of $7.8 million, partially offset by net income of $11.7 million. At December 31, 2024, total shares outstanding were 20,875,713. The Company’s regulatory capital ratios continue to be strong and in excess of regulatory minimum requirements to be considered well-capitalized as defined by regulators and internal Company targets.

      December 31, 2024   December 31, 2023
      Company   Bank   Company   Bank
    Total Capital (to Risk Weighted Assets) 14.38 %   13.65 %   14.67 %   13.94 %
    Tier 1 Capital (to Risk Weighted Assets) 12.37 %   12.64 %   12.59 %   12.88 %
    Common Equity Tier 1 Capital (to Risk Weighted Assets) 12.37 %   12.64 %   12.59 %   12.88 %
    Tier 1 Leverage Ratio (to Adjusted Average Assets) 9.14 %   9.34 %   9.40 %   9.62 %
                           

    Dividends

    Although the Company has historically paid quarterly dividends on its common stock and currently intends to continue to pay such dividends, the Company’s ability to pay such dividends depends on a number of factors, including restrictions under federal laws and regulations on the Company’s ability to pay dividends, and as a result, there can be no assurance that dividends will continue to be paid in the future.

    About Western New England Bancorp, Inc.

    Western New England Bancorp, Inc. is a Massachusetts-chartered stock holding company and the parent company of Westfield Bank, CSB Colts, Inc., Elm Street Securities Corporation, WFD Securities, Inc. and WB Real Estate Holdings, LLC. Western New England Bancorp, Inc. and its subsidiaries are headquartered in Westfield, Massachusetts and operate 25 banking offices throughout western Massachusetts and northern Connecticut. To learn more, visit our website at www.westfieldbank.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Company’s financial condition, liquidity, results of operations, future performance, and business. Forward-looking statements may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.”  Examples of forward-looking statements include, but are not limited to, estimates with respect to our financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates.  These factors include, but are not limited to:

    • unpredictable changes in general economic or political conditions, financial markets, fiscal, monetary and regulatory policies, including actual or potential stress in the banking industry;
    • the duration and scope of potential pandemics, including the emergence of new variants and the response thereto;
    • unstable political and economic conditions which could materially impact credit quality trends and the ability to generate loans and gather deposits;
    • inflation and governmental responses to inflation, including recent sustained increases and potential future increases in interest rates that reduce margins;
    • the effect on our operations of governmental legislation and regulation, including changes in accounting regulation or standards, the nature and timing of the adoption and effectiveness of new requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Basel guidelines, capital requirements and other applicable laws and regulations;
    • significant changes in accounting, tax or regulatory practices or requirements;
    • new legal obligations or liabilities or unfavorable resolutions of litigation;
    • disruptive technologies in payment systems and other services traditionally provided by banks;
    • the highly competitive industry and market area in which we operate;
    • operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks;
    • failure or circumvention of our internal controls or procedures;
    • changes in the securities markets which affect investment management revenues;
    • increases in Federal Deposit Insurance Corporation deposit insurance premiums and assessments;
    • the soundness of other financial services institutions which may adversely affect our credit risk;
    • certain of our intangible assets may become impaired in the future;
    • new lines of business or new products and services, which may subject us to additional risks;
    • changes in key management personnel which may adversely impact our operations;
    • severe weather, natural disasters, acts of war or terrorism and other external events which could significantly impact our business; and
    • other risk factors detailed from time to time in our SEC filings.

    Although we believe that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from the results discussed in these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We do not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by law.

    WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES
    Consolidated Statements of Net Income and Other Data
    (Dollars in thousands, except per share data)
    (Unaudited)
           
        Three Months Ended Twelve Months Ended
        December 31, September 30, June 30, March 31, December 31, December 31,
        2024 2024 2024 2024 2023 2024 2023
    INTEREST AND DIVIDEND INCOME:                
    Loans   $ 25,183   $ 25,134   $ 24,340   $ 24,241   $ 23,939   $ 98,898   $ 91,169  
    Securities     2,273     2,121     2,141     2,114     2,094     8,649     8,370  
    Other investments     214     189     148     136     140     687     558  
    Short-term investments     916     396     173     113     597     1,598     1,021  
    Total interest and dividend income     28,586     27,840     26,802     26,604     26,770     109,832     101,118  
                     
    INTEREST EXPENSE:                
    Deposits     11,443     11,165     10,335     9,293     8,773     42,236     26,649  
    Short-term borrowings     60     71     186     283     123     600     1,589  
    Long-term debt     1,557     1,622     1,557     1,428     1,444     6,164     3,957  
    Subordinated debt     253     254     254     254     254     1,015     1,014  
    Total interest expense     13,313     13,112     12,332     11,258     10,594     50,015     33,209  
                     
    Net interest and dividend income     15,273     14,728     14,470     15,346     16,176     59,817     67,909  
                     
    (REVERSAL OF) PROVISION FOR CREDIT LOSSES     (762 )   941     (294 )   (550 )   486     (665 )   872  
                     
    Net interest and dividend income after (reversal of) provision for credit losses     16,035     13,787     14,764     15,896     15,690     60,482     67,037  
                     
    NON-INTEREST INCOME:                
    Service charges and fees on deposits     2,301     2,341     2,341     2,219     2,283     9,202     8,856  
    Income from bank-owned life insurance     486     470     502     453     432     1,911     1,820  
    Unrealized (loss) gain on marketable equity securities     (9 )   10     4     8     (1 )   13     (1 )
    (Loss) gain on sale of mortgages     (11 )   246     –     –     –     235     –  
    Gain on non-marketable equity investments     300     –     987     –     –     1,287     590  
    Loss on disposal of premises and equipment     –     –     –     (6 )   –     (6 )   (3 )
    Loss on defined benefit plan termination     –     –     –     –     –     –     (1,143 )
    Gain on bank-owned life insurance death benefit     –     –     –     –     –     –     778  
    Other income     187     74     –     –     –     261     –  
    Total non-interest income     3,254     3,141     3,834     2,674     2,714     12,903     10,897  
                     
    NON-INTEREST EXPENSE:                
    Salaries and employees benefits     8,429     8,112     7,901     8,244     7,739     32,686     32,214  
    Occupancy     1,256     1,217     1,218     1,363     1,198     5,054     4,908  
    Furniture and equipment     505     483     483     484     494     1,955     1,954  
    Data processing     900     869     846     862     788     3,477     3,157  
    Software     642     612     566     699     598     2,519     2,311  
    Debit/ATM card processing expense     593     649     643     552     559     2,437     2,139  
    Professional fees     471     540     581     569     674     2,161     2,732  
    FDIC insurance     389     338     323     410     338     1,460     1,321  
    Advertising     310     271     339     349     377     1,269     1,495  
    Other     1,431     1,315     1,414     1,250     2,020     5,410     6,119  
    Total non-interest expense     14,926     14,406     14,314     14,782     14,785     58,428     58,350  
                     
    INCOME BEFORE INCOME TAXES     4,363     2,522     4,284     3,788     3,619     14,957     19,584  
                     
    INCOME TAX PROVISION     1,075     618     771     827     1,108     3,291     4,516  
    NET INCOME   $ 3,288   $ 1,904   $ 3,513   $ 2,961   $ 2,511   $ 11,666   $ 15,068  
                     
    Basic earnings per share   $ 0.16   $ 0.09   $ 0.17   $ 0.14   $ 0.12   $ 0.56   $ 0.70  
    Weighted average shares outstanding     20,561,749     20,804,162     21,056,173     21,180,968     21,253,452     20,899,573     21,535,888  
    Diluted earnings per share   $ 0.16   $ 0.09   $ 0.17   $ 0.14   $ 0.12   $ 0.56   $ 0.70  
    Weighted average diluted shares outstanding     20,701,276     20,933,833     21,163,762     21,271,323     21,400,664     21,016,358     21,610,329  
                     
    Other Data:                
    Return on average assets (1)     0.49 %   0.29 %   0.55 %   0.47 %   0.39 %   0.45 %   0.59 %
    Return on average equity (1)     5.48 %   3.19 %   6.03 %   5.04 %   4.31 %   4.93 %   6.47 %
    Efficiency ratio     80.56 %   80.62 %   78.20 %   82.03 %   78.27 %   80.35 %   74.04 %
    Adjusted efficiency ratio (2)     81.85 %   80.67 %   82.68 %   82.04 %   78.26 %   81.80 %   74.25 %
    Net interest margin     2.41 %   2.40 %   2.42 %   2.57 %   2.64 %   2.45 %   2.82 %
    Net interest margin, on a fully tax-equivalent basis     2.43 %   2.42 %   2.44 %   2.59 %   2.66 %   2.47 %   2.84 %
    (1) Annualized.          
    (2) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, loss on disposal of premises and equipment, loss on defined benefit plan termination and gain on bank-owned life insurance death benefit.
    WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES
    Consolidated Balance Sheets
    (Dollars in thousands)
    (Unaudited)
                         
        December 31,   September 30,   June 30,   March 31,   December 31,
        2024   2024   2024   2024   2023
    Cash and cash equivalents   $ 66,450     $ 72,802     $ 53,458     $ 22,613     $ 28,840  
    Securities available-for-sale, at fair value     160,704       155,889       135,089       138,362       137,115  
    Securities held to maturity, at amortized cost     205,036       213,266       217,632       221,242       223,370  
    Marketable equity securities, at fair value     397       252       233       222       196  
    Federal Home Loan Bank of Boston and other restricted stock – at cost     5,818       7,143       7,143       3,105       3,707  
                         
    Loans     2,070,189       2,049,002       2,026,226       2,025,566       2,027,317  
    Allowance for credit losses     (19,529 )     (19,955 )     (19,444 )     (19,884 )     (20,267 )
    Net loans     2,050,660       2,029,047       2,006,782       2,005,682       2,007,050  
                         
    Bank-owned life insurance     77,056       76,570       76,100       75,598       75,145  
    Goodwill     12,487       12,487       12,487       12,487       12,487  
    Core deposit intangible     1,438       1,531       1,625       1,719       1,813  
    Other assets     73,044       71,492       75,521       76,206       74,848  
    TOTAL ASSETS   $ 2,653,090     $ 2,640,479     $ 2,586,070     $ 2,557,236     $ 2,564,571  
                         
    Total deposits   $ 2,262,647     $ 2,224,206     $ 2,171,809     $ 2,143,747     $ 2,143,744  
    Short-term borrowings     5,390       4,390       6,570       11,470       16,100  
    Long-term debt     98,000       128,277       128,277       120,646       120,646  
    Subordinated debt     19,751       19,741       19,731       19,722       19,712  
    Securities pending settlement     8,622       2,513       102       –       –  
    Other liabilities     22,770       20,697       23,104       25,855       26,960  
    TOTAL LIABILITIES     2,417,180       2,399,824       2,349,593       2,321,440       2,327,162  
                         
    TOTAL SHAREHOLDERS’ EQUITY     235,910       240,655       236,477       235,796       237,409  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 2,653,090     $ 2,640,479     $ 2,586,070     $ 2,557,236     $ 2,564,571  
                         
    WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES
    Other Data
    (Dollars in thousands, except per share data)
    (Unaudited)
       
      Three Months Ended
      December 31,   September 30,   June 30,   March 31,   December 31,
      2024   2024   2024   2024   2023
    Shares outstanding at end of period 20,875,713   21,113,408   21,357,849   21,627,690   21,666,807
                       
    Operating results:                  
    Net interest income $ 15,273   $ 14,728   $ 14,470   $ 15,346   $ 16,176
    (Reversal of) provision for credit losses (762)   941   (294)   (550)   486
    Non-interest income 3,254   3,141   3,834   2,674   2,714
    Non-interest expense 14,926   14,406   14,314   14,782   14,785
    Income before income provision for income taxes 4,363   2,522   4,284   3,788   3,619
    Income tax provision 1,075   618   771   827   1,108
    Net income 3,288   1,904   3,513   2,961   2,511
                       
    Performance Ratios:                  
    Net interest margin 2.41%   2.40%   2.42%   2.57%   2.64%
    Net interest margin, on a fully tax-equivalent basis 2.43%   2.42%   2.44%   2.59%   2.66%
    Interest rate spread 1.63%   1.60%   1.66%   1.85%   1.96%
    Interest rate spread, on a fully tax-equivalent basis 1.65%   1.62%   1.67%   1.86%   1.98%
    Return on average assets 0.49%   0.29%   0.55%   0.47%   0.39%
    Return on average equity 5.48%   3.19%   6.03%   5.04%   4.31%
    Efficiency ratio (GAAP) 80.56%   80.62%   78.20%   82.03%   78.27%
    Adjusted efficiency ratio (non-GAAP) (1) 81.85%   80.67%   82.68%   82.04%   78.26%
                       
    Per Common Share Data:                  
    Basic earnings per share $ 0.16   $ 0.09   $ 0.17   $ 0.14   $ 0.12
    Earnings per diluted share 0.16   0.09   0.17   0.14   0.12
    Cash dividend declared 0.07   0.07   0.07   0.07   0.07
    Book value per share 11.30   11.40   11.07   10.90   10.96
    Tangible book value per share (non-GAAP) (2) 10.63   10.73   10.41   10.25   10.30
                       
    Asset Quality:                  
    30-89 day delinquent loans $ 3,694   $ 3,059   $ 3,270   $ 3,000   $ 4,605
    90 days or more delinquent loans 1,301   1,253   2,280   1,716   1,394
    Total delinquent loans 4,995   4,312   5,550   4,716   5,999
    Total delinquent loans as a percentage of total loans 0.24%   0.21%   0.27%   0.23%   0.30%
    Nonperforming loans $ 5,381   $ 4,873   $ 5,845   $ 5,837   $ 6,421
    Nonperforming loans as a percentage of total loans 0.26%   0.24%   0.29%   0.29%   0.32%
    Nonperforming assets as a percentage of total assets 0.20%   0.18%   0.23%   0.23%   0.25%
    Allowance for credit losses as a percentage of nonperforming loans 362.93%   409.50%   332.66%   340.65%   315.64%
    Allowance for credit losses as a percentage of total loans 0.94%   0.97%   0.96%   0.98%   1.00%
    Net loan (recoveries) charge-offs $ (128)   $ 98   $ 10   $ (67)   $ 136
    Net loan (recoveries) charge-offs as a percentage of average loans (0.01)%   0.00%   0.00%   0.00%   0.01%

    ____________________________

    1. The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, loss on disposal of premises and equipment, loss on defined benefit plan termination and gain on bank-owned life insurance death benefit.
    2. Tangible book value per share (non-GAAP) represents the value of the Company’s tangible assets divided by its current outstanding shares.

    The following table sets forth the information relating to our average balances and net interest income for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023 and reflects the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated.

        Three Months Ended
        December 31, 2024   September 30, 2024   December 31, 2023
        Average       Average Yield/   Average       Average Yield/   Average       Average Yield/
        Balance   Interest   Cost(8)   Balance   Interest   Cost(8)   Balance   Interest   Cost(8)
        (Dollars in thousands)
    ASSETS:                                          
    Interest-earning assets                                          
    Loans(1)(2)   $ 2,062,822   $ 25,311     4.88 %   $ 2,038,593   $ 25,253     4.93 %   $ 2,017,089   $ 24,052     4.73 %
    Securities(2)     361,476     2,273     2.50       354,696     2,121     2.38       355,078     2,094     2.34  
    Other investments     15,924     214     5.35       15,904     189     4.73       12,119     140     4.58  
    Short-term investments(3)     76,795     916     4.75       32,043     396     4.92       42,826     597     5.53  
    Total interest-earning assets     2,517,017     28,714     4.54       2,441,236     27,959     4.56       2,427,112     26,883     4.39  
    Total non-interest-earning assets     155,538               153,585               158,435          
    Total assets   $ 2,672,555             $ 2,594,821             $ 2,585,547          
                                               
    LIABILITIES AND EQUITY:                                          
    Interest-bearing liabilities                                          
    Interest-bearing checking accounts   $ 149,231     264     0.70     $ 131,133     271     0.82     $ 139,894     260     0.74  
    Savings accounts     179,122     38     0.08       179,844     38     0.08       187,047     39     0.08  
    Money market accounts     654,965     3,553     2.16       621,340     3,172     2.03       657,407     2,716     1.64  
    Time deposit accounts     700,324     7,588     4.31       688,797     7,684     4.44       603,860     5,758     3.78  
    Total interest-bearing deposits     1,683,642     11,443     2.70       1,621,114     11,165     2.74       1,588,208     8,773     2.19  
    Borrowings     147,748     1,870     5.04       153,317     1,947     5.05       149,585     1,821     4.83  
    Interest-bearing liabilities     1,831,390     13,313     2.89       1,774,431     13,112     2.94       1,737,793     10,594     2.42  
    Non-interest-bearing deposits     579,168               559,224               588,748          
    Other non-interest-bearing liabilities     23,380               23,466               27,847          
    Total non-interest-bearing liabilities     602,548               582,690               616,595          
    Total liabilities     2,433,938               2,357,121               2,354,388          
    Total equity     238,617               237,700               231,159          
    Total liabilities and equity   $ 2,672,555             $ 2,594,821             $ 2,585,547          
    Less: Tax-equivalent adjustment(2)         (128 )               (119 )               (113 )      
    Net interest and dividend income       $ 15,273               $ 14,728               $ 16,176        
    Net interest rate spread(4)           1.63 %           1.60 %           1.96 %
    Net interest rate spread, on a tax-equivalent basis(5)           1.65 %           1.62 %           1.98 %
    Net interest margin(6)           2.41 %           2.40 %           2.64 %
    Net interest margin, on a tax-equivalent basis(7)           2.43 %           2.42 %           2.66 %
    Ratio of average interest-earning assets to average interest-bearing liabilities           137.44 %           137.58 %           139.67 %

    The following tables set forth the information relating to our average balances and net interest income for the twelve months ended December 31, 2024 and 2023 and reflect the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated.

      Twelve Months Ended December 31,
      2024
    		   2023
      Average
    Balance    		   Interest   Average
    Yield/
    Cost    		   Average
    Balance    		   Interest   Average
    Yield/
    Cost
     
      (Dollars in thousands)
    ASSETS:                          
    Interest-earning assets                          
    Loans(1)(2) $ 2,035,149   $ 99,369     4.88 %   $ 2,006,166   $ 91,640     4.57 %
    Securities(2)   357,631     8,649     2.42       368,201     8,371     2.27  
    Other investments   14,669     687     4.68       12,425     558     4.49  
    Short-term investments(3)   33,254     1,598     4.81       20,459     1,021     4.99  
    Total interest-earning assets   2,440,703     110,303     4.52       2,407,251     101,590     4.22  
    Total non-interest-earning assets   155,056               155,511          
    Total assets $ 2,595,759             $ 2,562,762          
                               
    LIABILITIES AND EQUITY:                          
    Interest-bearing liabilities                          
    Interest-bearing checking accounts $ 136,861     1,022     0.75 %   $ 142,005     1,041     0.73 %
    Savings accounts   182,678     166     0.09       202,354     181     0.09  
    Money market accounts   631,197     12,242     1.94       697,621     9,529     1.37  
    Time deposit accounts   666,917     28,806     4.32       524,827     15,898     3.03  
    Total interest-bearing deposits   1,617,653     42,236     2.61       1,566,807     26,649     1.70  
    Short-term borrowings and long-term debt   155,560     7,779     5.00       135,532     6,560     4.84  
    Total interest-bearing liabilities   1,773,213     50,015     2.82       1,702,339     33,209     1.95  
    Non-interest-bearing deposits   561,264               602,652          
    Other non-interest-bearing liabilities   24,541               24,885          
    Total non-interest-bearing liabilities   585,805               627,537          
                               
    Total liabilities   2,359,018               2,329,876          
    Total equity   236,741               232,886          
    Total liabilities and equity $ 2,595,759             $ 2,562,762          
    Less: Tax-equivalent adjustment (2)       (471 )               (472 )      
    Net interest and dividend income     $ 59,817               $ 67,909        
    Net interest rate spread (4)         1.68 %           2.25 %
    Net interest rate spread, on a tax-equivalent basis (5)         1.70 %           2.27 %
    Net interest margin (6)         2.45 %           2.82 %
    Net interest margin, on a tax-equivalent basis (7)         2.47 %           2.84 %
    Ratio of average interest-earning assets to average interest-bearing liabilities       137.64 %           141.41 %
    (1) Loans, including nonaccrual loans, are net of deferred loan origination costs and unadvanced funds.
    (2) Loan and securities income are presented on a tax-equivalent basis using a tax rate of 21%. The tax-equivalent adjustment is deducted from tax-equivalent net interest and dividend income to agree to the amount reported on the consolidated statements of net income.
    (3) Short-term investments include federal funds sold.
    (4) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    (5) Net interest rate spread, on a tax-equivalent basis, represents the difference between the tax-equivalent weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    (6) Net interest margin represents net interest and dividend income as a percentage of average interest-earning assets.
    (7) Net interest margin, on a tax-equivalent basis, represents tax-equivalent net interest and dividend income as a percentage of average interest-earning assets.
    (8) Annualized.


    Reconciliation of Non-GAAP to GAAP Financial Measures

    The Company believes that certain non-GAAP financial measures provide information to investors that is useful in understanding its results of operations and financial condition.  Because not all companies use the same calculation, this presentation may not be comparable to other similarly titled measures calculated by other companies.  A reconciliation of these non-GAAP financial measures is provided below.

      For the quarter ended
      12/31/2024   9/30/2024   6/30/2024   3/31/2024   12/31/2023
      (Dollars in thousands)
                       
    Loan interest (no tax adjustment) $ 25,183     $ 25,134     $ 24,340     $ 24,241     $ 23,939  
    Tax-equivalent adjustment   128       119       114       110       113  
    Loan interest (tax-equivalent basis) $ 25,311     $ 25,253     $ 24,454     $ 24,351     $ 24,052  
                       
    Net interest income (no tax adjustment) $ 15,273     $ 14,728     $ 14,470     $ 15,346     $ 16,176  
    Tax equivalent adjustment   128       119       114       110       113  
    Net interest income (tax-equivalent basis) $ 15,401     $ 14,847     $ 14,584     $ 15,456     $ 16,289  
                       
    Net interest income (no tax adjustment) $ 15,273     $ 14,728     $ 14,470     $ 15,346     $ 16,176  
    Less:                  
    Fair value hedge interest income   74       434       447       443       459  
    Adjusted net interest income (non-GAAP) $ 15,199     $ 14,294     $ 14,023     $ 14,903     $ 15,717  
                       
    Average interest-earning assets $ 2,517,017     $ 2,441,236     $ 2,400,633     $ 2,403,086     $ 2,427,112  
    Net interest margin (no tax adjustment)   2.41 %     2.40 %     2.42 %     2.57 %     2.64 %
    Net interest margin, tax-equivalent   2.43 %     2.42 %     2.44 %     2.59 %     2.66 %
    Adjusted net interest margin, excluding fair value hedge interest income (non-GAAP)   2.40 %     2.33 %     2.35 %     2.50 %     2.57 %
                       
    Book Value per Share (GAAP) $ 11.30     $ 11.40     $ 11.07     $ 10.90     $ 10.96  
    Non-GAAP adjustments:                  
    Goodwill   (0.60 )     (0.59 )     (0.58 )     (0.58 )     (0.58 )
    Core deposit intangible   (0.07 )     (0.08 )     (0.08 )     (0.07 )     (0.08 )
    Tangible Book Value per Share (non-GAAP) $ 10.63     $ 10.73     $ 10.41     $ 10.25     $ 10.30  
                       
      For the quarter ended
      12/31/2024   9/30/2024   6/30/2024   3/31/2024   12/31/2023
      (Dollars in thousands)
                       
    Efficiency Ratio:                  
    Non-interest Expense (GAAP) $ 14,926     $ 14,406     $ 14,314     $ 14,782     $ 14,785  
                       
    Net Interest Income (GAAP) $ 15,273     $ 14,728     $ 14,470     $ 15,346     $ 16,176  
                       
    Non-interest Income (GAAP) $ 3,254     $ 3,141     $ 3,834     $ 2,674     $ 2,714  
    Non-GAAP adjustments:                  
    Unrealized losses (gains) on marketable equity securities   9       (10 )     (4 )     (8 )     1  
    Gain on non-marketable equity investments   (300 )     –       (987 )     –       –  
    Loss on disposal of premises and equipment   –       –       –       6       –  
    Non-interest Income for Adjusted Efficiency Ratio (non-GAAP) $ 2,963     $ 3,131     $ 2,843     $ 2,672     $ 2,715  
    Total Revenue for Adjusted Efficiency Ratio (non-GAAP) $ 18,236     $ 17,859     $ 17,313     $ 18,018     $ 18,891  
                       
    Efficiency Ratio (GAAP)   80.56 %     80.62 %     78.20 %     82.03 %     78.27 %
                       
    Adjusted Efficiency Ratio (Non-interest Expense (GAAP)/Total Revenue for Adjusted Efficiency Ratio (non-GAAP))   81.85 %     80.67 %     82.68 %     82.04 %     78.26 %
                       
      For the twelve months ended
      12/31/2024   12/31/2023
      (Dollars in thousands)
           
    Loan income (no tax adjustment) $ 98,898   $ 91,169
    Tax-equivalent adjustment 471   472
    Loan income (tax-equivalent basis) $ 99,369   $ 91,641
           
    Net interest income (no tax adjustment) $ 59,817   $ 67,909
    Tax equivalent adjustment 471   472
    Net interest income (tax-equivalent basis) $ 60,288   $ 68,381
           
    Net interest income (no tax adjustment) $ 59,817   $ 67,909
    Less:      
    Fair value hedge interest income 1,398   1,085
    Adjusted net interest income (non-GAAP) $ 58,419   $ 66,824
           
    Average interest-earning assets $ 2,440,703   $ 2,407,251
    Net interest margin (no tax adjustment) 2.45%   2.82%
    Net interest margin, tax-equivalent 2.47%   2.84%
    Adjusted net interest margin, excluding fair value hedge interest income (non-GAAP) 2.39%   2.77%
           
    Adjusted Efficiency Ratio:      
    Non-interest Expense (GAAP) $ 58,428   $ 58,350
           
    Net Interest Income (GAAP) $ 59,817   $ 67,909
           
    Non-interest Income (GAAP) $ 12,903   $ 10,897
    Non-GAAP adjustments:      
    Unrealized gains on marketable equity securities (13)   1
    Loss on disposal of premises and equipment, net 6   3
    Gain on bank-owned life insurance –   (778)
    Gain on non-marketable equity investments (1,287)   (590)
    Loss on defined benefit plan curtailment –   1,143
    Non-interest Income for Adjusted Efficiency Ratio (non-GAAP) $ 11,609   $ 10,676
    Total Revenue for Adjusted Efficiency Ratio (non-GAAP) $ 71,426   $ 78,585
           
    Efficiency Ratio (GAAP) 80.35%   74.04%
           
    Adjusted Efficiency Ratio (Non-interest Expense (GAAP)/Total Revenue for Adjusted Efficiency Ratio (non-GAAP)) 81.80%   74.25%

    For further information contact:
    James C. Hagan, President and CEO
    Guida R. Sajdak, Executive Vice President and CFO
    Meghan Hibner, First Vice President and Investor Relations Officer
    413-568-1911

    The MIL Network –

  • MIL-OSI Australia: Doorstop – Jerrabomberra

    Source: Australian Ministers for Education

    KRISTY McBAIN, MINISTER FOR REGIONAL DEVELOPMENT, LOCAL GOVERNMENT AND TERRITORIES: It’s a pleasure today to welcome Minister Jason Clare to Goodstart Jerrabomberra where 90 places a day are filled, and we have a wait list. Jerrabomberra is the heart of the Queanbeyan region, it’s fast growing, and this childcare centre is one of many that have benefitted from the Albanese Labor Government’s Cheaper Childcare plan.

    We know families right across our region have benefitted from this, and it’s so great to be able to introduce Minister Clare to the wonderful staff here, the wonderful centre manager and State manager and the wonderful kids that come here each and every day to enjoy this beautiful centre.

    JASON CLARE, MINISTER FOR EDUCATION: Thanks very much, Kristy. It’s absolutely fantastic to be with you here at Jerrabomberra at the Goodstart Centre here. You are an absolutely fantastic Member of Parliament, and we are so lucky to have as part of the Albanese Labor Government and this community is lucky to have you as their Labor Member.

    When we were elected two and a half years ago, childcare costs had sky rocketed, childcare costs under the Liberals went up by 49 per cent over just under a decade, and that was double the OECD average.

    We’ve cut the cost of childcare now for more than a million Australian families. In the first 15 months of our Cheaper Childcare laws this has meant that for an average family on about 120 grand a year combined income with one child in early education or care saved them about 2,700 bucks, and that’s real money that’s making a real difference for families right across the country.

    And when we were elected two and a half years ago childcare workers were leaving the sector in droves, that’s the truth of it, and we’re now starting to see that turn around. Data that’s been released today shows that vacancy rates in the childcare sector are down 22 per cent, and at Goodstart, where we are today, all of their centres across the country, we’re seeing job applications now jump by 35 per cent, and expressions of interest jump by 50 to 60 per cent. Vacancy rates at Goodstart Centres are down by a massive 28 per cent.

    So that’s fantastic news. It shows that when you pay people more, more people want to do the job, and there aren’t many jobs that are more important than the work that our early educators do, getting young people ready for school.

    If we win the next election, the next big thing that we need to do is build more centres where they don’t exist at the moment and help to make sure that more young people get the chance that the children we’ve met here today get, help young people who can’t get into early education and care now, either because there’s no centre in their town, or because they can’t get access to the subsidy through no fault of their own.

    And that’s why if we win the next election, we’ll set up a $1 billion fund to build more centres in the outer suburbs and in the regions where they don’t exist at the moment, and implement a three day guarantee, to guarantee that every child who needs it will get access to three days a week of government supported early education and care.

    Why? To make sure that more children are ready to start school, because the evidence is, that if children spend more time in early education and care in centres like this, they’re more likely to start school ready to learn.

    And just while talking about school, last week the Prime Minister announced that South Australia and Victoria have become the fifth and sixth States to sign up to our public school funding and reform agreement, the Better and Fairer Schools Agreement, that’s along with WA, Tassie, ACT, the Northern Territory and of course now South Australia and Victoria.

    On the weekend, teachers backed this agreement, on the weekend principals backed this agreement, and now today the Business Council of Australia backed this agreement. This is real funding, to fix the funding of our public schools, and it’s not a blank cheque, it’s tied to real reform; things like phonics checks in Year 1 and numeracy checks in Year 1 to identify children who might already be falling behind, and then using that funding to make sure that children who do fall behind catch up early, because we know that children who catch up early are more likely to go on and finish high school.

    So, it’s backed by teachers, backed by principals, backed by the business community. The only people that are against it are Peter Dutton and the Liberal Party, they’re against cutting the cost of childcare for Australian parents, they’re against pay rises for childcare workers, they’re against building more childcare centres where they don’t exist, and they’re against fixing the funding of our public schools and tying that funding to evidence based teaching and real reform to help more young children to catch up, keep up and finish high school.

    Happy to take some questions.

    JOURNALIST: When do you expect that Queensland and New South Wales will sign on to that school agreement?

    CLARE: I won’t give you a date, but negotiations are going well.

    JOURNALIST: Fresh polling is showing that it’s really tight. Are your cost-of-living measures cutting through with the voters?

    CLARE: We know that Australians are doing it tough, a lot of Australians are doing it tough, that’s why creating a million jobs is really important, that’s why cutting inflation by more than half is really important, that’s why boosting real wages is really important as well.

    We’re making progress, there’s more work to do, but the evidence that came out on the weekend shows that if Peter Dutton had been the Prime Minister of Australia for the last 12 months, Australian families would be over $7,000 worse off.

    Why? Well, because he was against the tax cuts that delivered a lot of support for Australian families, he’s against cheaper childcare, he’s against cutting the cost of medicine, he’s against lifting real wages, he’s against cutting the cost of people’s energy bills through that $300 rebate, and when you add all that up, it means that Aussie families would be thousands and thousands of dollars, $7,200, worse off under Peter Dutton.

    JOURNALIST: On the School Agreement, so New South Wales and Queensland you would assume are trying to get more than 25 per cent. Are you open to that?

    CLARE: Don’t assume that. But I’m not going to negotiate through the media. What’s important here is that we fix the funding of our public schools, and we tie that to the sort of reforms that are going to help make sure that more kids that fall behind can catch up and keep up and finish high school.

    Private schools, non government schools are funded at the level that David Gonski said they should be at, public schools aren’t, and this agreement is about fixing that, but also tying that to real targets and real reforms.

    The current agreement doesn’t do that. There aren’t any real targets, there aren’t any real reforms. I want to make sure that we fix the funding of our schools and tie it to the sort of reforms that we know work. I want this money to get results.

    At the moment in public schools, over the course of say, you know, the last eight years or so, we’ve seen the percentage of kids finishing high school drop from 83 per cent to 73 per cent. Just think about that for a second. That’s happening at a time where it’s more important to finish school than it was when we were little.

    We’ve got to turn that around if we’re going to make sure that more people get a chance to go to TAFE and university and get the jobs that are being created today. That’s why this funding is important, but that’s why the reforms that it’s linked to are just as important.

    JOURNALIST: The States that signed on to it earlier, are they now pushing for 25 per cent as well, and will you grant that?

    CLARE: I’ve already spoken to those States, and we will offer to them the same deal, which is we’ll lift our offer from 20 to 25 if they get rid of that 4 per cent which is usually aligned to things like capital depreciation costs. So, we’re having great conversations with states like WA and Tassie.

    JOURNALIST: Is there a willingness though to go above 25 per cent for the two states that have paid off, and then does that open up the chance for increased funding for other states?

    CLARE: No. That’s why when I answered your previous question, I said don’t assume that the States are asking for more than 25 per cent. What the states have been asking for, for the last 12 months is that we increase our offer from 20 to 25 per cent, and we said, “Yeah, we’ll do that, but we need you to chip in as well”.

    It’s always been my view that the Commonwealth’s got to chip in and the states have to chip in as well. That’s why we’re saying to the states, if we can lift our funding from 20 to 25 per cent, let’s get rid of that other 4 per cent, which is used for things like capital depreciation that don’t actually go to real funding for schools at the moment.

    JOURNALIST: Is the absolute cap 25?

    CLARE: Well, again, I’m not going to go into the details of the conversation, but we’re not talking beyond 25.

    JOURNALIST: How exactly are you going to address high rates of absenteeism due to bullying or mental health issues, do you actually have a stepped plan in place for the next school year?

    CLARE: Yep. This is a complicated thing. There is absolutely no place for bullying in our schools. That’s why the work that we’re doing in putting together a National Bullying Action Plan with the states is so critical, so important; that’s why getting rid of mobile phones in schools is so important; that’s why the ban on access to social media for young people under the age of 16 is so important as well.

    We know fundamentally that children are less likely to be at school if they’re suffering from bullying or they’re suffering from mental health challenges. And young people with mental health challenges, by the time they’re in Year 9 are about a year and a half to two years behind the rest of the class, and less likely to finish school.

    And so the sort of things that we want to tie this funding to are early intervention when children are young at primary school to make sure that they keep up and catch up, but also more investment in things like mental health workers and paediatric nursing support in our schools.

    That investment in health is not just about health, it has real education outcomes as well.

    JOURNALIST: Donald Trump overnight said that   sorry, a couple of days ago said that he proposed “cleaning”   unquote   “cleaning out Gaza and resettling Palestinians”. What is the Government’s response to that?

    CLARE: The Government’s position for a very, very long time, I think since December of 2023, has been to call for a ceasefire in Gaza, and we’re glad that that has finally happened. We want to see an end to the killing in the Middle East, we want to see trucks come in with food and with medicine and with aid. We want to see the hostages returned.

    JOURNALIST: And what about resettling Palestinians though? What is your response directly to that suggestion that they should be moved to Jordan or Egypt?

    CLARE: The position of the Australian Government, which I think is still the position of the Opposition as well is that we believe in a two-state solution, two countries living side by side, two peoples living side by side in two nations where people can live in safety and security without having to go through checkpoints or fear that their lives will be taken from them the next day.

    JOURNALIST: Just on that language though, you know, “cleaning out”, do you think that’s triggering language or insensitive language?

    CLARE: Repeating my previous answer, we want two peoples able to be live side by side in safety and security.

    JOURNALIST: Do you have a set price tag on the number of those professional healthcare workers you want in schools?

    CLARE: No, there’s no set number, but this investment in South Australia’s an extra billion dollars over the next 10 years, in Victoria it’s an extra two and a half billion dollars over the next 10 years.

    The agreements that we’re striking with the states are all going to be slightly different depending on the needs in those states, but it’s designed to invest in real practical reforms that we know are going to get the results that we need.

    Just to add to what we’re talking about here, we’re talking about fixing the funding of our public schools. Now one in 10 children at the moment, when they sit for their NAPLAN tests in third grade, are identified as being below the national average, so one in 10   sorry, below the national minimum standard, so one in 10. But amongst children from poor families, from really disadvantaged backgrounds, it’s one in three, and most of those children go to public schools.

    So our public schools are the places that do the real heavy lifting where the challenge is three times as big, and they’re the ones that were underfunded at the moment. We want to fix that funding and tie that funding to help those children to catch up and keep up and finish high school.

    JOURNALIST: On that pay rise for early educators, do you know how many centres have used that as an excuse to immediately increase their fees by 4.4 per cent?  

    CLARE: Here’s the thing, they can’t, because a condition of getting the funding for the pay rise is they can’t increase their fees by more than 4 per cent.

    JOURNALIST: Yeah. That’s why I’m asking how many have increased their fees to that 4.4?

    CLARE: I suspect that most centres will increase their fees somewhere between zero and up to that 4 per cent over the next 12 months. The key thing is they can’t go beyond that, and that’s a big part of this deal. Number one, we want to make sure that the money goes to the worker, not the centre, and number two, in order to get that funding, they cannot increase their fees by more than 4 per cent.

    JOURNALIST: Do you know how many though have hit that cap?

    CLARE: It’s too early to give you that number.

    JOURNALIST: This billion-dollar strategy for outer suburbs and regional areas, do you have any hotspots, any, you know, regional areas that you’re concerned about that don’t have enough facilities?

    CLARE: You can look at data that shows where there are what’s called sometimes “childcare deserts” right across the country. This fund is designed to help to make sure that we build centres where they’re needed most, and in particular, if you look at the Productivity Commission report released last year it talks to this, it’s the outer suburbs, and it’s in Regional Australia.

    Just talking to the team at Goodstart here is the only childcare centre in Jerra that provides full service from six week old children right through to four year olds.

    JOURNALIST: I did just want to ask you about – there was evidence at a Parliamentary Committee last week about an online meeting of ANU to delete the Nazi salute. The investigation to my understanding is that they found that that wasn’t the case. What else do you think was happening there?

    CLARE: I make the general point, whether it’s at ANU or whether it’s at QUT that there is absolutely no place for the poison of antisemitism in our universities or anywhere in this country or anywhere in the world.

    There is a commemoration that’s just happened of the 80th Anniversary of the Holocaust and Auschwitz. You know, in the lifetime of our grandparents we’ve all seen the true terror of what antisemitism can wreak and there is no place for it, and that’s why I’ve made it very clear to every university leader in the country that they must enforce their Codes of Conduct, and that includes saying that directly to the Vice Chancellor of QUT.

    JOURNALIST: Do you believe though that it was appropriate that an ANU student who went on radio said that terrorist designated organisation, Hamas [indistinct] unconditional support was able to overturn her expulsion on appeal. You’ve just spoken about the poison of antisemitism; we have a growing issue in Australia. Is that an appropriate thing to do?

    CLARE: No.

    JOURNALIST: Are we any closer to a governance review   what’s the latest with the university governance review?

    CLARE: Yeah, last week we announced the members of the panel that will be responsible for implementing that review.

    JOURNALIST: Are you confident with the members of that panel?

    CLARE: I am.

    JOURNALIST: And then I might just Ms McBain something if that’s okay.

    CLARE: Sure.

    JOURNALIST: [Indistinct] would like to see councils auctioning off properties. What do you think of this decision?

    McBAIN: Look, every Council has the opportunity to take action when someone doesn’t pay rates for a period of time. My understanding, and it was a unanimous decision of Queanbeyan-Palerang Council to take this route, is that these rates have been unpaid for more than five years. A lot of those properties that attempted to make contact by door knocking them, letter boxing them, serving them, there’s been no contact made with any of those individuals for a variety of reasons. It is an avenue open to them, but as I said, it’s a unanimous decision of Queanbeyan-Palerang Council to take this action, which I’m sure that hasn’t been done lightly either.

    JOURNALIST: Are you concerned about the financial stability of councils if they are having to resort to methods like this just to try and stay out of debt?

    McBAIN: Look, I think when you look at it, it’s about a million dollars in unpaid rates that they are going to attempt to recruit through auction. I don’t think this goes anywhere near dealing with some of the ongoing issues that councils have, but what we’ve done since we’ve been in government, you know, there’s been more collaboration with local councils than in any time before that.

    I’ve personally met with over 250 councils either in their communities or in Canberra or at a Local Government Association conference. We have doubled Roads to Recovery funding and that means regional councils across the country have now more money than ever before to deal with road issues.

    Across Eden Monaro that’s $26.3 million extra for our local councils resulting in over $65 million for roads alone. We’ve increased road black spot funding, we’ve created the new safer local road and infrastructure program, $200 million a year, you know, we’ve been really putting our shoulder to the wheel making a difference for local councils, and just last week I was able to announce $27.2 million for Marulan Sewer Treatment Plant, you know, which is something that Council had called from but hadn’t been supported in getting.

    So, the Albanese Government takes seriously the priorities of local councils and local communities and we’ve been delivering for all of them.

    JOURNALIST: Thank you.

    MIL OSI News –

  • MIL-OSI United Nations: New Permanent Representative of Nauru Presents Credentials to the Director-General of the United Nations Office at Geneva

    Source: United Nations – Geneva

    Frederick W. Pitcher, the new Permanent Representative of Nauru to the United Nations Office at Geneva, today presented his credentials to Tatiana Valovaya, the Director-General of the United Nations Office at Geneva.

    Prior to his appointment to Geneva, Mr. Pitcher had been serving as the Chief Executive Officer for the Nauru Maritime and Port Authority and the Nauru Shipping Line since 2023.

    He was a member of Parliament from 2004 to 2013, served as Nauru’s Minister for Commerce, Industry and Environment from 2004 to 2010, and was elected briefly as President in 2011.  Prior, Mr. Pitcher held the position of Nauru’s Deputy Permanent Representative to the United Nations in New York from 2000 to 2004.

    Mr. Pitcher began his career in Nauru’s Public Service in 1993, where he held several positions, including as the Director of the Bureau of Statistics (1993-1995); Private Secretary to the President (1995-1996); and Secretary for Finance (1996–1997).  

    Since 2013, he had been working mainly in the private sector.

    Mr. Pitcher obtained a Postgraduate Certificate in Management and Business Administration from the Edinburgh School of Management in Scotland (1997-2000); a Graduate Certificate and United Nations Fellowship in Statistical Analysis from the Statistical Institute for Asia and the Pacific, in Tokyo, (1992-1993); and a Bachelor of Arts in Pacific Studies from Macquarie University in Sydney, Australia (1988-1991), among other professional certificates.  He was born on Nauru in February 1967 and is married with three adult children.

    ________

    CR.12.048E

    Produced by the United Nations Information Service in Geneva for use of the information media; not an official record.

    MIL OSI United Nations News –

  • MIL-OSI Australia: Treasurer to hold key meetings in United States and United Kingdom

    Source: New South Wales Government 2

    Headline: Treasurer to hold key meetings in United States and United Kingdom

    Published: 28 January 2025

    Statement by: Treasurer

    Treasurer Daniel Mookhey will travel to the United States and United Kingdom holding key meetings to ensure NSW keeps borrowing rates low and to explore investment opportunities for the state.

    During a nine-day trip beginning today, Treasurer Mookhey will visit Washington, New York and London, accompanied by TCorp’s Chief Executive Officer David Deverall.

    Treasurer Mookhey will hold events with a range of bond holders, fund managers and investors including JP Morgan, Goldman Sachs, BlackRock, Nasdaq, the Bank of England and Capital Group, as well as meetings with ratings agencies.

    The NSW Treasurer will also meet leaders including Australia’s Ambassador to the United States Kevin Rudd, Australian Consul-General in New York Ms Heather Ridout AO and will attend an industry event with former NSW Premier Dominic Perrottet.

    This is Treasurer Mookhey’s first international trip since taking office.

    MIL OSI News –

  • MIL-OSI United Kingdom: City’s iconic Grade I listed building planning to open later this year

    Source: City of Norwich

    Published on Tuesday, 28th January 2025

    Councillors are set to approve new investment in The Halls as part of its on-going and extensive refurbishment programme at a cabinet meeting next month.

    The Halls, a medieval friary complex dating back to the 14th century, have been undergoing extensive refurbishment and improvement works, however, a recent survey to Blackfriars Hall roof has identified further repairs and investment to ensure its longevity. 

    It means The Halls are likely to open later this year. 

    Councillor Claire Kidman, cabinet member for a Prosperous Norwich, said: “We were on target to reopen the beautifully restored building within the next couple of months. But after discovering some pretty major repair work that needed to be done to Blackfriars roof, it means that will now come a bit later in the year. So, we will build that into our new programme of work as we need to make sure we get this right and ensure The Halls are properly restored to their former glory and rightful place as one of Norwich and England’s medieval gems.”

    The survey revealed that works carried out to the roof approximately 80 to 100 years ago had caused a build of moisture in the timber structure due to a plastic sheeting installed at the time.

    It means councillors will be asked to approve repairs and upgrades to the cornices, rafters and bosses in the roof, and some electrical upgrades of around £900,000, from the council’s capital fund to make The Halls fit for public use. In addition to the repairs councillors will be asked to approve a tender exercise, to consider an outside organisation to take over the day-to-day operations of The Halls.

    Cllr Kidman added: “Once open, the newly refurbished Halls will be one of the most iconic venues in East England and further bolster the city’s status as one Europe’s most go-to historic and cultural destinations.” 

    Councillors will discuss the reports at the cabinet meeting on 5 February.

    MIL OSI United Kingdom –

  • MIL-Evening Report: Sydney’s Museum of Contemporary Art is now charging for entry. It’s a sign our cultural sector needs help

    Source: The Conversation (Au and NZ) – By Chiara O’Reilly, Senior Lecturer in Museum Studies, University of Sydney

    From January 31, Sydney’s Museum of Contemporary Art (MCA) will reintroduce ticketed entry, charging adults $20 for general admission and $35 for combined special exhibitions and museum entry. Entry will remain free for Australian students and people under 18.

    This decision, which reverses 24 years of free general entry to the museum, reflects broader challenges faced by museums globally.

    Driven by philanthropy

    The MCA was opened in 1991, established through the bequest of Australian expatriate artist John Power. As an independent, not-for-profit organisation, its administrative and financial structure is different from major cultural institutions in Sydney.

    Unlike the Art Gallery of New South Wales and Australian Museum, which are statutory bodies of the NSW government, the MCA receives a far smaller proportion of state funding.

    For 2023-2024, the NSW government delivered A$46.2 million in recurrent funding to the Art Gallery of NSW and $47.4 million to the Australian Museum. The MCA received $4.2 million, which represented just 16% of its total revenue.

    This funding disparity has always required the MCA to secure the bulk of its budget through other revenue streams. Corporate and philanthropic partnerships have been vital.

    In 2000, financial support from Telstra allowed the museum to offer free admission. In 2012, philanthropists including Simon and Catriona Mordant contributed greatly to fund the museum’s expansion.

    The MCA has also been proactive in leveraging its venue to maximise income. In 2023, 41% of revenue was earned through commercial services including venue hire, retail and commercial leases.

    Why there’s no more free entry

    Despite reducing its opening hours to six days a week post-COVID and scaling back audience engagement, the MCA’s financial pressures continued. According to director Suzanne Cotter, the museum “didn’t have any choice” but to implement an admission fee.

    While ticketed admission creates a financial barrier, it also provides visitors a way to invest directly in the museum’s future and sustainability.

    The MCA has consistently demonstrated its value, generating impressive visitor numbers. In 2019, attendance surpassed one million visitors, setting the museum ahead of many international peers.

    But the effects of the COVID pandemic have lingered. In 2022-23, the museum attracted 859,386 visitors – a 15% decline compared to 2019.

    In comparison, the Art Gallery of NSW welcomed almost two million visitors to its expanded campus in 2023, representing a 51% increase from pre-COVID figures.

    The MCA isn’t struggling alone

    Internationally, there are clear signs of an industry under immense pressure.

    Major US institutions such as The Metropolitan Museum of Art (The Met), The Museum of Modern Art (MoMA) and the Guggenheim and Whitney have all increased general adult admission fees to US$30.

    The Met’s shift away from a pay-what-you-can model to fixed admission for most visitors in 2018 was driven by speculation of a US$40 million deficit. However, New York state residents and students, as well as New Jersey and Connecticut students, can still pay what they wish – even as little as one cent.

    Similarly, at the Whitney, a US$2 million donation last year by Trustee and artist Julie Mehretu has helped enable free entry for under-25s.

    These examples show how paying visitors can support a museum’s sustainability while preserving subsidised access for priority groups.

    Across Europe, major museums including the Louvre and Uffizi are also increasing prices, though many retain periodic free days to ensure accessibility.

    In the UK, smaller regional museums are resorting to admission charges for the first time in their histories.

    Meanwhile, commentators such as cultural historian Ben Lewis argue major institutions such as the British Museum should start charging general admission fees to supplement stagnant government funding and decrease dependence on potentially unethical corporate donors.

    This would allow the museums to pay competitive wages and fund essential work, Lewis argues.

    Lewis’s concerns about corporate donations accord with debates taking place internationally and in Australia around the role of big oil, mining and pharmaceutical companies that use the arts to “greenwash” their public brand.

    Can accessiblity be prioritised in Australia?

    The MCA’s situation, which reflects international trends, raises questions about arts funding and access.

    Both the NSW and federal governments’ arts policies recognise the value of providing access to the arts. As the NSW government’s Creative Communities policy notes, “the right to participate in arts, cultural and creative activities is a fundamental human right.”

    The MCA excelled in this regard under its free admission policy, attracting a diverse audience that other museums often struggled to reach. In 2023, about half of the museums on-site visitors were under 35, and 45% were from culturally and linguistically diverse backgrounds.

    The NSW government’s policy – along with its national counterpart Revive – also emphasises the importance of telling Australian stories. This is another area the MCA has excelled in.

    The question then is: if the state and federal governments value equitable access to the arts and appreciates the platforming of Australian stories, will they commit to a more sustainable funding arrangement for organisations like the MCA?

    Without such a commitment, the gap between those who can afford to attend museums and those who can’t will continue to widen – compromising the democratic ideal of an accessible cultural sector.

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

    – ref. Sydney’s Museum of Contemporary Art is now charging for entry. It’s a sign our cultural sector needs help – https://theconversation.com/sydneys-museum-of-contemporary-art-is-now-charging-for-entry-its-a-sign-our-cultural-sector-needs-help-247458

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: As the Black Summer megafires neared, people rallied to save wildlife and domestic animals. But it came at a real cost

    Source: The Conversation (Au and NZ) – By Danielle Celermajer, Professor of Sociology and Social Policy, University of Sydney

    As the 2019-2020 megafires took hold across eastern Australia, many of us reeled at the sight of animals trying and often failing to flee. Our screens filled up with images of koalas with burned paws and possums in firefighter helmets.

    The death toll was staggering, estimated at up to three billion wild animals killed or displaced. Millions more were severely injured. Tens of thousands of domesticated animals were killed or had to be euthanised.

    In fighting these fires, authorities focused almost entirely on protecting human lives and property, other than targeted rescue efforts for the last remaining wild stand of Wollemi pine. The role of rescuing and caring for domesticated and wild animals fell almost entirely to community groups and individual carers, who stepped up to fill the gap at significant cost to themselves – financially, emotionally and sometimes even at a risk to their safety.

    Our new research draws on more than 60 interviews with wildlife carers and groups in the Shoalhaven region south of Wollongong in New South Wales. These people spontaneously organised themselves to care for thousands of domesticated, farm and wild animals, from evacuating them from fire zones to giving them shelter, food, water and healthcare.

    The lengths our interviewees went to were extraordinary. But these rescue efforts were largely invisible to authorities – and, as our interviewees told us, sometimes even condemned as irresponsible.

    What did our interviews tell us?

    The standard view in Australia is that only humans matter in the face of bushfires. But the way affected communities reached out to save as many animals as they could shows many people think we ought to be acting differently.

    One interviewee told about screaming for “her babies” as Rural Fire Service firefighters evacuated her. In response, the firies searched the house for human babies to no avail. When they found out she meant her wombat joeys, they laughed in relief. But to our interviewee, the joeys were like her babies. The joeys were safe inside her house.

    People cared for a wide range of species, from horses, chickens, bees and cows to native birds, possums, wombats and wallabies. Despite this, we found common themes.

    Many people felt the system had let them down when it came to protecting animals. This is why many of them felt they had to take matters into their own hands to ensure that animals survived.

    As one interviewee told us:

    one thing that you have to realise, is people’s animals are their children, and they are their life. If you let someone think that their animal isn’t safe, they will put themselves in danger to try and get to that animal or save that animal […] That’s one thing the firies — you know, if they’re not an animal compassionate person, they don’t get that.

    While some guidance on disaster preparation talks about how to protect pets such as cats and dogs, wildlife carers, farmers and horse owners often found themselves facing incoming fires with little or no information or support.

    People also told us about a lack of information on how to care for different types of animals during disasters. Information was often nonexistent or hard to locate, making decision-making during the crisis very difficult.

    As one farmer told us:

    there’s not any information on realistically what you do with your animals in a case of […] a massive disaster. I mean, it’s like someone said about cutting the fences. But now you’ve got stocking cattle running through the bush and they don’t know where the fire’s going to turn or what’s going to happen.

    The needs of animals differ significantly. It’s harder to find shelter for a horse than a smaller animal, for instance. Wildlife being cared for already need assistance, due to being orphaned, injured or ill. It’s harder to evacuate injured animals or joeys who need regular feeding than it is to evacuate healthy adult animals.

    Our interviewees reported price spikes for transport, food, temporary fencing and medicines during the 2019-2020 emergency season. Caring for animals always comes with costs, but the cost burden intensified over the Black Summer and afterwards.

    Caring for animals came with another cost too, to mental health. Many of our interviewees told us they still felt traumatised, even though our interviews were two or three years after the fires.

    As one interviewee told us:

    the people at Lake Conjola […] said it was like an apocalypse. They said there was dead birds dropping out of the sky. Kangaroos would come hopping out of the bush on fire […] I know it really heavily affected most people on the beach, the horrific things that they saw.

    Despite facing a lack of formal support and with limited information, people organised themselves very quickly into networks to share access to safe land, transport, food, labour and information. Dedicated people set up social media groups to allocate tasks, call for help and so on. This unsung animal rescue effort was almost entirely driven by volunteers.

    What should we do before the next megafires?

    Australia will inevitably be hit by more megafires, as climate change brings more hot, dry fire weather and humidity falls over land.

    What would it mean to include animals in our planning? To start with, more and better information for wildlife carers, farmers, pet owners and the wider community. It would mean directing more funds to animal care, both during and after disasters, and including animal care in local, state and federal disaster planning. It would mean improving communication networks so people know where to go.

    To this end, we developed a new guide for communities wanting to be better prepared to help animals in the next disaster. We prototyped an app designed to help communities organise themselves in order to help animals during disasters.

    The scale of the Black Summer fires found governments and communities largely
    unprepared. But we are now in a position to learn from what happened.

    As authorities prepare for the next fires, they should broaden how they think about disaster preparation. Our research suggests disaster planning needs to take place at a community level, rather than a focus on individual households. And vitally, authorities need to think of communities as made up of both humans and animals, rather than just humans.

    This research project was funded by the Australian government via a Bushfire Recovery Grant from the Department of Industry, Science, Energy and Resources. It was conducted in partnership with the Shoalhaven City Council. This article was prepared solely by the University of Sydney research team and reflects our research and analysis only.

    This research project was funded by the Australian government via a Bushfire Recovery Grant from the Department of Industry, Science, Energy and Resources. It was conducted in partnership with the Shoalhaven City Council.

    – ref. As the Black Summer megafires neared, people rallied to save wildlife and domestic animals. But it came at a real cost – https://theconversation.com/as-the-black-summer-megafires-neared-people-rallied-to-save-wildlife-and-domestic-animals-but-it-came-at-a-real-cost-248432

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: What’s in the supplements that claim to help you cut down on bathroom breaks? And do they work?

    Source: The Conversation (Au and NZ) – By Nial Wheate, Professor of Pharmaceutical Chemistry, Macquarie University

    Christian Moro/Shutterstock

    With one in four Australian adults experiencing problems with incontinence, some people look to supplements for relief.

    With ingredients such as pumpkin seed oil and soybean extract, a range of products promise relief from frequent bathroom trips.

    But do they really work? Let’s sift through the claims and see what the science says about their efficacy.

    What is incontinence?

    Incontinence is the involuntary loss of bladder or bowel control, leading to the unintentional leakage of urine or faeces. It can range from occasional minor leaks to a complete inability to control urination and defecation.

    This condition can significantly impact daily activities and quality of life, and affects women more often than it affects men.

    Some people don’t experience bladder leakage but can sometimes feel an urgent need to go to the bathroom. This is known as overactive bladder syndrome, and occurs when the muscles around the bladder tighten on their own, which greatly reduces its capacity. The result is the person feels the need to go to the bathroom much more frequently.

    There are many potential causes of incontinence and overactive bladders, including menopause, pregnancy and child birth, urinary tract infections, pelvic floor disorders, and an enlarged prostate. Conditions such as diabetes, neurological disorders and certain medications (such as diuretics, sleeping pills, antidepressants and blood-pressure drugs) can also contribute.

    While pelvic muscle rehabilitation and behavioural techniques for bladder retraining can be helpful, some people are interested in pharmaceutical solutions.

    What’s in these products?

    A number of supplements are available in Australia that include ingredients used in traditional medicine for urinary incontinence and overactive bladders. The three most common ingredients are:

    • Cucurbita pepo (pumpkin seed extract)

    • glycine max (soybean extract)

    • an extract from the bark of the Crateva magna or nurvala (Varuna) tree.

    The supplements have common ingredients.
    Author

    How are they supposed to work?

    Pumpkin seeds are rich in plant sterols that are thought to reduce the testosterone-related enlargement of the prostate, as well as having broader anti-inflammatory effects. The seed extracts can also contain oleic acid, which may help increase bladder capacity by relaxing the muscles around the organ.

    Soybean extracts are rich in isoflavones, especially daidzen and genistein. Like olieic acid, these are thought to act on the muscles around the bladder. Because isoflavones are similar in structure to the female hormone oestrogen, soy extracts may be most beneficial for postmenopausal women who have overactive bladders.

    Crateva extract is rich in lupeol- and sterol-based chemicals which have strong anti-inflammatory effects. This has benefits not just for enlarged prostates but possibly also for reducing urinary tract infections.

    Do they actually work?

    It’s important to note that the government has only approved these types of supplements as “listed medicines”. This means the ingredients have only been assessed for safety. The companies behind the products have not had to provide evidence they actually work.

    A 2014 clinical trial examined a combined pumpkin seed and soybean extract called cucurflavone on people with overactive bladders. The 120 participants received either a placebo or a daily 1,000mg dose of the herbal mixture over a period of 12 weeks.

    By the end of study, those in the cucurflavone group went to the bathroom around three fewer times per day, compared with people in the control group, who only went to the bathroom on average one fewer time each day.

    In a different trial, researchers examined a combination of Crateva bark extract with herbal extracts of horsetail and Japanese evergreen spicebush, called Urox.

    For the 150 participants, the Urox formulation helped participants go to the bathroom less frequently when compared with placebo treatment.

    After eight weeks of treatment, participants in the placebo group were going to the bathroom to urinate 11 times per day. Those in the Urox group were only going around to 7.5 times per day. And those who took Urox also needed to go to the bathroom one fewer time during the night.

    Finally, another study also examined a Creteva, horsetail and Japanese spicebush combination, but this time in children. They were given either a 420mg dose of the supplement or a placebo, and then monitored for how many times they wet the bed.

    After two months of taking the supplement, slightly more than 40% of the 24 kids in the supplement group wet the bed less often.

    While these results may look promising, there are considerable limitations to the studies which means the data may not be reliable. For example, the trials didn’t include enough participants to have reliable data. To conclusively provide efficacy, final-stage clinical trials require data for between 300 and 3,000 patients.

    From the studies, it is also not clear whether some participants were also taking other medicines as well as the supplement. This is important, as medications can interfere with how the supplements work, potentially making them less or more effective.

    What if you want to take them?

    If you have incontinence or an overactive bladder, you should always discuss this with your doctor, as it may due to a serious or treatable underlying condition.

    Otherwise, your GP may give you strategies or exercises to improve your bladder control, prescribe medications or devices, or refer you to a specialist.

    If you do decide to take a supplement, discuss this with your doctor and local pharmacist so they can check that any product you choose will not interfere with any other medications you may be taking.

    Nial Wheate in the past has received funding from the ACT Cancer Council, Tenovus Scotland, Medical Research Scotland, Scottish Crucible, and the Scottish Universities Life Sciences Alliance. He is a fellow of the Royal Australian Chemical Institute, a member of the Australasian Pharmaceutical Science Association and a member of the Australian Institute of Company Directors. Nial is the chief scientific officer of Vaihea Skincare LLC, a director of SetDose Pty Ltd (a medical device company) and was previously a Standards Australia panel member for sunscreen agents. Nial regularly consults to industry on issues to do with medicine risk assessments, manufacturing, design, and testing.

    – ref. What’s in the supplements that claim to help you cut down on bathroom breaks? And do they work? – https://theconversation.com/whats-in-the-supplements-that-claim-to-help-you-cut-down-on-bathroom-breaks-and-do-they-work-245755

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Tribute to Emrys Roberts

    Source: Party of Wales

    Emrys Roberts was extremely influential on Welsh politics for three decades. His contribution to the Party was exceptional from the 60s, when he was an energetic General Secretary, and as the Party’s candidate in the Merthyr by-election in 1972.

    His greatest electoral achievement was leading the Party to control a local council for the first time – in Merthyr in 1976. He was a great influence on a generation of nationalists, and there is a very warm memory of him in Plaid Cymru.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New approaches to eradicating child poverty

    Source: Scottish Government

    Wrap-around support delivering improved outcomes for families. 

    Lessons learned from innovative work with families in Inverclyde are helping deliver new approaches to eradicating child poverty. 

    Social Justice Secretary Shirley-Anne Somerville will visit Home-Start Renfrewshire and Inverclyde in Greenock tomorrow (Wednesday 29th January) to see work funded under the Scottish Government’s Child Poverty Practice Accelerator Fund, which is helping to reshape services locally and elsewhere in Scotland. 

    The Social Justice Secretary will meet staff at the project as well as parents who have benefited from the work which focuses on providing early intervention to support families, particularly those with children under five and those affected by poor mental health.  

    Learning from the project is supporting Inverclyde’s Fairer Futures Partnership, which is supporting local services to test and improve how they deliver services to promote family wellbeing, maximise incomes and support people towards education and into sustained employment.   

    Ms Somerville said: 

    “Eradicating child poverty is the Scottish Government’s top priority and a national mission.   

    “I’m keen to hear more about how whole family, person-centred support is being developed in Inverclyde through the Child Poverty Practice Accelerator Fund and the Fairer Futures Partnership. 

    “Through close partnership between Home-Start and Inverclyde Council, this project provides holistic support so that families can maximise their household incomes, and parents can improve their employment prospects through upskilling and volunteering. Putting this kind of vital support in place means that we don’t just help families in a  crisis but enable them to thrive in the longer term. 

    “The Child Poverty Practice Accelerator Fund was set up to support local areas to test new ideas and innovate to improve local approaches to eradicating child poverty. I’m pleased to  have the opportunity to learn more about how this funding is informing Inverclyde’s overall approach to supporting families out of poverty.” 

    Background:  

    The Child Poverty Practice Accelerator Fund supports local areas to test innovative approaches to eradicating child poverty, including testing new approaches to a known problem, adapting an approach from elsewhere to work in a new area, and evaluating promising approaches.  

    Fairer Futures Partnerships in Clackmannanshire, Dundee and Glasgow are working to ensure families get the help they need, where and when they need it. Building on these successful partnerships the programme is expanding into Aberdeen City, East Ayrshire, Inverclyde, North Ayrshire and Perth & Kinross Councils. 

    The Scottish Government made over £2 million available in financial year [2024/25] to these eight local authorities and their partners to deliver the programmes. 

    The budget for the Partnerships has been increased budget to £6 million for next financial year [2025/26]. £2.4 million of this  will be made available to the eight existing partnerships to continue the work underway, as well as exploring opportunities to expand. 

    MIL OSI United Kingdom –

  • MIL-OSI Global: What the looming federal election could mean for the Bank of Canada’s independence

    Source: The Conversation – Canada – By Andrew Allison, Philosophy PhD Student, University of Calgary

    The independence of central banks from the democratic process has been a bedrock of economic policy for decades. The Bank of Canada is no exception, maintaining distance from elected officials to ensure monetary policy is free from political pressures.

    However, a clear division between central bank and government could be tested with Mark Carney, former governor of both the Bank of Canada and the Bank of England who’s running for leadership of the Liberal Party and, in turn, the role of prime minister.



    Read more:
    Mark Carney might have the edge as potential Liberal leader, but still faces major obstacles

    His bid raises concerns about how central bank independence might be perceived under a Carney-led government. Could his tenure as a central banker result in the Bank of Canada’s independence being clawed back? After all, he has demonstrated his ability to manage monetary policy at the highest levels.

    The answer, if we want to preserve the economic benefits of central bank independence, is clear: the Bank of Canada’s independence must be preserved. And Carney, who has championed the importance of politically neutral monetary policy, would likely agree.

    Incentives, not ignorance

    The idea that central banks should operate independently of the democratic process is a widely held view among economists and central bankers. This is largely because there is an extremely low likelihood of elected officials committing to implement monetary policy that produces low inflation and stable prices.

    If elected officials controlled monetary policy, incumbent governments would be tempted to “juice” the economy with “loose money” by reducing the interest rates right before elections.

    In the short run, this would reduce unemployment, raise wages and potentially boost the chances of incumbent governments being re-elected. But, in the long run, citizens would pay the price in the form of inflation.

    With repeated political interference, market entities would no longer react to injections of loose-money by investing in capital and labour and low interest rates would no longer produce the desired short-term benefits of more jobs and higher wages. But inflation would still persist. As economist Garrett Jones puts it, it would be “all hangover, no buzz.”

    Empirical evidence bears this out. Central banks that with greater independence tend to have more price stability and less inflation.

    This is why governments delegate monetary policy to independent central banks. Central bankers are able to implement monetary policy without the temptation to manipulate the economy for electoral gain.

    It’s worth noting that the need for central bank independence is not exclusively due to politicians’ ignorance about managing monetary policy. Rather, it’s because the electoral incentives they face prevents them from being trusted to pull the levers of monetary power effectively.

    This principle applies even to someone like Carney. If he were to become prime minister, he would face the same incentives as all other incumbent governments. Despite his expertise, he would still need independent central bankers to ensure monetary policy remains insulated from the political cycle.

    Central bank independence in Canada

    Central bank independence is not a binary, but exists on a spectrum. When studying the effects of independence, central banks are usually scored on a number of indicators, including whether central bankers can be fired by elected officials, how long central bankers’ terms are, and the extent to which they can be instructed by democratically elected bodies.

    Widespread support for central bank independence among economists only began in the mid-1980s. Prior to that, central banks often gained their independence due to political and legal circumstances, rather then a deliberate attempt to adhere to a principle of independence. Both the Federal Reserve and the Bank of Canada have this in common.

    The independence of the Bank of Canada had a tumultuous 25 years after its establishment in 1935. When pressed, finance ministers could not answer whether they or the Bank of Canada were ultimately responsible for the country’s monetary policy, often giving conflicting answers.

    It would not be until 1961 that this uncertainty would come to a head during the Coyne Affair. Prime Minister John Diefenbaker wanted James Coyne, governor of the Bank of Canada at the time, fired for embarrassing his government and taking a hefty pension. The House of Commons passed a one-line bill that fired Coyne, but the Senate refused to pass it. Coyne resigned the next day.

    After the Coyne Affair, central bank independence grew into the de facto status quo. In 1985, the Bank of Canada Act was passed, setting some limits on the power of the governor and their responsibility to the finance minister. As a result, Canada’s central bank independence falls somewhere in the middle of the spectrum compared to other wealthy, western nations.

    Carney on central bank independence

    In 2022, Conservative Party leader Pierre Poilievre threatened to fire the governor of the Bank of Canada, Tiff Macklem, if he became prime minister.

    While the Bank of Canada Act does permit this through a formal procedure, setting the precedent that cabinets can and will fire governors could undermine central bank independence. It would risk making central bankers more beholden to the political aims of incumbent governments and more likely to produce inflationary monetary policy.

    Compared to Poilievre, Carney is the conservative choice, likely aiming to maintain the status quo by leaving central bankers alone. During and after his time as a central banker, Carney has favoured central bank independence. And, as it stands, it doesn’t appear that he’s changed his mind now that he’s running for Liberal leader.

    So, what would a Carney government mean for the Bank of Canada’s independence? Likely, not much — and from a monetary economic perspective, that’s a good thing. Preserving the status quo would ensure the Bank of Canada remains insulated from political interference, allowing it to focus on long-term price stability.

    Andrew Allison receives funding from the Social Sciences and Humanities Research Council.

    – ref. What the looming federal election could mean for the Bank of Canada’s independence – https://theconversation.com/what-the-looming-federal-election-could-mean-for-the-bank-of-canadas-independence-247886

    MIL OSI – Global Reports –