The positive buying sentiment in the new-home market across major Chinese cities has greatly boosted confidence and expectations for a strong sales season in March and April, said industry experts on Thursday after digesting the home transaction data of the Spring Festival holiday.
The Chinese New Year holiday started on Jan 28 and wrapped up on Tuesday. According to official data, the 28 major Chinese cities monitored by the China Index Academy reported an 8 percent growth in daily new-home transaction space year-on-year.
More specifically, Guangzhou, Guangdong province witnessed a 47 percent year-on-year surge in new home trades during the Spring Festival holiday, with Beijing recording a moderate growth of 5 percent. Strong growth was also seen in second-tier cities including Nanjing, Jiangsu province; Nanchang, Jiangxi province; and Wuhan, Hubei province.
“It is expected that transaction volume of both new and pre-owned homes in these cities would welcome an evident rebound after the holiday,” said Li Yifeng, deputy director of research at the China Index Academy.
“The overall housing market saw stable performance during this year’s Chinese New Year, despite the fact that the holiday is a conventional low season for home transactions. As a result, a significant rebound is highly expected after the holiday,” Li said.
The positive feedback in the market — coupled with factors like warm weather, year-end bonuses, stable work and life, and promotions launched by developers — is likely to persuade more potential homebuyers to make purchases, Beijing Business Today reported.
“The increase in the number of visits is encouraging, which indicates the previous policies are taking effect and homebuying demand is still strong,” said Cao Xiaoning, a real estate agent for a residential project in Beijing’s Shijingshan district developed by China Overseas Land and Investment Ltd, a unit of Beijing-based China State Construction Engineering Corp.
Yan Yuejin, deputy head of the Shanghai-based E-House China R&D Institute, said the improved performance over the holiday shows the real estate market adjustment has bottomed out and is headed for a course of stabilization.
“Currently, the property market is fully adjusting itself, and we expect homebuyers to become more optimistic regarding the sector’s outlook, and an early spring warming may be around the corner,” Yan said.
Both new and pre-owned homes reported positive growth before the Chinese New Year holiday in January. In the 30 cities China Index Academy surveyed, new home traded space grew 4 percent year-on-year between Jan 1 and Jan 27, and the 20 key cities’ existing home trade volume surged 19 percent from a year ago during the same period.
“With people returning to work after the holiday, their homebuying plans are also getting back on the right track. Therefore, a home transaction rebound is due in the near term,” Li said.
Li added that considering the low base of the first quarter in 2024, new home traded volume is likely to be stable in the first quarter, and home prices in the secondary market will hopefully become stabilized.
“But the market is still in need of policy support for its sustained stabilization,” said Li.
EMERYVILLE, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) — NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $86.2 million, or $1.07 per diluted share, for the fourth quarter ended December 31, 2024, which compares to $92.8 million, or $1.15 per diluted share, for the third quarter ended September 30, 2024 and $83.4 million, or $1.01 per diluted share, for the fourth quarter ended December 31, 2023. Adjusted net income for the quarter was $86.1 million, or $1.07 per diluted share, which compares to $92.8 million, or $1.15 per diluted share, for the third quarter ended September 30, 2024 and $83.4 million, or $1.01 per diluted share, for the fourth quarter ended December 31, 2023.
Net income for the full year ended December 31, 2024 was $360.1 million, or $4.43 per diluted share, which compares to $322.1 million, or $3.84 per diluted share, for the year ended December 31, 2023. Adjusted net income for the year was $365.6 million, or $4.50 per diluted share, which compares to $322.1 million, or $3.84 per diluted share, for the year ended December 31, 2023. The non-GAAP financial measures adjusted net income and adjusted diluted earnings per share are presented in this release to enhance the comparability of financial results between periods. See “Use of Non-GAAP Financial Measures” and our reconciliation of such measures to their most comparable GAAP measures, below.
The company also announced today that its Board of Directors has authorized an additional $250 million share repurchase plan effective through December 31, 2027.
Adam Pollitzer, President and Chief Executive Officer of National MI, said, “The fourth quarter capped another year of standout success for National MI. In 2024, we delivered strong operating performance, generated significant NIW volume and consistent growth in our insured portfolio, and achieved record financial results and a 17.4% return on equity. We have a strong customer franchise, a talented team driving us forward every day, an exceptionally high-quality book covered by a comprehensive set of risk transfer solutions, and a robust balance sheet supported by the significant earnings power of our platform. Looking forward, we’re well-positioned to continue delivering differentiated growth, returns and value for our shareholders, and today’s incremental $250 million share repurchase authorization will provide investors with further ability to access value as we continue to perform, grow our earnings and compound book value.”
Selected fourth quarter 2024 highlights include:
Primary insurance-in-force at quarter end was $210.2 billion, compared to $207.5 billion at the end of the third quarter and $197.0 billion at the end of the fourth quarter of 2023.
Net premiums earned were $143.5 million, compared to $143.3 million in the third quarter and $132.9 million in the fourth quarter of 2023.
Total revenue was $166.5 million, compared to $166.1 million in the third quarter and $151.4 million in the fourth quarter of 2023.
Insurance claims and claim expenses were $17.3 million, compared to $10.3 million in the third quarter and $8.2 million in the fourth quarter of 2023. Loss ratio was 12.0%, compared to 7.2% in the third quarter and 6.2% in the fourth quarter of 2023.
Underwriting and operating expenses were $31.1 million, compared to $29.2 million in the third quarter and $29.7 million in the fourth quarter of 2023. Expense ratio was 21.7%, compared to 20.3% in the third quarter and 22.4% in the fourth quarter of 2023.
Net income was $86.2 million, compared to $92.8 million in the third quarter and $83.4 million in the fourth quarter of 2023. Diluted EPS was $1.07, compared to $1.15 in the third quarter and $1.01 in the fourth quarter of 2023.
Shareholders’ equity was $2.2 billion at quarter end and book value per share was $28.21. Book value per share excluding the impact of net unrealized gains and losses in the investment portfolio was $29.80, up 4% compared to $28.71 in the third quarter and 17% compared to $25.54 in the fourth quarter of 2023.
Annualized return on equity for the quarter was 15.6%, compared to 17.5% in the third quarter and 18.0% in the fourth quarter of 2023.
At quarter-end, total PMIERs available assets were $3.1 billion and net risk-based required assets were $1.8 billion.
Quarter Ended
Quarter Ended
Quarter Ended
Change(1)
Change(1)
12/31/2024
9/30/2024
12/31/2023
Q/Q
Y/Y
INSURANCE METRICS ($billions)
Primary Insurance-in-Force
$
210.2
$
207.5
$
197.0
1
%
7
%
New Insurance Written – NIW
11.9
12.2
8.9
(2
)%
34
%
FINANCIAL HIGHLIGHTS (Unaudited, $millions, except per share amounts)
Net Premiums Earned
$
143.5
$
143.3
$
132.9
0
%
8
%
Net Investment Income
22.7
22.5
18.2
1
%
25
%
Insurance Claims and Claim Expenses
17.3
10.3
8.2
67
%
110
%
Underwriting and Operating Expenses
31.1
29.2
29.7
7
%
5
%
Net Income
86.2
92.8
83.4
(7
)%
3
%
Diluted EPS
$
1.07
$
1.15
$
1.01
(7
)%
6
%
Book Value per Share (excluding net unrealized gains and losses) (2)
$
29.80
$
28.71
$
25.54
4
%
17
%
Loss Ratio
12.0
%
7.2
%
6.2
%
Expense Ratio
21.7
%
20.3
%
22.4
%
(1) Percentages may not be replicated based on the rounded figures presented in the table. (2) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.
Conference Call and Webcast Details
The company will hold a conference call, which will be webcast live today, February 6, 2025, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The webcast will be available on the company’s website, www.nationalmi.com, in the “Investor Relations” section. The conference call can also be accessed by dialing (844) 481-2708 in the U.S., or (412) 317-0664 internationally, by referencing NMI Holdings, Inc.
About NMI Holdings, Inc.
NMI Holdings, Inc. (NASDAQ: NMIH), is the parent company of National Mortgage Insurance Corporation (National MI), a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower’s default. To learn more, please visit www.nationalmi.com.
Certain statements contained in this press release or any other written or oral statements made by or on behalf of the Company in connection therewith may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995 (the “PSLRA”). The PSLRA provides a “safe harbor” for any forward-looking statements. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements, including any statements about our expectations, outlook, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believe,” “can,” “could,” “may,” “predict,” “assume,” “potential,” “should,” “will,” “estimate,” “perceive,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend” and similar words or phrases. All forward-looking statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that may turn out to be inaccurate and could cause actual results to differ materially from those expressed in them. Many risks and uncertainties are inherent in our industry and markets. Others are more specific to our business and operations. Important factors that could cause actual events or results to differ materially from those indicated in such statements include, but are not limited to: changes in general economic, market and political conditions and policies (including changes in interest rates and inflation) and investment results or other conditions that affect the U.S. housing market or the U.S. markets for home mortgages, mortgage insurance, reinsurance and credit risk transfer markets, including the risk related to geopolitical instability, inflation, an economic downturn (including any decline in home prices) or recession, and their impacts on our business, operations and personnel; changes in the charters, business practices, policies, pricing or priorities of Fannie Mae and Freddie Mac (collectively, the GSEs), which may include decisions that have the impact of decreasing or discontinuing the use of mortgage insurance as credit enhancement generally, or with first time homebuyers or on very high loan-to-value mortgages; or changes in the direction of housing policy objectives of the Federal Housing Finance Agency (“FHFA”), such as the FHFA’s priority to increase the accessibility to and affordability of homeownership for low-and-moderate income borrowers and underrepresented communities; our ability to remain an eligible mortgage insurer under the private mortgage insurer eligibility requirements (“PMIERs”) and other requirements imposed by the GSEs, which they may change at any time; retention of our existing certificates of authority in each state and the District of Columbia (“D.C.”) and our ability to remain a mortgage insurer in good standing in each state and D.C.; our future profitability, liquidity and capital resources; actions of existing competitors, including other private mortgage insurers and government mortgage insurers such as the Federal Housing Administration, the U.S. Department of Agriculture’s Rural Housing Service and the U.S. Department of Veterans Affairs, and potential market entry by new competitors or consolidation of existing competitors; adoption of new or changes to existing laws, rules and regulations that impact our business or financial condition directly or the mortgage insurance industry generally or their enforcement and implementation by regulators, including the implementation of the final rules defining and/or concerning “Qualified Mortgage” and “Qualified Residential Mortgage”; U.S. federal tax reform and other potential changes in tax law and their impact on us and our operations; legislative or regulatory changes to the GSEs’ role in the secondary mortgage market or other changes that could affect the residential mortgage industry generally or mortgage insurance industry in particular; potential legal and regulatory claims, investigations, actions, audits or inquiries that could result in adverse judgements, settlements, fines or other reliefs that could require significant expenditures or have other negative effects on our business; our ability to successfully execute and implement our capital plans, including our ability to access the equity, credit and reinsurance markets and to enter into, and receive approval of, reinsurance arrangements on terms and conditions that are acceptable to us, the GSEs and our regulators; lenders, the GSEs, or other market participants seeking alternatives to private mortgage insurance; our ability to implement our business strategy, including our ability to write mortgage insurance on high quality low down payment residential mortgage loans, implement successfully and on a timely basis, complex infrastructure, systems, procedures, and internal controls to support our business and regulatory and reporting requirements of the insurance industry; our ability to attract and retain a diverse customer base, including the largest mortgage originators; failure of risk management or pricing or investment strategies; decrease in the length of time our insurance policies are in force; emergence of unexpected claim and coverage issues, including claims exceeding our reserves or amounts we had expected to experience; potential adverse impacts arising from natural disasters including, with respect to affected areas, a decline in new business, adverse effects on home prices, and an increase in notices of default on insured mortgages; climate risk and efforts to manage or regulate climate risk by government agencies could affect our business and operations; potential adverse impacts arising from the occurrence of any man-made disasters or public health emergencies, including pandemics; the inability of our counter-parties, including third party reinsurers, to meet their obligations to us; failure to maintain, improve and continue to develop necessary information technology systems or the failure of technology providers to perform; effectiveness and security of our information technology systems and digital products and services, including the risks these systems, products or services may fail to operate as expected or planned, or expose us to cybersecurity or third-party risks (including the exposure of our confidential customer and other information); and ability to recruit, train and retain key personnel. These risks and uncertainties also include, but are not limited to, those set forth under the heading “Risk Factors” detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2023, as subsequently updated through other reports we file with the SEC. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We caution you not to place undue reliance on any forward-looking statement, which speaks only as of the date on which it is made, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information, future events or circumstances that occur after the date on which the statement is made or to reflect the occurrence of unanticipated events except as required by law.
Use of Non-GAAP Financial Measures
We believe the use of the non-GAAP measures of adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) enhances the comparability of our fundamental financial performance between periods, and provides relevant information to investors. These non-GAAP financial measures align with the way the company’s business performance is evaluated by management. These measures are not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP measures of performance. These measures have been presented to increase transparency and enhance the comparability of our fundamental operating trends across periods. Other companies may calculate these measures differently; their measures may not be comparable to those we calculate and present.
Adjusted income before tax is defined as GAAP income before tax, excluding the pre-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred.
Adjusted net income is defined as GAAP net income, excluding the after-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred. Adjustments to components of pre-tax income are tax effected using the applicable federal statutory tax rate for the respective periods.
Adjusted diluted EPS is defined as adjusted net income divided by adjusted weighted average diluted shares outstanding. Adjusted weighted average diluted shares outstanding is defined as weighted average diluted shares outstanding, adjusted for changes in the dilutive effect of non-vested shares that would otherwise have occurred had GAAP net income been calculated in accordance with adjusted net income. There will be no adjustment to weighted average diluted shares outstanding in the periods that non-vested shares are anti-dilutive under GAAP.
Adjusted return on equity is calculated by dividing adjusted net income on an annualized basis by the average shareholders’ equity for the period.
Adjusted expense ratio is defined as GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions, divided by net premiums earned.
Adjusted combined ratio is defined as the total of GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions and insurance claims and claims expenses, divided by net premiums earned.
Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on investments, divided by shares outstanding.
Although adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) exclude certain items that have occurred in the past and are expected to occur in the future, the excluded items: (1) are not viewed as part of the operating performance of our primary activities; or (2) are impacted by market, economic or regulatory factors and are not necessarily indicative of operating trends, or both. These adjustments, and the reasons for their treatment, are described below.
(1) Net realized investment gains and losses. The recognition of the net realized investment gains or losses can vary significantly across periods as the timing is highly discretionary and is influenced by factors such as market opportunities, tax and capital profile, and overall market cycles that do not reflect our current period operating results. (2) Capital markets transaction costs. Capital markets transaction costs result from activities that are undertaken to improve our debt profile or enhance our capital position through activities such as debt refinancing and capital markets reinsurance transactions that may vary in their size and timing due to factors such as market opportunities, tax and capital profile, and overall market cycles. (3) Other infrequent, unusual or non-operating items. Items that are the result of unforeseen or uncommon events, and are not expected to recur with frequency in the future. Identification and exclusion of these items provides clarity about the impact special or rare occurrences may have on our current financial performance. Past adjustments under this category include infrequent, unusual or non-operating adjustments related to severance, restricted stock modification and other expenses incurred in connection with the CEO transition announced in September 2021 and the effects of the release of the valuation allowance recorded against our net federal and certain state net deferred tax assets in 2016 and the re-measurement of our net deferred tax assets in connection with tax reform in 2017. We believe such items are infrequent or non-recurring in nature, and are not indicative of the performance of, or ongoing trends in, our primary operating activities or business. (4) Net unrealized gains and losses on investments. The recognition of the net unrealized gains or losses on investment can vary significantly across periods and is influenced by factors such as interest rate movement, overall market and economic conditions, and tax and capital profiles. These valuation adjustments may not necessarily result in economic gains or losses and not reflective of ongoing operations.
Consolidated statements of operations and comprehensive income (unaudited)
For the three months ended December 31,
For the year ended December 31,
2024
2023
2024
2023
(In Thousands, except for per share data)
Revenues
Net premiums earned
$
143,520
$
132,940
$
564,688
$
510,768
Net investment income
22,718
18,247
85,316
67,512
Net realized investment gains (losses)
33
—
23
(33
)
Other revenues
233
193
944
756
Total revenues
166,504
151,380
650,971
579,003
Expenses
Insurance claims and claim expenses
17,253
8,232
31,544
22,618
Underwriting and operating expenses
31,092
29,716
118,397
110,699
Service expenses
184
185
723
771
Interest expense
7,102
8,066
36,896
32,212
Total expenses
55,631
46,199
187,560
166,300
Income before income taxes
110,873
105,181
463,411
412,703
Income tax expense
24,706
21,768
103,305
90,593
Net income
$
86,167
$
83,413
$
360,106
$
322,110
Earnings per share
Basic
$
1.09
$
1.03
$
4.51
$
3.91
Diluted
$
1.07
$
1.01
$
4.43
$
3.84
Weighted average common shares outstanding
Basic
78,997
81,005
79,844
82,407
Diluted
80,623
82,685
81,273
83,854
Loss ratio (1)
12.0
%
6.2
%
5.6
%
4.4
%
Expense ratio (2)
21.7
%
22.4
%
21.0
%
21.7
%
Combined ratio (3)
33.7
%
28.5
%
26.6
%
26.1
%
Net income
$
86,167
$
83,413
$
360,106
$
322,110
Other comprehensive (loss) income, net of tax:
Unrealized (losses) gains in accumulated other comprehensive loss, net of tax (benefit) expense of $(11,374) and $19,580 for the three months ended December 31, 2024 and 2023, and $3,921 and $17,113 for the years ended December 31, 2024 and 2023, respectively
(42,787
)
73,660
15,113
64,380
Reclassification adjustment for realized (gains) losses included in net income, net of tax expense (benefit) of $7 and $0 for the three months ended December 31, 2024 and 2023, and $0 and $(7) for the years ended December 31, 2024, and 2023, respectively
(26
)
—
—
26
Other comprehensive (loss) income, net of tax
(42,813
)
73,660
15,113
64,406
Comprehensive income
$
43,354
$
157,073
$
375,219
$
386,516
(1) Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned. (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned. (3) Combined ratio may not foot due to rounding.
Consolidated balance sheets (unaudited)
December 31, 2024
December 31, 2023
Assets
(In Thousands, except for share data)
Fixed maturities, available-for-sale, at fair value (amortized cost of $2,876,343 and $2,542,862 as of December 31, 2024 and December 31, 2023, respectively)
$
2,723,541
$
2,371,021
Cash and cash equivalents (including restricted cash of $90 and $1,338 as of December 31, 2024 and December 31, 2023, respectively)
54,308
96,689
Premiums receivable, net
82,804
76,456
Accrued investment income
22,386
19,785
Deferred policy acquisition costs, net
64,327
62,905
Software and equipment, net
25,681
30,252
Intangible assets and goodwill
3,634
3,634
Reinsurance recoverable
32,260
27,514
Prepaid federal income taxes
322,175
235,286
Other assets
18,857
16,965
Total assets
$
3,349,973
$
2,940,507
Liabilities
Debt
$
415,146
$
397,595
Unearned premiums
65,217
92,295
Accounts payable and accrued expenses
103,164
86,189
Reserve for insurance claims and claim expenses
152,071
123,974
Deferred tax liability, net
386,192
301,573
Other liabilities
10,751
12,877
Total liabilities
1,132,541
1,014,503
Shareholders’ equity
Common stock – $0.01 par value; 87,902,626 shares issued and 78,600,726 shares outstanding as of December 31, 2024 and 87,334,138 shares issued and 80,881,280 shares outstanding as of December 31, 2023 (250,000,000 shares authorized)
879
873
Additional paid-in capital
1,004,692
990,816
Treasury stock, at cost: 9,301,900 and 6,452,858 common shares as of December 31, 2024 and December 31, 2023, respectively
Book value per share (excluding net unrealized gains and losses)(7)
$
29.80
$
28.71
$
25.54
(1) Marginal tax impact of non-GAAP adjustments is calculated based on our statutory U.S. federal corporate income tax rate of 21%, except for those items that are not eligible for an income tax deduction. (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned. (3) Adjusted expense ratio is calculated by dividing adjusted underwriting and operating expense (underwriting and operating expenses excluding costs related to capital markets reinsurance transactions) by net premiums earned. (4) Combined ratio is calculated by dividing the total of underwriting and operating expenses and insurance claims and claim expenses by net premiums earned. (5) Adjusted combined ratio is calculated by dividing the total of adjusted underwriting and operating expenses (underwriting and operating expenses excluding costs related to capital market reinsurance transaction) and insurance claims and claim expenses by net premiums earned. (6) Book value per share is calculated by dividing total shareholders’ equity by shares outstanding. (7) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.
Historical Quarterly Data
2024
2023
December 31
September 30
June 30
March 31
December 31
(In Thousands, except for per share data)
Revenues
Net premiums earned
$
143,520
$
143,343
$
141,168
$
136,657
$
132,940
Net investment income
22,718
22,474
20,688
19,436
18,247
Net realized investment gains (losses)
33
(10
)
—
—
—
Other revenues
233
285
266
160
193
Total revenues
166,504
166,092
162,122
156,253
151,380
Expenses
Insurance claims and claim expenses
17,253
10,321
276
3,694
8,232
Underwriting and operating expenses
31,092
29,160
28,330
29,815
29,716
Service expenses
184
208
194
137
185
Interest expense
7,102
7,076
14,678
8,040
8,066
Total expenses
55,631
46,765
43,478
41,686
46,199
Income before income taxes
110,873
119,327
118,644
114,567
105,181
Income tax expense
24,706
26,517
26,565
25,517
21,768
Net income
$
86,167
$
92,810
$
92,079
$
89,050
$
83,413
Earnings per share
Basic
$
1.09
$
1.17
$
1.15
$
1.10
$
1.03
Diluted
$
1.07
$
1.15
$
1.13
$
1.08
$
1.01
Weighted average common shares outstanding
Basic
78,997
79,549
80,117
80,726
81,005
Diluted
80,623
81,045
81,300
82,099
82,685
Other data
Loss ratio (1)
12.0
%
7.2
%
0.2
%
2.7
%
6.2
%
Expense ratio (2)
21.7
%
20.3
%
20.1
%
21.8
%
22.4
%
Combined ratio (3)
33.7
%
27.5
%
20.3
%
24.5
%
28.5
%
(1) Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned. (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned. (3) Combined ratio may not foot due to rounding.
Portfolio Statistics
The table below highlights trends in our primary portfolio as of the date and for the periods indicated.
Primary portfolio trends
As of and for the three months ended
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
($ Values In Millions, except as noted below)
New insurance written (NIW)
$
11,925
$
12,218
$
12,503
$
9,398
$
8,927
New risk written
3,134
3,245
3,335
2,486
2,354
Insurance-in-force (IIF) (1)
210,183
207,538
203,501
199,373
197,029
Risk-in-force (RIF) (1)
56,113
55,253
53,956
52,610
51,796
Policies in force (count) (1)
659,567
654,374
645,276
635,662
629,690
Average loan size ($ value in thousands) (1)
$
319
$
317
$
315
$
314
$
313
Coverage percentage (2)
26.7
%
26.6
%
26.5
%
26.4
%
26.3
%
Loans in default (count) (1)
6,642
5,712
4,904
5,109
5,099
Default rate (1)
1.01
%
0.87
%
0.76
%
0.80
%
0.81
%
Risk-in-force on defaulted loans (1)
$
545
$
468
$
401
$
414
$
408
Average net premium yield (3)
0.27
%
0.28
%
0.28
%
0.28
%
0.27
%
Earnings from cancellations
$
0.8
$
0.8
$
1.0
$
0.6
$
1.0
Annual persistency (4)
84.6
%
85.5
%
85.4
%
85.8
%
86.1
%
Quarterly run-off (5)
4.5
%
4.0
%
4.2
%
3.6
%
3.4
%
(1) Reported as of the end of the period. (2) Calculated as end of period RIF divided by end of period IIF. (3) Calculated as net premiums earned, divided by average primary IIF for the period, annualized. (4) Defined as the percentage of IIF that remains on our books after a given twelve-month period. (5) Defined as the percentage of IIF that is no longer on our books after a given three-month period.
NIW, IIF and Premiums
The tables below present primary NIW and primary IIF, as of the dates and for the periods indicated.
Primary NIW
For the three months ended
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
(In Millions)
Monthly
$
11,688
$
11,978
$
12,288
$
9,175
$
8,614
Single
237
240
215
223
313
Total
$
11,925
$
12,218
$
12,503
$
9,398
$
8,927
Primary IIF
As of
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
(In Millions)
Monthly
$
192,228
$
189,241
$
184,862
$
180,343
$
177,764
Single
17,955
18,297
18,639
19,030
19,265
Total
$
210,183
$
207,538
$
203,501
$
199,373
$
197,029
The following table presents the amounts related to the company’s quota-share reinsurance transactions (the 2016 QSR Transaction, 2018 QSR Transaction, 2020 QSR Transaction, 2021 QSR Transaction, 2022 QSR Transaction, 2022 Seasoned QSR Transaction, 2023 QSR Transaction, and 2024 QSR Transaction and collectively, the QSR Transactions), insurance-linked note transactions (the 2021-1 ILN Transaction, and 2021-2 ILN Transaction and collectively, the ILN Transactions), and traditional reinsurance transactions (the 2022-1 XOL Transaction, 2022-2 XOL Transaction, 2022-3 XOL Transaction, 2023-1 XOL Transaction, 2023-2 XOL Transaction, and 2024 XOL Transaction and collectively, the XOL Transactions) for the periods indicated.
For the three months ended
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
(In Thousands)
The QSR Transactions
Ceded risk-in-force
$
13,024,200
$
12,968,039
$
12,815,434
$
12,669,207
$
12,626,541
Ceded premiums earned
(41,596
)
(41,761
)
(41,555
)
(41,269
)
(41,218
)
Ceded claims and claim expenses (benefits)
4,075
2,449
(138
)
659
2,447
Ceding commission earned
9,997
10,152
10,222
10,292
9,561
Profit commission
20,149
21,883
24,351
23,407
22,057
The ILN Transactions (1)
Ceded premiums
$
(4,217
)
$
(4,302
)
$
(5,858
)
$
(5,976
)
$
(6,305
)
The XOL Transactions
Ceded premiums
$
(9,969
)
$
(9,760
)
$
(9,403
)
$
(9,223
)
$
(8,302
)
(1) Effective July 25, 2024 and December 27, 2024, NMIC exercised its optional termination rights to terminate and commute its previously outstanding excess-of-loss reinsurance agreements with Oaktown Re III Ltd. and Oaktown Re V Ltd., respectively. In connection with the terminations and commutations, the insurance-linked notes issued by Oaktown Re III Ltd. and Oaktown Re V Ltd. were redeemed in full with a distribution of remaining collateral assets.
The tables below present our total primary NIW by FICO, loan-to-value (LTV) ratio, and purchase/refinance mix for the periods indicated.
Primary NIW by FICO
For the three months ended
For the year ended
December 31, 2024
September 30, 2024
December 31, 2023
December 31, 2024
December 31, 2023
(In Millions)
>= 760
$
6,508
$
6,615
$
4,564
$
24,808
$
22,995
740-759
2,090
2,057
1,542
8,098
6,769
720-739
1,621
1,529
1,280
5,907
5,484
700-719
890
1,040
816
3,794
2,816
680-699
575
652
568
2,392
1,946
<=679
241
325
157
1,045
463
Total
$
11,925
$
12,218
$
8,927
$
46,044
$
40,473
Weighted average FICO
758
757
755
757
760
Primary NIW by LTV
For the three months ended
For the year ended
December 31, 2024
September 30, 2024
December 31, 2023
December 31, 2024
December 31, 2023
(In Millions)
95.01% and above
$
1,510
$
1,568
$
990
$
5,908
$
3,713
90.01% to 95.00%
5,370
5,720
4,107
21,149
18,929
85.01% to 90.00%
3,740
3,584
2,947
13,994
13,597
85.00% and below
1,305
1,346
883
4,993
4,234
Total
$
11,925
$
12,218
$
8,927
$
46,044
$
40,473
Weighted average LTV
92.1
%
92.3
%
92.2
%
92.3
%
92.1
%
Primary NIW by purchase/refinance mix
For the three months ended
For the year ended
December 31, 2024
September 30, 2024
December 31, 2023
December 31, 2024
December 31, 2023
(In Millions)
Purchase
$
10,799
$
11,708
$
8,759
$
43,921
$
39,629
Refinance
1,126
510
168
2,123
844
Total
$
11,925
$
12,218
$
8,927
$
46,044
$
40,473
The table below presents a summary of our primary IIF and RIF by book year as of December 31, 2024.
Primary IIF and RIF
As of December 31, 2024
IIF
RIF
Book Year
(In Millions)
2024
$
43,560
$
11,552
2023
34,284
9,047
2022
47,598
12,703
2021
50,699
13,634
2020
21,145
5,795
2019 and before
12,897
3,382
Total
$
210,183
$
56,113
The tables below present our total primary IIF and RIF by FICO and LTV, and total primary RIF by loan type as of the dates indicated.
Primary IIF by FICO
As of
December 31, 2024
September 30, 2024
December 31, 2023
(In Millions)
>= 760
$
105,315
$
103,764
$
98,034
740-759
37,321
36,830
34,829
720-739
29,343
28,930
27,755
700-719
19,766
19,654
18,734
680-699
13,374
13,326
12,867
<=679
5,064
5,034
4,810
Total
$
210,183
$
207,538
$
197,029
Primary RIF by FICO
As of
December 31, 2024
September 30, 2024
December 31, 2023
(In Millions)
>= 760
$
27,883
$
27,396
$
25,523
740-759
10,006
9,850
9,207
720-739
7,926
7,788
7,387
700-719
5,383
5,337
5,021
680-699
3,615
3,590
3,433
<=679
1,300
1,292
1,225
Total
$
56,113
$
55,253
$
51,796
Primary IIF by LTV
As of
December 31, 2024
September 30, 2024
December 31, 2023
(In Millions)
95.01% and above
$
23,555
$
22,644
$
19,609
90.01% to 95.00%
103,472
101,872
95,415
85.01% to 90.00%
64,290
63,568
60,348
85.00% and below
18,866
19,454
21,657
Total
$
210,183
$
207,538
$
197,029
Primary RIF by LTV
As of
December 31, 2024
September 30, 2024
December 31, 2023
(In Millions)
95.01% and above
$
7,345
$
7,054
$
6,062
90.01% to 95.00%
30,563
30,100
28,184
85.01% to 90.00%
15,956
15,777
14,961
85.00% and below
2,249
2,322
2,589
Total
$
56,113
$
55,253
$
51,796
Primary RIF by Loan Type
As of
December 31, 2024
September 30, 2024
December 31, 2023
Fixed
98
%
98
%
98
%
Adjustable rate mortgages:
Less than five years
—
—
—
Five years and longer
2
2
2
Total
100
%
100
%
100
%
The table below presents a summary of the change in total primary IIF during the periods indicated.
Primary IIF
As of and for the three months ended
December 31, 2024
September 30, 2024
December 31, 2023
(In Millions)
IIF, beginning of period
$
207,538
$
203,501
$
194,781
NIW
11,925
12,218
8,927
Cancellations, principal repayments and other reductions
(9,280
)
(8,181
)
(6,679
)
IIF, end of period
$
210,183
$
207,538
$
197,029
Geographic Dispersion
The following table shows the distribution by state of our primary RIF as of the periods indicated:
Top 10 primary RIF by state
As of
December 31, 2024
September 30, 2024
December 31, 2023
California
10.1
%
10.1
%
10.2
%
Texas
8.6
8.7
8.7
Florida
7.3
7.4
7.6
Georgia
4.1
4.1
4.1
Washington
3.9
3.9
4.0
Illinois
3.8
3.9
4.0
Virginia
3.7
3.8
3.9
Pennsylvania
3.4
3.4
3.4
Ohio
3.3
3.2
3.0
North Carolina
3.2
3.1
3.0
Total
51.4
%
51.6
%
51.9
%
The table below presents selected primary portfolio statistics, by book year, as of December 31, 2024.
As of December 31, 2024
Book year
Original Insurance Written
Remaining Insurance in Force
% Remaining of Original Insurance
Policies Ever in Force
Number of Policies in Force
Number of Loans in Default
# of Claims Paid
Incurred Loss Ratio (Inception to Date)(1)
Cumulative Default Rate(2)
Current Default Rate(3)
($ Values in Millions)
2015 and prior
$
16,035
$
885
6
%
67,989
4,903
99
208
2.7
%
0.5
%
2.0
%
2016
21,187
1,498
7
%
83,626
8,076
158
187
1.7
%
0.4
%
2.0
%
2017
21,582
1,867
9
%
85,897
10,577
267
184
1.9
%
0.5
%
2.5
%
2018
27,295
2,433
9
%
104,043
13,152
420
184
2.5
%
0.6
%
3.2
%
2019
45,141
6,214
14
%
148,423
27,442
511
97
2.0
%
0.4
%
1.9
%
2020
62,702
21,145
34
%
186,174
73,926
598
51
1.4
%
0.3
%
0.8
%
2021
85,574
50,699
59
%
257,972
167,892
1,679
74
3.5
%
0.7
%
1.0
%
2022
58,734
47,598
81
%
163,281
138,915
2,002
68
17.9
%
1.3
%
1.4
%
2023
40,473
34,284
85
%
111,994
98,711
725
10
14.4
%
0.7
%
0.7
%
2024
46,044
43,560
95
%
120,747
115,973
183
—
6.2
%
0.2
%
0.2
%
Total
$
424,767
$
210,183
1,330,146
659,567
6,642
1,063
(1) Calculated as total claims incurred (paid and reserved) divided by cumulative premiums earned, net of reinsurance. (2) Calculated as the sum of the number of claims paid ever to date and number of loans in default divided by policies ever in force. (3) Calculated as the number of loans in default divided by number of policies in force.
The following table provides a reconciliation of the beginning and ending reserve balances for primary insurance claims and claim expenses:
For the three months ended December 31,
For the year ended December 31,
2024
2023
2024
2023
(In Thousands)
Beginning balance
$
135,520
$
116,078
$
123,974
$
99,836
Less reinsurance recoverables (1)
(29,214
)
(25,956
)
(27,514
)
(21,587
)
Beginning balance, net of reinsurance recoverables
106,306
90,122
96,460
78,249
Add claims incurred:
Claims and claim expenses incurred:
Current year (2)
21,674
17,298
93,206
78,285
Prior years (3)
(4,421
)
(9,789
)
(61,662
)
(56,390
)
Total claims and claim expenses incurred (4)
17,253
7,509
31,544
21,895
Less claims paid:
Claims and claim expenses paid:
Current year (2)
458
481
638
600
Prior years (3)
3,290
1,181
7,555
3,575
Reinsurance terminations
—
(491
)
—
(491
)
Total claims and claim expenses paid
3,748
1,171
8,193
3,684
Reserve at end of period, net of reinsurance recoverables
119,811
96,460
119,811
96,460
Add reinsurance recoverables (1)
32,260
27,514
32,260
27,514
Ending balance
$
152,071
$
123,974
$
152,071
$
123,974
(1) Related to ceded losses recoverable under the QSR Transactions (2) Related to insured loans with their most recent defaults occurring in the current year. For example, if a loan defaulted in a prior year and subsequently cured and later re-defaulted in the current year, the default would be included in the current year. Amounts are presented net of reinsurance and included $83.5 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the year ended December 31, 2024, $70.6 million attributed to net case reserves and $6.3 million attributed to net IBNR reserves for the year ended December 31, 2023. (3) Related to insured loans with defaults occurring in prior years, which have been continuously in default before the start of the current year. Amounts are presented net of reinsurance and included $54.1 million attributed to net case reserves and $6.3 million attributed to net IBNR reserves for the year ended December 31, 2024, $50.9 million attributed to net case reserves and $4.5 million attributed to net IBNR reserves for the year ended December 31, 2023. (4) Excludes a $0.7 million termination fee for the year ended December 31, 2023 incurred in connection with the amendment of the 2020 QSR Transaction.
The following table provides a reconciliation of the beginning and ending count of loans in default:
For the three months ended December 31,
For the year ended December 31,
2024
2023
2024
2023
Beginning default inventory
5,712
4,594
5,099
4,449
Plus: new defaults
2,742
2,039
8,757
6,758
Less: cures
(1,684
)
(1,458
)
(6,899
)
(5,892
)
Less: claims paid
(108
)
(70
)
(276
)
(199
)
Less: rescission and claims denied
(20
)
(6
)
(39
)
(17
)
Ending default inventory
6,642
5,099
6,642
5,099
The following table provides details of our claims paid, before giving effect to claims ceded under the QSR Transactions, for the periods indicated:
For the three months ended December 31,
For the year ended December 31,
2024
2023
2024
2023
($ Values In Thousands)
Number of claims paid (1)
108
70
276
199
Total amount paid for claims
$
4,777
$
2,060
$
10,491
$
5,192
Average amount paid per claim
$
44
$
29
$
38
$
26
Severity (2)
65
%
64
%
61
%
55
%
(1) Count includes 32 and 88 claims settled without payment during the three months and year ended December 31, 2024, respectively, and 23 and 70 claims settled without payment during the three months and year ended December 31, 2023, respectively. (2) Severity represents the total amount of claims paid including claim expenses divided by the related RIF on the loan at the time the claim is perfected, and is calculated including claims settled without payment.
The following table shows our average reserve per default, before giving effect to reserves ceded under the QSR Transactions, as of the dates indicated:
Average reserve per default:
As of
December 31, 2024
December 31, 2023
(In Thousands)
Case (1)
$
21.0
$
22.4
IBNR (1) (2)
1.9
1.9
Total
$
22.9
$
24.3
(1) Defined as the gross reserve per insured loan in default. (2) Amount includes claims adjustment expenses.
The following table provides a comparison of the PMIERs available assets and net risk-based required asset amount as reported by NMIC as of the dates indicated:
Prime Minister Shri Narendra Modi’s reply to the Motion of Thanks on the President’s Address in Rajya Sabha Sabka Saath, Sabka Vikas is our collective responsibility: PM
The people of the country have understood, tested and supported our model of development: PM
Santushtikaran over Tushtikaran, After 2014, the country has seen a new model and this model is not of appeasement but of satisfaction: PM
The mantra of our governance is – Sabka Saath, Sabka Vikas: PM
India’s progress is powered by Nari Shakti: PM
We are Prioritising the welfare of the poor and marginalised: PM
We are Empowering the tribal communities with PM-JANMAN: PM
25 crore people of the country have moved out of poverty and become part of the neo middle class, Today, their aspirations are the strongest foundation for the nation’s progress: PM
The middle class is confident and determined to drive India’s journey towards development: PM
We have focused on strengthening infrastructure across the country: PM
Today, the world recognises India’s economic potential: PM
Posted On: 06 FEB 2025 8:41PM by PIB Delhi
The Prime Minister, Shri Narendra Modi replied to the Motion of Thanks on the President’s Address to Parliament in the Rajya Sabha today. Addressing the House, the Prime Minister remarked that the President’s address covered India’s achievements, global expectations from India, and the confidence of the common man in building a developed India. He remarked that the President’s speech was inspiring, impactful, and provided guidance for future work. He expressed his gratitude to the President for the address.
Shri Modi said that over 70 honorable MPs have enriched the motion of thanks with their valuable thoughts. He noted that discussions took place from both sides, with everyone explaining the President’s address based on their understanding. The Prime Minister mentioned that a lot has been said about Sabka Saath, Sabka Vikas, and he found it difficult to understand the complexities involved. He emphasized that Sabka Saath, Sabka Vikas is our collective responsibility, and that’s why the country has given them the opportunity to serve.
Thanking the people of India for giving them the opportunity to serve them continuously since 2014, Shri Modi said this was a testimony to our model of development which has been tested, understood and supported by the people. He added the phrase ‘Nation First’ signified their model of development and this was exemplified in the policies, schemes and actions of the Government. Noting that there was a need of alternate model of governance and administration after a long hiatus of 5 – 6 decades after independence, Shri Modi said that country has received an opportunity to witness a new model of development, since 2014, based on satisfaction (Santushtikaran) over appeasement (Tushtikaran).
“It has been our earnest effort to ensure optimum utilization of the resources in India”, said the Prime Minister. He added that to ensure that the time of India was also not wasted but utilized for the development of the nation and the welfare of the people. Therefore, he added, “We have adopted the Saturation Approach”. He remarked that the motive behind the approach was to ensure 100% benefits to the true beneficiaries of the scheme. Highlighting that the true spirit of “Sabka Saath, Sabka Vishwas” has been implemented on the ground in the past decade, Shri Modi said that it is now evident as the efforts have led to the fruition in the form of development and progress. “Sabka Saath, Sabka Vishwas is the main mantra of our Governance”, he added. The Prime Minister emphasized that the Government had shown its commitment by strengthening the SC, ST Act which would empower the poor and the tribals by enhancing their respect and security.
Lamenting that there is a lot of effort being made in today’s time to spread the poison of casteism, the Prime Minister reminded that for the past three decades, OBC MPs from various parties of both houses have been demanding constitutional status for the OBC Commission. He added that it was their Government that granted constitutional status to the OBC Commission. He highlighted that the respect and honour of the Backward Classes was also important for their Government as they worship 140 crore Indians.
Remarking that whenever the topic of reservation has arisen in the country, efforts to solve the problem in a robust manner have not been undertaken, Shri Modi highlighted that in every instance, methods to divide the country, create tension, and foster enmity against each other were adopted. He emphasized that similar approaches were used even after the country attained independence. The Prime Minister highlighted that for the first time, his government presented a model inspired by the mantra of Sabka Saath, Sabka Vikas, providing nearly 10% reservation for the economically weaker sections without any tension or deprivation. He stated that this decision was welcomed by the SC, ST, and OBC communities, with no one expressing any discomfort. The Prime Minister noted that the implementation method, based on the principle of Sabka Saath, Sabka Vikas, was carried out in a healthy and peaceful manner, leading to nationwide acceptance of the decision.
Highlighting that Divyangs or specially-abled individuals in the country have not received the attention they deserve, the Prime Minister highlighted that under the mantra of Sabka Saath, Sabka Vikas, his Government has extended reservation for the differently-abled and worked in mission mode to provide facilities for them. He mentioned that numerous welfare schemes have been created and implemented for the benefit of specially-abled individuals. Furthermore, Shri Modi emphasized the efforts made for the legal rights of the transgender community, highlighting the commitment to ensuring their rights through robust legal measures. He remarked that the Government’s approach to Sabka Saath, Sabka Vikas is demonstrated through their compassionate consideration towards marginalized sections of society.
“India’s progress is powered by Nari Shakti”, exclaimed Shri Modi. He highlighted that if women are given opportunities and become part of policy-making, it can accelerate the country’s progress. He remarked that this is why the Government’s first decision in the new Parliament was dedicated to the honor of Nari Shakti. Shri Modi pointed out that the new Parliament will be remembered not just for its appearance but for its first decision, which was a tribute to the Nari Shakti. He stated that the new Parliament could have been inaugurated differently for the sake of praise, but instead, it was dedicated to the honor of women. He highlighted that the Parliament has commenced its work with the blessings of Nari Shakti.
Remarking that Dr. Babasaheb Ambedkar was never considered worthy of the Bharat Ratna by the previous Governments, Shri Modi highlighted that despite this, the people of the country have always respected Dr. Ambedkar’s spirit and ideals. He emphasized that due to this respect from all sections of society, everyone from all parties are now compelled to say “Jai Bhim,” albeit reluctantly.
Shri Modi said that Dr. Babasaheb Ambedkar deeply understood the fundamental challenges faced by the SC and ST communities, having personally experienced the pain and suffering. He highlighted that Dr. Ambedkar presented a clear roadmap for the economic upliftment of these communities. Reading a quote from Dr. Ambedkar, stating that “While India is an agrarian country, agriculture cannot be the main livelihood for Dalits”, the Prime Minister noted that Dr. Ambedkar identified two reasons: first, the inability to purchase land, and second, even with money, there were no opportunities to buy land. He emphasized that Dr. Ambedkar advocated for industrialization as a solution to this injustice faced by Dalits, tribals, and marginalized groups. He highlighted that Dr. Ambedkar believed in promoting skill-based jobs and entrepreneurship for economic self-reliance. He mentioned that the vision of Dr. Ambedkar was not considered and completely dismissed for many decades after independence. He emphasized that Dr. Ambedkar aimed to eliminate the economic hardships of the SC and ST communities.
Pointing out that in 2014, his Government prioritized skill development, financial inclusion, and industrial growth, the Prime Minister highlighted the introduction of the PM Vishwakarma Yojana, aimed at traditional artisans and craftsmen like blacksmiths and potters, who are essential to society’s foundation and scattered across villages. He emphasized that for the first time, there was concern for this section of society, providing them with training, technological upgrades, new tools, design assistance, financial support, and market access. He remarked that his government launched a special campaign to focus on this neglected group, acknowledging their significant role in shaping society.
“Our Government introduced the MUDRA scheme to invite and encourage first-time entrepreneurs”, said Shri Modi and highlighted the large-scale campaign of providing loans without guarantees to help a significant section of society achieve their dreams of Atmanirbharta (self-reliance), which has seen great success. He also mentioned the Stand Up India scheme, aimed at providing loans of up to ₹1 (one) crore without guarantees to SC, ST, and women from any community, to support their enterprises. He noted that this year, the budget for this scheme has been doubled. The Prime Minister observed that millions of young people from marginalized communities and many women have started their businesses under the MUDRA scheme, not only securing employment for themselves but also creating jobs for others. He highlighted the empowerment of every artisan and every community, fulfilling Dr. Babasaheb Ambedkar’s dream through the MUDRA scheme.
Emphasising his commitment to the welfare of the poor and marginalized, stating that those who were ignored are now being prioritized, Shri Modi highlighted that the current budget has touched upon various small sectors such as the leather and footwear industries, benefiting the poor and marginalized communities. Citing an example, the Prime Minister mentioned the toy industry, noting that many people from marginalized communities are involved in toy making. The Government has focused on this sector, providing various forms of assistance to poor families. The result is a significant increase in toy exports, which have tripled, benefiting the underprivileged communities that rely on this industry for their livelihood.
Highlighting the significant contribution of the fishing community in India, the Prime Minister remarked that the Government has established a separate ministry for fishermen and extended the benefits of the Kisan Credit Card to them. He noted that around ₹40,000 crore have been included in the fisheries sector. He emphasized that these efforts have doubled fish production and exports, directly benefiting the fishing community. The Prime Minister reiterated the Government’s priority to work for the welfare of the most neglected sections of society.
Remarking that there are new efforts to spread the poison of casteism, which affects our tribal communities in various levels, the Prime Minister highlighted that some groups have very small populations, spread across 200-300 places in the country, and are highly neglected. He expressed gratitude for the guidance from the President, who has close knowledge of these communities. Shri Modi noted that special efforts have been made to include these particularly vulnerable tribal groups in specific schemes. He mentioned the introduction of the PM Janman Yojana, with an allocation of ₹24,000 crore, to provide facilities and welfare measures for these communities. The goal is to elevate them to the level of other tribal communities and eventually bring them on par with the entire society.
“Our Government has also focused on different regions of the country that face significant backwardness, such as border villages”, said Shri Modi. He highlighted the psychological shift brought about by the Government, ensuring that border villagers are prioritized. He emphasized that these villages, where the first and last rays of the sun touch, have been given special status as “first villages” with specific development plans. The Prime Minister noted that ministers were sent to remote villages to stay for 24 hours, even in extreme conditions like minus 15 degrees, to understand and address the villagers’ problems. He mentioned that village leaders from these border areas are invited as guests on national celebrations like Independence Day and Republic Day. He stressed on the Government’s commitment to Sabka Saath, Sabka Vikas and the ongoing efforts to reach every neglected community. Shri Modi highlighted the importance and utility of the Vibrant Villages program for the nation’s security, emphasizing the government’s continued focus on it.
The Prime Minister noted that the President in her address, on the occasion of 75 years of the Republic, urged everyone to take inspiration from the constitution makers. He expressed satisfaction that the Government is moving forward with respect and inspiration from the sentiments of the constitution makers. Addressing the topic of the Uniform Civil Code (UCC), Shri Modi remarked that those who read the debates of the Constituent Assembly would understand the efforts to bring forth those sentiments. He acknowledged that some might have political objections, but the Government is committed to fulfilling this vision with courage and dedication.
Emphasizing the importance of respecting the constitution makers and drawing inspiration from their words, the Prime Minister expressed regret that the sentiments of the constitution makers were disregarded immediately after independence. He highlighted that an interim arrangement, which was not an elected government, made amendments to the constitution without waiting for an elected Government to do so. He remarked that the freedom of speech was curbed and restrictions were imposed on the press while claiming to uphold democracy, by the then Government. He stated that this was a complete disregard for the spirit of the constitution.
Shri Modi highlighted that during the tenure of the first government of independent India, led by Prime Minister Jawaharlal Nehru, there were instances of suppression of freedom of speech. He mentioned that during a workers’ strike in Mumbai, renowned poet Shri Majrooh Sultanpuri sang a poem criticizing the Commonwealth, which led to his imprisonment. He also pointed out that famous actor Shri Balraj Sahni was jailed merely for participating in a protest march. He further highlighted that Lata Mangeshkar’s brother, Shri Hridaynath Mangeshkar, faced repercussions for planning to present a poem by Veer Savarkar on All India Radio. He remarked that merely for this reason, Hridaynath Mangeshkar was permanently dismissed from All India Radio.
Touching upon the experiences in the country during the period of Emergency, during which the constitution was crushed and its spirit trampled upon for the sake of power, Shri Modi emphasized that the nation remembers this. He highlighted that during the Emergency, the renowned senior actor Shri Dev Anand was requested to publicly support the Emergency. Shri Dev Anand showed courage and refused to support it, leading to a ban on all his films on Doordarshan. The Prime Minister criticized those who talk about the constitution but have kept it in their pockets for years, showing no respect for it. He highlighted that Shri Kishore Kumar refused to sing for the then ruling party and as a consequence, all of his songs were banned on All India Radio.
Remarking that he cannot forget the days of the Emergency, the Prime Minister emphasized that those who talk about democracy and human dignity are the same people who, during the Emergency, handcuffed and chained great personalities of the country, including Shri George Fernandes. He highlighted that even members of Parliament and national leaders were bound in chains and handcuffs during this period. He stated that the word “constitution” does not suit them.
Shri Modi remarked that, for the sake of power and the arrogance of a royal family, millions of families in the country were devastated, and the nation was turned into a prison. He emphasized that a long struggle ensued, forcing those who considered themselves invincible to bow down to the people’s strength. The Prime Minister noted that the Emergency was lifted due to the democratic spirit embedded in the veins of the Indian people. Remarking that he holds senior leaders in high regard and respects their long public services, the Prime Minister noted the achievements of leaders like Shri Mallikarjun Kharge and former Prime Minister Shri Deve Gowda.
Highlighting that the empowerment of the poor and their upliftment has never been as extensive as it has been during his Government’s tenure, Shri Modi remarked that the Government has designed schemes aimed at empowering the poor and enabling them to overcome poverty. He expressed his faith in the potential of the country’s poor, stating that given the opportunity, they can overcome any challenge. He emphasized that the poor have demonstrated their capability by taking advantage of these schemes and opportunities. “Through empowerment, 25 crore people have successfully risen out of poverty, which is a matter of pride for the Government”, he added. The Prime Minister noted that those who have emerged from poverty have done so through hard work, trust in the Government, and leveraging the schemes and today, they have formed a neo-middle class in the country.
Emphasising the Government’s strong commitment to the neo-middle class and middle class, the Prime Minister remarked that their aspirations are a driving force for the country’s progress, providing new energy and a solid foundation for national development. He highlighted efforts to enhance the capabilities of the middle class & neo-middle class. He noted that a significant portion of the middle class has been exempted from taxes in the current budget. In 2013, the income tax exemption limit was up to ₹2 lakh, but it has now been increased to ₹12 lakh. The Prime Minister mentioned that individuals over 70 years of age, from any class or community, are benefiting from the Ayushman Bharat scheme, with significant advantages for the elderly in the middle class.
“We have built four crore houses for citizens, with over one crore houses constructed in cities”, said Shri Modi. He remarked that there used to be significant fraud affecting home buyers, making it essential to provide protection. He emphasized that the enactment of the Real Estate (Regulation and Development) (RERA) Act in this Parliament has become a crucial tool in overcoming obstacles to the dream of home ownership for the middle class. The Prime Minister noted that the current budget includes the SWAMIH initiative, which allocates ₹15,000 crore to complete stalled housing projects, where the middle class’s money and facilities were stuck. He highlighted that this initiative aims to fulfill the dreams of the middle class.
Pointing to the startup revolution, which has gained global recognition, the Prime Minister said that these startups are primarily driven by young people from the middle class. He remarked that the world is increasingly attracted to India, especially due to the G20 meetings held in 50-60 locations across the country. He emphasized that this has revealed the vastness of India beyond Delhi, Mumbai, and Bengaluru. He pointed out that the growing global interest in Indian tourism brings numerous business opportunities, greatly benefiting the middle class by providing various income sources.
“The middle class today is filled with confidence, which is unprecedented and greatly strengthens the nation”, said Shri Modi. He expressed his firm belief that the Indian middle class is determined and fully prepared to realize the vision of a developed India, standing strong and moving forward together.
Highlighting that the youth play a crucial role in building a developed India, the Prime Minister emphasized the demographic dividend, noting that students currently in schools and colleges will be the primary beneficiaries of a developed nation. He remarked that as the youth age, the country’s development journey will progress, making them a significant foundation for a developed India. He underscored that, over the past decade, strategic efforts have been made to strengthen the youth base in schools and colleges. He pointed out that for the past 30 years, there was little thought given to 21st-century education, and the previous attitude was to let things continue as they were. Shri Modi highlighted that the new National Education Policy (NEP) was introduced after almost three decades to address these issues. He mentioned that various initiatives under this policy, including the establishment of PM Shri Schools, aim to revolutionize education. He noted that approximately 10,000 to 12,000 PM Shri Schools have already been established, with plans to create more in the future. He also emphasized an important decision regarding the changes in the education policy which now includes provisions for education and examinations to be conducted in the mother tongue. Underlining the lingering colonial mindset regarding language in India, he stressed the injustice faced by children from poor, Dalit, tribal, and marginalized communities due to language barriers. The Prime Minister remarked on the necessity of education in one’s mother tongue, enabling students to pursue careers as doctors and engineers irrespective of their proficiency in English. He emphasized the significant reforms undertaken to ensure that children from all backgrounds can dream of becoming doctors and engineers. Furthermore, the Prime Minister underscored the expansion of Eklavya Model Residential Schools for tribal youth, noting the increase from around 150 schools a decade ago to 470 schools today, with plans to establish over 200 more.
Further elaborating on the education reforms, Shri Modi said major reforms in Sainik Schools, introducing provisions for girls’ admission were undertaken. Emphasizing the importance and capability of these schools, he highlighted that hundreds of girls are currently studying in this patriotic environment, naturally fostering a sense of devotion to the country.
Highlighting the significant role of the National Cadet Corps (NCC) in youth grooming, the Prime Minister remarked that those who have been associated with NCC know that it provides a golden opportunity for comprehensive development and exposure at a crucial age. He emphasized the unprecedented expansion of NCC in recent years, noting that the number of cadets has increased from approximately 14 lakh in 2014 to over 20 lakh today.
Emphasising the enthusiasm and eagerness of the country’s youth to achieve something new, even beyond routine tasks, Shri Modi remarked on the Swachh Bharat Abhiyan, observing that youth groups in many cities continue to advance the cleanliness campaign with their self-motivation. He noted that some young individuals work towards education in slums and various other initiatives. Seeing this, the Prime Minister highlighted the need to provide organized opportunities for the youth, leading to the launch of the “MY Bharat” or Mera Yuva Bharat movement. Today, over 1.5 crore youths have registered and are actively participating in discussions on contemporary issues, raising awareness in society, and pursuing positive actions with their own capabilities, without the need for spoon-feeding, he added.
Touching upon the importance of sports in fostering sportsmanship and how a nation’s spirit flourishes where sports are widespread, the Prime Minister remarked that numerous initiatives have been launched to support sports talent, including unprecedented financial support and infrastructure development. He highlighted the transformative power of the Target Olympic Podium Scheme (TOPS) and the Khelo India initiative on the sports ecosystem. He added that over the past decade, Indian athletes have showcased their prowess in various sports events, with India’s youth, including young women, demonstrating the country’s strength on the global stage.
Prime Minister emphasized the significance of infrastructure in transforming a developing nation into a developed one. He highlighted that both welfare schemes and infrastructure are crucial for a country’s growth, and underscored the need for timely completion of infrastructure projects. He noted that delays lead to wastage of taxpayers’ money and deprive the nation of benefits. Criticising the previous dispensations for its culture of delays and political interference in project execution, Shri Modi mentioned the establishment of the PRAGATI platform, which he personally reviews, for detailed monitoring of infrastructure projects, including real-time videography using drones and live interaction with stakeholders. He stated that projects worth approximately ₹19 lakh Crore were stalled due to coordination issues between the state and central governments or different departments. He highlighted a study by Oxford University that praised PRAGATI and suggested other developing countries could benefit from its experiences. Citing an example from Uttar Pradesh to illustrate past inefficiencies, the Prime Minister mentioned the Saryu Canal Project, approved in 1972, which remained stalled for five decades until it was completed in 2021. Highlighting the completion of the Udhampur-Srinagar-Baramulla railway line in Jammu and Kashmir, the Prime Minister remarked that the project was approved in 1994 but remained stalled for decades. Finally, after three decades, it was completed in 2025, he added. Shri Narendra Modi highlighted the completion of the Haridaspur-Paradip railway line in Odisha. He remarked that the project was approved in 1996 but remained stalled for years which was finally completed in 2019 during the current administration’s tenure. Elaborating further, the Prime Minister highlighted the completion of the Bogibeel Bridge in Assam, approved in 1998 and completed by his Government in 2018. He remarked that he could provide hundreds of examples illustrating the detrimental culture of delays prevalent in the past. He emphasized the need for a change in culture to ensure the timely completion of such vital projects and said that the significant setbacks caused by this culture during the previous dispensation, depriving the nation of its rightful progress. Underscoring the importance of proper planning and timely execution of infrastructure projects, the Prime Minister said to address this, the PM Gati Shakti National Master Plan was introduced. He encouraged states to utilize the PM Gati Shakti platform, which includes 1,600 data layers, to streamline decision-making and accelerate project implementation. The platform has become a vital foundation for expediting infrastructure work in the country, he added.
Emphasising the necessity for today’s youth to understand the hardships their parents faced and the reasons behind the nation’s past condition, the Prime Minister remarked that without proactive decisions and actions over the past decade, the benefits of Digital India would have taken years to materialize. He highlighted that proactive decision-making and actions have enabled India to be timely and, in some cases, ahead of time. He further noted that 5G technology is now more widely available in India at one of the fastest rates globally.
Shri Modi drew attention to past experiences, highlighting that technologies such as computers, mobile phones, and ATMs reached many countries well before India, often taking decades to arrive. He remarked that even in the health sector, vaccines for diseases like smallpox and BCG were available globally while India lagged due to systemic inefficiencies. The Prime Minister attributed these delays to poor governance of the past, where critical knowledge and implementation were tightly controlled, resulting in a “license permit raj” that stifled progress. He emphasized to the youth the oppressive nature of this system, hindering the nation’s development.
Remarking on the early days of computer imports, highlighting that obtaining a license to import computers was a lengthy process that took years, the Prime Minister noted that this requirement significantly delayed the adoption of new technology in India.
Pointing to the bureaucratic challenges of the past, the Prime Minister said that even obtaining cement for house construction required permission and during weddings, even getting sugar for tea required a license. He emphasized that these challenges occurred in post-independence India and pointed that the youth of today can understand the implications, questioning who was responsible for the bribes and where the money went.
Highlighting the bureaucratic hurdles of the past, noting that purchasing a scooter required booking and payment, followed by a wait of 8-10 years, the Prime Minister remarked that even selling a scooter needed government permission. He emphasized the inefficiency in obtaining essential items, such as gas cylinders, which were distributed through coupons to MPs, and the long queues for gas connections. He noted the lengthy process for obtaining a telephone connection, stressing that today’s youth should be aware of these challenges. He remarked that those delivering grand speeches today should reflect on their past governance and its impact on the nation.
“The restrictive policies and license raj that pushed India into one of the slowest economic growth rates globally”, said Shri Modi. He remarked that this weak growth rate came to be known as the “Hindu rate of growth,” which was an insult to a large community. He emphasized that the failure was due to the incompetence, lack of understanding, and corruption of those in power, which led to the mislabeling of an entire society as responsible for the slow growth.
Criticizing the economic mismanagement and flawed policies of the past, which led to blaming and tarnishing an entire society, the Prime Minister remarked that historically, India’s culture and policies did not include restrictive license raj while Indians believed in openness and were among the first to engage in free trade globally. Shri Modi highlighted that Indian merchants traveled to distant lands for trade without any restrictions, which was part of India’s natural culture. He noted that the current global recognition of India’s economic potential and rapid growth brings pride to every Indian. “India is now seen as one of the fastest-growing countries, and the nation’s economy is expanding significantly”, he emphasised.
Underlining that the nation is now breathing easy and soaring high after breaking free from the clutches of restrictive license raj and flawed policies, the Prime Minister remarked on the promotion of the “Make in India” initiative, aimed at boosting manufacturing in the country. He mentioned the introduction of the Production Linked Incentive (PLI) scheme and reforms related to Foreign Direct Investment (FDI). He emphasized that India has become the world’s second-largest mobile phone producer, transitioning from being predominantly an importer to an exporter of mobile phones.
Emphasising India’s achievements in defense manufacturing, noting that defense product exports have increased tenfold over the past decade, the Prime Minister also highlighted the tenfold increase in solar module manufacturing. He stated “India is now the world’s second-largest steel producer” while machinery and electronic exports have seen rapid growth over the past decade. He also noted that toy exports have more than tripled, and agrochemical exports have increased significantly. “During the COVID-19 pandemic, India supplied vaccines and medicines to over 150 countries under the “Made in India” initiative”, said Shri Modi. He highlighted the rapid growth in exports of AYUSH and herbal products as well.
Remarking on the lack of efforts by the previous Government to promote Khadi, stating that even the movement started during the freedom struggle was not advanced, the Prime Minister highlighted that the turnover of Khadi and Village Industries has surpassed ₹1.5 lakh Crore for the first time. He noted that production has quadrupled in the last decade, significantly benefiting the MSME sector and creating numerous employment opportunities across the country.
Underscoring that all elected representatives are servants of the people, Shri Modi remarked that the mission of the country and society is paramount for public representatives, and it is their duty to work with a spirit of service.
Stressing on the collective responsibility of all Indians to embrace the vision of a developed India, the Prime Minister remarked that this is not just the resolve of a government or an individual but the commitment of 140 crore citizens. He warned that those who remain indifferent to this mission will be left behind by the nation. He highlighted the unwavering determination of India’s middle class and youth to propel the country forward.
Underlining the importance of everyone’s role in the nation’s progress as it reaches new heights of development, Shri Modi remarked that opposition in Government is natural and essential in a democracy, as is opposition to policies. However, he warned that extreme negativism and attempts to diminish others instead of enhancing one’s own contributions could hinder the development of India. He stressed the need to free ourselves from such negativity and engage in continuous self-reflection and introspection. He expressed confidence that the discussions in the House would yield valuable insights that will be taken forward. He concluded by acknowledging the continuous inspiration derived from the President’s address and expressed heartfelt gratitude to the President and all honorable Members of Parliament.
25 crore people of the country have moved out of poverty and become part of the neo middle class. Today, their aspirations are the strongest foundation for the nation’s progress. pic.twitter.com/0AIXj8znqC
NEW YORK, Feb. 06, 2025 (GLOBE NEWSWIRE) — RentRedi, the fastest-growing all-in-one property management software that makes renting easy for both landlords and renters, has been named to HousingWire’s 2025 Tech100 Real Estate list. The award recognizes RentRedi as one of the most innovative and impactful companies transforming the real estate industry by driving efficiency and accessibility to the renting process, and reshaping how landlords and real estate investors operate and serve their tenants.
“We are honored to be endorsed as a top technology in real estate by HousingWire,” said RentRedi Co-founder and CEO Ryan Barone. “This award validates RentRedi’s efforts to provide convenience and ease of use, helping real estate investors grow their rental businesses by removing the time constraints and geographic barriers of property management for landlords, while also improving the lives of their tenants.”
RentRedi’s comprehensive online and mobile app enables landlords to manage their properties remotely from anywhere in the world using their phone or any mobile or desktop computer by automating everything that goes into managing a rental property, from listings, tenant screening, and lease signing to rent collection, 24/7 maintenance coordination, and accounting. Landlords who use RentRedi have more time to spend on high value activities such as nurturing tenant relationships, investing in home improvement projects, and scouting new investment opportunities to grow their rental businesses.
Scaling with RentRedi not only requires less effort, but also less cost, because RentRedi offers unique flat pricing subscriptions that do not increase as investors scale their portfolios. Landlords can add an unlimited number of properties, units, tenants, and users to their account with no increase to their subscription rate. Other perks and benefits, specifically accelerated 2-day funding and same-day settlements, are also included in RentRedi’s flat rate pricing and do not require a premium subscription—an industry-first feature.
Although RentRedi caters to independent landlords, it was initially conceived as a tenant app, and many features continue to be specifically designed with tenants in mind. For example, RentRedi offers a Credit Boost feature that enables tenants (or their landlords) to report on-time payments to all three credit bureaus so that they can boost their credit scores. RentRedi also offers tenants the option to set up automatic payments, purchase renters insurance, and take advantage of special perks and discounts to hundreds of local and national companies from groceries and home decor to storage and pet insurance.
“Technology is at the core of progress in the housing industry,” said Clayton Collins, CEO of HW Media. “The companies recognized in this year’s Tech100 awards are leading innovation and delivering real-world impact to drive faster and more efficient processes.”
RentRedi’s impact on the rental industry is proven and backed by data. According to data collected between January 2020 and August 2024, units with at least one tenant using RentRedi’s autopay feature reported on-time rent payments 99% of the time. The success of RentRedi’s tenant screening feature has also been quantified, showing that tenants who underwent tenant screening via the RentRedi platform paid rent on time about 90% of the time.
Furthermore, RentRedi data shows that landlords are likely to see a 13% jump in on-time rent payments when using the RentRedi Credit Boost feature. Rental units with tenants who have “poor” to “fair” credit scores (in the 300-669 range) yield on-time rent payments at a rate of 93% when using the credit-boosting feature.
Now in its 6th year, HousingWire’s Tech100 Real Estate program provides a trusted resource for real estate professionals, showcasing the industry’s top technology providers. The award recognizes companies like RentRedi that are solving real-world challenges, delivering cutting-edge solutions, and helping real estate professionals navigate an evolving market.
About RentRedi
RentRedi offers an award-winning, comprehensive property management platform that simplifies the renting process for landlords and renters by automating and streamlining processes. Landlords can quickly grow their rental businesses by using RentRedi’s all-in-one web and mobile app to collect rent, list and market vacancies, find and screen tenants, sign leases, and manage maintenance and accounting. Tenants enjoy the convenience and benefits of RentRedi’s easy-to-use mobile app that allows them to pay rent, set up auto-pay, build credit by reporting rent payments to all three major credit bureaus, prequalify and sign leases, and submit 24/7 maintenance requests.
Founded in 2016, RentRedi is VC-backed and a proven leader in the PropTech market. The company ranks No. 180 on the Inc. 5000 list and No. 12 on the Inc. 5000 Regionals list. It was also named an Inc. Power Partner in 2023 and 2024, and to Fast Company’s Next Big Things in Tech list in 2024, and to HousingWire’s Tech100 list in 2025. To date, RentRedi has more than $28 billion in assets under management with nearly 200,000 landlords and tenants using the platform. The company partners with technology leaders such as Zillow, TransUnion, Experian, Equifax, Realtor.com, Lessen, Thumbtack, Plaid, and Stripe to create the best customer experience possible. For more information visit RentRedi.com.
Toronto, ON., Feb. 06, 2025 (GLOBE NEWSWIRE) — Applied Systems® today announced the final quarter 2023 results of the Applied Commercial Index™, the Canadian insurance industry’s premium rate index. Overall, the magnitude of rate increases was down across all lines relative to average premium renewals in the same quarter last year with 5.02% in Q4 2024, down from 7.55% in Q4 2023. All lines of business saw decreases compared to the same quarter last year.
Quarter over quarter, Q4 2024 results showed average renewal rate change decreased across all lines of the most commonly placed Commercial Lines categories, including Real Estate Property, Construction, Hospitality Services, and Retail Services, with the exception of Business and Professional Services which experienced a slight quarterly increase.
Significant findings include:
Business and Professional Services: Q4 2024 premium renewal rate change average was 5.48%, up from the Q3 2024 average of 5.30%.
Construction, Erection, and Installation Services: Premium renewal rate change average was 4.78% for the quarter, down from the Q3 2024 average of 5.36%.
Hospitality Services: Q4 2024 premium renewal rate change average was 3.79%, down from the Q3 2024 average of 5.77%.
Real Estate Property: Premium renewal rate change average was 4.59% for the quarter, down from the Q3 2024 average of 5.32%.
Retail Services: Premium renewal rate change averaged 6.84%, down relative to the Q3 2024 average of 7.53%.
“This quarter’s results demonstrate a continued softening of the commercial lines market as premium renewal rates decrease quarter over quarter and compared to the average of last year’s same quarter,” said Steve Whitelaw, senior vice president and general manager, Canada, Applied Systems. “As we enter 2025, we will continue to watch as macro trends, such as increased competition in the commercial lines market, continues to impact rates.”
Applied Commercial Index is a trademark of Applied Systems, Inc. All data is fully anonymized when aggregating and analyzing the Applied Commercial Index.
About Applied Systems Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.
LAS VEGAS, Feb. 06, 2025 (GLOBE NEWSWIRE) — Live Ventures Incorporated (Nasdaq: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, today announced financial results for its fiscal first quarter 2025 ended December 31, 2024.
Fiscal First Quarter 2025 Key Highlights:
Revenue was $111.5 million, compared to $117.6 million in the prior year period
Net income was $0.5 million and diluted earnings per share (“EPS”) was $0.16, compared to the prior year period net loss of $0.7 million and loss per share of $0.22. Net income for the first quarter 2025 includes a $2.8 million gain on the settlement of the earnout liability related to the Precision Metal Works, Inc. (“PMW”) acquisition and a $0.7 million gain on the settlement of PMW seller notes
Adjusted EBITDA¹ was $5.7 million, compared to $8.7 million in the prior year period
Total assets of $395.5 million and stockholders’ equity of $73.3 million as of December 31, 2024
Approximately $31.1 million of cash and availability under the Company’s credit facilities as of December 31, 2024
“Both our Retail-Entertainment and Steel Manufacturing segments delivered improved operating performance in the first quarter, with increases in operating income and operating margins as compared to the prior year period. However, high interest rates and a slowdown in the housing market continued to impact our Retail-Flooring and Flooring Manufacturing segments, as reduced consumer demand weighed on performance,” commented David Verret, Chief Financial Officer of Live Ventures.
“We are pleased with the operating improvements achieved in our Retail-Entertainment and Steel Manufacturing segments during the first quarter. That said, industry-specific headwinds are impacting our Retail-Flooring and Flooring Manufacturing segments. To address this, we are implementing additional measures to enhance the efficiency of our flooring businesses,” stated Jon Isaac, President and Chief Executive Officer of Live Ventures. “Despite these challenges, we remain confident in the long-term strength of our businesses.”
First Quarter FY 2025 Financial Summary (in thousands except per share amounts)
For the three months ended December 31,
2024
2023
% Change
Revenue
$
111,508
$
117,593
-5.2
%
Operating income
$
762
$
3,541
-78.5
%
Net income (loss)
$
492
$
(682
)
172.1
%
Diluted earnings (loss) per share
$
0.16
$
(0.22
)
172.7
%
Adjusted EBITDA¹
$
5,744
$
8,696
-33.9
%
Revenue decreased approximately $6.1 million, or 5.2%, to approximately $111.5 million for the quarter ended December 31, 2024, compared to revenue of approximately $117.6 million in the prior year period. The decrease is attributable to the Flooring Manufacturing, Retail-Flooring, and Steel Manufacturing segments, which decreased by approximately $6.7 million in the aggregate.
Operating income was approximately $0.8 million for the quarter ended December 31, 2024, compared with operating income of approximately $3.5 million in the prior year period. The decrease in operating income is primarily attributable to the decrease in revenue and increased general and administrative expenses in the Retail-Flooring segment. The decrease in operating income was partially offset by increased operating income in the Retail-Entertainment and Steel Manufacturing segments.
For the quarter ended December 31, 2024, net income was approximately $0.5 million, and diluted EPS was $0.16, compared with net loss of approximately $0.7 million and loss per share of $0.22 in the prior year period. The increase in net income is primarily attributable to a $2.8 million gain on the settlement of the earnout liability related to the PMW acquisition and a $0.7 million gain on the settlement of PMW seller notes.
Adjusted EBITDA¹ for the quarter ended December 31, 2024 was approximately $5.7 million, a decrease of approximately $3.0 million, or 33.9%, compared to the prior year period. The decrease in adjusted EBITDA is primarily due to an overall decrease in operating income.
As of December 31, 2024, the Company had total cash availability of $31.1 million, consisting of cash on hand of $7.4 million and availability under its various lines of credit of $23.7 million.
First Quarter FY 2025 Segment Results (in thousands)
For the three months ended December 31,
2024
2023
% Change
Revenue
Retail – Entertainment
$
21,273
$
20,586
3.3
%
Retail – Flooring
31,747
34,319
-7.5
%
Flooring Manufacturing
25,996
29,245
-11.1
%
Steel Manufacturing
32,435
33,354
-2.8
%
Corporate & Other
57
89
-36.0
%
Total Revenue
$
111,508
$
117,593
-5.2
%
For the three months ended December 31,
2024
2023
% Change
Operating Income (loss)
Retail – Entertainment
$
3,408
$
3,143
8.4
%
Retail – Flooring
(2,174
)
90
N/A
Flooring Manufacturing
(81
)
945
-108.6
%
Steel Manufacturing
1,166
982
18.7
%
Corporate & Other
(1,557
)
(1,619
)
3.8
%
Total Operating Income
$
762
$
3,541
-78.5
%
For the three months ended December 31,
2024
2023
% Change
Adjusted EBITDA¹
Retail – Entertainment
$
3,810
$
3,667
3.9
%
Retail – Flooring
(971
)
$
1,303
-174.5
%
Flooring Manufacturing
750
1,877
-60.0
%
Steel Manufacturing
2,801
2,802
0.0
%
Corporate & Other
(646
)
(953
)
32.2
%
Total Adjusted EBITDA¹
$
5,744
$
8,696
-33.9
%
Adjusted EBITDA¹as a percentage of revenue
Retail – Entertainment
17.9
%
17.8
%
Retail – Flooring
-3.1
%
3.8
%
Flooring Manufacturing
2.9
%
6.4
%
Steel Manufacturing
8.6
%
8.4
%
Corporate & Other
N/A
N/A
Total Adjusted EBITDA¹
5.2
%
7.4
%
as a percentage of revenue
Retail – Entertainment
Retail-Entertainment segment revenue for the quarter ended December 31, 2024 was approximately $21.3 million, an increase of approximately $0.7 million, or 3.3%, compared to prior year period revenue of approximately $20.6 million. Revenue increased primarily due to increased consumer demand for used products. The increase in used products contributed to the increase in gross margin to 56.6% for the quarter ended December 31, 2024, compared to 56.0% for the prior year period. Operating income for the quarter ended December 31, 2024 was approximately $3.4 million, compared to operating income of approximately $3.1 million for the prior year period.
Retail – Flooring
The Retail-Flooring segment revenue for the quarter ended December 31, 2024, was approximately $31.7 million, a decrease of approximately $2.6 million, or 7.5%, compared to the prior year period revenue of approximately $34.3 million. The decrease was primarily due to reduced demand. Gross margin for the quarter ended December 31, 2024 was 37.2%, compared to 38.0% for the prior year period. The decrease in gross margin was primarily driven by a change in product mix. Operating loss for the quarter ended December 31, 2024 was approximately $2.2 million, compared to operating income of approximately $0.1 million for the prior year period. The increase in operating loss was primarily due to additional wages and other general and administrative costs during the quarter ended December 31, 2024.
Flooring Manufacturing
Revenue for the quarter ended December 31, 2024 was approximately $26.0 million, a decrease of approximately $3.2 million, or 11.1%, compared to prior year period revenue of approximately $29.2 million. The decrease in revenue was primarily due to reduced consumer demand. Gross margin was 21.2% for the quarter ended December 31, 2024, compared to 22.0% for the prior year period. The decrease in gross margin was primarily due to changes in product mix. Operating loss for the quarter ended December 31, 2024 was approximately $0.1 million, compared to operating income of approximately $0.9 million for the prior year period.
Steel Manufacturing
Revenue for the quarter ended December 31, 2024 was approximately $32.4 million, a decrease of approximately $0.9 million or 2.8%, compared to prior year period revenue of approximately $33.4 million. The decrease was primarily due to reduced customer demand, partially offset by incremental revenue of $3.1 million at Central Steel Fabricators, LLC (“Central Steel”), which was acquired in May 2024. Gross margin was 18.3% for the quarter ended December 31, 2024, compared to 15.8% for the prior year period. The increase in gross margin was primarily due to strategic price increases, as well as the acquisition of Central Steel. Operating income for the quarter ended December 31, 2024 was approximately $1.2 million, compared to operating income of approximately $1.0 million in the prior year period.
Corporate and Other
Revenue for the quarter ended December 31, 2024 was approximately $57,000, a decrease of approximately $32,000, or 36.0%, compared to prior year period revenue of approximately $89,000. Operating loss for the quarters ended December 31, 2024 and 2023 were approximately $1.6 million.
Non-GAAP Financial Information
Adjusted EBITDA
We evaluate the performance of our operations based on financial measures, such as “Adjusted EBITDA,” which is a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation, amortization, stock-based compensation, and other non-cash or nonrecurring charges. We believe that Adjusted EBITDA is an important indicator of the operational strength and performance of the business, including the business’s ability to fund acquisitions and other capital expenditures and to service its debt. Additionally, this measure is used by management to evaluate operating results and perform analytical comparisons and identify strategies to improve performance. Adjusted EBITDA is also a measure that is customarily used by financial analysts to evaluate a company’s financial performance, subject to certain adjustments. Adjusted EBITDA does not represent cash flows from operations, as defined by generally accepted accounting principles (“GAAP”), should not be construed as an alternative to net income or loss, and is indicative neither of our results of operations, nor of cash flow available to fund our cash needs. It is, however, a measurement that the Company believes is useful to investors in analyzing its operating performance. Accordingly, Adjusted EBITDA should be considered in addition to, but not as a substitute for, net income, cash flow provided by operating activities, and other measures of financial performance prepared in accordance with GAAP. As companies often define non-GAAP financial measures differently, Adjusted EBITDA, as calculated by Live Ventures Incorporated, should not be compared to any similarly titled measures reported by other companies.
Forward-Looking and Cautionary Statements
The use of the word “Company” refers to Live Ventures and its wholly owned subsidiaries. Certain statements in this press release contain or may suggest “forward-looking” information within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, each as amended, that are intended to be covered by the “safe harbor” created by those sections. Words such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements are intended to identify forward-looking statements. Live Ventures may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 10-K and 10-Q, Current Reports on Form 8-K, in its annual report to stockholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024. Additionally, new risk factors emerge from time to time, and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business. Live Ventures undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.
About Live Ventures Incorporated
Live Ventures is a diversified holding company with a strategic focus on value-oriented acquisitions of domestic middle-market companies. Live Ventures’ acquisition strategy is sector-agnostic and focuses on well-run, closely held businesses with a demonstrated track record of earnings growth and cash flow generation. The Company looks for opportunities to partner with management teams of its acquired businesses to build increased stockholder value through a disciplined buy-build-hold long-term focused strategy. Live Ventures was founded in 1968. In late 2011, Jon Isaac, Chief Executive Officer and strategic investor, joined the Company’s Board of Directors and later refocused it into a diversified holding company. The Company’s current portfolio of diversified operating subsidiaries includes companies in the textile, flooring, tools, steel, and entertainment industries.
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (dollars in thousands, except per share amounts)
December 31, 2024
September 30, 2024
(Unaudited)
Assets
Cash
$
7,407
$
4,601
Trade receivables, net of allowance for doubtful accounts of $1.4 million at December 31, 2024 and $1.5 million at September 30, 2024
38,040
46,861
Inventories, net
123,389
126,350
Prepaid expenses and other current assets
3,594
4,123
Total current assets
172,430
181,935
Property and equipment, net
81,527
82,869
Right of use asset – operating leases
55,113
55,701
Deposits and other assets
1,455
787
Intangible assets, net
23,847
25,103
Goodwill
61,152
61,152
Total assets
$
395,524
$
407,547
Liabilities and Stockholders’ Equity
Liabilities:
Accounts payable
$
28,478
$
31,002
Accrued liabilities
30,548
31,740
Income taxes payable
1,483
948
Current portion of lease obligations – operating leases
13,219
12,885
Current portion of lease obligations – finance leases
467
368
Current portion of long-term debt
39,595
43,816
Current portion of notes payable related parties
7,670
6,400
Seller notes – related parties
—
2,500
Total current liabilities
121,460
129,659
Long-term debt, net of current portion
54,339
54,994
Lease obligation long term – operating leases
46,566
50,111
Lease obligation long term – finance leases
42,200
41,677
Notes payable related parties, net of current portion
6,871
4,934
Seller notes – related parties
41,119
40,361
Deferred tax liability, net
5,812
6,267
Other non-current obligations
3,882
6,655
Total liabilities
322,249
334,658
Commitments and contingencies
Stockholders’ equity:
Series E convertible preferred stock, $0.001 par value, 200,000 shares authorized, 47,840 shares issued and outstanding at December 31, 2024 and September 30, 2024, with a liquidation preference of $0.30 per share outstanding
—
—
Common stock, $0.001 par value, 10,000,000 shares authorized, 3,115,674 and 3,131,360 shares issued and outstanding at December 31, 2024 and September 30, 2024, respectively
2
2
Paid in capital
69,743
69,692
Treasury stock common 710,373 and 694,687 shares as of December 31, 2024 and September 30, 2024, respectively
(9,229
)
(9,072
)
Treasury stock Series E preferred 80,000 shares as of December 31, 2024 and September 30, 2024
(7
)
(7
)
Retained earnings
12,766
12,274
Total stockholders’ equity
73,275
72,889
Total liabilities and stockholders’ equity
$
395,524
$
407,547
LIVE VENTURES, INCORPORATED CONSOLIDATED STATEMENTS OF INCOME(UNAUDITED) (dollars in thousands, except per share)
For the Three Months Ended December 31,
2024
2023
Revenue
$
111,508
$
117,593
Cost of revenue
76,146
81,266
Gross profit
35,362
36,327
Operating expenses:
General and administrative expenses
30,071
27,679
Sales and marketing expenses
4,529
5,107
Total operating expenses
34,600
32,786
Operating income
762
3,541
Other expense:
Interest expense, net
(4,162
)
(4,163
)
Gain on settlement of seller notes
713
—
Gain on settlement of earnout liability
2,840
—
Other income (expense)
420
(284
)
Total other expense, net
(189
)
(4,447
)
Income (loss) before provision for income taxes
573
(906
)
Provision (benefit) for income taxes
81
(224
)
Net Income (loss)
$
492
$
(682
)
Income (loss) per share:
Basic and diluted
$
0.16
$
(0.22
)
Weighted average common shares outstanding:
Basic
3,124,581
3,163,541
Diluted
3,124,820
3,163,541
LIVE VENTURES INCORPORATED NON-GAAP MEASURES RECONCILIATION
Adjusted EBITDA
The following table provides a reconciliation of Net (loss) income to total Adjusted EBITDA¹ for the periods indicated (dollars in thousands):
The Ministry of Housing, Communities and Local Government (MHCLG) recently launched a consultation seeking views on a series of proposed changes to Right to Buy, which gives eligible council tenants the opportunity to purchase their homes at a discount.
Leeds’s response to the consultation sets out a vision for a reshaped country-wide scheme that would still support routes to home ownership for long-standing tenants but would also, crucially, give councils the resources they need to replenish their depleted social housing stocks.
In its submission to the MHCLG, Leeds calls for a temporary ‘pause’ on Right to Buy – a step that would provide important short-term protection against the sale of existing council homes at a time when many local authorities are facing unsustainable pressure as they work to meet people’s housing needs.
Alongside this, the response says, there must be wider reform of the financing and delivery of affordable housing by councils, with fundamental changes required if cities like Leeds are to build homes at the necessary scale and speed.
In addition, the council argues, other routes to low-cost home ownership – such as Rent to Buy or shared ownership – should be promoted for people to consider as potential alternatives to any reshaped Right to Buy scheme.
Equally, however, Leeds is clear that helping households who want to access home ownership should not mean a loss of council properties that would hamper the ability of local authorities to assist those most in need.
The number of council homes sold to tenants in Leeds since Right to Buy was introduced in 1980 stands at more than 37,000.
Local authorities have long struggled to replace ‘lost’ Right to Buy properties on a one-to-one basis due to factors such as the time needed to develop new sites and the significant discounts available to purchasers, which mean the cost of building a new home is not covered by the receipt from each sale.
These discounts, coupled with the requirement – now ended – for authorities to use a portion of their Right to Buy receipts to repay debt to the Treasury, have deprived Leeds of more than £300m in potential funding in the last 10 years.
The council’s consultation response stresses that, despite the challenges posed by the current system, the city has been able to adopt an “ambitious and proactive” approach to the delivery of affordable housing.
Key to this has been Leeds’s Council Housing Growth Programme (CHGP), which has built or acquired around 700 homes since 2018.
A greater number of affordable homes have also been built in Leeds over the last five years by the council, housing associations and developers than in any other large city in the country outside London. The proportion of these homes that are available for social rent – the most affordable tenure – is above the national average.
The council’s response makes clear, though, that there is still much to do, with more than 28,000 applicants on the Leeds Homes Register and around 5,500 of those classed as being in urgent housing need.
Changes to the current Right to Buy system that were therefore supported by the council in its response to the MHCLG include:
Raising the minimum tenancy period for Right to Buy eligibility from three to 10 years;
Giving councils more scope to combine Right to Buy receipts with other forms of grant funding to support investment in new homes;
Increasing, from five to 10 years, the period during which a person who sells a property purchased under Right to Buy is obliged to repay some or all of the original discount received.
Councillor Jess Lennox, Leeds City Council’s executive member for housing, said:
“As one of the largest housing stock-holding local authorities in the country, we welcome central government’s consultation on the reform of Right to Buy.
“We are clear that routes into affordable home ownership for local residents must be maintained, but this cannot be at the expense of those most in need.
“Long-standing constraints on the use of Right to Buy receipts mean that, despite their best efforts, local authorities like Leeds have been unable to facilitate one-to-one replacement of homes sold.
“Reform of the scheme, coupled with fundamental changes to the financing of affordable homes, can give the country a fairer and more sustainable housing market.
“Our Council Housing Growth Programme, combined with support for strong registered provider delivery, has shown what can be achieved through bold thinking and partnership working, and we now hope to use the same approach to help bring about transformational improvements on a national level.”
Launching its consultation last year, the MHCLG said its proposals for a revamped Right to Buy system would continue to offer a route to home ownership for long-standing tenants but would also help councils “protect and rebuild” depleted housing stocks.
Leeds’s response was prepared following dialogue with partners including Yorkshire Housing and the West Yorkshire Housing Partnership.
Notes to editors:
Further details about initial changes made to Right to Buy following last year’s General Election, the current proposals for broader reform of the scheme and the MHCLG consultation process can be found here.
The term ‘affordable housing’ refers to homes that are available for either rent at below market value or low-cost ownership.
When affordable housing is made available for rent, potential tenures include ‘affordable’ and ‘social’. Affordable rent is discounted by at least 20 per cent from the prevailing local market rate. Social rent is lower than affordable rent and set by a formula tied to local incomes, property size and property value.
The Local Government and Housing Act 1989 required councils to use 75 per cent of their Right to Buy receipts for the paying down of debt to the Treasury. This requirement, since ended, reduced the ability of councils to borrow money for capital expenditure, including construction of social housing.
A registered provider is an affordable housing provider – such as a housing association – that is registered with the Regulator of Social Housing.
For young Australians, breaking into the housing market feels tougher than ever. Many now fear they’ll never be able to own a home.
Despite public debates on whether it’s truly harder to buy a house than it was decades ago, falling homeownership rates across generations suggest the market has indeed shifted significantly against those just starting out.
But if it’s so difficult, how are some young people still managing to buy homes? Our newly published study set out to investigate the major barriers – and the factors – that might tip the scales in favour of ownership.
Despite the challenges imposed by high home prices relative to incomes, some young Australians are still finding a way onto the property ladder.
While being a good saver helps, a boost from the “bank of mum and dad” can be a game changer.
A fading dream
Using 14 years of data from the 2006-2020 government-funded Household, Income and Labour Dynamics in Australia (HILDA) survey, we tracked independent adults aged 25-44 who were not homeowners.
Our calculations from the HILDA survey show for those aged 25-44 , average house prices across major cities in 2006 were 4.5 times the average household income.
In Sydney, for example, the average price of properties faced by these young people was about A$600,000 in 2006 while the average household income was $102,000.
Across major cities, this ratio rose steadily to 6 times income in 2018, before dropping slightly to 5.4 times income at the start of the pandemic.
For young people in cities, house prices are spiralling upward at faster rates than their incomes.
A generous ‘bank’ available to some
As property markets have become more unaffordable, the share of non-homeowning young people receiving help from the “bank of mum and dad” has climbed.
We estimated from the HILDA survey that in 2006, 3.1% of this group received more than $5,000 in transfers or inheritance from their parents, rising to 5.3% by 2020.
Young people are good savers
Contrary to popular some commentary that young people are unable to purchase a house because they are spending their money on “smashed avocados”, young people are actually saving more.
In 2006, around two-thirds of non-homeowning adults aged 25-44 saved regularly by putting money aside each month, saved non-regular income, or saved money left over after they met their spending needs. This proportion increased to four in five of young non-homeowning adults in 2020.
In general, young non-homeowners are also financially planning further ahead. In 2006, 47% were planning more than a year ahead. By 2020, this share had risen to 55%.
How are some young people buying houses?
We looked at how the personal saving habits of young people influence their homeownership chances, taking each person’s finances and living situation into account.
Not surprisingly, saving regularly does improve the likelihood of eventually buying a house. However, being a regular saver is much less likely to offset the impact of rising prices than parental help.
Our research found that once prices exceed three times an individual’s income, their odds of becoming a homeowner are halved.
In much of Australia, prices are already well above that mark. In all state capitals, they’ve gone beyond six times annual household income – a line where the odds of homeownership fall to about a third.
However, we found having access to the “bank of mum and dad” can shift these odds dramatically.
We found receiving financial assistance of more than $5,000 quadruples the odds of becoming a homeowner.
Parents also help in indirect ways. Young people living in rent-free dwellings provided by family or friends had more than double the odds of private renters.
This puts those from well-off families at a distinct advantage. Those without parental assistance face steeper deposit hurdles and risk missing out on access to areas with better job prospects.
How governments can help
For those without parental assistance, governments have an important role to play. Property prices will continue to soar faster than incomes grow, unless policies are implemented to address both supply and demand challenges.
Loosening restrictions on mortgage borrowing could help some first homebuyers overcome the hurdle to homeownership. But there’s a worrying trade-off between making it easier to borrow and exposing young people to more financial risk.
Government grants that place more cash into the hands of first-time homebuyers will likely push house prices up further, unless supply of entry-level properties can keep up.
Such grants should also be carefully targeted to those without access to personal or family resources to help buy a home.
Finally, tax reforms could be used to increase the supply of dwellings in first homeowner entry markets, and hold back demand from multi-property owners who can crowd out first-time home buyers.
Rachel Ong ViforJ is the recipient of an Australian Research Council Future Fellowship (project FT200100422). She also receives funding from the Australian Housing and Urban Research Institute.
Christopher Phelps and Jack Hewton 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.
ROAD TOWN, BVI, Feb. 05, 2025 (GLOBE NEWSWIRE) — RentFi has successfully launched its blockchain-based real estate investment platform, making property investment as simple as buying a token. Through its $RENT token, now actively trading, investors worldwide can earn rental income without the traditional hurdles of property ownership.
“Real estate investment has always been profitable but often unreachable for most people. We’ve changed that by making it as easy as buying any other digital asset,” explains the RentFi Foundation. “Anyone with a smartphone can now invest in real estate and earn rental income.”
RentFi’s platform transforms how people invest in property through several key innovations:
The platform distributes rental income in two ways: 50% goes directly to token holders as regular passive income, while the other 50% is used for token buybacks and burns, helping increase token value over time.
Built on the Solana blockchain, RentFi ensures that transactions are fast and affordable. The platform has set a maximum supply of 100 million tokens, and implementing a deflationary system that supports long-term value growth.
“Traditional real estate investment typically requires large down payments, complex paperwork, and ongoing property management,” says the RentFi Foundation. “Our platform eliminates these barriers. Token holders can start earning rental income without dealing with tenants, maintenance, or legal complexities.”
The project’s innovative approach provides several benefits for investors:
Access to a diverse property portfolio, reducing the risks typically associated with single-property investments
Regular rental income distributed automatically to token holders
No property management responsibilities
Easy entry and exit through token trading
Potential for token value appreciation through systematic buybacks
RentFi marks a significant step forward in making real estate investment accessible to everyone. Through its global portfolio, the platform combines the stability of property investment with the convenience of digital assets, creating new opportunities for both experienced investors and newcomers to the real estate market.
Investors interested in participating can now purchase $RENT tokens through major cryptocurrency exchanges. For more information about RentFi and its innovative approach to real estate investment, visit rentfi.io or follow on X: @RentFi_io
About RentFi
RentFi Limited, the first-ever Real Estate Investment Trust (REIT) on blockchain, is revolutionizing property investment by making it accessible to everyone. By combining traditional real estate with blockchain technology, RentFi creates new opportunities for global investors to earn rental income without the complexities of direct property ownership.
Source: United States Senator for South Carolina Tim Scott
Senator Scott: “As HUD Secretary, Scott will make himself known. He will create access to quality, affordability housing…he will work to reverse decades of failed housing policies and make targeted reforms across all segments of the U.S. housing market.”
WASHINGTON — Today, the Senate voted to confirm Scott Turner as President Trump’s Secretary of Housing and Urban Development (HUD) by a vote of 55-44. Following the vote, U.S. Senator Tim Scott (R-S.C.), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, spoke on the Senate floor to highlight Secretary Turner’s life story, qualifications to lead HUD, and their share goal of addressing the housing crisis and increasing access to quality, affordable housing opportunities for Americans across the country.
During Secretary Turner’s hearing before the Senate Banking Committee, Senator Scott highlighted Mr. Turner’s record and leadership directing investments in Opportunity Zones, Senator Scott’s initiative under the Tax Cuts and Jobs Act to increase development in economically distressed communities. Senator Scott noted he looks forward to working with Secretary Turner to cut bureaucratic red tape, advance commonsense housing solutions, and put more Americans on the path to homeownership.
Click here to watch Senator Scott’s remarks.
Senator Scott’s full remarks as delivered:
Thank you, Mr. President.
The Department of Housing and Urban Development’s mission is to create strong, sustainable communities and support affordable homes.
Yet, under President Biden and his administration, the department failed to serve our nation’s most vulnerable.
Here is the truth: we are facing a homelessness crisis in America.
The latest homelessness survey found an 18 percent increase in homelessness year-over-year, increasing the number of homelessness in our country to nearly 772,000 Americans not able to find a place to lay their head.
This is unacceptable!
On top of that, we are facing an affordability crisis in our country as well.
During President Biden’s tenure, mortgage rates ballooned 150 percent, and rents 20 percent.
Over the last four years, far-left housing policies and burdensome regulations have put the American Dream out of reach for millions and millions of hardworking, dedicated patriots throughout our nation.
It’s no secret that HUD is in serious need of new leadership.
Fortunately, there is good news: help is right over there. And it’s on its way.
My good friend Scott Turner has a remarkable life story – tremendous life story.
Scott is a native Texan who has had an exceptional journey from professional athlete to public servant.
Scott came from humble beginnings, but he never let those circumstances define who he is. Actually, Scott in high school – I believe it was – worked at a barbecue shop. What I love about Scott is he has an affection for the truth – he told me himself – he conceded that South Carolina barbecue is better than Texas. I’m glad he has no microphone to say anything right now I’m just you that is a man I can appreciate.
He went on and had a successful career in the NFL, nine seasons as a cornerback, playing for the Denver Broncos, the San Diego Chargers, and yes, the Washington Redskins. And I note that he did not play for America’s team, the Dallas Cowboys.
Everybody, nobody, can be perfect.
After hanging up his cleats, Scott served two terms in the Texas State Legislature and then went to work in the Trump administration.
As the Executive Director of the White House Opportunity and Revitalization Council, Scott helped implement the Opportunity Zones initiative I that created, directing over $50 billion in private sector capital into hard-hit, typically majority minority communities – breathing hope and opportunity not only into the neighborhoods of the people desperately, passionately praying for hope. And with less than a 5 percent gentrification rate. That’s what I call success.
His story and his perspective are essential tools that he will bring to the table to fight the increase of homelessness, to fight the 150 percent ballooning of our mortgages, and to fight back against a 20 percent increase in rents.
As HUD Secretary, Scott will make himself known. He will create access to quality, affordability housing…he will work to reverse decades of failed housing policies and make targeted reforms across all segments of the U.S. housing market.
It’s time to make America’s economy work working class Americans.
It is time for a blue-collar comeback. And I’m so thankful that we have a man prepared to put in 24 hours a day, seven days a week, if necessary, so more people – not 772,000 Americans but more Americans will have a place to lay their head because they’re no longer homeless. More Americans will be able to afford a home because interest rates will come down, the housing supply will increase, and we will thank God Almighty that we live in a land where opportunity is more available because the right person, at the right time, in the right place, says yes.
Mr. President, I’m very thankful that Scott Turner is the Secretary of Housing and Urban Development. But I’m more thankful that we have a president making good decisions to put America back on the right track.
UniSA’s Credit Union SA Chair of Economics Dr Susan Stone.
Australian households and businesses should benefit from lower interest rates and improved market conditions, in what a University of South Australia economist predicts will be a year of recovery for the country.
UniSA’s Credit Union SA Chair of Economics Dr Susan Stone says global economic growth is expected to improve in 2025, with G20 economies averaging growth rates of 3.35%. India and Indonesia are stand out markets and will benefit Australia as they are both major export markets.
Dr Stone says inflation is also expected to further recede, with central banks having reached their monetary policy targets in nearly half of the world’s advanced economies (US, UK, Canada, Japan etc) and close to 60% for emerging market economies (India, Brazil, South Africa etc).
“Inflation is coming down in Australia and rate cuts are expected in the first half of the year, with many economists predicting one at the February meeting. However, there are still lingering concerns about Commonwealth payments affecting the CPI (consumer price index) numbers, with rents still growing strongly, services inflation running over 4%, a continued tight housing market and low unemployment,” she says,
“All of this implies that spare capacity is limited in the economy and that any increase in demand accompanied by lowering interest rates could rekindle inflation.”
Dr Stone, a former OECD and United Nations economist, says the labour market picture is more nuanced, with growth in full-time employment post-COVID-19 slightly ahead of part-time work, but this varies significantly by sector. The strongest employment increases have been in electricity, gas and water (EGW) and construction nationally.
“EGW has more than doubled its employment growth since COVID (compared to the 10-year average) but it has come mainly through part-time work – 11% growth versus 3% growth in full-time jobs,” Dr Stone says. “The construction and health sectors were the next highest at 1.6% and 1.5% growth respectively. Both experienced stronger growth in full time workers than part-time.
“Professional, scientific and technical services employment has actually grown at a slower rate in Australia since COVID with the average annual rate of 0.8% versus the average rate of 0.9% since 2014. However, manufacturing, while small, shows much stronger employment gains since COVID then in the 10-year period overall. In this sector, part-time employment has actually fallen while full-time has increased.
“We see the construction sector really bouncing back from pre-COVID averages, with full-time job growth (at 1.7%) more than twice the rate as prior to COVID (0.7%) while part-time job growth remained the same (1%). Thus, tight conditions in the construction industry job market are likely to continue into 2025.”
As inflation comes down and real wages rise, some recovery in household finances can be expected which should increase household spending. A key to growth in Australia’s economy for 2025 and beyond is business investment, Dr Stone says.
“We saw volume measures of retail spending finish the year up, especially for household goods, which means people aren’t just spending more because of price increases. As the price index (CPI) continues to fall faster than the wage index (WPI), along with the expected cut in interest rates, household budgets should recover in 2025,” she says.
Dr Stone says Australians may be affected by the additional trade barriers as even though the US accounts for only 5% of Australian exports, it still ranks as Australia’s fifth-largest export market.
“We export a relatively small number of commodities to the US but it’s still an important customer for our advanced manufacturing sector. The US imports many of our high technology products such as hi-tech engines, aircraft and space parts and machine tools,” she says.
“The US is also our second largest services export market, making up more than 10% of our total services trade. Service inputs are things like software, engineering or transport services that help produce international goods such as toys, laptops and refrigerators.”
Dr Stone says overall, 2025 should be a year of recovery with Australian households and business benefitting from lower interest rates and improved market conditions.
“Overseas markets are likely to remain rocky, but a weak dollar will help exports. Structural challenges in the housing market, innovation and business investment will need to be addressed to ensure sustained growth,” she adds.
…………………………………………………………………………………………………………………………
Contact for interview: Dr Susan Stone, University of South Australia Credit Union SA Chair of Economics E:Susan.Stone@unisa.edu.au
PALM BEACH GARDENS, Fla., Feb. 05, 2025 (GLOBE NEWSWIRE) — Great Elm Group, Inc. (“we,” “our,” “GEG,” “Great Elm,” or “the Company”), (NASDAQ: GEG), an alternative asset manager, today announced financial results for its fiscal second quarter ended December 31, 2024.
Fiscal Second Quarter 2025 and Recent Highlights
Great Elm Capital Corp. (NASDAQ: GECC) raised an additional $13.2 million of equity at NAV in December 2024, through the issuance of approximately 1.1 million shares of GECC common stock to Summit Grove Partners (“SGP”).
On February 4, 2025, the Company acquired the assets of Greenfield CRE, a leading construction management company and longstanding partner of Monomoy.
In connection with the acquisition, Great Elm formed Monomoy Construction Services, LLC (“MCS”) and combined Greenfield with Monomoy BTS Construction Management to launch an integrated, full-service construction business.
MCS will be dedicated to serving Great Elm’s various real estate verticals, as well as expanding its existing third-party consulting business.
GEG’s fee-paying assets under management (“FPAUM”) and assets under management (“AUM”) totaled approximately $538 million and $751 million, respectively.
FPAUM and AUM growth of 17% and 14%, respectively, compared to the prior-year period.
Total revenue for the second quarter grew 24% to $3.5 million, compared to $2.8 million for the prior-year period.
Growth in revenue was primarily driven by increased revenue from Monomoy BTS, Corporation and increased GECC management fees, due to growth in FPAUM.
Great Elm collected incentive fees from GECC totaling $0.5 million for the three months ended December 31, 2024.
Net income from continuing operations for the second quarter was $1.4 million, compared to a net loss from continuing operations of ($0.2) million in the prior-year period.
Adjusted EBITDA for the second quarter was $1.0 million, compared to $0.6 million in the prior-year period.
Through February 4, 2025, Great Elm has repurchased approximately 4.1 million shares for $7.4 million, at an average price of $1.83 per share, through its share repurchase program.
Book value per share was $2.30 as of December 31, 2024, excluding Consolidated Funds.
As of December 31, 2024, GEG had approximately $44 million of cash on its balance sheet to support growth initiatives across its alternative asset management platform.
Management Commentary
Jason Reese, Chief Executive Officer of the Company, stated, “We delivered a solid fiscal second quarter 2025, continuing our positive momentum by expanding our assets under management, growing revenue across our credit and real estate businesses and generating strong returns on our investments. Our BDC closed another successful capital raise at NAV, increased its first quarter dividend to 37 cents per share and announced a special dividend in December of 5 cents per share. Additionally, the Great Elm Credit Income Fund (“GECIF”) continued to perform very well, closing December with net inception-to-date returns of approximately 13.9%.¹ GECIF’s established track record leaves us well-positioned to attract further capital to scale our investment management platform.”
“In Real Estate, we were thrilled to announce the acquisition of Greenfield CRE into our newly formed Monomoy Construction Services business. We expect this transaction to enhance our construction management expertise, expand our scope of services, and fortify our overall real estate value proposition to our investors and tenants. Our long-standing relationship with Greenfield will allow us to quickly benefit from the launch of our fully integrated, full-service real estate platform. Importantly, we maintained our commitment to the GEG share repurchase program, continuing to buy back shares at an attractive discount to book value. Looking ahead, we remain focused on executing on our strategic priorities: growing our core credit and real estate businesses, pursuing compelling investment opportunities across our platform and leveraging our strong balance sheet to maximize shareholder value.”
GEG Managed Vehicle Highlights
GECC demonstrated continued strong performance, raised meaningful capital and increased its quarterly base distribution.
GECC raised $13.2 million of equity at Net Asset Value (“NAV”) through the issuance of approximately 1.1 million shares of GECC common stock to SGP.
GEG demonstrated its commitment to growing its credit platform through a $3.3 million investment in SGP.
GECC announced a 5.7% increase on its quarterly base distribution to $0.37 per share for the first quarter of 2025 (compared to the prior $0.35 per share) and paid a special cash distribution of $0.05 per share in January 2025.
Monomoy BTS and Monomoy REIT continued to execute on their strategic priorities.
Monomoy BTS completed construction of its second build-to-suit property in Mississippi and made meaningful progress on its third project in Florida.
Monomoy REIT closed on three property purchases for approximately $3.8 million and maintains a strong pipeline of transaction opportunities and open requirements from our tenants.
GECIF delivered a strong return on invested capital of approximately 13.9%, net of fees, for the period from its inception through December 31, 2024.¹
Discussion of Financial Results for the Fiscal Second Quarter Ended December 31, 2024
GEG reported total revenue of $3.5 million, up 24% from $2.8 million in the prior-year period.
GEG recorded net income from continuing operations of $1.4 million, compared to a net loss from continuing operations of ($0.2) million in the prior-year period.
GEG recorded Adjusted EBITDA of $1.0 million, compared to $0.6 million in the prior-year period.
Monomoy CRE, LLC Acquisition
On February 4, 2025, Great Elm acquired the assets of Greenfield, a leading construction management company and longstanding partner of MCRE, our real estate investment manager. In connection with the acquisition, Great Elm formed Monomoy Construction Services, LLC and combined the assets of Greenfield with the assets of Monomoy BTS Construction Management to launch an integrated, full-service construction business. With MCS, Monomoy will offer a full-service, in-house suite of project management, procurement, construction management, asset management, market analysis and feasibility services for its industrial real estate tenants.
Stock Repurchase Program
In the fiscal first quarter 2025, GEG’s Board of Directors approved an incremental stock repurchase program under which GEG is authorized to repurchase up to $20 million in the aggregate of its outstanding common stock in the open market. As of February 4, 2025, the Company has repurchased approximately 4.1 million shares for $7.4 million under this program.
Fiscal 2025 Second Quarter Conference Call & Webcast Information
When:
Thursday, February 6, 2025, 8:30 a.m. Eastern Time (ET)
Call:
All interested parties are invited to participate in the conference call by dialing +1 (877) 407-0752; international callers should dial +1 (201) 389-0912. Participants should enter the Conference ID 13746970 if asked.
Webcast:
The conference call will be webcast simultaneously and can be accessed here. A copy of the slide presentation accompanying the conference call, can be found here.
About Great Elm Group, Inc.
Great Elm Group, Inc. (NASDAQ: GEG) is a publicly-traded, alternative asset manager focused on growing a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. Great Elm Group, Inc. and its subsidiaries currently manage Great Elm Capital Corp., a publicly-traded business development company, and Monomoy Properties REIT, LLC, an industrial-focused real estate investment trust, in addition to other investments. Great Elm Group, Inc.’s website can be found at www.greatelmgroup.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements in this press release that are “forward-looking” statements, including statements regarding expected growth, profitability, acquisition opportunities and outlook involve risks and uncertainties that may individually or collectively impact the matters described herein. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and represent Great Elm’s assumptions and expectations in light of currently available information. These statements involve risks, variables and uncertainties, and Great Elm’s actual performance results may differ from those projected, and any such differences may be material. For information on certain factors that could cause actual events or results to differ materially from Great Elm’s expectations, please see Great Elm’s filings with the Securities and Exchange Commission (“SEC”), including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Additional information relating to Great Elm’s financial position and results of operations is also contained in Great Elm’s annual and quarterly reports filed with the SEC and available for download at its website www.greatelmgroup.com or at the SEC website www.sec.gov.
Non-GAAP Financial Measures
The SEC has adopted rules to regulate the use in filings with the SEC, and in public disclosures, of financial measures that are not in accordance with US GAAP, such as adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). Adjusted EBITDA is derived from methodologies other than in accordance with US GAAP. Great Elm believes that Adjusted EBITDA is an important measure for investors to use in evaluating Great Elm’s businesses. In addition, Great Elm’s management reviews Adjusted EBITDA as they evaluate acquisition opportunities.
Adjusted EBITDA has limitations as an analytical tool, and you should not consider it either in isolation from, or as a substitute for, analyzing Great Elm’s results as reported under US GAAP. Non-GAAP financial measures reported by Great Elm may not be comparable to similarly titled amounts reported by other companies.
Included in the financial tables below is a reconciliation of Adjusted EBITDA to the most directly comparable US GAAP financial measure, net income from continuing operations.
Endnotes ¹Assumes invested at inception on November 1, 2023, and remained invested throughout the succeeding fourteen months ended December 31, 2024, with distributions reinvested, net of founder’s class fees and expenses. Performance results should not be regarded as final until audited financial statements are issued covering the period shown. Past performance is no guarantee of future results. This press release does not constitute an offer to sell or a solicitation of an offer to buy interests in any investment vehicle managed by Great Elm or its affiliates. Any such offer or solicitation will only be made pursuant to the applicable offering documents for such investment vehicle.
Great Elm Group, Inc. Condensed Consolidated Balance Sheets (unaudited) Dollar amounts in thousands (except per share data)
ASSETS
December 31, 2024
June 30, 2024
Current assets
Cash and cash equivalents
$
44,288
$
48,147
Restricted cash
–
1,571
Receivables from managed funds
3,725
2,259
Investments in marketable securities
–
9,929
Investments, at fair value
49,918
44,585
Prepaid and other current assets
5,275
1,215
Real estate assets, net
6,524
5,769
Assets of Consolidated Funds:
Cash and cash equivalents
2,568
2,371
Investments, at fair value
11,902
11,471
Other assets
223
253
Total current assets
124,423
127,570
Identifiable intangible assets, net
10,510
11,037
Right-of-use assets
1,784
225
Other assets
1,770
1,614
Total assets
$
138,487
$
140,446
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable
$
185
$
317
Payable for securities purchased
19
–
Accrued expenses and other current liabilities
2,817
7,009
Current portion of related party payables
254
634
Current portion of lease liabilities
335
137
Liabilities of Consolidated Funds:
Payable for securities purchased
340
100
Accrued expenses and other liabilities
151
162
Total current liabilities
4,101
8,359
Lease liabilities, net of current portion
1,442
57
Long-term debt (face value $26,945)
26,231
26,090
Related party payables, net of current portion
–
–
Convertible notes (face value $36,380 and $35,494, including $16,578 and $16,174 held by related parties, respectively)
35,838
34,900
Other liabilities
817
845
Total liabilities
68,429
70,251
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.001 par value; 5,000,000 authorized and zero outstanding
–
–
Common stock, $0.001 par value; 350,000,000 shares authorized and 29,519,825 shares issued and 27,150,036 outstanding at December 31, 2024; and 31,875,285 shares issued and 30,494,448 outstanding at June 30, 2024
26
30
Additional paid-in-capital
3,311,447
3,315,638
Accumulated deficit
(3,249,139
)
(3,252,954
)
Total Great Elm Group, Inc. stockholders’ equity
62,334
62,714
Non-controlling interests
7,724
7,481
Total stockholders’ equity
70,058
70,195
Total liabilities and stockholders’ equity
$
138,487
$
140,446
Great Elm Group, Inc. Condensed Consolidated Statements of Operations (unaudited) Amounts in thousands (except per share data)
For the three months ended December 31,
For the six months ended December 31,
2024
2023
2024
2023
Revenues
$
3,507
$
2,819
$
7,499
$
6,129
Cost of revenues
458
–
1,093
–
Operating costs and expenses:
Investment management expenses
3,431
2,839
6,489
5,601
Depreciation and amortization
284
283
557
566
Selling, general and administrative
1,306
2,393
3,312
4,108
Expenses of Consolidated Funds
5
–
21
–
Total operating costs and expenses
5,026
5,515
10,379
10,275
Operating loss
(1,977
)
(2,696
)
(3,973
)
(4,146
)
Dividends and interest income
1,567
2,072
3,125
4,058
Net realized and unrealized gain
2,428
1,204
6,206
4,488
Net realized and unrealized gain (loss) on investments of Consolidated Funds
(29
)
114
249
114
Interest and other income of Consolidated Funds
395
128
779
128
Interest expense
(1,030
)
(1,061
)
(2,058
)
(2,123
)
(Loss) income before income taxes from continuing operations
1,354
(239
)
4,328
2,519
Income tax benefit (expense)
–
–
–
–
Net (loss) income from continuing operations
1,354
(239
)
4,328
2,519
Discontinued operations:
Net income from discontinued operations
–
–
–
16
Net (loss) income
$
1,354
$
(239
)
$
4,328
$
2,535
Less: net income attributable to non-controlling interest, continuing operations
178
111
513
111
Net (loss) income attributable to Great Elm Group, Inc.
$
1,176
$
(350
)
$
3,815
$
2,424
Net (loss) income attributable to shareholders per share
Basic
$
0.04
$
(0.01
)
$
0.13
$
0.08
Diluted
$
0.04
$
(0.01
)
0.12
0.08
Weighted average shares outstanding
Basic
27,983
29,889
28,531
29,734
Diluted
28,767
29,889
39,793
30,916
Great Elm Group, Inc. Reconciliation from Net Income (loss) from Continuing Operations to Adjusted EBITDA Dollar amounts in thousands
Three months ended December 31,
Six months ended December 31,
(in thousands)
2024
2023
2024
2023
Net income (loss) from continuing operations – GAAP
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
The following issues are planned to be considered at the meeting:
1. On the draft federal law “On Amendments to Articles 164 and 165 of Part Two of the Tax Code of the Russian Federation”
The purpose of the bill is to ensure favorable tax conditions for the provision of services for the transportation (organization of transportation) of passengers and baggage on the high-speed railway Moscow – St. Petersburg.
2. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 782171-8 “On Amendments to the Federal Law “On State Pension Provision in the Russian Federation””
The draft amendments provide, among other things, for changes to a number of legislative acts in terms of the assignment of disability pensions to citizens who served in volunteer formations, without an application, and the establishment of the period from which they are assigned, clarification of the types of pensions that are established for family members of deceased (dead) citizens who served in volunteer formations, when they exercise their right to receive two pensions simultaneously.
3. On the allocation of budgetary appropriations from the reserve fund of the Government of the Russian Federation to the Ministry of Labor of Russia in 2025 for the provision of an interbudgetary transfer to the budget of the Pension and Social Insurance Fund of the Russian Federation
The draft act provides subsidies to legal entities and individual entrepreneurs registered in the Belgorod, Bryansk and Kursk regions for partial compensation of expenses for paying for employees’ downtime for reasons beyond the control of the employer and employee.
4. On the draft federal law “On Amendments to the Code of the Russian Federation on Administrative Offenses”
The bill is aimed at strengthening administrative liability for violation of requirements for the protection of information, including restricted access information contained in information systems.
5. On the draft federal law “On Amendments to the Federal Law “On Self-Propelled Machines and Other Types of Equipment””
The bill was developed in order to improve the legal regulation of relations related to the state registration of special airport equipment intended for servicing aircraft and operational maintenance of airfields, and to ensure the possibility of such equipment leaving the territory of the airfield (airport) onto public roads.
6. On amendments to the Resolution of the Government of the Russian Federation of July 30, 2004 No. 395 (in terms of amendments to the Regulation on the Ministry of Transport of the Russian Federation)
The draft resolution grants the Russian Ministry of Transport the authority to regulate issues in the area of transport security.
7. On the draft federal law “On Amendments to Certain Legislative Acts of the Russian Federation” (in terms of improving the regulatory framework in the sphere of state cadastral valuation)
The draft law contains provisions on granting the public-law company Roscadastre (PLC) the authority to maintain the state cadastral valuation data fund and to establish requirements for sending to PLC the information and materials necessary for inclusion in the specified data fund.
8. On the draft federal law “On Amendments to Article 4 of the Federal Law “On the Public-Law Company “Roskadastr” and Certain Legislative Acts of the Russian Federation”
The draft law was developed in order to implement the instructions of the President of the Russian Federation regarding the adoption of measures aimed at increasing the efficiency of real estate management, reducing the number of land plots whose boundaries are not defined in accordance with the requirements established by law, by optimizing activities to resolve issues related to the registration of rights to real estate objects, determining the location of the boundaries of real estate objects, and correcting registry errors in the information in the Unified State Register of Real Estate on real estate objects.
9. On the draft federal law “On Amendments to Article 3911 of the Land Code of the Russian Federation”
The bill proposes to amend the Land Code of the Russian Federation in terms of including the urban development plan of a land plot in the documentation when holding an auction for the sale of a land plot in state or municipal ownership, or an auction for the right to conclude a lease agreement for a land plot in state or municipal ownership.
10. On the draft federal law “On Amendments to Article 22 of the Federal Law “On Fire Safety” and Article 35 of the Federal Law “On Emergency Rescue Services and the Status of Rescuers””
The bill was developed in order to improve the efficiency of the activities of rescuers (firefighters) and their leaders, to determine the conditions, causes, and factors that contributed to harm (damage) to other persons during emergency rescue operations and fire extinguishing, and to take measures aimed at improving the activities of emergency rescue services and ensuring fire safety.
11. On the draft federal law “On Amendments to Article 3 of the Federal Law “On the Use of Atomic Energy””
The purpose of the legislative changes is to extend the legal framework and principles for regulating relations arising from the use of atomic energy, as defined by Federal Law No. 170-FZ of November 21, 1995 “On the Use of Atomic Energy”, to designed and operating thermonuclear reactors and installations.
Moscow, February 5, 2025
The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
1. On the draft federal law “On Amendments to Articles 164 and 165 of Part Two of the Tax Code of the Russian Federation”
The purpose of the bill is to ensure favorable tax conditions for the provision of services for the transportation (organization of transportation) of passengers and baggage on the high-speed railway Moscow – St. Petersburg.
2. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 782171-8 “On Amendments to the Federal Law “On State Pension Provision in the Russian Federation””
The draft amendments provide, among other things, for changes to a number of legislative acts in terms of the assignment of disability pensions to citizens who served in volunteer formations, without an application, and the establishment of the period from which they are assigned, clarification of the types of pensions that are established for family members of deceased (dead) citizens who served in volunteer formations, when they exercise their right to receive two pensions simultaneously.
3. On the allocation of budgetary appropriations to the Ministry of Labor of Russia in 2025 from the reserve fund of the Government of the Russian Federation for the provision of an interbudgetary transfer to the budget of the Pension and Social Insurance Fund of the Russian Federation
The draft act provides subsidies to legal entities and individual entrepreneurs registered in the Belgorod, Bryansk and Kursk regions for partial compensation of expenses for paying for employees’ downtime for reasons beyond the control of the employer and employee.
4. On the draft federal law “On Amendments to the Code of the Russian Federation on Administrative Offenses”
The bill is aimed at strengthening administrative liability for violation of requirements for the protection of information, including restricted access information contained in information systems.
5. On the draft federal law “On Amendments to the Federal Law “On Self-Propelled Machines and Other Types of Equipment””
The bill was developed in order to improve the legal regulation of relations related to the state registration of special airport equipment intended for servicing aircraft and operational maintenance of airfields, and to ensure the possibility of such equipment leaving the territory of the airfield (airport) onto public roads.
6. On amendments to the Resolution of the Government of the Russian Federation of July 30, 2004 No. 395 (in terms of amendments to the Regulation on the Ministry of Transport of the Russian Federation)
The draft resolution grants the Russian Ministry of Transport the authority to regulate issues in the area of transport security.
7. On the draft federal law “On Amendments to Certain Legislative Acts of the Russian Federation” (in terms of improving the regulatory framework in the sphere of state cadastral valuation)
The draft law contains provisions on granting the public-law company Roscadastre (PLC) the authority to maintain the state cadastral valuation data fund and to establish requirements for sending to PLC the information and materials necessary for inclusion in the specified data fund.
8. On the draft federal law “On Amendments to Article 4 of the Federal Law “On the Public-Law Company “Roskadastr” and Certain Legislative Acts of the Russian Federation”
The draft law was developed in order to implement the instructions of the President of the Russian Federation regarding the adoption of measures aimed at increasing the efficiency of real estate management, reducing the number of land plots whose boundaries are not defined in accordance with the requirements established by law, by optimizing activities to resolve issues related to the registration of rights to real estate objects, determining the location of the boundaries of real estate objects, and correcting registry errors in the information in the Unified State Register of Real Estate on real estate objects.
9. On the draft federal law “On Amendments to Article 3911 of the Land Code of the Russian Federation”
The bill proposes to amend the Land Code of the Russian Federation in terms of including the urban development plan of a land plot in the documentation when holding an auction for the sale of a land plot in state or municipal ownership, or an auction for the right to conclude a lease agreement for a land plot in state or municipal ownership.
10. On the draft federal law “On Amendments to Article 22 of the Federal Law “On Fire Safety” and Article 35 of the Federal Law “On Emergency Rescue Services and the Status of Rescuers””
The bill was developed in order to improve the efficiency of the activities of rescuers (firefighters) and their leaders, to determine the conditions, causes, and factors that contributed to harm (damage) to other persons during emergency rescue operations and fire extinguishing, and to take measures aimed at improving the activities of emergency rescue services and ensuring fire safety.
11. On the draft federal law “On Amendments to Article 3 of the Federal Law “On the Use of Atomic Energy””
The purpose of the legislative changes is to extend the legal framework and principles for regulating relations arising from the use of atomic energy, as defined by Federal Law No. 170-FZ of November 21, 1995 “On the Use of Atomic Energy”, to designed and operating thermonuclear reactors and installations.
Moscow, February 5, 2025
The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Appointments of Mohamed Kallala and Philippe Setbon to the Executive Management Committee of BPCE
Paris, February 5, 2025
Mohamed Kallala, Chief Executive Officer of Natixis, in charge of Corporate & Investment Banking, and Philippe Setbon, Deputy Chief Executive Officer of Natixis, in charge of Asset & Wealth Management, are joining the Executive Management Committee of BPCE, following their direct reporting to Nicolas Namias, CEO of BPCE, since January 1, 2025. The Executive Management Committee of BPCE now has a total of twelve members.
Biography of Mohamed Kallala
Mohamed Kallala started his career in 1993 as an ALM trader for BNP Paribas before being appointed Head of Mergers & Acquisitions at Crédit Agricole Indosuez in 1995. In 2000, he founded Global Equities Corporate Finance. In 2005, he joined Natixis and became Head of Real Estate Specialist Advisory. In 2010, Mohamed was appointed Head of Real Estate Finance before becoming Global Head of Investment Banking in 2016. In early 2020, Mohamed Kallala became Global Head of Natixis Corporate & Investment Banking’s Global Markets activity, before becoming its Global Co-Head later the same year. In 2023, he was appointed Global Head of Natixis Corporate & Investment Banking businesses. In January 2025, he was appointed Chief Executive Officer of Natixis, in charge of Corporate & Investment Banking.
Biography of Philippe Setbon
Philippe Setbon began his career in 1990 as a financial analyst with Barclays Bank in Paris, before working for Groupe Azur-GMF for 10 years as Head of Asset Management. He then joined Generali Group in 2004 where he held a succession of senior roles including CEO of Generali Investments France, CEO of Generali Investments Europe Sgr and Chief Investment Officer for the whole Generali Group. He joined Groupama in 2013 as CEO of Groupama Asset Management. In 2019, he became CEO of Ostrum Asset Management, then CEO of Natixis Investment Managers in 2023. Philippe Setbon has been President of the French Asset Management Association (AFG) since June 2022. In January 2025, Philippe Setbon was appointed Deputy Chief Executive Officer of Natixis, in charge of Asset & Wealth Management.
For Nicolas Namias, CEO of BPCE: “I would like to welcome Mohamed Kallala and Philippe Setbon to the Executive Management Committee, recognizing their professionalism and the excellent results they have achieved for the two global businesses of Groupe BPCE. This also demonstrates our commitment to the continued development of Natixis CIB and Natixis IM in service of their direct clients, as well as those of the Banques Populaires and Caisses d’Epargne. This move further enriches our Executive Management Committee by providing a balanced representation of each of the Group’s businesses, including retail banking and insurance as well as those with a global dimension, and our major functions. Now comprising 12 members, the Executive Management Committee illustrates the richness of career paths within the group, blending expertise and experience, and our ability to attract and nurture talent.”
Groupe BPCE is the second-largest banking group in France and the fourth in Europe. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group’s financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).
TORONTO, Canada, Feb. 05, 2025 (GLOBE NEWSWIRE) — Canadian General Investments, Limited (CGI) (TSX:CGI) (LSE: CGI) reports on an unaudited basis that its net asset value per share (NAV) at January 31, 2025 was $70.79 resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 2.1% and 26.3%, respectively. These compare with the 3.5% and 25.2% returns of the benchmark S&P/TSX Composite Index on a total return basis for the same periods.
The Company employs a leveraging strategy, by way of bank borrowing, with the intent to enhance returns to common shareholders. As at January 31, 2025, the leverage represented 13.5% of CGI’s net assets, down from 13.8% at the end of 2024 and 14.7% at January 31, 2024.
The closing price for CGI’s common shares at January 31, 2025 was $39.75, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of -1.8% and 14.0%, respectively.
The sector weightings of CGI’s investment portfolio at market as of January 31, 2025 were as follows:
Information Technology
23.7
%
Industrials
22.7
%
Financials
13.9
%
Energy
11.7
%
Materials
11.4
%
Consumer Discretionary
9.9
%
Real Estate
4.2
%
Cash & Cash Equivalents
1.9
%
Communication Services
0.6
%
The top ten investments which comprised 37.0% of the investment portfolio at market as of January 31, 2025 were as follows:
“November Rain”: Antitrust Enforcement on Behalf of American Consumers and Taxpayers
Good morning, and thank you for the kind introduction. I’d like to thank the American Bar Association for your invitation to this year’s Fall Forum and Deb Garza for her leadership of the Section this year.
I find it hard to believe it’s been only a little more than a year since I was confirmed as AAG and spoke at last year’s Fall Forum. Over the past year, the Antitrust Division has been hard at work on behalf of American consumers. We made a number of significant enforcement actions this week, but before I turn to those, I’d like to update you on a few recent changes in the Front Office.
First, Michael Murray recently joined us from the Deputy Attorney General’s office, where he served as Associate Deputy Attorney General. Mike now will be a Deputy Assistant Attorney General in the Front Office, where he will be overseeing our Appellate Section and our 4A damage actions on behalf of the American taxpayer. Mike has significant appellate experience, including as a law clerk for Justice Anthony Kennedy.
In addition, our new acting Deputy Assistant Attorney General for Economics is Jeff Wilder. Jeff received his Ph.D. from MIT and has distinguished himself as an outstanding economist serving as one of the leaders in the Division’s Economic Analysis Group, and we’re happy to have him join us in the Front Office.
Some of you may remember that at last year’s Fall Forum, I spoke about antitrust and deregulation. In those remarks, I focused on remedies, including our preference for structural remedies and our emphasis on making consent decrees more enforceable. I also discussed our commitment to the view that antitrust enforcement is law enforcement, not industrial regulation, and that the Antitrust Division should strive to accomplish its law enforcement mission in the most efficient and effective way possible. The Division has stood by those principles.
More recently, in a speech at Georgetown, I announced several improvements to the merger review process. We are making good on those changes as well. Today, we posted a model timing agreement and a model voluntary request letter on our website. Those documents increase transparency and predictability and will help merging businesses and their counsel know what to expect as part of the merger review process. We’ve also begun tracking the duration of merger reviews more carefully, so that we can monitor our performance and factors affecting it. You will recall our goal is to resolve investigations within six months of filing, provided that the parties cooperate and comply with our document and data requests during the entire process.
I would like to focus the remainder of my remarks today on four important settlements in the last week that reflect the Antitrust Division’s commitment to vigilant and effective antitrust enforcement.
As some of you may have seen, the Division announced just yesterday a set of global settlements with three South Korean companies. Those unprecedented settlements resolve criminal charges and civil claims arising from a bid-rigging conspiracy that targeted fuel supply contracts to U.S. military bases in South Korea. They are the result of tremendous hard work in parallel criminal and civil investigations by the Antitrust Division’s Washington Criminal I Section, the Transportation, Energy, and Agriculture Section, and the Fraud Section of the Civil Division. We were assisted ably by our partners at the FBI and the Defense Criminal Investigative Service.
The United States currently maintains numerous military bases in South Korea, housing American soldiers, marines, airmen, and sailors in the region. These military bases need fuel for various purposes, and two Department of Defense agencies, the Defense Logistics Agency (DLA) and Army and Air Force Exchange Service (AAFES), contract with South Korean companies to supply fuel to the numerous U.S. military bases throughout South Korea.
Our investigation, which is ongoing, revealed that SK Energy, GS Caltex, Hanjin Transportation, along with other co-conspirators, rigged bids and fixed prices for fuel supply contracts issued by the U.S. military in South Korea for over a decade. They cheated the Military and American taxpayers out of precious limited resources. As a result of the conspiracy, the Department of Defense paid substantially more for fuel supply services. Although the immediate victim here was the U.S. military, the American taxpayer, you and me, ultimately footed the bill.
The three companies agreed yesterday to plead guilty to criminal charges under Section 1 of the Sherman Act, and they will pay at least $82 million in criminal fines for their involvement in the conspiracy. Importantly, the three defendants have also agreed to cooperate with the ongoing criminal investigation of the conduct.
Robert Jackson, who is one of my legal heroes, recognized that bid rigging is particularly harmful to government purchasers. When he served as Assistant Attorney General in charge of the Antitrust Division, Jackson broadly denounced arrangements that “compel purchasers to pay a price based on calculation, not competition,” and specifically emphasized that “[w]hatever the effect of this on private buyers, it completely destroys the mechanism set up by federal, state, and municipal governments to keep favoritism and corruption out of public buying.”
The harm Jackson recognized still exists today, and these settlements serve as an important reminder that the Justice Department and its law enforcement partners will investigate aggressively and prosecute without hesitation companies who cheat the United States government and the American taxpayer.
We did not stop there. We are committed to using all authorities Congress has granted to us to remedy antitrust injuries to the American taxpayer. Those tools include the authority conferred in Section 4A of the Clayton Act. Section 4A is an important but underused enforcement tool that allows the government to recover treble damages for antitrust violations when the government itself is the victim.
To that end, the Division established a parallel civil enforcement team, led by Kathy O’Neill and a group of capable litigators from the Transportation, Energy, and Agriculture Section to pursue parallel civil actions for damages. We negotiated separate civil resolutions with each of the three defendants on behalf of American taxpayers. We also worked alongside our partners in the Civil Division’s Fraud Section, who pursued charges against the defendants under the False Claims Act for making false statements to the government in connection with their conspiracy.
To resolve both the civil antitrust and the False Claims Act violations, these three defendants have agreed to pay an additional $154 million in total. They also have agreed to cooperate fully with the Division’s ongoing civil investigation and to implement effective antitrust compliance programs.
These historic cases mark the first significant settlements under Section 4A in many years. In fact, as far as we can tell based on our records, they are the largest settlements the government has ever recovered since the enactment of Section 4A.
Let me take a step back to review the history of Section 4A.
When Congress enacted the Sherman Act in 1890 and the Clayton Act in 1914, neither statute contained a provision specifically allowing the government to recover damages it suffered as a result of an antitrust violation. In 1939, the United States, led by Assistant Attorney General Thurman Arnold, brought its first-ever antitrust suit for damages on its own behalf. The government claimed authority to do so under Section 7 of the Sherman Act, which was the predecessor of Section 4 of the Clayton Act. As most of you know, Section 4 permits “any person” injured by an antitrust violation to recover the damages they suffered.
In that pioneering case, United States v. Cooper, the government alleged that eighteen defendants had “collusively fixed” bids that were “identical to the penny on eighty-two different sizes of tires” sold to the United States. The defendants successfully moved to dismiss the action on the question of whether the government is a “person” entitled to bring an action for damages under the statute. The Second Circuit affirmed, and the Supreme Court ultimately held that the United States is not a “person” entitled to sue.
In 1955, Congress amended the Clayton Act in response to the Court’s ruling in Cooper by adding Section 4A. As originally enacted, Section 4A allowed the government to recover only single damages, so that the government could recover damages where it was the victim of an antitrust violation.
At first, the Division used Section 4A aggressively, filing numerous cases for damages throughout the 1960s and 1970s. In the 1980s, however, the government brought only four cases under Section 4A—a remarkable decline from the prior two decades. Some attributed this drop, in part, to the Supreme Court’s Illinois Brick decision in 1978, because many of the cases brought in the ‘60s and ‘70s involved claims by the United States as an indirect purchaser. The government, however, increasingly purchases goods and services directly.
The next milestone came in 1990, when Congress amended the Clayton Act again to allow the government to seek treble damages in Section 4A cases.
Since 1990, a span of nearly thirty years, only three Section 4A cases have been filed. In 1991, the Division recovered $250,000 from two companies for rigging bids to purchase surplus gunpowder. In 1994, the Division filed suit against two defense contractors for entering into a “teaming” arrangement that eliminated competition in supplying the Department of Defense with cluster bombs. In that case, the Division recovered $4 million on behalf of American taxpayers and obtained an $8 million discount on the bid price. In 2012, the Division challenged collusion between two companies bidding on four natural gas leases at auctions run by the Bureau of Land Management. The Division recovered $275,000 from each company.
The American Taxpayer deserves to see a revitalization of the government’s Section 4A authority. This week’s settlements are only the first in that direction. Going forward, the Division will exercise 4A authority to seek compensation for taxpayers when the government has been the victim of an antitrust violation. We hope that these efforts will also deter future violations.
In light of our policy of seeking damages under Section 4A where available, I would like to address how parallel criminal and civil enforcement will proceed going forward.
First, the Division’s new focus on Section 4A enforcement will not require any changes to the Division’s leniency policy. The Division offers strong incentives to come forward to report criminal antitrust violations in exchange for leniency, and those incentives do not change when the government is harmed by the violation.
The Antitrust Criminal Penalty Enhancement and Reform Act of 2004, better known as ACPERA, created another valuable incentive for leniency applications. Under ACPERA’s detrebling provision, those who successfully qualify for leniency will be subject only to single damages in follow-on civil suits, rather than treble damages. In addition, those who successfully qualify for leniency are not subject to joint and several liability.
This detrebling incentive will apply to any Section 4A claims brought by the government. We will also follow the underlying requirements for ACPERA in Section 4A cases: companies will need to cooperate with the civil team, as they would with any private plaintiff, in order to reap the detrebling benefits.
The bottom line is that the Division’s enforcement of Section 4A will increase the incentive for co-conspirators in cartel cases to come forward.
Separately, I should note that global resolutions like the ones announced yesterday should serve the interests of the parties as well. Cooperating companies subject to penalties under multiple statutes can gain certainty and finality. Employees, customers, and investors can resolve the problem and move on. This is consistent with the Department’s broader policies on coordination of corporate penalties.
Next, as we pursue Section 4A damages going forward, global resolutions of criminal and civil antitrust liability will help maintain a consistent policy on how to calculate civil damages. Yesterday’s settlements underscore this point. They provide that SK Energy, GS Caltex, and Hanjin each will pay an amount calculated to exceed the overcharge paid by the government. At the same time, the amount reflects both the value of the cooperation commitments each defendant made as a condition of settlement and the cost savings the Division realized by avoiding extended litigation.
As a general matter, if the government is required to litigate claims it brings under Section 4A, the government will seek treble damages. In addition, we anticipate that earlier cooperators will benefit by paying a lower multiple of damages, because the value of their cooperation is higher earlier in our investigation.
I will turn now to another significant settlement the Division filed this week, one which resolves a complaint against six broadcast television companies alleging that they engaged in widespread, unlawful sharing of non-public, competitively sensitive information. Along with the complaint, the Division filed proposed final judgments requiring the companies to cease such conduct and to undergo rigorous compliance and reporting measures for the next seven years.
We uncovered this conduct during our investigation into Sinclair Broadcasting Group’s proposed acquisition of Tribune Media Company, which has since been abandoned.
As we allege in the complaint, the defendants agreed in local broadcasting markets throughout the United States to exchange revenue pacing information and other competitively sensitive information. “Pacing” compares a broadcast station’s revenues booked for a certain time period to the revenues booked in the same point in the previous year. Pacing indicates how each station is performing versus the rest of the market and provides insight into each station’s remaining spot advertising for the period.
We discovered that the defendants had been exchanging pacing information either directly between stations or corporate headquarters, or indirectly through national representatives that help local stations sell advertisements to national advertisers. By exchanging this information, the broadcasters were better able to anticipate whether their competitors were likely to raise, maintain, or lower spot advertising prices, which in turn helped inform the stations’ own pricing strategies and negotiations with advertisers. As a result, the information exchanges harmed the competitive price-setting process.
We have not heard any legitimate pro-competitive justification for this conduct. We are therefore pleased that these companies recognized that a protracted investigation and litigation would serve no purpose, and we welcome their cooperation as our investigation continues. We also want to remind businesses, as well as the antitrust practitioners that advise them, that agreements between competitors to exchange competitively sensitive information can violate the antitrust laws and lead to a civil enforcement action even if the conduct does not amount to the type of hard core cartel conduct that the Antitrust Division prosecutes criminally.
Finally, this morning we announced the third significant enforcement resolution this week—a settlement with Atrium Health, formerly known as Carolinas Healthcare System. We were joined in the settlement by the North Carolina Attorney General’s Office, and we thank them for their partnership in this action. The settlement resolves over two years of civil antitrust litigation challenging the hospital system’s use of anticompetitive steering restrictions in its contracts with major health insurers. These steering restrictions prevented health insurers from promoting innovative health plans and more cost-effective healthcare providers.
Atrium is the dominant hospital system in the Charlotte, North Carolina metropolitan area. It used its market power to limit major health insurers’ ability to introduce plans designed to encourage consumers to choose cost-effective healthcare providers. Specifically, Atrium would agree to participate in a broad network plan only if the insurer would commit not to introduce other plans that would steer patients away from Atrium. The steering restrictions also deliberately constrained insurers from providing consumers with transparency into the comparative cost and quality of their healthcare alternatives.
Because the steering restrictions were in place, insurers could not introduce more innovative health insurance plans that create financial incentives for patients to use lower-cost healthcare services. Needless to say, competition for patients encourages healthcare providers to reduce costs, lower prices, and increase quality. These steering restrictions inhibited competition among healthcare providers to provide higher quality, lower-cost services.
The resolution prevents Atrium from enforcing the steering restrictions in its contracts with major health insurers. If approved by the Court, it will restore competition between healthcare providers in Charlotte, North Carolina.
I would like to make a broader point about the Division’s settlements this week. The consent decrees in all three cases, like all other decrees the Division has entered into the past 13 months, include specific new provisions designed to improve their enforceability.
These provisions (i) address the burden of proof in a civil contempt action by providing that the preponderance standard will apply; (ii) make defendants responsible for reimbursing the government for all costs it incurs in connection with enforcing the decree; (iii) allow the United States to seek a one-time extension of the term of the decree in the event of a violation, or to terminate the decree early if continuation is no longer necessary or in the public interest. Another provision addresses interpretation of the decree by stating that courts can enforce any provisions that are stated specifically and in reasonable detail, whether or not they are clear and unambiguous on their face.
The Division serves as a guardian of American consumers, and we act in the public’s trust. When the Division enters into a consent decree to resolve charges of anticompetitive conduct, we will hold parties’ feet to the fire and enforce the decrees.
Finally, last Friday, three defendants pled guilty to conspiring to rig bids and allocate the market in auctions of foreclosed properties in Palm Beach County, Florida. This case is unlike the Division’s prior foreclosure auction prosecutions because the auction occurred online rather than in-person, and the collusion occurred primarily by text message rather than in-person. It is a good illustration of the fact that while defendants may use new platforms and technologies to commit antitrust crimes, the Division too is evolving and stands ready to prosecute these crimes in the digital age.
The conspiracy took place in the aftermath of the financial crisis, which affected the housing market nationwide and the Florida real estate market in particular. Defendants and their affiliated business entities were the largest buyers of foreclosed properties in Palm Beach County. Together, the commerce affected by the defendants’ collusion was $25 million.
The Division began an investigation into possible collusion in online foreclosure auctions in Palm Beach County, Florida after receiving an anonymous citizen complaint that included a link to a YouTube video detailing the collusion.
Co-conspirators texted each other to coordinate their bidding and facilitate the conspiracy to obtain foreclosed homes at suppressed prices. Most commonly, bidders would agree to stop bidding or to refrain from bidding at their co-conspirators’ request. In some instances, they lowered bids for each other’s benefit.
After learning of the investigation, one of the defendants used and encouraged other co-conspirators to use a text messaging application to continue colluding. He believed that law enforcement would be unable to read or trace any messages sent through the application.
The three defendants were indicted by a grand jury in November 2017. Since then, all three have pleaded guilty.
I will conclude by taking this opportunity to highlight the outstanding attorneys and economists at the Antitrust Division. They are the core of executing the Division’s mission and work tirelessly in their commitment to protect competition and consumers.
It has been a busy year at the Antitrust Division. We have been working hard on behalf of America’s consumers and taxpayers, and look forward to continuing our efforts on their behalf in the year to come.
Source: Federal Bureau of Investigation (FBI) State Crime News
EVANSVILLE— James Henley, 35, of Greenwood, Indiana, has been sentenced to ten years in federal prison, followed by three years of supervised release after pleading guilty to aggravated identity theft, conspiracy to commit access device fraud, two counts of money laundering, and eight counts of wire fraud. Henley has also been ordered to pay $1,887,426.63 in restitution.
According to court documents, over the course of three years, Henley orchestrated multiple large and complex fraud schemes, resulting in a total loss of $2,927,758.95 to individual homeowners, an Indiana attorney, a bank, and ten state governments. As part of his fraud schemes, Henley registered five fake businesses (OnTrack Real Estate Solutions, LDI Investments Corp, Lucario Investments, 317 Traffic, and Henley Real Estate Solutions) with the states of Indiana and Kentucky, claiming to serve as the Chief Executive Officer for most of them. None of the businesses were legitimate. Instead, Henley used the businesses to mask his identity, make his schemes appear more credible, and launder the stolen money.
Henley’s schemes are broken down as follows:
COVID-19 Fraud:
Between May 2020 and March 2021, James Henley, his wife Jameka Henley, and his associate Jimmie Bickers used the stolen personally identifiable information of 76 real individuals to submit 120 unemployment insurance applications to ten states during the COVID-19 pandemic. Once the applications were approved, the trio used 65 unemployment insurance debit cards to make purchases at retailers and withdraw cash at ATMs in the Evansville and Indianapolis areas. The states paid a total of $1,119,426.63 in unemployment benefits in connection with the group’s fraudulent applications. In July 2020, Henley used funds withdrawn from ATMs to buy a Chevrolet Camaro for $22,801.
Bickers and Jameka Henley have been formally charged for their roles in this scheme but have not pleaded guilty.
Home Title Fraud:
Between December 2021 and May 2023, Henley stole five homes in Indianapolis by filing fraudulent deeds with the Marion County Recorder’s Office. Through the filings, Henley claimed that the homeowners had sold their homes to his fake businesses, but, in reality, he had never even spoken with the homeowners. Unbeknownst to the victims, Henley filed these fraudulent deeds and then sold the homes for significantly less than their market value, pocketing more than $260,000 in profits.
Henley also attempted to steal and sell an additional 14 homes in Indianapolis and Evansville. With one exception, the individuals who bought the homes from Henley took possession and ultimately kept the homes.
For one homeowner, the property Henley stole was her childhood home. She purchased the home while her mother was in the hospital with the hope that, when her mother’s condition improved, her mother would be able to live out her remaining years in the house.
Mortgage Fraud:
In November 2021, an associate of Henley’s purchased a home in Indianapolis, using a mortgage loan from a bank. In April 2022, Henley filed a fraudulent document with the Marion County Recorder’s Office to make it seem as if the mortgage loan had been paid off, when it had not been paid. Henley then filed a deed naming himself a joint owner of the home. Henley and his associate subsequently sold the property for $255,000, pocketing all the proceeds, even though the bank should have received the majority of the funds.
Auto Loan Fraud:
In March 2023, Henley purchased a Dodge Durango in Indianapolis for $71,479, using an auto loan from Everwise Credit Union. A few months later, in June 2023, Henley purchased a Chevrolet Silverado in Plainfield for $54,270, using a second loan from Everwise Credit Union.
In October 2023, Henley connected a JPMorgan Chase bank account to his auto loans, via Everwise’s online payment portal. Henley falsely represented that the Chase account belonged to Jimmie Bickers, and that he had authority to make payments on his loans using funds from the Chase account.
The Chase account was actually an Indiana attorney’s Interest on Lawyers’ Trust Account (IOLTA), which is a highly regulated bank account used by lawyers to hold client funds. The interest earned on IOLTA accounts is used to fund grants for nonprofit groups that promote pro bono and access to justice programs. Henley did not have the attorney’s permission to access or withdraw funds from the IOLTA account.
Between October and November 2023, Henley used the IOLTA account to make two payments, totaling $98,000, toward his auto loans.
Henley has prior felony convictions for financial crimes, including theft, forgery, and fraud.
“James Henley went to great lengths to coordinate exceptionally greedy, complex schemes that exploited hard-working families and state government programs,” said John E. Childress, Acting U.S. Attorney for the Southern District of Indiana. “Undeterred by prior felony convictions for the same conduct, this defendant stole over a million dollars, wreaking financial and logistical havoc on hundreds of victims. The Department of Justice will continue to work with our law enforcement partners to investigate allegations of fraud and seek prosecution as appropriate.”
“James Henley filed fraudulent unemployment insurance (UI) claims in the names of identity theft victims in order to receive UI benefits to which he was not entitled. He enriched himself by defrauding a program that was intended to assist struggling American workers during an unprecedented global pandemic,” said Megan Howell, Acting Special Agent-in-Charge, Great Lakes Region, U.S. Department of Labor, Office of Inspector General. “We and our law enforcement partners are committed to protecting the integrity of the UI system from those who seek to exploit this critical benefit program.”
“This lengthy prison sentence sends a clear message: individuals who attempt to exploit and commit financial crime and identity theft will be brought to justice,” said Ramsey E. Covington, Acting Special Agent in Charge, IRS Criminal Investigation, Chicago Field Office. “IRS Criminal Investigation and our fellow law enforcement partners are committed to protecting the integrity of our financial institutions and will continue to hold criminals like James Henley accountable to the fullest extent of the law.”
“This case should serve as a powerful reminder that individuals with a history of financial crimes will face significant consequences when they demonstrate a blatant disregard for the law and continue to exploit and deceive others for personal gain,” said FBI Indianapolis Special Agent in Charge Herbert J. Stapleton. “The FBI, working alongside our law enforcement partners, will continue to hold those who perpetuate such offenses accountable and protect the public from those who manipulate the system for their own benefit.”
The Federal Bureau of Investigation, Internal Revenue Service-Criminal Investigation, Department of Labor-Office of the Inspector General, and the Indiana Attorney General’s Office Homeowner Protection Unit investigated this case. The sentence was imposed by U.S. District Judge Matthew B. Brookman.
Acting U.S. Attorney Childress thanked Assistant U.S. Attorney Matthew Miller, who prosecuted this case.
On May 17, 2021, the Attorney General established the COVID‑19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts.
Anyone with information about allegations of attempted fraud involving COVID‑19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form
Following a nine-week public consultation, Cabinet members will be asked to approve plans to introduce Council Tax for empty, unoccupied and second homes at the next Cabinet meeting.
The consultation, which took place between 11 October – 13 December 2024, found that members of the public were in favour of the move, with 47% of respondents strongly agreeing and 18% agreeing to the changes.
If approved by Cabinet, the proposed changes will include a 100% Council Tax premium (twice the normal rate) on properties that have been unoccupied and substantially unfurnished for at least one year, effective from April 2025. The changes will also include the introduction of a 100% Council Tax premium on second homes, effective from April 2026.
These changes are in line with the new guidance rules introduced by the Levelling Up and Regeneration Act 2023 where councils can now apply the Council Tax premium for long-term empty homes after one year instead of the previous two-year requirement. The Act also allows councils to introduce a Council Tax premium of up to 100% on second homes.
The measures aim to bring empty properties back into use, encouraging property owners to live in or sell their empty homes. This will help to add more homes into the local housing market and reduce the number of underused properties, ensuring that housing is available for residents who need them. The measures will also generate significant revenue with an estimated £1.6m of additional Council Tax.
Councillor Shiraz Khan, Cabinet Member for Housing, Strategic Planning and Regulatory Services said:
I am delighted to see that the public have supported this move. By introducing Council Tax charges on empty, unoccupied and second homes, we are aiming to encourage property owners to live in or sell their empty homes. In doing so, we will see significant benefits and more housing on the market for those who need homes.
These proposals will bring great benefit to residents in Derby by maximising the potential of vacant housing stock within the city. It will also bring significant benefits to the city by generating an estimated £1.6m of additional Council Tax which will help us towards delivering and improving our services.
The Cabinet meeting will take place on Wednesday 12 February and can be viewed on Derby City Council’s YouTube channel.
Source: Moscow Government – Government of Moscow –
Last year, Moscow entrepreneurs used the financial and personal account reconciliation service (FPA) more than 1.2 million times. This was reported by the Minister of the Moscow Government, Head of the Department of City Property Maxim Gaman.
“The service for reconciling financial and personal accounts under lease or purchase and sale agreements for non-residential premises and land plots has appeared
on the mos.ru portal in 2015 and has been constantly improving since then. Now, with its help, you can find out basic information about the status of your personal account, make a payment, set up an automatic payment. All transactions are available online, which significantly saves time and makes it easier for entrepreneurs to do business. On the mos.ru portal, this is the most popular digital product among Moscow businesses, and the number of its users is only growing every year. If in 2021 the service was accessed more than 946 thousand times, then in 2024 – already over 1.2 million times,” said Maxim Gaman.
The growing popularity of the service is due to its constant improvement and the emergence of new features. For example, starting in December 2021, tenants and buyers of city real estate can order an extract through the financial and personal account reconciliation service. It is prepared in a few minutes, while containing all the current information on the state of the FLS. During the first year after the introduction of this option, an account statement was ordered more than 32 thousand times. By the end of 2024, this figure had more than tripled to 101 thousand times.
In December 2023, a new printed form of the payment schedule became available to users. It is generated within 5-10 minutes and sent to your personal account on the mos.ru portal, where entrepreneurs can check their debts on financial and personal accounts. Last year, tenants of city land plots, buildings and premises, as well as buyers of capital real estate, requested a payment schedule almost six thousand times. The user of the account reconciliation service can pay off the debt, as well as future transactions on the financial and personal account, right here by clicking the appropriate button.
As reported by the capital Department of Information TechnologyTo use the service, you need to go to the business services catalog on the portal (section “Land and Real Estate”) and find the service for reconciling financial and personal accounts.
Earlier Sergei Sobyanin reported, that the mos.ru portal has more than 200 tools for entrepreneurs. The service for reconciling financial and personal accounts under lease or sale and purchase agreements for non-residential premises and land is among the most popular of them.
The creation, development and operation of the e-government infrastructure, including the provision of mass socially significant services, as well as other services in electronic form, corresponds to the objectives of the national project “Data Economy and Digital Transformation of the State” and the regional project of the city of Moscow “Digital Public Administration”.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
Policy fine-tuning in real estate may be necessary in 2025 for China to more effectively address debt risks facing developers, a crucial link in ensuring a steady economic recovery and preventing systemic financial risks, economists and analysts said.
Possible measures include launching a systematic policy plan that details the roadmap for risk disposal, supports debt restructuring of qualified real estate enterprises and optimizes housing delivery efforts, they said.
“To resolve real estate market risks, it is necessary to gradually shift from simply safeguarding housing project deliveries to fully supporting qualified enterprises,” said Zhang Ming, deputy director of the Institute of Finance and Banking at the Chinese Academy of Social Sciences.
Zhang said a “one company, one policy” risk resolution approach is necessary as some real estate enterprises have faced difficulties in getting finance and transferring funds across projects and regions, hampering the sustainable development of the property market.
For responsible, law-abiding developers, Zhang suggested taking a combination of measures to extend their debt maturities, reduce repayment obligations and enhance their capital via debt-to-equity swaps or new investments.
For the tiny proportion of smaller developers involved in illegal operations, bankruptcy liquidation in line with legal regulations is needed, said Zhang.
The Central Economic Work Conference in December decided to take the real estate sector as a crucial link in effectively preventing and defusing risks, calling for reversing the downturn of and stabilizing the property market.
China Real Estate Information Corp (CRIC) said capital market debt maturities of Chinese property developers are projected to reach 525.7 billion yuan ($72.5 billion) in 2025, 8.9 percent up from 2024. CRIC predicts that the third quarter will be a peak of debt repayments with maturities worth about 157.4 billion yuan.
Echoing Zhang’s views, a China Index Academy report suggested a systematic risk resolution plan for property developers, with efforts so far having primarily focused on safeguarding real estate projects.
“A comprehensive plan aimed at addressing risks facing developers should be established, detailing methods, principles, supportive policy measures and coordination mechanisms for risk disposal.”
To ensure that presold real estate projects have access to necessary funding, China introduced a real estate financing coordination mechanism last year.
Via the mechanism, Chinese banks had approved 5.6 trillion yuan worth of loans to property projects as of Jan 22, financing the delivery of 14 million homes, the National Financial Regulatory Administration said.
However, the total financing of 65 typical Chinese real estate enterprises in 2024 was 462.9 billion yuan, down 31 percent from 2023, according to CRIC.
Shi Lulu, director of Asia-Pacific corporate ratings at Fitch Ratings, said higher debt maturities, weakening sales, declining margins and reduced cash generation may continue in 2025 for many Chinese homebuilders.
The risk of sales failing to stabilize remains a key factor behind the negative ratings outlook or watch of some of Fitch’s rated Chinese homebuilder issuers, Shi said, though it is expected that the magnitude of negative rating actions will abate as State-owned developers have maintained access to the onshore bond market.
“The most critical debt chain in the real estate sector lies between developers and homebuyers, rather than developers and banks or developers and foreign bond investors,” said Lu Ting, chief China economist at Nomura.
Stressing the importance of rebuilding homebuyer confidence by ensuring that they will receive the homes they paid for, Lu said this does not always mean completing every building and requires active efforts by government departments.
WASHINGTON – Patrick Strauss, 54, of Washington D.C., was sentenced today in U.S. District Court to 48 months of probation – including six months of home confinement to be followed by a period of intermittent incarceration, that is, 26 weekends in jail – and ordered to pay restitution in the amount of $304,900 and fined $8,784, all for participating in a conspiracy that fraudulently obtained more than $304,000 in Paycheck Protection Program loans.
The sentence was announced by U.S. Attorney Edward R. Martin Jr., FBI Special Agent in Charge Sean Ryan of the Washington Field Office Criminal and Cyber Division, D.C. Inspector General Daniel Lucas, and Executive Special Agent in Charge Kareem A. Carter of the Internal Revenue Service – Criminal Investigation (IRS-CI) Washington, D.C., Field Office.
Strauss pleaded guilty on September 12, 2024, to one count of conspiracy to commit bank fraud. According to court documents, Strauss was owner of Powergrid Real Estate LLC. In 2020, he was approached by someone who asked him if he wanted to file an application for a PPP loan. Strauss was aware that Powergrid did not qualify for a PPP loan because it had no employees and no payroll.
A co-conspirator prepared the PPP loan application for Powergrid, that falsely claimed that the company had 16 employees and an average monthly payroll of $132,547.17. The co-conspirator also prepared phony federal tax forms and payroll records to support the fraudulent PPP loan applications.
In July 2020, Strauss submitted the PPP loan application to Capital Bank. On July 29, 2020, Capital Bank wired $304,900 into Powergrid’s bank account. In July 2021, a co-conspirator prepared false and fraudulent federal tax returns. Strauss submitted the faked papers to Capital Bank in support of loan forgiveness for Powergrid.
The CARES Act is a federal law enacted on March 29, 2020, designed to provide emergency financial assistance to the millions of Americans suffering the economic effects caused by the COVID-19 pandemic. One source of relief provided by the CARES Act was the authorization of up to $349 billion in forgivable loans to small businesses for job retention and certain other expenses, through the PPP. In April 2020, Congress authorized over $300 billion in additional PPP funding.
The PPP allowed qualifying small-businesses and other organizations to receive loans with a maturity of two years and an interest rate of 1 percent. PPP loan proceeds were required be used by businesses on payroll costs, interest on mortgages, rent, and utilities. The PPP allowed the interest and principal on the PPP loan to be forgiven if the business spent the loan proceeds on these expense items within a designated time after receiving the proceeds and used at least a certain percentage of the PPP loan proceeds on payroll expenses.
The case was investigated jointly by U.S. Attorney’s Office for the District of Columbia, the FBI’s Washington Field Office, and the Internal Revenue Service – Criminal Investigation (IRS-CI) Washington, D.C., Field Office. In announcing the sentence, U.S. Attorney Martin commended the work of those who investigated the case.
This matter was prosecuted by Assistant U.S. Attorney John Crabb, Jr.
Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.
Immigrants to the U.S. increasingly arrive like these people, seeking asylum at a formal border crossing, rather than trying to sneak across the border.Carlos Moreno/NurPhoto via Getty Images
Undocumented immigration is a key issue in American politics, but it can be hard to nail down the basic facts about who these immigrants are, where they live and how their numbers have changed in the past few decades.
The remaining 27% – around 13.7 million people – are outside those categories and therefore generally considered to be undocumented.
My analysis shows that the number of undocumented immigrants held steady at around 11 million between 2007 and 2019. In the next four years, the numbers increased by nearly 3 million. This recent growth is mostly attributable to large increases in border crossings by migrants from Central and South America who were seeking asylum or other forms of humanitarian relief. Starting in June 2024, however, the number of people entering across the U.S.-Mexico border fell back to normal levels when the Biden administration implemented the Secure the Border rule, which suspends asylum applications at the border when crossings reach a seven-day average of 2,500.
These changes were accompanied by changes in the undocumented migration process itself. In the past, undocumented immigrants often entered the country by slipping undetected across the U.S. border with Mexico. But increased border enforcement made the journey more dangerous and expensive.
Instead of paying smugglers or risking their lives in the desert, growing numbers of undocumented immigrants now either directly approach immigration officials at airports or land-border crossings and seek asylum in the U.S. Others are initially admitted to the country legally on a temporary tourist, student or work visa – but then overstay the time period for which they have permission.
Additionally, growing numbers of undocumented immigrants occupy what might be called a “liminal” or “in-between” status. The Migration Policy Institute analysis estimates this encompasses a range of groups as of the middle of 2023, including:
About 2.1 million people awaiting a decision on their asylum claims.
521,000 parolees, allowed into the U.S. for humanitarian or national security reasons, like those paroled recently from Afghanistan and Ukraine.
654,000 people who hold temporary protected status because it would be unsafe for them to return home due to armed conflict, natural disasters and other emergencies.
562,000 who are protected by the Deferred Action for Childhood Arrivals program because they were brought to the United States as children by their parents.
The report estimates that just over one-quarter of undocumented immigrants currently occupy this type of “in-between” status. These immigrants are protected from deportation. Some even have a legal right to work in the U.S. Yet they do not possess a durable legal immigration status, and their rights could be threatened by policy changes.
Since 1980, Mexicans have been the largest single national origin group in the United States. I found that 10.9 million Mexican-born individuals were living in the country in 2023, making up 23% of all immigrants. The second-largest group, immigrants from India, numbered just 2.9 million, or 6% of all immigrants living in the U.S.
However, immigrants’ origins have been shifting away from Mexico.
With the onset of the Great Recession of 2007-2009, work opportunities in U.S. construction and manufacturing evaporated. Many Mexican laborers had been working in construction at the time but went back to Mexico when the U.S. housing market collapsed.
This trend was especially pronounced among undocumented immigrants. I found that Mexicans made up about 51% of the undocumented immigrants who arrived in the country 10 or more years ago. Central Americans made up 20%, and the remaining originated from other regions.
However, undocumented migrants now come from across the globe. Among undocumented immigrants who arrived within the past 10 years, 19% came from Mexico. Larger shares came from Central America and South America. While some of these new migrants seek work, others flee crime, economic and ecological disasters, and political persecution in their home countries.
Duration of residence
Most immigrants, whether they are in the U.S. legally or illegally, have lived in the United States for many years. Just under half of foreign-born individuals have lived in the country for two decades or more, and more than two-thirds have lived in the country for at least 10 years. Only 20% arrived within the past five years.
This is a dramatic change from the early 2000s, when less than 10% of immigrants had been in the U.S. for more than two decades, and more than one-third had arrived within the previous five years.
That means many of the people who are likely to be targeted for deportation in the coming months are settled, long-term members of American society.
Place of residence
As of 2023, 6.6 million immigrants reported on the Census Bureau’s American Community Survey that they moved to the United States in the past five years.
However, the effects of these new immigrants on American communities has been uneven. Although most communities are more racially and ethnically diverse now than in the past, the numbers of newly arrived immigrants are relatively low in most places.
Fifteen states host fewer than 20,000 immigrants, and 33 states are home to fewer than 100,000. In contrast, over half of new arrivals live in just five states: California, Florida, Illinois, New York and Texas are the home of over half of new arrivals yet have only 37% of the U.S. population. Other states such as Georgia, Michigan, New Jersey, North Carolina, Pennsylvania and Washington also are home to large and growing immigrant populations.
The U.S. immigrant population is changing rapidly. In the early years of the 21st century, Mexican immigrants dominated undocumented immigration flows to the United States. Decades later, many of these people continue to live in the country.
In the past four years, however, the flow of undocumented people increased dramatically. These new arrivals tend to come from troubled nations in Central and South America, many of whom are protected from deportation and have a legal right to work in the U.S. Altogether, most undocumented immigrants either have lived in the country for decades or have legal protections.
Neither of these groups fit the profile of undocumented immigrants who are typically targeted for deportation.
Jennifer Van Hook receives funding from the National Institutes of Health. She is a nonresident fellow of the Migration Policy Institute.
TERRE HAUTE, Ind., Feb. 04, 2025 (GLOBE NEWSWIRE) — First Financial Corporation (NASDAQ:THFF) today announced results for the fourth quarter of 2024.
Net income was $16.2 million compared to $12.4 million reported for the same period of 2023;
Diluted net income per common share of $1.37 compared to $1.06 for the same period of 2023;
Return on average assets was 1.18% compared to 1.05% for the three months ended December 31, 2023;
Credit loss provision was $2.0 million compared to provision of $2.5 million for the fourth quarter 2023; and
Pre-tax, pre-provision net income was $22.3 million compared to $16.6 million for the same period in 2023.1
The Corporation further reported results for the year ended December 31, 2024:
Net income was $47.3 million compared to $60.7 million reported for the same period of 2023;
Diluted net income per common share of $4.00 compared to $5.08 for the same period of 2023;
Return on average assets was 0.92% compared to 1.26% for the twelve months ended December 31, 2023;
Credit loss provision was $16.2 million compared to provision of $7.3 million for the twelve months ended December 31, 2023; and
Pre-tax, pre-provision net income was $73.4 million compared to $79.7 million for the same period in 2023.1
______________________________ 1Non-GAAP financial measure that Management believes is useful for investors and management to understand pre-tax profitability before giving effect to credit loss expense and to provide additional perspective on the Corporation’s performance over time as well as comparison to the Corporation’s peers and evaluating the financial results of the Corporation –please refer to the Non GAAP reconciliations contained in this release.
Average Total Loans
Average total loans for the fourth quarter of 2024 were $3.79 billion versus $3.13 billion for the comparable period in 2023, an increase of $657 million or 20.98%. On a linked quarter basis, average loans increased $84.7 million or 2.29% from $3.71 billion as of September 30, 2024. Increases in average loans year-over-year were mostly a result of the acquisition of SimplyBank on July 1, 2024.
Total Loans Outstanding
Total loans outstanding as of December 31, 2024, were $3.84 billion compared to $3.17 billion as of December 31, 2023, an increase of $669 million or 21.13%. On a linked quarter basis, total loans increased $122 million or 3.28% from $3.72 billion as of September 30, 2024. The year-over-year increase was impacted by the $467 million in loans acquired in the SimplyBank acquisition. Organic growth was primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans.
Norman D. Lowery, President and Chief Executive Officer, commented “We experienced another sound quarter of loan growth and record net interest income. During the quarter our net interest margin expanded, and we expect continued improvement in coming quarters.”
Average Total Deposits
Average total deposits for the quarter ended December 31, 2024, were $4.76 billion versus $4.05 billion as of December 31, 2023, an increase of $706 million or 17.44%. Increases in average deposits year-over-year were mostly a result of the acquisition of SimplyBank. On a linked quarter basis, average deposits increased $52 million, or 1.10% from $4.71 billion as of September 30, 2024.
Total Deposits
Total deposits were $4.72 billion as of December 31, 2024, compared to $4.09 billion as of December 31, 2023, a $629 million increase, or 15.37%. On a linked quarter basis, total deposits increased $1.4 million, or 0.03%. $622 million in deposits were acquired in the SimplyBank acquisition. Non-interest bearing deposits were $859.0 million, and time deposits were $749.4 million as of December 31, 2024, compared to $750.3 million and $515.7 million, respectively for the same period of 2023.
Shareholders’ Equity
Shareholders’ equity at December 31, 2024, was $549.0 million compared to $528.0 million on December 31, 2023. During the last twelve months, the Corporation has not repurchased any shares of its common stock. 518,860 shares remain available for repurchase under the current repurchase authorization. The Corporation paid a $0.45 per share quarterly dividend in October and declared a $0.51 quarterly dividend, which was paid on January 15, 2025.
Book Value Per Share
Book Value per share was $46.36 as of December 31, 2024, compared to $44.76 as of December 31, 2023, an increase of $1.60 per share, or 3.57%. Tangible Book Value per share was $36.10 as of December 31, 2024, compared to $36.91 as of December 31, 2023.
Tangible Common Equity to Tangible Asset Ratio
The Corporation’s tangible common equity to tangible asset ratio was 7.86% at December 31, 2024, compared to 9.15% at December 31, 2023.
Net Interest Income
Net interest income for the fourth quarter of 2024 was a record $49.6 million, compared to $39.6 million reported for the same period of 2023, an increase of $10.0 million, or 25.29%.
Net Interest Margin
The net interest margin for the quarter ended December 31, 2024, was 3.94% compared to the 3.63% reported at December 31, 2023. On a linked quarterly basis, the net interest margin increased 16 basis points from 3.78% at September 30, 2024.
Nonperforming Loans
Nonperforming loans as of December 31, 2024, were $13.3 million versus $24.6 million as of December 31, 2023. The ratio of nonperforming loans to total loans and leases was 0.35% as of December 31, 2024, versus 0.78% as of December 31, 2023. The decrease in nonperforming loans is due to a commercial relationship that was downgraded in fourth quarter 2023 and subsequently resolved in 2024.
Credit Loss Provision
The provision for credit losses for the three months ended December 31, 2024, was $2.0 million, compared to $2.5 million for the fourth quarter 2023.
Net Charge-Offs
Fourth quarter net charge-offs were $1.4 million compared to $1.8 million in the same period of 2023.
Allowance for Credit Losses
The Corporation’s allowance for credit losses as of December 31, 2024, was $46.7 million compared to $39.8 million as of December 31, 2023. The allowance for credit losses as a percent of total loans was 1.22% as of December 31, 2024, compared to 1.26% as of December 31, 2023. On a linked quarter basis, the allowance for credit losses as a percent of total loans decreased 2 basis points from 1.24% as of September 30, 2024. The Corporation recorded $8.5 million in allowance for the acquisition of SimplyBank, which included $3 million to record purchased credit deteriorated (“PCD”) reserves.
Non-Interest Income
Non-interest income for the three months ended December 31, 2024 and 2023 was $12.2 million and $11.2 million, respectively.
Non-Interest Expense
Non-interest expense for the three months ended December 31, 2024, was $39.8 million compared to $34.2 million in 2023. This includes an overall increase in operating expenses as a result of the acquisition.
Efficiency Ratio
The Corporation’s efficiency ratio was 62.98% for the quarter ending December 31, 2024, versus 65.62% for the same period in 2023.
Income Taxes
Income tax expense for the three months ended December 31, 2024, was $3.8 million versus $1.7 million for the same period in 2023. The effective tax rate for 2024 was 17.28% compared to 16.31% for 2023.
About First Financial Corporation
First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A., which is the fifth oldest national bank in the United States, operating 83 banking centers in Illinois, Indiana, Kentucky, Tennessee, and Georgia. Additional information is available at www.first-online.bank.
______________________________ (a) Tangible common equity is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible common equity by excluding goodwill and other intangible assets from shareholder’s equity. (b) Net interest income fully tax equivalent is a non-GAAP financial measure derived from GAAP-based amounts. We calculate net interest income fully tax equivalent by adding back the tax equivalent factor of tax exempt income to net interest income. We calculate the tax equivalent factor of tax exempt income by dividing tax exempt income by the net of tax rate of 75%. (c) Tangible book value per common share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate the factor by dividing average tangible common equity by average shares outstanding. We calculate average tangible common equity by excluding average intangible assets from average shareholder’s equity.
Key Ratios
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2024
2024
2023
2024
2023
Return on average assets
1.18
%
0.64
%
1.05
%
0.92
%
1.26
%
Return on average common shareholder’s equity
11.68
%
6.39
%
10.73
%
8.82
%
12.47
%
Efficiency ratio
62.98
%
64.43
%
65.62
%
64.67
%
60.43
%
Average equity to average assets
10.09
%
9.97
%
9.80
%
10.40
%
10.13
%
Net interest margin (a)
3.94
%
3.78
%
3.63
%
3.71
%
3.78
%
Net charge-offs to average loans and leases
0.15
%
0.49
%
0.22
%
0.35
%
0.23
%
Credit loss reserve to loans and leases
1.22
%
1.24
%
1.26
%
1.22
%
1.26
%
Credit loss reserve to nonperforming loans
351.37
%
326.65
%
161.94
%
351.37
%
161.94
%
Nonperforming loans to loans and leases
0.35
%
0.38
%
0.78
%
0.35
%
0.78
%
Tier 1 leverage
10.38
%
10.25
%
12.14
%
10.38
%
12.14
%
Risk-based capital – Tier 1
12.43
%
13.63
%
14.76
%
12.43
%
14.76
%
______________________________ (a) Net interest margin is calculated on a tax equivalent basis.
Asset Quality
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2024
2024
2023
2024
2023
Accruing loans and leases past due 30-89 days
$
22,486
$
16,391
$
20,168
$
22,486
$
20,168
Accruing loans and leases past due 90 days or more
$
1,821
$
1,517
$
960
$
1,821
$
960
Nonaccrual loans and leases
$
11,479
$
12,617
$
23,596
$
11,479
$
23,596
Other real estate owned
$
523
$
169
$
107
$
523
$
107
Nonperforming loans and other real estate owned
$
13,823
$
14,303
$
24,663
$
13,823
$
24,663
Total nonperforming assets
$
16,719
$
17,179
$
27,665
$
16,719
$
27,665
Gross charge-offs
$
3,070
$
6,936
$
3,976
$
19,289
$
15,496
Recoveries
$
1,633
$
2,365
$
2,213
$
7,082
$
8,188
Net charge-offs/(recoveries)
$
1,437
$
4,571
$
1,763
$
12,207
$
7,308
Non-GAAP Reconciliations
Three Months Ended December 31,
2024
2023
($in thousands, except EPS)
Income before Income Taxes
$
20,014
$
14,098
Provision for credit losses
2,000
2,495
Provision for unfunded commitments
300
—
Pre-tax, Pre-provision Income
$
22,314
$
16,593
Non-GAAP Reconciliations
Year Ended December 31,
2024
2023
($ in thousands, except EPS)
Income before Income Taxes
$
57,154
$
72,493
Provision for credit losses
16,166
7,295
Provision for unfunded commitments
100
(100
)
Pre-tax, Pre-provision Income
$
73,420
$
79,688
CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except per share data)
December 31,
December 31,
2024
2023
(unaudited)
ASSETS
Cash and due from banks
$
93,526
$
76,759
Federal funds sold
820
282
Securities available-for-sale
1,195,990
1,259,137
Loans:
Commercial
2,196,351
1,817,526
Residential
967,386
695,788
Consumer
668,058
646,758
3,831,795
3,160,072
(Less) plus:
Net deferred loan costs
5,346
7,749
Allowance for credit losses
(46,732
)
(39,767
)
3,790,409
3,128,054
Restricted stock
17,555
15,364
Accrued interest receivable
26,934
24,877
Premises and equipment, net
81,508
67,286
Bank-owned life insurance
128,766
114,122
Goodwill
100,026
86,985
Other intangible assets
21,545
5,586
Other real estate owned
523
107
Other assets
102,746
72,587
TOTAL ASSETS
$
5,560,348
$
4,851,146
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Non-interest-bearing
$
859,014
$
750,335
Interest-bearing:
Certificates of deposit exceeding the FDIC insurance limits
144,982
92,921
Other interest-bearing deposits
3,714,918
3,246,812
4,718,914
4,090,068
Short-term borrowings
187,057
67,221
FHLB advances
28,120
108,577
Other liabilities
77,216
57,304
TOTAL LIABILITIES
5,011,307
4,323,170
Shareholders’ equity
Common stock, $.125 stated value per share;
Authorized shares-40,000,000
Issued shares-16,165,023 in 2024 and 16,137,220 in 2023
Outstanding shares-11,842,539 in 2024 and 11,795,024 in 2023
2,018
2,014
Additional paid-in capital
145,927
144,152
Retained earnings
687,366
663,726
Accumulated other comprehensive income/(loss)
(132,285
)
(127,087
)
Less: Treasury shares at cost-4,322,484 in 2024 and 4,342,196 in 2023
(153,985
)
(154,829
)
TOTAL SHAREHOLDERS’ EQUITY
549,041
527,976
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
5,560,348
$
4,851,146
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Dollar amounts in thousands, except per share data)
Year Ended
December 31,
2024
2023
2022
(unaudited)
INTEREST INCOME:
Loans, including related fees
$
226,262
$
189,641
$
146,295
Securities:
Taxable
24,237
24,643
21,014
Tax-exempt
10,533
10,573
9,974
Other
3,710
3,540
6,018
TOTAL INTEREST INCOME
264,742
228,397
183,301
INTEREST EXPENSE:
Deposits
81,071
51,694
16,743
Short-term borrowings
4,284
5,370
1,243
Other borrowings
4,401
4,071
273
TOTAL INTEREST EXPENSE
89,756
61,135
18,259
NET INTEREST INCOME
174,986
167,262
165,042
Provision for credit losses
16,166
7,295
(2,025
)
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES
158,820
159,967
167,067
NON-INTEREST INCOME:
Trust and financial services
5,468
5,155
5,155
Service charges and fees on deposit accounts
29,653
28,079
27,540
Other service charges and fees
999
801
665
Securities gains (losses), net
103
(1
)
3
Interchange income
655
676
559
Loan servicing fees
1,259
1,176
1,554
Gain on sales of mortgage loans
1,153
966
1,994
Other
3,482
5,850
9,246
TOTAL NON-INTEREST INCOME
42,772
42,702
46,716
NON-INTEREST EXPENSE:
Salaries and employee benefits
74,555
68,525
65,555
Occupancy expense
9,616
9,351
9,764
Equipment expense
17,612
14,020
12,391
FDIC Expense
2,788
2,907
2,327
Other
39,867
35,373
35,986
TOTAL NON-INTEREST EXPENSE
144,438
130,176
126,023
INCOME BEFORE INCOME TAXES
57,154
72,493
87,760
Provision for income taxes
9,879
11,821
16,651
NET INCOME
47,275
60,672
71,109
OTHER COMPREHENSIVE INCOME (LOSS)
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes
(9,807
)
10,896
(144,570
)
Change in funded status of post retirement benefits, net of taxes
4,609
1,991
7,022
COMPREHENSIVE INCOME (LOSS)
$
42,077
$
73,559
$
(66,439
)
PER SHARE DATA
Basic and Diluted Earnings per Share
$
4.00
$
5.08
$
5.82
Weighted average number of shares outstanding (in thousands)
TORONTO, Feb. 04, 2025 (GLOBE NEWSWIRE) — Fengate Asset Management (‘Fengate’) is pleased to announce the successful close of two premier seniors housing properties in Vancouver, British Columbia. The acquisition marks Fengate’s and Seasons Retirement Communities’ (‘Seasons’) first venture into the British Columbia market, further growing its portfolio of retirement communities across Canada.
The new properties, Seasons Arbutus Walk and Seasons Wesbrook Village, collectively offer 295 rental suites and 88 managed condominium suites located in two of Vancouver’s most sought-after neighbourhoods, offering residents easy access to parks, local amenities, and cultural attractions.
Fengate and Seasons are managing this investment on behalf of their investors, including the LiUNA Pension Fund of Central and Eastern Canada (‘LPFCEC’).
“We are proud to build on our legacy of empowering Canada’s seniors through market-leading housing that advances Seasons’ mission of affecting positive change in the lives of this vital and growing community,” said Joseph Mancinelli, International Vice President and Regional Manager for Central and Eastern Canada at LiUNA.
“This acquisition is transformational for Fengate and Seasons as we build the foundation for our growth in British Columbia. Fengate and Seasons are well positioned to capitalize on the growing seniors’ demographic in this key strategic growth market and across Canada,” said Jaime McKenna, President Fengate Real Estate.
“Seasons is pleased to continue to work with Fengate to diversify our portfolio of quality retirement communities,” said Michael Lavallée, Chief Executive Officer at Seasons Retirement Communities.
“Our best-in-class management team is committed to collaborating with our communities to provide residents with a continuum of care within a warm, welcoming, and vibrant atmosphere that embodies the Seasons promise.”
Established in 2009 by Fengate, Seasons Retirement Communities is a Canadian company that currently owns and operates 25 retirement communities across Ontario, Alberta, and British Columbia, with more developments underway. Seasons is dedicated to addressing the needs of Canada’s aging population by offering exceptional seniors housing and services.
MEDIA CONTACT
Matthew Ventura Director, Communications and Marketing, Real Estate Fengate Asset Management matthew.ventura@fengate.com 416-432-6194
About the LiUNA Pension Fund of Central and Eastern Canada
Established in 1972, the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC) is one of the fastest growing multi-employer pension funds across Canada, voted top 10 pension funds by Benefits Canada. With a diverse investment portfolio and over $12 billion in assets, LPFCEC has yielded positive returns for the plan, great work opportunities for LiUNA members, and has created many needed institutions across North America through a broad range of investments. Learn more at lpfcec.org.
About Fengate Asset Management
Fengate is a leading alternative investment manager, with more than $40 billion of assets under management, focused on infrastructure, private equity, and real estate strategies. With offices and team members in Canada and the United States, Fengate has a proven track record of successful projects and partnerships and an established reputation as one of the most active real asset investors and developers in North America. Fengate Real Estate, a division of Fengate Asset Management, is a fully integrated real estate investment, development and asset management platform with a $20 billion portfolio, including a 25,000+ residential unit pipeline and 5M+ square feet of industrial space in varying stages of development. Learn more at fengate.com.
About Seasons Retirement Communities
Established in 2009, Seasons is a Canadian company that operates 15 retirement residences in Ontario, eight residences in Alberta, and two in British Columbia, with more under development. Our management team has extensive experience in the senior housing sector and has developed a culture dedicated to providing residents with superior customer service. At Seasons, we want our residents to feel proud to call us home and to know they are surrounded by people who genuinely care. Connect. Care. Change®.
DUBLIN, Ga., Feb. 04, 2025 (GLOBE NEWSWIRE) — Morris State Bancshares, Inc. (OTCQX: MBLU) (the “Company”), the parent of Morris Bank (the “Bank”), today reported its financial results for the quarter and year ended December 31, 2024. Year over year and quarter by quarter comparisons are included herewith.
On January 29, 2025, the Company’s Board of Directors announced a 30.43% increase in its quarterly cash dividend, raising it to $0.12 per common share—an increase of $0.028 per share over the quarterly dividend of $0.092 paid in each of the prior quarters last year1. This dividend will be payable on or about March 14, 2025, to all shareholders of record as of February 15, 2025. In addition to this increase, the Board also approved a one-time special dividend of $0.15 per common share. This special dividend will be payable on or about March 21, 2025, to all shareholders of record as of February 15, 2025.
“We are extremely pleased with the Company’s strong financial performance in 2024, achieving net earnings of $21.8 million. As the Federal Reserve pivoted during the year and decreased interest rates for the first time since March of 2020, our team effectively managed our net interest margin, closing the year at 4.06%—an increase of 8 basis points from the prior year end,” said Spence Mullis, Chairman and CEO. “At the bank level, we achieved a 1.68% return on average assets and a 12.74% return on average equity, closing the year with a leverage ratio of 12.84%, placing us in the top 10% of our FDIC peer group* in terms of capital strength. As mentioned in our third-quarter earnings release, given our strong capital position at both the bank and holding company and solid cash position at the holding company, we have the ability and plan to retire the remaining $15.0 million in subordinated debt when the window for retirement opens in July 2025. With our robust capital levels and strong earnings performance, we are well-positioned to capitalize on strategic opportunities and drive continued organic growth within our existing footprint while continuing to grow value for our shareholders through earnings and dividends.”
Following is a summary of the quarterly and annual highlights:
Fourth Quarter 2024 Highlights
Net income for the fourth quarter of 2024 was $6.1 million, compared to $5.4 million for the third quarter of 2024 and $5.9 million for the fourth quarter of 2023.
Diluted earnings per share for the fourth quarter of 2024 was $0.52, compared to $0.51 for the third quarter of 2024 and $0.56 for the fourth quarter of 2023.
Earnings before taxes for the fourth quarter of 2024 was $6.6 million, compared to $5.7 million for the third quarter of 2024 and $5.5 million for the fourth quarter of 2023.
Net loans in the fourth quarter of 2024 totaled $1.10 billion, versus $1.05 billion in the third quarter of 2024 and $1.06 billion at year end 2023.
Average cost of funds for the fourth quarter of 2024 was 206 basis points, compared to 218 basis points for the third quarter of 2024 and 192 basis points for the fourth quarter of 2023.
Return on average assets (annualized) at the bank level for the fourth quarter of 2024 was 1.79%, compared to 1.65% for the third quarter of 2024 and 1.84% for the fourth quarter of 2023.
Full Year 2024 Highlights
Total assets remained level at $1.49 billion at December 31, 2024, compared to $1.44 billion at December 31, 2023.
Earnings before income taxes totaled $23.0 million at December 31, 2024 compared to $21.5 million at December 31, 2023.
Full year net income of $21.8 million in 2024, compared to $19.3 million in 2023.
Return on average assets at the bank level of 1.68% for the full year 2024, compared to 1.55% for 2023.
Diluted earnings per share of $2.72 in 2024, compared to $1.83 in 2023.
Total shareholders’ equity increased 9.81% or $17.5 million to $195.6 million at December 31, 2024, compared to $178.1 million at December 31, 2023.
Tangible book value per share of $17.45 at December 31, 2024, compared to $15.79 at December 31, 2023.
Net loans grew $52.1 million, or 4.96%, during 2024.
The Bank’s asset quality remains solid, ending the year with nonperforming assets to total loans and other real estate of 0.41%, past due and nonaccrual loans of 0.72% and net charge offs to average loans of 0.04% for 2024.
Bank-level efficiency ratio net of tax credit amortization expense was 53.30% in 2024, compared to 52.99% in 2023.
*as defined in the FDIC’s Uniform Bank Performance Report
Forward-looking Statements
Certain statements contained in this release may not be based on historical facts and are forward-looking statements. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “plan,” “will,” “would,” “could” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including, among others, the business and economic conditions; risks related to the integration of acquired businesses and any future acquisitions; changes in management personnel; interest rate risk; ability to execute on planned expansion and organic growth; credit risk and concentrations associated with the Company’s loan portfolio; asset quality and loan charge-offs; inaccuracy of the assumptions and estimates management of the Company makes in establishing reserves for probable loan losses and other estimates; lack of liquidity; impairment of investment securities, goodwill or other intangible assets; the Company’s risk management strategies; increased competition; system failures or failures to prevent breaches of our network security; changes in federal tax law or policy; the impact of recent and future legislative and regulatory changes; and increases in capital requirements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.
1 Per share amounts for March 31, 2024 and previous quarters have been adjusted to reflect the April 22, 2024 4-for-1 stock dividend.
MORRIS STATE BANCSHARES, INC.
AND SUBSIDIARIES
Consolidated Balance Sheets
December 31, 2024 and 2023
December 31,
December 31,
2024
2023
Change
% Change
(Unaudited)
(Unaudited)
ASSETS
Cash and due from banks
$
53,898,138
$
51,060,389
$
2,837,749
5.56
%
Federal funds sold
42,064,131
17,268,446
24,795,685
143.59
%
Total cash and cash equivalents
95,962,269
68,328,835
27,633,434
40.44
%
Interest-bearing time deposits in other banks
100,000
100,000
—
0.00
%
Securities available for sale, at fair value
9,726,716
7,875,780
1,850,936
0.00
%
Securities held to maturity, at cost
215,836,502
240,205,635
(24,369,133
)
-10.15
%
Federal Home Loan Bank stock, restricted, at cost
1,032,800
1,029,600
3,200
0.31
%
Loans, net of unearned income
1,116,074,659
1,063,772,222
52,302,437
4.92
%
Less-allowance for loan losses
(14,488,525
)
(14,291,923
)
(196,602
)
1.38
%
Loans, net
1,101,586,134
1,049,480,299
52,105,835
4.96
%
Bank premises and equipment, net
12,780,014
13,188,353
(408,339
)
-3.10
%
ROU assets for operating lease, net
776,979
1,126,156
(349,177
)
-31.01
%
Goodwill
9,361,704
9,361,704
—
0.00
%
Intangible assets, net
1,338,964
1,679,989
(341,025
)
-20.30
%
Other real estate and foreclosed assets
21,898
3,611,235
(3,589,337
)
-99.39
%
Accrued interest receivable
7,278,258
6,424,090
854,168
13.30
%
Cash surrender value of life insurance
15,128,762
14,711,623
417,139
2.84
%
Other assets
22,674,658
25,321,092
(2,646,434
)
-10.45
%
Total Assets
$
1,493,605,658
$
1,442,444,391
$
51,161,267
3.55
%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Non-interest bearing
$
325,534,335
$
316,224,444
$
9,309,891
2.94
%
Interest bearing
939,354,005
909,976,336
29,377,669
3.23
%
1,264,888,340
1,226,200,780
38,687,560
3.16
%
Other borrowed funds
19,019,372
27,151,283
(8,131,911
)
-29.95
%
Lease liability for operating lease
776,979
1,126,156
(349,177
)
-31.01
%
Accrued interest payable
2,111,093
1,059,226
1,051,867
99.31
%
Accrued expenses and other liabilities
11,206,717
8,773,430
2,433,287
27.73
%
Total liabilities
1,298,002,501
1,264,310,875
33,691,626
2.66
%
Shareholders’ Equity:
Common stock
10,688,723
10,645,508
43,215
0.41
%
Paid in capital surplus
34,936,059
33,711,561
1,224,498
3.63
%
Retained earnings
130,111,050
115,232,196
14,878,854
12.91
%
Current year earnings
21,804,345
19,332,489
2,471,856
12.79
%
Accumulated other comprehensive income (loss)
1,422,709
1,968,846
(546,137
)
-27.74
%
Treasury Stock, at cost 95,498 shares
(3,359,729
)
(2,757,084
)
(602,645
)
21.86
%
Total shareholders’ equity
195,603,157
178,133,516
17,469,641
9.81
%
Total Liabilities and Shareholders’ Equity
$
1,493,605,658
$
1,442,444,391
51,161,267
3.55
%
MORRIS STATE BANCSHARES, INC.
AND SUBSIDIARIES
Consolidated Statements of Income
For the Years Ended December 31, 2024 and 2023
December 31,
December 31,
2024
2023
Change
% Change
(Unaudited)
(Unaudited)
Interest and Dividend Income:
Interest and fees on loans
$
72,453,630
$
62,157,217
$
10,296,413
16.57
%
Interest income on securities
7,368,157
8,196,152
(827,995
)
-10.10
%
Income on federal funds sold
851,717
627,235
224,482
35.79
%
Income on time deposits held in other banks
1,699,224
1,214,072
485,152
39.96
%
Other interest and dividend income
183,239
255,689
(72,450
)
-28.34
%
Total interest and dividend income
82,555,967
72,450,365
10,105,602
13.95
%
Interest Expense:
Deposits
25,981,731
18,599,664
7,382,067
39.69
%
Interest on other borrowed funds
1,548,980
2,148,019
(599,039
)
-27.89
%
Interest on federal funds purchased
296
842
(546
)
-64.85
%
Total interest expense
27,531,007
20,748,525
6,782,482
32.69
%
Net interest income before provision for loan losses
55,024,960
51,701,840
3,323,120
6.43
%
Less-provision for loan losses
556,913
450,475
106,438
23.63
%
Net interest income after provision for loan losses
54,468,047
51,251,365
3,216,682
6.28
%
Noninterest Income:
Service charges on deposit accounts
2,164,988
2,143,550
21,438
1.00
%
Other service charges, commissions and fees
1,553,493
1,589,747
(36,254
)
-2.28
%
Gain on sales of foreclosed assets
—
—
—
0.00
%
Gain on sales and calls of securities
182
—
182
0.00
%
Gain on sale of loans
—
—
—
—
Increase in CSV of life insurance
417,139
378,079
39,060
10.33
%
Other income
644,868
606,754
38,114
6.28
%
Total noninterest income
4,780,670
4,718,130
62,540
1.33
%
Noninterest Expense:
Salaries and employee benefits
19,050,416
17,414,685
1,635,731
9.39
%
Occupancy and equipment expenses, net
2,223,832
2,250,663
(26,831
)
-1.19
%
(Gain) Loss on sales of foreclosed assets and other real estate
9,681
321,783
(312,102
)
0.00
%
Loss on sales of premises and equipment
—
54,269
(54,269
)
-100.00
%
Tax credit amortization expense
2,920,825
2,733,248
187,577
6.86
%
Other expenses
12,040,179
11,713,425
326,754
2.79
%
Total noninterest expense
36,244,933
34,488,073
1,756,860
5.09
%
Income Before Income Taxes
23,003,784
21,481,422
1,522,362
7.09
%
Provision for income taxes
1,199,439
2,148,933
(949,494
)
-44.18
%
Net Income
$
21,804,345
$
19,332,489
2,471,856
12.79
%
Earnings per common share:
Basic
$
2.72
$
1.83
0.89
48.63
%
Diluted
$
2.72
$
1.83
0.89
48.63
%
Per share amounts for December 31, 2023 has been adjusted to reflect the April 22, 2024 4-for-1 stock dividend.
MORRIS STATE BANCSHARES, INC.
AND SUBSIDIARIES
Selected Financial Information
Year Ending
Quarter Ended
December 31,
December 31,
December 31,
September 30,
June 30,
March 31,
December 31,
2024
2023
2024
2024
2024
2024
2023
(Dollars in thousand, except per share data)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Per Share Data
Basic Earnings per Common Share
$
2.72
$
1.83
$
0.52
$
0.51
$
0.50
$
0.46
$
0.56
Diluted Earnings per Common Share
2.72
1.83
0.52
0.51
0.50
0.46
0.56
Dividends per Common Share
0.368
0.352
0.092
0.092
0.092
0.092
0.088
Book Value per Common Share
18.46
16.84
18.46
17.99
17.56
17.20
16.84
Tangible Book Value per Common Share
17.45
15.79
17.45
16.97
16.53
16.17
15.79
Average Diluted Shares Outstanding
10,603,218
10,582,377
10,596,432
10,602,348
10,611,811
10,582,377
10,582,820
End of Period Common Shares Outstanding
10,593,225
10,582,219
10,593,225
10,596,345
10,605,080
10,582,218
10,581,052
Selected Balance Sheet Data (Bank Only)
Net Loans
$
1,101,586
$
1,049,480
$
1,101,586
$
1,048,418
$
1,023,367
$
1,040,412
$
1,063,772
Non-Interest Bearing Deposits
347,929
315,953
347,929
336,698
339,177
346,232
339,785
Interest Bearing Demand Deposits
260,371
286,112
260,371
249,649
243,744
260,624
270,473
Savings & Money Market Deposits
402,641
393,139
402,641
401,234
422,048
441,911
444,170
Time Deposits
276,898
231,692
276,898
211,590
193,110
175,534
161,933
Earnings Summary
Net Interest Income
55,025
51,701
14,496
13,998
13,569
12,963
12,934
Provision for Credit Losses
557
450
28
252
272
5
242
Non-Interest Income
4,781
4,718
1,076
1,106
1,392
1,208
1,098
Non-Interest Expense
36,245
34,488
8,934
9,142
9,047
9,123
8,275
Earnings before Taxes
23,004
21,481
6,610
5,710
5,641
5,043
5,515
Income Taxes
1,199
2,149
465
263
319
152
(416
)
Net Income
21,804
19,332
6,144
5,447
5,322
4,891
5,931
Annualized Performance Ratios (Bank Only)
Return on Average Assets
1.68
%
1.55
%
1.79
%
1.65
%
1.73
%
1.55
%
1.84
%
Return on Average Equity
12.74
%
12.25
%
13.69
%
12.37
%
13.12
%
11.74
%
14.11
%
Equity/Assets
12.84
%
13.07
%
12.84
%
13.23
%
13.18
%
13.09
%
13.07
%
Cost of Funds
2.12
%
1.57
%
2.06
%
2.18
%
2.16
%
2.09
%
1.92
%
Net Interest Margin
4.06
%
3.98
%
4.17
%
4.10
%
4.02
%
3.95
%
3.97
%
Efficiency Ratio
58.27
%
57.51
%
54.21
%
58.90
%
58.36
%
61.92
%
55.17
%
Efficiency Ratio Net of Tax Credit Amortization Expense
53.30
%
52.99
%
49.45
%
53.96
%
53.40
%
56.68
%
50.90
%
Nonperforming Assets to Total Loans and Other Real Estate
0.41
%
0.58
%
0.41
%
0.46
%
0.39
%
0.28
%
0.58
%
Past Due and Nonaccural Loans Ratio
0.72
%
0.65
%
0.72
%
1.01
%
0.68
%
0.73
%
0.65
%
Net Chargeoffs to Average Loans
0.04
%
0.01
%
0.01
%
0.03
%
0.02
%
0.00
%
0.33
%
Shares outstanding and per share amounts for March 31, 2024 and prior quarters have been adjusted to reflect the April 22, 2024 4-for-1 stock dividend.
Source: Moscow Government – Government of Moscow –
You can pay your housing and communal services (HCS) bills quickly, conveniently and, most importantly, safely using the My Payments service. It is available atmos.ru portal and in mobile applications “Gosuslugi Moskvy” and “My Moscow”. When making a payment through this official resource, you can be sure of the authenticity of the invoices, the safety of personal data and the absence of malicious links or programs. This is especially important in connection with cases of fraud using fake receipts for payment of housing and communal services – fakes were dropped into mailboxes.
“Thanks to the My Payments service, residents of the capital can always be aware of new utility bills and pay them on the mos.ru portal without going to third-party resources. City residents save time by using templates and the batch payment function, and do not worry about the timeliness of payment for services by setting up automatic payments and notifications,” said Vladimir Novikov, Director of the Department for Support of Citywide Payment Systems of the Moscow Department of Information Technology.
Almost half of the payments that residents make online in city services are for housing and communal services. In 2024 alone, residents of the capital paid more than 8.7 million housing and communal services bills on the mos.ru portal and in mobile applications, and over 46 million in total, they said inDepartment of Information Technology of the City of Moscow.
Finds accounts automatically
The My Payments service will automatically find all unpaid utility bills if the user has a standard or full account onmos.ru portal, and the personal account contains the address, the payer code of the single payment document (EPD) and the personal accounts of the resource supplying organizations that issue invoices under direct contracts. If the information in the personal account is not enough, you can find the required account and simultaneously enter the information directly in the service using the widget “Documents and data”.
To avoid missing a payment, Muscovites are being asked to sign up to receive it notifications about new accounts. To do this, in your personal account on the mos.ru portal, you need to select the “Profile” section and go to the “Subscription settings” tab, and in the section categories, check the box next to the form of receiving notifications that is convenient for you.
Save time: set up templates, auto payments and batch payments
Save time on paying bills too templates will help. To create them, you need to activate the “Save as template” option when paying for the service. Then the details and amount for making a regular payment will be saved. All templates are displayed in the “My Payments” service on the invoices page, so then you just need to select the one you need and immediately proceed to payment. This is convenient, for example, when regularly paying for solid municipal waste management services. The name and amount of the template can be changed at any time.
In addition, for convenient and regular payment of bills in the My Payments service, you can set up auto payment on invoice. This function will simplify regular payment of the EPD. You can connect it after the first payment. To do this, you will need to select the frequency and date of the write-off, specify the amount and bank card details, after which the invoice will be paid automatically.
The service also allows you to use one-time (package) payment function. Simply select the required invoices from the list by ticking them, and then click “Pay”. You will only need to enter one payment confirmation code for the first invoice in the package, which will be sent to your mobile phone number. Payment receipts will be generated separately for each invoice and will be available in the “Payment History” section.
Payment of water and electricity bills not included in the EPD
In addition, in the “My Payments” service on mos.ru you can pay bills for water and electricity issued under direct contracts with resource supplying organizations. You will need a standard or full account. To pay for electricity in your personal account on the portal (in the “Real Estate” section), you need to add the personal account of JSC Mosenergosbyt and the number of the electricity meter, and to pay for water consumption, you need to add the subscriber number of JSC Mosvodokanal. The issued bills for water and electricity will be displayed in the “My Payments” service automatically, you will only need to make a payment at any time.
Fast and easy: how to pay bills via SBP without commission and with cashback
Paying bills through the fast payment system (FPS) frees city residents from the need to provide bank card details. And until January 10, 2026, when using the FPS in the My Payments service on the mos.ru portal, residents of the capital can pay bills without commission, as well as receive cashback (partial refund) in the amount of one percent of the payment amount when paying for services in certain categories. To do this, you must register in the loyalty program before making a payment onon the website vamprivet.ruCashback in rubles will be automatically returned within a minute to the bank account from which the payment was made through the SBP.
The promotion is being held by the National Payment Card System. You can find out more about the organizer, terms and rules of the promotion aton the website vamprivet.ru, as well as in the instructions onmos.ru portal. If any questions arise, participants of the action can contact the support service of the mos.ru portal in the section “Feedback” and by calling the hotline: 7 495 539-55-55 (24-hour information and reference service for the provision of government services).
The My Payments service on the mos.ru portal, as well as in the city mobile applications Moscow State Services and My Moscow, is one of the most popular ways to pay bills for services among residents, legal entities and entrepreneurs of the capital. It allows you to pay for about nine thousand different services. Over the seven years of operation, city residents paid with it over 107 million accounts. More information about all the features of the My Payments service — in the instructions.
The creation, development and operation of the e-government infrastructure, including the provision of mass socially significant services, as well as other services in electronic form, correspond to the objectives of the national project “Data Economy and Digital Transformation of the State” and the regional project of the city of Moscow “Digital Public Administration”.
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Associate Justice Minister Nicole McKee has acknowledged today’s High Court decision which saw Janet Dickson’s claims in her case against the Real Estate Agents Authority dismissed. “As a matter of principle, Mrs Dickson chose not to complete the compulsory professional development topic Te Kākano (The Seed) – which introduced real estate professionals to Māori culture, language, customs, and the Treaty of Waitangi. Under the Real Estate Agents Act 2008 the REA is required to cancel a real estate agent’s licence if they do not complete their CPD requirements. Mrs Dickson applied for an exemption from completing Te Kākano and that application was denied. She therefore faced the prospect of not being able to practise as a real estate agent for five years. “I sent a Letter of Expectation to the Real Estate Authority Board in February last year clearly outlining that CPD requirements should be relevant to the job of real estate agents. “I advised the Board that I did not consider the mandatory CPD topic in 2023 – Te Kākano (The Seed) – to meet my expectation of being relevant to the real estate profession. “It is critically important to me that the Real Estate Authority can demonstrate that its services materially improve outcomes for all New Zealanders and that they represent value for money. “This case has shed light on an overly harsh punishment for real estate agents who have not completed the CPD requirements,” Mrs McKee says. “No other profession imposes a five-year disqualification period on individuals for failing to complete their CPD requirement. It is a disproportionate response that stops people from working in their chosen profession. “The Regulatory Systems (Occupational Regulation) Amendment Bill which I introduced to Parliament in December last year addresses this by removing that clause from the Real Estate Agents Act 2008, creating consistency with other regulated professions.”
A nationwide plan to digitise immigration documents recently came into force. Since January 1, millions of foreign nationals who live in the UK must now use digital-only status documents, as all biometric residence permits expired at the end of 2024.
The Home Office says an online system will mean faster processing times and lower risk of fraud. However, the rollout has created significant problems for some migrants, with reports of non-citizens being denied entry to the UK after border agents did not accept their proof of status.
My recent work with colleagues at the Oxford Migration Observatory suggests this was predictable. When migration rules and processes change, non-citizens are less likely to understand the rules. This can have serious consequences, as their access to housing, employment and healthcare hinges on their ability to show they have a valid immigration status.
Even when migrants do understand the rules, they may still experience problems proving their status if the people they interact with – such as employers and landlords – do not, or if the processes are unclear. This has been the case for some Ukrainians in the UK, who have been unable to renew their tenancies and face losing their jobs because of uncertainty surrounding visa extensions.
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The results of an online survey by the Migration Observatory reveal non-UK citizens’ knowledge of the rights and conditions attached to their immigration status. The survey asked respondents which immigration status they held, a question not usually included in British surveys or the census.
Using this data, we compared the experiences and understanding of people who received their status under the EU Settlement Scheme (EU citizens and their family members who came to the UK under EU free movement rules) and those with “non-EUSS” statuses (typically non-EU citizens arriving on family, work or study visas).
We found that migrants were less likely to understand their rights and responsibilities when immigration rules related to their situation had recently changed.
There was, for example, no consensus among EUSS pre-settled status holders (people who arrived in the UK under EU free movement but have lived in the UK for fewer than five years) as to whether their status had an expiry date. While 72% said their status would not expire, 17% said they would need to reapply, and 11% did not know. For comparison, 99% of respondents with temporary immigration statuses – such as a work or family visa – knew their status had an expiry date.
One likely reason for the confusion is that the situation is genuinely a bit complicated and keeps changing. When the EU settlement scheme was introduced, pre-settled status lasted for only five years. People who did not upgrade to the more secure “settled status” would see their leave expire.
However, since December 2022, people with pre-settled status can stay in the UK indefinitely if they still meet the original eligibility criteria. Rules on permitted absences (the amount of time somebody can spend outside the UK without it affecting their immigration status) have also changed several times.
Similarly, almost a third of in-work pre-settled status holders did not know they were eligible for most benefits, such as universal credit. This is another area where the rules have evolved following several court cases. A surprisingly high share also did not know they were entitled to free NHS hospital treatment.
By contrast, pre-settled status holders were more likely to know they could work for any employer, an area where the conditions for access have been consistent. This suggests that some people who are not aware of what they are entitled to access may refrain from seeking support they require.
Changing immigration processes
To access the labour and housing markets, receive secondary healthcare, or get married, migrants must show they hold valid leave (permission to live in the UK). At the time of the survey, most non-EUSS status holders could show a physical document, such as a biometric residence permit.
Most EUSS status holders, however, had a digital eVisa. This is a relatively new addition to the immigration system. People with an eVisa prove their status by presenting a “share code” linked to gov.uk.
Most respondents from both groups – 92% – had not experienced issues proving their right to live and work in the UK. However, problems were more common among people with a digital-only status than with physical documentation.
In addition, this group faced different challenges — 48% of digital-only respondents who encountered an issue said it was because the person checking their status would not accept the proof provided, compared to 29% of people with physical documentation.
While most people with a digital-only status were confident they could generate a share code to demonstrate their status to an employer or landlord, a substantial minority of older respondents lacked this confidence. People who had experienced a problem proving their status in the past also lacked confidence, and they considered having a physical card to prove their status to be more important to them.
The challenges migrants face in navigating the UK immigration system are unlikely to disappear — rules and processes will continue to evolve in the years ahead in response to changes in UK migration patterns more broadly. However, policymakers cannot assume that everyone understands the rules, particularly when they keep changing.
Ben Brindle does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
EVANSVILLE— James Henley, 35, of Greenwood, Indiana, has been sentenced to ten years in federal prison, followed by three years of supervised release after pleading guilty to aggravated identity theft, conspiracy to commit access device fraud, two counts of money laundering, and eight counts of wire fraud. Henley has also been ordered to pay $1,887,426.63 in restitution.
According to court documents, over the course of three years, Henley orchestrated multiple large and complex fraud schemes, resulting in a total loss of $2,927,758.95 to individual homeowners, an Indiana attorney, a bank, and ten state governments. As part of his fraud schemes, Henley registered five fake businesses (OnTrack Real Estate Solutions, LDI Investments Corp, Lucario Investments, 317 Traffic, and Henley Real Estate Solutions) with the states of Indiana and Kentucky, claiming to serve as the Chief Executive Officer for most of them. None of the businesses were legitimate. Instead, Henley used the businesses to mask his identity, make his schemes appear more credible, and launder the stolen money.
Henley’s schemes are broken down as follows:
COVID-19 Fraud:
Between May 2020 and March 2021, James Henley, his wife Jameka Henley, and his associate Jimmie Bickers used the stolen personally identifiable information of 76 real individuals to submit 120 unemployment insurance applications to ten states during the COVID-19 pandemic. Once the applications were approved, the trio used 65 unemployment insurance debit cards to make purchases at retailers and withdraw cash at ATMs in the Evansville and Indianapolis areas. The states paid a total of $1,119,426.63 in unemployment benefits in connection with the group’s fraudulent applications. In July 2020, Henley used funds withdrawn from ATMs to buy a Chevrolet Camaro for $22,801.
Bickers and Jameka Henley have been formally charged for their roles in this scheme but have not pleaded guilty.
Home Title Fraud:
Between December 2021 and May 2023, Henley stole five homes in Indianapolis by filing fraudulent deeds with the Marion County Recorder’s Office. Through the filings, Henley claimed that the homeowners had sold their homes to his fake businesses, but, in reality, he had never even spoken with the homeowners. Unbeknownst to the victims, Henley filed these fraudulent deeds and then sold the homes for significantly less than their market value, pocketing more than $260,000 in profits.
Henley also attempted to steal and sell an additional 14 homes in Indianapolis and Evansville. With one exception, the individuals who bought the homes from Henley took possession and ultimately kept the homes.
For one homeowner, the property Henley stole was her childhood home. She purchased the home while her mother was in the hospital with the hope that, when her mother’s condition improved, her mother would be able to live out her remaining years in the house.
Mortgage Fraud:
In November 2021, an associate of Henley’s purchased a home in Indianapolis, using a mortgage loan from a bank. In April 2022, Henley filed a fraudulent document with the Marion County Recorder’s Office to make it seem as if the mortgage loan had been paid off, when it had not been paid. Henley then filed a deed naming himself a joint owner of the home. Henley and his associate subsequently sold the property for $255,000, pocketing all the proceeds, even though the bank should have received the majority of the funds.
Auto Loan Fraud:
In March 2023, Henley purchased a Dodge Durango in Indianapolis for $71,479, using an auto loan from Everwise Credit Union. A few months later, in June 2023, Henley purchased a Chevrolet Silverado in Plainfield for $54,270, using a second loan from Everwise Credit Union.
In October 2023, Henley connected a JPMorgan Chase bank account to his auto loans, via Everwise’s online payment portal. Henley falsely represented that the Chase account belonged to Jimmie Bickers, and that he had authority to make payments on his loans using funds from the Chase account.
The Chase account was actually an Indiana attorney’s Interest on Lawyers’ Trust Account (IOLTA), which is a highly regulated bank account used by lawyers to hold client funds. The interest earned on IOLTA accounts is used to fund grants for nonprofit groups that promote pro bono and access to justice programs. Henley did not have the attorney’s permission to access or withdraw funds from the IOLTA account.
Between October and November 2023, Henley used the IOLTA account to make two payments, totaling $98,000, toward his auto loans.
Henley has prior felony convictions for financial crimes, including theft, forgery, and fraud.
“James Henley went to great lengths to coordinate exceptionally greedy, complex schemes that exploited hard-working families and state government programs,” said John E. Childress, Acting U.S. Attorney for the Southern District of Indiana. “Undeterred by prior felony convictions for the same conduct, this defendant stole over a million dollars, wreaking financial and logistical havoc on hundreds of victims. The Department of Justice will continue to work with our law enforcement partners to investigate allegations of fraud and seek prosecution as appropriate.”
“James Henley filed fraudulent unemployment insurance (UI) claims in the names of identity theft victims in order to receive UI benefits to which he was not entitled. He enriched himself by defrauding a program that was intended to assist struggling American workers during an unprecedented global pandemic,” said Megan Howell, Acting Special Agent-in-Charge, Great Lakes Region, U.S. Department of Labor, Office of Inspector General. “We and our law enforcement partners are committed to protecting the integrity of the UI system from those who seek to exploit this critical benefit program.”
“This lengthy prison sentence sends a clear message: individuals who attempt to exploit and commit financial crime and identity theft will be brought to justice,” said Ramsey E. Covington, Acting Special Agent in Charge, IRS Criminal Investigation, Chicago Field Office. “IRS Criminal Investigation and our fellow law enforcement partners are committed to protecting the integrity of our financial institutions and will continue to hold criminals like James Henley accountable to the fullest extent of the law.”
“This case should serve as a powerful reminder that individuals with a history of financial crimes will face significant consequences when they demonstrate a blatant disregard for the law and continue to exploit and deceive others for personal gain,” said FBI Indianapolis Special Agent in Charge Herbert J. Stapleton. “The FBI, working alongside our law enforcement partners, will continue to hold those who perpetuate such offenses accountable and protect the public from those who manipulate the system for their own benefit.”
The Federal Bureau of Investigation, Internal Revenue Service-Criminal Investigation, Department of Labor-Office of the Inspector General, and the Indiana Attorney General’s Office Homeowner Protection Unit investigated this case. The sentence was imposed by U.S. District Judge Matthew B. Brookman.
Acting U.S. Attorney Childress thanked Assistant U.S. Attorney Matthew Miller, who prosecuted this case.
On May 17, 2021, the Attorney General established the COVID‑19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts.
Anyone with information about allegations of attempted fraud involving COVID‑19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form