housing – Page 1241 – NewzIntel.com

MIL-OSI Security: Montgomery County Man Sentenced To Federal Prison For Fentanyl And Firearm Offenses

Source: Office of United States Attorneys

Possessed more than 900 pills purporting to be Oxycodone Hydrochloride in his home, with the intent to distribute them.

Greenbelt, Maryland – Today, the Honorable Lydia K. Griggsby sentenced Darnell Palmer, 23, Germantown, Maryland, to 84 months in federal prison, followed by three years of supervised release, for possession of a controlled substance with the intent to distribute and possession of a firearm and ammunition by a convicted felon.

Erek L. Barron, U.S. Attorney for the District of Maryland, announced the guilty verdict with Special Agent in Charge Jarod Forget, Drug Enforcement Administration (DEA), Washington Division, and Chief Marc R. Yamada, Montgomery County Police Department.

According to the guilty plea, in April 2022, law enforcement received information that Palmer was distributing fentanyl in Montgomery County, Maryland. Law Enforcement officers observed Palmer selling 10 round blue pills purporting to be Oxycodone Hydrochloride, and actually contained fentanyl, to an individual in front of Palmer’s residence. On June 1, 2022, law enforcement executed a search warrant at Palmer’s residence.

In Palmer’s bedroom, law enforcement located approximately 918 fentanyl pills (appearing as Oxycodone Hydrochloride ), distributed within several zip-top bags; a plastic bag containing three bags of marijuana and a black digital scale; a loaded Glock 27 handgun; four firearm magazines, including an empty Glock magazine; a clear magazine containing six rounds of ammunition; a loaded drum magazine; and a packaged Glock magazine; and approximately $3,611 in U.S. currency, among other items. Palmer possessed the fentanyl pills with the intent to distribute them. The 928 fentanyl pills recovered in the investigation weighed more than 100 grams. The pills Palmer distributed, and that were seized from his bedroom, purported to be Oxycodone Hydrochloride in that they were small light blue pills stamped with “M” and “30” to match legitimate Oxycodone Hydrochloride 30 milligram pills when in fact, they contained fentanyl instead of Oxycodone Hydrochloride.

U.S. Attorney Barron commended the DEA and the Montgomery County Police Department for their work in the investigation. Mr. Barron also thanked Assistant U.S. Attorneys Elizabeth Wright and Christopher Sarma, who prosecuted the federal case.

For more information on the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, please visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

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MIL Security OSI –

January 25, 2025

MIL-OSI Security: Alabama Man Sentenced for Threatening Fulton County Sheriff and District Attorney

Source: Office of United States Attorneys

ATLANTA – Arthur Ray Hanson, II has been sentenced to federal prison for transmitting interstate threats to injure Fulton County Sheriff Patrick Labat and Fulton County District Attorney Fani Willis because of their connections to the Fulton County, Georgia investigation and prosecution of former President Donald Trump.

“Public servants have a responsibility to enforce our criminal laws, and anyone who threatens to harm or intimidate them will face the consequences of their actions,” said U.S. Attorney Ryan K. Buchanan. “We are grateful to our law enforcement partners who diligently worked to ensure public officials are free to perform their essential work without the threat of physical attack.”

“Threats against public servants are not only illegal, but also a threat against our democratic process,” said Sean Burke, Acting Special Agent in Charge of FBI Atlanta. “The FBI’s mission is to protect the American people and uphold the Constitution. We take this responsibility very seriously and seek to punish those who engage in this type of criminal behavior, and to send the message that such conduct will not be tolerated.”

According to U.S. Attorney Buchanan, the charges, and other information presented in court: On August 6, 2023, Hanson called the Fulton County Government customer service line twice and left two voicemails—the first for Sheriff Labat and the second for District Attorney Willis. During both calls, Hanson threatened violence against these officials.

In his message for Sheriff Labat, Hanson made statements that included the following:

“If you think you gonna take a mugshot of my President Trump and it’s gonna be okay, you gonna find out that after you take that mugshot, some bad [expletive]’s gonna happen to you;”
“If you take a mugshot of the President and you’re the reason it happened, some bad [expletive]’s gonna happen to you;”
“I’m warning you right now before you [expletive] up your life and get hurt real bad;” and
“Whether you got a [expletive] badge or not ain’t gonna help you none;” and “you gonna get [expletive]ed up you keep [expletive]ing with my President.”

In Hanson’s message for District Attorney Willis, he made statements that included the following:

“Watch it when you’re going to the car at night, when you’re going into your house, watch everywhere that you’re going;”
“I would be very afraid if I were you because you can’t be around people all the time that are going to protect you;”
“There’s gonna be moments when you’re gonna be vulnerable;”
“When you charge Trump on that fourth indictment, anytime you’re alone, be looking over your shoulder;” and
“What you put out there, [expletive], comes back at you ten times harder, and don’t ever forget it.”

Arthur Ray Hanson, II, 59, of Huntsville, Alabama, was sentenced by U.S. District Judge U.S. District Judge J. P. Boulee to one year, nine months in prison to be followed by three years of supervised release. He was also ordered to pay a $7,500 fine. Hanson was convicted on these charges on July 3, 2024, after he pleaded guilty to one count of transmitting interstate threats.

This case was investigated by the Federal Bureau of Investigation.

Assistant U.S. Attorneys Bret R. Hobson and Brent Alan Gray prosecuted the case.

For further information please contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6016. The Internet address for the U.S. Attorney’s Office for the Northern District of Georgia is http://www.justice.gov/usao-ndga.

MIL Security OSI –

January 25, 2025

MIL-OSI: Provident Financial Services, Inc. Reports Third Quarter Earnings and Declares Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

ISELIN, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $46.4 million, or $0.36 per basic and diluted share for the three months ended September 30, 2024, compared to a net loss of $11.5 million, or $0.11 per basic and diluted share, for the three months ended June 30, 2024 and net income of $28.5 million, or $0.38 per basic and diluted share, for the three months ended September 30, 2023. For the nine months ended September 30, 2024, net income totaled $67.0 million, or $0.65 per basic and diluted share, compared to $101.1 million, or $1.35 per basic and diluted share, for the nine months ended September 30, 2023.

The Company’s earnings for the three and nine months ended September 30, 2024 reflected the impact of the May 16, 2024 merger with Lakeland Bancorp, Inc. (“Lakeland”), which added $10.91 billion to total assets, $7.91 billion to loans, and $8.62 billion to deposits, net of purchase accounting adjustments. The merger with Lakeland significantly impacted provisions for credit losses in the trailing quarter due to the initial CECL provisions recorded on acquired loans. The results of operations for the three and nine months ended September 30, 2024 also included other transaction costs related to the merger with Lakeland, totaling $15.6 million and $36.7 million, respectively, compared with transaction costs totaling $2.3 million and $5.3 million for the respective 2023 periods. Additionally, the Company realized a $2.8 million loss related to the sale of subordinated debt issued by Lakeland from the Provident investment portfolio, during the nine months ended September 30, 2024.

Anthony J. Labozzetta, President and Chief Executive Officer commented, “We achieved solid performance this quarter, and we are optimistic that our results will continue to improve as we further realize the synergies of the merger. Provident generated strong earnings and core metrics, aided by robust performance in our fee-based businesses. We continue to expand our operations prudently and believe we are well-positioned for even greater success as market conditions improve.”

Regarding the Company’s merger with Lakeland, Mr. Labozzetta added, “We are proud to announce that, with the conversion of our core system in early September, our merger is complete and we are a unified organization. Our cultures are combining well and we are already experiencing the benefits of cost savings and enhanced revenue opportunities. We are grateful to the many team members whose hard work allowed for a smooth conversion and the retention of almost all legacy Lakeland customers.”

Performance Highlights for the Third Quarter of 2024

Net interest income increased $42.2 million to $183.7 million for the three months ended September 30, 2024, from $141.5 million for the trailing quarter primarily due to the full quarter impact of net assets acquired from Lakeland, including the accretion of purchase accounting adjustments and four basis points of core margin expansion.
The net interest margin increased ten basis points to 3.31% for the quarter ended September 30, 2024, from 3.21% for the trailing quarter. The weighted average yield on interest-earning assets for the quarter ended September 30, 2024 increased 17 basis points to 5.84%, compared to the trailing quarter, while the weighted average cost of interest-bearing liabilities for the quarter ended September 30, 2024 increased ten basis points to 3.19%, compared to the trailing quarter. The increases in the yields and costs on interest-earning assets and interest-bearing liabilities were primarily due to a full quarter of accretion of purchase accounting adjustments related to the Lakeland merger, which contributed approximately 53 basis points to the net interest margin in the current quarter.
Non-interest income increased $4.6 million to $26.9 million for the three months ended September 30, 2024, from $22.3 million for the trailing quarter, while non-interest expense increased $20.6 million to $136.0 million for the three months ended September 30, 2024, compared to $115.4 million for the trailing quarter. The increases in both non-interest income and non-interest expense were reflective of a full quarter of combined operations with Lakeland.
Wealth management and insurance agency income increased 9.0% and 12.6%, respectively, versus the same period in 2023. The increase in wealth management income was primarily due to an increase in the average market value of assets under management during the period, while the increase in insurance agency income was largely due to an increase in business activity.
Adjusting for transaction costs related to the merger with Lakeland, net of tax, the Company’s annualized adjusted returns on average assets, average equity and average tangible equity(1) were 0.95%, 8.62% and 14.53% for the quarter ended September 30, 2024, compared to 0.06%, 0.53% and 2.01% for the quarter ended June 30, 2024. A reconciliation between GAAP and the above non-GAAP ratios are shown on page 13 of the earnings release.
The Company’s annualized adjusted pre-tax, pre-provision returns on average assets, average equity and average tangible equity⁽²⁾ were 1.48%, 13.48% and 19.77% for the quarter ended September 30, 2024, compared to 1.47%, 13.26% and 19.21% for the quarter ended June 30, 2024. A reconciliation between GAAP and the above non-GAAP ratios are shown on page 14 of the earnings release.
As of September 30, 2024, the Company’s loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $1.98 billion, with a weighted average interest rate of 7.18%, compared to $1.67 billion, with a weighted average interest rate of 7.53%, as of June 30, 2024.
The Company recorded a $9.6 million provision for credit losses on loans for the quarter ended September 30, 2024, compared to a $66.1 million provision for the trailing quarter. The provision for credit losses on loans in the quarter was primarily attributable to specific reserves required on individually analyzed loans, combined with some economic forecast deterioration. The allowance for credit losses as a percentage of loans increased to 1.02% as of September 30, 2024, from 1.00% as of June 30, 2024.
As of September 30, 2024, CRE loans related to office properties totaled $921.1 million, compared to $953.5 million as of June 30, 2024. CRE loans secured by office properties constitutes only 4.9% of total loans and have an average loan size of $1.9 million, with just seven relationships greater than $10.0 million. There were four loans totaling $9.2 million on non-accrual as of September 30, 2024, however we do not expect to incur losses on any of these loans.
As of September 30, 2024, multi-family CRE loans secured by New York City properties totaled $226.6 million, compared to $227.7 million as of June 30, 2024. This portfolio constitutes only 1.2% of total loans and has an average loan size of $2.6 million. Loans that are collateralized by rent stabilized apartments comprise less than 0.80% of the total loan portfolio and are all performing.
Non-performing loans to total loans as of September 30, 2024 increased to 0.47%, compared to 0.36% as of June 30, 2024, while non-performing assets to total assets as of September 30, 2024 increased to 0.41%, compared to 0.33% as of June 30, 2024. The increase in non-performing loans, compared to the prior quarter was primarily attributable to one commercial real estate credit secured by an industrial property which has a loan-to-value ratio of approximately 39%. We anticipate a near-term resolution of this credit with no expected loss. For the three months ended September 30, 2024, net charge-offs totaled $6.8 million, or an annualized 14 basis points of average loans. Of this total, $6.4 million was attributable to one previously identified commercial relationship that had a $4.4 million specific reserve as of June 30, 2024. This credit is expected to be fully resolved in the fourth quarter of 2024.

Declaration of Quarterly Dividend

The Company’s Board of Directors declared a quarterly cash dividend of $0.24 per common share payable on November 29, 2024 to stockholders of record as of the close of business on November 15, 2024.

Results of Operations

Three months ended September 30, 2024 compared to the three months ended June 30, 2024

For the three months ended September 30, 2024, the Company reported net income of $46.4 million, or $0.36 per basic and diluted share, compared to a net loss of $11.5 million, or $0.11 per basic and diluted share, for the three months ended June 30, 2024. The Company’s earnings for the prior quarter were impacted by an initial CECL provision for credit losses on loans and commitments to extend credit of $65.2 million recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations. The results of operations for the three months ended September 30, 2024 included transaction costs related to the merger with Lakeland totaling $15.6 million, compared with transaction costs totaling $18.9 million in the trailing quarter. Additionally, the Company realized a $2.8 million loss in the trailing quarter related to the sale from the Provident investment portfolio of subordinated debt issued by Lakeland.

Net Interest Income and Net Interest Margin

Net interest income increased $42.2 million to $183.7 million for the three months ended September 30, 2024, from $141.5 million for the trailing quarter. Net interest income for the three months ended September 30, 2024 was favorably impacted by a full quarter of combined operations with Lakeland and accretion of purchase accounting adjustments, compared to a 45 days impact in the prior quarter.

The Company’s net interest margin increased ten basis points to 3.31% for the quarter ended September 30, 2024, from 3.21% for the trailing quarter. Accretion of purchase accounting adjustments related to the Lakeland merger contributed 53 basis points to the net interest margin in the current quarter. The current net interest margin reflects a full quarter of the acquisition of Lakeland’s interest-bearing assets and liabilities, the prior quarter sale of $554.2 million of securities acquired from Lakeland and the repayment of overnight borrowings as well as the prior quarter issuance of subordinated debt.

The weighted average yield on interest-earning assets for the quarter ended September 30, 2024 increased 17 basis points to 5.84%, compared to the trailing quarter. The weighted average cost of interest-bearing liabilities for the quarter ended September 30, 2024 increased ten basis points from the trailing quarter, to 3.19%. The average cost of interest-bearing deposits for the quarter ended September 30, 2024 increased 12 basis points to 2.96%, compared to 2.84% for the trailing quarter. The average cost of total deposits, including non-interest-bearing deposits, was 2.36% for the quarter ended September 30, 2024, compared to 2.27% for the trailing quarter. The average cost of borrowed funds for the quarter ended September 30, 2024 was 3.73%, compared to 3.83% for the quarter ended June 30, 2024. All yields and costs reflect a full quarter of combined operations with Lakeland.

Provision for Credit Losses on Loans

For the quarter ended September 30, 2024, the Company recorded a $9.6 million provision for credit losses on loans, compared with a provision for credit losses on loans of $66.1 million for the quarter ended June 30, 2024. The provision for credit losses on loans in the quarter was primarily attributable to specific reserves required on individually analyzed loans, combined with some economic forecast deterioration, while the provision for credit losses on loans in the prior quarter was primarily attributable to an initial CECL provision for credit losses of $60.1 million, recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations. For the three months ended September 30, 2024, net charge-offs totaled $6.8 million, or an annualized 14 basis points of average loans.

Non-Interest Income and Expense

For the three months ended September 30, 2024, non-interest income totaled $26.9 million, an increase of $4.6 million, compared to the trailing quarter. Net gain on securities transactions increased $3.0 million for the three months ended September 30, 2024, compared to the trailing quarter, primarily due to a $2.8 million loss realized on the sale from the Provident investment portfolio of subordinated debt issued by Lakeland in the prior quarter. Fee income increased $1.1 million to $9.8 million for the three months ended September 30, 2024, compared to the trailing quarter, primarily due to increases in deposit and debit card related fee income. The increases in fee income are primarily attributable to the addition of the Lakeland customer base. BOLI income increased $1.0 million for the three months ended September 30, 2024, compared to the trailing quarter, primarily due to an increase in benefit claims recognized. Partially offsetting these increases in non-interest income, insurance agency income decreased $857,000 to $3.6 million for the three months ended September 30, 2024, compared to the trailing quarter, due to a seasonal decrease in business activity in the current quarter, while wealth management income decreased $149,000 to $7.6 million for the three months ended September 30, 2024, compared to the trailing quarter, mainly due to a seasonal decrease in tax preparation fees, partially offset by an increase in the average market value of assets under management during the period.

Non-interest expense totaled $136.0 million for the three months ended September 30, 2024, an increase of $20.6 million, compared to $115.4 million for the trailing quarter. Compensation and benefits expense increased $8.6 million to $63.5 million for the three months ended September 30, 2024, compared to $54.9 million for the trailing quarter. The increase in compensation and benefits expense was primarily attributable to a full quarter of combined operations with Lakeland, compared to 45 days in the prior quarter. Amortization of intangibles increased $5.7 million to $12.2 million for the three months ended September 30, 2024, compared to $6.5 million for the trailing quarter, largely due to a full quarter of core deposit intangible amortization related to Lakeland. Other operating expenses increased $4.5 million to $15.8 million for the three months ended September 30, 2024, compared to $11.3 million for the trailing quarter, primarily due to increases in professional service expenses. Data processing expense increased $2.0 million to $10.5 million for the three months ended September 30, 2024, compared to $8.4 million for the trailing quarter, primarily due a full quarter of combined operations with Lakeland, while net occupancy expense increased $1.6 million to $12.8 million for the three months ended September 30, 2024, compared to $11.1 million for the trailing quarter, primarily due to increases in maintenance and depreciation expenses from the addition of Lakeland. Additionally, FDIC insurance increased $1.1 million to $4.2 million for the three months ended September 30, 2024, primarily resulting from the impact of the Lakeland merger. Partially offsetting these increases, merger-related expenses decreased $3.3 million to $15.6 million for the three months ended September 30, 2024, compared to the trailing quarter.

The Company’s annualized adjusted non-interest expense as a percentage of average assets⁽⁵⁾ declined to 1.98% for the quarter ended September 30, 2024, compared to 2.02% for the trailing quarter. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)⁽⁶⁾ improved to 57.20% for the three months ended September 30, 2024, compared to 57.86% for the trailing quarter.

Income Tax Expense/Benefit

For the three months ended September 30, 2024, the Company’s income tax expense was $18.9 million, compared to an income tax benefit of $9.8 million for the trailing quarter. The increase in tax expense for the three months ended September 30, 2024 compared with the trailing quarter was largely due to an increase in taxable income in the current quarter as a result of the Lakeland merger and a $5.3 million tax benefit realized in the trailing quarter related to the revaluation of deferred tax assets to reflect the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee, effective January 1, 2024.

Three months ended September 30, 2024 compared to the three months ended September 30, 2023

For the three months ended September 30, 2024, the Company reported net income of $46.4 million, or $0.36 per basic and diluted share, compared to net income of $28.5 million, or $0.38 per basic and diluted share, for the three months ended September 30, 2023. The Company’s earnings for the quarter ended September 30, 2024 reflected the impact of the May 16, 2024 merger with Lakeland. The results of operations included transaction costs related to the merger with Lakeland totaling $15.6 million and $2.3 million for the three months ended September 30, 2024 and 2023, respectively.

Net Interest Income and Net Interest Margin

Net interest income increased $87.5 million to $183.7 million for the three months ended September 30, 2024, from $96.2 million for same period in 2023. Net interest income for the three months ended September 30, 2024 was favorably impacted by the net assets acquired from Lakeland, combined with favorable repricing of adjustable rate loans, higher market rates on new loan originations and the originations of higher-yielding loans, partially offset by unfavorable repricing of both deposits and borrowings.

The Company’s net interest margin increased 35 basis points to 3.31% for the quarter ended September 30, 2024, from 2.96% for the same period last year. Accretion of purchase accounting adjustments related to the Lakeland merger contributed 53 basis points to the net interest margin in the current quarter. The current quarter net interest margin reflects the acquisition of Lakeland’s interest bearing assets and liabilities, the prior quarter sale of $554.2 million of securities acquired from Lakeland and the repayment of overnight borrowings as well as the prior quarter issuance of subordinated debt.

The weighted average yield on interest-earning assets for the quarter ended September 30, 2024 increased 95 basis points to 5.84%, compared to 4.89% for the quarter ended September 30, 2023. The weighted average cost of interest-bearing liabilities increased 69 basis points for the quarter ended September 30, 2024 to 3.19%, compared to 2.50% for the third quarter of 2023. The average cost of interest-bearing deposits for the quarter ended September 30, 2024 was 2.96%, compared to 2.22% for the same period last year. Average non-interest-bearing demand deposits increased $1.51 billion to $3.74 billion for the quarter ended September 30, 2024, compared to $2.23 billion for the quarter ended September 30, 2023. The average cost of total deposits, including non-interest-bearing deposits, was 2.36% for the quarter ended September 30, 2024, compared with 1.74% for the quarter ended September 30, 2023. The average cost of borrowed funds for the quarter ended September 30, 2024 was 3.73%, compared to 3.74% for the same period last year.

Provision for Credit Losses on Loans

For the quarter ended September 30, 2024, the Company recorded a $9.6 million provision for credit losses on loans, compared with an $11.0 million provision for credit losses on loans for the quarter ended September 30, 2023. The provision for credit losses on loans in the current quarter was primarily attributable to specific reserves required on individually analyzed loans, combined with some economic forecast deterioration. For the three months ended September 30, 2024, net charge-offs totaled $6.8 million, or an annualized 14 basis points of average loans.

Non-Interest Income and Expense

Non-interest income totaled $26.9 million for the quarter ended September 30, 2024, an increase of $7.5 million, compared to the same period in 2023. Fee income increased $3.7 million to $9.8 million for the three months ended September 30, 2024, compared to the prior year quarter, primarily due to increases in deposit fee income, debit card related fee income and loan related fee income, resulting from the Lakeland merger. BOLI income increased $2.5 million to $4.3 million for the three months ended September 30, 2024, compared to the prior year quarter, primarily due to an increase in benefit claims recognized, combined with an increase in income related to the addition of Lakeland’s BOLI. Wealth management fees increased $628,000 to $7.6 million for the three months ended September 30, 2024, compared to the quarter ended September 30, 2023, mainly due to an increase in the average market value of assets under management during the period, while insurance agency income increased $407,000 to $3.6 million for the three months ended September 30, 2024, compared to the quarter ended September 30, 2023, largely due to an increase in business activity. Additionally, other income increased $339,000 to $1.5 million for the three months ended September 30, 2024, compared to the quarter ended September 30, 2023, primarily due to increases in gains on the sale of SBA and mortgage loans.

For the three months ended September 30, 2024, non-interest expense totaled $136.0 million, an increase of $70.4 million, compared to the three months ended September 30, 2023. Compensation and benefits expense increased $27.8 million to $63.5 million for the three months ended September 30, 2024, compared to $35.7 million for the same period in 2023. The increase in compensation and benefits expense was primarily attributable to the addition of Lakeland. Additionally, merger-related expenses increased $13.3 million to $15.6 million for the three months ended September 30, 2024, compared to the same period in 2023. Amortization of intangibles increased $11.5 million to $12.2 million for the three months ended September 30, 2024, compared to $720,000 for the same period in 2023, largely due to core deposit intangible amortization related to Lakeland in the current quarter. Data processing expenses increased $5.2 million to $10.5 million for three months ended September 30, 2024, compared to $5.3 million for the same period in 2023, primarily due to additional software and hardware expenses needed for the addition of Lakeland. Net occupancy expense increased $4.7 million to $12.8 million for three months ended September 30, 2024, compared to $8.1 million for the same period in 2023, primarily due to an increase in depreciation and maintenance expenses due to the addition of Lakeland. Other operating expenses increased $5.0 million to $15.8 million for the three months ended September 30, 2024, compared to $10.7 million for the same period in 2023, primarily due to increases in professional service expenses, while FDIC insurance increased $2.6 million to $4.2 million for the three months ended September 30, 2024, primarily due to the addition of Lakeland.

The Company’s annualized adjusted non-interest expense as a percentage of average assets⁽⁵⁾ was 1.98% for the quarter ended September 30, 2024, compared to 1.80% for the same period in 2023. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)⁽⁶⁾ was 57.20% for the three months ended September 30, 2024 compared to 54.81% for the same respective period in 2023.

Income Tax Expense

For the three months ended September 30, 2024, the Company’s income tax expense was $18.9 million with an effective tax rate of 28.9%, compared with an income tax expense of $8.8 million with an effective tax rate of 23.7% for the three months ended September 30, 2023. The increase in tax expense for the three months ended September 30, 2024, compared with the same period last year was largely due to an increase in taxable income in the quarter, as a result of the Lakeland merger and the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee in the prior quarter.

Nine months ended September 30, 2024 compared to the nine months ended September 30, 2023

For the nine months ended September 30, 2024, net income totaled $67.0 million, or $0.65 per basic and diluted share, compared to net income of $101.1 million, or $1.35 per basic and diluted share, for the nine months ended September 30, 2023. The Company’s earnings for the nine months ended September 30, 2024 were impacted by an initial CECL provision for credit losses on loans and commitments to extend credit of $60.1 million recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations. Transaction costs related to our merger with Lakeland totaled $36.7 million and $5.3 million for the nine months ended September 30, 2024 and 2023, respectively. Additionally, the Company realized a $2.8 million loss related to the sale from the Provident investment portfolio of subordinated debt issued by Lakeland, during the nine months ended September 30, 2024.

Net Interest Income and Net Interest Margin

Net interest income increased $115.2 million to $418.9 million for the nine months ended September 30, 2024, from $303.7 million for same period in 2023. Net interest income for the nine months ended September 30, 2024 was favorably impacted by the net assets acquired from Lakeland, combined with the favorable repricing of adjustable rate loans, higher market rates on new loan originations and the originations of higher-yielding loans, partially offset by the unfavorable repricing of both deposits and borrowings.

For the nine months ended September 30, 2024, our net interest margin decreased one basis point to 3.18%, compared to 3.19% for the nine months ended September 30, 2023. The weighted average yield on interest earning assets increased 85 basis points to 5.61% for the nine months ended September 30, 2024, compared to 4.76% for the nine months ended September 30, 2023, while the weighted average cost of interest-bearing liabilities increased 99 basis points to 3.06% for the nine months ended September 30, 2024, compared to 2.07% for the same period last year. The average cost of interest-bearing deposits increased 102 basis points to 2.84% for the nine months ended September 30, 2024, compared to 1.82% for the same period last year. Average non-interest-bearing demand deposits increased $514.3 million to $2.90 billion for the nine months ended September 30, 2024, compared with $2.38 billion for the nine months ended September 30, 2023. The average cost of total deposits, including non-interest-bearing deposits, was 2.27% for the nine months ended September 30, 2024, compared with 1.40% for the nine months ended September 30, 2023. The average cost of borrowings for the nine months ended September 30, 2024 was 3.73%, compared to 3.29% for the same period last year.

Provision for Credit Losses on Loans

For the nine months ended September 30, 2024, the Company recorded a $75.9 million provision for credit losses on loans, compared with a provision for credit losses on loans of $27.4 million for the nine months ended September 30, 2023. The increased provision for credit losses on loans for the nine months ended September 30, 2024 was primarily attributable to an initial CECL provision for credit losses on loans of $60.1 million recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations, partially offset by an improved economic forecast for the current nine-month period within our CECL model, compared to the same period last year. For the nine months ended September 30, 2024, net charge-offs totaled $9.1 million or an annualized eight basis points of average loans.

Non-Interest Income and Expense

For the nine months ended September 30, 2024, non-interest income totaled $69.9 million, an increase of $9.1 million compared to the same period in 2023. Fee income increased $6.1 million to $24.4 million for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to increases in deposit fee income, debit and credit card related fee income and loan related fee income resulting from the Lakeland merger. BOLI income increased $4.6 million to $9.4 million for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to an increase in benefit claims recognized, combined with an increase in income related to the addition of Lakeland’s BOLI, while wealth management income increased $2.1 million to $22.9 million for the nine months ended September 30, 2024, compared to the same period in 2023, mainly due to an increase in the average market value of assets under management during the period. Additionally, insurance agency income increased $1.7 million to $12.9 million for the nine months ended September 30, 2024, compared to $11.2 million for the same period in 2023, largely due to increases in contingent commissions, retention revenue and new business activity. Partially offsetting these increases in non-interest income, net gains on securities transactions decreased $3.0 million for the nine months ended September 30, 2024, primarily due to a $2.8 million loss related to the sale from the Provident investment portfolio of subordinated debt issued by Lakeland. Other income decreased $2.4 million to $3.2 million for the nine months ended September 30, 2024, compared to $5.7 million for the same period in 2023, primarily due to a $2.0 million gain from the sale of a foreclosed commercial property recorded in the prior year, combined with a decrease in gains on sales of SBA loans.

Non-interest expense totaled $323.2 million for the nine months ended September 30, 2024, an increase of $123.7 million, compared to $199.5 million for the nine months ended September 30, 2023. Compensation and benefits expense increased $48.7 million to $158.4 million for the nine months ended September 30, 2024, compared to $109.7 million for the nine months ended September 30, 2023. The increase in compensation and benefits expense was primarily attributable to the addition of Lakeland. Merger-related expenses increased $31.3 million to $36.7 million for the nine months ended September 30, 2024, compared to $5.3 million for the nine months ended September 30, 2023. Amortization of intangibles increased $17.2 million to $19.4 million for the nine months ended September 30, 2024, compared to $2.2 million for the nine months ended September 30, 2023, largely due to core deposit intangible amortization related to Lakeland. Data processing expense increased $9.2 million to $25.7 million for the nine months ended September 30, 2024, compared to $16.5 million for the nine months ended September 30, 2023, primarily due to additional software and hardware expenses needed for the addition of Lakeland, while net occupancy expense increased $8.0 million to $32.5 million for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to increases in depreciation and maintenance expense related to the addition of Lakeland. Other operating expenses increased $5.6 million to $37.4 million for the three months ended September 30, 2024, compared to $31.8 million for the same period in 2023, primarily due to increases in professional service expenses, while FDIC insurance increased $3.9 million to $9.6 million for the three months ended September 30, 2024, primarily due to the addition of Lakeland.

Income Tax Expense
For the nine months ended September 30, 2024, the Company’s income tax expense was $19.9 million with an effective tax rate of 22.9%, compared with $34.9 million with an effective tax rate of 25.7% for the nine months ended September 30, 2023. The decrease in tax expense for the nine months ended September 30, 2024 compared with the same period last year was largely due to a $5.8 million tax benefit related to the revaluation of deferred tax assets to reflect the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee, effective January 1, 2024, combined with a decrease in taxable income as a result of the initial CECL provision for credit losses on loans of $60.1 million recorded in accordance with GAAP requirements for accounting for business combinations and additional expenses from the Lakeland merger.

Asset Quality

The Company’s total non-performing loans as of September 30, 2024 were $89.9 million, or 0.47% of total loans, compared to $67.9 million, or 0.36% of total loans as of June 30, 2024 and $49.6 million, or 0.46% of total loans as of December 31, 2023. The $22.1 million increase in non-performing loans as of September 30, 2024, compared to the trailing quarter, consisted of a $10.4 million increase in non-performing commercial mortgage loans, an $8.9 million increase in non-performing commercial loans, a $1.5 million increase in non-performing construction loans, a $764,000 increase in non-performing residential mortgage loans, a $302,000 increase in non-performing multi-family loans and a $289,000 increase in non-performing consumer loans. As of September 30, 2024, impaired loans totaled $74.0 million with related specific reserves of $7.2 million, compared with impaired loans totaling $54.6 million with related specific reserves of $7.7 million as of June 30, 2024. As of December 31, 2023, impaired loans totaled $42.8 million with related specific reserves of $2.4 million.

As of September 30, 2024, the Company’s allowance for credit losses related to the loan portfolio was 1.02% of total loans, compared to 1.00% and 0.99% as of June 30, 2024 and December 31, 2023, respectively. The allowance for credit losses increased $84.0 million to $191.2 million as of September 30, 2024, from $107.2 million as of December 31, 2023. The increase in the allowance for credit losses on loans as of September 30, 2024 compared to December 31, 2023 was due to a $75.9 million provision for credit losses, which included an initial CECL provision of $60.1 million on loans acquired from Lakeland, and a $17.2 million allowance recorded through goodwill related to Purchased Credit Deteriorated loans acquired from Lakeland, partially offset by net charge-offs of $9.1 million.

The following table sets forth accruing past due loans and non-accrual loans on the dates indicated, as well as delinquency statistics and certain asset quality ratios.

	September 30, 2024				June 30, 2024				December 31, 2023
	Number of Loans	Principal Balance of Loans			Number of Loans	Principal Balance of Loans			Number of Loans	Principal Balance of Loans
	(Dollars in thousands)
Accruing past due loans:
30 to 59 days past due:
Commercial mortgage loans	2	$	430		3	$	1,707		1	$	825
Multi-family mortgage loans	—		—		—		—		1		3,815
Construction loans	—		—		—		—		—		—
Residential mortgage loans	23		5,020		9		1,714		13		3,429
Total mortgage loans	25		5,450		12		3,421		15		8,069
Commercial loans	14		1,952		20		3,444		6		998
Consumer loans	53		4,073		38		2,891		31		875
Total 30 to 59 days past due	92	$	11,475		70	$	9,756		52	$	9,942

60 to 89 days past due:
Commercial mortgage loans	1	$	641		3	$	1,231		—	$	—
Multi-family mortgage loans	—		—		—		—		1		1,635
Construction loans	—		—		—		—		—		—
Residential mortgage loans	11		1,991		10		2,193		8		1,208
Total mortgage loans	12		2,632		13		3,424		9		2,843
Commercial loans	9		1,240		6		1,146		3		198
Consumer loans	10		606		9		648		5		275
Total 60 to 89 days past due	31		4,478		28		5,218		17		3,316
Total accruing past due loans	123	$	15,953		98	$	14,974		69	$	13,258

Non-accrual:
Commercial mortgage loans	17	$	13,969		10	$	3,588		7	$	5,151
Multi-family mortgage loans	6		7,578		5		7,276		1		744
Construction loans	2		13,151		1		11,698		1		771
Residential mortgage loans	24		5,211		20		4,447		7		853
Total mortgage loans	49		39,909		36		27,009		16		7,519
Commercial loans	69		48,592		58		39,715		26		41,487
Consumer loans	32		1,433		24		1,144		10		633
Total non-accrual loans	150	$	89,934		118	$	67,868		52	$	49,639

Non-performing loans to total loans			0.47	%			0.36	%			0.46	%
Allowance for loan losses to total non-performing loans			217.09	%			277.50	%			215.96	%
Allowance for loan losses to total loans			1.02	%			1.00	%			0.99	%

As of September 30, 2024 and December 31, 2023, the Company held foreclosed assets of $9.8 million and $11.7 million, respectively. During the nine months ended September 30, 2024, there were three properties sold with an aggregate carrying value of $532,000 and one write-down of a foreclosed commercial property of $1.3 million. Foreclosed assets as of September 30, 2024 consisted primarily of commercial real estate. Total non-performing assets as of September 30, 2024 increased $36.6 million to $97.9 million, or 0.41% of total assets, from $61.3 million, or 0.43% of total assets as of December 31, 2023.

Balance Sheet Summary

Total assets as of September 30, 2024 were $24.04 billion, a $9.83 billion increase from December 31, 2023. The increase in total assets was primarily due to the addition of Lakeland.

The Company’s loans held for investment portfolio totaled $18.79 billion as of September 30, 2024 and $10.87 billion as of December 31, 2023. The loan portfolio consisted of the following:

	September 30, 2024			June 30, 2024			December 31, 2023
	(Dollars in thousands)
Mortgage loans:
Commercial	$	7,342,456		$	7,337,742		$	4,512,411
Multi-family		3,226,918			3,189,808			1,812,500
Construction		873,509			970,244			653,246
Residential		2,032,671			2,024,027			1,164,956
Total mortgage loans		13,475,554			13,521,821			8,143,113
Commercial loans		4,710,601			4,617,232			2,440,621
Consumer loans		623,709			626,016			299,164
Total gross loans		18,809,864			18,765,069			10,882,898
Premiums on purchased loans		1,362			1,410			1,474
Net deferred fees and unearned discounts		(16,617	)		(7,149	)		(12,456	)
Total loans	$	18,794,609		$	18,759,330		$	10,871,916

As part of the merger with Lakeland, we acquired $7.91 billion in loans, net of purchase accounting adjustments. Compared to the prior quarter, during the three months ended September 30, 2024, the loan portfolio had net increases of $93.4 million of commercial loans, $37.1 million of multi-family loans, $8.6 million of residential mortgage loans, and $4.7 million of commercial mortgage loans, partially offset by net decreases of $96.7 million of construction loans and $2.3 million of consumer loans. Commercial loans, consisting of commercial real estate, multi-family, commercial and construction loans, represented 85.9% of the loan portfolio as of September 30, 2024, compared to 86.5% as of December 31, 2023.

For the nine months ended September 30, 2024, loan funding, including advances on lines of credit, totaled $2.78 billion, compared with $2.53 billion for the same period in 2023.

As of September 30, 2024, the Company’s unfunded loan commitments totaled $2.97 billion, including commitments of $1.84 billion in commercial loans, $231.0 million in construction loans and $225.7 million in commercial mortgage loans. Unfunded loan commitments as of December 31, 2023 and September 30, 2023 were $2.09 billion and $2.18 billion, respectively.

The loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $1.98 billion as of September 30, 2024, compared to $1.09 billion and $1.70 billion as of December 31, 2023 and September 30, 2023, respectively.

Total investment securities were $3.17 billion as of September 30, 2024, a $1.04 billion increase from December 31, 2023. This increase was primarily due to the addition of Lakeland.

Total deposits increased $8.08 billion during the nine months ended September 30, 2024, to $18.38 billion, due primarily to the addition of Lakeland. Total savings and demand deposit accounts increased $6.02 billion to $15.22 billion as of September 30, 2024, while total time deposits increased $2.06 billion to $3.16 billion as of September 30, 2024. The increase in savings and demand deposits was largely attributable to a $2.92 billion increase in interest bearing demand deposits, a $1.58 billion increase in non-interest bearing demand deposits, a $1.03 billion increase in money market deposits and a $495.5 million increase in savings deposits. The increase in time deposits consisted of a $2.01 billion increase in retail time deposits and a $46.5 million increase in brokered time deposits.

Borrowed funds increased $244.5 million during the nine months ended September 30, 2024, to $2.21 billion. The increase in deposits and borrowings was largely due to the addition of Lakeland. Borrowed funds represented 9.2% of total assets as of September 30, 2024, a decrease from 13.9% as of December 31, 2023.

Stockholders’ equity increased $930.5 million during the nine months ended September 30, 2024, to $2.62 billion, primarily due to common stock issued for the purchase of Lakeland, net income earned for the period and an improvement in unrealized losses on available for sale debt securities, partially offset by cash dividends paid to stockholders. For the three and nine months ended September 30, 2024, common stock repurchases totaled 1,969 shares at an average cost of $16.36 per share and 88,821 shares at an average cost of $14.87 per share, respectively, all of which were made in connection with withholding to cover income taxes on the vesting of stock-based compensation. As of September 30, 2024, approximately 1.0 million shares remained eligible for repurchase under the current stock repurchase authorization. Book value per share and tangible book value per share(1) as of September 30, 2024 were $20.09 and $13.66, respectively, compared with $22.38 and $16.32, respectively, as of December 31, 2023.

About the Company

Provident Financial Services, Inc. is the holding company for Provident Bank, a community-oriented bank offering “commitment you can count on” since 1839. Provident Bank provides a comprehensive array of financial products and services through its network of branches throughout New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, as well as Orange, Queens and Nassau Counties in New York. Provident Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc.

Post Earnings Conference Call

Representatives of the Company will hold a conference call for investors on Wednesday, October 30, 2024 at 10:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter ended September 30, 2024. The call may be accessed by dialing 1-888-412-4131 (United States Toll Free) and 1-646-960-0134 (United States Local). Speakers will need to enter conference ID code (3610756) before being met by a live operator. Internet access to the call is also available (listen only) at provident.bank by going to Investor Relations and clicking on “Webcast.”

Forward Looking Statements

Certain statements contained herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “project,” “intend,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those set forth in Item 1A of the Company’s Annual Report on Form 10-K, as supplemented by its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and those related to the economic environment, particularly in the market areas in which the Company operates, inflation and unemployment, competitive products and pricing, real estate values, fiscal and monetary policies of the U.S. Government, the effects of any turmoil or negative news in the banking industry, changes in accounting policies and practices that may be adopted by the regulatory agencies and the accounting standards setters, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, potential goodwill impairment, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets, the availability of and costs associated with sources of liquidity, any failure to realize the anticipated benefits of the merger transaction when expected or at all; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected conditions, factors or events, potential adverse reactions or changes to business, employee, customer and/or counterparty relationships, including those resulting from the completion of the merger and integration of the companies; and the impact of a potential shutdown of the federal government.

The Company cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date they are made. The Company advises readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not assume any duty, and does not undertake, to update any forward-looking statements to reflect events or circumstances after the date of this statement.

Footnotes

⁽¹⁾ Annualized adjusted return on average assets, average equity and average tangible equity, annualized adjusted pre-tax pre-provision return on average assets, average equity and average tangible equity, tangible book value per share, annualized adjusted non-interest expense as a percentage of average assets and the efficiency ratio are non-GAAP financial measures. Please refer to the Notes following the Consolidated Financial Highlights which contain the reconciliation of GAAP to non-GAAP financial measures and the associated calculations.


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Financial Highlights
(Dollars in Thousands, except share data) (Unaudited)

	At or for the Three Months Ended									At or for the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2024			2024			2023			2024			2023
Statement of Income
Net interest income	$	183,701		$	141,506		$	96,236		$	418,877		$	303,666
Provision for credit losses		9,299			69,705			12,541			78,684			29,031
Non-interest income		26,855			22,275			19,320			69,937			60,861
Non-interest expense		136,002			115,394			65,625			323,224			199,485
Income (loss) before income tax expense		65,255			(21,318	)		37,390			86,906			136,011
Net income (loss)		46,405			(11,485	)		28,547			67,001			101,086
Diluted earnings per share	$	0.36		$	(0.11	)	$	0.38		$	0.65		$	1.35
Interest rate spread		2.65	%		2.58	%		2.39	%		2.55	%		2.69	%
Net interest margin		3.31	%		3.21	%		2.96	%		3.18	%		3.19	%

Profitability
Annualized return on average assets		0.76	%	(0.24		)%		0.81	%		0.47	%		0.98	%
Annualized adjusted return on average assets ⁽¹⁾		0.95	%	0.06		%		0.86	%		0.66	%		1.02	%
Annualized return on average equity		6.94	%	(2.17		)%		6.84	%		4.14	%		8.22	%
Annualized adjusted return on average equity ⁽¹⁾		8.62	%	0.53		%		7.30	%		5.83	%		8.59	%
Annualized return on average tangible equity ⁽⁴⁾		12.06	%	(3.15		)%		9.47	%		7.13	%		11.40	%
Annualized adjusted return on average tangible equity ⁽¹⁾		14.53	%		2.01	%		10.24	%		9.56	%		12.07	%
Annualized adjusted non-interest expense to average assets ⁽⁴⁾		1.98	%		2.02	%		1.80	%		1.99	%		1.87	%
Efficiency ratio ⁽⁶⁾		57.20	%		57.86	%		54.81	%		58.27	%		53.26	%

Asset Quality
Non-accrual loans				$	67,868					$	89,934		$	39,529
90+ and still accruing					—						—			—
Non-performing loans					67,868						88,061			39,529
Foreclosed assets					11,119						9,801			16,487
Non-performing assets					78,987						97,862			56,016
Non-performing loans to total loans					0.36	%					0.47	%		0.37	%
Non-performing assets to total assets					0.33	%					0.41	%		0.40	%
Allowance for loan losses				$	188,331					$	191,175		$	107,563
Allowance for loan losses to total non-performing loans					277.50	%					217.09	%		272.11	%
Allowance for loan losses to total loans					1.00	%					1.02	%		1.01	%
Net loan charge-offs	$	6,756		$	1,340		$	5,510		$	9,067		$	7,266
Annualized net loan charge-offs to average total loans		0.14	%		0.04	%		0.21	%		0.08	%		0.09	%

Average Balance Sheet Data
Assets	$	24,248,038		$	19,197,041		$	13,976,610		$	19,198,113		$	13,848,351
Loans, net		18,531,939			14,649,413			10,470,843			14,631,071			10,269,022
Earning assets		21,809,226			17,385,819			12,735,938			17,305,446			12,574,437
Core deposits		15,394,715			12,257,244			9,212,202			12,271,839			9,408,156
Borrowings		2,125,149			2,158,193			1,780,655			2,074,958			1,556,619
Interest-bearing liabilities		17,304,569			13,856,039			9,826,064			13,757,895			9,554,204
Stockholders’ equity		2,660,470			2,127,469			1,654,920			2,163,856			1,645,093
Average yield on interest-earning assets		5.84	%		5.67	%		4.89	%		5.61	%		4.76	%
Average cost of interest-bearing liabilities		3.19	%		3.09	%		2.50	%		3.06	%		2.07	%

Notes and Reconciliation of GAAP and Non-GAAP Financial Measures
(Dollars in Thousands, except share data)

The Company has presented the following non-GAAP (U.S. Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company’s results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Company evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Investors should recognize that the Company’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and the Company strongly encourages a review of its condensed consolidated financial statements in their entirety.


(1) Annualized Adjusted Return on Average Assets, Equity and Tangible Equity
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2024			2024			2023			2024			2023
Net Income	$	46,405		$	(11,485	)	$	28,547		$	67,001		$	101,086
Merger-related transaction costs		15,567			18,915			2,289			36,684			5,349
Less: income tax expense		(4,306	)		(4,625	)		(486	)		(9,274	)		(1,015	)
Annualized adjusted net income	$	57,666		$	2,805		$	30,350		$	94,411		$	105,420
Less: Amortization of Intangibles (net of tax)	$	8,551		$	4,532		$	503		$	13,577		$	1,560
Annualized adjusted net income for annualized adjusted return on average tangible equity	$	66,217		$	7,337		$	30,853		$	107,988		$	106,980

Annualized Adjusted Return on Average Assets		0.95	%		0.06	%		0.86	%		0.66	%		1.02	%
Annualized Adjusted Return on Average Equity		8.62	%		0.53	%		7.30	%		5.83	%		8.59	%
Annualized Adjusted Return on Average Tangible Equity		14.53	%		2.01	%		10.24	%		9.56	%		12.07	%

(2) Annualized adjusted pre-tax, pre-provision (“PTPP”) returns on average assets, average equity and average tangible equity
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2024			2024			2023			2024			2023
Net income (loss)	$	46,405		$	(11,485	)	$	28,547		$	67,001		$	101,086
Adjustments to net income (loss):
Provision for credit losses		9,299			69,705			12,541			78,684			29,031
Net loss on Lakeland bond sale		—			2,839			—			—			—
Merger-related transaction costs		15,567			18,915			2,289			36,684			5,349
Income tax expense (benefit)		18,850			(9,833	)		8,843			19,905			34,925
PTPP income	$	90,121		$	70,141		$	52,220		$	202,274		$	170,391

Annualized PTPP income	$	358,525		$	282,106		$	207,177		$	270,191		$	227,812
Average assets	$	24,248,038		$	19,197,041		$	13,976,610		$	19,198,113		$	13,848,351
Average equity	$	2,660,470		$	2,127,469		$	1,654,920		$	2,163,856		$	1,645,093
Average tangible equity	$	1,813,327		$	1,468,630		$	1,195,787		$	1,508,594		$	1,185,222

Annualized PTPP return on average assets		1.48	%		1.47	%		1.48	%		1.41	%		1.65	%
Annualized PTPP return on average equity		13.48	%		13.26	%		12.52	%		12.49	%		13.85	%
Annualized PTPP return on average tangible equity		19.77	%		19.21	%		17.33	%		17.91	%		19.22	%

(3) Book and Tangible Book Value per Share
							September 30,			June 30,			December 31,
								2024			2024			2023
Total stockholders’ equity							$	2,621,058		$	2,555,646		$	1,690,596
Less: total intangible assets								839,223			851,507			457,942
Total tangible stockholders’ equity							$	1,781,835		$	1,704,139		$	1,232,654

Shares outstanding								130,448,599			130,380,393			75,537,186

Book value per share (total stockholders’ equity/shares outstanding)							$	20.09		$	19.60		$	22.38
Tangible book value per share (total tangible stockholders’ equity/shares outstanding)							$	13.66		$	13.07		$	16.32

(4) Annualized Return on Average Tangible Equity
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2024			2024			2023			2024			2023
Total average stockholders’ equity	$	2,660,470		$	2,127,469		$	1,654,920		$	2,163,856		$	1,645,093
Less: total average intangible assets		847,143			658,839			459,133			655,262			459,871
Total average tangible stockholders’ equity	$	1,813,327		$	1,468,630		$	1,195,787		$	1,508,594		$	1,185,222

Net income (loss)	$	46,405		$	(11,485	)	$	28,547		$	67,001		$	101,086
Less: Amortization of Intangibles, net of tax		8,551			4,532			503			13,577			1,560
Total net income (loss)	$	54,956		$	(6,953	)	$	29,050		$	80,578		$	102,646

Annualized return on average tangible equity (net income/total average tangible stockholders’ equity)		12.06	%	(1.90) %				9.64	%		7.13	%		11.58	%

(5) Annualized Adjusted Non-Interest Expense to Average Assets
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2024			2024			2023			2024			2023
Reported non-interest expense	$	136,002		$	115,394		$	65,625		$	323,224		$	199,485
Adjustments to non-interest expense:
Merger-related transaction costs		15,567			18,915			2,289			36,684			5,349
Adjusted non-interest expense	$	120,435		$	96,479		$	63,336		$	286,540		$	194,136

Annualized adjusted non-interest expense	$	479,122		$	388,036		$	251,279		$	382,751		$	259,559

Average assets	$	24,248,038		$	19,197,041		$	13,976,610		$	19,198,113		$	13,848,351

Annualized adjusted non-interest expense/average assets		1.98	%		2.02	%		1.80	%		1.99	%		1.87	%

(6) Efficiency Ratio Calculation
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2024			2024			2023			2024			2023
Net interest income	$	183,701		$	141,506		$	96,236		$	418,877		$	303,666
Reported non-interest income		26,855			22,275			19,320			69,937			60,861
Adjustments to non-interest income:
Net (gain) loss on securities transactions		(2	)		2,973			13			2,972			(37	)
Adjusted non-interest income		26,853			25,248			19,333			72,909			60,824
Total income	$	210,554		$	166,754		$	115,569		$	491,786		$	364,490

Adjusted non-interest expense	$	120,435		$	96,479		$	63,336		$	286,540		$	194,136

Efficiency ratio (adjusted non-interest expense/income)		57.20	%		57.86	%		54.80	%		58.27	%		53.26	%

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Financial Condition
September 30, 2024 (Unaudited) and December 31, 2023
(Dollars in Thousands)

Assets	September 30, 2024			December 31, 2023
Cash and due from banks	$	244,064		$	180,241
Short-term investments		25			14
Total cash and cash equivalents		244,089			180,255
Available for sale debt securities, at fair value		2,725,110			1,690,112
Held to maturity debt securities, net of allowance (fair value of $322,427 as of September 30, 2024 (unaudited) and $352,601 as of December 31, 2023)		332,021			363,080
Equity securities, at fair value		20,044			1,270
Federal Home Loan Bank stock		96,219			79,217
Loans held for sale		5,757			1,785
Loans held for investment		18,794,609			10,871,916
Less allowance for credit losses		191,175			107,200
Net loans		18,609,191			10,766,501
Foreclosed assets, net		9,801			11,651
Banking premises and equipment, net		124,955			70,998
Accrued interest receivable		89,866			58,966
Intangible assets		839,223			457,942
Bank-owned life insurance		403,648			243,050
Other assets		548,348			287,768
Total assets	$	24,042,515		$	14,210,810

Liabilities and Stockholders’ Equity
Deposits:
Demand deposits	$	13,548,480		$	8,020,889
Savings deposits		1,671,209			1,175,683
Certificates of deposit of $250,000 or more		800,005			218,549
Other time deposits		2,356,491			877,393
Total deposits		18,376,185			10,292,514
Mortgage escrow deposits		48,007			36,838
Borrowed funds		2,214,512			1,970,033
Subordinated debentures		414,184			10,695
Other liabilities		368,569			210,134
Total liabilities		21,421,457			12,520,214

Stockholders’ equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued		—			—
Common stock, $0.01 par value, 200,000,000 shares authorized, 137,565,966 shares issued and 130,448,599 shares outstanding as of September 30, 2024 and 75,537,186 outstanding as of December 31, 2023.		1,376			832
Additional paid-in capital		1,871,343			989,058
Retained earnings		972,997			974,542
Accumulated other comprehensive loss		(93,049	)		(141,115	)
Treasury stock		(129,148	)		(127,825	)
Unallocated common stock held by the Employee Stock Ownership Plan		(2,461	)		(4,896	)
Common Stock acquired by the Directors’ Deferred Fee Plan		(2,247	)		(2,694	)
Deferred Compensation – Directors’ Deferred Fee Plan		2,247			2,694
Total stockholders’ equity		2,621,058			1,690,596
Total liabilities and stockholders’ equity	$	24,042,515		$	14,210,810

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three months ended September 30, 2024, June 30, 2024 and September 30, 2023, and nine months ended September 30, 2024 and 2023 (Unaudited)
(Dollars in Thousands, except per share data)

	Three Months Ended							Nine Months Ended
	September 30,		June 30,			September 30,		September 30,			September 30,
		2024		2024			2023		2024			2023
Interest and dividend income:
Real estate secured loans	$	197,857	$	156,318		$	104,540	$	461,632		$	299,830
Commercial loans		81,183		58,532			33,806		175,815			93,915
Consumer loans		12,947		8,351			4,746		25,820			13,419
Available for sale debt securities, equity securities and Federal Home Loan Bank stock		25,974		20,394			11,886		58,698			34,748
Held to maturity debt securities		2,136		2,357			2,334		6,761			7,059
Deposits, federal funds sold and other short-term investments		2,425		1,859			885		5,466			2,678
Total interest income		322,522		247,811			158,197		734,192			451,649

Interest expense:
Deposits		110,009		81,058			44,923		243,602			108,880
Borrowed funds		19,923		20,566			16,765		57,871			38,329
Subordinated debt		8,889		4,681			273		13,842			774
Total interest expense		138,821		106,305			61,961		315,315			147,983
Net interest income		183,701		141,506			96,236		418,877			303,666
Provision charge for credit losses		9,299		69,705			12,541		78,684			29,031
Net interest income after provision for credit losses		174,402		71,801			83,695		340,193			274,635

Non-interest income:
Fees		9,816		8,699			6,132		24,426			18,294
Wealth management income		7,620		7,769			6,992		22,878			20,826
Insurance agency income		3,631		4,488			3,224		12,912			11,175
Bank-owned life insurance		4,308		3,323			1,820		9,448			4,838
Net gain (loss) on securities transactions		2		(2,973	)		13		(2,972	)		37
Other income		1,478		969			1,139		3,245			5,691
Total non-interest income		26,855		22,275			19,320		69,937			60,861

Non-interest expense:
Compensation and employee benefits		63,468		54,888			35,702		158,404			109,724
Net occupancy expense		12,790		11,142			8,113		32,452			24,474
Data processing expense		10,481		8,433			5,312		25,698			16,536
FDIC Insurance		4,180		3,100			1,628		9,553			5,688
Amortization of intangibles		12,231		6,483			720		19,420			2,231
Advertising and promotion expense		1,524		1,171			1,133		3,661			3,722
Merger-related expenses		15,567		18,915			2,289		36,684			5,349
Other operating expenses		15,761		11,262			10,728		37,352			31,761
Total non-interest expense		136,002		115,394			65,625		323,224			199,485
Income (loss) before income tax expense		65,255		(21,318	)		37,390		86,906			136,011
Income tax expense (benefit)		18,850		(9,833	)		8,843		19,905			34,925
Net income (loss)	$	46,405	$	(11,485	)	$	28,547	$	67,001		$	101,086

Basic earnings per share	$	0.36	$	(0.11	)	$	0.38	$	0.65		$	1.35
Average basic shares outstanding		129,941,845		102,957,521			74,909,083		102,819,042			74,793,530

Diluted earnings per share	$	0.36	$	(0.11	)	$	0.38	$	0.65		$	1.35
Average diluted shares outstanding		130,004,870		102,957,521			74,914,205		102,845,261			74,816,606

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Net Interest Margin Analysis
Quarterly Average Balances
(Dollars in Thousands) (Unaudited)
	September 30, 2024						June 30, 2024						September 30, 2023
	Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost
Interest-Earning Assets:
Deposits	$	179,313	$	2,425	5.38	%	$	40,228	$	1,859	5.38	%	$	74,183	$	884	4.73	%
Federal funds sold and other short-term investments		—		—	—	%		0		—	—	%		57		1	4.00	%
Available for sale debt securities		2,644,262		24,884	3.72	%		2,244,725		17,647	3.14	%		1,724,833		10,127	2.35	%
Held to maturity debt securities, net ⁽¹⁾		342,217		2,136	2.50	%		352,216		2,357	2.68	%		373,681		2,334	2.50	%
Equity securities, at fair value		19,654		—	—	%		10,373		—	—	%		1,068		—	—	%
Federal Home Loan Bank stock		91,841		1,090	4.75	%		88,864		2,747	12.36	%		91,273		1,759	7.71	%
Net loans: ⁽²⁾
Total mortgage loans		13,363,265		197,857	5.83	%		10,674,109		156,318	5.81	%		7,881,193		104,540	5.21	%
Total commercial loans		4,546,088		81,183	7.05	%		3,514,602		58,532	6.62	%		2,289,267		33,806	5.81	%
Total consumer loans		622,586		12,947	8.27	%		460,702		8,351	7.29	%		300,383		4,746	6.27	%
Total net loans		18,531,939		291,987	6.21	%		14,649,413		223,201	6.05	%		10,470,843		143,092	5.37	%
Total interest-earning assets	$	21,809,226	$	322,522	5.84	%	$	17,385,819	$	247,811	5.67	%	$	12,735,938	$	158,197	4.89	%

Non-Interest Earning Assets:
Cash and due from banks		341,505						37,621						82,522
Other assets		2,097,307						1,773,601						1,158,150
Total assets	$	24,248,038					$	19,197,041					$	13,976,610

Interest-Bearing Liabilities:
Demand deposits	$	9,942,053	$	74,864	3.00	%	$	7,935,543	$	58,179	2.95	%	$	5,741,052	$	35,290	2.44	%
Savings deposits		1,711,502		1,006	0.23	%		1,454,784		832	0.23	%		1,240,951		592	0.19	%
Time deposits		3,112,598		34,139	4.36	%		2,086,433		22,047	4.25	%		1,052,793		9,041	3.41	%
Total deposits		14,766,153		110,009	2.96	%		11,476,760		81,058	2.84	%		8,034,796		44,923	2.22	%

Borrowed funds		2,125,149		19,923	3.73	%		2,158,193		20,566	3.83	%		1,780,655		16,765	3.74	%
Subordinated debentures		413,267		8,889	8.56	%		221,086		4,681	8.52	%		10,613		273	10.24	%
Total interest-bearing liabilities		17,304,569		138,821	3.19	%		13,856,039		106,305	3.09	%		9,826,064		61,961	2.50	%

Non-Interest Bearing Liabilities:
Non-interest bearing deposits		3,741,160						2,866,917						2,230,199
Other non-interest bearing liabilities		541,839						346,616						265,427
Total non-interest bearing liabilities		4,282,999						3,213,533						2,495,626
Total liabilities		21,587,568						17,069,572						12,321,690
Stockholders’ equity		2,660,470						2,127,469						1,654,920
Total liabilities and stockholders’ equity	$	24,248,038					$	19,197,041					$	13,976,610

Net interest income			$	183,701					$	141,506					$	96,236

Net interest rate spread					2.65	%					2.58	%					2.39	%
Net interest-earning assets	$	4,504,657					$	3,529,780					$	2,909,874

Net interest margin ⁽³⁾					3.31	%					3.21	%					2.96	%

Ratio of interest-earning assets to total interest-bearing liabilities	1.26x						1.25x						1.30x


(1	)	Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.
(2	)	Average outstanding balances are net of the allowance for loan losses, deferred loan fees and expenses, loan premiums and discounts and include non-accrual loans.
(3	)	Annualized net interest income divided by average interest-earning assets.

The following table summarizes the quarterly net interest margin for the previous five quarters.
	9/30/24		6/30/24		3/31/24		12/31/23		9/30/23
	3rd Qtr.		2nd Qtr.		1st Qtr.		4th Qtr.		3rd Qtr.
Interest-Earning Assets:
Securities	3.69	%	3.40	%	2.87	%	2.79	%	2.67	%
Net loans	6.21	%	6.05	%	5.51	%	5.50	%	5.37	%
Total interest-earning assets	5.84	%	5.67	%	5.06	%	5.04	%	4.89	%

Interest-Bearing Liabilities:
Total deposits	2.96	%	2.84	%	2.60	%	2.47	%	2.22	%
Total borrowings	3.73	%	3.83	%	3.60	%	3.71	%	3.74	%
Total interest-bearing liabilities	3.19	%	3.09	%	2.80	%	2.71	%	2.50	%

Interest rate spread	2.65	%	2.58	%	2.26	%	2.33	%	2.39	%
Net interest margin	3.31	%	3.21	%	2.87	%	2.92	%	2.96	%

Ratio of interest-earning assets to interest-bearing liabilities	1.26x		1.25x		1.28x		1.28x		1.30x

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Net Interest Margin Analysis
Average Year to Date Balances
(Dollars in Thousands) (Unaudited)

	September 30, 2024						September 30, 2023
	Average				Average		Average				Average
	Balance		Interest		Yield/Cost		Balance		Interest		Yield/Cost
Interest-Earning Assets:
Deposits	$	39,280	$	5,466	5.38	%	$	69,696	$	2,676	5.13	%
Federal funds sold and other short term investments		—		—	—	%		58		2	5.34	%
Available for sale debt securities		2,189,671		52,553	3.19	%		1,777,861		30,819	2.31	%
Held to maturity debt securities, net ⁽¹⁾		350,529		6,761	2.57	%		379,144		7,059	2.48	%
Equity securities, at fair value		10,050		—	—	%		1,022		—	—	%
Federal Home Loan Bank stock		84,845		6,145	9.66	%		77,634		3,929	6.75	%
Net loans: ⁽²⁾
Total mortgage loans		10,682,974		461,632	5.70	%		7,740,591		299,830	5.12	%
Total commercial loans		3,487,600		175,815	6.69	%		2,225,725		93,915	5.60	%
Total consumer loans		460,497		25,820	7.49	%		302,706		13,419	5.93	%
Total net loans		14,631,071		663,267	5.99	%		10,269,022		407,164	5.25	%
Total interest-earning assets	$	17,305,446	$	734,192	5.61	%	$	12,574,437	$	451,649	4.76	%

Non-Interest Earning Assets:
Cash and due from banks		229,336						121,801
Other assets		1,663,331						1,152,113
Total assets	$	19,198,113					$	13,848,351

Interest-Bearing Liabilities:
Demand deposits	$	7,931,251	$	174,609	2.94	%	$	5,710,855	$	85,822	2.01	%
Savings deposits		1,444,135		2,476	0.23	%		1,315,157		1,582	0.16	%
Time deposits		2,091,806		66,517	4.25	%		961,010		21,476	2.99	%
Total deposits		11,467,192		243,602	2.84	%		7,987,022		108,880	1.82	%
Borrowed funds		2,074,958		57,871	3.73	%		1,556,619		38,329	3.29	%
Subordinated debentures		215,745		13,842	8.57	%		10,563		774	9.80	%
Total interest-bearing liabilities	$	13,757,895	$	315,315	3.06	%	$	9,554,204	$	147,983	2.07	%

Non-Interest Bearing Liabilities:
Non-interest bearing deposits		2,896,453						2,382,144
Other non-interest bearing liabilities		379,909						266,910
Total non-interest bearing liabilities		3,276,362						2,649,054
Total liabilities		17,034,257						12,203,258
Stockholders’ equity		2,163,856						1,645,093
Total liabilities and stockholders’ equity	$	19,198,113					$	13,848,351

Net interest income			$	418,877					$	303,666

Net interest rate spread					2.55	%					2.69	%
Net interest-earning assets	$	3,547,551					$	3,020,233

Net interest margin ⁽³⁾					3.18	%					3.19	%

Ratio of interest-earning assets to total interest-bearing liabilities	1.26x						1.32x


(1) Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.
(2) Average outstanding balance are net of the allowance for loan losses, deferred loan fees and expenses, loan premium and discounts and include non-accrual loans.
(3) Annualized net interest income divided by average interest-earning assets.

The following table summarizes the year-to-date net interest margin for the previous three years.

	Nine Months Ended
	September 30, 2024		September 30, 2023		September 23, 2022
Interest-Earning Assets:
Securities	3.33	%	2.57	%	1.72	%
Net loans	5.99	%	5.25	%	4.01	%
Total interest-earning assets	5.61	%	4.76	%	3.51	%

Interest-Bearing Liabilities:
Total deposits	2.84	%	1.82	%	0.33	%
Total borrowings	3.73	%	3.29	%	0.97	%
Total interest-bearing liabilities	3.06	%	2.07	%	0.38	%

Interest rate spread	2.55	%	2.69	%	3.13	%
Net interest margin	3.18	%	3.19	%	3.24	%

Ratio of interest-earning assets to interest-bearing liabilities	1.26x		1.32x		1.38x

SOURCE: Provident Financial Services, Inc.

CONTACT: Investor Relations, 1-732-590-9300 Web Site: http://www.Provident.Bank

The MIL Network –

January 25, 2025

MIL-OSI Global: New insights from Shakespeare’s England reveal striking parallels to contemporary climate change

Source: The Conversation – Canada – By Madeline Bassnett, Professor of Early Modern English Literature, Western University

Unprecedented storms and devastating drought. Flash floods and wildfires ignited by the air’s dry heat. This is the experience for many in our modern world. But it was also the experience for those living amid England’s Little Ice Age.

The Little Ice Age is a period from around 1300 to 1850, when global temperatures dropped significantly. While the exact cause of this phenonemon is unknown, theories range from volcanic eruptions to European colonization of the Americas.

Our research into England’s Little Ice Age during the 16th and 17th centuries has unearthed more than 1,800 unique pieces of weather observations, hidden in documents like diaries and letters. Local and national chronicles embedded reports of extreme weather among accounts of war and monarchs. Extreme weather pamphlets publicized tragic effects of earthquakes, floods and storms, much like our media today.

Our team has created an open access database called the Weather Extremes in England’s Little Ice Age 1500-1700. This database visually maps both extreme and temperate weather in the age of Shakespeare and can help to advance modern climate science.

More fundamentally, these experiential accounts provide a fascinating window into a world not too different from our own. While the causes of the climate change of today are well known, and likely different from that of the Little Ice Age, the experiences of living through both events are at times eerily similar. Understanding these past experiences can help us to better understand our present day and to develop more robust policies in the here and now.

Frosts and freezes

Frost fairs on the River Thames have become a familiar cultural reference point for England’s Little Ice Age. Our data shows that the river froze over a mere four times in the 16th century — in 1516, 1537, 1564 and 1590 — and there were only intermittent observations of unusual cold or snow.

The 17th century was markedly different. Reports of cold came thick and fast, with the exception of a few years between 1620 and 1643.

Title page from The Great Frost: ‘Cold doings in London, except it be at the lotterie. With newes out of the country. A familiar talk betwene a country-man and a citizen touching this terrible frost and the great lotterie, and the effects of them.’ Printed at London: For Henry Gosson, 1608. Attributed to Thomas Dekker.
(Houghton Library, Harvard University)

This was the century of frost fairs on the Thames. With the first 17th century fair in 1608, these events were celebrated by English playwright Thomas Dekker in his pamphlet The Great Frost.

Drinking, barbering and games were on display as London’s citizens marvelled at the novelty of entertainment on the ice. The freezes were frequent enough to become an institution.

By the winter of 1683-1684, the frost fair had become a city within a city, expanding across the ice with avenues of booths, bear and bull-baiting rings and boats-turned-chariots pulled by enterprising watermen across the now solid river.

But these iconic events were just one aspect of Little Ice Age weather in England.

Storms and floods

In the 16th century, severe rain storms were far more common than cold snaps.

On Oct. 5, 1570, “a terrible tempest of wind and raine” caused flooding from Lincolnshire to London as rivers overflowed their banks, drowning towns, fields, crops and cattle. Storm surges inundated the coastline.

Four years later, towns from Newport to St. Ives suffered “raging floods,” and a “giant sea fish” (whale) washed up in the Thames from a massive surge up river. In May 1594, “soddane showres of haile [and] raine” destroyed houses, iron mills, crops and cattle in Sussex and Surrey. September of that year saw another deluge, with bridges taken down in Cambridge and Ware.

This all changed in the 17th century, following the Great Flood that struck Bristol and surrounding areas in 1607. Extreme cold spells then became more frequent, and major storm events were less common. The winter of 1612-1613 saw a number of violent storms recorded in the pamphlet Wonders of this Windie Winter, with livestock lost from Newcastle to Dover and bodies from shipwrecks washing aground in the Thames.

In the next 40 years, though, only the years of 1626 and 1637 contain reports of significant storm events causing loss of life or livestock. Instead of extreme storms, this century was marked more by regular but moderate rainfall, consistent with colder, wetter conditions normally associated with the Little Ice Age.

Fire and heat

If colder, wetter weather was a new normal for 17th century Britons, the hot, dry spring of 1666 caught Londoners unprepared. The Great Fire of London was one of the worst disasters of the age, and diarist John Evelyn recounts that “the heate … had even ignited the aire,” a comment reminiscent of descriptions of wildfire spread today.

Yet periods of extreme heat were surprisingly frequent during the previous century, especially in the England that Shakespeare knew. More than a dozen droughts were recorded across England in the 16th century, usually broken by extreme storms or floods. It never rained, it seems, but it poured. The Thames dried up completely in 1592.

As Thomas Short wrote in his Chronological History of English Weather, “an excessive drought, great death of cattle from want of water; springs and brooks were dried up; horsemen could ride the Thames.” Locals went into the mud to retrieve items long lost to the river.

Shakespeare’s hometown of Stratford-upon-Avon was nearly destroyed by fire twice, in 1594 and 1595, due to severe drought and heat. The warning signs were there for Londoners to beware of hot spells in the next century, but frost fairs and wet weather may have bred complacency.

Lessons for today

The Weather Extremes in England’s Little Ice Age 1500-1700 database is revealing a picture of the world of Shakespeare and early modern England that upends a simplified picture of the Little Ice Age. More than just a world of frosts and freezes, the English Little Ice Age could be known as well as an age of fire and rain.

The documents in our database are the reports of people who lived in a climatically changing world and saw its shifts firsthand. It shows how important weather crowd-sourcing can be, even centuries later. Contemporary projects like the Community Collaborative Rain, Hail and Snow Network, or the Northern Tornadoes Project, continue in the spirit of this work.

But our data could also provide insight into today’s extreme weather. Historical flooding patterns might provide reference points to better manage and understand the unstable weather experienced in the British Isles today.

Madeline Bassnett has received funding from SSHRC for the Weather Extremes in England’s Little Ice Age 1500-1700 project.

Laurie Johnson 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.

– ref. New insights from Shakespeare’s England reveal striking parallels to contemporary climate change – https://theconversation.com/new-insights-from-shakespeares-england-reveal-striking-parallels-to-contemporary-climate-change-240755

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI USA: Bennet, Hickenlooper, Neguse, Pettersen, Polis Welcome $129 Million for Rail Projects in Colorado

US Senate News:

Source: United States Senator for Colorado Michael Bennet

Photos from Press Conference HERE

Denver — Colorado U.S. Senators Michael Bennet and John Hickenlooper, U.S. Representatives Joe Neguse and Brittany Pettersen, and Governor Jared Polis welcomed over $129.5 million from the U.S. Department of Transportation (DOT) for four Colorado rail projects. The Colorado Department of Transportation (CDOT), Colorado State University (CSU) Pueblo, San Luis Central Railroad, and OmniTRAX will all receive funding as part of DOT’s Consolidated Rail Infrastructure & Safety Improvements Grant Program, funded in part through the Bipartisan Infrastructure Law. The leaders held a press conference on Tuesday in Westminster, Colorado, to celebrate this announcement.

“Colorado’s railways are vital to connect our communities and get resources to markets across the country. That’s why I ensured the U.S. Department of Transportation understood how critical this funding is for our state’s transportation infrastructure,” said Bennet. “I’m glad to have helped secure these investments in our railways’ safety, efficiency, and reliability across the state. ”

“From freight in the San Luis Valley to passengers on the Front Range and beyond with CSU Pueblo’s research, rail isn’t just a part of our past, it’s a big part of our future, too,” said Hickenlooper. “That’s the case we made to Secretary Buttigieg for this funding and this is just the start.”

“After years of working to secure federal support for the Front Range Passenger Rail Project, I am excited to see the Department of Transportation heed our calls and commit to modernizing Colorado’s passenger rail system—not just for communities along the Front Range but for residents throughout the entire state. This is a once-in-a-generation investment in our passenger rail infrastructure, creating countless new opportunities for communities to connect, grow, and thrive—and we will continue to work together to ensure this momentum leads to lasting benefits for all Coloradans,” said Neguse.

“Today, I am incredibly grateful to see this federal funding coming to Colorado to strengthen our railway systems, enhance safety, and modernize our infrastructure,” said Pettersen. “After a train derailment in Boulder injured workers and put our communities at risk, I supported funding to reinforce public safety and restore trust in Colorado’s rail infrastructure. I’m pleased to see these federal dollars coming to our state to help ensure we have safe, reliable infrastructure for generations to come.”

“Today’s grant will make freight rail traffic in some of our busiest growing communities safer quickly while providing critical building blocks for Passenger Rail. This major funding will help achieve important priorities like complying with longstanding federal standards and improving the safety of rail crossings, which can be the sites of dangerous incidents. With more than $66 million in federal support from the Biden-Harris administration, the future of Colorado’s rail network is a clear priority for the federal government, as it should be. We thank Senators Hickenlooper and Bennet, Congressman Neguse and Congresswoman Pettersen, and our communities for their support of this important project,” said Polis.

This funding includes:

$66.4 million for CDOT to modernize Front Range rail. This investment will help CDOT design, install, and test train operation and safety improvements, including Positive Train Control (PTC) and railroad crossings;
$50.5 million for OmniTRAX transportation safety and employment. This investment will help design and construct replacement railroad ties across Omnitrax short lines;
$11.6 million for CSU Pueblo to research renewable energy for rail vehicles. This investment will aid research and development of alternative fuel rail transportation, including safety experiments on the use of CH2/CNG-powered rail cars at the facility; and
$1 million for San Luis Central Railroad to replace wooden ties. This investment will help replace deteriorated cross and switch ties to ensure safety along the SLC corridor.

“Southern Colorado often represents a hard-working spirit leveraging the opportunity of innovation. This Department of Transportation CRISI grant emboldens that spirit, enabling CSU Pueblo, in partnership with the Southern Colorado Transportation Technology Center (SCITT), to contribute to the future of rail transportation through critical safety research in hydrogen and natural gas technologies. I am particularly proud of how this project will partner with our Engineering program at CSU Pueblo, utilizing the expertise here to create new pathways for our students and local workforce. This grant is more than research – it’s a valuable investment into Southern Colorado,” said Armando Valdez, President, CSU Pueblo.

“TIES2 will be transformative for the communities served by Great Western Railway of Colorado and the regions served by OmniTRAX railroads in Georgia, Alabama, and Washington state,” said David Arganbright, Senior Vice President, OmniTRAX. “OmniTRAX is proud to call Colorado home, and we are tremendously appreciative of all the work that Sen. Hickenlooper has done in Congress to champion Colorado’s railways and deliver the critical infrastructure investments that strengthen our nation’s supply chains.”

Earlier this year, Bennet, Hickenlooper, Neguse and Pettersen urged the DOT to fund CDOT’s project along the Front Range.

MIL OSI USA News –

January 25, 2025

MIL-OSI Economics: Good news for the Páramos at COP16

Source: CAF Development Bank of Latin America

CAF -development bank of Latin America and the Caribbean, with the support of Cumbres Blancas, positioned itself at the COP16 in Cali as the first multilateral institution to address the protection of the páramos with a comprehensive vision that seeks not only environmental conservation, but also the improvement of the quality of life of local communities that depend on these ecosystems.

High mountain ecosystems, especially páramos, play a fundamental role in environmental sustainability and the well-being of millions of people. However, climate change, unsustainable land use and other human activities are seriously threatening these strategic ecosystems.

In this context, the páramos, which are found exclusively in Colombia, Ecuador, Peru and Venezuela, are recognized as the most biodiverse high mountain ecosystems in the world. They are home to more than 35,000 species of plants and vertebrates, ranking first in diversity of birds, mammals and amphibians, and second in reptiles. In addition, these ecosystems provide critical services to more than 60 million people who depend directly on their resources, including water and energy supply for cities such as Bogotá, Quito, and Cuenca.

The alliance with Cumbres Blancas reflects the institution’s commitment to promote concrete actions for the restoration and protection of the páramos, and aims to develop initiatives such as the construction of community nurseries, the creation of green employment capacities, and the restoration of watersheds, which are vital to guarantee access to drinking water and energy in these regions.

CAF’s strategic actions in the páramos are aimed not only at mitigating the impacts of climate change, but also at fostering the resilience of the communities living in these territories. Community nurseries, for example, will be a fundamental tool for restoring native flora and reforesting degraded areas. In addition, the creation of green jobs in sectors such as sustainable agriculture and natural resource management will directly contribute to improving the socioeconomic conditions of local populations.

Alicia Montalvo, CAF’s Climate Action and Positive Biodiversity Manager, said, “The challenge we face is not only to protect the biodiversity of the páramos, but to translate our knowledge and efforts into concrete actions to ensure their preservation. Our collaboration with ACTO and other institutions is key to obtaining accurate data and coordinating regional efforts, ensuring that resources are optimally invested where they are most needed.

CAF has already launched several initiatives in the region, ranging from ecological restoration to the promotion of sustainable bio-businesses. One of the most outstanding examples is the work being carried out with the 56 Puruhá indigenous communities of the Cotopaxi páramo, in Ecuador, through a bio-business project promoted together with the Global Environmental Facility (GEF), the Ministry of the Environment and the Heifer Foundation. This project aims to strengthen the organic quinoa production chain and improve the socioeconomic conditions of more than 600 families.

In addition, CAF is promoting, in collaboration with the GEF, a project that seeks to reduce the climate risk affecting paramo populations in Colombia, Ecuador, Peru, and Bolivia. This initiative will directly benefit more than 360,000 people, improving the capacity to adapt to climate change in these vulnerable areas. The goal is to ensure that these strategic ecosystems can continue to provide vital services to local populations.

MIL OSI Economics –

January 25, 2025

MIL-OSI USA: Labrador Letter – The Fight for Idaho’s Sovereignty Over Federal Lands

Source: US State of Idaho

Dear Friends,
Last week, I filed a brief in support of our neighbor Utah in their lawsuit against the federal government regarding the widespread federal ownership of “unappropriated” land—that is, land owned by the federal government but not used for any federal purpose—across their state and throughout most of the West. Utah’s suit asks the United States Supreme Court to release much of this land back to the ownership and management of the states.
As many of you know, I spent 8 years in Washington, D.C. representing Idaho’s First Congressional District. You can’t throw a rock in that town without hitting federal property of some sort like the Capitol, the White House, the National Mall, military bases, monuments, parks, courts, museums, galleries, statues, and of course, the metastasizing federal bureaucracy with administrative offices on every corner. Yet, with all that, the federal government owns only 25% of Washington, D.C. Yes, you read that right. The federal government owns only 25% of our nation’s capitol city and yet owns over 60% of our state.
Idaho is over 83,000 square miles, and the federal government owns 61% of it. That’s land the State of Idaho can’t use. Instead, the federal government has the final say over what is allowed on this land. For example, the federal government has exclusive say over whether prescribed burns and other necessary maintenance will—or, in many cases, will not—take place in federally owned forests. Or if Idaho wants to cross federal lands with new roads, power lines, pipelines, or other items and activities essential for commerce and economic growth, it must obtain federal permission.
This arrangement flips the division of power between the state and national governments that our Founders envisioned. The federal government is supposed to use its limited enumerated powers to address national issues, as it does by making treaties, regulating interstate commerce, or declaring war. States can then use their general authority to address local concerns, like land management. But on unappropriated federal lands—nearly a third of the federally owned land in Idaho—the federal government is involved in local issues without pursuing any constitutionally authorized aim. There are no courthouses or military installations on these lands, for example. Instead, the federal government simply acts as a self-interested landowner leasing out the land for timber, mining, and grazing—but without being subject to state law or state management practices.
The problem of unappropriated federal land disproportionately affects western states, and places them on unequal footing with other states in which the federal government owns almost no land. Idaho, Utah, and other western states should have just as much say over how land within their borders is used and maintained as Iowa or Connecticut. But time after time, the sovereignty of western states is diminished by distant federal regulators overriding our will.
A perfect example is the Lava Ridge Wind Project that the federal government is pulling out all the stops to ram through despite widespread opposition within Idaho. Because the federal government owns the unappropriated land on which the massive wind turbines for the project will be built, it doesn’t matter whether Idaho wants the project or not. Federal agencies can put their own priorities first—they can pursue the Biden-Harris “green agenda,” build wind turbines in Idaho that will send power to California and pocket the land-use fees for themselves.
And that raises another concerning aspect of federal ownership of unappropriated lands in Idaho—it siphons what is likely tens of millions of dollars out of the state. If Idaho owned the land, it could conduct the same sort of activities that the federal government does—like leasing for timber, mining, and grazing—and reinvest the revenue within the state. Instead, Idaho’s land is used to generate money for the United States Treasury, where it can be used for federal projects in any part of the country.
Congress knows this is unfair to western states and attempts to compensate them through a program called Payment in Lieu of Taxes (PILT). But western states receive pennies on the dollar compared to what they would receive if they managed the land themselves. Moreover, the whole arrangement just reinforces federal dominance over western states—as sovereigns, they should not be forced to come hat-in-hand to Congress to ask for money that the federal government has no constitutional authority to have in the first place.
That’s why the Utah suit is so critical. It seeks to restore the proper balance of power between the western states and the federal government and place the western states on the same level as their eastern counterparts. This is yet another example in which Idaho has been oppressed by the federal government’s overreach.
The sovereignty of states to manage their own lands was such an important topic that it was even brought up in the Constitutional Convention in 1787. It was insisted, ironically by a Massachusetts delegate, that state legislatures should first consent to the federal purchase of land within their borders to keep the federal government from buying up all the territory and pressuring any state by strangling their commerce and ability to grow. The idea of a powerful, unaccountable central government wasn’t particularly trusted some 200 years ago and not much has happened since to contradict the sentiment.
It seems that the federal government consistently attempts to undermine the voice and opinions of the people of Idaho and regulate us into perpetual social and economic servitude. I’ll continue to fight every day for our state sovereignty and our ability to manage our own land, resources, and affairs here in Idaho.

Best regards,

Not yet subscribed to the Labrador Letter? Click HERE to get our weekly newsletter and updates. Miss an issue? Labrador Letters are archived on the Attorney General website.

MIL OSI USA News –

January 25, 2025

MIL-OSI Security: Dundurn — Saskatchewan RCMP SERT lays charges after human trafficking investigation

Source: Royal Canadian Mounted Police

Saskatchewan RCMP’s Human Trafficking and Counter Exploitation Unit (HTCEU), part of the Saskatchewan Enforcement Response Teams (SERT), and Saskatoon RCMP Detachment has laid multiple charges against an adult male following a human trafficking investigation that began in Dundurn, SK.

On October 23, 2024 at approximately 5:15 a.m., Saskatoon RCMP were called to a business in Dundurn for a report of kidnapping.

Officers responded and located an adult female from Ontario at the business. Initial investigation determined she was being held against her will. Officers contacted HTCEU investigators, who began a human trafficking investigation. HTCEU investigators determined the woman had been forcibly taken from Toronto and that human trafficking had occurred in various locations in Ontario, Manitoba and Saskatchewan.

As a result of investigation, 51-year-old Pierre Andre Bouchard of Chambly, QC, is charged with:

one count, trafficking in persons, Section 279.01, Criminal Code;
one count, trafficking in persons – material benefit, Section 279.02(1), Criminal Code;
one count, forcible confinement, Section 279(2), Criminal Code;
one count, sexual assault, Section 271, Criminal Code;
one count, sexual assault with other weapon, Section 272(1)(a), Criminal Code;
one count, material benefit from sexual services, Section 286.2(1), Criminal Code;
one count, obtaining sexual services for consideration, Section 286.1(1), Criminal Code;
two counts, procuring, Section 286.3(1), Criminal Code;
one count, uttering threats against a person, Section 264.1(1)(a), Criminal Code;
one count, assault with weapon, Section 267(a), Criminal Code;
one count, fail to comply probation order, Section 733.1(1), Criminal Code;
one count, identity theft, 402.2(1), Criminal Code; and
one count, possession of property obtained by crime over $5,000, Section 354(1)(a), Criminal Code.

Bouchard was arrested by Saskatoon Police Service on October 23, 2024. He appeared in Saskatoon Provincial Court on October 24, 2024 and made his second court appearance in Saskatoon on October 28, 2024. Bouchard was remanded into custody for his next court appearance in Saskatoon on November 5, 2024.

Saskatchewan RCMP’s Saskatoon Detachment, Yorkton Saskatchewan Trafficking Response Team, Saskatoon General Investigation Section, Saskatoon Police Services’ VICE Unit and Victim Services, Regina Police Service’s VICE Unit, Toronto Police Service and Brandon Police Service assisted in this continuing investigation, along with additional community partners.

If you have information about this or any other incident of human trafficking, or if you or someone you know may be a victim of it, call 310-RCMP.

How to recognize and report human trafficking

“Human trafficking affects communities of all sizes, not just urban centres. It’s a reality that exists in big cities and small towns, including those here at home in Saskatchewan,” says Insp. Jeff Smoliak, RCMP’s Saskatchewan Enforcement Response Teams (SERT) senior investigative officer.

“It’s also a crime that has no borders, which is why the Saskatchewan RCMP works interjurisdictionally to investigate these complex files and works closely with municipal police agencies and partners across the country.”

Saskatchewan RCMP reminds the public that anyone can be a target for human trafficking. Victims may be trafficked by someone they know: a former or current partner, family member, friend, or trustworthy person. Recruiting tactics can be subtle; often victims don’t even know they’re being trafficked.

Traffickers may approach potential victims by:

pretending to be a potential love interest, friend or support person;
connecting over social media or in person;
offering gifts or money;
introducing drugs or alcohol; or
threatening potential victims’ loved ones if they don’t comply.

Additional information on recognizing human trafficking can be found here.

In addition to contacting the RCMP, the public can also contact the Canadian Human Trafficking Hotline at 1-833-900-1010. This hotline is confidential, available 24/7 and offers services in more than 200 languages. Information can also be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.

Background

The Saskatchewan Enforcement Response Teams (SERT) consists of Saskatchewan RCMP’s Crime Reduction Team (CRT), Warrant Enforcement Suppression Team (WEST), Saskatchewan Trafficking Response Team (STRT), the Offender Management Unit, and Human Trafficking and Counter Exploitation Unit (HTCEU). SERT helps the Saskatchewan RCMP continue to fulfil its mandate as the province’s police force – keeping our communities safe.

The Human Trafficking and Counter Exploitation Unit (HTCEU) is a specialized unit that conducts enforcement activities related to human trafficking, facilitates victim support, and educates partners and stakeholders.

MIL Security OSI –

January 25, 2025

MIL-OSI: Precision Drilling Announces 2024 Third Quarter Unaudited Financial Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Oct. 29, 2024 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), Funds Provided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) Accounting Standards and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this news release.

Precision Drilling Corporation (“Precision” or the “Company”) (TSX:PD; NYSE:PDS) delivered strong third quarter financial results, demonstrating the resilience of the business and its robust cash flow potential. Year to date, Precision has already achieved the low end of its debt reduction target range and is well on track to allocate 25% to 35% of its free cash flow to share buybacks in 2024.

Financial Highlights

Revenue was $477 million and exceeded the $447 million realized in the third quarter of 2023 as activity increased in Canada and internationally, which more than offset lower activity in the U.S.
Adjusted EBITDA⁽¹⁾ was $142 million, including a share-based compensation recovery of $0.2 million. In 2023, third quarter Adjusted EBITDA was $115 million and included share-based compensation charges of $31 million.
Net earnings was $39 million or $2.77 per share, nearly doubling the $20 million or $1.45 per share in 2023.
Completion and Production Services revenue increased 27% over the same period last year to $73 million, while Adjusted EBITDA rose 40% to $20 million, reflecting the successful integration of the CWC Energy Services (CWC) acquisition in late 2023.
Internationally, revenue increased 21% over the third quarter of last year as the Company realized US$35 million of contract drilling revenue versus US$29 million in 2023. Revenue for the third quarter of 2024 was negatively impacted by fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
Debt reduction during the quarter was $49 million and total $152 million year to date. Share repurchases during the quarter were $17 million and total $50 million year to date.
Increased our 2024 planned capital expenditures from $195 million to $210 million to fund multiple contracted rig upgrades and the strategic purchase of drill pipe for use in 2025.

Operational Highlights

Canada’s activity increased 25%, averaging 72 active drilling rigs versus 57 in the third quarter of 2023. Our Super Triple and Super Single rigs are in high demand and approaching full utilization.
Canadian revenue per utilization day was $32,325 and comparable to the $32,224 in the same period last year.
U.S. activity averaged 35 drilling rigs compared to 41 for the third quarter of 2023.
U.S. revenue per utilization day was US$32,949 versus US$35,135 in the same quarter last year.
International activity increased 33% compared to the third quarter of 2023, with eight drilling rigs fully contracted this year following rig reactivations in 2023. International revenue per utilization day was US$47,223 compared to US$51,570 in the third quarter of 2023 due to fewer rig moves and planned rig recertifications completed in 2024.
Service rig operating hours increased 34% over the same quarter last year totaling 62,835 hours driven by the CWC acquisition.
Formed a strategic Joint Partnership (Partnership) with Indigenous partners to provide well servicing operations in northeast British Columbia.

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

MANAGEMENT COMMENTARY

“Precision’s international and Canadian businesses led our third quarter results, with revenue, Adjusted EBITDA, and net income all improving over the same period last year, demonstrating the resilience of our High Performance, High Value strategy and geographic exposure. Our cash flow conversion this quarter enabled us to repay debt, buy back shares, and continue to invest in our Super Series fleet. We have already achieved the low end of our debt repayment target range for this year and expect to be less than a year away from meeting our long-term target of a Net Debt to Adjusted EBITDA ratio⁽¹⁾ of less than one time.

“Canadian fundamentals for heavy oil, condensate, and LNG remain strong due to the additional takeaway capacity. The Trans Mountain oil pipeline expansion is driving higher and stable returns for producers, who are accelerating heavy oil and condensate targeted drilling plans, while Canada’s first LNG project is expected to stabilize natural gas pricing and further stimulate activity in the Montney in 2025. As the leading provider of high-quality and reliable services in Canada, demand for our Super Series fleet remains high. Today, we have 75 rigs operating, with our Super Triple and Super Single rigs nearly fully utilized. We expect strong customer demand and utilization to continue well beyond 2025.

“In the U.S., our rig count has been range-bound for the last several months, with 35 rigs operating today. Volatile commodity prices, customer consolidation, and budget exhaustion are all headwinds that we expect will continue to suppress activity for the remainder of the year. We are encouraged by recent momentum in our contract book with seven new contracts secured for oil and natural gas drilling projects that are expected to begin late this year for 2025 drilling programs. Looking ahead, we anticipate that the next wave of additional Gulf Coast LNG export facilities, coal plant retirements, and a build-out of AI data centers should drive further natural gas drilling and support sustained natural gas demand.

“Precision’s international operations provide a stable foundation for earnings and cash flow as our rigs are under long-term contracts that extend into 2028. Our well servicing business further complements our stability as we remain the premier well service provider in Canada where demand continues to outpace manned service rigs. In 2023, we repositioned these businesses with rig reactivations and our CWC acquisition and as a result, each business is on track to increase its 2024 Adjusted EBITDA by approximately 50% over the prior year.

“I am proud of the discipline Precision continues to show throughout the organization and we remain focused on our strategic priorities, which include generating free cash flow, improving capital returns to shareholders, and delivering operational excellence. With robust Canadian market fundamentals, an improving long-term outlook for the U.S., and a focused strategy, I am confident we will continue to drive higher total shareholder returns. I would like to thank our team for executing at the highest operating levels and generating strong financial performance and value for our customers,” stated Kevin Neveu, Precision’s President and CEO.

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

SELECT FINANCIAL AND OPERATING INFORMATION

Financial Highlights

	For the three months ended September 30,								For the nine months ended September 30,
(Stated in thousands of Canadian dollars, except per share amounts)		2024		2023		% Change				2024		2023		% Change
Revenue		477,155		446,754			6.8			1,434,157		1,430,983			0.2
Adjusted EBITDA⁽¹⁾		142,425		114,575			24.3			400,695		459,887			(12.9	)
Net earnings		39,183		19,792			98.0			96,400		142,522			(32.4	)
Cash provided by operations		79,674		88,500			(10.0	)		319,292		330,316			(3.3	)
Funds provided by operations⁽¹⁾		113,322		91,608			23.7			342,837		388,220			(11.7	)

Cash used in investing activities		38,852		34,278			13.3			141,032		157,157			(10.3	)
Capital spending by spend category⁽¹⁾
Expansion and upgrade		7,709		13,479			(42.8	)		30,501		39,439			(22.7	)
Maintenance and infrastructure		56,139		38,914			44.3			127,297		108,463			17.4
Proceeds on sale		(5,647	)	(6,698	)		(15.7	)		(21,825	)	(20,724	)		5.3
Net capital spending⁽¹⁾		58,201		45,695			27.4			135,973		127,178			6.9

Net earnings per share:
Basic		2.77		1.45			91.0			6.74		10.45			(35.5	)
Diluted		2.31		1.45			59.3			6.73		9.84			(31.6	)
Weighted average shares outstanding:
Basic		14,142		13,607			3.9			14,312		13,643			4.9
Diluted		14,890		13,610			9.4			14,317		14,858			(3.6	)

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

Operating Highlights

	For the three months ended September 30,							For the nine months ended September 30,
	2024		2023		% Change			2024		2023		% Change
Contract drilling rig fleet		214		224		(4.5	)		214		224		(4.5	)
Drilling rig utilization days:
U.S.		3,196		3,815		(16.2	)		9,885		13,823		(28.5	)
Canada		6,586		5,284		24.6			17,667		15,247		15.9
International		736		554		32.9			2,192		1,439		52.3
Revenue per utilization day:
U.S. (US$)		32,949		35,135		(6.2	)		33,011		35,216		(6.3	)
Canada (Cdn$)		32,325		32,224		0.3			34,497		32,583		5.9
International (US$)		47,223		51,570		(8.4	)		51,761		51,306		0.9
Operating costs per utilization day:
U.S. (US$)		22,207		21,655		2.5			22,113		20,217		9.4
Canada (Cdn$)		19,448		18,311		6.2			20,196		19,239		5.0

Service rig fleet		165		121		36.4			165		121		36.4
Service rig operating hours		62,835		46,894		34.0			194,390		144,944		34.1

Drilling Activity

	Average for the quarter ended 2023								Average for the quarter ended 2024
	Mar. 31		June 30		Sept. 30		Dec. 31			Mar. 31		June 30		Sept. 30
Average Precision active rig count⁽¹⁾:
U.S.		60		51		41		45			38		36		35
Canada		69		42		57		64			73		49		72
International		5		5		6		8			8		8		8
Total		134		98		104		117			119		93		115

^{(1) Average number of drilling rigs working or moving.}

Financial Position

(Stated in thousands of Canadian dollars, except ratios)	September 30, 2024		December 31, 2023⁽²⁾
Working capital⁽¹⁾		166,473		136,872
Cash		24,304		54,182
Long-term debt		787,008		914,830
Total long-term financial liabilities⁽¹⁾		858,765		995,849
Total assets		2,887,996		3,019,035
Long-term debt to long-term debt plus equity ratio ⁽¹⁾		0.32		0.37

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}^{(2) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”}

Summary for the three months ended September 30, 2024:

Revenue increased to $477 million compared with $447 million in the third quarter of 2023 as a result of higher Canadian and international activity, partially offset by lower U.S. activity, day rates and lower idle but contract rig revenue.
Adjusted EBITDA was $142 million as compared with $115 million in 2023, primarily due to increased Canadian and international results and lower share-based compensation. Please refer to “Other Items” later in this news release for additional information on share-based compensation.
Adjusted EBITDA as a percentage of revenue was 30% as compared with 26% in 2023.
Generated cash from operations of $80 million, reduced debt by $49 million, repurchased $17 million of shares, and ended the quarter with $24 million of cash and more than $500 million of available liquidity.
Revenue per utilization day, excluding the impact of idle but contracted rigs was US$32,949 compared with US$33,543 in 2023, a decrease of 2%. Sequentially, revenue per utilization day, excluding idle but contracted rigs, was largely consistent with the second quarter of 2024. U.S. revenue per utilization day was US$32,949 compared with US$35,135 in 2023. The decrease was primarily the result of lower fleet average day rates and idle but contracted rig revenue, partially offset by higher recoverable costs. We did not recognize revenue from idle but contracted rigs in the quarter as compared with US$6 million in 2023.
U.S. operating costs per utilization day increased to US$22,207 compared with US$21,655 in 2023. The increase is mainly due to higher recoverable costs and fixed costs being spread over fewer activity days, partially offset by lower repairs and maintenance. Sequentially, operating costs per utilization day were largely consistent with the second quarter of 2024.
Canadian revenue per utilization day was $32,325, largely consistent with the $32,224 realized in 2023. Sequentially, revenue per utilization day decreased $3,750 due to our rig mix, partially offset by higher fleet-wide average day rates.
Canadian operating costs per utilization day increased to $19,448, compared with $18,311 in 2023, resulting from higher repairs and maintenance and rig reactivation costs. Sequentially, daily operating costs decreased $2,204 due to lower labour expenses due to rig mix, recoverable expenses and repairs and maintenance.
Internationally, third quarter revenue increased 21% over 2023 as we realized revenue of US$35 million versus US$29 million in the prior year. Our higher revenue was primarily the result of a 33% increase in activity, partially offset by lower average revenue per utilization day. International revenue per utilization day was US$47,223 compared with US$51,570 in 2023 due to fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
Completion and Production Services revenue was $73 million, an increase of $16 million from 2023, as our third quarter service rig operating hours increased 34%.
General and administrative expenses were $23 million as compared with $44 million in 2023 primarily due to lower share-based compensation charges.
Net finance charges were $17 million, a decrease of $3 million compared with 2023 as a result of lower interest expense on our outstanding debt balance.
Capital expenditures were $64 million compared with $52 million in 2023 and by spend category included $8 million for expansion and upgrades and $56 million for the maintenance of existing assets, infrastructure, and intangible assets.
Increased expected capital spending in 2024 to $210 million, an increase of $15 million, due to the strategic purchase of drill pipe before new import tariffs take effect and additional customer-backed upgrades.
Income tax expense for the quarter was $14 million as compared with $8 million in 2023. During the third quarter, we continue to not recognize deferred tax assets on certain international operating losses.
Reduced debt by $49 million from the redemption of US$33 million of 2026 unsecured senior notes and US$3 million repayment of our U.S. Real Estate Credit Facility.
Renewed our Normal Course Issuer Bid (NCIB) and repurchased $17 million of common shares during the third quarter.

Summary for the nine months ended September 30, 2024:

Revenue for the first nine months of 2024 was $1,434 million, consistent 2023.
Adjusted EBITDA for the period was $401 million as compared with $460 million in 2023. Our lower Adjusted EBITDA was primarily attributed to decreased U.S. drilling results and higher share-based compensation, partially offset by the strengthening of Canadian and international results.
Cash provided by operations was $319 million as compared with $330 million in 2023. Funds provided by operations were $343 million, a decrease of $45 million from the comparative period.
General and administrative costs were $97 million, an increase of $14 million from 2023 primarily due to higher share-based compensation charges.
Net finance charges were $53 million, $10 million lower than 2023 due to our lower interest expense on our outstanding debt balance.
Capital expenditures were $158 million in 2024, an increase of $10 million from 2023. Capital spending by spend category included $31 million for expansion and upgrades and $127 million for the maintenance of existing assets, infrastructure, and intangible assets.
Reduced debt by $152 million from the redemption of US$89 million of 2026 unsecured senior notes and $31 million repayment of our Canadian and U.S. Real Estate Credit Facilities.
Repurchased $50 million of common shares under our NCIB.

STRATEGY

Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. Our strategic priorities for 2024 are focused on increasing our capital returns to shareholders by delivering best-in-class service and generating free cash flow.

Precision’s 2024 strategic priorities and the progress made during the third quarter are as follows:

Concentrate organizational efforts on leveraging our scale and generating free cash flow.
- Generated cash from operations of $80 million, bringing our year to date total to $319 million.
- Increased utilization of our Super Single and Double rigs in the third quarter, driving Canadian drilling activity up 25% year over year.
- Increased our third quarter Completion and Production Services operating hours and Adjusted EBITDA 34% and 40%, respectively, year over year. Achieved our $20 million annual synergies target from the CWC acquisition, which closed in November 2023.
- Internationally, we realized US$35 million of contract drilling revenue versus US$29 million in 2023. Revenue for the third quarter of 2024 was negatively impacted by fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
Reduce debt by between $150 million and $200 million and allocate 25% to 35% of free cash flow before debt repayments for share repurchases.
- Reduced debt by redeeming US$33 million of our 2026 unsecured senior notes and repaying US$3 million of our U.S. Real Estate Credit Facility. For the first nine months of the year, we have reduced debt by $152 million and already achieved the low end of our debt repayment target range.
- Returned $17 million of capital to shareholders through share repurchases. Year to date we allocated $50 million of our free cash flow to share buybacks, which represents over 25% of free cash flow for the first nine months of the year and within our annual target range of 25% to 35%.
- Remain firmly committed to our long-term debt reduction target of $600 million between 2022 and 2026 ($410 million achieved as of September 30, 2024), while moving direct shareholder capital returns towards 50% of free cash flow.
Continue to deliver operational excellence in drilling and service rig operations to strengthen our competitive position and extend market penetration of our Alpha™ and EverGreen™ products.
- Increased our Canadian drilling rig utilization days and well servicing rig operating hours over the third quarter of 2023, maintaining our position as the leading provider of high-quality and reliable services in Canada.
- Nearly doubled our EverGreen™ revenue from the third quarter of 2023.
- Continued to expand our EverGreen™ product offering on our Super Single rigs with hydrogen injection systems. EverGreenHydrogen™ reduces diesel consumption resulting in lower operating costs and greenhouse gas emissions for our customers.

OUTLOOK

The long-term outlook for global energy demand remains positive with rising demand for all types of energy including oil and natural gas driven by economic growth, increasing demand from third-world regions, and emerging energy sources of power demand. Oil prices are constructive, and producers remain disciplined with their production plans while geopolitical issues continue to threaten supply. In Canada, the recent commissioning of the Trans Mountain pipeline expansion and the startup of LNG Canada projected in 2025 are expected to provide significant tidewater access for Canadian crude oil and natural gas, supporting additional Canadian drilling activity. In the U.S., the next wave of LNG projects is expected to add approximately 11 bcf/d of export capacity from 2025 to 2028, supporting additional U.S. natural gas drilling activity. Coal retirements and a build-out of AI data centers could provide further support for natural gas drilling.

In Canada, we currently have 75 rigs operating and expect this activity level to continue until spring breakup, except for the traditional slowdown over Christmas. Our Canadian drilling activity continues to outpace 2023 due to increased heavy oil drilling activity and strong Montney activity driven by robust condensate demand and pricing. Since the startup of the Trans Mountain pipeline expansion in May, customer activity in heavy oil targeted areas has exceeded expectations, resulting in near full utilization of our Super Single fleet. Customers are benefiting from improved commodity pricing and a weak Canadian dollar. Our Super Triple fleet, the preferred rig for Montney drilling, is also nearly fully utilized and with the expected startup of LNG Canada in mid-2025, demand could exceed supply.

In recent years, the Canadian market has witnessed stronger second quarter drilling activity due to the higher percentage of wells drilled on pads in both the Montney and in heavy oil developments. Once a pad-equipped drilling rig is mobilized to site, it can walk from well to well and avoid spring break up road restrictions. We expect this higher activity trend to continue in the second quarter of 2025.

In the U.S., we currently have 35 rigs operating as drilling activity remains constrained by volatile commodity prices, customer consolidation and budget exhaustion. We view these headwinds as short-term in nature, which will continue to suppress activity for the remainder of the year and into 2025. However, looking further ahead, we expect that a new budget cycle, the next wave of Gulf Coast LNG export facilities, and new sources of domestic power demand should begin to stimulate drilling.

Internationally, we expect to have eight rigs running for the remainder of 2024, representing an approximate 40% increase in activity compared to 2023. All eight rigs are contracted through 2025 as well. We continue to bid our remaining idle rigs within the region and remain optimistic about our ability to secure additional rig activations.

As the premier well service provider in Canada, the outlook for this business remains positive. We expect the Trans Mountain pipeline expansion and LNG Canada to drive more service-related activity, while increased regulatory spending requirements are expected to result in more abandonment work. Customer demand should remain strong, and with continued labor constraints, we expect firm pricing into the foreseeable future.

We believe cost inflation is largely behind us and will continue to look for opportunities to lower costs.

Contracts

The following chart outlines the average number of drilling rigs under term contract by quarter as at October 29, 2024. For those quarters ending after September 30, 2024, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

As at October 29, 2024	Average for the quarter ended 2023								Average		Average for the quarter ended 2024								Average
	Mar. 31		June 30		Sept. 30		Dec. 31		2023		Mar. 31		June 30		Sept. 30		Dec. 31		2024
Average rigs under term contract:
U.S.		40		37		32		28		34		20		17		17		16		18
Canada		19		23		23		23		22		24		22		23		24		23
International		4		5		7		7		6		8		8		8		8		8
Total		63		65		62		58		62		52		47		48		48		49

SEGMENTED FINANCIAL RESULTS

Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rig, oilfield supply and manufacturing divisions; and Completion and Production Services, which includes our service rig, rental and camp and catering divisions.

	For the three months ended September 30,									For the nine months ended September 30,
(Stated in thousands of Canadian dollars)		2024		2023			% Change				2024		2023			% Change
Revenue:
Contract Drilling Services		406,155			390,728			3.9			1,215,125			1,257,762			(3.4	)
Completion and Production Services		73,074			57,573			26.9			225,987			178,257			26.8
Inter-segment eliminations		(2,074	)		(1,547	)		34.1			(6,955	)		(5,036	)		38.1
		477,155			446,754			6.8			1,434,157			1,430,983			0.2
Adjusted EBITDA:⁽¹⁾
Contract Drilling Services		133,235			131,701			1.2			406,662			468,302			(13.2	)
Completion and Production Services		19,741			14,118			39.8			50,786			39,031			30.1
Corporate and Other		(10,551	)		(31,244	)		(66.2	)		(56,753	)		(47,446	)		19.6
		142,425			114,575			24.3			400,695			459,887			(12.9	)

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

	For the three months ended September 30,								For the nine months ended September 30,
(Stated in thousands of Canadian dollars, except where noted)		2024		2023		% Change				2024		2023		% Change
Revenue		406,155		390,728			3.9			1,215,125		1,257,762			(3.4	)
Expenses:
Operating		262,933		247,937			6.0			776,210		759,750			2.2
General and administrative		9,987		11,090			(9.9	)		32,253		29,710			8.6
Adjusted EBITDA⁽¹⁾		133,235		131,701			1.2			406,662		468,302			(13.2	)
Adjusted EBITDA as a percentage of revenue⁽¹⁾		32.8	%	33.7	%					33.5	%	37.2	%

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

United States onshore drilling statistics:⁽¹⁾	2024				2023
	Precision		Industry⁽²⁾		Precision		Industry⁽²⁾
Average number of active land rigs for quarters ended:
March 31		38		602		60		744
June 30		36		583		51		700
September 30		35		565		41		631
Year to date average		36		583		51		692

^{(1) United States lower 48 operations only.}
^{(2) Baker Hughes rig counts.}

Canadian onshore drilling statistics:⁽¹⁾	2024				2023
	Precision		Industry⁽²⁾		Precision		Industry⁽²⁾
Average number of active land rigs for quarters ended:
March 31		73		208		69		221
June 30		49		134		42		117
September 30		72		207		57		188
Year to date average		65		183		56		175

^{(1) Canadian operations only.}
^{(2) Baker Hughes rig counts.}

SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

	For the three months ended September 30,							For the nine months ended September 30,
(Stated in thousands of Canadian dollars, except where noted)		2024		2023		% Change			2024		2023
Revenue		73,074		57,573			26.9		225,987		178,257		26.8
Expenses:
Operating		50,608		41,612			21.6		167,128		133,325		25.4
General and administrative		2,725		1,843			47.9		8,073		5,901		36.8
Adjusted EBITDA⁽¹⁾		19,741		14,118			39.8		50,786		39,031		30.1
Adjusted EBITDA as a percentage of revenue⁽¹⁾		27.0	%	24.5	%				22.5	%	21.9	%
Well servicing statistics:
Number of service rigs (end of period)		165		121			36.4		165		121		36.4
Service rig operating hours		62,835		46,894			34.0		194,390		144,944		34.1
Service rig operating hour utilization		41	%	42	%				43	%	44	%

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

OTHER ITEMS

Share-based Incentive Compensation Plans

We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2023 Annual Report.

A summary of expense amounts under these plans during the reporting periods are as follows:

	For the three months ended September 30,					For the nine months ended September 30,
(Stated in thousands of Canadian dollars)	2024			2023		2024		2023
Cash settled share-based incentive plans		(1,626	)		30,105		28,810		20,091
Equity settled share-based incentive plans		1,440			701		3,517		1,834
Total share-based incentive compensation plan expense		(186	)		30,806		32,327		21,925

Allocated:
Operating		221			7,692		8,159		6,732
General and Administrative		(407	)		23,114		24,168		15,193
		(186	)		30,806		32,327		21,925

CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES

Because of the nature of our business, we are required to make judgements and estimates in preparing our Condensed Consolidated Interim Financial Statements that could materially affect the amounts recognized. Our judgements and estimates are based on our past experiences and assumptions we believe are reasonable in the circumstances. The critical judgements and estimates used in preparing the Condensed Consolidated Interim Financial Statements are described in our 2023 Annual Report.

EVALUATION OF CONTROLS AND PROCEDURES

Based on their evaluation as at September 30, 2024, Precision’s Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the United States Securities Exchange Act of 1934, as amended (the Exchange Act)), are effective to ensure that information required to be disclosed by the Corporation in reports that are filed or submitted to Canadian and U.S. securities authorities is recorded, processed, summarized and reported within the time periods specified in Canadian and U.S. securities laws. In addition, as at September 30, 2024, there were no changes in the internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting. Management will continue to periodically evaluate the Corporation’s disclosure controls and procedures and internal control over financial reporting and will make any modifications from time to time as deemed necessary.

Based on their inherent limitations, disclosure controls and procedures and internal control over financial reporting may not prevent or detect misstatements, and even those controls determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

FINANCIAL MEASURES AND RATIOS

Non-GAAP Financial Measures

We reference certain additional Non-Generally Accepted Accounting Principles (Non-GAAP) measures that are not defined terms under IFRS Accounting Standards to assess performance because we believe they provide useful supplemental information to investors.

Adjusted EBITDA

We believe Adjusted EBITDA (earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), as reported in our Condensed Interim Consolidated Statements of Net Earnings and our reportable operating segment disclosures, is a useful measure because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.

The most directly comparable financial measure is net earnings.

	For the three months ended September 30,					For the nine months ended September 30,
(Stated in thousands of Canadian dollars)		2024		2023			2024		2023
Adjusted EBITDA by segment:
Contract Drilling Services		133,235		131,701			406,662		468,302
Completion and Production Services		19,741		14,118			50,786		39,031
Corporate and Other		(10,551	)	(31,244	)		(56,753	)	(47,446	)
Adjusted EBITDA		142,425		114,575			400,695		459,887
Depreciation and amortization		75,073		73,192			227,104		218,823
Gain on asset disposals		(3,323	)	(2,438	)		(14,235	)	(15,586	)
Foreign exchange		849		363			772		(894	)
Finance charges		16,914		19,618			53,472		63,946
Gain on repurchase of unsecured notes		—		(37	)		—		(137	)
Loss (gain) on investments and other assets		(150	)	(3,813	)		(330	)	6,075
Incomes taxes		13,879		7,898			37,512		45,138
Net earnings		39,183		19,792			96,400		142,522

Funds Provided by (Used in) Operations

We believe funds provided by (used in) operations, as reported in our Condensed Interim Consolidated Statements of Cash Flows, is a useful measure because it provides an indication of the funds our principal business activities generate prior to consideration of working capital changes, which is primarily made up of highly liquid balances.

The most directly comparable financial measure is cash provided by (used in) operations.

Net Capital Spending

We believe net capital spending is a useful measure as it provides an indication of our primary investment activities.

The most directly comparable financial measure is cash provided by (used in) investing activities.

Net capital spending is calculated as follows:

	For the three months ended September 30,					For the nine months ended September 30,
(Stated in thousands of Canadian dollars)		2024		2023			2024		2023
Capital spending by spend category
Expansion and upgrade		7,709		13,479			30,501		39,439
Maintenance, infrastructure and intangibles		56,139		38,914			127,297		108,463
		63,848		52,393			157,798		147,902
Proceeds on sale of property, plant and equipment		(5,647	)	(6,698	)		(21,825	)	(20,724	)
Net capital spending		58,201		45,695			135,973		127,178
Business acquisitions		—		—			—		28,000
Proceeds from sale of investments and other assets		—		(10,013	)		(3,623	)	(10,013	)
Purchase of investments and other assets		7		3,211			7		5,282
Receipt of finance lease payments		(207	)	(64	)		(591	)	(64	)
Changes in non-cash working capital balances		(19,149	)	(4,551	)		9,266		6,774
Cash used in investing activities		38,852		34,278			141,032		157,157

Working Capital

We define working capital as current assets less current liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

Working capital is calculated as follows:

	September 30,		December 31,
(Stated in thousands of Canadian dollars)		2024		2023
Current assets		472,557		510,881
Current liabilities		306,084		374,009
Working capital		166,473		136,872

Total Long-term Financial Liabilities

We define total long-term financial liabilities as total non-current liabilities less deferred tax liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

Total long-term financial liabilities is calculated as follows:

	September 30,		December 31,
(Stated in thousands of Canadian dollars)		2024		2023
Total non-current liabilities		920,812		1,069,364
Deferred tax liabilities		62,047		73,515
Total long-term financial liabilities		858,765		995,849

Non-GAAP Ratios
We reference certain additional Non-GAAP ratios that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
*Adjusted EBITDA % of Revenue*	We believe Adjusted EBITDA as a percentage of consolidated revenue, as reported in our Condensed Interim Consolidated Statements of Net Earnings, provides an indication of our profitability from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.
*Long-term debt to long-term debt plus equity*	We believe that long-term debt (as reported in our Condensed Interim Consolidated Statements of Financial Position) to long-term debt plus equity (total shareholders’ equity as reported in our Condensed Interim Consolidated Statements of Financial Position) provides an indication of our debt leverage.
*Net Debt to Adjusted EBITDA*	We believe that the Net Debt (long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations.
Supplementary Financial Measures
We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
*Capital Spending by Spend Category*	We provide additional disclosure to better depict the nature of our capital spending. Our capital spending is categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.

CHANGE IN ACCOUNTING POLICY

Precision adopted Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants – Amendments to IAS 1, as issued in 2020 and 2022. These amendments apply retrospectively for annual reporting periods beginning on or after January 1, 2024 and clarify requirements for determining whether a liability should be classified as current or non-current. Due to this change in accounting policy, there was a retrospective impact on the comparative Statement of Financial Position pertaining to the Corporation’s Deferred Share Unit (DSU) plan for non-management directors which are redeemable in cash or for an equal number of common shares upon the director’s retirement. In the case of a director retiring, the director’s respective DSU liability would become payable and the Corporation would not have the right to defer settlement of the liability for at least twelve months. As such, the liability is impacted by the revised policy. The following changes were made to the Statement of Financial Position:

As at January 1, 2023, accounts payable and accrued liabilities increased by $12 million and non-current share-based compensation liability decreased by $12 million.
As at December 31, 2023, accounts payable and accrued liabilities increased by $8 million and non-current share-based compensation liability decreased by $8 million.

The Corporation’s other liabilities were not impacted by the amendments. The change in accounting policy will also be reflected in the Corporation’s consolidated financial statements as at and for the year ending December 31, 2024.

JOINT PARTNERSHIP

On September 26, 2024, Precision formed a strategic Partnership with two Indigenous partners to provide well servicing operations in northeast British Columbia. Precision contributed $4 million in assets to the Partnership. Precision holds a controlling interest in the Partnership and the portions of the net earnings and equity not attributable to Precision’s controlling interest are shown separately as Non-Controlling Interests (NCI) in the consolidated statements of net earnings and consolidated statements of financial position.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

Certain statements contained in this release, including statements that contain words such as “could”, “should”, “can”, “anticipate”, “estimate”, “intend”, “plan”, “expect”, “believe”, “will”, “may”, “continue”, “project”, “potential” and similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information and statements”).

In particular, forward-looking information and statements include, but are not limited to, the following:

our strategic priorities for 2024;
our capital expenditures, free cash flow allocation and debt reduction plans for 2024 through to 2026;
anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2024;
the average number of term contracts in place for 2024;
customer adoption of Alpha™ technologies and EverGreen™ suite of environmental solutions;
timing and amount of synergies realized from acquired drilling and well servicing assets;
potential commercial opportunities and rig contract renewals; and
our future debt reduction plans.

These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

our ability to react to customer spending plans as a result of changes in oil and natural gas prices;
the status of current negotiations with our customers and vendors;
customer focus on safety performance;
existing term contracts are neither renewed nor terminated prematurely;
our ability to deliver rigs to customers on a timely basis;
the impact of an increase/decrease in capital spending; and
the general stability of the economic and political environments in the jurisdictions where we operate.

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

volatility in the price and demand for oil and natural gas;
fluctuations in the level of oil and natural gas exploration and development activities;
fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;
our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;
changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;
shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
liquidity of the capital markets to fund customer drilling programs;
availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;
the impact of weather and seasonal conditions on operations and facilities;
competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;
ability to improve our rig technology to improve drilling efficiency;
general economic, market or business conditions;
the availability of qualified personnel and management;
a decline in our safety performance which could result in lower demand for our services;
changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;
terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;
fluctuations in foreign exchange, interest rates and tax rates; and
other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.

Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2023, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(Stated in thousands of Canadian dollars)	September 30, 2024			December 31, 2023⁽¹⁾			January 1, 2023⁽¹⁾
ASSETS
Current assets:
Cash	$	24,304		$	54,182		$	21,587
Accounts receivable		401,652			421,427			413,925
Inventory		41,398			35,272			35,158
Assets held for sale		5,203			—			—
Total current assets		472,557			510,881			470,670
Non-current assets:
Income tax recoverable		696			682			1,602
Deferred tax assets		27,767			73,662			455
Property, plant and equipment		2,296,079			2,338,088			2,303,338
Intangibles		15,566			17,310			19,575
Right-of-use assets		63,708			63,438			60,032
Finance lease receivables		4,938			5,003			—
Investments and other assets		6,685			9,971			20,451
Total non-current assets		2,415,439			2,508,154			2,405,453
Total assets	$	2,887,996		$	3,019,035		$	2,876,123

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	282,810		$	350,749		$	404,350
Income taxes payable		3,059			3,026			2,991
Current portion of lease obligations		19,263			17,386			12,698
Current portion of long-term debt		952			2,848			2,287
Total current liabilities		306,084			374,009			422,326

Non-current liabilities:
Share-based compensation		10,339			16,755			47,836
Provisions and other		7,408			7,140			7,538
Lease obligations		54,010			57,124			52,978
Long-term debt		787,008			914,830			1,085,970
Deferred tax liabilities		62,047			73,515			28,946
Total non-current liabilities		920,812			1,069,364			1,223,268
Equity:
Shareholders’ capital		2,337,079			2,365,129			2,299,533
Contributed surplus		76,656			75,086			72,555
Deficit		(915,629	)		(1,012,029	)		(1,301,273	)
Accumulated other comprehensive income		158,602			147,476			159,714
Total equity attributable to shareholders		1,656,708			1,575,662			1,230,529
Non-controlling interest		4,392			—			—
Total equity		1,661,100			1,575,662			1,230,529
Total liabilities and equity	$	2,887,996		$	3,019,035		$	2,876,123

^{(1) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”}

^{(2) See “JOINT PARTNERSHIP” for additional information.}

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS) (UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
(Stated in thousands of Canadian dollars, except per share amounts)	2024			2023			2024			2023


Revenue	$	477,155		$	446,754		$	1,434,157		$	1,430,983
Expenses:
Operating		311,467			288,002			936,383			888,039
General and administrative		23,263			44,177			97,079			83,057
Earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization		142,425			114,575			400,695			459,887
Depreciation and amortization		75,073			73,192			227,104			218,823
Gain on asset disposals		(3,323	)		(2,438	)		(14,235	)		(15,586	)
Foreign exchange		849			363			772			(894	)
Finance charges		16,914			19,618			53,472			63,946
Gain on repurchase of unsecured senior notes		—			(37	)		—			(137	)
Loss (gain) on investments and other assets		(150	)		(3,813	)		(330	)		6,075
Earnings before income taxes		53,062			27,690			133,912			187,660
Income taxes:
Current		2,297			2,047			4,659			4,008
Deferred		11,582			5,851			32,853			41,130
		13,879			7,898			37,512			45,138
Net earnings	$	39,183		$	19,792		$	96,400		$	142,522
Net earnings per share attributable to shareholders:
Basic	$	2.77		$	1.45		$	6.74		$	10.45
Diluted	$	2.31		$	1.45		$	6.73		$	9.84

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
(Stated in thousands of Canadian dollars)	2024			2023			2024			2023
Net earnings	$	39,183		$	19,792		$	96,400		$	142,522
Unrealized gain (loss) on translation of assets and liabilities of operations denominated in foreign currency		(16,104	)		39,180			30,409			3,322
Foreign exchange gain (loss) on net investment hedge with U.S. denominated debt		9,536			(24,616	)		(19,283	)		(1,484	)
Comprehensive income	$	32,615		$	34,356		$	107,526		$	144,360

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
(Stated in thousands of Canadian dollars)	2024			2023			2024			2023
Cash provided by (used in):
Operations:
Net earnings	$	39,183		$	19,792		$	96,400		$	142,522
Adjustments for:
Long-term compensation plans		2,620			11,577			14,490			9,200
Depreciation and amortization		75,073			73,192			227,104			218,823
Gain on asset disposals		(3,323	)		(2,438	)		(14,235	)		(15,586	)
Foreign exchange		815			1,275			965			(13	)
Finance charges		16,914			19,618			53,472			63,946
Income taxes		13,879			7,898			37,512			45,138
Other		27			—			120			(220	)
Loss (gain) on investments and other assets		(150	)		(3,813	)		(330	)		6,075
Gain on repurchase of unsecured senior notes		—			(37	)		—			(137	)
Income taxes paid		(508	)		(187	)		(4,842	)		(2,395	)
Income taxes recovered		58			4			58			7
Interest paid		(31,692	)		(35,500	)		(69,435	)		(79,702	)
Interest received		426			227			1,558			562
Funds provided by operations		113,322			91,608			342,837			388,220
Changes in non-cash working capital balances		(33,648	)		(3,108	)		(23,545	)		(57,904	)
Cash provided by operations		79,674			88,500			319,292			330,316

Investments:
Purchase of property, plant and equipment		(63,797	)		(51,546	)		(157,747	)		(146,378	)
Purchase of intangibles		(51	)		(847	)		(51	)		(1,524	)
Proceeds on sale of property, plant and equipment		5,647			6,698			21,825			20,724
Proceeds from sale of investments and other assets		—			10,013			3,623			10,013
Business acquisitions		—			—			—			(28,000	)
Purchase of investments and other assets		(7	)		(3,211	)		(7	)		(5,282	)
Receipt of finance lease payments		207			64			591			64
Changes in non-cash working capital balances		19,149			4,551			(9,266	)		(6,774	)
Cash used in investing activities		(38,852	)		(34,278	)		(141,032	)		(157,157	)

Financing:
Issuance of long-term debt		10,900			23,600			10,900			162,649
Repayments of long-term debt		(59,658	)		(49,517	)		(162,506	)		(288,538	)
Repurchase of share capital		(16,891	)		—			(50,465	)		(12,951	)
Issuance of common shares from the exercise of options		495			—			686			—
Debt amendment fees		—			—			(1,317	)		—
Lease payments		(3,586	)		(2,410	)		(10,005	)		(6,413	)
Funding from non-controlling interest		4,392			—			4,392			—
Cash used in financing activities		(64,348	)		(28,327	)		(208,315	)		(145,253	)
Effect of exchange rate changes on cash		(403	)		251			177			(428	)
Increase (decrease) in cash		(23,929	)		26,146			(29,878	)		27,478
Cash, beginning of period		48,233			22,919			54,182			21,587
Cash, end of period	$	24,304		$	49,065		$	24,304		$	49,065

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

	Attributable to shareholders of the Corporation
(Stated in thousands of Canadian dollars)	Shareholders’ Capital			Contributed Surplus			Accumulated Other Comprehensive Income		Deficit			Total			Non- controlling interest		Total Equity
Balance at January 1, 2024	$	2,365,129		$	75,086		$	147,476	$	(1,012,029	)	$	1,575,662		$	—	$	1,575,662
Net earnings for the period		—			—			—		96,400			96,400			—		96,400
Other comprehensive income for the period		—			—			11,126		—			11,126			—		11,126
Share options exercised		978			(292	)		—		—			686			—		686
Settlement of Executive Performance and Restricted Share Units		21,846			(1,479	)		—		—			20,367			—		20,367
Share repurchases		(51,050	)		—			—		—			(51,050	)		—		(51,050	)
Redemption of non-management directors share units		176			(176	)		—		—			—			—		–
Share-based compensation expense		—			3,517			—		—			3,517			—		3,517
Funding from non-controlling interest		—			—			—		—			—			4,392		4,392
Balance at September 30, 2024	$	2,337,079		$	76,656		$	158,602	$	(915,629	)	$	1,656,708		$	4,392	$	1,661,100

	Attributable to shareholders of the Corporation
(Stated in thousands of Canadian dollars)	Shareholders’ Capital			Contributed Surplus		Accumulated Other Comprehensive Income		Deficit			Total			Non- controlling interest		Total Equity
Balance at January 1, 2023	$	2,299,533		$	72,555	$	159,714	$	(1,301,273	)	$	1,230,529		$	—	$	1,230,529
Net earnings for the period		—			—		—		142,522			142,522			—		142,522
Other comprehensive income for the period		—			—		1,838		—			1,838			—		1,838
Settlement of Executive Performance and Restricted Share Units		19,206			—		—		—			19,206			—		19,206
Share repurchases		(12,951	)		—		—		—			(12,951	)		—		(12,951	)
Redemption of non-management directors share units		757			—		—		—			757			—		757
Share-based compensation expense		—			1,834		—		—			1,834			—		1,834
Balance at September 30, 2023	$	2,306,545		$	74,389	$	161,552	$	(1,158,751	)	$	1,383,735		$	—	$	1,383,735

2024 THIRD QUARTER RESULTS CONFERENCE CALL AND WEBCAST

Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 11:00 a.m. MT (1:00 p.m. ET) on Wednesday, October 30, 2024.

To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

https://register.vevent.com/register/BI4cb3a3db88084e66ad528ebb2bdb81e4

The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision’s website for 12 months.

https://edge.media-server.com/mmc/p/mov2xb4k

About Precision

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

Additional Information

For further information, please contact:

Lavonne Zdunich, CPA, CA
Vice President, Investor Relations
403.716.4500

800, 525 – 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
Website: www.precisiondrilling.com

The MIL Network –

January 25, 2025

MIL-OSI USA: Senators Peters and Stabenow Announce Michigan Will Receive Nearly $134 Million to Upgrade Water Infrastructure

US Senate News:

Source: United States Senator for Michigan Gary Peters
WASHINGTON, DC – U.S. Senators Gary Peters (MI) and Debbie Stabenow (MI) announced Michigan will receive $133,663,000 in federal funding to upgrade Michigan’s outdated water infrastructure and keep communities safe. This funding will support local projects to improve wastewater management systems, protect freshwater resources, and deliver safe drinking water to homes, schools, and businesses. This investment comes from the Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Law, that the senators helped enact. The Bipartisan Infrastructure Law made the largest investment in water infrastructure in American history.
“This robust investment will help our state make great strides in upgrading Michigan’s outdated water infrastructure, addressing emerging contaminants like PFAS, and safeguarding our state’s unmatched freshwater resources,” said Senator Peters. “I was proud to play a role in passing the Bipartisan Infrastructure Law, which made these upgrades possible, and I’m glad that this support will go to the communities in our state who need it most. We must continue working to ensure that every Michigander has access to safe drinking water.”
“The Infrastructure Investment and Jobs Act continues to deliver for Michigan,” said Senator Stabenow. “This new investment will improve our water systems, clean up pollution, keep our drinking water safe, fix old pipes, and more. Step-by-step, this law is making our state a safer, better place for families to live.”
“Water keeps us healthy, sustains vibrant communities and dynamic ecosystems, and supports economic opportunity. When our water infrastructure fails, it threatens people’s health, peace of mind, and the environment,” said EPA Administrator Michael S. Regan. “With the Bipartisan Infrastructure Law’s historic investment in water, EPA is working with states and local partners to upgrade infrastructure and address local challenges—from lead in drinking water, to PFAS, to water main breaks, to sewer overflows and climate resilience. Together, we are creating good-paying jobs while ensuring that all people can rely on clean and safe water.
These Bipartisan Infrastructure Law funds for Michigan – specifically $106,994,000 in Clean Water General Supplemental funding, $9,236,000 in Clean Water Emerging Contaminant funding, and $17,433,000 in Drinking Water Emerging Contaminant funding – will flow through the Clean Water and Drinking Water State Revolving Funds (CWSRF and DWSRF). The State Revolving Fund (SRF) programs have been the foundation of water infrastructure investments for more than 30 years, providing low-cost financing for local projects across America. These critical programs help communities minimize pollution, invest in clean infrastructure projects, address emerging contaminants like PFAS, and implement systems to provide clean drinking water to residents.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Cassidy, Tillis, Colleagues Introduce Legislation to Replenish the SBA Disaster Loan Program Following Hurricanes Francine, Helene, Milton

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy
WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Thom Tillis (R-NC), Ted Budd (R-NC), Tim Scott (R-SC), and Rick Scott (R-FL) announced plans to introduce the Restoring an Economic Lifeline with Immediate Emergency Funding (Relief) Act that would replenish the U.S. Small Business Administration (SBA) Disaster Loan Program. On October 15th, the SBA announced the Disaster Loan Fund had run out of money. The senators plan to seek passage of the legislation when Congress returns to session.
“Hurricanes Francine, Helene, and Milton hit us hard, but Louisianans and Americans are resilient,” said Dr. Cassidy. “This funding is essential to help small businesses recover from these storms and support our local economies.”
“The SBA Disaster Loan Program running out of funds risks delays in processing the loans of those affected by Helene and Milton and their ability to get their lives back on track,” said Senator Tillis. “That is why I am leading legislation to replenish this fund when Congress returns to Washington, and I look forward to working across the aisle to pass a long-term disaster aid package that will provide additional resources to help make the victims of these hurricanes whole again. ”
“The citizens of Western North Carolina are some of the toughest and most resilient people in this country,” said Senator Budd. “As they recover and rebuild their communities, they must be able to access disaster loans from SBA. This recovery will take many years, and I look forward to working with my colleagues to cut through the delays and provide WNC with the resources they need as quickly as possible.”
“Hurricane Helene brought a level of devastation to South Carolina we haven’t seen since Hugo. With a natural disaster of this magnitude, Congress should take the opportunity to show leadership and help ease the pain of those who have lost everything,” said Senator Tim Scott. “Communities back home and in surrounding states have come together to recover, but it will take every possible effort to get us back to where we were.”
“We cannot allow frontline federal agencies, like the SBA, to run out of disaster relief funds. This is especially important in the wake of Hurricanes Helene and Milton which devastated Florida, North Carolina and communities across the Southeast U.S,” said Senator Rick Scott. “I continue to call on Leader Schumer to immediately reconvene the Senate so we can fund disaster relief functions at FEMA, the SBA, USDA and other agencies to get folks what they need and deserve. I won’t stop fighting to get this done and am proud to join my colleagues to introduce a bill that funds SBA disaster loans and makes sure the federal government is a reliable partner as families continue their recovery.”
The Relief Act would appropriate $550 million to fund the SBA Disaster Loan Program Account, which would provide $2.475B in lending capacity projected to last until the end of 2024.

MIL OSI USA News –

January 25, 2025

MIL-OSI: Oxford Square Capital Corp. Schedules Third Quarter 2024 Earnings Release and Conference Call for November 5, 2024

Source: GlobeNewswire (MIL-OSI)

GREENWICH, Conn., Oct. 29, 2024 (GLOBE NEWSWIRE) — Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) announced today that it will hold a conference call to discuss third quarter 2024 earnings on Tuesday, November 5, 2024 at 9:00 AM Eastern time. The toll free dial-in number is 800-445-7795 and the conference identification is “Oxford”. There will be a recording available for 30 days after the call. If you are interested in hearing the recording, please dial 800-945-1517. The replay pass-code number is 25209.

About Oxford Square Capital Corp.
Oxford Square Capital Corp. is a publicly-traded business development company principally investing in syndicated bank loans and debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

Contact:
Bruce Rubin
203-983-5280

The MIL Network –

January 25, 2025

MIL-OSI USA: Pennsylvania State Police to Showcase Progress of Academy Construction Project

Source: US State of Pennsylvania

October 30, 2024 – Hershey, PA

ADVISORY – Pennsylvania State Police to Showcase Progress of Academy Construction Project

The Pennsylvania State Police (PSP) on Wednesday will provide a progress report on the construction of a new Pennsylvania State Police Academy, a project to completely modernize the 64-year-old campus and ensure troopers are trained in the best possible environment for decades to come. A tour of the grounds and project for media members will immediately follow the remarks.

Following months of site preparation, construction began on the most visible aspect of the project, the five-story Marquee Building overlooking East Hersheypark Drive. The building will house modern classrooms and administrative offices, 300 individual cadet dormitories, a 500-seat auditorium, and a spacious cafeteria.

Construction work is underway on several other new buildings, including horse stables for the PSP Mounted Unit, the Bureau of Emergency and Special Operations headquarters, the central supply warehouse, and an outdoor tactical village for hosting simulations of high-risk incidents such as active shooters and hostage situations.

Lieutenant Colonel George Bivens, Deputy Commissioner of Operations, will provide the progress report, answer questions about the construction project, and offer a tour of the site to interested members of the media.

Media members planning to attend are asked to RSVP to ra-pspcomm@pa.gov.

WHAT: Pennsylvania State Police to Showcase Progress of Academy Construction Project

WHEN: Wednesday, October 30, 2024; 10:00 A.M.

WHERE: Pennsylvania State Police Academy, 175 E. Hersheypark Drive, Hershey

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: News 10/29/2024 Blackburn, Whitehouse, Colleagues Urge DEA to Extend Telehealth Flexibilities for Substance Use Disorder and Mental Health Treatment

US Senate News:

Source: United States Senator Marsha Blackburn (R-Tenn)

NASHVILLE, Tenn. – U.S. Senators Marsha Blackburn (R-Tenn.), Sheldon Whitehouse (D-R.I.), Lisa Murkowski (R-Alaska), and Mark Warner (D-Va.) led a group of 11 Senators in sending a bipartisan letter calling on the Drug Enforcement Administration (DEA) to extend COVID-era regulatory flexibilities that increase access to telehealth services.

These rules have been a lifeline for many patients, particularly those in rural and underserved communities, as well as individuals managing mental health conditions, substance use disorders, and chronic illnesses.

“Telemedicine has proven to be an effective tool in reducing barriers to care, supporting those with the greatest need, and bridging the divide between patients and providers,” wrote the Senators.

“As bipartisan senators committed to safeguarding public health and promoting equitable access to health care, we are concerned that the reported proposed restrictions could have significant unintended consequences, including disrupting access to treatment for substance use disorder,” added the Senators. “We urge the DEA to continue working with stakeholders on a proposal that prioritizes the public health benefit for continued access to telemedicine, and finalize an additional temporary extension well before the December 31, 2024 deadline so that both providers and patients have certainty that there will be no gap in their ongoing care.”

BACKGROUND:

The bipartisan letter urges the Biden administration to extend the current flexibilities that safeguard access to necessary care while addressing the risks of prescription medication misuse, and recommends a final rule that creates no new barriers to care.

The letter highlights that telemedicine has expanded access to life-saving treatments, particularly for opioid use disorder, mental health care, and chronic illnesses.

Overdose deaths involving opioids rose to a peak of 84,181 Americans in 2022 before falling to 81,083 in 2023. Despite strong evidence that medication is the most effective treatment for opioid use disorder, only one in five Americans with opioid addiction receive medication treatment that could help them quit and stay in recovery.

The Senators’ letter also stresses the importance of ensuring there is no gap in services when the current rules expire at the end of 2024.

TREATS ACT:

The bipartisan legislation would waive regulatory restrictions for accessing care, preserving flexibilities put in place to save lives during the COVID-19 pandemic.

During the COVID-19 Public Health Emergency, the DEA and the Department of Health and Human Services temporarily removed the in-person exam requirement for prescribing medication via telemedicine for people with opioid use disorder. Telehealth flexibilities helped a broad range of patients – including veterans, those living in rural areas, people experiencing homelessness, individuals in the criminal justice system, and racial and ethnic minorities – access treatment. The flexibilities are set to expire on December 31, 2024.

The TREATS Act would make the changes permanent, allowing providers to waive the in-person visit requirement and instead use audio-only or audio-visual telehealth technology. The TREATS Act has 20 bipartisan co-sponsors in the Senate.

CO-SIGNERS:

The letter is also signed by Senators Ron Wyden (D-Ore.), Martin Heinrich (D-N.M.), Mark Kelly (D-Ariz.), Angus King (I-Maine), Ben Ray Luján (D-N.M.), Jeff Merkley (D-Ore.), and Peter Welch (D-Vt.). Representatives Doris Matsui (D-Calif.) and Buddy Carter (R-Ga.) are leading a similar effort in the House.

Full text of the letter can be found here.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: FEMA Continues Recovery Efforts Following Hurricanes Helene and Milton, over $1.2 Billion in Direct Assistance to Survivors

Source: US Federal Emergency Management Agency

Headline: FEMA Continues Recovery Efforts Following Hurricanes Helene and Milton, over $1.2 Billion in Direct Assistance to Survivors

FEMA Continues Recovery Efforts Following Hurricanes Helene and Milton, over $1.2 Billion in Direct Assistance to Survivors

Federal, state and local partners remain throughout the Southeast to help survivors affected by recent stormsWASHINGTON – The Biden-Harris Administration has approved more than $1.2 billion in direct assistance to Hurricanes Helene and Milton survivors. These funds help survivors with housing repairs, personal property replacement and other essential recovery efforts. Additionally, over $1.1 billion has been approved for debris removal and emergency protective measures, which are necessary to save lives, protect public health and prevent further damage to public and private property.Today, Deputy Administrator Erik Hooks is in North Carolina meeting with state and local officials and supporting federal response efforts. FEMA personnel remain on the ground in communities across the Southeast conducting damage assessments, coordinating with local officials, and helping individuals apply for disaster assistance programs. More than 1,400 FEMA Disaster Survivor Assistance team members are in affected neighborhoods helping survivors apply for assistance and connecting them with additional state, local, federal and voluntary agency resources.Applying for assistance is a critical first step towards recovery. Disaster survivors in certain areas of Georgia, Florida (Helene), Florida (Milton), North Carolina, South Carolina, Tennessee and Virginia can begin their recovery process by applying for federal assistance through FEMA. Federal assistance for individuals may include upfront funds to help with essential items like food, water, baby formula, breastfeeding supplies and other emergency supplies. Funds may also be available to repair storm-related damage to homes and personal property, as well as assistance to find a temporary place to stay. Applicants may be eligible for Transitional Sheltering Assistance, which provides survivors with a safe, temporary place to stay, like a hotel or motel, until they can find a short or longer-term housing solution. To date, more than 23,000 households have checked into FEMA provided hotels.Individuals affected by the hurricanes are encouraged to apply as soon as they are able to by visiting DisasterAssistance.gov, which is the fastest way to get an application started. Individuals can also apply using the FEMA App, calling 1-800-621-3362 or in person at a local Disaster Recovery Center. Disaster Recovery Centers can provide survivors in-person help with their applications. FEMA now has 75 Disaster Recovery Centers open throughout the hurricane affected communities. Center locations can be found at FEMA.gov/DRC. FEMA also has Disaster Survivor Assistance team members in the field supporting survivors and helping them with the application process. Support for North CarolinaFEMA has approved over $185 million for over 116,000 households and other types of assistance. Additionally, FEMA has approved more than $189 million for debris removal and reimbursement of emergency protective measures for the state.More than 6,300 households have checked into FEMA-funded hotels and lodging through FEMA’s Transitional Sheltering Assistance program. There are 411 Disaster Survivor Assistance members in communities providing support. There are also 21 Disaster Recovery Centers now open in Asheville (Mobile), Bakersville, Boone, Brevard, Bryson City, Burnsville, Charlotte, Conover, Fairview, Hendersonville, Jefferson, Lake Lure, Lenoir, Marion, Marshall, Morganton, Newland, Old Fort, Sparta, Sylva, and Waynesville where survivors can speak directly with FEMA and state personnel for assistance with their recovery. To find the nearest center, visit FEMA.gov/DRC.Support for Florida In response to Helene, FEMA has approved over $413 million in housing and other types of assistance for more than 125,000 households. Additionally, FEMA has approved more than $335 million in Public Assistance for debris removal and emergency work. In response to Milton, FEMA has approved over $252 million in housing and other types of assistance for over 174,000 households. Additionally, FEMA has approved more than $631 million in Public Assistance for debris removal and emergency work.More than 13,200 households have checked into FEMA-funded hotels and lodging through FEMA’s Transitional Sheltering Assistance program. There are 486 Disaster Survivor Assistance members in communities to provide support. There are also 20 Disaster Recovery Centers now open in Bartow, Branford, Brooksville, Carrabelle (Mobile), Dale City (Mobile), Fort Pierce, Homosassa, Lake City, Largo, Live Oak, Madison, Old Town, Orlando, Palmetto (Mobile), Perry (2), Punta Gorda (Mobile), Sarasota, Stuart and Vero Beach supporting survivors from Debby, Helene and Milton where survivors can speak to state and federal personnel to help with their recovery. Survivors may find their closest center by visiting FEMA.gov/DRC.Residents in need of information or resources should call the State Assistance Information Line (SAIL) at 1-800-342-3557. English, Spanish and Creole speakers are available to answer questions. Support for South CarolinaFEMA has approved over $196 million in housing and other types of assistance for more than 198,000 households. More than 3,400 households have checked into FEMA-funded hotels and lodging through FEMA’s Transitional Sheltering Assistance program.There are 155 Disaster Survivor Assistance members in communities providing support. There are also nine Disaster Recovery Centers now open in Abbeville, Anderson, Columbia, Edgefield, Graniteville, Greenville, Greenwood, Spartanburg and Winnsboro where survivors can speak to state and federal personnel to help with their recovery. Survivors may find their closest center by visiting FEMA.gov/DRC.Residents with questions on Helene can call the state’s toll-free hotline, open 24 hours a day, at 1-866-246-0133. Residents who are dependent on medical equipment at home and who are without power due to Helene may be eligible for a medical needs shelter. Call the state’s Department of Public Health Care Line at 1-855-472-3432 for more information. Support for GeorgiaFEMA has approved over $190 million in housing and other types of assistance for more than 160,000 households.There are 267 Disaster Survivor Assistance members in communities providing support. There are also 12 Disaster Recovery Centers now open in Augusta, Baxley, Douglas, Lyons, McRae–Helena (Mobile), Midway, Ocilla (Mobile), Sandersville, Savannah, Thompson, Valdosta and Waycross (Mobile) where survivors can speak to state and federal personnel to help with their recovery. Survivors may find their closest center by visiting FEMA.gov/DRC.Residents can find resources like shelters and feeding sites at gema.georgia.gov/hurricane-helene. Support for Virginia To date, FEMA has approved over $8 million in housing and other types of assistance for more than 2,700 households.There are about 79 Disaster Survivor Assistance members in communities providing support. There are also eight Disaster Recovery Centers open in Christiansburg, Damascus, Dublin, Independence, Marion, Pembroke, Tazewell and Wytheville where survivors can speak to state and federal personnel to help with their recovery. Survivors may find their closest center by visiting FEMA.gov/DRC.Residents can find resources like shelters and feeding sites at: Recover – Hurricane Helene | VDEM (vaemergency.gov).Support for Tennessee FEMA has approved more than $15.9 million in housing and other types of assistance for more than 4,700 households. There are more than 58 Disaster Survivor Assistance members in communities providing support. There are now five Disaster Recovery Center open in Elizabeth, Erwin, Greenville, Morristown and Newport where survivors can speak to state and federal personnel to help with their recovery. Survivors may find their closest center by visiting FEMA.gov/DRC.Counties continue to establish donation centers. For the evolving list, visit TEMA’s website.
amy.ashbridge
Tue, 10/29/2024 – 21:15

MIL OSI USA News –

January 25, 2025

MIL-OSI Australia: 100 billion reasons why the night-time economy is no afterthought

Source: New South Wales Government 2

Headline: 100 billion reasons why the night-time economy is no afterthought

Published: 30 October 2024

Released by: Minister for Music and the Night-time Economy

The NSW night-time economy is worth $102 billion a year, employs a fifth of all workers and supports more than 53,000 core businesses, including music venues, restaurants, bars and leisure activity providers.

These are some of the insights from Data After Dark, a pioneering new platform released today that will track growth and changes in economic activity across the state between 6pm and 6am.

Data After Dark, which draws from multiple information sources, including Opal travel data and spending transactions, will create a baseline to track the impact of the Minns Labor Government’s Vibrancy laws that are cutting red tape and tearing up the restrictions that have strangled nightlife and the night-time economy.

The Vibrancy Reforms have:

Torn up “no entertainment” clauses and bizarre restrictions on what genres of music venues can play
Made outdoor dining permanently available
Stopped single neighbour noise complaints from shutting down pubs and other licensed venues
Required property buyers to be notified when they are moving into an entertainment zone to reduce friction between venues and neighbours
Ended the outdated rule that prevents people living within five kilometres of a registered club from signing in without first becoming a member
Binned restrictions that prevented patrons from standing while drinking outside a licenced premises

Businesses and the public will have free access to quarterly updates of Data After Dark, while NSW Government, its agencies and participating councils will be able to access live information via a world-first dashboard feed.

In the three months to June 30, the report found spending in person on Saturday night eclipsed Thursday night ($50.8 million vs $46.7 million). In the March quarter, Thursday night had recorded the most spending at night.

At a business level, the biggest growth over the past year has been in takeaway food and sports and physical recreation services, including gyms, while liquor retailing and gambling have recorded declines in their share of the night-time economy.

Other insights from the June quarter:

More businesses opened, including an additional 1,197 core night-time businesses year-on-year
Public transport recorded year-on-year growth of 4.4%, with 35.7 million Opal tap-offs at night
People in NSW made 464 million night-time trips across all transport modes
Night-time in-person spending was $3.57 billion – or 16.9% of the 24-hour total

By location, the “eastern harbour city” which includes the Sydney CBD, eastern suburbs and inner-west, represents 52 per cent of the total night time economy across the “six cities” that incorporates Newcastle, Wollongong, Central Coast, the Parramatta area and the “western parkland city” beyond.

Data After Dark will be launched by Minister for Music and the Night-time Economy John Graham at the second annual NEON Forum in Sydney today which brings together the world’s leading experts on night-time economies, hosted by the NSW Office of the 24-Hour Economy Commissioner.

Quarterly reports can be accessed here

Minister for Music and the Night-time Economy, John Graham said:

“A strong night-time economy is critical to a global city like Sydney and the centres of commerce right across NSW.

“The insights that Data After Dark provides will help business and government understand this part of the economy better and make the most informed, data-led decisions on how to grow its contribution.

“The platform leverages a wealth of information on night-time trading, safety and mobility to tailor policy like never before. This is a world-leading tool to monitor the night-time economy.

“As part of the Minns Labor Government’s Vibrancy Reforms we are stripping back red tape and ending some of the frustrating rules and restrictions that have stopped people enjoying time outside the home after hours.

24-Hour Economy Commissioner Michael Rodrigues said:  

“Previously there has been no real baseline dataset that offers an insightful health check of our night-time economies across the State. Data After Dark fills that gap as the first of its kind tool that establishes a set of universal measures for night-time economies.

“The application of reliable and consistent data will help State agencies and local councils as they work with the private sector and communities to build lively and safe going out districts. We also now have a tool to make sure we can measure the performance of new initiatives and programs.”

Jeremy Gill, Head of Policy, Committee for Sydney said:

“Sydney’s night-time economy is buzzing again. To ensure it meets the needs of all Sydneysiders, we need to know who’s involved, how they’re engaging with it, what they want and what that looks like in different parts of the city.

“Great data is central to this. The Data after Dark platform gives us insights into the current state of affairs and empowers us to advocate for policies that can effectively address our challenges and seize the opportunities ahead.”

MIL OSI News –

January 25, 2025

MIL-OSI: Sunrun Announces Appointment of John Trinta to its Board of Directors

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today announced the appointment of John Trinta, former CEO of Deloitte Financial Advisory Services, as a member of the Company’s board of directors (the “Board”) and Audit Committee of the Board. Mr. Trinta brings nearly 40 years of expertise in tax and accounting, paired with a proven track record in driving strategic growth and leading organizations to new heights.

“It is with great excitement that I introduce John as the newest member of our Board. Having spent nearly four decades at Deloitte, he brings exceptional expertise in finance, accounting, and tax—critical skills as we navigate today’s complexities and continue to position ourselves as a market leader in the clean energy sector,” said Sunrun CEO Mary Powell. “Beyond his technical strengths, John’s leadership, strategic mindset, and ability to inspire teams set him apart. I’m confident that his insights will be a value add as we continue to execute on our margin-focused and disciplined growth strategy.”

Mr. Trinta is a seasoned finance professional with a distinguished career in finance, accounting, and tax. From June 1998 to May 2020, Mr. Trinta held several executive positions at Deloitte, including as the CEO of Deloitte Financial Advisory Services, Deputy CEO of Advisory Services, Partner in Charge of Americas Financial Advisory Services, and Deputy National Managing Partner in Tax Services. He also served on Deloitte’s U.S. and Functional Global Board of Directors from 2003 to 2005. During his time at Deloitte, Mr. Trinta spearheaded Deloitte’s merger of Financial Advisory and Risk practices and co-led Deloitte’s purchase and integration of various tax and advisory businesses.

“I am excited to join Mary and the Sunrun Board as the Company continues to innovate and differentiate itself within the market by focusing on creating cleaner, reliable, and sustainable energy solutions for its customers,” said Mr.Trinta. “I look forward to sharing my financial, accounting, and tax expertise with the entire Sunrun team and contributing to the mission of connecting people to the cleanest energy on earth.”

Mr. Trinta holds a Bachelor of Science degree in Business Administration with a concentration in accounting from California State University, Chico, and a Master of Science degree in Taxation from Golden Gate University.

About Sunrun
Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com.

Media Contact
Wyatt Semanek
Director, Corporate Communications
press@sunrun.com

Investor & Analyst Contact
Patrick Jobin
SVP, Deputy CFO & Investor Relations Officer
investors@sunrun.com

The MIL Network –

January 25, 2025

MIL-OSI USA: Governor Polis Highlights Colorado’s Leading Work to Save Coloradans Money on Energy Bills, Support Out of School Time that Helps Colorado Students Thrive, and Promote Civic Engagement at Front Range Community College

Source: US State of Colorado

ARVADA – Today, Governor Polis highlighted Colorado’s leadership in clean energy, investments in education, and promotion of healthy civic engagement for all Coloradans.

The Governor took part in the Colorado Afterschool Partnership Fall Conference, to discuss Colorado’s work to support out-of-school educators for their work to help Colorado students succeed . In 2023, Governor Polis signed a bipartisan law to make a major state investment in afterschool education opportunities to get every student on track to math proficiency. These investments provide support for math instruction and improvement for students in pre-kindergarten through twelfth grade.

“Investing in our students’ success is an investment in our state’s future. I am grateful to all the educators across the state who work tirelessly to provide the support and instruction for Colorado students to succeed well beyond the classroom. No student should feel left behind, and afterschool programs are critical to ensure students thrive,” said Governor Polis.

The Governor then participated virtually in the Interstate Oil and Gas Compact Commission Conference focused on solutions for low-cost energy. Colorado’s energy sector is a model for the nation, creating jobs and strengthening the economy.

“As Chair of the National Governors Association I work with Governors from across the country and aisle on the issues that matter most to the people we serve, and today I was glad to join my fellow Governors Stitt and Governor Dunleavy to discuss our work on energy, as well as Colorado’s national leadership on technologies that lower energy costs, protect our air quality, and ensure clean drinking water for all Coloradans,” said Governor Polis.

Governor Polis also spoke at the Energy M&A and Financing Forum to promote Colorado’s nation leading work in innovative clean energy solutions, ranking 4th in cleantech employment, 2nd in the nation for electric vehicle sales, and 8th nationally for wind, solar, and storage.

“In Colorado, we are taking a market-driven, sector-by-sector approach to improve air quality and reduce carbon emissions. By doing so, we are delivering real results while creating good-paying jobs and reducing costs for Colorado consumers,” said Governor Polis.

Later today, the Governor will tour Northglenn City Hall, the first net-zero emissions municipal building in Colorado. New clean-energy buildings like this one are helping the state reach the goal of reducing greenhouse gas emissions 50% by 2030. The State is proud to support the installation of nine public charging ports through the Charge Ahead Colorado grant program and eight charging ports for fleet vehicles through the Fleet-ZERO grant program at the Northglenn City Hall.

“Colorado is leading the way in bringing more jobs, cleaner energy, and saving Coloradans money on energy bills. The Northglenn City Hall, the first net-zero municipal building in Colorado, is a reflection of how far Colorado has come in creating clean energy infrastructure that will help power a bright future for our state,” said Governor Polis.

The Governor will take part in a discussion at Front Range Community College about the importance of civic engagement in Colorado at the News & Democracy Discussion Panel. The event invites leaders from across Colorado to partake in a panel discussion on the importance of free and fair elections.

“Each of us has a role to play in building and sustaining a strong, healthy democracy. That’s what civic engagement is all about and thank you to Front Page for being an important part of the media ecosystem here in Colorado, and continuing to promote a Colorado for all,” said Governor Polis.

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MIL OSI USA News –

January 25, 2025

MIL-OSI Economics: Samsung Sets New Benchmark in TV Security With FIPS 140-3 Certification

Source: Samsung

Samsung Electronics today announced that its proprietary cryptography module, Samsung CryptoCore,1 has earned the prestigious FIPS 140-3 certification2 from the National Institute of Standards and Technology (NIST). This certification underscores Samsung’s commitment to providing industry-leading security and data protection for Smart TV users.

“As home entertainment systems become more connected, it becomes critical for technology companies to safeguard the personal data that enables the seamless connectivity enjoyed by so many,” said Yongjae Kim, Executive Vice President and Head of the R&D Team, Visual Display Business at Samsung Electronics. “By integrating the FIPS 140-3-certified CryptoCore into our Smart TVs, Samsung is taking our commitment to secure home entertainment a step further and ensuring that our users can freely experience the value of our products.”

Beginning in 2025, Samsung CryptoCore will be fully integrated into Tizen OS,3 Samsung’s Smart TV operating system, enhancing the security of key products such as TVs, monitors and digital signage. With Samsung CryptoCore embedded in Tizen OS, personal data linked to Samsung accounts will be securely encrypted, SmartThings authentication information will be protected from external hacking threats and content viewed on TVs will benefit from enhanced copyright protection.

Since 2015, Samsung has equipped its Smart TVs with Samsung Knox,4 a security platform that has earned Common Criteria (CC) certification5 for 10 consecutive years. But with its newly acquired FIPS 140-3 certification, Samsung has strengthened its defenses against hacking and data breaches even further, proactively protecting personal information with advanced encryption technology.

Recognized by governments in 10 countries,6 the FIPS 140-3 certification requires comprehensive testing of cryptographic modules to ensure their security, integrity and reliability. For users, this means Samsung Smart TVs offer cutting-edge protection against privacy breaches, allowing them to enjoy their content, connect smart devices and engage with IoT services securely and without concerns.

1 Samsung CryptoCore is a software library that encrypts and decrypts data during both transmission and storage.2 Federal Information Processing Standard (FIPS) 140-3 covers the security requirements for cryptographic modules.3 Tizen OS 9.0.4 Samsung Knox provides privacy protection on its Smart TVs through features like Tizen OS Monitoring, Phishing Site Blocking and Knox Vault. Knox Vault is available only on the QN900D and QN800D models.5 Common Criteria (CC) certification is a global security standard recognized by 31 countries for IT product integrity.6 Recognized in the United States, Canada, UK, Germany, France, South Korea, Japan, Singapore, Australia and New Zealand.

MIL OSI Economics –

January 25, 2025

MIL-OSI Australia: New public forecourt is the next chapter for State Library

Source: New South Wales Government 2

Headline: New public forecourt is the next chapter for State Library

Published: 30 October 2024

Released by: Minister for the Arts, Minister for Lands and Property

The forecourt to the State Library of NSW will be transformed into a new public domain as the institution prepares to celebrate its 200-year anniversary in 2026.

The Minns Labor Government is focused on building better communities, with a new development application lodged with the City of Sydney to turn the forecourt into a new 3,400 square metre public domain.

This submission has been lodged by Property and Development NSW (PDNSW) and proposes to integrate public art and native plants around a new grassed plaza, that supports library events and community activities. It will double the size of the current forecourt to create a vibrant new public space.

The works propose to realign Sir John Young Crescent and Hospital Road, improving safety for pedestrians and drivers, to provide better links to the Royal Botanic Gardens and The Domain. The existing Shakespeare Memorial, originally presented to the city in 1914, will be relocated closer to the library in the forecourt area.

The State Library welcomed over one million visitors (a 30% increase on 2022/23) during the June 2024 fiscal year, with more than 300,000 readers and visitors anticipated during September and November for this year’s HSC period.

If approved, the new State Library forecourt proposal could deliver public outcomes consistent with the Macquarie Street East Precinct 20-year vision and masterplan. At the other end of Macquarie Street, early works have provided the space for another new public plaza, next to the Registrar General’s Building, to be known as QEII Place in memory of Her Late Majesty Queen Elizabeth II.

For more information, visit https://www.dpie.nsw.gov.au/housing-and-property/our-business/precinct-development/macquarie-street-east-precinct.

Minister for Roads and Minister for the Arts John Graham said:

“The State Library of NSW is the oldest continuously operating library in Australia that remains a vital and contemporary institution loved by readers, researchers and the thousands of students who use it every day.

“The plan to create and deliver a new public space that celebrates the library’s 200-year anniversary in 2026 is another chapter in the State Library’s own story.

“Supporting the delivery of this new public domain, the proposed road and traffic changes will improve public access to other Sydney cultural institutions and this area around Macquarie Street.

Minister for Lands and Property and Minister for Small Business Steve Kamper said:

“The Minns Labor Government is focused on building better communities. This project is the next step in our vision to create a vibrant, connected arts and culture destination.”

“We have submitted plans that strive to create spaces in the Macquarie Street East Precinct that are welcoming and safe for all. We want to encourage families and students to utilise our public spaces and access our free cultural institutions.”

State Librarian of New South Wales Dr Caroline Butler-Bowden said:

“The State Library is a much-loved public institution with historic spaces and galleries, world-renowned collections, and dynamic events and learning programs. It offers something for everyone – readers, families, researchers, students, local and international visitors – every day of the week.

“The new public forecourt will help grow the Library as a vibrant cultural heart of the city, inviting everyone to freely explore and enjoy this truly unique place.”

MIL OSI News –

January 25, 2025

MIL-OSI Australia: Transcript – Ports Australia conference

Source: Australian Ministers for Infrastructure and Transport

**CHECK AGAINST DELIVERY**

As always, I begin by acknowledging the Muwinina People as the custodians of this land. We acknowledge and pay our respects to all Tasmanian Aboriginal Communities.

Tasmania is one of the most beautiful places in our nation and a fitting setting for the Ports Australia Conference.

We recognise the ongoing custodianship that Indigenous Australians have shown towards these lands and I extend this respect to all First Nations people joining us today.

Thank you as well to Mike for that kind introduction, and to Stewart, your Chair, thank you very much for the invitation and for all the work that you do throughout the course of the year.

It is wonderful to see so many public and private leaders from around the world come together.

I would also like to extend a particular welcome to the Minister for Infrastructure for the Kingdom of Tonga.

Like Australia, your nation relies on shipping. It is wonderful to have you here.

I also want to recognise Dr Patrick Verhoeven, the Managing Director of the International Association of Ports and Harbours, and Jens Meier, the CEO of Hamburg Port Authority, who have travelled such a long way.

Your presence underlines the inherently global nature of this industry, and I hope you enjoy your time here in our beautiful country.

This is in fact my second time in Tasmania in the last two weeks.

Last week I was in the north, this week I’m in the south.

On both these visits, I have had the pleasure of engaging with Tasmania’s proud maritime industry.

Last week, I was in Burnie to commission the new shiploader – a project which replaced an essential piece of infrastructure that had been in place for five decades.

The new shiploader doubles the capacity of the old, and can serve ships up to Panamax size, creating local jobs and growing local industry.

It is a project that pays tribute to both the maritime past and future of this great state, as well as setting the local economy up for decades of success to come.

It also speaks to how essential maritime logistics are to our day-to-day lives.

At the port I could see woodchips going to China, as well as cars and supermarket produce coming into the state.

It is too easy to miss the magic that defines our modern world, but when you take even a moment to think about it, it is truly extraordinary.

That port in Burnie on the north coast of Tasmania is connected to a global network that stretches to every corner of our planet.

Everything that we rely on, relies in turn on shipping – which is why it is such a pleasure to be here today with some of the many, many hardworking people who underpin this essential industry.

Events like these are key to fostering a strong, robust sector – and year after year, Ports Australia does a wonderful job bringing you together and advocating for your industry.

I stand here today as a minister in a government that knows that ports are a primary driver of our economy and workforce.

As well as facilitating international trade and the movement of goods throughout the region, our ports are strategic assets and critical infrastructure.

They are vital to sustaining our island nation.

The most recent report from Ports Australia shows exactly this.

Ports move an overwhelming 99 per cent of Australia’s international trade by volume, and importantly, over 694,000 local jobs are facilitated by Australia’s port activities.

This works out to a staggering one in every 20 jobs across the nation.

Container transport has seen a huge increase.

As have vehicle imports.

The most recent numbers show that cruise ships have soared to 18% higher than pre-pandemic numbers.

You take our goods to the world, and you bring the world to us.

Of course, these numbers, while good news, bring pressures of their own.

This story of growth underlines the need to ensure that our infrastructure, our investments and our policies are positioned to support a sustainable, reliable and productive supply chain.

That’s why our government is making investments like those at the Port of Burnie, and it is also why my department led a review earlier this year into the national freight and supply chain strategy.

In total, 71 submissions were received from a variety of stakeholders, including from maritime and associated peak bodies.

Of course, I acknowledge and thank Ports Australia for their submission and engagement throughout the Review process.

The review found that while the foundations of the strategy remain strong, productivity, resilience, decarbonisation and data should be strengthened in the strategy and new National Action Plan.

We are already doing the work of refreshing the strategy and action plan to address the findings of the review, and I look forward to updating you further in due course.

But, of course, the findings of the review touch on challenges that are faced across our entire economy and society – none more so than the need to act to mitigate climate change.

The Albanese Government is committed to reducing greenhouse gas emissions to 43% below 2005 levels by 2030 and to achieving net zero emissions by 2050.

Achieving these ambitious economy-wide targets will require concerted action across all sectors, including this one.

Right now, transport contributes 21 percent of Australia’s direct emissions.

Adding to that challenge, transport is one of the hardest sectors to abate.

So, our work here is vital.

That is why we released the Transport Net Zero Roadmap for consultation earlier this year.

While that roadmap covered all modes of transport, it was of particular importance for the maritime sector.

As we know, decarbonisation will rely on a combination of low carbon liquid fuels (LCLFs), hydrogen, electrification and efficiency improvements.

Of these, LCLFs offer the clearest pathway for decarbonisation within liquid fuel-reliant sectors that cannot readily electrify in the near-term.

This includes maritime, aviation, heavy vehicle and rail, as well as mining, manufacturing and agricultural sectors.

The bad news is that we need a lot of liquid fuels, but the good news is that Australia is well-placed with comparative advantages in the production of LCLFs:

We have rich renewable energy resources;
We use advanced farming practices that embody low carbon emissions;
We are able to achieve economies of scale;
We have significant refining and port infrastructure;
And we have the ability to both enable and encourage domestic fuel consumption, as well as support export capability.

As part of our Future Made in Australia agenda, the Government is fast-tracking support for an LCLF industry.

The government announced $18.5 million as part of the recent Budget, to support a domestic LCLF industry through the development of a certification scheme for those fuels.

And $1.7 billion over the next ten years will go towards a Future Made in Australia Innovation Fund.

This funding will be used in part to support nascent LCLF production technologies through research and development, to help de-risk developments, and to attract private sector investment.

And we will continue to work with industry on further steps as needed.

By successfully building a local LCLF industry we will increase fuel security, strengthen regional economies, diversify income streams for farmers, and meet our decarbonisation objectives – it’s hard to find a bigger win-win than that.

To speak even more specifically to the challenges of this sector, we’ve created a Maritime Emission Reduction National Action Plan, the MERNAP for short.

The MERNAP aims to support Australia’s national emissions reduction targets, contribute to the global decarbonisation of shipping, and future-proof the Australian maritime sector to avoid costly and disruptive transitions later, ensuring an equitable transition, particularly for the maritime workforce, safeguarding jobs and skills for the future.

The vision is that by 2050, Australia will fully leverage the global maritime decarbonisation transition, benefiting our ports, vessels, and the broader energy sector.

This will showcase Australia’s unique comparative advantages while supporting a fair and balanced transition for the industry.

The MERNAP Consultative Group has played a vital role in shaping this action plan, and I’d like to acknowledge those here today, including: Maritime Industry Australia Limited, the Maritime Union of Australia, and of course, Ports Australia.

To support the development of MERNAP, we undertook extensive public consultations that revealed to us that the future of the maritime sector will be powered by multiple energy sources, all of which will require new skills, and see us facing new challenges around technology readiness for alternative fuels.

Safety, operational efficiencies, and strong partnerships across the value chain will be critical to driving this transition.

The Albanese Government remains committed to ensuring that Australia’s maritime industry is prepared for the future, ready to contribute to our national emissions targets, and able to thrive in a decarbonised global economy – including through initiatives like Green Shipping Corridors – partnering with nations, such as New Zealand, Singapore and South Korea.

I have focused a lot on what fuels our maritime sector, but there is, of course, an even more important element – the people who run it.

I am proud to say that our plan to establish a Strategic Fleet is underway.

This fleet will provide assistance in times of crisis, supply chain disruption, or natural disaster. And it will support industries reliant on shipping, such as heavy manufacturing.

Tenders to participate in the Strategic Fleet Pilot will close on 29 November.

Through this process, three vessels that will be privately owned and commercially operated will be selected for the pilot.

This is a major step towards fulfilling our commitment to establish a Strategic Fleet of up to twelve Australian flagged and crewed vessels.

This will strengthen our sovereign maritime capabilities while supporting our maritime workforce.

The creation of a strategic fleet is a central government policy that will shape our workforce for decades to come.

I strongly encourage all interested parties to take part in this process and to consider what role they can play.

The tender process is being managed by my Department, which is seeking innovative tenders that will deliver the objectives of the Pilot Program.

These include providing the Commonwealth with certainty of access to the strategic fleet, to move cargo in times of need, crisis or national emergency. And to support of the needs of Defence —including in training and logistical capacities.

The Albanese Government is seeking to have pilot vessels on the water as soon as possible.

While it is not a silver bullet to solve all of the issues of our current and emerging seafarer shortage, the Strategic Fleet and the work being undertaken by Industry Skills Australia through the Maritime Industry Workforce Plan, will support our maritime workforce by increasing the amount of Australian qualified seafarers at a time of a growing global shortage.

The independent reviews of the Shipping Registration Act and the Coastal Trading Act being conducted by Ms Lynelle Briggs AO and Emeritus Professor Nicholas Gaskell will also contribute to the modernisation of Australia’s shipping regulatory framework, ensuring the Acts are fit for purpose and support the long-term sustainability of an Australian Maritime Strategic Fleet, and the maritime industry more broadly.

Public consultation has commenced and I encourage you all to make your voices heard.

As you can see, there is a lot to do in your sector and we are a government that is determined to get on with doing it.

The reforms the Albanese Government is delivering will do our part to support a productive, resilient supply chain, while positioning Australia to thrive in the new net zero economy.

Thank you for having me, and all the best with the rest of your conference.

ENDS

MIL OSI News –

January 25, 2025

MIL-OSI USA: The Biden-Harris Attack on American Energy

Source: United States House of Representatives – Congressman Bruce Westerman (AR-04)

The Biden-Harris Attack on American Energy

The Biden-Harris administration has continued to convey that America does not come first in their policies. Through reckless energy, mining, transportation, and regulatory policies, this administration has put a burden on Americans who are already struggling to feed and clothe their families. Last week, the Biden-Harris administration published data in the Federal Register which outlined cost figures for five residential energy sources: electricity, natural gas, No. 2 heating oil, propane, and kerosene.

Charlie.Louree…

Fri, 10/25/2024 – 10:49

October 25, 2024

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Reed Delivers $1.5 Million for Expansion of Bryant School of Health & Behavioral Sciences

US Senate News:

Source: United States Senator for Rhode Island Jack Reed

SMITHFIELD, RI – In an effort to help bridge health care education and train more mental health clinicians, U.S. Senator Jack Reed today joined students, educators, and Bryant University leadership to deliver a $1.5 million federal earmark to strengthen health and behavioral sciences instruction and prepare more mental health care and health professionals to enter the local workforce.

The $1.5 million federal earmark secured by Senator Reed is for Bryant University’s School of Health and Behavioral Sciences (SHBS) and its new doctoral program in clinical psychology (Psy.D.), which will launch next fall and be the first program of its kind in Rhode Island.

The funding secured by Senator Reed will support renovation and expansion of SHBS to more than double its current footprint and house state-of-the-art teaching and research labs that will support Bryant’s curricular efforts to foster the development of a modern health care workforce.

“Across the nation, communities and states need more mental health professionals who have the skills needed to effectively treat patients. By expanding Bryant’s School of Health and Behavioral Sciences to include new, state-of-the-art lab and class spaces, the university is helping to address pressing needs and produce more well-trained health care providers who will graduate with hands-on experience in diverse clinical settings,” said Senator Reed, a member of the Senate Appropriations Committee. “I salute Bryant for the outstanding work they do to build our future health care workforce and to address our nation’s mental health crisis. This $1.5 million earmark will help them advance their important mission, expand Bryant’s health footprint, and train more highly-skilled health care and mental health care professionals to serve in high-demand environments.”

“We are grateful to Senator Reed for enabling Bryant University to advance its ability to address the healthcare shortage in Rhode Island,” said Bryant University President Ross Gittell, Ph.D. “Aligned with our Vision 2030 priorities, this federal funding allows Bryant to put in place state-of-the-art behavioral health facilities as we launch Rhode Island’s only Doctor of Clinical Psychology (Psy.D.) program.”

Provost and Chief Academic Officer Rupendra Paliwal, Ph.D., said, “This earmark not only enhances our facilities but also empowers us to train the next generation of healthcare practitioners, especially in the critical field of mental health. Our new Psy.D. will provide learners with a cutting-edge education that will prepare them to address the pressing mental health needs of our communities upon graduation.”

Senator Reed joined Bryant University President Dr. Ross Gittell, Provost and Chief Academic Officer Dr. Rupendra Paliwal, Director of SHBS Dr. Kirsten Hokeness, and Associate Director of SHBS and President of the RI Psychological Association Dr. Joseph Trunzo to tour the SHBS, discuss plans for the two-phase expansion project, and to meet with students currently enrolled in the program.

Phase 1 of the expansion of campus science facilities will directly support the growth of Bryant’s Psy.D. program. The first phase will include:

Behavioral Health/Psychology suite including seven observation and counseling labs, cognitive and psychophysiology labs, and a child development center.

Phase 2 of the expansion will include:

Six teaching labs and a healthcare informatics lab;
Six research labs supporting faculty and student research programs and a shared health care informatics lab which can serve as a core facility for the state; and
Laboratory prep areas, chemical storage, and waste rooms.

Bryant University launched its new School of Health and Behavioral Sciences in 2022 as part of Bryant’s Vision 2030 Strategic Plan, building on successful programs like the university’s Master of Physician Assistant (PA) program.

MIL OSI USA News –

January 25, 2025

MIL-OSI New Zealand: Holding firearms offenders to account

Source: New Zealand Police (District News)

The sentencing of Matua Parkinson in the Whakatāne District Court today marks the completion of a collaborative effort by Police and the Firearms Safety Authority-Te Tari Purēke to hold firearms offenders to account.

Parkinson is a former firearms licence holder who pleaded guilty in June to unlawful possession of five Alfa Carbine rifles which he supplied to an unlicensed person.

Parkinson, aged 49, admitted travelling from his Tauranga home to two Gun City stores in Auckland where he paid almost $11,000 in cash for five Alfa Carbines in June 2022. The firearms have not been recovered.

Detective Inspector Albie Alexander said Parkinson’s offending put the public and Police at risk.

“Parkinson has held high positions of responsibility in the community, including an elected health board official and been captain of the All Blacks Sevens. Alongside such roles he was also required to meet the legal obligations to be a fit and proper person to hold a firearms licence,” DI Alexander says.

“Any diversion of lawfully purchased firearms to unlicensed people, potentially gang members, criminals or extremists, poses a significant safety threat to the public and to frontline Police officers.

“The National Organised Crime Group is aware of multiple examples of sawn-off Alfa Carbine rifles being used to commit crimes, including homicides. More than 70 percent of firearms seized from offenders are standard rifles and shotguns, easily obtained by a so-called ‘A-Category’ licence holder.

“Today’s sentencing brings an end to court proceedings involving Parkinson, but the full impact of his offending is ongoing as the Alfa Carbines he supplied to unlicensed people remain in circulation and are most likely in the hands of criminals.

DI Alexander says Police and colleagues from the Firearms Safety Authority-Te Tari Purēke collaborated to revoke Parkinson’s firearms licence and remove all firearms from his possession when his alleged offending became known in 2023.

Firearms Safety Authority Executive Director Angela Brazier says the law requires licence holders to act in the interests of personal and public safety and maintain their fit and proper status at all times.

“Holding a firearms licence is a privilege reserved for those who follow the law. The vast majority of licence holders are law abiding who have no trouble meeting their responsibilities.

“For a criminal few, offending will become a lot harder over time with the new Firearms Registry. When fully rolled out it will help flag unusual patterns of firearms purchasing in real time and help to reduce the flow of lawfully held firearms to the illegal market,” says Angela Brazier.

ENDS

Issued by Police Media Centre

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI Australia: Strike Force Trident Responds to Overnight Crime Spree in Northern Suburbs

Source: Northern Territory Police and Fire Services

Strike Force Trident responded to an overnight crime spree across Darwin’s northern suburbs, which included an attempted car-jacking, multiple burglaries, and the theft of scooters.

Four youths, aged between 13 and 15, are currently in custody following swift arrests made by Strike Force Trident and the Dog Operations Unit (DOU). Investigations remain ongoing to identify additional offenders involved in the incidents.

Between midnight and 4:00am, police received multiple reports of unlawful entries at business premises across the northern suburbs. In addition to these incidents, a car-jacking occurred on Wood Street in Darwin City, where a victim, while parked, was approached by two offenders. The offenders allegedly assaulted the victim and threatened them with an edged weapon before fleeing the scene.

A team from Strike Force Trident and DOU were immediately deployed. CCTV footage was reviewed, leading to the identification of four offenders. Trident officers quickly attended known residential locations in the northern suburbs and arrested the four youth offenders, all of whom were already on bail and subject to Electronic Monitoring conditions.

Detective Acting Senior Sergeant Chris Humphries praised the coordinated response, stating, “This is a great example of efficient teamwork between Strike Force Trident and the Dog Operations Unit. Their ability to identify and apprehend the offenders within two hours of responding demonstrates their dedication and effectiveness.”

Investigations into both the unlawful entries and the car-jacking are ongoing, and police are urging anyone with information to contact NT Police on 131 444 or Crime Stoppers on 1800 333 000.

MIL OSI News –

January 25, 2025

MIL-OSI United Kingdom: expert reaction to 2024 report of the Lancet Countdown on health and climate change,

Source: United Kingdom – Executive Government & Departments

October 30, 2024

Scientists comment on the Lancet Countdown on health and climate change report.

Dr Josh Foster, Lecturer in Human Environmental Physiology, King’s College London, said:

“The report highlights the growing number of extreme heat events worldwide, which are associated with severe health impacts. Air conditioning is unaffordable for most in the UK, making us highly vulnerable to increased risks of indoor overheating. The UK’s older population are at particularly high risk due to slow uptake of adaptation measures, such as building modifications, development of personal cooling systems, and up to date public health messaging. During the 2022 heat wave, over 4,000 deaths were reported in the UK’s older population, and temperature extremes have worsened exponentially over the last decade. The trends highlighted in the Lancet report are therefore alarming and will result in more frequent mass mortality events in older people as the devastating impacts of climate changed are realised. At King’s, the Centre for Ageing Resilience in a Changing Environment (CARICE) is pioneering research into improving the resilience of older people to extreme heat. We focus on the urgent need to develop solutions to combat indoor overheating, decreasing strain on our already overstretched healthcare systems.”

Dr Nathan Cheetham, Senior Postdoctoral Data Scientist, King’s College London, said:

“The UK Met Office has recorded official heatwaves in each of the past 3 years, with the extreme heatwaves like the UK faced in summer 2022 set to become more regular.

“As the latest Lancet Countdown report highlights, these changes in climate pose particular health risks for older people, especially those living in poorer areas of cities where houses cope less well in heat.

“And, similar to what we saw with the COVID-19 pandemic, it is key workers who tend to be most exposed and unable to shield as easily during heatwaves, such as those working in one of our many hospitals without air conditioning, or outdoor construction workers.

“The report also emphasises that emergency responses and adaptations to deal with the health risks of climate change are currently generally lacking. So there’s a responsibility by governments to support adaptation of housing, as well as where and how we work when these extreme weather events happen.”

‘The 2024 report of the Lancet Countdown on health and climate change: facing record-breaking threats from delayed action’ by Marina Romanello et al. was published in The Lancet at 00:01 UK time on Wednesday 30th October.

DOI: https://doi.org/10.1016/S0140-6736(24)01822-1

Declared interests:

Dr Nathan Cheetham: “Receive a minority of funding in part by the King’s College London Centre for Ageing Resilience in a Changing Environment (CARICE). One of the focuses of the centre is how to improve resilience of older people in the face of climate change. Majority funded by National Institute for Health Research (NIHR), on a project trying to understand the long-term consequences of COVID-19. Previously worked for an NHS organisation. Nothing else to declare such as industry funding.”

Dr Josh Foster: No interests to declare.

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI New Zealand: Lasting and integrated solutions needed to improve school attendance – PPTA

Source: Post Primary Teachers Association (PPTA)

Commenting on the release of an Education Review Office report into the issues, he agreed with the agency that the current model for managing school attendance was not designed to succeed.

“The issues causing the increase in chronic non-attendance over the last 10 years are complex and varied. If we want to see a long-term reduction in these rates, schools and school attendance services need more staffing, more time and more resources.

“Schools and attendance services are stretched to the limit. They don’t have the time and resources that these issues need. Young people who are chronic non-attenders, and their whānau, need a lot of ongoing time, attention and support that currently just is not there.”

Chris Abercrombie said the report made it clear there was no quick fix, evidenced by the fact that the attendance of many students who return to school after chronic non-attendance, starts to slip again after about two months. “When these students return to school, it is a challenge to reintegrate them – schools need more support for this.

“We need lasting, meaningful and integrated solutions – both at the community level, with other agencies and supports, and at the school level with appropriate funding and resourcing for gateway, alternative education and activity centres, pastoral care and learning support.

“Alternative education has been chronically under-resourced for years, a point which has been made previously by ERO.

“It’s deeply disappointing that the Govenrment has chosen to pour hundreds of millions of dollars into a vanity project such as charter schools, when issues such as chronic non-attendance are crying out for adequate funding.”

PPTA also had serious concerns about the report’s recommendations for more parental prosecutions. “All this will do is put people who are struggling financially further into debt, and / or give them a criminal record.”.

Governments needed to be bold and brave enough to address the underlying causes of chronic non-attendance. These included poverty, housing insecurity, and mental health.

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI Australia: Minister Rishworth Melbourne press conference

Source: Ministers for Social Services

30 October 2024

Joint with:

The Hon Jim Chalmers MP
Treasurer
Member for Rankin

The Hon Amanda Rishworth MP
Minister for Social Services
Member for Kingston

E&OE TRANSCRIPT

Topics: PLACE announcement; support for disadvantaged communities; support for First Nations communities; flight upgrades; Wednesday’s inflation data.

AMANDA RISHWORTH, MINISTER FOR SOCIAL SERVICES: I’m really pleased to be here at the Carlton Learning Precinct with the Treasurer Jim Chalmers, Professor Kristy Muir from the Paul Ramsey Foundation, and the interim CEO of PLACE, Luke Craven.

Today, we’re announcing a really exciting announcement. A partnership between philanthropy, Government and the community that how we expand the great place-based work that’s happening right around the country. Place-based work is work that communities lead to drive change in their local community supported by non-Government organisations, Government organisations and philanthropy.

But we know that many communities do want support. They want to share ideas. They want to be part of something bigger, and that’s what PLACE is all about. A national organisation that is a partnership between philanthropy and government to disseminate those good ideas, to support communities, to work with communities to actually drive local change.

Now one of the really important parts of this new body is that it will have a community council. Local people driving change within place, making sure it constantly stays centred on community. This is really exciting. We already know that place-based change is delivering outcomes in community, particularly in communities where they’ve identified areas of disadvantage. It is actually driving change.

But this PLACE, this new organisation, will drive change right around the country. I would like to really thank the philanthropic partners for being part of this. This is a new era of working together, and I’m really excited to be part of it. So I will now introduce our Treasurer, Jim Chalmers.

JIM CHALMERS, TREASURER: Thanks very much, Amanda.

Before I touch on some other points about this announcement today, can I just say this. Our hearts break today for the little soul lost at Auburn South Primary School. Our hearts go out to the loved ones of that little boy, to his friends, his teachers and the staff at that school. It is unimaginably sad to think that a little boy went to school and didn’t come home. Our hearts break for the family and for everyone who knew him, and we know that it’s a very sad day in the eastern suburbs of Melbourne today, and indeed, for anyone who hears about this right around the country.

Today, we’re here with the Minister, with Kristy and with Luke to make a really important announcement. This is all about the Albanese Labor government’s belief in a place-based change that these philanthropic organisations are helping to achieve in Australia. For all of us who want to make this country fairer, more inclusive, change can be overwhelming, and it helps to begin in the communities where we can make the biggest difference.

What we’re doing here is we’re making sure that we take best practice when it comes to place based change, and that we’re empowering local leaders to make a difference in their own communities. Not instead of the national programs that Amanda runs in her portfolio, and that our Government funds and supports, but in addition to that effort as well.

We don’t want to see disadvantage concentrate in communities and cascade through generations, and we’re doing something about it. We’re not going alone when it comes to this important work. We’re working very closely with philanthropic organisations and Governments at all levels and local communities to try to see the change that we want so that that disadvantage doesn’t concentrate and cascade through the generations.

For many of us, this is our reason for being, to make sure that this country is its best version of itself. We recognise that there’s not just some switch that you can flick to eliminate disadvantage in our country, you need to begin where we can make the most difference, and that’s what we’re doing.

What we hope is by demonstrating our support for and our commitment to place-based change, we want to make this the norm, not novel when it comes to national Governments in Australia.

We are big, big believers in the work of place-based organisations. We are big supporters financially and in other ways as well. We’re very proud to be here today to make this important announcement. We’re now going to hear a bit more about it from Kristy.

PROFESSOR KRISTY MUIR, CEO, PAUL RAMSAY FOUNDATION: Thank you. We all want kids, family and communities to thrive across Australia, and we know at the moment, not all of those kids, families and communities are.

The one thing we know about social change is that no one organisation, no one group, can do this work alone. We have incredible people groups, organisations doing amazing work to strengthen communities.

This new not-for-profit, PLACE, is all about creating a community of communities. It’s about providing those people and places doing incredible work in their communities, the kind of resources and supports they need to do that better, no matter where they’re based.

On behalf of the philanthropic funders, I’m really proud to be supporting the initiative of PLACE. And it’s a testament to the Federal Government that we are partnering between government, philanthropy and communities to create the kind of change we all want to see.

JOURNALIST: Minister Rishworth, you talked about tackling disadvantage and driving positive change, and the Treasurer says disadvantage should be a multi-generational issue. What priorities are front of mind for First Nations people?

AMANDA RISHWORTH: When you speak with First Nations communities, what you hear from local leaders is they often know what is needed in their community.

We often hear from First Nations leaders that the supports and programs they want in place should be informed by them themselves, and what PLACE will support those communities to do is to ensure that they can design those programs, they can attract funding, they can work with Government to deliver.

PLACE is all about empowering communities in their decision making and in their shared decision making with Government, which is exactly what Indigenous communities have been calling out for. We do work that way in some places through the Empowered Communities Program, but this has taken the opportunity of place-based work right across the country to any community that would like to work this way.

JOURNALIST: [Inaudible – question about upgrade declarations]

JIM CHALMERS: As I’ve made it clear in our declarations that we make to the Parliament, there is an upgrade for me from about six years ago and another one from about ten years ago, and there’s some additional family upgrades from around the same time period. Those have been disclosed in the usual way.

I might just take the opportunity to preview some inflation numbers that we’re getting out later this morning. We’ll see what those numbers say at 11:30.

It’s really clear already that the Albanese Labor Government is making substantial progress in the fight against inflation. When we came to office, inflation was higher and rising. It had a six in front of it. We’ll get new numbers today, which whether they’re in the low threes or in the high twos, will show that inflation has halved under this government.

Now we know that people are still doing it tough, but we’re making welcome and encouraging and substantial progress in the fight against inflation and economists expect that to be demonstrated in the numbers that we get later this morning. I look forward to talking with you about it.

Thanks very much.

MIL OSI News –

January 25, 2025

MIL-OSI Australia: MEDIA RELEASE: Labor appointees are Fair Work favourites

Source: Australian Mines and Metals Association – AMMA

Six new Federal Labor Government-appointed presidential members have determined almost 70 per cent of major Fair Work Commission cases this year, according to AREEA Chief Executive Steve Knott.

Mr Knott will describe the development as “stunning” in a speech to the H.R. Nicholls Society National Conference in Melbourne today.

“During March and May 2023, and in May 2024, then-IR Minister Tony Burke appointed one new Vice President and five new Deputy Presidents (to the FWC),” Mr Knott will say.

“In 2024, to date, these six new presidential members have presided over nearly 70 per cent of all Full Bench matters heard.

“One of these DPs, a former union barrister and National Legal Officer for the CFMEU Mining and Energy Division, has sat on the bench for 56 per cent of all Full Bench matters and presided as the senior member over 38 per cent of them.

“Just to hone this point – nearly 40 per cent of all the FWC’s most important matters were led by a Deputy President who’s been at the tribunal since May 2023.”

The Fair Work Commission is the nation’s workplace tribunal, with appeals of decisions among the significant matters that must be heard by a Full Bench consisting of three Commission members, including at least one who is either the President, a Vice President or a Deputy President.

Of 53 FWC members – seven more than when Labor left office in 2013 – 28 are ALP-appointees with 25 appointed by the previous Coalition government.

Mr Knott says under Justice Adam Hatcher (who became president on February 19, 2023), the FWC appears to be “performing administratively quite well in its role as a service provider to users of the employment system”.

“Agreement approvals are much faster, there appears to be less head-scratching single member decisions that immediately head to appeal, and the tribunal is being very transparent and as efficient as it can in implementing all its new jurisdictions and powers,” Mr Knott says.

However, in his speech Mr Knott will reveal AREEA analysis of all Full Bench matters from January 1 to October 18 this year, showing “alarming trends” in the composition of the bench.

Of the 358 Full Bench decisions assessed over the period:

318 (89 per cent) were ALP-appointee majority benches
Just 40 (11 per cent) were Coalition-appointee majority benches

Mr Knott says the facts point to a continued politicisation of the nation’s IR tribunal at its apex, an issue that commenced under its former President and that AREEA regularly brought to attention.

“Since the end of the Rudd/Gillard era in 2013, ALP appointees have dominated FWC appeal matters, even when Coalition appointees were in the majority,” he says.

“Make no mistake, the sidelining of Coalition appointees in important FWC proceedings has been strategic and subject to much chatter amongst IR professionals.

“The handpicked generation of new FWC Presidential members is designed to ensure this ALP-appointed FWC control at the top of the institution continues well beyond usual political cycles.”

Mr Knott will also use his speech as a call to arms to business to build a case for IR reform – and not just leave it to the Coalition.

“We in the business community can and should collectively campaign as hard as possible to pressure future governments to do what needs to be done to the IR framework,” he says.

“This should be …promoting the merits of a whole new IR system – one focused on simplicity and promoting the direct employer-employee relationship; winding back unwarranted union interference and the influence of tribunal members with limited business experience.”

Mr Knott will call for modern awards to be abolished and replaced with a standard safety net for employees, a far less complex enterprise bargaining system and a winding back of union interference in workplaces.

He says businesses are “drowning in employment red tape and regulatory burden”.

Highlighting how the Howard-era IR reforms produced more than 10 times the real wages growth of the Accord era of the Hawke/Keating Governments, Mr Knott says “we must always bring it back to the opportunity cost”.

“The community at large must be convinced that by making it easier and less costly to employ people, more people will be employed and costs that are saved via less regulatory burden will ultimately be shared by all via higher wages and a more productive economy,” Mr Knott says.

Read the full speech here.

MIL OSI News –

January 25, 2025

MIL-OSI New Zealand: South Sudan

Source: New Zealand Ministry of Foreign Affairs and Trade – Safe Travel

Reviewed: 30 October 2024, 14:28 NZDT
Still current at: 30 October 2024

Related news features

If you are planning international travel at this time, please read our COVID-19 related travel advice here, alongside our destination specific travel advice below.

Do not travel to South Sudan due to ongoing armed conflict, inter-ethnic violence and violent crime (level 4 of 4).

New Zealanders currently in South Sudan are advised to depart as soon as it is safe to do so.

South Sudan

Armed Conflict/Civil Unrest
Pockets of armed conflict between government and various opposition forces remain and the security situation in Juba has the potential to deteriorate with little or no warning. Land routes into and out of South Sudan may be blocked and flights may be cancelled at short notice. The political and security situation throughout South Sudan remains volatile.

Inter-ethnic violence and cattle raiding continues to occur throughout the country, with significant loss of life. There is a complete absence of rule of law outside of the capital Juba and even in Juba, the capacity of the authorities to uphold law and order is very limited.

Areas within 40 kilometres of South Sudan’s northern border with Sudan are also particularly dangerous and vulnerable to armed incursions and violence. Parts of the border remain disputed and military forces are deployed in these areas.

The border areas with South Sudan’s other neighbouring countries, including Ethiopia, the Democratic Republic of the Congo, Kenya, the Central African Republic, and Uganda are extremely dangerous due to armed conflict, military activity and other violence. There are regular reports of attacks by armed groups on vehicles travelling on the main road connecting Juba to Uganda (Jiba-Niomule road).

We recommend you avoid all protests, demonstrations and large public gatherings in South Sudan as they have the potential to turn violent with little warning. Monitor local and international media, review personal security plans and be aware of your surroundings.

Violent Crime
Violent crime, including kidnapping, murder, armed robbery, home invasions, car-jacking, and sexual assault is a significant problem throughout South Sudan, both in urban and rural areas. The economic situation has led to a significant increase in both petty and violent crime. Criminals are often armed as weapons are readily accessible.

The government has limited capacity to deter crime and maintain law and order throughout South Sudan. Banditry and lawlessness is an issue in rural areas. Humanitarian workers have been the targets of killings and violence in the past.

New Zealanders in South Sudan should exercise a very high degree of personal security awareness at all times. No resistance should be given if you are the victim of an armed robbery or carjacking as this could lead to an escalation in violence. For security reasons we recommend against travelling alone, at night, or to isolated areas.

Petty crime, such as bag snatching and pickpocketing, also occurs and is often accompanied by violence. We advise New Zealanders to be alert to their surroundings at all times and take steps to safeguard and secure their personal belongings.

Road Travel
We strongly advise against using public transport due to safety concerns.

If travelling by road, car doors should be locked and windows up.

Official checkpoints are frequently set up by security forces and have been known to become hostile or violent. Individuals staffing checkpoints have been known to solicit bribes. Criminals who pose as police officers have also set up roadblocks. At checkpoints, remain in your vehicle and produce requested documents through a raised window. We recommend carrying colour photocopies of your passport and identity documents and producing these when requested, not the originals.

Landmines
There is a risk from landmines, which are reportedly present throughout South Sudan, including in Juba. We advise you not to stray off well-used public roads and paths.

General Travel Advice
As there is no New Zealand diplomatic presence in South Sudan, the ability of the government to assist New Zealand citizens is severely limited. We offer advice to New Zealanders about contingency planning that travellers to South Sudan should consider.

We advise New Zealanders in South Sudan to be vigilant and take appropriate precautions to ensure their safety, including by seeking professional security advice. You should have a contingency plan in place for departure, monitor developments closely through the media and other local information sources. As a precautionary measure, we recommend ensuring adequate supplies of food, water, fuel, cash and essential medications are always on hand and travel documents are kept up to date.

New Zealanders travelling or living in South Sudan should have a comprehensive travel insurance policy in place that includes provision for medical evacuation by air. You should check that your travel insurance policy covers travel to South Sudan – exclusions may well apply. Only very limited medical facilities are available in South Sudan.

The rainy season typically runs from April to November, during which flooding often occurs. Flooding impacts transport and communications infrastructure, as well as lead to shortages of drinking water and food. Severe flooding has led to displacement, property damage and loss of life.

Penalties for possession, use or trafficking of illegal drugs are severe and can include the death penalty.

New Zealanders are advised to respect religious, social and cultural traditions in South Sudan to avoid offending local sensitivities. Modesty and discretion is recommended for both dress and behaviour.

Photography, including from a mobile phone, without a permit from the Ministry of Information in South Sudan is illegal. Taking photographs without a permit will immediately attract suspicion, and could lead to detention. Even with a permit, it is illegal to take photos of airfields, military installations or personal, government buildings and infrastructure.

New Zealanders who decide to live or travel in South Sudan against our advice are strongly encouraged to register their details with the Ministry of Foreign Affairs and Trade.

Travel tips

See our regional advice for Africa

Top of page

MIL OSI New Zealand News –

January 25, 2025

Category: housing

Frosts and freezes

Storms and floods

Fire and heat

Lessons for today

Photos from Press Conference HERE

October 30, 2024

Related news features

Travel tips