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  • MIL-OSI USA: Welch Hosts Event on His New Bipartisan, Bicameral Bill to Expand Telehealth

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    BURLINGTON, VT – U.S. Senator Peter Welch (D-Vt.) today discussed his new bipartisan, bicameral legislation to expand coverage of telehealth services through Medicaid, the Creating Opportunities Now for Necessary and Effective Care Technologies (CONNECT) for Health Act, while visiting the Thayer House in Burlington. Senator Welch was joined at the Thayer House by a clinician from Cathedral Square’s Support and Services at Home (SASH) program, Vermont patients, and health care providers.  
    “The COVID-19 pandemic proved that telehealth not only works, but is essential,” Senator Welch said about the CONNECT for Health Act. “Rural and underserved areas in Vermont, and across the country, need modern solutions to help get folks connected to care, and increasing telehealth services must be part of the answer. This bipartisan bill takes commonsense steps to bridge that gap and make sure that our policies adapt to the capabilities of our technology.”  
    The Thayer House is an affordable living community for Vermonters aged 55 and older, and is a SASH program location. SASH is based in more than 140 living communities throughout the state and supports the health of Vermonters who rely on Medicare. 
    The CONNECT for Health Act would make COVID-19 telehealth flexibilities permanent, improve health outcomes, and make it easier for patients to connect with their doctors. Current Medicare telehealth flexibilities will expire on September 30th, 2025, without Congressional action. Telehealth provides essential access to care, with nearly a quarter of Americans accessing telehealth monthly. Telemedicine is also on the rise in Vermont, with 92% of healthcare providers in the state reporting use of audio/video services to provide care to patients in the past 60 days.  
    See photos from the event below:  

    “In a rural, northern state such as Vermont, our patients face many barriers that limit their ability to physically reach our offices– lack of transportation, bad weather, back roads, days that get dark early during our long winters.  These factors hit our older patients particularly hard.  One tool that is helping patients get the care they need is to be able to see us from home using telehealth.  The Vermont Medical Society and Vermont Academy of Family Physicians thank Senator Welch for introducing this important legislation and call on Congress to join him in ensuring patients with Medicare can continue to make use of telehealth visits,” said Anne Morris, MD, family physician, Milton, VT; Board member, Vermont Medical Society and past-president of the Vermont Academy of Family Physicians. 
    “Telehealth visits increase our resident’s access to care, are more convenient, and save travel time. Telehealth visits also allow our nurses to participate with residents. This can improve the resident’s understanding of their care and ensures that our staff have an in depth understanding of the care plan,” said Jessiyln Dolan, RN, a SASH Wellness Nurse.  
    “Telehealth is so much easier and I never have to cancel.  I can’t do computers very well, so having help from SASH makes it possible to talk to my doctor. I don’t have a car, and it is hard to get a ride to the doctor’s office,” said Helen Mischik, a resident of Thayer House.  
    The CONNECT for Health Act is cosponsored by a broad bipartisan coalition of more than 60 Senators and is led by Senator Welch and Sens. Brian Schatz (D-Hawai‘i), Roger Wicker (R-Miss.), Mark Warner (D-Va.), Cindy Hyde-Smith (R-Miss.), and John Barrasso (R-Wyo.). Companion legislation has been introduced in the House of Representatives. The CONNECT for Health Act has the support of more than 150 organizations, including the American Medical Association, AARP, American Hospital Association, National Association of Community Health Centers, National Association of Rural Health Clinics, and American Telemedicine Association.   

    MIL OSI USA News –

  • MIL-OSI: TrustCo Reports First Quarter 2025 Net Income of $14.3 Million From Repricing Loan Portfolio and Well-Managed Cost of Funds

    Source: GlobeNewswire (MIL-OSI)

    Executive Snapshot:

    • Bank-wide financial results:
      • Key metrics for the first quarter 2025:
        • Net income of $14.3 million increased 17.7% compared to $12.1 million for the first quarter 2024
        • Net interest income of $40.4 million, up 10.4% from $36.6 million compared to the first quarter 2024
        • Average loans were up $104.7 million for the first quarter 2025 compared to the first quarter 2024
        • Average deposits were up $103.3 million for the first quarter 2025 compared to the first quarter 2024
    • Capital position and key ratios:
      • Consolidated equity to assets increased to 10.85% as of March 31, 2025 from 10.51% as of March 31, 2024
      • Book value per share as of March 31, 2025 was $36.16, up from $34.12 as of March 31, 2024
      • Stock repurchase program announced authorizing for up to one million shares or approximately 5% of TrustCo’s current outstanding common stock
    • Trustco Financial Services and Wealth Management income:
      • Fees increased to $2.1 million or 16.7% compared to first quarter 2024
      • Assets under management increased to $1.2 billion or 17.4% compared first quarter 2024

    GLENVILLE, N.Y., April 21, 2025 (GLOBE NEWSWIRE) —

    TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced a robust start to 2025, marked by significant growth in both the loan and deposit portfolios of Trustco Bank during the first quarter of 2025 compared to the first quarter of 2024. This performance underscores the Bank’s commitment to serving its community through increased residential and commercial lending and adapting effectively to the evolving financial landscape. This resulted in first quarter 2025 net income of $14.3 million or $0.75 diluted earnings per share, compared to net income of $12.1 million or $0.64 diluted earnings per share for the first quarter 2024. Average loans increased $104.7 million or 2.1% for the first quarter 2025 over the same period in 2024. Average deposits increased $103.3 million or 1.9% for the first quarter 2025 over the same period in 2024.

    Overview

    Chairman, President, and CEO, Robert J. McCormick said “We are very pleased to announce today that tried and true Trustco Bank strategy has once again yielded exceptional results. We added loans at current market rates, which repriced our current loan portfolio higher, supporting long-term profitability. This was funded entirely by our own deposits, and we did so while holding the line on board rates. Despite aggressive market competition, we have favorably repriced our time deposits with the help of strong brand loyalty and digital engagement. These efforts yielded net income of $14.3 million and boosted all return metrics significantly year-over-year. Credit quality remains exceptional, with non-performing loans holding steady at a negligible 0.37%. The Bank also grew capital and thus maintains its position of strength. Based upon what we have seen in the first quarter, we anticipate that good things are likely in the future.”

    Details

    Average loans were up $104.7 million, or 2.1%, in the first quarter 2025 over the same period in 2024. Average residential loans and HECLs, our primary lending focus, were up $26.2 million, or 0.6%, and $61.0 million, or 17.3%, respectively, in the first quarter 2025 over the same period in 2024. Average commercial loans also increased $20.7 million, or 7.5%, in the first quarter 2025 over the same period in 2024. This uptick reflects a strong local economy and increased demand for credit. Average deposits were up $103.3 million, or 1.9%, for the first quarter 2025 over the same period in 2024, primarily as a result of an increase in time deposits, interest bearing checking accounts, and demand deposits. We believe the increase in these deposits compared to the same period in 2024 continues to indicate strong customer confidence in the Bank’s competitive deposit offerings. As we move forward, despite a complex economic environment, we believe that our strategic focus on relationship banking and solid financial practices has positioned us for continued success.

    During the first quarter of 2025, the TrustCo announced a stock repurchase program of up to one million shares, or approximately 5% of TrustCo’s current outstanding shares of common stock. This repurchase initiative is part of the Bank’s broader capital management strategy and is intended to enhance shareholder value while maintaining flexibility to support future growth. As of March 31, 2025, our equity to asset ratio was 10.85%, compared to 10.51% as of March 31, 2024. Book value per share as of March 31, 2025 was $36.16, up 6.0% compared to $34.12 a year earlier.  

    Net interest income was $40.4 million for the first quarter 2025, an increase of $3.8 million, or 10.4%, compared to the first quarter of 2024, driven by loan growth at higher interest rates and less interest expense on deposit products, partially offset by lower investment interest income and a decrease in interest on federal funds sold and other short-term investments. The net interest margin for the first quarter 2025 was 2.64%, up 20 basis points from 2.44% in the first quarter of 2024. The yield on interest earnings assets increased to 4.13% in the first quarter of 2025, up 14 basis points from 3.99% in the first quarter of 2024. The cost of interest bearing liabilities decreased to 1.92% in the first quarter 2025, down from 1.99% in the first quarter 2024. As the Federal Reserve signals potential interest rate reductions in 2025, the Bank is proactively preparing to navigate the evolving rate environment. In this context, the Bank anticipates that a lower interest rate environment will provide opportunities to manage deposit costs more effectively, thereby supporting net interest margin. The Bank remains committed to maintaining competitive deposit offerings while ensuring financial stability and continued support for our communities’ banking needs.

    Non-interest income increased to $5.0 million as compared to $4.8 million for the first quarter of 2024. This increase was primarily attributable to wealth management and financial services fees, which increased by 16.7% to $2.1 million, driven by strong client demand and higher assets under management. These revenues now represent 42.6% of non-interest income. The majority of this fee income is recurring, supported by long-term advisory relationships and a growing base of managed assets. Non-interest expense increased $1.4 million over the first quarter of 2024 due to increases in several areas of expenses.

    Asset quality remains strong and has been consistent over the past twelve months. The Company recorded a provision for credit losses of $300 thousand in the first quarter of 2025, which is the result of a provision for credit losses on loans of $100 thousand, and a provision for credit losses on unfunded commitments of $200 thousand. The ratio of allowance for credit losses on loans to total loans was 0.99% and 0.98% as of March 31, 2025 and 2024, respectively. The allowance for credit losses on loans was $50.6 million as of March 31, 2025, compared to $49.2 million as of March 31, 2024. Nonperforming loans (NPLs) were $18.8 million as of March 31, 2025, compared to $18.3 million as of March 31, 2024. NPLs were 0.37% of total loans as of March 31, 2025 and 2024. The coverage ratio, or allowance for credit losses on loans to NPLs, was 269.8% as of March 31, 2025, compared to 269.3% as of March 31, 2024. Nonperforming assets (NPAs) were $20.9 million as of March 31, 2025, compared to $20.6 million as of March 31, 2024.  

    A conference call to discuss first quarter 2025 results will be held at 9:00 a.m. Eastern Time on April 22, 2025. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 048251. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 486810. The call will also be audio webcast at https://events.q4inc.com/attendee/647533404,and will be available for one year.

    About TrustCo Bank Corp NY

    TrustCo Bank Corp NY is a $6.3 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 136 offices in New York, New Jersey, Vermont, Massachusetts, and Florida as of March 31, 2025.

    In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

    Forward-Looking Statements

    All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding the effects of the economic environment on our financial results, our ability to retain customers and the amount of customers’ business, including deposit balances, with us, the impact of the Federal Reserve’s actions regarding interest rates, and the anticipated effects of our capital management strategy, including our stock repurchase program. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, changes in United States and foreign trade policy, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; external economic factors, such as changes in monetary policy, ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; the enforcement of federal cannabis laws and regulations and its impact on our ability to provide services in the cannabis industry; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; an increase in the prevalence of fraud and other financial crimes; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; environmental, social and governance risks, as well as diversity, equity, and inclusion-related risks, and their impact on our reputation and relationships; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the development and use of artificial intelligence; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings, as well as our upcoming quarterly report on Form 10-Q for the first quarter of 2025. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

    TRUSTCO BANK CORP NY  
    GLENVILLE, NY  
       
    FINANCIAL HIGHLIGHTS  
       
    (dollars in thousands, except per share data)  
    (Unaudited)  
      Three months ended  
      3/31/2025   12/31/2024   3/31/2024  
    Summary of operations            
    Net interest income $ 40,373   $ 38,902   $ 36,578  
    Provision for credit losses   300     400     600  
    Noninterest income   4,974     4,409     4,843  
    Noninterest expense   26,329     28,165     24,903  
    Net income   14,275     11,281     12,126  
                 
    Per share            
    Net income per share:            
    – Basic $ 0.75   $ 0.59   $ 0.64  
    – Diluted   0.75     0.59     0.64  
    Cash dividends   0.36     0.36     0.36  
    Book value at period end   36.16     35.56     34.12  
    Market price at period end   30.48     33.31     28.16  
                 
    At period end            
    Full time equivalent employees   740     737     761  
    Full service banking offices   136     136     140  
                 
    Performance ratios            
    Return on average assets   0.93 %   0.73 %   0.80 %
    Return on average equity   8.49     6.70     7.54  
    Efficiency ratio (GAAP)   58.06     65.03     59.94  
    Adjusted Efficiency ratio (1)   58.00     63.93     59.94  
    Net interest spread   2.21     2.15     2.00  
    Net interest margin   2.64     2.60     2.44  
    Dividend payout ratio 47.97     60.70     56.48  
                 
    Capital ratios at period end            
    Consolidated equity to assets   10.85 %   10.84 %   10.51 %
    Consolidated tangible equity to tangible assets (1)   10.84 %   10.83 %   10.50 %
                 
    Asset quality analysis at period end            
    Nonperforming loans to total loans   0.37 %   0.37 %   0.37 %
    Nonperforming assets to total assets   0.33     0.34     0.33  
    Allowance for credit losses on loans to total loans   0.99     0.99     0.98  
    Coverage ratio (2) 2.7x   2.7x   2.7x  
                 
                 
    (1) Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation.
    (2) Calculated as allowance for credit losses on loans divided by total nonperforming loans.            
                 
                       
    CONSOLIDATED STATEMENTS OF INCOME
                       
    (dollars in thousands, except per share data)                  
    (Unaudited)                  
       Three months ended
      3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024
    Interest and dividend income:                  
    Interest and fees on loans $ 53,450   $ 53,024   $ 52,112   $ 50,660   $ 49,804
    Interest and dividends on securities available for sale:                  
    U. S. government sponsored enterprises   596     680     718     909     906
    State and political subdivisions   –     –     –     1     –
    Mortgage-backed securities and collateralized mortgage                  
    obligations – residential   1,483     1,418     1,397     1,451     1,494
    Corporate bonds   260     358     361     362     476
    Small Business Administration – guaranteed                  
    participation securities   81     84     90     94     100
    Other securities   7     6     2     2     3
    Total interest and dividends on securities available for sale   2,427     2,546     2,568     2,819     2,979
                       
    Interest on held to maturity securities:                  
    obligations – residential   57     59     62     65     68
    Total interest on held to maturity securities   57     59     62     65     68
                       
    Federal Home Loan Bank stock   151     152     153     147     152
                       
    Interest on federal funds sold and other short-term investments   6,732     6,128     6,174     6,894     6,750
    Total interest income   62,817     61,909     61,069     60,585     59,753
                       
    Interest expense:                  
    Interest on deposits:                  
    Interest-bearing checking   558     397     311     288     240
    Savings   734     719     770     675     712
    Money market deposit accounts   1,989     2,024     2,154     2,228     2,342
    Time deposits   18,983     19,680     18,969     19,400     19,677
    Interest on short-term borrowings   180     187     194     206     204
    Total interest expense   22,444     23,007     22,398     22,797     23,175
                       
    Net interest income   40,373     38,902     38,671     37,788     36,578
                       
    Less: Provision for credit losses   300     400     500     500     600
    Net interest income after provision for credit losses   40,073     38,502     38,171     37,288     35,978
                       
    Noninterest income:                  
    Trustco Financial Services income   2,120     1,778     2,044     1,609     1,816
    Fees for services to customers   2,645     2,226     2,482     2,399     2,745
    Net gains on equity securities   –     –     23     1,360     –
    Other   209     405     382     283     282
    Total noninterest income   4,974     4,409     4,931     5,651     4,843
                       
    Noninterest expenses:                  
    Salaries and employee benefits   11,894     12,068     12,134     12,520     11,427
    Net occupancy expense   4,554     4,563     4,271     4,375     4,611
    Equipment expense   1,944     2,404     1,757     1,990     1,738
    Professional services   1,726     1,782     1,863     1,570     1,460
    Outsourced services   2,700     3,051     2,551     2,755     2,501
    Advertising expense   361     590     339     466     408
    FDIC and other insurance   1,188     1,113     1,112     797     1,094
    Other real estate expense, net   28     476     204     16     74
    Other   1,934     2,118     1,969     1,970     1,590
    Total noninterest expenses   26,329     28,165     26,200     26,459     24,903
                       
    Income before taxes   18,718     14,746     16,902     16,480     15,918
    Income taxes   4,443     3,465     4,027     3,929     3,792
                       
    Net income $ 14,275   $ 11,281   $ 12,875   $ 12,551   $ 12,126
                       
    Net income per common share:                  
    – Basic $ 0.75   $ 0.59   $ 0.68   $ 0.66   $ 0.64
                       
    – Diluted   0.75     0.59     0.68     0.66     0.64
                       
    Average basic shares (in thousands)   19,020     19,015     19,010     19,022     19,024
    Average diluted shares (in thousands)   19,044     19,045     19,036     19,033     19,032
                       
               
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
     
    (dollars in thousands)
    (Unaudited)
      3/31/2025 12/31/2024 9/30/2024 6/30/3024   3/31/2024  
    ASSETS:          
               
    Cash and due from banks $ 48,782   $ 47,364   $ 49,659   $ 42,193   $ 44,868  
    Federal funds sold and other short term investments   707,355     594,448     473,306     493,920     564,815  
    Total cash and cash equivalents   756,137     641,812     522,965     536,113     609,683  
               
    Securities available for sale:          
    U. S. government sponsored enterprises   65,942     85,617     90,588     106,796     128,854  
    States and political subdivisions   18     18     26     26     26  
    Mortgage-backed securities and collateralized mortgage          
    obligations – residential   219,333     213,128     222,841     218,311     227,078  
    Small Business Administration – guaranteed          
    participation securities   13,683     14,141     15,171     15,592     16,260  
    Corporate bonds   24,779     44,581     54,327     53,764     53,341  
    Other securities   698     700     701     688     682  
    Total securities available for sale   324,453     358,185     383,654     395,177     426,241  
               
    Held to maturity securities:          
    Mortgage-backed securities and collateralized mortgage          
    obligations-residential   5,090     5,365     5,636     5,921     6,206  
    Total held to maturity securities   5,090     5,365     5,636     5,921     6,206  
               
    Federal Reserve Bank and Federal Home Loan Bank stock   6,507     6,507     6,507     6,507     6,203  
               
    Loans:          
    Commercial   302,753     286,857     280,261     282,441     279,092  
    Residential mortgage loans   4,380,561     4,388,302     4,382,674     4,370,640     4,354,369  
    Home equity line of credit   419,806     409,261     393,418     370,063     355,879  
    Installment loans   13,017     13,638     14,503     15,168     16,166  
    Loans, net of deferred net costs   5,116,137     5,098,058     5,070,856     5,038,312     5,005,506  
               
    Less: Allowance for credit losses on loans   50,606     50,248     49,950     49,772     49,220  
    Net loans   5,065,531     5,047,810     5,020,906     4,988,540     4,956,286  
               
    Bank premises and equipment, net   37,178     33,782     33,324     33,466     33,423  
    Operating lease right-of-use assets   34,968     36,627     37,958     38,376     39,647  
    Other assets   108,681     108,656     98,730     102,544     101,881  
               
    Total assets $ 6,338,545   $ 6,238,744   $ 6,109,680   $ 6,106,644   $ 6,179,570  
               
    LIABILITIES:          
    Deposits:          
    Demand $ 793,306   $ 762,101   $ 753,878   $ 745,227   $ 742,997  
    Interest-bearing checking   1,067,948     1,027,540     988,527     1,029,606     1,020,136  
    Savings accounts   1,094,968     1,086,534     1,092,038     1,144,427     1,155,517  
    Money market deposit accounts   478,872     465,049     477,113     517,445     532,611  
    Time deposits   2,061,576     2,049,759     1,952,635     1,840,262     1,903,908  
    Total deposits   5,496,670     5,390,983     5,264,191     5,276,967     5,355,169  
               
    Short-term borrowings   82,275     84,781     91,450     89,720     94,374  
    Operating lease liabilities   38,324     40,159     41,469     42,026     43,438  
    Accrued expenses and other liabilities   33,468     46,478     43,549     42,763     37,399  
               
    Total liabilities   5,650,737     5,562,401     5,440,659     5,451,476     5,530,380  
               
    SHAREHOLDERS’ EQUITY:          
    Capital stock   20,097     20,097     20,058     20,058     20,058  
    Surplus   259,182     258,874     257,644     257,490     257,335  
    Undivided profits   453,931     446,503     442,079     436,048     430,346  
    Accumulated other comprehensive loss, net of tax   (132 )   (3,861 )   (6,600 )   (14,268 )   (14,763 )
    Treasury stock at cost   (45,270 )   (45,270 )   (44,160 )   (44,160 )   (43,786 )
               
    Total shareholders’ equity   687,808     676,343     669,021     655,168     649,190  
               
    Total liabilities and shareholders’ equity $ 6,338,545   $ 6,238,744   $ 6,109,680   $ 6,106,644   $ 6,179,570  
               
    Outstanding shares (in thousands)   19,020     19,020     19,010     19,010     19,024  
               
    NONPERFORMING ASSETS  
                 
    (dollars in thousands)  
    (Unaudited)  
      3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024  
    Nonperforming Assets            
                 
    New York and other states*            
    Loans in nonaccrual status:            
    Commercial $ 688   $ 343   $ 466   $ 741   $ 532    
    Real estate mortgage – 1 to 4 family   14,795     14,671     15,320     14,992     14,359    
    Installment   139     108     163     131     149    
    Total non-accrual loans   15,622     15,122     15,949     15,864     15,040    
    Other nonperforming real estate mortgages – 1 to 4 family   –     –     –     –     –    
    Total nonperforming loans   15,622     15,122     15,949     15,864     15,040    
    Other real estate owned   2,107     2,175     2,503     2,334     2,334    
    Total nonperforming assets $ 17,729   $ 17,297   $ 18,452   $ 18,198   $ 17,374    
                 
    Florida            
    Loans in nonaccrual status:            
    Commercial $ –   $ –   $ 314   $ 314   $ 314    
    Real estate mortgage – 1 to 4 family   3,135     3,656     3,176     2,985     2,921    
    Installment   3     22     5     22     –    
    Total non-accrual loans   3,138     3,678     3,495     3,321     3,235    
    Other nonperforming real estate mortgages – 1 to 4 family   –     –     –     –     –    
    Total nonperforming loans   3,138     3,678     3,495     3,321     3,235    
    Other real estate owned   –     –     –     –     –    
    Total nonperforming assets $ 3,138   $ 3,678   $ 3,495   $ 3,321   $ 3,235    
                 
    Total            
    Loans in nonaccrual status:            
    Commercial $ 688   $ 343   $ 780   $ 1,055   $ 846    
    Real estate mortgage – 1 to 4 family   17,930     18,327     18,496     17,977     17,280    
    Installment   142     130     168     153     149    
    Total non-accrual loans   18,760     18,800     19,444     19,185     18,275    
    Other nonperforming real estate mortgages – 1 to 4 family   –     –     –     –     –    
    Total nonperforming loans   18,760     18,800     19,444     19,185     18,275    
    Other real estate owned   2,107     2,175     2,503     2,334     2,334    
    Total nonperforming assets $ 20,867   $ 20,975   $ 21,947   $ 21,519   $ 20,609    
                 
                 
    Quarterly Net (Recoveries) Chargeoffs            
                 
    New York and other states*            
    Commercial $ (3 ) $ 62   $ 65   $ –   $ –    
    Real estate mortgage – 1 to 4 family   41     (316 )   104     (74 )   (78 )  
    Installment   4     41     11     (2 )   36    
    Total net chargeoffs (recoveries) $ 42   $ (213 ) $ 180   $ (76 ) $ (42 )  
                 
    Florida            
    Commercial $ (315 ) $ 314   $ –   $ –   $ –    
    Real estate mortgage – 1 to 4 family   –     –     –     17     –    
    Installment   15     1     42     7     –    
    Total net (recoveries) chargeoffs $ (300 )  $ 315   $ 42   $ 24   $ –    
                 
    Total            
    Commercial $ (318 )  $ 376   $ 65   $ –   $ –    
    Real estate mortgage – 1 to 4 family   41     (316 )   104     (57 )   (78 )  
    Installment   19     42     53     5     36    
    Total net (recoveries) chargeoffs $ (258 )  $ 102   $ 222   $ (52 ) $ (42 )  
                 
                 
    Asset Quality Ratios            
                 
    Total nonperforming loans (1) $ 18,760   $ 18,800   $ 19,444   $ 19,185   $ 18,275    
    Total nonperforming assets (1)   20,867     20,975     21,947     21,519     20,609    
    Total net (recoveries) chargeoffs (2)   (258 )    102     222     (52 )   (42 )  
                 
    Allowance for credit losses on loans (1)   50,606     50,248     49,950     49,772     49,220    
                 
    Nonperforming loans to total loans   0.37 %   0.37 %   0.38 %   0.38 %   0.37 %  
    Nonperforming assets to total assets   0.33 %   0.34 %   0.36 %   0.35 %   0.33 %  
    Allowance for credit losses on loans to total loans   0.99 %   0.99 %   0.99 %   0.99 %   0.98 %  
    Coverage ratio (1)   269.8 %   267.3 %   256.9 %   259.4 %   269.3 %  
    Annualized net (recoveries) chargeoffs to average loans (2)   -0.02 %   0.01 %   0.02 %   0.00 %   0.00 %  
    Allowance for credit losses on loans to annualized net chargeoffs (2)   N/A     123.2x     56.3x     N/A     N/A    
       
    * Includes New York, New Jersey, Vermont and Massachusetts.  
    (1) At period-end  
    (2) For the three-month period ended  
       
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL
     
    (dollars in thousands)                      
    (Unaudited) Three months ended     Three months ended  
      March 31, 2025     March 31, 2024  
      Average   Interest Average     Average   Interest Average  
      Balance     Rate     Balance     Rate  
    Assets                      
                           
    Securities available for sale:                      
    U. S. government sponsored enterprises $ 74,680     $ 596 3.19 %   $ 125,973     $ 906 2.88 %
    Mortgage backed securities and collateralized mortgage                    
    obligations – residential   239,509       1,483 2.46       258,814       1,494 2.30  
    State and political subdivisions   18       – 6.77       26       0 6.90  
    Corporate bonds   40,019       260 2.60       73,625       476 2.59  
    Small Business Administration – guaranteed                      
    participation securities   15,003       81 2.15       18,224       100 2.20  
    Other   699       7 4.01       696       3 1.72  
                           
    Total securities available for sale   369,928       2,427 2.62       477,358       2,979 2.50  
                           
    Federal funds sold and other short-term Investments   613,646       6,732 4.45       497,652       6,750 5.45  
                           
    Held to maturity securities:                      
    Mortgage backed securities and collateralized mortgage                    
    obligations – residential   5,233       57 4.34       6,329       68 4.30  
                           
    Total held to maturity securities   5,233       57 4.34       6,329       68 4.30  
                           
    Federal Home Loan Bank stock   6,507       151 9.28       6,203       152 9.80  
                           
    Commercial loans   297,926       4,165 5.59       277,183       3,661 5.28  
    Residential mortgage loans   4,385,646       42,614 3.89       4,359,476       40,415 3.71  
    Home equity lines of credit   413,981       6,435 6.30       353,004       5,464 6.22  
    Installment loans   12,967       236 7.37       16,128       264 6.58  
                           
    Loans, net of unearned income   5,110,520       53,450 4.19       5,005,791       49,804 3.98  
                           
    Total interest earning assets   6,105,834     $ 62,817 4.13       5,993,333     $ 59,753 3.99  
                           
    Allowance for credit losses on loans   (50,475 )             (48,824 )        
    Cash & non-interest earning assets   201,154               185,230          
                           
                           
    Total assets $ 6,256,513             $ 6,129,739          
                           
                           
    Liabilities and shareholders’ equity                      
                           
    Deposits:                      
    Interest bearing checking accounts $ 1,038,218     $ 558 0.22 %   $ 990,130     $ 240 0.10 %
    Money market accounts   469,070       1,989 1.72       544,687       2,342 1.73  
    Savings   1,089,358       734 0.27       1,158,558       712 0.25  
    Time deposits   2,054,494       18,984 3.75       1,889,929       19,677 4.19  
                           
    Total interest bearing deposits   4,651,140       22,265 1.94       4,583,304       22,971 2.02  
    Short-term borrowings   83,207       180 0.88       93,316       204 0.88  
                           
    Total interest bearing liabilities   4,734,347     $ 22,445 1.92       4,676,620     $ 23,175 1.99  
                           
    Demand deposits   761,800               726,299          
    Other liabilities   78,748               80,158          
    Shareholders’ equity   681,618               646,662          
                           
    Total liabilities and shareholders’ equity $ 6,256,513             $ 6,129,739          
                           
    Net interest income     $ 40,372           $ 36,578    
                           
    Net interest spread       2.21 %         2.00 %
                           
                           
    Net interest margin (net interest income to                      
    total interest earning assets)       2.64 %         2.44 %
                           

    Non-GAAP Financial Measures Reconciliation

    Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets.

    Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

    Adjusted efficiency ratio is a non-GAAP measures of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total non-interest expense by the sum of net interest income and total non-interest income. We calculate the adjusted efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income and total noninterest income as determined under GAAP. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

    We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible book value to shares outstanding, tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below.  

    NON-GAAP FINANCIAL MEASURES RECONCILIATION        
             
    (dollars in thousands)        
    (Unaudited)        
        3/31/2025 12/31/2024 3/31/2024
    Tangible Book Value Per Share        
             
    Equity (GAAP)   $ 687,808   $ 676,343   $ 649,190  
    Less: Intangible assets     553     553     553  
    Tangible equity (Non-GAAP)   $ 687,255   $ 675,790   $ 648,637  
             
    Shares outstanding     19,020     19,020     19,024  
    Tangible book value per share     36.13     35.53     34.10  
    Book value per share     36.16     35.56     34.12  
             
    Tangible Equity to Tangible Assets        
    Total Assets (GAAP)   $ 6,338,545   $ 6,238,744   $ 6,179,570  
    Less: Intangible assets     553     553     553  
    Tangible assets (Non-GAAP)   $ 6,337,992   $ 6,238,191   $ 6,179,017  
             
    Equity to Assets (GAAP)     10.85 %   10.84 %   10.51 %
    Tangible Equity to Tangible Assets (Non-GAAP)     10.84 %   10.83 %   10.50 %
             
        Three months ended
    Efficiency and Adjusted Efficiency Ratios   3/31/2025 12/31/2024 3/31/2024
             
    Net interest income (GAAP) A $ 40,373   $ 38,902   $ 36,578  
    Non-interest income (GAAP) B   4,974     4,409     4,843  
    Revenue used for efficiency ratio (GAAP) C $ 45,347   $ 43,311   $ 41,421  
             
    Total noninterest expense (GAAP) D $ 26,329   $ 28,165   $ 24,903  
    Less: Other real estate expense, net E   28     476     74  
    Expense used for efficiency ratio (Non-GAAP) F $ 26,301   $ 27,689   $ 24,829  
             
    Efficiency Ratio (GAAP) D/C   58.06 %   65.03 %   59.94 %
    Adjusted Efficiency Ratio (Non-GAAP) F/C   58.00 %   63.93 %   59.94 %
             
    Subsidiary:   Trustco Bank
         
    Contact:   Robert Leonard
        Executive Vice President
        (518) 381-3693

    The MIL Network –

  • MIL-OSI: Tactile Medical to Release First Quarter of Fiscal Year 2025 Financial Results on May 5, 2025

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, April 21, 2025 (GLOBE NEWSWIRE) — Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today announced that first quarter of fiscal year 2025 financial results will be released after the market closes on Monday, May 5, 2025.

    Management will host a conference call with a question and answer session at 5:00 p.m. Eastern Time on May 5, 2025, to discuss the results of the quarter. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13752588. A live webcast of the call will also be provided on the investor relations section of the Company’s website at investors.tactilemedical.com.

    For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13752588. The webcast will be archived at investors.tactilemedical.com.

    About Tactile Systems Technology, Inc. (DBA Tactile Medical)

    Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic pulmonary disease by helping them live better and care for themselves at home. Tactile Medical collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

    Investor Inquiries:
    Sam Bentzinger
    Gilmartin Group
    investorrelations@tactilemedical.com

    The MIL Network –

  • MIL-OSI: Kaltura to Announce Financial Results for First Quarter 2025 on Thursday, May 8, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 21, 2025 (GLOBE NEWSWIRE) — Kaltura (Nasdaq: KLTR), the Video Experience Cloud, today announced it will release its first quarter financial results for the period ended March 31, 2025, before market open on Thursday, May 8, 2025.

    Management will host a conference call to review the Company’s first quarter 2025 financial results and discuss the financial outlook.

    Date: Thursday, May 8, 2025
    Time: 8:00 a.m. ET
    United States/Canada Toll Free: 1-877-407-0789
    International Toll: +1-201-689-8562
       

    A live and archived webcast will be available in the Investor Relations section of Kaltura’s website at: https://investors.kaltura.com/news-and-events/events

    About Kaltura
    Kaltura’s mission is to create and power AI-infused hyper-personalized video experiences that boost customer and employee engagement and success. Kaltura’s AI Video Experience Cloud includes a platform for enterprise and TV content management and a wide array of Gen AI-infused video-first products, including Video Portals, LMS and CMS Video Extensions, Virtual Events and Webinars, Virtual Classrooms, and TV Streaming Applications. Kaltura engages millions of end-users at home, at work, and at school, boosting both customer and employee experiences, including marketing, sales, and customer success; teaching, learning, training and certification; communication and collaboration; and entertainment and monetization. For more information, visit www.corp.kaltura.com.

    Investor Contacts:
    Kaltura, Inc.
    John Doherty
    Chief Financial Officer
    IR@Kaltura.com

    Sapphire Investor Relations, LLC
    Erica Mannion and Michael Funari
    IR@Kaltura.com
    +1-617-542-6180

    Media Contacts:
    Kaltura, Inc.
    Nohar Zmora
    pr.team@kaltura.com

    Headline Media
    Raanan Loew
    raanan@headline.media
    +1-347-897-9276

    The MIL Network –

  • MIL-OSI USA: Nadler Statement On Proposed Trump Cuts to Domestic HIV Programs 

    Source: United States House of Representatives – Congressman Jerrold Nadler (10th District of New York)

    WASHINGTON, DC –  Today, Congressman Jerrold Nadler (NY-12) made the following statement in response to the Trump Administration’s reported plan to slash over $40 billion from the Department of Health and Human Services and eliminate all dedicated domestic HIV prevention programs: 

    “It is unconscionable that the Trump Administration has proposed cutting over a third of the Department of Health and Human Services’ budget. As a proud, longtime champion for federal HIV prevention and assistance programs, I am appalled that the administration’s proposed budget would eliminate all federal HIV prevention efforts and devastate funding for HIV research. This is yet another exceptionally cruel and reckless move by the Trump Administration, and it would have devastating consequences for our nation’s public health.

    “Over a million people in this country are living with HIV/AIDS, including more than 100,000 in New York State and over 60,000 in New York City alone. Young people, gay and bisexual men, and people of color are being disproportionately affected. Eliminating our nation’s HIV/AIDS prevention programs would mean many of the most vulnerable among us would lose access to HIV testing, prevention, and care. Simply put, Americans will die as a direct result of the Trump Administration’s cuts.

    “Trump’s budget proposal would eliminate the Ending the HIV/AIDS Epidemic Initiative, the CDC’s Division of HIV Prevention, and the Minority AIDS Initiative. It also eviscerates funding for the Ryan White HIV/AIDS program and slashes the NIH’s budget by 40%. NIH funds the vast majority of research driving breakthroughs in HIV treatment. Trump’s proposed budget cuts compound Republican proposals to slash Medicaid in the upcoming budget reconciliation process, as 40% of adults with HIV are covered by Medicaid.

    “We’ve seen this kind of cruelty before. In the 1980s, we had a President who ignored an epidemic and a Congress reluctant to devote resources to finding its cure. The federal government turned its back on people fighting HIV/AIDS, and as a result, we lost a generation of young men and women far too soon. Nearly half a century later, the administration has put forth a budget proposal that once again abandons Americans who are fighting HIV/AIDS.

    “However, Trump can’t unilaterally make these cuts; he needs the consent of Congress. I vow to continue to fight for full funding for our nation’s HIV/AIDS prevention and research programs in the congressional appropriations process. I’ve led the congressional effort to increase funding for the Housing Opportunities for People with AIDS program, or HOPWA, for over 3 decades. Since its inception in 1992, HOPWA has provided critical housing support to low-income people living with HIV. Linking individuals living with HIV to stable, supportive housing leads to an 80% reduction in mortality from AIDS.

    “New York has always led the fight against HIV/AIDS, and we will not turn our backs now. It is up to this Congress to ensure that Trump’s devastating cuts never become reality. Congress must summon the resolve of the generations who came before us—activists like the founders of ACT UP and Gay Men’s Health Crisis—and fight with everything we have to protect the progress we’ve made.”

    ### 

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER: SAVE OUR SMALL BUSINESSES FROM TRUMP’S TARIFF WAR; STANDING AT ALBANY’S YONO’S RESTAURANT WITH CAPITAL REGION BUSINESSES THAT ARE SEEING MAJOR PRICE INCREASES HURTING FAMILIES & LOCAL JOBS,…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Albany’s Renowned Yono’s Restaurant Is In Panic Over Trump’s Tariffs That Threaten Their Business, And Small Businesses & Manufacturers In Capital Region Like Latham Pool Are Already Seeing Costs Spike From Trade War With Canada
    Senator Says 14,000 NY-ers In The Capital Region Work In Industries Directly Impacted By Tariffs, And Albany Families Could See Prices Rise Nearly $5,000 More A Year
    Schumer: We Need To Save Our Restaurants & Small Businesses From Trump’s Tariff War That Is Raising Prices And Killing Jobs
    To kickstart National Cost of Living Week of Action, with Trump’s tariff war hammering Albany’s restaurants and small businesses, U.S. Senator Chuck Schumer today stood at Albany’s renowned Yono’s Restaurant with Capital Region small business leaders who are feeling major hits to their bottom line due to tariffs. The senator said this chaotic, self-destructive tariff war has Upstate NY restaurants, local businesses, and working- and middle-class families footing the bill, with the average family in the Capital Region estimated to be hit with nearly $5,000 in higher prices per year.
    Schumer said every day this chaos continues it risks more than 14,000 jobs in the Capital Region in industries impacted by the tariffs and even more jobs in Upstate NY’s vital recreation and tourism industries. Schumer said enough is enough, and announced that when the Senate returns he will force a vote to end Trump’s trade war.
    “Albany and the Capital Region are on the frontlines of Trump’s destructive tariff war. Let’s be clear: these tariffs are a tax increase on Upstate NY. Family restaurants are the heart and soul of the Capital Region and the backbone of Main Streets across Upstate New York. They are still recovering from the pandemic. They can’t afford to eat price increases when Trump slaps them with tariffs and neither can their customers. Small businesses and manufacturers have already seen costs skyrocket, and some are being hit with a double whammy as tourism & business from Canada dries up from Trump’s actions. No small business or restaurant in Upstate NY or anywhere in America can operate with this kind of uncertainty,” said Senator Schumer. “We need to save our restaurants & small businesses from Trump’s tariff war. That’s why when the Senate returns, I will force a vote to end this reckless trade war. This is a vital ingredient to protect restaurants and families throughout the Capital Region and across Upstate New York.”
    Schumer explained Capital Region restaurants were already hit hard by the pandemic and many are still trying to recover. Schumer explained that restaurants operate on some of the slimmest margins – typically 3 to 5 percent – which could shrink more as tariffs go into effect. Since ingredients are perishable, restaurants don’t have the option of stockpiling materials and they can’t change suppliers on a whim. With the threat of tariffs looming, prices across the board have increased and restaurant owners are worried that customers can’t afford to go out to eat anymore. Without business, they might not be able to recover and would be forced to lay off staff, or worse, close their doors.
    A New York Times analysis found that over 14,000 New Yorkers across the Capital Region including 4,400 in Albany County work in industries targeted by Trump’s tariffs, which does not even account for all the related jobs, including in the tourism and recreation industries, that are also being impacted by the damage of this trade war. According to the Main Street Alliance, a network of small businesses, 81.5% of small business respondents to a recent survey indicated they would raise prices for consumers due to tariffs and 31.5% indicated they would lay off employees as a result of the increased costs from tariffs.
    The tariffs are also creating uncertainty for families and jobs and are expected to increase costs for the average American family by nearly $5,000 a year, while families are struggling to plan for the future without assurances about their jobs.
    Yono’s Restaurant has Indonesian influences and relies on spices and fruits that are not widely produced domestically, such as coconut milk, lemongrass, kaffir lime leaves, palm sugar, chilies, and galangal. Without knowing how much they will cost, it is impossible for Yono’s to plan its menu, which they often shift seasonally, and now they do not know which products they can maintain a consistent, affordable supply of. In addition, as the market has shifted to more takeout and delivery options, Yono’s has relied on imported containers and bags that are already more expensive and could get more expensive with tariffs in effect.
    The senator said unpredictability makes it difficult for local restaurants to plan for tomorrow, especially when they are already operating on such small margins. For example, when asked about catering orders, owners aren’t sure how to quote orders and are faced with the option of facing sky-high prices when planned events roll around, or even needing to turn down customers. These added challenges make it more difficult for small restaurants to survive against larger chain restaurants.
    “Here at Yono’s we support an immense amount of USA grown meats, vegetables, cheeses, beer, spirits and wine. However our guests appreciate a broad amount of options. We use coconut milk, lemongrass, kaffir lime leaves, palm sugar, chilies, galangal, and pandan. These items are not able to be grown in the USA, let alone in the amounts we need. We also import lamb from New Zealand and Australia. Of course, he biggest items imported that affect us will be coffee (99.5% of the coffee consumed in the USA is imported). We can only grow coffee in Hawaii in this county. Even our fine wine glasses come from Austria,” said Dominick Purnomo, of Yono’s Restaurant.
    Schumer added, “If this tariff war continues, it could devastate Upstate NY’s economy in ways we haven’t seen since the height of the pandemic. Our local restaurants and other small businesses are already operating on razor thin margins and now they’re being forced into difficult decisions, including if the increase in costs means they will need to raise prices for customers, lay off staff, or even close their business altogether. That is unacceptable.”
    “New York State restaurants have faced immense challenges in recent years. From the hardships caused by the COVID-19 pandemic to the soaring price increases driven by inflation and the rising cost of living, many restaurants have fought to stay afloat. The implementation of these new tariffs is yet another blow to an already struggling industry. Tariffs on food and beverages will place an additional strain on restaurants, ultimately leading to higher prices that will be passed on to consumers. Restaurants are not only a cornerstone of New York State’s economy but also serve as essential gathering places for communities to come together and enjoy each other’s company. Simply put, the tariffs are just an unnecessary burden on an industry barely hanging on. We urge the Administration to control consumer price increases as much as possible by exempting food and beverage items from future tariffs,” said Melissa Fleischut, President and CEO of the New York State Restaurant Association.
    Other businesses across industries are also facing uncertainty. Latham Pool, the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand, has called the Capital Region its home for nearly 70 years. Latham Pool has 1,500 employees including 300 in New York State, mostly in the Capital Region. Tariffs on foreign goods – especially aluminum and steel – are impacting Latham Pool’s ability to serve its customers and his company along with so many others are deeply fearful of customers pulling back. We are already seeing these fears manifest across America as consumer confidence is cratering and is the lowest it has been in years due to tariffs.
    Latham Pool estimates that 15-20% of their materials are sourced from overseas and will be impacted by the tariffs. Worse, they are impacted by the devolving trade relationship with Canada, where the Canadian reciprocal tariff now disadvantages their products for sale in Canada, which has been a strong market for them.
    The whiplash and uncertainty over tariffs have also sent the economy into a tailspin. Trump previously delayed the start of his tariffs twice and canceled across-the-board tariffs six days after implementing them. Uncertainty is causing the stock market to fall, causing chaos for restaurants to operate, and shaking the job market.
    Schumer said the Senate has a plan to end this dangerous trade war and protect Upstate NY businesses. Earlier this month, the Senate passed a bipartisan resolution to end tariffs on Canada and urged the House to pass it as well. Schumer also said when the Senate returns, he will force a vote to reverse these new taxes of 10% on all imported goods and end the looming threat of additional tariffs of up to 49% on products Americans buy from other countries. Schumer said ending this costly trade war is key to protecting New York from price increases and job losses as a result of tariffs on Canada.
    Schumer concluded, “I am all for addressing trade imbalances—I have always been a China hawk and have long fought against unfair trade practices, but these sweeping, ill-conceived tariffs are creating chaos and undermining those goals. Rather than uniting the world against China, Trump has united them against us! No matter which way you slice it, costs are going to skyrocket for our local restaurants and consumers. If you’re in Upstate New York, you’ll feel it first, and worse than just about anywhere in the country. We need everyone, especially NY Republicans, to stand up against Trump’s senseless, job-killing, cost-increasing tax on Upstate New Yorkers.”
    When the Senate returns, it will vote on a bipartisan resolution that would terminate the emergency declared by Trump to authorize his global tariffs. If the resolution is enacted into law, the tariffs would be rescinded. The Senate also previously passed a bipartisan resolution terminating Trump’s national emergency that is justifying his destructive tariffs on Canada, which Schumer said the House needs to vote on. Schumer has been a vocal supporter of both resolutions.

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER: SAVE OUR RESTAURANTS & SMALL BUSINESSES FROM TRUMP’S TARIFF WAR, STANDING WITH CENTRAL NY BUSINESSES SEEING MAJOR PRICE INCREASES HURTING FAMILIES & LOCAL JOBS, SENATOR ANNOUNCES SENATE DEMS…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Syracuse’s Renowned Emerald Cocktail Kitchen Is In Panic Over Trump’s Tariffs That Threaten Their Business, And Small Businesses & Manufacturers Across Central NY Are Already Seeing Costs Spike From Trade War With Canada
    Senator Says 16,000 NY-ers In Central NY Work In Industries Directly Impacted By Tariffs, And Syracuse Families Could See Prices Rise Nearly $5,000 More A Year
    Schumer: We Need To Save Our Restaurants & Small Businesses From Trump’s Tariff War That Is Raising Prices And Killing Jobs
    To kickstart National Cost of Living Week of Action, with Trump’s tariff war hammering Syracuse’s restaurants and small businesses, U.S. Senator Chuck Schumer today stood at Syracuse’s renowned Emerald Cocktail Kitchen with Central NY small business leaders who are feeling major hits to their bottom line due to tariffs. The senator said this chaotic, self-destructive tariff war has Upstate NY restaurants, local businesses, and working- and middle-class families footing the bill, with the average family in Central NY estimated to be hit with nearly $5,000 in higher prices per year.
    Schumer said every day this chaos continues it risks more than 16,000 jobs in Central NY in industries impacted by the tariffs and even more jobs in Upstate NY’s vital recreation and tourism industries. Schumer said enough is enough, and announced that when the Senate returns he will force a vote to end Trump’s trade war.
    “Syracuse and Central New York are on the frontlines of Trump’s destructive tariff war. Let’s be clear: these tariffs are a tax increase on Upstate NY. Family restaurants are the heart and soul of Central New York and the backbone of Main Streets across Upstate New York. They are still recovering from the pandemic. They can’t afford to eat price increases when Trump slaps them with tariffs and neither can their customers. Small businesses and manufacturers have already seen costs skyrocket, and some are being hit with a double whammy as tourism & business from Canada dries up from Trump’s actions. No small business or restaurant in Upstate NY or anywhere in America can operate with this kind of uncertainty,” said Senator Schumer. “We need to save our restaurants & small businesses from Trump’s tariff war. That’s why when the Senate returns, I will force a vote to end this reckless trade war. This is a vital ingredient to protect restaurants and families throughout Central New York and across Upstate New York.”
    Schumer explained Central NY restaurants were already hit hard by the pandemic and many are still trying to recover. Schumer explained that restaurants operate on some of the slimmest margins – typically 3 to 5 percent – which could shrink more as tariffs go into effect. Since ingredients are perishable, restaurants don’t have the option of stockpiling materials and they can’t change suppliers on a whim. With the threat of tariffs looming, prices across the board have increased and restaurant owners are worried that customers can’t afford to go out to eat anymore. Without business, they might not be able to recover and would be forced to lay off staff, or worse, close their doors.
    A New York Times analysis found that over 16,000 New Yorkers across Central NY including 10,000 in Onondaga County work in industries targeted by Trump’s tariffs, which does not even account for all the related jobs, including in the tourism and recreation industries, that are also being impacted by the damage of this trade war. According to the Main Street Alliance, a network of small businesses, 81.5% of small business respondents to a recent survey indicated they would raise prices for consumers due to tariffs and 31.5% indicated they would lay off employees as a result of the increased costs from tariffs.
    The tariffs are also creating uncertainty for families and jobs and are expected to increase costs for the average American family by nearly $5,000 a year, while families are struggling to plan for the future without assurances about their jobs.
    At the Emerald Cocktail Kitchen, co-founded by local businesswomen Michelle and Nora Roesch, Trump’s tariffs have already begun to take root and are among the Roesch’s chief concerns moving forward, with some of their liquor and wine being imported from Canada and other countries. On the food side of the house, Emerald’s culinary experts use cheeses like feta and gouda, imported from Greece and the Netherlands, as key ingredients in their burgers, pizzas and salads. They also use fruits and other products imported from Canada and Mexico.
    In addition to the wide ranging impact that tariffs will have on Emerald Cocktail Kitchen’s menu, they are driving increased costs across the board, which in turn are driving down consumer discretionary spending. As a result, Emerald Cocktail Kitchen customers have started spending less money on an average visit and opting to save by skipping an appetizer or desert. With customers spending less, the business brings in less and employees receive less in tips on smaller checks. Altogether, Trump’s tariffs have left small businesses like Emerald Cocktail Kitchen exposed to significant impacts, uncertain about how to proceed, and uneasy about what could be next. 
    The senator said unpredictability makes it difficult for local restaurants to plan for tomorrow, especially when they are already operating on such small margins. For example, when asked about catering orders, owners aren’t sure how to quote orders and are faced with the option of facing sky-high prices when planned events roll around, or even needing to turn down customers. These added challenges make it more difficult for small restaurants to survive against larger chain restaurants.
    “Imported goods like tequila, gin, prosecco, Aperol, avocados, limes, feta, gouda, and more – all of which are staples behind our bar and in our kitchen – have surged in price as a result of recent United States tariff policy decisions. In Central New York, small businesses like ours depend on steady customer traffic and predictable costs to survive. Unfortunately, the administration’s back-and-forth approach to tariff implementation has made long-term planning feel impossible,” said Michelle Roesch, Co-owner of Emerald Cocktail Kitchen. “For small Syracuse businesses like ours, Trump’s tariffs have created the same kind of stress and uncertainty we felt during COVID – except this time, it’s self-inflicted. As a result, customers are watching their wallets, staff are taking home smaller tips, and we’ve had to cut back on bulk orders. We need trade policies that lift up small and local businesses, not weigh them down. That is why I am proud to stand in support of Senator Schumer as he fights to force a vote Trump’s trade war in support of small businesses here in Syracuse and all across Upstate NY.”
    Schumer added, “If this tariff war continues, it could devastate Upstate NY’s economy in ways we haven’t seen since the height of the pandemic. Our local restaurants and other small businesses are already operating on razor thin margins and now they’re being forced into difficult decisions, including if the increase in costs means they will need to raise prices for customers, lay off staff, or even close their business altogether. That is unacceptable.”
    Other businesses across industries are also facing uncertainty. In the City of Syracuse alone, tariffs are among the top concerns at restaurants and artisanal food shops like The Wedge and the Curd Nerd, veteran-owned businesses like Talking Cursive Brewing Company, and local food vendors like Firecracker Thai Kitchen at Salt City Market. Elsewhere in Central New York, 5th generation family and employee-owned northern hardwood lumber producer, Gutchess Lumber, and it’s 500 employee-owners are also bracing for negative impacts to their business.  
    In the North Country, Trump’s tariffs and trade war with Canada have already taken a toll on craft breweries like 1812 Brewing Company in Watertown, manufacturing companies like AmTech Yarns in Massena, and transportation authorities like the Ogdensburg Bridge & Port Authority. In addition, Alcoa, an aluminum producer based in the North Country, predicts tariffs will cost the company an additional $90 million this quarter alone.
    In the Mohawk Valley, local coffee shops like Character Coffee in the City of Utica, and trendy fast-casual restaurants like Laffa’s Mediterranean Grill in the Town of New Hartford have both started to feel the impact of tariffs.
    “New York State restaurants have faced immense challenges in recent years. From the hardships caused by the COVID-19 pandemic to the soaring price increases driven by inflation and the rising cost of living, many restaurants have fought to stay afloat. The implementation of these new tariffs is yet another blow to an already struggling industry. Tariffs on food and beverages will place an additional strain on restaurants, ultimately leading to higher prices that will be passed on to consumers. Restaurants are not only a cornerstone of New York State’s economy but also serve as essential gathering places for communities to come together and enjoy each other’s company. Simply put, the tariffs are just an unnecessary burden on an industry barely hanging on. We urge the Administration to control consumer price increases as much as possible by exempting food and beverage items from future tariffs,” said Melissa Fleischut, President and CEO of the New York State Restaurant Association.
    “At a small business like Firecracker Thai, we feel the impact of tariffs and increased costs on every single order and with every single purchase. We plan to increase menu prices by 10-15% to help offset rising costs, but our prices can only go so high before we risk pricing out customers. Unfortunately, our planned 10-15% increase is not enough to cover all of our increased costs, so the remainder will take a bite out of our bottom line,” said Sarah Tong-Ngork, Owner of Firecracker Thai Kitchen. “In addition, tariffs have made it more difficult to find authentic, imported ingredients like Jasmine Rice and Rice Noodles at local markets. After the devastating impact that COVID had on the food service industry, the last thing we need is to increase prices and disrupt supply chains. I would like to thank Senator Schumer for coming to Syracuse to fight for small businesses like Firecracker Thai and small business owners like me.”
    “As a small craft brewery in Central New York, Talking Cursive Brewing Company faces significant challenges due to tariffs. We rely on imported aluminum cans from Canada, as well as hops and grain from the EU, Australia, and New Zealand. These tariffs, coupled with their ripple effects on the global economy, have been compounded by other actions from the current administration that are reshaping travel, tourism, and consumer behavior. While we experienced a brief uptick in business at the end of 2024 and into January, February and March of this year have seen a sharp decline, with customer counts and sales dropping more than 25% year-over-year. This marks the first time in our seven years of operation that we’ve faced such a downturn in the first quarter,” said Andrew Brooks, Co-Owner of Talking Cursive Brewing Company. “Tourism is a vital part of our business, especially in the summer when 15-20% of our customers are tourists, including about 7% from Canada. Many Canadians I know that travel here often have expressed that they feel disrespected by the current administration, and no longer plan to visit the U.S. in the near future. This decline in tourism directly impacts the revenue of both our tasting room and accounts that we distribute to across New York, including several in the Thousands Islands Region that depend on Canadian tourists. We anticipate a significant loss of sales in that region and will need to reassess the viability of distributing there. I appreciate the efforts that Senator Schumer is taking to help support small businesses like ours during these challenging times.”
    “Over the last 24 month, 1812 Brewing Company has invested hundreds of man hours and significant capital to gain entry into the Ontario, Canada market.  Because of recently implemented tariffs, the Provincial Government of Ontario has put a stop on the purchase of all American-made craft beer, including our gold medal winning War of 1812 Amber Ale. This will immediately cut off around 10% of our sales,” said Thomas W. Scozzafava, Chairman & CEO of 1812 Brewing Company. “Although relatively small, 1812 Brewing Company and its employees will be hurt by an escalating Trade War with Canada, which could ultimately result in the loss of jobs in our local plant. I hope that those deciding these policies – on both sides of the aisle – understand the true human impact of sudden and dramatic changes to the parameters of trade with our Canadian partners. I thank Senator Schumer for sticking up for small businesses like 1812 and always fighting to protect New York State’s craft breweries.”
    “As the owner of Character Coffee in Utica, I rely on specialty roasters who are already feeling the impact of new tariffs. Coffee isn’t grown in the U.S. — so by design, our industry depends on farmers around the world. Even more concerning, these tariffs are piling onto an already fragile supply chain, strained by climate shifts and a year of poor harvests. It’s not just the coffee we have to worry about, but everything from cups and lids to delivery fees,” said Katie Aiello, Owner of Character Coffee. “When costs rise, customers pull back — starting with discretionary spending like grabbing a cup of coffee. The uncertainty is costly too. It’s hard to plan, price, or grow when every week brings new instability in the market. Independent cafes aren’t faceless corporations. We’re local businesses trying to offer good jobs, contribute to the community, and serve something meaningful. These tariffs threaten that. We urgently need thoughtful trade policy that protects American small businesses, and that is why I am proud to stand alongside Senator Schumer in Syracuse today to join in his fight for to safeguard locals businesses like mine.”
    “Since we opened in 2021, rising costs have been one of our biggest challenges, and we’ve had no choice but to pass some of that burden onto our customers just to stay open. With tariffs on the horizon, we’re already seeing price hikes on ingredients we depend on, like kalamata olives, tahini, and feta,” said Elias Zeina, Owner of Lafa Mediterranean. “It’s heartbreaking—we’re trying to protect our team and our guests, but I worry about how much more our customers can take. Small business owners like me are feeling squeezed, and our customers are the ones paying the price.
    The whiplash and uncertainty over tariffs have also sent the economy into a tailspin. Trump previously delayed the start of his tariffs twice and canceled across-the-board tariffs six days after implementing them. Uncertainty is causing the stock market to fall, causing chaos for restaurants to operate, and shaking the job market.
    Schumer said the Senate has a plan to end this dangerous trade war and protect Upstate NY businesses. Earlier this month, the Senate passed a bipartisan resolution to end tariffs on Canada and urged the House to pass it as well. Schumer also said when the Senate returns, he will force a vote to reverse these new taxes of 10% on all imported goods and end the looming threat of additional tariffs of up to 49% on products Americans buy from other countries. Schumer said ending this costly trade war is key to protecting New York from price increases and job losses as a result of tariffs on Canada.
    Schumer concluded, “I am all for addressing trade imbalances—I have always been a China hawk and have long fought against unfair trade practices, but these sweeping, ill-conceived tariffs are creating chaos and undermining those goals. Rather than uniting the world against China, Trump has united them against us! No matter which way you slice it, costs are going to skyrocket for our local restaurants and consumers. If you’re in Upstate New York, you’ll feel it first, and worse than just about anywhere in the country. We need everyone, especially NY Republicans, to stand up against Trump’s senseless, job-killing, cost-increasing tax on Upstate New Yorkers.”
    When the Senate returns, it will vote on a bipartisan resolution that would terminate the emergency declared by Trump to authorize his global tariffs. If the resolution is enacted into law, the tariffs would be rescinded. The Senate also previously passed a bipartisan resolution terminating Trump’s national emergency that is justifying his destructive tariffs on Canada, which Schumer said the House needs to vote on. Schumer has been a vocal supporter of both resolutions.

    MIL OSI USA News –

  • MIL-OSI USA: Advancing the Transition to a Cleaner Environment

    Source: US State of New York

    overnor Kathy Hochul today announced $4.85 million in grants is being awarded to municipalities across the state to support the installation of electric vehicle chargers as part of the State’s Municipal Zero-Emission Vehicle Infrastructure Grants program. The funded projects support New York’s ongoing efforts to advance clean transportation, expand publicly available electric vehicle chargers, and help reduce pollution including greenhouse gas emissions for a cleaner and greener environment.

    “My Administration is committed to advancing the transition to a cleaner and healthier future for our environment benefitting all New Yorkers,”  Governor Hochul said.  “Our continued investments in electric vehicle infrastructure encourages more drivers to switch to electric, reducing pollution and emissions across the State and improving the health and well-being of our residents and communities.”

    The Municipal Zero-Emission Vehicle (ZEV) Infrastructure Grant program administered by the State Department of Environmental Conservation (DEC) prioritizes clean transportation investments in communities most affected by pollution and climate change. The program includes a variable local match requirement based on the municipality’s median household income (MHI) and whether the ZEV infrastructure is located in a disadvantaged community, based on the  disadvantaged communities criteria  developed by the State’s Climate Justice Working Group. Of the awards announced today, approximately $885,000 were granted to municipalities located in disadvantaged communities in New York State.

    New York State Department of Environmental Conservation Acting Commissioner Amanda Lefton said,  “New York continues advancing the state’s transition to clean transportation with investments in municipal electric vehicle chargers to encourage the switch to plug-in hybrids and EVs. DEC’s Municipal ZEV Infrastructure Grant program is expanding New York’s EV charging station network and supporting municipalities statewide taking climate action, investing in electric transportation, and helping realize the clean energy economy of the future.”

    New York State Research and Development Authority President and CEO Doreen M. Harris said, “Through clean transportation initiatives such as DEC’s Municipal Zero-Emission Vehicle Infrastructure program, the State is helping counties, cities, towns, and villages install more public charging stations for zero-emission vehicles across New York. Congratulations to these municipalities for their leadership and making it easier for residents and visitors alike to choose cleaner vehicles with the confidence they’ll be able to charge their cars where and when they need to.”

    Assemblymember Didi Barrett said, “This funding will help New York’s smaller municipalities, in the Hudson Valley and beyond, be part of the state’s electric vehicle charging infrastructure network build out. The four new Level 2 electric charging ports in the Town of Hyde Park will reduce range anxiety for residents and visitors alike.”

    State Senator Pete Harckham said, “Encouraging motorists to drive zero-emissions vehicles is the best way to ramp up our fight statewide against the climate crisis and improve public health. These new state infrastructure grant awards announced by Governor Hochul for EV charging stations show New York is committed to a steady and inclusive transition to a clean energy economy that will benefit residents in many ways. The partnership between the governor and the state legislature in making a transition to clean transportation is a strong one and will continue to make New York an environmental leader.”

    2024 Municipal ZEV Infrastructure Grant Awards include:

    Capital Region

    • City of Rensselaer – $233,000 for one DCFC pedestal

    Finger Lakes

    • Village of Brockport – $188,825 for 10 Level 2 charging ports and one DCFC pedestal
    • Village of Dundee – $24,200 for four Level 2 charging ports
    • Town of Farmington – $225,620 for 24 Level 2 charging ports and one DCFC pedestal
    • Town of Huron – $43,200 for four Level 2 charging ports
    • Village of Interlaken – $124,470 for one DCFC pedestal
    • Village of Le Roy – $20,605 for four Level 2 charging ports
    • Village of Oakfield – $24,380 for four Level 2 charging ports
    • County of Ontario – $309,100 for 14 Level 2 charging ports and two DCFC pedestals
    • Village of Palmyra – $222,250 for two DCFC pedestals
    • Village of Warsaw – $148,500 for one DCFC pedestal
    • Village of Waterloo – $238,900 for 12 Level 2 charging ports

    Long Island

    • Town of Huntington – $326,000 for four Level 2 charging ports and six DCFC pedestals
    • City of Long Beach – $296,080 for four Level 2 charging ports and two DCFC pedestals

    Mid-Hudson

    • Town of Hyde Park – $32,480 for four Level 2 charging ports
    • Town of Orangetown – $46,352 for four Level 2 charging ports
    • Town of Putnam Valley – $29,822 for four Level 2 charging ports
    • Town of Shawangunk – $26,587 for two Level 2 charging ports
    • Village of South Blooming Grove – $250,000 for three DCFC pedestals

    North Country

    • Town of Colton – $76,318 for four Level 2 charging ports
    • Village of Constableville – $21,222 for two Level 2 charging ports
    • Town of Diana – $159,150 for one DCFC pedestal
    • County of Essex – $55,008 for four Level 2 charging ports
    • Town of Jay – $206,403 for two Level 2 charging ports and one DCFC pedestal
    • County of Lewis – $298,728 for two DCFC pedestals
    • Village of Lowville – $93,312 for 12 Level 2 charging ports
    • Village of Saranac Lake – $482,164 for 30 Level 2 charging ports

    Southern Tier

    • Town of Danby – $11,400 for two Level 2 charging ports

    Western New York

    • City of Dunkirk – $53,400 for 14 Level 2 charging ports
    • Village of Springville – $248,000 for one DCFC pedestal
    • Town of Tonawanda – $285,007 for 16 Level 2 charging ports and one DCFC pedestal
    • Village of Wilson – $49,648 for two Level 2 charging ports

    More information about the DEC Municipal ZEV Infrastructure Grant program, as well as the DEC Municipal ZEV Rebate program, is available on  DEC’s website. For questions about the Municipal ZEV program, email  [email protected]  or call DEC’s Office of Climate Change at 518-402-8448.

    New York State’s nearly $3 billion investment in electrifying its transportation sector has supported a range of initiatives aimed to increase access to electric vehicles (EVs) and charging while improving air quality and health outcomes for all New Yorkers. These programs include today’s Municipal ZEV Infrastructure Program grants and many other programs, including EV Make Ready, EVolve NY, Charge Ready NY 2.0, the Drive Clean Rebate, the New York Truck Voucher Incentive Program, the New York School Bus Incentive Program, and the Direct Current Fast Charger program. The State invests in charging infrastructure and EVs to benefit all New Yorkers, and its efforts have been successful at increasing the number of EVs and charging stations across all regions of New York – with, over 280,000 EVs on the road statewide and over 17,000 public chargers- more public chargers than any other state except for California. Additionally, there are more than 4,000 semi-public charging stations at workplaces and multifamily buildings across the state.

    New York State’s Climate Agenda
    New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation, and waste sectors.

    MIL OSI USA News –

  • MIL-OSI: NorthEast Community Bancorp, Inc. Reports Results for the Three Months Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., April 21, 2025 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), generated net income of $10.6 million, or $0.80 per basic share and $0.78 per diluted share, for the three months ended March 31, 2025 compared to net income of $11.4 million, or $0.87 per basic share and $0.86 per diluted share, for the three months ended March 31, 2024.

    Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated, “We are, once again, pleased to report another quarter of strong earnings due to the excellent performance of our loan portfolio. Despite the challenging economic operating environment thus far in 2025, loan demand is strong with originations and outstanding commitments robust and increasing. As in the past, construction lending in high demand-high absorption areas continues to be our focus.”

    Highlights for the three months ended March 31, 2025 are as follows:

    • Performance metrics continue to be strong at March 31, 2025, with a return on average total assets ratio of 2.12%, a return on average shareholders’ equity ratio of 12.98%, and an efficiency ratio of 41.64%.
    • Asset quality metrics continued to remain strong with no non-performing loans at either March 31, 2025 or December 31, 2024, and non-performing assets to total assets of 0.26% and 0.25% at March 31, 2025 and at December 31, 2024, respectively. Our allowance for credit losses related to loans totaled $5.1 million, or 0.30% of total loans at March 31, 2025 compared to $4.9 million, or 0.27% of total loans at December 31, 2024.
    • We increased total stockholders’ equity by $8.9 million, or 2.8%, to $327.2 million, or 16.92% of total assets as of March 31, 2025 from $318.3 million, or 15.84% of total assets as of December 31, 2024.

    Balance Sheet Summary

    Total assets decreased $76.2 million, or 3.8%, to $1.9 billion at March 31, 2025, from $2.0 billion at December 31, 2024. The decrease in assets was primarily due to decreases in net loans of $87.3 million and decreases of $1.0 million in accrued interest receivable, partially offset by increases in cash and cash equivalents of $11.2 million and increases of $1.3 million in equity securities.

    Cash and cash equivalents increased $11.2 million, or 14.3%, to $89.5 million at March 31, 2025 from $78.3 million at December 31, 2024. The increase in cash and cash equivalents was a result of a decrease of $87.3 million in net loans and an increase of $8.9 million in stockholders’ equity, partially offset by a decrease in deposits of $84.4 million.

    Equity securities increased $1.3 million, or 5.9%, to $23.3 million at March 31, 2025 from $22.0 million at December 31, 2024. The increase in equity securities was attributable to the purchase of $1.0 million in equity securities during the three months ended March 31, 2025 and market appreciation of $300,000 due to market interest rate volatility during the quarter ended March 31, 2025.

    Securities held-to-maturity decreased $129,000, or 0.9%, to $14.5 million at March 31, 2025 from $14.6 million at December 31, 2024 due to $129,000 in maturities and pay-downs of various investment securities.

    Loans, net of the allowance for credit losses, decreased $87.3 million, or 4.8%, to $1.7 billion at March 31, 2025 from $1.8 billion at December 31, 2024. The decrease in loans consisted of decreases of $138.9 million in construction loans, $248,000 in non-residential loans, and $36,000 in one-to-four family loans. The decrease in our construction loan portfolio was due to normal pay-downs and principal reductions as construction projects were completed and either condominium units were sold to end buyers or multi-family rental buildings were refinanced by other financial institutions. The decrease in construction loans was offset by increases of $46.4 million in multi-family loans, $4.4 million in commercial and industrial loans, and $1.5 million in consumer loans.

    During the quarter ended March 31, 2025, we originated loans totaling $170.1 million consisting primarily of $110.2 million in construction loans, $49.1 million in multi-family loans, $10.1 million in commercial and industrial loans, and $730,000 in mixed-use loans. The $110.2 million in construction loans had 38.4% disbursed at loan closing, with the remaining funds to be disbursed over the terms of the construction loans.

    The allowance for credit losses related to loans increased to $5.1 million as of March 31, 2025, from $4.8 million as of December 31, 2024. The increase in the allowance for credit losses related to loans was due to recoveries totaling $352,000 and provision for credit losses totaling $62,000, offset by charge-offs totaling $117,000.

    Premises and equipment increased $84,000, or 0.3%, to $24.9 million at March 31, 2025 from $24.8 million at December 31, 2024 primarily due to the purchases of additional fixed assets.

    Federal Home Loan Bank stock was $397,000, foreclosed real estate was $5.1 million, and property held for investment was $1.4 million at both March 31, 2025 and December 31, 2024.

    Bank owned life insurance (“BOLI”) increased $167,000, or 0.6%, to $25.9 million at March 31, 2025 from $25.7 million at December 31, 2024 due to increases in the BOLI cash value.

    Accrued interest receivable decreased $1.0 million, or 7.9%, to $12.4 million at March 31, 2025 from $13.5 million at December 31, 2024 due to a decrease in the loan portfolio.

    Right of use assets — operating decreased $145,000, or 3.6%, to $3.9 million at March 31, 2025 from $4.0 million at December 31, 2024, primarily due to amortization.

    Other assets decreased $328,000, or 2.8%, to $11.3 million at March 31, 2025 from $11.6 million at December 31, 2024 due to decreases of $1.7 million in tax assets and $10,000 in miscellaneous assets, partially offset by increases of $1.1 million in suspense accounts and $263,000 in prepaid expenses.

    Total deposits decreased $84.4 million, or 5.1%, to $1.6 billion at March 31, 2025 from $1.7 billion at December 31, 2024. The decrease in deposits was primarily due to decreases in certificates of deposit of $125.1 million, or 12.5%, and non-interest bearing deposits of $9.9 million, or 3.5%, partially offset by increases in NOW/money market accounts of $45.9 million, or 18.8%, and savings account balances of $3.3 million, or 2.4%. The decrease of $125.1 million in certificates of deposit consisted of a decrease in retail certificates of deposit of $76.0 million, or 14.8%, and a decrease in brokered certificates of deposit of $54.8 million, or 12.6%, partially offset by an increase in non-brokered listing services certificates of deposit of $5.7 million, or 17.0%.

    The decrease in retail certificates of deposit was due to a shift in deposits to our retail high yield money market accounts. The decrease in brokered certificates of deposit was due to management’s strategy to reduce the cost of funds by “calling” higher rate brokered deposits on their call dates.

    Advance payments by borrowers for taxes and insurance increased $680,000, or 42.0%, to $2.3 million at March 31, 2025 from $1.6 million at December 31, 2024 due primarily to accumulation of real estate tax payments from borrowers.

    Lease liability – operating decreased $136,000, or 3.3%, to $4.0 million at March 31, 2025 from $4.1 million at December 31, 2024, primarily due to amortization.

    Accounts payable and accrued expenses decreased $1.3 million, or 8.7%, to $13.3 million at March 31, 2025 from $14.5 million at December 31, 2024 due primarily to a decrease in accrued expense of $2.8 million, partially offset by increases in dividends payable and other payables of $806,000, suspense accounts for loan closings of $346,000, and deferred compensation of $167,000. The allowance for credit losses for off-balance sheet commitments increased $175,000, or 24.8%, to $879,000 at March 31, 2025 from $704,000 at December 31, 2024 due primarily to an increase of $101.4 million, or 18.0%, in off-balance sheet commitments.

    Stockholders’ equity increased $8.9 million, or 2.8% to $327.2 million at March 31, 2025, from $318.3 million at December 31, 2024. The increase in stockholders’ equity was due to net income of $10.6 million for the quarter ended March 31, 2025, an increase of $302,000 in earned employee stock ownership plan shares coupled with a reduction of $217,000 in unearned employee stock ownership plan shares, and the amortization expense of $478,000 relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, partially offset by dividends declared of $2.7 million and $13,000 in other comprehensive loss.

    Results of Operations for the Three Months Ended March 31, 2025 and 2024

    Net Interest Income

    Net interest income was $24.3 million for the three months ended March 31, 2025, as compared to $25.0 million for the three months ended March 31, 2024. The decrease in net interest income of $722,000, or 2.9%, was primarily due to an increase in interest expense that exceeded an increase in interest income and a decrease in the yield on interest earning assets that exceeded a decrease in the cost of funds for interest bearing liabilities.

    Total interest and dividend income increased $86,000, or 0.2%, to $38.2 million for the three months ended March 31, 2025 from $38.1 million for the three months ended March 31, 2024. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $159.9 million, or 9.2%, to $1.9 billion for the three months ended March 31, 2025 from $1.7 billion for the three months ended March 31, 2024, partially offset by a decrease in the yield on interest earning assets by 72 basis points from 8.77% for the three months ended March 31, 2024 to 8.05% for the three months ended March 31, 2025.

    Interest expense increased $808,000, or 6.2%, to $13.9 million for the three months ended March 31, 2025 from $13.1 million for the three months ended March 31, 2024. The increase in interest expense was due to an increase in average interest bearing liabilities of $149.7 million, or 12.2%, to $1.4 billion for the three months ended March 31, 2025 from $1.2 billion for the three months ended March 31, 2024, partially offset by a decrease in the cost of interest bearing liabilities by 24 basis points from 4.29% for the three months ended March 31, 2024 to 4.05% for the three months ended March 31, 2025.

    Our net interest margin decreased 64 basis points, or 11.1%, to 5.11% for the three months ended March 31, 2025 compared to 5.75% for the three months ended March 31, 2024. The decrease in the net interest margin was due to a decrease in the yield on interest-earning assets that exceeded a decrease in the cost of funds on interest-bearing liabilities.

    Credit Loss Expense

    The Company recorded a credit loss expense of $237,000 for the three months ended March 31, 2025 compared to a credit loss expense reduction of $165,000 for the three months ended March 31, 2024. The credit loss expense of $237,000 for the three months ended March 31, 2025 was comprised of credit loss expense for loans of $62,000 and credit loss expense for off-balance sheet commitments of $175,000.

    The credit loss expense for loans of $62,000 for the three months ended March 31, 2025 was primarily due to an increase in the multi-family loan portfolio. The credit loss expense for off-balance sheet commitments of $175,000 for the three months ended March 31, 2025 was primarily due to an increase in unfunded off-balance sheet commitments.

    The credit loss expense reduction of $165,000 for the three months ended March 31, 2024 was comprised of a credit loss expense reduction for loans of $145,000, a credit loss expense reduction for held-to-maturity investment securities of $3,000, and a credit loss expense reduction for off-balance sheet commitments of $17,000. The credit loss expense reduction for loans of $145,000 for the three months ended March 31, 2024 was primarily attributed to favorable trend in the economy.

    With respect to the allowance for credit losses for loans, we charged-off $117,000 during the three months ended March 31, 2025 as compared to charge-offs of $21,000 during the three months ended March 31, 2024. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.

    We recorded recoveries of $352,000 during the three months ended March 31, 2025 compared to no recoveries during the three months ended March 31, 2024. The recoveries of $352,000 during the three months ended March 31, 2025 comprised of recoveries of $350,000 regarding a previously charged-off non-residential mortgage loan and $2,000 from a previously charged-off unpaid overdraft on a demand deposit account.

    Non-Interest Income

    Non-interest income for the three months ended March 31, 2025 was $1.2 million compared to non-interest income of $554,000 for the three months ended March 31, 2024. The increase of $681,000, or 122.9%, in total non-interest income was primarily due to increases of $382,000 in unrealized gain/(loss) on equity securities, $278,000 in other loan fees and service charges, $11,000 in miscellaneous other non-interest income, and $10,000 in BOLI income.

    The increase in unrealized gain/(loss) on equity securities was due to an unrealized gain of $300,000 on equity securities during the three months ended March 31, 2025 compared to an unrealized loss of $82,000 on equity securities during the three months ended March 31, 2024. The unrealized gain of $300,000 on equity securities during the three months ended March 31, 2025 was due to market interest rate volatility during the three months ended March 31, 2025.

    The increase of $278,000 in other loan fees and service charges was due to an increase of $245,000 in other loan fees and loan servicing fees, an increase of $31,000 in ATM/debit card/ACH fees, and an increase of $2,000 in deposit account fees.

    The increase in BOLI income of $10,000 was due to an increase in the yield on BOLI assets.

    Non-Interest Expense

    Non-interest expense increased $938,000, or 9.7%, to $10.6 million for the three months ended March 31, 2025 from $9.7 million for the three months ended March 31, 2024. The increase resulted primarily from increases of $582,000 in salaries and employee benefits, $221,000 in other operating expense, $98,000 in outside data processing expense, $40,000 in occupancy expense, $19,000 in real estate owned expense, and $14,000 in advertising expense, partially offset by a decrease of $36,000 in equipment expense.

    Income Taxes

    We recorded income tax expense of $4.1 million and $4.7 million for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, we had approximately $204,000 in tax exempt income, compared to approximately $195,000 in tax exempt income for the three months ended March 31, 2024. Our effective income tax rates were 27.8% for the three months ended March 31, 2025 compared to 29.0% for the three months ended March 31, 2024.

    Asset Quality

    Non-performing assets were $5.1 million at March 31, 2025 and December 31, 2024, respectively. These non-performing assets consisted of two foreclosed properties, with one foreclosed property totaling $4.4 million located in the Bronx, New York and one foreclosed property totaling $767,000 located in Pittsburgh, Pennsylvania.

    Our ratio of non-performing assets to total assets remained low at 0.26% at March 31, 2025 as compared to 0.25% at December 31, 2024.

    The Company’s allowance for credit losses related to loans was $5.1 million, or 0.30% of total loans as of March 31, 2025, compared to $4.8 million, or 0.27% of total loans as of December 31, 2024. Based on a review of the loans that were in the loan portfolio at March 31, 2025, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

    In addition, at March 31, 2025, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $879,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.

    Capital

    The Company’s total stockholders’ equity to assets ratio was 16.92% as of March 31, 2025. At March 31, 2025, the Company had the ability to borrow $941.3 million from the Federal Reserve Bank of New York, $15.5 million from the Federal Home Loan Bank of New York, and $8.0 million from Atlantic Community Bankers Bank.

    The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of March 31, 2025, the Bank had a tier 1 leverage capital ratio of 15.09% and a total risk-based capital ratio of 15.10%.

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

    The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of March 31, 2025, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.

    About NorthEast Community Bancorp

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

    Forward Looking Statement

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

    CONTACT:   Kenneth A. Martinek
        Chairman and Chief Executive Officer
         
    PHONE:   (914) 684-2500
     
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Unaudited)
                 
        March 31,   December 31,
        2025   2024
        (In thousands, except share
        and per share amounts)
    ASSETS            
    Cash and amounts due from depository institutions   $ 11,524     $ 13,700  
    Interest-bearing deposits     77,934       64,559  
    Total cash and cash equivalents     89,458       78,259  
    Certificates of deposit     100       100  
    Equity securities     23,294       21,994  
    Securities held-to-maturity ( net of allowance for credit losses of $126 and $126, respectively )     14,487       14,616  
    Loans receivable     1,725,664       1,812,647  
    Deferred loan fees, net     (63 )     (49 )
    Allowance for credit losses     (5,127 )     (4,830 )
    Net loans     1,720,474       1,807,768  
    Premises and equipment, net     24,889       24,805  
    Investments in restricted stock, at cost     397       397  
    Bank owned life insurance     25,905       25,738  
    Accrued interest receivable     12,432       13,481  
    Real estate owned     5,120       5,120  
    Property held for investment     1,361       1,370  
    Right of Use Assets – Operating     3,856       4,001  
    Right of Use Assets – Financing     346       347  
    Other assets     11,257       11,585  
    Total assets   $ 1,933,376     $ 2,009,581  
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Liabilities:            
    Deposits:            
    Non-interest bearing   $ 278,694     $ 287,135  
    Interest bearing     1,307,321       1,383,240  
    Total deposits     1,586,015       1,670,375  
    Advance payments by borrowers for taxes and insurance     2,298       1,618  
    Lease Liability – Operating     3,972       4,108  
    Lease Liability – Financing     619       609  
    Accounts payable and accrued expenses     13,262       14,530  
    Total liabilities     1,606,166       1,691,240  
                 
    Stockholders’ equity:            
    Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding   $ —     $ —  
    Common stock, $0.01 par value; 75,000,000 shares authorized; 14,023,376 shares and 14,016,254 shares outstanding, respectively     140       140  
    Additional paid-in capital     110,871       110,091  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares     (5,870 )     (6,088 )
    Retained earnings     221,858       213,974  
    Accumulated other comprehensive gain     211       224  
    Total stockholders’ equity     327,210       318,341  
    Total liabilities and stockholders’ equity   $ 1,933,376     $ 2,009,581  
                 
     
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
     
        Quarter Ended March 31,
        2025   2024
        (In thousands, except per share amounts)
    INTEREST INCOME:              
    Loans   $ 36,882     $ 36,703  
    Interest-earning deposits     1,081       1,200  
    Securities     244       218  
    Total Interest Income     38,207       38,121  
    INTEREST EXPENSE:              
    Deposits     13,933       12,394  
    Borrowings     –       731  
    Financing lease     10       10  
    Total Interest Expense     13,943       13,135  
    Net Interest Income     24,264       24,986  
    Provision for (reversal of) credit loss     237       (165 )
    Net Interest Income after Provision for (Reversal of) Credit Loss     24,027       25,151  
    NON-INTEREST INCOME:              
    Other loan fees and service charges     740       462  
    Earnings on bank owned life insurance     167       157  
    Unrealized gain (loss) on equity securities     300       (82 )
    Other     28       17  
    Total Non-Interest Income     1,235       554  
    NON-INTEREST EXPENSES:              
    Salaries and employee benefits     5,933       5,351  
    Occupancy expense     747       707  
    Equipment     217       253  
    Outside data processing     735       637  
    Advertising     102       88  
    Real estate owned expense     30       11  
    Other     2,855       2,634  
    Total Non-Interest Expenses     10,619       9,681  
    INCOME BEFORE PROVISION FOR INCOME TAXES     14,643       16,024  
    PROVISION FOR INCOME TAXES     4,076       4,650  
    NET INCOME   $ 10,567     $ 11,374  
                   
     
    NORTHEAST COMMUNITY BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL DATA
    (Unaudited)
     
        Quarter Ended March 31,
        2025   2024
        (In thousands, except per share amounts)
    Per share data:            
    Earnings per share – basic   $ 0.80     $ 0.87  
    Earnings per share – diluted     0.78       0.86  
    Weighted average shares outstanding – basic     13,192       13,118  
    Weighted average shares outstanding – diluted     13,560       13,191  
    Performance ratios/data:            
    Return on average total assets     2.12 %     2.50 %
    Return on average shareholders’ equity     12.98 %     15.88 %
    Net interest income   $ 24,264     $ 24,986  
    Net interest margin     5.11 %     5.75 %
    Efficiency ratio     41.64 %     37.91 %
    Net charge-off ratio     (0.05 )%     0.00 %
                 
    Loan portfolio composition:     March 31, 2025     December 31, 2024
    One-to-four family   $ 3,436     $ 3,472  
    Multi-family     253,018       206,606  
    Mixed-use     26,572       26,571  
    Total residential real estate     283,026       236,649  
    Non-residential real estate     29,198       29,446  
    Construction     1,287,225       1,426,167  
    Commercial and industrial     123,113       118,736  
    Consumer     3,102       1,649  
    Gross loans     1,725,664       1,812,647  
    Deferred loan fees, net     (63 )     (49 )
    Total loans   $ 1,725,601     $ 1,812,598  
    Asset quality data:            
    Loans past due over 90 days and still accruing   $ –     $ –  
    Non-accrual loans     –       –  
    OREO property     5,120       5,120  
    Total non-performing assets   $ 5,120     $ 5,120  
                 
    Allowance for credit losses to total loans     0.30 %     0.27 %
    Allowance for credit losses to non-performing loans     0.00 %     0.00 %
    Non-performing loans to total loans     0.00 %     0.00 %
    Non-performing assets to total assets     0.26 %     0.25 %
                 
    Bank’s Regulatory Capital ratios:            
    Total capital to risk-weighted assets     15.10 %     13.92 %
    Common equity tier 1 capital to risk-weighted assets     14.79 %     13.65 %
    Tier 1 capital to risk-weighted assets     14.79 %     13.65 %
    Tier 1 leverage ratio     15.09 %     14.44 %
     
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
        Quarter Ended March 31, 2025   Quarter Ended March 31, 2024
        Average
    Balance    		   Interest
    and dividend    		   Average
    Yield    		   Average
    Balance    		   Interest
    and dividend    		   Average
    Yield
        (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross   $ 1,767,849     $ 36,882     8.35 %   $ 1,612,343     $ 36,703     9.11 %
    Securities     36,751       235     2.56 %     33,848       197     2.33 %
    Federal Home Loan Bank stock     397       9     9.07 %     842       21     9.98 %
    Other interest-earning assets     93,476       1,081     4.63 %     91,552       1,200     5.24 %
    Total interest-earning assets     1,898,473       38,207     8.05 %     1,738,585       38,121     8.77 %
    Allowance for credit losses     (4,827 )                 (5,091 )            
    Non-interest-earning assets     96,493                   88,859              
    Total assets   $ 1,990,139                 $ 1,822,353              
                                         
    Interest-bearing demand deposit   $ 274,630     $ 2,445     3.56 %   $ 171,483     $ 1,817     4.24 %
    Savings and club accounts     138,903       730     2.10 %     182,771       1,202     2.63 %
    Certificates of deposit     962,084       10,758     4.47 %     810,586       9,375     4.63 %
    Total interest-bearing deposits     1,375,617       13,933     4.05 %     1,164,840       12,394     4.26 %
    Borrowed money     –       10     0.00 %     61,092       741     4.85 %
    Total interest-bearing liabilities     1,375,617       13,943     4.05 %     1,225,932       13,135     4.29 %
    Non-interest-bearing demand deposit     270,874                   291,909              
    Other non-interest-bearing liabilities     18,086                   18,090              
    Total liabilities     1,664,577                   1,535,931              
    Equity     325,562                   286,422              
    Total liabilities and equity   $ 1,990,139                 $ 1,822,353              
                                         
    Net interest income / interest spread         $ 24,264     4.00 %         $ 24,986     4.48 %
    Net interest rate margin                 5.11 %                 5.75 %
    Net interest earning assets   $ 522,856                 $ 512,653              
    Average interest-earning assets                                    
    to interest-bearing liabilities     138.01 %                 141.82 %            

    The MIL Network –

  • MIL-OSI Canada: Passing of Pope Francis: Premier Smith

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Security: Defendant Convicted of Five Armed Robberies and Attempted Robberies in Brooklyn, Staten Island, and New Jersey

    Source: Office of United States Attorneys

    A federal jury today convicted Tony Clanton, also known as “Tone,” on all counts of a superseding indictment charging him with Hobbs Act robbery conspiracy, two counts of Hobbs Act robbery, attempted Hobbs Act robbery, and use of firearms during crimes of violence.  The charges arose from a string of robberies and attempted robberies committed at gunpoint by the defendant and co-conspirators.  The verdict followed a six-day trial before United States District Judge Kiyo A. Matsumoto.  When sentenced, Clanton faces a mandatory minimum term of 25 years in prison and up to life in prison.

    John J. Durham, United States Attorney for the Eastern District of New York; Terence G. Reilly, Acting Special Agent in Charge, Federal Bureau of Investigation, Newark Field Office (FBI); and Jessica S. Tisch, Commissioner, New York City Police Department (NYPD), announced the verdict.

    “Over a six-month period, Clanton directed a cruel and violent spree in New York City and New Jersey that left terrorized robbery victims in his wake, including two children who watched as their parents were shot at or menaced with guns,” stated United States Attorney Durham.  “Thanks to exceptional investigative work by the FBI and the NYPD, the defendant was identified, apprehended, and rightly convicted today by jurors who were presented with a mountain of evidence that demonstrated his crime wave and overwhelmingly proved his guilt.”

    Mr. Durham also thanked the Edison, New Jersey Police Department for their valuable assistance on the case.

    “Tony Clanton is a serial violent criminal who has gone to great lengths to terrorize his victims in the pursuit of monetary gain. The FBI won’t rest until violent organized criminals are taken off the street so victims and others in the community may sleep soundly, and know justice has been served,” stated FBI Newark Acting Special Agent in Charge Reilly.  “The FBI’s Safe Streets Task Forces spearhead countless cases similar to this one.  But with each case, there are victims.  All our efforts are for them.”

    “Tony Clanton terrorized communities throughout New York City — holding victims at gunpoint in front of their children, firing recklessly, even impersonating a federal agent,” said NYPD Commissioner Jessica S. Tisch.  “Thanks to the outstanding work of NYPD investigators, in partnership with the FBI and the U.S. Attorney’s Office, he’s now been brought to justice.  This conviction ends a violent spree that had no place in our city.  And we will continue working with our partners to make sure criminals like this are held accountable.”

    As proven at trial, Clanton orchestrated a series of violent robberies at gunpoint in the Eastern District of New York and in New Jersey between January 2023 and July 2023.  After he was indicted, Clanton removed his ankle monitor and fled the district two weeks before a previously scheduled trial date and went on the run for five weeks.  While he was a fugitive, Clanton fled from two police officers who pulled him over, presented fake identification documents, and searched on the Internet for how to fake his own death.

    January 20, 2023 Home Invasion in Staten Island

    Clanton orchestrated an attempted robbery in which a co-conspirator, wearing a white hazmat suit, gloves, and standing in the vestibule of an apartment building with a can of paint, accosted Victim-1, who was entering the vestibule with his 10-year-old son.  The co-conspirator pointed a silver revolver at Victim-1 and said, “Don’t make this a homicide,” struck Victim-1 in the head with the gun, and fired a shot.  Clanton, who was also armed with a gun, grabbed Victim-1’s keys and tried unsuccessfully to open Victim-1’s apartment door.  Clanton and his co-conspirator then fled in a U-Haul van.

    June 3, 2023 Robbery of a Smoke Shop in Staten Island

    Clanton orchestrated the robbery of an employee (Victim-2) of a smoke shop in Annadale, Staten Island as he was closing the store for the night.  As his co-conspirators brandished firearms and robbed the smoke shop, Clanton monitored a police scanner radio and maintained cell phone contact with his accomplices to warn them that the police were on the way.  They restrained Victim-2 with zip ties and pressed a gun to the back of his head.  The robbers took approximately $4,000 in cash, packages of cigarettes, and a quantity of marijuana.

    June 24, 2023 Attempted Robbery of a Car Buyer in Staten Island

    Clanton orchestrated a robbery in which he pretended he was selling his Mercedes-Benz automobile to a prospective buyer (Victim-3).  While Clanton waited in the area, two of Clanton’s co-conspirators tried to rob Victim-3.  With Victim-3’s teenage son watching from the doorway, one of the co-conspirators attempted to rob Victim-3 at gunpoint.  Victim-3 fled into his home and slammed the door shut before the co-conspirator could barge inside.  That co-conspirator then fled the scene with Clanton as the get-away driver.

    June 27, 2023 Attempted Robbery of the Owners of a Jewelry Store in New Jersey

    Clanton and a co-conspirator attempted to rob the husband (Victim-4) and wife (Victim-5) owners of an Edison, New Jersey jewelry store outside their home.  Clanton identified Victim-4 and Victim-5 as potential targets and conducted surveillance on them for over a week before the attempted robbery.  During the attempted robbery, Clanton and his co-conspirator were wearing jackets with the letters “FBI,” badges that said “FBI,” and hats identifying themselves as law enforcement agents that Clanton had previously ordered from Amazon.  When the victims pulled into their driveway, Clanton and his co-conspirator ordered them out of the car at gunpoint.  Realizing Clanton and his co-conspirator were not FBI agents, the victims sped away and escaped unharmed.

    July 12, 2023 Robbery of the Owner of an Ice Cream Store in Brooklyn

    Clanton and a co-conspirator waited outside a TD Bank in Brooklyn for the victim (Victim-6) to leave with a bag of cash.  They followed Victim-6 to his home where the co-conspirator took a bag containing over $6,000 at gunpoint.

    The government’s case is being handled by the Office’s Organized Crime and Gangs Section.  Assistant United States Attorneys Andrew M. Roddin and Matthew Skurnik are in charge of the prosecution with the assistance of Paralegal Specialist Timothy Migliaro.

    The Defendant:

    TONY CLANTON (also known as “Tone”)
    Age:  51
    Staten Island, New York

    E.D.N.Y. Docket No. 23-CR-328 (S-1) (KAM)

    MIL Security OSI –

  • MIL-OSI Security: Jaremy Smith Sentenced to Life in Prison for New Mexico State Officer’s Murder

    Source: Office of United States Attorneys

    ALBUQUERQUE – Jaremy Smith has been sentenced to life in prison for a violent crime spree that culminated with the murder of Officer Justin Hare in New Mexico.

    There is no parole in the federal system.

    On March 15, 2024, Smith encountered NMSP Officer Justin Hare in Tucumcari, New Mexico, when Officer Hare stopped to assist Smith with a flat tire on the BMW. When Officer Hare pulled over behind the BMW, Smith exited the driver’s side of his car and approached the passenger window of Officer Hare’s patrol car. After a short discussion, Officer Hare asked Smith to walk to the front of the patrol vehicle. Instead, Smith shot Officer Hare, who slumped to the right in the driver’s seat. Smith then moved to the driver’s side of the patrol vehicle and shot Officer Hare two additional times before entering the driver’s seat and driving away with Hare still inside the vehicle.

    Screenshot of Exhibit 1 (00:01:02) depicting Smith walking to driver’s side window of the patrol vehicle

    At some point, the vehicle’s distress system was activated. Smith drove westbound on I-40 before exiting on a frontage road and removing Officer Hare from the vehicle, leaving him on the side of the road, and drove away. Smith drove the patrol vehicle for another 10 minutes, eventually crashing the patrol unit into shrubbery along the north frontage road of Interstate 40 in Guadalupe County, New Mexico.

    When Officer Hare did not respond to the dispatcher’s check for an update, a second officer was sent to the scene. While en route, the second officer received the distress signal from Officer Hare’s handheld radio. The officer then spotted Officer Hare’s patrol unit driving in the opposite direction at high speed along the frontage road. The second officer attempted to catch up with Officer Hare’s unit, but before he could, Smith crashed the patrol vehicle. Upon approaching the crashed vehicle, the officer found it empty, with no sign of Smith or Officer Hare. The officer then began a search of the area and found Officer Hare, still alive. Officer Hare was rushed to Trigg Memorial Hospital in Tucumcari, where he was pronounced dead at 7:21 a.m.

    After crashing the stolen patrol car, Smith fled on foot, stole a flatbed truck in Cuervo, and drove to Albuquerque. Smith was heading to Albuquerque because he had a former girlfriend who lived there.

    Smith’s capture came on March 17, 2024, when a gas station clerk in Albuquerque recognized the unusual spelling of his name from police advisory messages when he presented identification to make a purchase, and the clerk contacted law enforcement. Bernalillo County Sheriff’s Deputies quickly arrived, and Smith attempted to ambush them before fleeing through a residential neighborhood. During the chase, Smith discarded the firearm used to kill Officer Hare, which was later recovered. Law enforcement also found the stolen flatbed truck, with ammunition inside, and further linked Smith to the crime spree.

    “Jaremy Smith’s violent crime spree left a trail of destruction across state lines, endangering the lives of both the public and first responders,” said U.S. Attorney Ryan Ellsion. “Today’s sentence serves as a powerful reminder that violence against those who serve and protect the public will not be tolerated. Officer Justin Hare, a hero who saw someone in need and selflessly stepped in to help, paid the ultimate price. We honor his memory by ensuring that Jaremy Smith will never again be able to endanger the lives of others. Our focus remains on securing justice for victims and holding violent criminals fully accountable for their actions.”

    “Every day, first responders answer the call to protect others- often at great personal risk. The loss of Officer Hare is a heartbreaking reminder of that reality,” said Raul Bujanda Special Agent in Charge of the FBI Albuquerque Field Office. “While this sentence does not undo the pain inflicted upon our community, we hope it brings a sense of resolution to his family. We will continue to work with our partners to pursue violent offenders with every tool at our disposal.”

    “Jaremy Smith, in a cruel and calculated act of evil, ambushed Officer Justin Hare, executing him and leaving him to die alone in the cold after stealing his patrol vehicle,” said Chief Troy Weisler of the New Mexico State Police. “Thanks to the courage of community members and the tireless efforts of our local and federal partners, Smith was swiftly apprehended and brought to justice. With today’s sentencing, the court has sent a clear and unwavering message: anyone who harms those who protect and serve will face the full and unrelenting weight of justice. While no sentence can bring Justin back, our officers will rest easier knowing that Jeremy Smith will never again walk free and will spend the rest of his life exactly where he belongs.”

    On January 17, 2025, Smith pled guilty to carjacking resulting in death, using and carrying a firearm during a crime of violence, kidnapping resulting in death, being a prohibited person in possession of a firearm, and possession of a stolen firearm.

    U.S. Attorney Ryan Ellison and Raul Bujanda, Special Agent in Charge of the FBI Albuquerque Field Office, made the announcement today.

    The FBI Albuquerque Field Office and New Mexico State Police investigated this case with assistance from the Tenth Judicial District Attorney’s Office and the Bernalillo County Sheriff’s Office. Assistant U.S. Attorneys Paul Mysliwiec and Jack Burkhead prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Asia-Pac: Union Minister Sarbananda Sonowal leads Commencement Ceremony of Cruise Operations from MICT in Mumbai, India’s largest Cruise Terminal

    Source: Government of India

    Union Minister Sarbananda Sonowal leads Commencement Ceremony of Cruise Operations from MICT in Mumbai, India’s largest Cruise Terminal

    Sarbananda Sonowal inaugurate renovated Fire Memorial at Victoria Docks along with two other heritage buildings in Colaba; Boost to Green Port Initiatives with Shore to Ship Electric Supply along with ‘Sagar Upavan’ Garden

    Sarbananda Sonowal attends MoU signing Ceremony for Three Agreements on Strategic Development of Vadhavan Port, aimed at Port Infra Development and Cargo Handling Facilities

    Sarbananda Sonowal attends MoU signing ceremony for infra projects development worth ₹5700 crores at Vadhavan Port

    Posted On: 21 APR 2025 6:43PM by PIB Delhi

    The Union Minister of Ports, Shipping and Waterways (MoSPW), Shri Sarbananda Sonowal flagged off Cruise Operations from the Mumbai International Cruise Terminal (MICT), India’s largest cruise terminal, in Mumbai today. The Union Minister also inaugurated renovated Fire Memorial at Victoria Docks as well as renovated two heritage buildings — Fort House Ballard Estate and Evelyn House at Colaba. Sonowal also inaugurated Sagar Upvan garden along with Shore to Ship Electric Supply under Green Port Initiative. 

    The MICT, developed as per Cruise Bharat Mission, was developed as per latest global standards and is expected to take a pioneering role in developing cruise tourism in India. Spread over a built up area of more than 4,15,000 Square Feet, the MICT is developed at Ballard Pier. MICT is India’s largest world class cruise terminal. Equipped with  72 Check in and Immigration counters spreading over an area of 2,07,000 Square Feet on the first two floors (G+1) while the other two floors (2 + 3) are developed as Commercial Floors. The newly inaugurated MICT is designed to handle 1 million passengers every year with an approximate 10,000 passengers per day. It can also handle 5 ships simultaneously, with 11 meters draft and upto 300 meters length. At the parking space, more than 300 vehicles can be parked simultaneously. 

    Speaking on the commencement of Cruise Service from MICT, the Union Minister said, “The maritime history of Mumbai is rich and an integral part of our civilisation. As a coastal hub, it has served the nation handsomely with its bustling coastal business. It is only logical that we work towards realising Prime Minister Shri Narendra Modi ji’s vision of ‘Bharat becoming a global cruise hub through its state-of-the-art infrastructure.’ Today, Mumbai, with its longstanding repute as a major maritime hub in the world, commenced Cruise Operations from the Mumbai International Cruise Terminal, providing passengers modern amenities for a better and safer experience. This adds to our existing such top class international terminals at Visakhapatnam and Chennai. In order to celebrate the heroic contribution of Mumbai Port Fire Services personnel, the newly renovated Fire Memorial at Victoria Docks celebrates their distinctive service to the nation.”  

    MICT has been designed with a wavy ceiling reflecting the maritime identity with functional and minimalist architecture. MICT blends modern design with Mumbai’s maritime spirit—featuring fluid architecture, rose gold accents, and a sweeping ceiling. From heritage-inspired entry to sleek interiors with wave seating, selfie points, and maritime plaques, it offers a serene yet vibrant gateway to India’s emerging global cruise hub. MICT will provide enhanced passenger experience and position Mumbai as one of major hub for cruise tourism hub. The total investment in the MICT project has been ₹556 crores. 

    Elaborating on the vision of Cruise Bharat Mission, the Union Minister Shri Sarbananda Sonowal said, “PM Narendra Modi ji’s call for port-led prosperity has redefined our maritime ambitions. we also give momentum to the ‘Cruise Bharat Mission’—our resolve to make Bharat one of the top cruise destinations in the world. The mission embraces three pillars—Ocean and Harbour Cruises, River and Inland Cruises, and Island and Lighthouse Cruises. With a comprehensive strategy that combines digital ease, circuit integration, environmental sustainability, and global partnerships, This is India’s cruise awakening—bold, inclusive, and future-ready. Under the visionary leadership of hon’ble Prime Minister Shri Narendra Modi ji, India’s maritime sector has witnessed an astonishing transformation. it is the story of an India that believes in its potential and invests in its people.”

    The renovated Fire Memorial at Victoria Docks, which was inaugurated by the Minister, is a solemn tribute to the Mumbai Port Fire Services personnel for their distinctive service to the nation. The fire memorial is renovated with “Golden Tears” theme as the tragic event which rained golden bricks were blown in the surrounding area of Port. To promote heritage and tourism, façade lighting was inaugurated at two iconic heritage buildings of MbPA – Port House at Ballard Estate and Evelyn House at Colaba — adding to the aesthetic and historical appeal of the city’s legacy. 

    In a boost to Green Port Initiative, the Shore to Ship Electric Supply at MbPA will help Tug boats and Coast Guard vessels, reduce emissions, bring in operational efficiency and reduce noise pollution. MbPA’s commitment to environmental sustainability and modernisation of port infrastructure, providing shore-based electric power will significantly enhance energy efficiency and operational cleanliness. 

    The rejuvenated Sagar Upvan Garden at Colaba was also inaugurated today.  With support from Tata Trusts, the MbPA undertook extensive repair and enhancement works, including the restoration of the compound wall, construction of facilities for gardeners, along with a 25000 KLD Sewage Treatment Plant. Rich with more than 500 varieties of plants, it has scenic views of the Arabian Sea as well as Sassoon Docks. It has  lush green lawns, sea-facing benches, and pathways ideal for jogging and walking along with a living laboratory for botany students and nature enthusiasts. 

    Union Minister Shri Sonowal also attended MoU signing ceremony for development of Infrastructure projects with investment worth of more than ₹5700 crores at Vadhavan Port, today. The agreements were signed for development of a terminal for handling container, bulk, and liquid cargo with investment of ₹4200 crores, development of a dedicated terminal for handling bulk and liquid cargo with an investment of ₹1,000 crores and development of a liquid cargo jetty and a tank farm with a capacity of 3,00,000 CBM for handling liquefied chemicals and related products with an investment of ₹500 crores.

    Speaking at the MoU signing ceremony, Shri Sarbananda Sonowal said, “Our dynamic leader, Prime Minister Narendra Modi ji has given us a vision of transforming Vadhavan Port to become one of the Top 10 Global ports. As Vadhavan Port project is likely to power up India’s current capacity by more than three times, this is all weather, green field deep draft major port is going to act as a game changer for not only India’s maritime sector, but also enable regional trade. As India is poised to become a Viksit Bharat by 2047, this port is likely to act as a major growth multiplier. In this regard, the MoUs signed today adds towards creation of infrastructure and capacity of the Vadhavan port and helps us take another step towards realising the vision of PM, Shri Narendra Modi ji.”

    The inauguration of fuel dispensing infrastructure — including two HSD units, one gasoline unit, and a fast electric vehicle (EV) charger — further bolsters the port’s push towards sustainable mobility within the operational area. The event also included the formal handover of key land assets. A charge certificate of the plot at Malet Bunder was handed over to JNPA for its corporate building. Another plot at Reay Road was transferred to the Hare Krishna Mission for social and community activities. Additionally, the E Shed at Mumbai Port was handed over to M/s Ruchi India Logistics to strengthen port-led logistics operations.

    Speaking on the occasion, the Union Minister of State, MoPSW, Shri Shantanu Thakur said, “The launch of the new cruise service in Mumbai, restoration of Mumbai’s maritime heritage buildings, and green port initiatives mark a transformative step forward in realising Prime Minister Shri Narendra Modi ji’s vision of a sustainable, vibrant, and tourism-driven maritime economy that honours our past while embracing a cleaner, greener future. These efforts boost coastal tourism and urban renewal. They also reinforce India’s maritime leadership globally.”

    The Cruise Bharat Mission has set ambitious yet achievable goals like Development of 10 international sea cruise terminals, creation of 100 river cruise terminals, Launch of 5 marinas along our coast, Seamless integration of more than 5000 km of waterways, Aiming for 1 million sea cruise passengers and 1.5 million river cruise passengers by 2029, creation of over 400 thousand direct and indirect jobs across the cruise value chain. Since 2014, the government under the leadership of PM Shri Narendra Modi, has led to a transformation of the maritime sector. The cargo handled at the major port cargo surged from 556 MMT in 2014 to 854 MMT in 2024-25 while costal cargo grew by 119%. The inland water cargo rose from 6.89 MMT to 133 MMT—a leap of over 1800%. The cruise passengers increased from 85,000 in 2014 to 4.71 lakh today, a phenomenal growth of 454%. 

    Union Minister Shri Sarbananda Sonowal, who graced the occasion as the Chief Guest, was joined by Shri Shantanu Thakur, Union Minister of State, MoSPW as the Guest of Honour along with Susil Kumar Singh (IRSME), Chairman, Mumbai Port Authority (MbPA); Adesh Titarmare, IAS, Deputy Chairman, MbPA; Unmesh  Sharad Wagh, IRS, Chairman, Jawaharlal Nehru Port Authority (JNPA) and Dhruv Kotak, Managing Director, J.M. Baxi among other dignitaries and senior officials of the MoPSW and MbPA. 

    ***

    GDH/HR

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Data Users Conference: Strengthening the Bridge Between Data Producers and Users

    Source: Government of India

    Posted On: 21 APR 2025 9:07PM by PIB Delhi

    The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), organized the Data Users Conference on 21st April 2025, in collaboration with the Indira Gandhi Institute of Development Research (IGIDR), Mumbai.

    The conference aimed to foster constructive dialogue between data producers and data users, facilitating knowledge exchange on methodologies, insights from the latest Household Consumption Expenditure Survey, Methodology changes in PLFS and key initiatives in macro-economic statistics including GDP and Consumer Price Indices. The event witnessed active participation from more than 250 attendees comprising policymakers, academicians, researchers, economists, industry representatives, and international organizations.

    The conference was chaired by Dr. Saurabh Garg, Secretary, MoSPI, who emphasized the Ministry’s core vision of ‘Data for Development’. He highlighted MoSPI’s efforts toward enhancing data credibility, timeliness, accessibility, and relevance through technological interventions for timely release of key indicators like PLFS monthly estimates, quarterly unincorporated sector surveys, and a focus on comprehensive metadata standardization. He underlined the Ministry’s commitment to integrate administrative and survey data to fill existing gaps in the statistical ecosystem. Dr. Garg mentioned that MoSPI has actively working with research institutes to promote collaborative research.

    In his address, Dr. Nilkanth Mishra, Member, EAC-PM and Chairman, UIDAI, underscored the pressing need for more granular and timely data, especially in light of India’s fast-evolving digital and informal economy. Drawing from personal experiences, he highlighted the critical gaps in economic data and appreciated MoSPI’s ongoing efforts to modernize the data access for both private and public stakeholders.

    Ms. Geeta Singh Rathore, Director General (NSS), elaborated on recent advancements in the Periodic Labour Force Survey (PLFS), particularly the expansion of estimates of the Labour statistics to rural areas and the introduction of monthly releases of PLFS for enhanced policy responsiveness.

    Prof. Basanta Kumar Pradhan, Director, IGIDR, welcomed the delegates and acknowledged MoSPI’s role in promoting an ecosystem of data-driven research and policy-making. He emphasized the importance of understanding data generation processes, recognizing limitations, and integrating user feedback to refine methodologies.

    These key note addresses set the stage for technical sessions. The conference features four technical sessions.

    The forenoon technical sessions covered:

    • The first session has a detailed presentation on the sampling design used in NSS household surveys. The session continued with a presentation on the ‘Lessons Learned from HCES 2022-23 and 2023-24, highlighted on the key changes introduced in the most recent rounds of HCES. The presentations are followed by an enriched panel discussion and suggested to generate consumption data at sector level on quarterly basis, standardization of tools for improving the quality and exploring the scope of introducing the concepts of ‘spending’ instead of consumption as a measure of MPCE.
    • Updates on the evolution of the Periodic Labour Force Survey (PLFS), including the original objectives from its 2017 launch and recent changes implemented from January 2025. Key updates include generating monthly estimates of labour market indicators (LFPR, WPR, and UR) for both rural and urban areas, expanding quarterly estimates to rural regions, and allowing district-level estimates in collaboration with states.

    In the afternoon session Shri N.K. Santoshi, DG (Central Statistics), MoSPI, in his  opening remarks highlighted the initiatives taken by the MoSPI for updating the base years of key macro-economic indicators viz GDP and CPI.

    The afternoon technical sessions covered:

    • The session includes a presentation on compilation of GDP estimates and base year revision detailing the framework of compilation, proposed improvements in base revision and issues in interpreting the estimates. This was followed by a panel discussion wherein panellist recommended to publish detailed documentation of sources and methods, need for consistent and coherent back-series data. They also welcomed the proposed use of new data sources such as GSTN, UPI etc. in the new base.
    • During the session on CPI, the ongoing work on CPI revision, key upcoming changes such as the adoption of COICOP 2018, expanded service and market coverage, integration of online data sources, and improvements in the Housing Index methodology were presented. The presentation was followed by a panel discussion wherein it was suggested to release seasonally adjusted inflation data. MoSPI informed that a study in collaboration with IIT Kanpur for developing seasonally adjusted CPI figures for India is underway.

    Post-panel discussions, the floor was opened for discussions, providing participants to directly engage with the speakers and panelists.    

    The conference reaffirmed the collective commitment of MoSPI, IGIDR, and data users to uphold and advance the quality, integrity, and usability of official statistics in India. It concluded with a call to further deepen cooperation, embrace technological advancements, and ensure data remains at the heart of evidence-based policymaking.

    The Data User Conference concluded with the key take away of need for standardization between the statistical products.

    For more details on the survey reports and upcoming statistical releases, please visit the official MoSPI website: www.mospi.gov.in.

    ****

    Samrat

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister Shri Manohar Lal Stresses Innovation and Inclusive Urban Planning in Transport Sector, at 17th Civil Services Day celebrations

    Source: Government of India

    Union Minister Shri Manohar Lal Stresses Innovation and Inclusive Urban Planning in Transport Sector, at 17th Civil Services Day celebrations

    Secretary, MoHUA , Shri Srinivas Katikithala , receives the Prime Minister’s Award for Excellence in Public Administration for the successful implementation of the PM SVANidhi  scheme.

    Posted On: 21 APR 2025 8:15PM by PIB Delhi

    Union Minister of Housing & Urban Affairs and Power, Shri Manohar Lal, chaired a session on “Strengthening Urban Transport” at the 17th Civil Services Day in New Delhi. Addressing young civil servants, the Hon’ble Minister encouraged them to think innovatively and adopt out-of-the-box approaches to tackle critical challenges like urban transportation.

    He emphasized the importance of Transit-Oriented Development (TOD), urging officers to ensure that every commuter stepping off a metro train or public bus should not have to worry about how to reach home—the last-mile connectivity should be seamless, affordable, and integrated with easy digital payment options.

    The Minister also called on urban planners and policymakers to design cities where residential colonies are located near workplaces, promoting the “walk-to-work” culture. He said the same principle should guide the development of government residential areas, enabling more efficient, livable, and sustainable urban environments.

    Encouraging young officers to be transformative, solution-driven leaders, Shri Manohar Lal highlighted the achievements in urban transport and envisioned Indian cities as engines of growth and symbols of sustainability. He urged civil servants to champion inclusive urban planning and model governance to realize the vision of a developed India.

    In a moment of pride for the Ministry, Secretary, Ministry of Housing and Urban Affairs, Shri Srinivas Katikithala, received the Prime Minister’s Award for Excellence in Public Administration for the successful implementation of the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme.

    ****

    SK

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    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Celebrating Earth as Only NASA Can

    Source: NASA

    From the iconic image of Earthrise taken by Apollo 8 crew, to the famous Pale Blue Dot image of Earth snapped by Voyager I spacecraft, to state-of-the-art observations of our planet by new satellites such as PACE (Plankton, Aerosol, Cloud, ocean Ecosystem), NASA has given us novel ways to see our home. This Earth Day, NASA is sharing how — by building on decades of innovation—we use the unique vantage point of space to observe and understand our dynamic planet in ways that we cannot from the ground.
    NASA has been observing Earth from space for more than 60 years, with cutting-edge scientific technology that can revolutionize our understanding of our home planet and provide benefits to all humanity. NASA observations include land data that helps farmers improve crop production, research on the air we breathe, and studies of atmospheric layers high above us that protect every living thing on the planet.
    “NASA Science delivers every second of every day for the benefit all, and it begins with how we observe our home planet from the unique vantage point of space,” said Nicky Fox, associate administrator, Science Mission Directorate at NASA Headquarters in Washington. “Our satellites, Mars rovers, astronauts and other NASA Science missions send back beautiful images of our planet, from the smallest of plankton to the pale blue dot, to help give us a comprehensive, detailed view of our home that we especially celebrate each Earth Day.”
    NASA data and tools are vital to federal, state, local, and international governments to monitor and manage land, air, and water resources. From mapping the ocean floor to finding critical mineral deposits to alerting land managers when fire risk is high, NASA’s data and information informs nearly every aspect of our economy and our lives.
    “Another way NASA celebrates Earth Day is by sharing information about how our science benefits the entire nation, such as by providing U.S. farmers and ranchers with ongoing measurements of water, crop health, wildfire predictions, and knowledge of what is being grown around the world,” said Karen St. Germain, director of NASA’s Earth Science Division at the agency’s headquarters in Washington. “This data informs field level farming and ranching decisions with impact felt as far as the commodity-trading floor and our grocery stores.”
    Next up for NASA’s work to help mitigate natural disasters is a mission called NISAR (NASA-ISRO Synthetic Aperture Radar) which is a partnership between NASA and ISRO (India Space Research Organization). NISAR, which is targeted to launch later this year, will measure land changes from earthquakes, landslides, and volcanos, producing more NASA science data to aid in disaster response. The mission’s radar will detect movements of the planet’s surface as small as 0.4 inches over areas about the size of half a tennis court. By tracking subtle changes in Earth’s surface, it will spot warning signs of imminent volcanic eruptions, help to monitor groundwater supplies, track the melt rate of ice sheets tied to sea level rise, and observe shifts in the distribution of vegetation around the world. 
    From our oceans to our skies, to our ice caps, to our mountains, and to our rivers and streams, NASA’s Earth observations enhance our understanding of the world around us and celebrate the incredible planet we call home.
    To download NASA’s 2025 Earth Day poster, visit:
    https://nasa.gov/earthdayposters

    MIL OSI USA News –

  • MIL-OSI USA: FEMA to Host Housing Resource Fair April 26 in Burke County

    Source: US Federal Emergency Management Agency 2

    EMA is hosting a Housing Resource Fair on Saturday, April 26 from 9 a.m. to 5 p.m. in Burke County at the following location:
    Burke County Office Park Auditorium
    715 W 6thSt.
    Waynesboro, GA 30830
    The Housing Resource Fair will bring together federal, state and local agencies in one place to offer services and resources to families recovering from Hurricane Helene.  
    The goal of this collaborative effort is to help connect eligible disaster survivors with affordable housing along with valuable information and resources on their road to recovery.
    Survivors will meet with local housing organizations, property owners and landlords, as well as get information on the HEARTS Georgia Sheltering Program and U.S. Small Business Administration loans.
    The Housing Resource Fair is an opportunity for survivors to: 

    Explore affordable housing options and rental assistance programs.
    Meet with representatives from local housing organizations, landlords and property managers.
    Gain access to resources for displaced individuals and families.
    Learn from community partners about educational funding resources. 

    For FEMA Federal Coordinating Officer Kevin Wallace, the Housing Resource Fair is an opportunity to give survivors a one-on-one experience: “We want survivors to know we are here for them and want to see the best outcome, which is moving into safe, sanitary and functioning housing,” he said. “We will walk them through their options to ensure they are aware of the resources that are available to fit their need.”
    Anyone affected by Tropical Storm Debby or Hurricane Helene, whether they applied for FEMA assistance or not, is welcome to attend.

    MIL OSI USA News –

  • MIL-OSI USA: FEMA Extends Individual Assistance Deadline for Homeowners and Renters in Kentucky

    Source: US Federal Emergency Management Agency 2

    strong>FRANKFORT, Ky. – Kentucky homeowners and renters who suffered uninsured or underinsured damage to their property from the February Severe Storms, Flooding and Straight-line winds now have a few weeks left to apply for federal disaster assistance. FEMA has extended the application deadline to Monday, May 25, 2025.
    FEMA assistance for individuals affected by the severe weather can cover rental assistance, temporary housing, home repairs, personal property losses and other disaster-related needs not covered by insurance. FEMA grants do not have to be repaid. FEMA assistance is nontaxable and will not affect eligibility for Social Security, Medicaid or other federal benefits.
    Survivors are encouraged to file insurance claims for damage to their homes, personal property and vehicles before they apply for FEMA assistance. FEMA Individual Assistance cannot duplicate insurance benefits or other sources of assistance.
    To apply with FEMA:

    Go online at DisasterAssistance.gov (fastest option);
    Use the FEMA App (available at the Apple App Store or Google Play);
    Call the FEMA Helpline at 800-621-3362. If you use a relay service, such as Video Relay Service (VRS), captioned telephone, or other service, give FEMA your number for that service.
    Visit a Disaster Recovery Center. For locations: DRCLocator.

    Disaster Recovery Centers are physically accessible to people with disabilities and others with access and functional needs. They are equipped with assistive technology and other resources to help ensure all applicants can access resources.

    MIL OSI USA News –

  • MIL-OSI USA: Reps. Salazar, Carey, Neal, Stauber Introduce Religious Workforce Protection Act

    Source: United States House of Representatives – Congresswoman María Elvira Salazar’s (FL-27)

    strong>WASHINGTON, D.C. — This week, Maria Elvira Salazar (R-Fla.-27), U.S. Reps. Mike Carey (R-Ohio-15), Richard Neal (D-Mass.-01), and Pete Stauber (R-Minn.-08) introduced the Religious Workforce Protection Act, bipartisan legislation to allow religious workers already present in the U.S. on temporary Religious Worker status (R-1 status), with pending special immigrant (EB-4) applications to stay in the U.S. while waiting for permanent residency. This bill would allow foreign-born religious workers to continue performing essential services in American communities.

    “Miami is home to hundreds of faith communities that rely on religious workers to do God’s work,” Rep. Salazar said. “I’m proud to co-lead the Religious Workforce Protection Act to ensure our congregations have the personnel they need to keep the faith alive and growing.”

    “Religious organizations across the country continuously rely on religious workers to help meet the needs of their communities,” Rep. Carey said. “That’s why I’m proud to lead this common sense, bipartisan legislation to ensure that places of worship can operate without disruptions despite the current backlog in EB-4 processing times.”

    “For years, my office has worked with religious organizations across western Massachusetts to help bring religious workers to the United States to serve in their congregations. Recently, we began hearing from the Springfield Diocese about priests at risk of having to return to their home country due to delays in processing their green cards. Failure to address this issue would affect not just Massachusetts, but faith-based organizations nationwide,” Rep. Neal said. “I am proud to partner with Congressman Carey and our colleagues in the Senate to address this pressing issue with a bipartisan, commonsense solution. Religious institutions play an essential role in our communities, offering support, connection, and invaluable services. This legislation will ensure they can continue their vital work for years to come.”

    “Religious workers play a vital role in our communities. It is important that we address the current backlogs to ensure they continue to provide their crucial services. That is why I am proud to support this common-sense legislation with my colleagues,” Rep. Stauber said.

    “I am deeply grateful for the efforts and leadership of Congressman Carey in finding a solution through the Religious Workforce Protection Act to allow many of our religious priests and sisters to continue to serve the People of God and our local communities through their ministry. At a pivotal time in our country, priests and religious, including those from other countries who serve here as missionaries, are critical to building a civilization of love, assisting in the growth of the virtues of solidarity and fraternity, and providing the sacramental and pastoral care to meet the needs of our people, an increasingly diverse group from around the world. Congressman Carey listened attentively to our concerns and showed initiative in seeking a constructive solution. His efforts and those of his colleagues represent ‘the better kind of politics’ to which Pope Francis invites us and for which we, in the Diocese of Columbus, are most grateful,” Bishop Earl K. Fernandes of Columbus said.

    BACKGROUND:

    Under current law, workers with Religious Worker status are limited to five years in the U.S. After five years, these religious workers must return to their home countries for at least one year before they can come back to the U.S., costing churches, synagogues, and other religious organizations the religious workers on whom their congregations, and the local communities that they serve, have grown to depend.

    The Religious Workforce Protection Act would fix this problem by granting the U.S. Department of Homeland Security (DHS) Secretary the authority to extend temporary R-1 nonimmigrant status for religious workers past five years until they receive a decision on their permanent residence application.

    Though some progress has been made, many religious workers who are in the United States on temporary R-1 visas are still unable to receive decisions on permanent EB-4 visa applications within the maximum five-year duration of an R-1 visa. 

    The Religious Workforce Protection Act would provide a targeted and limited solution to this problem by granting the DHS Secretary the authority to extend temporary R-1 nonimmigrant status for religious workers past five years until they receive a decision on an EB-4 application if (1) the religious institution that they work for has petitioned for their lawful permanent residence under the EB-4 category, and (2) they are otherwise eligible to become lawful permanent residents (and, therefore, are not subject to any existing bars to obtaining a visa). 

    The bill would also allow for limited job flexibility while these religious workers are waiting for a decision on their EB-4 applications, so that they do not have to restart the long permanent residence process simply because they moved from one parish or temple to another or received a promotion or title change.

    U.S. Senators Susan Collins (R-Maine), Tim Kaine (D-Va.), and Jim Risch (R-Idaho) introduced companion legislation in the Senate.

    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI Security: Hagerstown Man Pleads Guilty to Federal Swatting Charges

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Baltimore, Maryland – Owen Jarboe, 19, of Hagerstown, Maryland, has pled guilty to conspiracy, cyberstalking, interstate threatening communications, and threats to damage or destroy by means of fire and explosives.

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the sentence with Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation (FBI) – Baltimore Field Office.

    According to the guilty plea, from December 2023 through January 18, 2024, Jarboe along with other co-conspirators, knowingly and unlawfully conspired to place swatting calls to multiple police and emergency departments across the United States. Swatting is a form of criminal harassment that involves deceiving an emergency service into sending a police or emergency service response team to another person’s location.

    Jarboe helped create an online group known as “Purgatory.” The group used multiple online social-media platforms, including Telegram and Instagram, to coordinate and plan swatting activities and to announce swats that they had conducted.  Jarboe and his co-conspirators often used shared scripts to obscure their phone numbers and identities.

    Swatting incidents perpetrated as part of this scheme include threatening to burn down a residential trailer park in Alabama and shoot a teacher and unnamed students at a Delaware high school. Other swatting occurrences include false allegations about multiple homicide events and shooting threats of individuals at a residence in Eastman, Georgia, and bombing and shooting threats of Albany International Airport in New York and an Ohio casino.

    “Swatting is a very serious offense – one that can easily become dangerous for law enforcement and the victims involved,” Hayes said.  “Emergency personnel work hard every day to ensure that first responders are dispatched to render aid to those who truly need it. Mr. Jarboe and his co-conspirators’ actions showed a complete disregard for law enforcement, the victims, and those who actually needed emergency assistance during these incidents.”

    “Jarboe’s crimes are despicable and dangerous. He put our brave first responders and countless innocent lives at risk while creating unnecessary fear in many different communities,”  DelBagno said. “Jarboe’s guilty plea shows that the FBI will not tolerate swatting or hoax threats and will make sure anyone committing these crimes is found and charged to the full extent of the law.”

    Jarboe is facing a maximum sentence of five years in federal prison for each count of conspiracy, cyberstalking, and interstate threat, and a maximum sentence of 10 years for each charge to damage or destroy by means of fire and explosive. 

    Actual sentences for federal crimes are typically less than the maximum penalties.  A federal district court judge determines sentencing after taking into account the U.S. Sentencing Guidelines and other statutory factors. Sentencing is set for Wednesday, July 23, at 10 a.m.

    U.S. Attorney Hayes commended the FBI for its outstanding work in the investigation.  Additionally, Ms. Hayes praised the Joint Terrorism Task Force, Columbus; Ohio Police Department; Newark, Delaware Police Department; Lenoir City, Tennessee Police Department; Albany, New York Police Department; Albany County, New York Sheriff’s Office; Fairburn City, Georgia Police Department; Bethel Park, Pennsylvania Police Department; Giles County, Virginia Sheriff’s Office; Blue Springs, Missouri Police Department; Tarboro, North Carolina Police Department; Boston, Massachusetts Police Department; Dodge County, Georgia Sheriff’s Office; Houston County, Alabama Sheriff’s Office; and the FBI’s Mobile, Richmond, Boston, Charlotte, and Cincinnati Field Offices for their valuable assistance. Ms. Hayes also thanked Assistant U.S. Attorneys Robert I. Goldaris and Patricia C. McLane who are prosecuting the case.

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

    # # #

    MIL Security OSI –

  • MIL-OSI Video: BREAKING: The White House is no longer a nursing home 🎉 #WHEasterEggRoll

    Source: United States of America – The White House (video statements)

    BREAKING: The White House is no longer a nursing home #WHEasterEggRoll

    https://www.youtube.com/watch?v=RItJ1U3Wbl8

    MIL OSI Video –

  • MIL-OSI Canada: Statement by the Prime Minister on the passing of His Holiness Pope Francis

    Source: Government of Canada – Prime Minister

    The Prime Minister, Mark Carney, today issued the following statement on the passing of His Holiness Pope Francis:

    “Today, I join Canadians and Catholics around the world in mourning the passing of His Holiness Pope Francis, Bishop of Rome – a shepherd of deep moral clarity, spiritual courage, and boundless compassion. From every corner of the globe, the prayers of the faithful go with Pope Francis as he journeys to his eternal rest.

    “Through his teachings and actions, Pope Francis redefined the moral responsibilities of leadership in the 21st century. In Laudato si’ (Praised Be), his landmark encyclical, he gave voice to ‘the cry of the earth and the cry of the poor’, reminding us that ecological degradation and social injustice are deeply intertwined and demand our shared, urgent leadership.

    “His vision of fairness between the generations was rooted in concrete calls for action, policy, and personal responsibility. I had the privilege of working alongside His Holiness and his team through his Council for Inclusive Capitalism, and I saw firsthand his unwavering commitment to placing human dignity at the centre of our economic and political systems.

    “At the Vatican meeting in 2014, ‘The Global Common Good: Towards a More Inclusive Economy’, Pope Francis issued a challenge that has guided me ever since. He likened humanity to wine – rich, diverse, full of spirit – and the market to grappa – distilled, intense, and at times disconnected. He called on us to ‘turn grappa back into wine’, to reintegrate human values into our economic lives.

    “His Holiness understood, and taught, that value in the market must never eclipse values in society. He showed us that we must not only measure what we value, but also value what truly matters.

    “With his visit to Canada and apology to Indigenous Peoples on residential schools, His Holiness heard from Survivors and their descendants about that system’s legacy of searing and enduring pain, and met it with an important step of accountability and healing on the shared path toward reconciliation.

    “He extended his papacy to the furthest margins, always attentive to the poor and most vulnerable, as in all aspects of his lifelong service.

    “Pope Francis leaves a spiritual and ethical legacy that will shape our collective conscience for generations to come. May we honour his memory by continuing to work for a world that reflects the solidarity, justice, and sustainability that he so powerfully embodied.

    “Requiescat in pace.”

    MIL OSI Canada News –

  • MIL-OSI USA: RI Delegation Helps Launch New Equipment for Warwick FD

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WARWICK, RI – After delivering a $1 million federal Assistance to Firefighters Grant (AFG), U.S. Senators Jack Reed and Sheldon Whitehouse and Congressman Seth Magaziner today helped the Warwick Fire Department place state-of-the-art pieces of equipment into service to ensure local firefighters can safely and effectively respond to emergencies throughout the community.

    The delegation joined Mayor Frank Picozzi, Fire Chief Peter McMichael, and Warwick firefighters to celebrate the AFG award and to officially launch 72 new self-contained breathing apparatus (SCBA) units.

    “Ensuring that our firefighters have modern, updated equipment to keep them safe is critical. I was pleased to work with my colleagues to deliver this funding to Warwick and provides dozens of new SCBA units that will ensure firefighters can respond to emergencies safely, efficiently, and effectively,” said Senator Reed, a member of the Senate Appropriations Committee.

    “The men and women of the Warwick Fire Department do heroic work every day to protect their community,” said Whitehouse.  “I’m glad to help deliver this federal funding to ensure Warwick’s first responders have access to the tools they need to do their job safely and effectively.”

    “Warwick firefighters are among Rhode Island’s bravest, and we owe it to them to make sure they have the tools they need to do their jobs,” said Magaziner. “Bringing home $1 million in federal funding for new breathing equipment is one way Rhode Island’s congressional delegation is stepping up to meet that responsibility and have the backs of local firefighters. I’ll keep fighting for first responders to get them whatever they need to keep Rhode Islanders safe.”

    “I want to thank Senators Reed, Whitehouse and Congressman Magaziner for their ongoing efforts in securing funding to ensure the safety of not only our residents, but our firefighters,” said Mayor Picozzi.  “This new equipment will be instrumental in protecting our first responders, and for that I am grateful.”

    The new equipment launched today replaces outdated SCBA units that are no longer compliant with operational standards established by the National Fire Protection Association (NFPA). An SCBA is a device worn by firefighters and other rescue workers that provides breathable air and necessary protection against harmful toxins in what are called Immediate Danger to Life and Health (IDLH) atmospheres.

    Thanks to Rhode Island’s congressional delegation, Rhode Island’s fire departments received a record-breaking amount of federal funding last year through the U.S. Department of Homeland Security’s Federal Emergency Management Agency (FEMA) Assistance to Firefighters Grant (AFG) and Staffing for Adequate Fire & Emergency Response (SAFER) grant funding, with a total of nearly $30 million for firefighters and first responders across the state.

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy, Colleagues Reintroduce Bill to Expand Access to Historic Tax Credit

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) re-introduced the Historic Tax Credit Growth & Opportunity (HTC-GO) Act to foster economic growth and local renewal by expanding the Historic Tax Credit.
    “Our architectural heritage is a point of Louisiana pride that draws folks to visit our state and supports our economy. If we want to preserve it, we need the tools to do so. The Historic Tax Credit gives us those tools,” said Dr. Cassidy. 
    The HTC-GO Act:
    Creates a new 30 percent transferable credit for small and rural projects while returning the base credit to be payable in the same year the revitalized property is placed into service. The bill lowers the threshold the cost of a project must meet to be eligible by eliminating the basis-adjustment requirement, which will bring the HTC in line with other credits such as the Low-Income Housing Tax Credit.
    Further expands eligible renovation projects by decreasing the rehabilitation investment threshold from 100 percent to 50 percent of the project’s expenses. Project expenses would only have to exceed half of the project’s cost to qualify for the credit. It also amends rules for tax-exempt entities – such as health care centers, arts organizations, community services, and workforce training providers – to allow better access to the credit.
    The bill is endorsed by the National Trust for Historic Preservation.
    “The federal historic tax credit is one of our most powerful tools for historic preservation, economic development, and community revitalization,” said Carol Quillen, President and CEO of the National Trust for Historic Preservation. “The leadership of Senators Cassidy and Warner, with the strong support of long-time champions Senators Collins and Cantwell and Representatives LaHood and Souzzi, attests to the role the historic tax credit plays in reenergizing communities across the country. With the reintroduction of the Historic Tax Credit Growth and Opportunity Act, we take a crucial step towards empowering Americans in every state to invest in older and historic buildings, neighborhoods and commercial districts. These investments support small businesses, create housing, and generate economic opportunity as they build community connection and engagement. This time-tested community-serving incentive demonstrates how preservation efforts serve the public good. We’re grateful to our Congressional champions for their steadfast support of the federal historic tax credit and look forward to supporting this effort in upcoming tax discussions.” 
    Cassidy was joined by U.S. Senators Mark Warner (D-VA), Susan Collins (R-ME), and Maria Cantwell (D-WA) in introducing the bill.
    Background
    Elimination of the basis adjustment and a return to a one-year credit will increase the value of the credit and simplify transaction structures. Under current tax law, a building owner must subtract the amount of credits received from a building’s basis (the amount a property is worth for tax purposes) and receive the credit over 5 years. Eliminating this requirement will bring more value to all HTC projects by increasing the basis of rehabilitated historic buildings for building owners, providing additional depreciation and other tax benefits, and attracting more capital from tax credit investors.

    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Still Available to Santa Clara Pueblo Private Nonprofits Affected by June Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in the Santa Clara Pueblo of the May 20, deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms and flooding occurring June 20–21, 2024.

    The disaster declaration covers the Santa Clara Pueblo in New Mexico.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs providing non-critical services of a governmental nature who suffered financial losses directly related to the disaster. Examples of eligible non-critical PNPs include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

    EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

    The loan amount can be up to $2 million with interest rates as low as 3.25% and terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to the SBA no later than May 20.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Still Available to Texas Private Nonprofits Affected by Hurricane Beryl

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in Texas of the May 21, deadline to apply for a low interest federal disaster loan to offset economic injury caused by Hurricane Beryl occurring July 5-9, 2024.

    The disaster declaration covers the Texas counties of Angelina, Austin, Brazoria, Calhoun, Chambers, Colorado, Fort Bend, Galveston, Hardin, Harris, Jackson, Jasper, Liberty, Matagorda, Montgomery, Nacogdoches, Newton, Polk, Sabine, San Augustine, San Jacinto, Shelby, Trinity, Tyler, Walker, Waller, Washington and Wharton.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs providing non-critical services of a governmental nature who suffered financial losses directly related to the disaster. Examples of eligible non-critical PNPs include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

    EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

    The loan amount can be up to $2 million with interest rates as low as 3.25% and terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to the SBA no later than May 21.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Still Available to Nebraska Private Nonprofits Affected by May Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in Nebraska of the May 20, deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms, straight‑line winds, tornadoes and flooding occurring May 20–June 3, 2024.

    The disaster declaration covers the Nebraska counties of Burt, Butler, Colfax, Dodge, Douglas, Dundy, Fillmore, Hamilton, Hayes, Hitchcock, Howard, Keith, Lincoln, Platte, Polk, Red Willow, Sarpy, Saunders and Washington.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs providing non-critical services of a governmental nature who suffered financial losses directly related to the disaster. Examples of eligible non-critical PNPs include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

    EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

    The loan amount can be up to $2 million with interest rates as low as 3.25% and terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to the SBA no later than May 20.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI Security: Washington Man Who Distributed Large Amounts of Fentanyl in the Tri-Cities Sentenced to 9 Years in Prison

    Source: Office of United States Attorneys

    Spokane, Washington – Acting United States Attorney Richard Barker announced that United States District Judge Mary K. Dimke sentenced Ricardo Cantu, age 26, to 108 months in prison on drug trafficking charges. Judge Dimke also imposed 4 years of supervised release.

    According to court documents and information provided at the sentencing hearing, in September 2023, the Drug Enforcement Administration (DEA) developed information that Cantu, who was a source of supply for methamphetamine and fentanyl laced pills, was distributing large quantities in and around the Tri-Cities with the assistance of several co-defendants to include Julio Gaspar Iniguez, Veronica Martinez and Daniel Mora.  

    Between September and October 2023, the DEA conducted two controlled purchases of fentanyl and methamphetamine from Cantu and Gaspar totaling nearly two pounds of methamphetamine and over 3,041 fentanyl pills. Cantu and Mora were armed with firearms during each transaction.

    On December 7, 2023, Agents executed search a warrant at Cantu’s home. Cantu and another man were smoking fentanyl in the garage at the time, and as a result, law enforcement and children inside the home were exposed to the fumes from this dangerous controlled substance.

    During a search of Cantu’s bedroom, agents located 10,000 pink fentanyl-laced pills in a child’s Hello Kitty bag.  Inside the closet, there were another 2,000 fentanyl-laced pills, a digital scale, and loaded Glock firearm, which previously had been reported stolen. During a search of the garage, agents located another 1,500 fentanyl pills, 3 digital scales and other evidence of drug distribution.

    Agents also executed a search warrant at Gaspar’s home, recovering 5 pounds of marijuana and a loaded 9mm firearm that has been associated with two shootings in the Yakima Valley. Agents also located a loaded privately made firearm, or Ghost gun, with a loaded magazine. During a search of Gaspar’s Jeep, agents located a loaded pistol in the center console.

    On March 26, 2025, Gaspar pleaded guilty to drug trafficking charges. He will be sentenced on June 25, 2025, in Spokane.

    “Distributing and using fentanyl and methamphetamine in our communities – especially in places where children are present – is both reckless and deeply dangerous,” said Acting U.S. Attorney Richard Barker. “Mr. Cantu not only trafficked deadly narcotics but did so while armed and in the presence of children, putting lives at risk. I commend the DEA and our law enforcement partners for their work in removing these dangerous drugs and firearms from Eastern Washington communities.”

    “Mr. Cantu put the entire community at risk by trafficking fentanyl and methamphetamine while armed,” said David F. Reames, Special Agent in Charge, DEA Seattle Field Division.  “This sentence conveys the seriousness of the danger Mr.  Cantu posed to law enforcement and other members of the community poised to get caught in the crossfire of his drug trafficking enterprise.”

    This case was investigated by the Drug Enforcement Administration. It was prosecuted by Assistant United States Attorney Stephanie Van Marter.

    Case 2:23-cr-00132-MKD

    MIL Security OSI –

  • MIL-OSI USA: Padilla, Lieu, Carbajal Announce Transformative Legislation to Address Affordable Housing and Homelessness Crises

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Lieu, Carbajal Announce Transformative Legislation to Address Affordable Housing and Homelessness Crises

    Housing for All Act would invest in proven solutions to address affordable housing shortages and provide historic level of federal funding for existing programs and innovative solutions to keep people housed and reduce homelessness
    CALIFORNIA — Today, U.S. Senator Alex Padilla (D-Calif.) and Representatives Ted Lieu (D-Calif.-36) and Salud Carbajal (D-Calif.-24) announced the reintroduction of the Housing for All Act, a comprehensive approach to address the homelessness and affordable housing crises in California and across the nation. The legislation would invest in proven solutions to address affordable housing shortages and provide a historic level of federal funding for both existing programs to reduce homelessness and innovative, locally developed solutions to help vulnerable populations experiencing homelessness.
    As the Trump Administration undermines and defunds critical housing services across the country — including illegal staff cuts at the Department of Housing and Urban Development (HUD) and potential closures of nearly two-thirds of HUD field offices nationwide — investments to boost the affordable housing stock and reduce homelessness are essential. The investments in the Housing for All Act would build on the creative solutions that cities and states across California have successfully developed to help combat the housing and homelessness crises.
    “Housing is a basic human right, not a privilege. As the Trump Administration callously cuts essential housing programs and resources that Americans across the country depend on, our Housing for All Act is a blueprint for building upon locally developed solutions and providing necessary federal investments to finally treat the homelessness and affordable housing crises with the seriousness they deserve,” said Senator Padilla. “For far too long, the lack of affordable housing has hurt Americans nationwide and disproportionately harmed low-income communities and communities of color. Community leaders across California know that we have the tools to end homelessness and lower the cost of housing for Americans, but we need significant federal investments to scale up creative and effective housing solutions. I won’t stop this fight until every person has a place to call home.”
    “Housing and homelessness are two significant crises we face today,” said Representative Lieu. “There is not enough affordable housing in California and across this country. Everyday Americans can work more than one job, and it’s still not enough to afford safe and stable housing. This is unacceptable. It’s time we finally invest in the proven, community-driven solutions that combat homelessness and create more affordable housing. I’m pleased to partner with Senator Padilla and Congressman Carbajal to introduce legislation that meets the urgency of this moment and helps get more people into homes.”
    “Homes have been too expensive for far too long,” said Representative Carbajal. “While we have the tools to address this crisis, the challenge has always been scale. The Housing For All Act will make historic investments in programs addressing housing and homelessness–including my Safe Parking legislation–to ensure every American has a roof over their head.”
    The lack of affordable housing access and the population of individuals experiencing homelessness are growing crises impacting Americans nationwide, disproportionately hurting communities of color and low-income communities. In the United States, over 770,000 individuals and families experience homelessness annually, and significantly more Americans face housing insecurity. According to the National Low Income Housing Coalition’s recent Out of Reach 2024 Report, no state or county exists where a person working 40 hours a week and earning the state or local minimum wage can afford to rent a modest two-bedroom apartment. In fact, the average minimum wage earner would need to work 113 hours per week — nearly three full-time jobs — to afford a two-bedroom rental home.
    The Housing for All Act would take an all-hands-on-deck approach to combat these crises, including investments from the federal government in housing solutions. Specifically, the bill would:
    Address the affordable housing shortage by investing in the National Housing Trust Fund, the HOME Investment Partnerships program, the Section 202 Supportive Housing for the Elderly Program, and the Section 811 Supportive Housing for People with Disabilities;
    Address the homelessness crisis by investing in Housing Choice Vouchers, Project-Based Rental Assistance, the emergency solutions grant program (which helps with street outreach, rapid re-housing assistance, emergency shelter, and homelessness prevention), and Continuums of Care;
    Support innovative, locally developed approaches to these crises by investing in hotel and motel conversions to permanent supportive housing with supportive services, the Eviction Protection Grant Program to support experienced legal service providers in providing legal assistance to low-income tenants at risk of or subject to eviction, mobile crisis intervention teams to help those with medical or psychological needs get the care that they need, programs that offer a safe place to park overnight and facilitate access to rehousing services and essential services, library programs that support people experiencing homelessness, inclusive transit-oriented development and infill development, and improved coordination of culturally competent, trauma-informed behavioral health and homelessness services.
    Senators Cory Booker (D-N.J.), Martin Heinrich (D-N.M.), Mazie Hirono (D-Hawaii), Ben Ray Luján (D-N.M.), Edward J. Markey (D-Mass.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), and Ron Wyden (D-Ore.) are cosponsoring the bill in the Senate.
    Representatives Yassamin Ansari (D-Ariz.-03), Nanette Barragán (D-Calif.-44), Sheila Cherfilus-McCormick (D-Fla.-20), Cleo Fields (D-La.-06), Jimmy Gomez (D-Calif.-34), Hank Johnson (D-Ga.-04), Seth Magaziner (D-R.I.-02), LaMonica Mclver (D-N.J.-10), Eleanor Holmes Norton (D-D.C.-AL), Jimmy Panetta (D-Calif.-19), Delia Ramirez (D-Ill.-03), Jan Schakowsky (D-Ill.-09), Lateefah Simon (D-Calif.-12), and Shri Thanedar (D-Mich.-13) are cosponsoring the bill in the House.
    The Housing for All Act of 2025 has been endorsed by organizations and stakeholders including the National Alliance to End Homelessness; National Low Income Housing Coalition (NLIHC); LeadingAge; National Rural Housing Coalition; UnidosUS; US Conference of Mayors; Corporation for Supportive Housing; Covenant House; Liberation in a Generation; American Library Association; Self-Help Enterprises; California Housing Partnership; California League of Cities; California State Association of Counties; County Welfare Directors Association of California; Center for Law and Social Policy; California Business, Consumer Services and Housing (BCSH) Agency; and more.
    “At a time when more households than ever are struggling to make ends meet, and the number of people experiencing homelessness has reached record levels, we must keep up the fight for the resources needed to ensure everyone has a safe, stable, affordable, and accessible place to call home,” said NLIHC Interim President and CEO Renee Willis. “I applaud Senator Padilla for his leadership on the ‘Housing for All Act,’ which would provide bold, long-term solutions required to address the nation’s affordable housing and homelessness crisis at its root.” 
    “Senator Padilla’s Housing for All Act recognizes the extraordinary work performed by local homelessness systems and would provide them with robust resources, including significant new investments in the Continuum of Care and Emergency Solutions Grants programs as well as Housing Choice Vouchers and Project-Based Rental Assistance,” said Steve Berg, Chief Policy Officer at the National Alliance to End Homelessness. “In addition to providing resources, Senator Padilla’s legislation would promote innovative policies like using motels and hotels for permanent supportive housing and specific efforts to help house the growing numbers of individuals and families experiencing vehicular homelessness. In introducing the Housing for All Act, the Senator is meeting the moment–and his legislation should inspire policymakers in the legislative and executive branches.”
    “The Housing for All Act is a common sense, critically needed response to our country’s shortage of affordable homes—particularly for low-income older adults,” said Katie Smith Sloan, President & CEO, LeadingAge, the Association of Nonprofit Providers of Aging Services. “Our nonprofit members have years-long waiting lists—which means that many low-income older adults die before receiving relief in the form of an available, federally assisted house. The programs and policies supported by Senator Padilla’s bill will reverse course on record levels of housing unaffordability: for example, its authorization of $2.5 billion for the U.S. Department of Housing and Urban Development’s Section 202 Supportive Housing for the Elderly program would build new, service-connected affordable homes for older adults with average annual incomes below $17,000 a year. For these older adults, the private market alone has not, cannot, and will not solve the affordable housing shortage. As Senator Padilla makes clear, public resources are critically needed. LeadingAge enthusiastically supports the Housing for All Act.”
    “The California Housing Partnership enthusiastically supports Senator Padilla’s Housing for All Act providing expanded federal resources to counteract the acute shortage of affordable homes, which in California has been pushing families and individuals into overcrowded situations and risking homelessness amidst the pandemic,” said Matt Schwartz, President and CEO of the California Housing Partnership.
    “Now is the time to strengthen the commitment to programs that are successful in preventing and reducing homelessness as well as increase collaboration between federal, state, county, and city governments,” said Jeff Griffiths, Inyo County Supervisor and California State Association of Counties (CSAC) President. “Senator Padilla’s Housing for All Act would accomplish these goals. CSAC and California’s counties strongly support this legislation, and are grateful for his leadership.”
    “The County Welfare Directors Association of California (CWDA) is proud to once again stand in support of Senator Padilla’s Housing For All legislation,” said Carlos Marquez III, CWDA Executive Director. “Every day, California’s 58 county human services agencies work to stabilize and rapidly rehouse older adults, former foster youth, families experiencing poverty, and others at high risk of homelessness, but our efforts are limited by a lack of investment in affordable housing and in evidence-based strategies that get people off the street. Senator Padilla’s Housing For All legislation will enable counties to scale what works and provide immediate solutions to our housing crisis.”
    “Cal Cities is proud to support the Housing for All Act, which would provide critical funding to connect our unhoused residents to services and keep Californians in their homes,” said League of California Cities Executive Director and CEO Carolyn Coleman. “We all know there’s more work to be done to address the housing and homelessness crisis in our state and that every level of government has a role to play in finding a meaningful path forward. Senator Padilla’s bill will strengthen the partnership between all levels of government by investing in the diversity of solutions that cities throughout the state are carrying out to support vulnerable residents.”
    “We’re grateful for Senator Padilla’s leadership in advancing legislation that would provide comprehensive resources to address the housing and homelessness challenges facing California and across the country,” said Business, Consumer Services and Housing Agency Secretary Tomiquia Moss. “California has made significant investments, but we know real, sustained progress will require every level of government working together.”
    Senator Padilla believes everyone deserves access to affordable and safe housing and recognizes the need to drastically increase the affordable housing stock to address the homelessness crisis facing California and the country. Last week, Padilla introduced the bipartisan Housing Unhoused Disabled Veterans Act to ensure veterans experiencing homelessness and receiving disability payments maintain access to crucial housing support. In the aftermath of the Los Angeles fires, Padilla introduced the bipartisan Disaster Housing Reform for American Families Act to expedite, expand, and improve temporary housing available to victims of disasters like wildfires and storms.
    Padilla has fought against the Trump Administration’s proposals to cut HUD staff and field offices who help provide crucial housing services. Padilla and U.S. Representative Emanuel Cleaver, II (D-Mo.-05) recently led more than 100 Democrats in the Senate and House in condemning staffing cuts and potential closures of HUD field offices across the country. Earlier this year, Senator Padilla sounded the alarm that these wide-ranging cuts would hamper HUD’s ability to support vulnerable communities and address the housing and homelessness crises.
    A one-pager on the bill is available here. 
    A section-by-section summary of the bill is available here.
    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Statement from Congressman Jonathan L. Jackson on the Continued Detention of Kilmar Abrego Garcia

    Source: United States House of Representatives – Representative Jonathan Jackson – Illinois (1st District)

    Statement from Congressman Jonathan L. Jackson on the Continued Detention of Kilmar Abrego Garcia

    April 21, 2025

    I am deeply troubled by the continued detention of Kilmar Abrego Garcia in El Salvador, despite a clear directive from the United States Supreme Court to facilitate his return. This is not just an immigration case—it is a test of our democracy, our values, and our Constitution. 

    Kilmar is a son, a brother, a neighbor. He lived in Maryland, contributed to his community, and sought refuge from violence, only to be deported due to what the administration itself admits was a bureaucratic error. This mistake, grave as it was, could have been corrected swiftly and honorably. Instead, it has spiraled into a constitutional crisis.

    When I speak with young people across Chicago, many of them are children of immigrants or refugees. They ask if the law will protect them. They ask if due process still matters. And today, I must look them in the eye and explain that the highest court in the land gave a directive—and the executive branch is choosing to ignore it. What message does that send to the next generation?

    We are now standing on dangerous ground. When any administration defies the authority of the Supreme Court, it shakes the very foundations of our democratic system. If the law can be bent for one man’s political convenience, then it can be broken for all of us.

    This is not hypothetical. My own father, Reverend Jesse Jackson, marched and negotiated for the release of hostages and political prisoners around the world. He taught me that America must never be afraid to stand up for justice—not just when it’s easy, but especially when it’s hard. Kilmar’s case reminds us that the fight for civil rights and human dignity is not over. It’s happening now, under our watch, on our soil.

    I call on President Trump and Secretary Hegseth to uphold the rule of law. Comply with the Supreme Court’s order. Bring Kilmar home.

    This is about more than one man. It’s about the integrity of our institutions. It’s about the kind of country we want to be.

    Let history show that we did not remain silent when democracy was threatened. Let it show that we acted.

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    MIL OSI USA News –