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Category: Intelligence

  • MIL-OSI USA News: Eradicating Anti-Christian Bias

    Source: The White House

    By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

         Section 1.  Purpose and Policy.  It is the policy of the United States, and the purpose of this order, to protect the religious freedoms of Americans and end the anti-Christian weaponization of government.  The Founders established a Nation in which people were free to practice their faith without fear of discrimination or retaliation by their government. 

         For that reason, the United States Constitution enshrines the fundamental right to religious liberty in the First Amendment.  Federal laws like the Religious Freedom Restoration Act of 1993, as amended (42 U.S.C. 2000bb et seq.), further prohibit government interference with Americans’ rights to exercise their religion.  Title VII of the Civil Rights Act of 1964, as amended (42 U.S.C. 2000e et seq.), prohibits religious discrimination in employment while Federal hate-crime laws prohibit offenses committed due to religious animus.

         Yet the previous Administration engaged in an egregious pattern of targeting peaceful Christians, while ignoring violent, anti-Christian offenses.  The Biden Department of Justice sought to squelch faith in the public square by bringing Federal criminal charges and obtaining in numerous cases multi-year prison sentences against nearly two dozen peaceful pro-life Christians for praying and demonstrating outside abortion facilities.  Those convicted included a Catholic priest and 75-year-old grandmother, as well as an 87-year-old woman and a father of 11 children who were arrested 18 months after praying and singing hymns outside an abortion facility in Tennessee as a part of a politically motivated prosecution campaign by the Biden Administration.  I rectified this injustice on January 23, 2025, by issuing pardons in these cases. 
     
         At the same time, Catholic churches, charities, and pro-life centers sought justice for violence, theft, and arson perpetrated against them, which the Biden Department of Justice largely ignored.  After more than 100 attacks, the U.S. House of Representatives passed a resolution condemning this violence and calling on the Biden Administration to enforce the law.
     
         Then, in 2023, a Federal Bureau of Investigation (FBI) memorandum asserted that “radical-traditionalist” Catholics were domestic-terrorism threats and suggested infiltrating Catholic churches as “threat mitigation.”  This later-retracted FBI memorandum cited as support evidence propaganda from highly partisan sources.
       
         The Biden Department of Education sought to repeal religious-liberty protections for faith-based organizations on college campuses.  The Biden Equal Employment Opportunity Commission sought to force Christians to affirm radical transgender ideology against their faith.  And the Biden Department of Health and Human Services sought to drive Christians who do not conform to certain beliefs on sexual orientation and gender identity out of the foster-care system.  The Biden Administration declared March 31, 2024 — Easter Sunday — as “Transgender Day of Visibility.”
       
          In this atmosphere of anti-Christian government, hostility and vandalism against Christian churches and places of worship surged, with the number of such identified acts in 2023 exceeding by more than eight times the number from 2018.  Catholic churches and institutions have been aggressively targeted with hundreds of acts of hostility, violence, and vandalism.
         
         My Administration will not tolerate anti-Christian weaponization of government or unlawful conduct targeting Christians.  The law protects the freedom of Americans and groups of Americans to practice their faith in peace, and my Administration will enforce the law and protect these freedoms.  My Administration will ensure that any unlawful and improper conduct, policies, or practices that target Christians are identified, terminated, and rectified.

         Sec. 2.  Establishing a Task Force to Eradicate Anti-Christian Bias.  (a)  There is hereby established within the Department of Justice the Task Force to Eradicate Anti-Christian Bias (Task Force).
         (b)  The Attorney General shall serve as Chair of the Task Force.
         (c)  In addition to the Chair, the Task Force shall consist of the following other members:
              (i)     the Secretary of State;
              (ii)    the Secretary of the Treasury;
              (iii)   the Secretary of Defense;
              (iv)    the Secretary of Labor;
              (v)     the Secretary of Health and Human Services;
              (vi)    the Secretary of Housing and Urban Development;
              (vii)   the Secretary of Education;
              (viii)  the Secretary of Veterans Affairs;
              (ix)    the Secretary of Homeland Security;
              (x)     the Director of the Office of Management and Budget;
              (xi)    Representative of the United States of America to the United Nations;
              (xii)   the Administrator of the Small Business Administration;
              (xiii)  the Director of the Federal Bureau of Investigation;
              (xiv)   the Assistant to the President for Domestic Policy;
              (xv)    the Administrator of the Federal Emergency Management Agency;
              (xvi)   the Chair of the Equal Employment Opportunity Commission; and
              (xvii)  the heads of such other executive departments, agencies, and offices that the Chair may, from time to time, invite to participate.

         Sec. 3.  Task Force Functions.  (a)  The Task Force shall meet as required by the Chair and shall take appropriate action to:
              (i)    review the activities of all executive departments and agencies (agencies), including the Department of State, the Department of Justice, including the Federal Bureau of Investigation, the Department of Labor, the Department of Health and Human Services, the Department of Education, the Department of Homeland Security, and the Equal Employment Opportunity Commission, over the previous Administration and identify any unlawful anti-Christian policies, practices, or conduct by an agency contrary to the purpose and policy of this order;
              (ii)   recommend to the head of the relevant agency steps to revoke or terminate any violative policies, practices, or conduct identified under subsection (3)(a)(i) of this section and remedial actions to fulfill the purpose and policy of this order;
              (iii)  share information and develop strategies to protect the religious liberties of Americans and advance the purpose and policy of this order;
              (iv)   solicit information and ideas from a broad range of individuals and groups, including Americans affected by anti-Christian conduct, faith-based organizations, and State, local, and Tribal governments, in order to ensure that its work is informed by a broad spectrum of ideas and experiences;
              (v)    identify deficiencies in existing laws and enforcement and regulatory practices that have contributed to unlawful anti-Christian governmental or private conduct and recommend to the relevant agency head, or recommend to the President, through the Deputy Chief of Staff for Policy and the Assistant to the President for Domestic Policy, as applicable, appropriate actions that agencies may take to remedy failures to fully enforce the law against acts of anti-Christian hostility, vandalism, and violence; and
              (vi)     recommend to the President, through the Deputy Chief of Staff for Policy and the Assistant to the President for Domestic Policy, any additional Presidential or legislative action necessary to rectify past improper anti-Christian conduct, protect religious liberty, or otherwise fulfill the purpose and policy of this order.
         (b)  In order to advise the President regarding its work and assist the President in formulating future policy, the Task Force shall submit to the President, through the Deputy Chief of Staff for Policy and the Assistant to the President for Domestic Policy:
              (i)    a report within 120 days from the date of this order regarding the Task Force’s initial work;  
              (ii)   a report within 1 year from the date of this order that summarizes the Task Force’s work; and
              (iii)  a final report upon the dissolution of the Task Force.

         Sec. 4.  Administration.  (a)  The heads of agencies shall, to the extent permitted by law, upon the request of the Chair, provide the Task Force with any information required by the Task Force for the purpose of carrying out its functions.
         (b)  The Department of Justice shall provide such funding and administrative and technical support as the Task Force may require, to the extent permitted by law and as authorized by existing appropriations.

         Sec. 5.  Termination.  The Task Force shall terminate 2 years from the date of this order unless extended by the President.

         Sec. 6.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:
              (i)   the authority granted by law to an executive department or agency, or the head thereof; or
              (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
         (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
         (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    THE WHITE HOUSE,
        February 6, 2025.

    MIL OSI USA News –

  • MIL-OSI USA: ICE Newark arrest of Chilean national leads to federal charges

    Source: US Immigration and Customs Enforcement

    NEWARK, N.J. – A U.S. Immigration and Customs Enforcement arrest led to Gustavo Ignacio Salas Ortega, 33, a Chilean alien, being charged Feb. 4 in the U.S. District Court in Newark, New Jersey, with one count of conspiracy to receive stolen property that had crossed state lines and one count of receiving stolen property that had crossed state lines.

    Salas Ortega, believed to be part of a South American theft group in Rochelle Park, New Jersey, was arrested by ICE Oct. 14, 2024. ICE then transferred Salas Ortega to U.S Marshals Service custody and lodged an immigration detainer against him.

    “As alleged, the illegal alien offender threatened the public safety of our community by participating in an organized theft group,” said ICE Enforcement and Removal Operations Newark Field Office Director John Tsoukaris.  “These charges against Salas Ortega demonstrate ICE ERO Newark’s commitment to uphold the integrity of our immigration system while promoting the security of New Jersey’s residents.”

    ICE partnered with FBI Newark’s Joint Organized Crime Task Force, the Millburn Police Department, the Port Authority of New York and the New Jersey Police Department in the investigation leading to the charges.

    “The Joint Organized Crime Task Force has been working tirelessly to apprehend these alleged criminals, following a labyrinth of conspirators that span multiple states,” FBI-Newark acting Special Agent in Charge Terence G. Reilly said. “These alleged criminals are part of South American theft groups who have been targeting stores throughout the United States for months. These alleged thieves have worked equally hard to evade law enforcement as they have to infiltrate the very businesses they have ripped off. This charge marks a positive step forward towards dismantling this group.”

    According to the investigation, the defendant was part of a group which scouted a jewelry store in a New Jersey mall before committing the burglary. The defendant and his co-conspirators then entered the jewelry store through the ceiling and a hole they cut through an adjacent wall. Law enforcement later found the defendant wearing an expensive wristwatch that had been in the jewelry store at the time of the burglary. Further investigation showed that the defendant had possessed the stolen wristwatch in New York on multiple days after the burglary.

    Other law enforcement partners throughout the U.S. supported the investigation. Federal partners include U.S. Customs and Border Protection, FBI Denver, FBI New York, and the FBI legal attaché in Santiago, Chile. New Jersey agencies include the Denver Police Department, the Paramus Police Department, the Fair Lawn Police Department, the Edison Police Department and the Essex County Prosecutor’s Office. New York agencies include the Nassau County Police Department, the Woodbury Town Police Department, the Town of Greenburgh Police Department and the New York Police Department. The Northbrook Police Department in Illinois, and the Vacaville Police Department in California, also assisted.

    MIL OSI USA News –

  • MIL-OSI Security: Deering, Alaska, man indicted for abusive sexual contact on an aircraft from Anchorage to Seattle

    Source: Office of United States Attorneys

    Repeatedly touched 17-year-old sitting next to him despite her actions to stop him

    Seattle – A 27-year-old Deering, Alaska man was arraigned today following his indictment for abusive sexual contact, announced U.S. Attorney Tessa M. Gorman. Trayton C. Ballot was arrested on January 15, 2025, when the Alaska Airlines flight he was on arrived at Seattle-Tacoma International airport. Ballot pleaded not guilty this morning and trial was scheduled in front of U.S. District Judge John H. Chun on April 7, 2025.

    According to records filed in the case, the 17-year-old victim was flying with her mother and a friend from Anchorage to Seattle. Ballot was seated in the middle seat in a row near the back of the plane. The victim was in the window seat. Ballot appeared to be asleep, but then allegedly moved his hand onto the victim’s inner thigh and began rubbing her thigh. The victim removed Ballot’s hand. Two more times Ballot moved his hand onto the 17-year-old’s inner thigh, and she removed his hand. After the third time, the victim lowered her tray table and wedged a pillow under it to protect her lap. Despite those barriers, Ballot moved his hand under the armrest and attempted to place it over the victim’s thigh. The victim pressed down on the pillow to stop the assault and Ballot took his hand away.

    The victim typed into her phone that the man seated next to her had touched her and showed the message to her mother who was seated in the row behind her. At her mother’s instruction, the victim notified the flight attendants who moved her to a different seat.

    Ballot was arrested when the plane arrived in Seattle. He was held at the Federal Detention Center at SeaTac until the next day when he was released on many conditions including that he notify any airline of these charges before he travels.

    Ballot waived his presence at arraignment and his attorney entered a plea of “Not Guilty.”

    Abusive sexual contact is punishable by up to two years in prison.

    The charges contained in the indictment are only allegations.  A person is presumed innocent unless and until he or she is proven guilty beyond a reasonable doubt in a court of law.

    The case is being investigated by the FBI.

    The case is being prosecuted by Assistant United States Attorney Carolyn Forstein.

    MIL Security OSI –

  • MIL-OSI Security: Gang Member Sentenced To 144 Months In Prison For Racketeering And Drug Charges

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    NEWARK, N.J. – A member of the Rollin’ 60s Neighborhood Crips gang was sentenced on Wednesday to 144 months in prison for his role in a racketeering conspiracy and the sale of cocaine, Acting U.S. Attorney Vikas Khanna announced.

    Kareem Green, a/k/a “Try Me”(“Green”), 32, previously pleaded guilty before U.S. District Judge Susan D. Wigenton to a superseding indictment that charged him with Racketeer Influenced and Corrupt Organizations (“RICO”) conspiracy and a separate indictment charging him with distribution of cocaine. Judge Wigenton imposed the sentence on February 5, 2025 in Newark federal court. 

    According to documents filed in this case and statements made in court:

    From 2015 through Sept. 22, 2022, Green was a member of the Rollin’ 60s Neighborhood Crips, a criminal enterprise responsible for acts of violence and the distribution of controlled substances in the District of New Jersey and elsewhere. On April 5, 2021, Green worked with other members of the gang to shoot a victim. On April 11, 2021, Green worked with other members of the gang to shoot another victim. On March 5, 2021, Green worked with another member of the gang to distribute cocaine.

    In addition to the prison term, Judge Wigenton sentenced Green to three years of supervised release.

    Acting U.S. Attorney Khanna credited special agents of the DEA, under the direction of Special Agent in Charge Cheryl Ortiz; the Internal Revenue Service, Criminal Investigation (IRS-CI), under the direction of Special Agent in Charge Jenifer Piovesan, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), under the direction of Special Agent in Charge L.C. Cheeks, Jr., as well as investigators of the U.S. Marshals Service, under Marshal Juan Mattos’ direction; the Irvington Police Department, under the direction of Police Division Director Tracy Bowers, the Essex County Prosecutor’s Office, under the direction of Acting Prosecutor Theodore N. Stephens II, the FBI, under the direction of Acting Special Agent in Charge Terence G. Reilly, the Newark Police Department, under the direction of Public Safety Director Emanuel Miranda, Sr., the Bloomfield Police Department, under the direction of Director of Public Safety Samuel A. DeMaio, the Essex County Sheriff’s Office, under Sheriff Amir D. Jones’ direction, the East Orange Police Department, under the direction of Chief Phyllis L. Bindi, the Elizabeth Police Department, under the direction of Police Director Earl J. Graves, the Edison Police Department, under the direction of Chief of Police Tom Bryan, the New Jersey State Police, under the direction of Colonel Patrick J. Callahan, the Union County Prosecutor’s Office, under the direction of Prosecutor William A. Daniel, the Spotswood Police Department, under the direction of Chief Philip Corbisiero, and the North Carolina State Bureau of Investigation Fugitive and Missing Person Task Force, which includes members of the FBI, for the investigations leading to the charges in the Rollin 60’s Neighborhood Crips investigation.

    This case is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    The investigation was conducted as part of the Newark Violent Crime Initiative (VCI). The Newark VCI was formed in August 2017 by the U.S. Attorney’s Office for the District of New Jersey, the Essex County Prosecutor’s Office, and the City of Newark’s Department of Public Safety for the sole purpose of combatting violent crime in and around Newark. As part of this partnership, federal, state, county, and city agencies collaborate and pool resources to prosecute violent offenders who endanger the safety of the community. The VCI is composed of the U.S. Attorney’s Office, the FBI, the ATF, the Drug Enforcement Administration’s (DEA) New Jersey Division, the Department of Homeland Security – Homeland Security Investigations, the U.S. Marshals, the Newark Department of Public Safety, the Essex County Prosecutor’s Office, the Essex County Sheriff’s Office, New Jersey State Parole, Union County Jail, New Jersey State Police Regional Operations and Intelligence Center/Real Time Crime Center, New Jersey Department of Corrections, the East Orange Police Department, and the Irvington Police Department.

    The government is represented by Assistant U.S. Attorney Francesca Liquori of the Special Prosecutions Division and Assistant U.S. Attorney Jake A. Nasar of the Health Care Fraud Unit.

                                      ###

    Defense Counsel:

    William Strazza, Esq., Chester, NJ 

    MIL Security OSI –

  • MIL-OSI: Viventium Recognized for Multimedia Excellence at 2025 Aspect Awards for Influential Caregiver Onboarding Research

    Source: GlobeNewswire (MIL-OSI)

    BERKELEY HEIGHTS, N.J., Feb. 06, 2025 (GLOBE NEWSWIRE) — Viventium, the leading SaaS-based human capital management platform serving the healthcare industry, has earned second place in the Multimedia Campaign category for Home Health & Home Care (Vendor) at the 2025 Aspect Awards. The award recognizes the 2024 Caregiver Onboarding Experience Report: A Re-Think is Overdue, a proprietary research initiative that brings much-needed attention to critical workforce challenges in home-, facility-, and community-based care.

    Presented by WTWH Healthcare, the Aspect Awards celebrate innovation and creativity in marketing and advertising across the care continuum. A panel of nine industry experts in sales, public relations, and branding evaluated entries based on creativity, style and impact, quality, and alignment with business goals. Each category awarded first, second, and third place distinctions, recognizing both care providers and solution innovators—with Viventium standing out for its data-driven storytelling and commitment to advancing industry conversations.

    The 2024 Caregiver Onboarding Experience Report: A Re-Think is Overdue takes a deep dive into the staffing shortages and high turnover rates that continue to challenge home-, facility-, and community-based care organizations. The research uncovers critical gaps in onboarding, an often-overlooked factor contributing to caregiver retention issues. Through proprietary data and actionable insights, the report equips administrators and managers with strategies to enhance onboarding, boost engagement, and improve long-term staff retention.

    “We are honored to be recognized for highlighting onboarding as a critical factor to the retention issue,” said Navin Gupta, CEO at Viventium. “Effective onboarding plays a key role in caregiver retention, yet many organizations face challenges in optimizing the process. With this report, we aim to provide valuable insights and strategies to help agencies and facilities strengthen their workforce and enhance patient care.”

    For more information about Viventium and to access the 2024 Caregiver Onboarding Experience Report, visit www.viventium.com or follow @viventium on LinkedIn.

    About Viventium

    Viventium provides a SaaS-based human capital management solution that is focused on the healthcare industry. The company’s mission is to enrich the lives of caregivers through technology so they love going to work every day. By providing specialized software and expert guidance, Viventium helps its clients throughout the lifecycle of each caregiver. The company has clients in all 50 states and supports over 500,000 client employees each year.

    For more information about Viventium, visit https://www.viventium.com or follow @viventium on LinkedIn.

    Press Contact:
    press@viventium.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f8fa55c8-472a-4306-9481-513b0b21991e

    The MIL Network –

  • MIL-OSI Security: Nurse Practitioner Sentenced to Five Years in Prison for $11.2 Million Disability Loan Fraud Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    Danielle R. Sassoon, the United States Attorney for the Southern District of New York, announced that CATHERINE SEEMER, a nurse practitioner who stole the identities of 12 medical doctors and orchestrated an $11.2 million disability loan fraud scheme, was sentenced today by U.S. District Judge Cathy Seibel to five years in prison. 

    U.S. Attorney Danielle R. Sassoon said: “Today, Catherine Seemer has been held accountable for defrauding a federal loan forgiveness program created to help ease the financial burden of those who suffer from permanent physical or mental disabilities, including military veterans who endure service-related disabilities.  Seemer used the stolen identities of a dozen medical doctors to falsify disabilities and cause more than $11.2 million in loans to be fraudulently discharged.  This Office remains dedicated to rooting out fraud and abuse of taxpayer-funded government programs.”

    According to the allegations contained in the Complaint, Information, and statements made in court:

    From June 2017 through March 2022, SEEMER orchestrated a scheme to cause the fraudulent discharge of millions of dollars’ worth of student loans for borrowers who did not qualify for relief under the federal Total and Permanent Disability Discharge Program and its private analogue.  As part of the scheme, SEEMER deceived over 125 borrowers into believing they qualified for various forms of student loan relief and charged them fees to facilitate their loan discharge process.  She then used the personal identifying information of the unsuspecting borrowers to submit fraudulent applications for student loan discharge on the basis of non-existent permanent physical and mental disabilities.  In support of these applications, SEEMER used the stolen identities, medical license numbers, and forged signatures of over a dozen medical doctors to falsify medical diagnoses and disability certifications.  The scheme resulted in the wrongful discharge of over approximately $11.2 million in loans under the disability-based relief programs.  

    *               *                *

    In addition to the prison term, SEEMER, 44, of Elmsford, New York, was sentenced to three years of supervised release and ordered to pay restitution in the amount of $635,352.

    Ms. Sassoon praised the outstanding investigative work of the Federal Bureau of Investigation and the U.S. Department of Education, Office of Inspector General. 

    The case is being prosecuted by the Office’s White Plains Division. Assistant U.S. Attorney Qais Ghafary is in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI USA: Four Pharmacists Sentenced for Roles in $13M Medicare, Medicaid, and Private Insurer Fraud Conspiracy

    Source: US State of California

    Four pharmacy owners have been sentenced for their roles in a conspiracy to commit health care fraud and wire fraud.

    Pharmacist Raef Hamaed, of Maricopa County, Arizona, was sentenced on Jan. 8 to 10 years in prison; pharmacist Tarek Fakhuri, of Windsor, Ontario, Canada, was sentenced on Jan. 13 to seven years in prison; pharmacist Ali Abdelrazzaq, of Macomb County, Michigan, was sentenced on Jan. 15 to two years in prison; and pharmacist Kindy Ghussin, of Greene County, Ohio, was sentenced today to five years and five months in prison.

    According to court documents and evidence presented at trial, Hamaed, Fakhuri, Ghussin, and Abdelrazzaq billed Medicare, Medicaid, and Blue Cross Blue Shield of Michigan for prescription medications that they did not dispense at five pharmacies they owned and operated: Eastside Pharmacy, Harper Drugs, and Wayne Campus Pharmacy in Michigan, and Heartland Pharmacy and Heartland Pharmacy 2 in Ohio. The defendants collectively caused over $13 million of loss to Medicare, Medicaid, and Blue Cross Blue Shield of Michigan.

    On Sept. 5, 2024, a federal jury convicted Hamaed, Fakhuri, Ghussin, and Abdelrazzaq of conspiracy to commit health care fraud and wire fraud. The jury also convicted Fakhuri of one count of health care fraud. Hamaed was sentenced for his role in the conspiracy at all five pharmacies; Fakhuri was sentenced for his role in the conspiracy at Harper Drugs, Wayne Campus Pharmacy, and Heartland Pharmacy; Ghussin was sentenced for his role in the conspiracy at Wayne Campus Pharmacy and both Heartland pharmacies; and Abdelrazzaq was sentenced for his role in the conspiracy at Wayne Campus Pharmacy.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Special Agent in Charge Cheyvoryea Gibson of the FBI Detroit Field Office, and Special Agent in Charge Mario Pinto of the Department of Health and Human Services Office of Inspector General (HHS-OIG) made the announcement.

    The FBI Detroit Field Office and HHS-OIG investigated the case.

    Trial Attorneys Claire Sobczak Pacelli, Kelly M. Warner, and S. Babu Kaza of the Criminal Division’s Fraud Section prosecuted the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL OSI USA News –

  • MIL-OSI Security: Texas Man Sentenced for Role in Multi-State Drug Trafficking Operation

    Source: Office of United States Attorneys

    CLARKSBURG, WEST VIRGINIA – Anthony Allen, age 38, of Rosenberg, Texas, was sentenced today to 188 months in federal prison for conspiracy to distribute controlled substances.

    According to court documents and statements made in court, Allen was the leader of a drug trafficking conspiracy, selling methamphetamine, cocaine base, cocaine hydrochloride, fentanyl, and heroin in Monongalia County. Allen was operating the organization from a townhouse in Morgantown and a storage unit in Star City. Allen’s drug supply came from California and was shipped via FedEx and USPS. The shipments totaled nearly 66 pounds of methamphetamine. Investigators also seized packages sent from California to Houston containing cocaine and fentanyl.

    Allen will serve three years of supervised release following his prison sentence.

    Assistant U.S. Attorney Zelda Wesley prosecuted the case on behalf of the government.

    The FBI’s Northern West Virginia Drug Task Force in partnership with the Mon Metro Drug Task Force, a HIDTA-funded initiative, investigated.  The Task Forces have members from the Federal Bureau of Investigation; the Drug Enforcement Administration; the Bureau of Alcohol, Tobacco, Firearms and Explosives; West Virginia State Police; Monongalia County Sheriff’s Office; and the Morgantown, WVU, Granville, and Star City Police Departments.  The investigation was also assisted by the following law enforcement partners:  the Monongalia County Prosecutor’s Office, the FBI in Houston, Texas; the Houston Police Department’s Multi-Agency Gang Initiative; the United States Postal Inspection Service in Houston; and the FBI and DEA in Los Angeles, California.

    This case is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

    Chief U.S. District Judge Thomas S. Kleeh presided.

    MIL Security OSI –

  • MIL-OSI Security: Four Pharmacists Sentenced for Roles in $13M Medicare, Medicaid, and Private Insurer Fraud Conspiracy

    Source: United States Attorneys General

    Four pharmacy owners have been sentenced for their roles in a conspiracy to commit health care fraud and wire fraud.

    Pharmacist Raef Hamaed, of Maricopa County, Arizona, was sentenced on Jan. 8 to 10 years in prison; pharmacist Tarek Fakhuri, of Windsor, Ontario, Canada, was sentenced on Jan. 13 to seven years in prison; pharmacist Ali Abdelrazzaq, of Macomb County, Michigan, was sentenced on Jan. 15 to two years in prison; and pharmacist Kindy Ghussin, of Greene County, Ohio, was sentenced today to five years and five months in prison.

    According to court documents and evidence presented at trial, Hamaed, Fakhuri, Ghussin, and Abdelrazzaq billed Medicare, Medicaid, and Blue Cross Blue Shield of Michigan for prescription medications that they did not dispense at five pharmacies they owned and operated: Eastside Pharmacy, Harper Drugs, and Wayne Campus Pharmacy in Michigan, and Heartland Pharmacy and Heartland Pharmacy 2 in Ohio. The defendants collectively caused over $13 million of loss to Medicare, Medicaid, and Blue Cross Blue Shield of Michigan.

    On Sept. 5, 2024, a federal jury convicted Hamaed, Fakhuri, Ghussin, and Abdelrazzaq of conspiracy to commit health care fraud and wire fraud. The jury also convicted Fakhuri of one count of health care fraud. Hamaed was sentenced for his role in the conspiracy at all five pharmacies; Fakhuri was sentenced for his role in the conspiracy at Harper Drugs, Wayne Campus Pharmacy, and Heartland Pharmacy; Ghussin was sentenced for his role in the conspiracy at Wayne Campus Pharmacy and both Heartland pharmacies; and Abdelrazzaq was sentenced for his role in the conspiracy at Wayne Campus Pharmacy.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Special Agent in Charge Cheyvoryea Gibson of the FBI Detroit Field Office, and Special Agent in Charge Mario Pinto of the Department of Health and Human Services Office of Inspector General (HHS-OIG) made the announcement.

    The FBI Detroit Field Office and HHS-OIG investigated the case.

    Trial Attorneys Claire Sobczak Pacelli, Kelly M. Warner, and S. Babu Kaza of the Criminal Division’s Fraud Section prosecuted the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL Security OSI –

  • MIL-OSI: H&R Block Announces Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    KANSAS CITY, Mo., Feb. 06, 2025 (GLOBE NEWSWIRE) — H&R Block, Inc. (NYSE: HRB) (the “Company”) today announced that its Board of Directors declared a quarterly cash dividend of $0.375 cents per share, payable April 3, 2025, to shareholders of record as of March 4, 2025. H&R Block has paid quarterly dividends consecutively for over sixty years since the Company became public in 1962.

    Since 2016, the Company has grown the dividend 88%1 and has returned more than $4.4 billion to shareholders through dividends and share repurchases.

    About H&R Block
    H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time, and be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

    1 Dividend growth is calculated as percentage growth from the April 2016 dividend.

    For Further Information

    The MIL Network –

  • MIL-OSI USA: Padilla, Judiciary Democrats Condemn Trump’s Unfit Nominee for FBI Director Kash Patel

    US Senate News:

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

    Padilla, Judiciary Democrats Condemn Trump’s Unfit Nominee for FBI Director Kash Patel

    WATCH: Padilla urges Republicans to reject Patel based on alarming and radical record

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.), a member of the Senate Judiciary Committee, joined his Democratic colleagues on the Committee in speaking out against Kash Patel’s dangerous nomination to lead the Federal Bureau of Investigation (FBI). During this morning’s Judiciary Committee business meeting, Padilla objected to Patel’s nomination and urged his Republican colleagues to do the same ahead of the Committee’s vote next week.

    Padilla raised significant concerns regarding Patel’s lack of judgement, independence, and preparedness — flaws made clear both during his nomination hearing and throughout his career. He highlighted Patel’s troubling record, including his publication of a political enemies list, threats to prosecute journalists, and his stated plan to “shut down the FBI Hoover Building on Day 1 and reopen it the next day as a museum of the ‘deep state.’”

    Padilla also denounced Patel’s reckless actions as Senior Director for Counterterrorism at the National Security Council, where he put the lives of U.S. military personnel at risk by providing false information during a high-stakes hostage rescue operation. He also slammed Patel’s opposition to background checks and his apparent support for civilian ownership of machine guns.

    The Senators reiterated calls for an additional hearing to address Patel’s misleading testimony and his involvement in the removals and investigations of career FBI employees. During Patel’s nomination hearing last week, Senator Padilla raised serious concerns about his fitness to lead the FBI independently.

    Key Excerpts:

    • In addition to a lot of the specific concerns about Kash Patel and how he would be as an FBI director, I feel compelled to remind us of the moment that we are in right now in the first few weeks of the second Trump administration — the chaos that has been created.
    • In times of chaos and crisis like this, the public deserves to see trusted leaders in the most important positions of our federal government, trusted leaders who will stand up and say “no” to a president trying to blow through the very guardrails put in place by the Constitution. So it’s in that context that makes the nomination and potential confirmation of Kash Patel even more alarming.
    • When I asked him about his thoughts on what should be commonsense gun safety policies and protocols, what his position was on things like universal background checks, he either failed to answer or chose not to answer. Poor judgment, clear lack of preparation for the position of FBI director that oversees our background check system for a reason.
    • Let alone his lack of ability or lack of willingness to serve independently. It’s not just the Department of Justice. It’s been the FBI specifically that has performed at its best when it serves the people, when it honors the Constitution, and respects the rule of law. Clearly, Kash Patel puts that secondary to his loyalty to Donald Trump.
    • It’s up to the Senate to either confirm this nominee or not. It’s clear where Senate Democrats stand. I think my biggest question is, where are Senate Republicans going to stand at this important moment in history? Will they choose the rule of law? Will they choose the Constitution? Will they choose to stay loyal to the very oath of office they’ve taken and their important advice and consent role? Or will they choose loyalty to a reckless president?

    Video of Padilla’s remarks is available here.

    MIL OSI USA News –

  • MIL-OSI Security: Slovakian Man Sentenced for $738,000 Pandemic Loan Fraud

    Source: Office of United States Attorneys

    ST. LOUIS – U.S. District Judge Stephen R. Clark on Thursday sentenced a man from the Slovak Republic who fraudulently obtained pandemic relief loans to 38 months in prison and ordered him to repay $738,118.

    While in the Slovak Republic, Mark Ethan Jermain submitted three false and fraudulent Paycheck Protection Program (PPP) loan applications from April 26, 2020, to July 16, 2021. Jermain used his prior legal name, Arsene Millogo. The April 26, 2020, application sought $80,000 for Crazyeats LLC, which Jermain established in Missouri in 2017. On May 13, 2020, Jermain sought $325,275 for a company he’d set up called Unimentors LLC. After the loan was approved, Jermain submitted a Second Draw PPP loan application for $325,275 on Feb. 5, 2021.

    Jermain transferred the loan money to Slovakia. The PPP loans were intended to help struggling American businesses and jobs during the COVID-19 pandemic. Jermain instead used the money for personal purchases and other unapproved purposes.

    “Mark Ethan Jermain fraudulently applied for and received PPP loans for businesses that didn’t exist anywhere but on paper. Furthermore, he used the identity of a former business partner, unbeknownst to the partner, to defraud the taxpayer funded program out of nearly three quarters of a million dollars,” said FBI St. Louis Special Agent in Charge Ashley Johnson. “Jermain is being held accountable in timely fashion after FBI special agents nabbed him at the airport in New York before he tried to fly out of the country.”

    Jermain returned to the U.S. on August 17, 2023. He was indicted on August 30 and arrested by FBI agents on September 7, the day he was scheduled to leave the country.

    Jermain, now 42, pleaded guilty in June to three counts of wire fraud.

    The FBI investigated the case. Assistant U.S. Attorney Gwen Carroll prosecuted the case.

    Anyone with information about pandemic fraud should call the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or report via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    MIL Security OSI –

  • MIL-OSI Security: Spirit Lake Man Sentenced to Federal Prison for Second Degree Murder

    Source: Office of United States Attorneys

    Fargo – United States Attorney Mac Schneider announced that Austin Cody Littlewind, a/k/a Austin Cody Littlewind Jr., age 22, from Spirit Lake, appeared in United States District Court for the District of North Dakota in Fargo today and Chief Judge Peter D. Welte sentenced him to serve 192 months (16 years) in prison to be followed by five years of supervised release during which time Littlewind will be required to abide by a number of conditions. Littlewind had previously pleaded guilty to Second-Degree Murder within Indian country. In November of 2023, Littlewind stabbed another man to death in Fort Totten, North Dakota, after Littlewind confronted the man over $40. As part of sentence, Littlewind was also ordered to pay restitution for funeral and related expenses.

    “This crime was both extremely violent and totally pointless,” Schneider said. “While there is no undoing the tragic loss of life that occurred, we hope this sentence provides a measure of justice and reassures the community that violent criminals will be pursued, prosecuted, and sent to federal prison for their crimes. Our career prosecutors and partners at the FBI deserve credit for their successful efforts on this case and their dedication to public safety in Indian country.”

    “Senseless acts of violence have no place in our communities,” said Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis. “Today’s sentencing reaffirms that committing a violent crime carries serious consequences. The FBI, alongside our tribal and law enforcement partners, will continue to seek justice for victims and hold offenders accountable.”

    This case was investigated by the Federal Bureau of Investigation and prosecuted by Assistant US Attorney Lori H. Conroy.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: Organizer of Nationwide Rental Car Theft Scheme Sentenced to 90 Months in Prison

    Source: Office of United States Attorneys

    ST. LOUIS – U.S. District Judge Audrey G. Fleissig on Thursday sentenced a man who organized a nationwide scheme that stole $1.17 million worth of rental cars to 90 months in prison.

    Tyrell A. Oliver, 40, of Atlanta, Georgia, was also ordered to repay the money. Oliver hatched a scheme in which he reserved luxury rental vehicles using stolen credit card information and stolen identities.  Oliver and others then picked up the rental cars by assuming the stolen identities and presenting false driver’s licenses and counterfeit credit cards at the rental location.

    Oliver began the scheme in August of 2021 by trying to steal three rental vehicles, according to a sentencing memo filed in his case. On the third attempt, staff of the rental car company suspected fraud. Oliver fled and was arrested while trying to board a flight back to Atlanta.  That arrest did not dissuade Oliver. Instead, he expanded his operation, recruiting others “to do his dirty work,” the memo says. Oliver paid his co-conspirators to fly to airports around the country, including in Florida, Georgia and North Carolina, to steal cars on his behalf.

    In all, Oliver and his co-conspirators used the stolen identities of at least 23 victims to steal 19 rental vehicles, Oliver’s plea agreement says.

    Oliver, 40, pleaded guilty in October to one count of conspiracy to commit wire fraud, three counts of wire fraud and three counts of aggravated identity theft. James E. McGhaney, 36, of New York, New York, pleaded guilty to one count of conspiracy to commit wire fraud and three counts of wire fraud. McGhaney recruited and supervised some of the other participants in the scheme, his plea agreement says.  He is scheduled to be sentenced February 19.

    Steven B. Matthews, 40, of Atlanta, pleaded guilty to three counts of wire fraud. New York residents Shawnta B. Fonseca, 34, Reginald M. Glenn, 36, Marlique J. McGhaney, 35, and Daquasia M. Robinson, 33, pleaded guilty to one count of wire fraud. Rashad Holder, 35, of New York, pleaded guilty to wire fraud conspiracy, wire fraud and aggravated identity theft.

    Holder was sentenced to 65 months in prison in December and ordered to repay $581,711. Marlique McGhaney was sentenced to a year and a day in prison and ordered to pay restitution of $237,447. Matthews was sentenced to 24 months in prison and ordered to repay $107,072. Glenn was sentenced to 13 months in prison. Fonseca and Robinson are scheduled to be sentenced in March.

    The FBI investigated the case. Assistant U.S. Attorney Jonathan Clow is prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Security: Former credit union manager imprisoned for embezzling over $200,000 from elderly clients

    Source: Office of United States Attorneys

    HOUSTON – A 58-year-old Prairie View woman has been sentenced for embezzlement by a federal credit union employee, announced U.S. Attorney Nicholas J. Ganjei.

    Gloria Hall pleaded guilty April 23, 2024.

    U.S. District Judge Charles Eskridge has now ordered Hall to serve 24 months in federal prison to be immediately followed by five years of supervised release. Additionally, Hall will be required to make full restitution of $211,563.12 to her victims who were all clients of the Prairie View Federal Credit Union. At the hearing, the court heard additional forensic accounting evidence that detailed the depth and length of her fraudulent scheme. In handing down the sentence, the court noted the cultural and historical significance of the Prairie View Federal Credit Union that Hall destroyed with her theft.  

    “Protecting our most senior and vulnerable citizens from fraud is a vital mission of this office,” said Ganjei. “We cannot and will not let their life’s work fall prey to the greed and deceit of criminals.”

    “Gloria Hall’s crimes upended more than just her victims,” said Special Agent in Charge Douglas Williams of the FBI Houston Field Office. “Not only did Hall take advantage of her position to rob elderly bank customers of their life savings to enrich herself, but she also robbed the credit union of its 80-plus-years history when it was forced to merge with another institution as a direct result of her stealing. The small community she ingratiated herself in too was robbed of their life-long trust in the only bank they knew to safekeep their money.”

    Hall was employed at Prairie View Federal Credit Union (PVFCU). From 2017 through 2019, while acting as manager, she purposefully maintained an antiquated business practice which would not allow customers to access their accounts online. Hall admitted she was able to and did access at least two elderly customer accounts and misappropriated $211,563.12 of their funds for her own personal gain.

    PVFCU was one of the oldest continually operational federal credit unions a historically black college or university had established in the United States. It did not survive Hall’s embezzlement. PVFCU existed for approximately 85 years prior to its failure and merger with the Cy-Fair Federal Credit Union in early 2022.

    Hall was permitted to remain on bond and voluntarily surrender to a U.S. Bureau of Prisons facility to be determined in the near future.

    The FBI – Bryan Resident Agency conducted the investigation. Assistant U.S. Attorney Thomas Carter prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Louisville Man Sentenced to 3 Months Federal Incarceration and 3 Months Home Incarceration for Aiming a Laser at Police Helicopter

    Source: Office of United States Attorneys

    LOUISVILLE, KY – A Louisville man was sentenced this week to 3 months incarceration to be followed by 3 months home incarceration aiming the beam of laser at a Louisville Metropolitan Police Department.

    U.S. Attorney Michael A. Bennett of the Western District of Kentucky, Special Agent in Charge Michael E. Stansbury of the FBI Louisville Field Office, and Chief Paul Humphrey of the Louisville Metro Police Department made the announcement.

    “This senseless act could easily have resulted in tragedy for the crew of the helicopter, other aircraft, and citizens on the ground,” said U.S. Attorney Bennett. “We will continue to work with our law enforcement partners to aggressively identify and charge anyone who engages in this type of criminal conduct. I commend the FBI and LMPD for their prompt investigative work in identifying and apprehending Mr. Freeman.”

    According to court documents, Justin E. Freeman, 33, of Louisville, Kentucky, was sentenced 3 months incarceration and 3 months home incarceration, followed by 2 years of supervised release, for aiming the beam of a laser at an aircraft.   On or about September 30, 2023, Freeman directed the beam of a laser at an LMPD helicopter operating in Louisville, Kentucky.

    Assistant U.S. Attorney Joshua Judd prosecuted the case.

    This case was investigated by the FBI and the Louisville Metro Police Department with assistance from the Federal Aviation Administration.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Laredo felon guilty in conspiracy to smuggle hundreds of aliens

    Source: Office of United States Attorneys

    Second man also convicted in one underlying offense involving 101 people in locked trailer

    LAREDO, Texas – A 34-year-old Laredo man has admitted guilt in a multi-year conspiracy to smuggle aliens for financial gain, announced U.S. Attorney Nicholas J. Ganjei.

    Since March 2023, Danny Nunez operated and coordinated an organization in Laredo that smuggled and harbored hundreds of aliens.

    The investigation tied Nunez to coordinating numerous smuggling events such as one involving over 100 aliens Dec. 2, 2023. On that date, law enforcement observed several people being loading into a white trailer in a warehouse parking lot. A subsequent search resulted in the discovery of 101 aliens locked inside the trailer, including 12 unaccompanied children. Multiple people reported they had difficulty breathing and feared for their life due to the conditions in the trailer.

    Juan Manuel Aguirre, 49, Laredo, pleaded guilty to conspiracy to smuggle aliens in the United States, admitting his role in the transportation and smuggling of this group.

    At the time of Nunez’s arrest, authorities also conducted a search of his residence resulting in the seizure of cell phones and ledgers documenting the aliens Nunez and others had smuggled over the course of the conspiracy. They also found over $36,000 in resulting proceeds and two illegal aliens on the premises.

    “The road to a secure border runs through the Southern District of Texas,” said Ganjei. “Human smuggling is a terrible practice, one that the Department is focused on eradicating. My advice to those in the human smuggling business is to find a new line of work.”

    Both Nunez and Aguirre face up to 10 years in prison for conspiracy to smuggle aliens in the United States. They could also be ordered to pay up to $250,000 in fines. 

    They will remain in custody pending sentencing.

    Homeland Security Investigations, FBI, Texas Department of Public Safety. and Border Patrol conducted the Organized Crime Drug Enforcement Task Forces (OCDETF) operation with the assistance of Customs and Border Protection, the Laredo Police Department, Drug Enforcement Administration and Webb County Sheriff’s Office. OCDETF identifies, disrupts and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found on the Department of Justice’s OCDETF webpage. 

    Assistant U.S. Attorney Brandon Scott Bowling is prosecuting the case.

    MIL Security OSI –

  • MIL-OSI: Nutanix Announces Date and Conference Call Information for Second Quarter Fiscal Year 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) — Nutanix, Inc. (NASDAQ: NTNX), a leader in hybrid multicloud computing, today announced that it will report its financial results for the second quarter of fiscal year 2025, which ended January 31, 2025, after U.S. markets close on Wednesday, February 26, 2025.

    Nutanix will host a conference call and earnings webcast beginning at 4:30 p.m. EST / 1:30 p.m. PST on the same day to discuss the company’s financial results. Interested parties may access the conference call by registering at this link to receive dial in details and a unique PIN number. The conference call will also be webcast live on the Nutanix Investor Relations website at ir.nutanix.com.

    An archived replay of the webcast will be available on the Nutanix Investor Relations website at ir.nutanix.com shortly after the call.

    About Nutanix
    Nutanix is a global leader in cloud software, offering organizations a single platform for running applications and managing data, anywhere. With Nutanix, companies can reduce complexity and simplify operations, freeing them to focus on their business outcomes. Building on its legacy as the pioneer of hyperconverged infrastructure, Nutanix is trusted by companies worldwide to power hybrid multicloud environments consistently, simply, and cost-effectively. Learn more at www.nutanix.com or follow us on social media @nutanix.

    © 2025 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix logo, and all Nutanix product and service names mentioned herein are registered trademarks or unregistered trademarks of Nutanix, Inc. in the United States and other countries. Other brand names and marks mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s). This press release contains links to external websites that are not part of Nutanix.com. Nutanix does not control these sites and disclaims all responsibility for the content or accuracy of any external site. Our decision to link to an external site should not be considered an endorsement of any content on such a site.

    Investor Contact
    Richard Valera
    ir@nutanix.com   

    The MIL Network –

  • MIL-OSI: Northeast Bank Reports Second Quarter Results and Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    PORTLAND, Maine, Feb. 06, 2025 (GLOBE NEWSWIRE) — Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based full-service bank, today reported net income of $22.4 million, or $2.74 per diluted common share, for the quarter ended December 31, 2024, compared to net income of $14.1 million, or $1.85 per diluted common share, for the quarter ended December 31, 2023. Net income for the six months ended December 31, 2024 was $39.5 million, or $4.85 per diluted common share, compared to $29.2 million, or $3.86 per diluted common share, for the six months ended December 31, 2023.

    The Board of Directors declared a cash dividend of $0.01 per share, payable on March 4, 2025, to shareholders of record as of February 18, 2025.

    Discussing these results, Rick Wayne, Chief Executive Officer, said, “Our National Lending Division generated $260.4 million in originated and purchased volume for the quarter, including record originations of $246.4 million. Our small balance SBA 7(a) program with Newity LLC as our loan service provider has continued to grow. For the quarter, we originated $100.3 million, compared to $82.4 million for the quarter ended September 30, 2024 and $13.6 million for the quarter ended December 31, 2023. During the current quarter we sold $64.5 million of the guaranteed portion of our SBA loans, generating a gain on sale of $5.6 million. Additionally, we approved and initiated an additional at-the-market (“ATM”) offering of up to $75.0 million of our voting common stock, which provides the Bank with the ability to raise capital if and as needed. We are reporting earnings of $2.74 per diluted common share, a return on average equity of 21.1%, and a return on average assets of 2.2%.”

    As of December 31, 2024, total assets were $4.08 billion, an increase of $950.9 million, or 30.4%, from total assets of $3.13 billion as of June 30, 2024.

    1.  The following table highlights the changes in the loan portfolio, including loans held for sale, for the six months ended December 31, 2024:

      Loan Portfolio Changes  
      December 31, 2024
    Balance    		   June 30, 2024
    Balance    		       Change ($)     Change (%)
      (Dollars in thousands)
    National Lending Purchased $ 2,392,417   $ 1,708,551     $ 683,866     40.03 %
    National Lending Originated   1,109,192     981,497       127,695     13.01 %
    SBA National   103,554     48,405       55,149     113.92 %
    Community Banking   20,857     22,704       (1,847 )   (8.14 %)
    Total $ 3,626,020   $ 2,761,157     $ 864,863     31.32 %
                               

    Loans generated by the Bank’s National Lending Division for the quarter ended December 31, 2024 totaled $260.5 million, which consisted of $14.0 million of purchased loans at an average price of 94.8% of unpaid principal balance, and $246.4 million of originated loans.

    An overview of the Bank’s National Lending Division portfolio follows:

      National Lending Portfolio
      Three Months Ended December 31,
      2024     2023  
      Purchased   Originated   Total   Purchased   Originated   Total
      (Dollars in thousands)
    Loans purchased or originated during the period:                                  
    Unpaid principal balance $ 14,815     $ 246,417     $ 261,232     $ 208,045     $ 63,485     $ 271,530  
    Initial net investment basis (1)   14,039       246,417       260,456       186,131       63,485       249,616  
                                       
    Loan returns during the period:                                  
    Yield   8.84%       9.06%       8.91%       9.19%       9.81%       9.43%  
    Total Return on Purchased Loans (2)   8.86%       N/A       8.86%       9.21%       N/A       9.21%  
                                       
      Six Months Ended December 31,
      2024     2023  
      Purchased   Originated   Total   Purchased   Originated   Total
      (Dollars in thousands)
    Loans purchased or originated during the period:                                  
    Unpaid principal balance $ 822,549     $ 373,309     $ 1,195,858     $ 271,741     $ 131,528     $ 403,269  
    Initial net investment basis (1)   746,932       373,309       1,120,241       238,477       131,528       370,005  
                                       
    Loan returns during the period:                                  
    Yield   8.84 %     9.18%       8.95%       9.10%       9.92%       9.41%  
    Total Return on Purchased Loans (2)   8.85%       N/A       8.85%       9.13%       N/A       9.13%  
                                       
    Total loans as of period end:                                  
    Unpaid principal balance $ 2,598,354     $ 1,109,192     $ 3,707,546     $ 1,831,183     $ 910,213     $ 2,741,396  
    Net investment basis   2,392,417       1,109,192       3,501,609       1,646,756       910,213       2,556,969  
                                       

    (1) Initial net investment basis on purchased loans is the initial amortized cost basis net of initial allowance for credit losses (credit mark).
    (2) The total return on purchased loans represents scheduled accretion, accelerated accretion, gains (losses) on real estate owned, release of allowance for credit losses on purchased loans, and other noninterest income recorded during the period divided by the average invested balance on an annualized basis. The total return on purchased loans does not include the effect of purchased loan charge-offs or recoveries during the period. Total return on purchased loans is considered a non-GAAP financial measure. See reconciliation in below table entitled “Total Return on Purchased Loans.”

    2. Deposits increased by $811.9 million, or 34.7%, from June 30, 2024. The increase was primarily attributable to increases in time deposits of $773.5 million, or 59.2%. The significant drivers in the change in time deposits were the increase in brokered time deposits, which increased by $660.5 million, and Community Banking Division time deposits, which increased by $90.5 million compared to June 30, 2024.

    3. Federal Home Loan Bank (“FHLB”) advances increased by $62.6 million, or 18.1%, from June 30, 2024. The increase was attributable to one new short-term borrowing, partially offset by net paydowns on amortizing advances.

    4. Shareholders’ equity increased by $67.5 million, or 17.9%, from June 30, 2024, primarily due to net income of $39.5 million and $28.1 million of net proceeds on shares issued in connection with the Bank’s ATM program.

    Net income increased by $8.4 million to $22.4 million for the quarter ended December 31, 2024, compared to net income of $14.1 million for the quarter ended December 31, 2023.

    1.  Net interest and dividend income before provision for credit losses increased by $11.5 million to $48.5 million for the quarter ended December 31, 2024, compared to $37.0 million for the quarter ended December 31, 2023. The increase was primarily due to the following:

    • An increase in interest income earned on loans of $20.2 million, primarily due to higher average balances in the National Lending Division purchased and originated and Small Business Administration (“SBA”) portfolios, partially offset by lower rates earned across the portfolio;
    • An increase in interest income earned on short-term investments of $925 thousand, due to higher average balances, partially offset by lower rates earned; and
    • A decrease in FHLB borrowings interest expense of $2.0 million, primarily due to lower average balances; partially offset by,
    • An increase in deposit interest expense of $11.6 million, primarily due to higher average balances, partially offset by lower rates on interest-bearing deposits.

    The following table summarizes interest income and related yields recognized on the loan portfolios:

      Interest Income and Yield on Loans
      Three Months Ended December 31,
      2024     2023  
      Average   Interest       Average   Interest    
      Balance (1)   Income   Yield   Balance (1)   Income   Yield
      (Dollars in thousands)
    Community Banking $ 21,481   $ 369   6.82 %   $ 25,559   $ 419   6.51 %
    SBA National   93,831     2,751   11.63 %     28,331     888   12.47 %
    National Lending:                              
    Originated   1,041,301     23,769   9.06 %     939,383     23,155   9.81 %
    Purchased   2,407,132     53,655   8.84 %     1,551,038     35,849   9.19 %
    Total National Lending   3,448,433     77,424   8.91 %     2,490,421     59,004   9.43 %
    Total $ 3,563,745   $ 80,544   8.97 %   $ 2,544,311   $ 60,311   9.43 %
     

    Six Months Ended December 31,
      2024     2023  
      Average   Interest       Average   Interest    
      Balance (1)   Income   Yield   Balance (1)   Income   Yield
      (Dollars in thousands)
    Community Banking $ 21,945   $ 738   6.67 %   $ 26,355   $ 857   6.47 %
    SBA National   76,788     5,170   13.36 %     27,294     1,674   12.20 %
    National Lending:                              
    Originated   1,019,347     47,176   9.18 %     950,006     47,375   9.92 %
    Purchased   2,082,969     92,797   8.84 %     1,520,215     69,519   9.10 %
    Total National Lending   3,102,316     139,973   8.95 %     2,470,221     116,894   9.41 %
    Total $ 3,201,049   $ 145,881   9.04 %   $ 2,523,870   $ 119,425   9.41 %

    (1) Includes loans held for sale.

    The components of total income on purchased loans are set forth in the table below entitled “Total Return on Purchased Loans.” When compared to the quarter ended December 31, 2023, transactional income increased by $541 thousand for the quarter ended December 31, 2024, and regularly scheduled interest and accretion increased by $17.3 million primarily due to the increase in average balances. The total return on purchased loans for the quarter ended December 31, 2024 was 8.9%, a decrease from 9.2% for the quarter ended December 31, 2023. The following table details the total return on purchased loans:

      Total Return on Purchased Loans
      Three Months Ended December 31,
      2024     2023  
      Income   Return (1)   Income   Return (1)
      (Dollars in thousands)
    Regularly scheduled interest and accretion $ 50,747   8.36 %   $ 33,430   8.57 %
    Transactional income:                  
    Release of allowance for credit losses on purchased loans   97   0.02 %     46   0.02 %
    Accelerated accretion and loan fees   2,908   0.48 %     2,419   0.62 %
    Total transactional income   3,005   0.50 %     2,465   0.64 %
    Total $ 53,752   8.86 %   $ 35,895   9.21 %
       
      Six Months Ended December 31,
      2024     2023  
      Income   Return (1)   Income   Return (1)
      (Dollars in thousands)
    Regularly scheduled interest and accretion $ 87,906   8.37 %   $ 64,460   8.44 %
    Transactional income:                  
    Release of allowance for credit losses on purchased loans   161   0.01 %     226   0.03 %
    Accelerated accretion and loan fees   4,891   0.47 %     5,059   0.66 %
    Total transactional income   5,052   0.48 %     5,285   0.69 %
    Total $ 92,958   8.85 %   $ 69,745   9.13 %
                           

    (1) The total return on purchased loans represents scheduled accretion, accelerated accretion, and gains (losses) on real estate owned, and release of allowance for credit losses on purchased loans recorded during the period divided by the average invested balance on an annualized basis. The total return does not include the effect of purchased loan charge-offs or recoveries in the quarter. Total return is considered a non-GAAP financial measure.

    2. Provision for credit losses increased by $1.5 million to $1.9 million for the quarter ended December 31, 2024, compared to $436 thousand in the quarter ended December 31, 2023. The increase was primarily related to loan growth and increases in specific reserves on certain loans.

    3. Noninterest income increased by $4.5 million for the quarter ended December 31, 2024, compared to the quarter ended December 31, 2023, primarily due to an increase in gain on sale of SBA loans of $5.0 million, due to the sale of $64.5 million in SBA loans during the quarter ended December 31, 2024 as compared to the sale of $11.5 million during the quarter ended December 31, 2023.

    4. Noninterest expense increased by $3.4 million for the quarter ended December 31, 2024 compared to the quarter ended December 31, 2023, primarily due to the following:

    • An increase in salaries and employee benefits expense of $1.4 million, primarily due to increases in regular and stock compensation expense;
    • An increase in loan expense of $1.1 million primarily related to increased expenses in connection with the origination of SBA 7(a) loans; and
    • An increase in FDIC insurance expense of $669 thousand, due to the growth of the Bank’s asset size and an increased assessment rate.

    5. Income tax expense increased by $2.7 million to $11.0 million, or an effective tax rate of 32.9%, for the quarter ended December 31, 2024, compared to $8.3 million, or an effective tax rate of 37.1%, for the quarter ended December 31, 2023. The decrease in effective tax rate is primarily due to a write-down of the Bank’s deferred tax asset of $957 thousand in the quarter ended December 31, 2023 as a result of a change in Massachusetts income tax law.

    As of December 31, 2024, nonperforming assets totaled $31.3 million, or 0.77% of total assets, compared to $28.3 million, or 0.90% of total assets, as of June 30, 2024.

    As of December 31, 2024, past due loans totaled $30.5 million, or 0.85% of total loans, compared to past due loans totaling $26.3 million, or 0.95% of total loans, as of June 30, 2024.

    As of December 31, 2024, the Bank’s Tier 1 leverage capital ratio was 11.2%, compared to 12.3% at June 30, 2024, and the Total risk-based capital ratio was 13.9% at December 31, 2024, compared to 14.8% at June 30, 2024. Capital ratios decreased primarily due to the increase in risk-weighted assets and average assets from significant loan growth during the six months ended December 31, 2024, partially offset by increased retained earnings and additional capital raised under the Bank’s ATM program.

    Investor Call Information
    Rick Wayne, Chief Executive Officer, Richard Cohen, Chief Financial Officer, and Pat Dignan, Chief Operating Officer and Chief Credit Officer of Northeast Bank, will host a conference call to discuss second quarter earnings and business outlook at 10:00 a.m. Eastern Time on Friday, February 7th. To access the conference call by phone, please go to this link (Phone Registration), and you will be provided with dial in details. The call will be available via live webcast, which can be viewed by accessing the Bank’s website at www.northeastbank.com and clicking on the About Us – Investor Relations section. To listen to the webcast, attendees are encouraged to visit the website at least fifteen minutes early to register, download and install any necessary audio software. Please note there will also be a slide presentation that will accompany the webcast. For those who cannot listen to the live broadcast, a replay will be available online for one year at www.northeastbank.com.

    About Northeast Bank
    Northeast Bank (NASDAQ: NBN) is a full-service bank headquartered in Portland, Maine. We offer personal and business banking services to the Maine market via seven branches. Our National Lending Division purchases and originates commercial loans on a nationwide basis. ableBanking, a division of Northeast Bank, offers online savings products to consumers nationwide. Information regarding Northeast Bank can be found at www.northeastbank.com.

    Non-GAAP Financial Measures
    In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures, including tangible common shareholders’ equity, tangible book value per share, total return on purchased loans, and efficiency ratio. The Bank’s management believes that the supplemental non-GAAP information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

    Forward-Looking Statements
    Statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Federal Deposit Insurance Corporation (the “FDIC”), in our annual reports to our shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters. Although the Bank believes that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, contingencies, and other factors. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Bank’s control. The Bank’s actual results could differ materially from those expressed or implied by such the forward-looking statements as a result of, among other factors, changes in interest rates and real estate values; changes in employment levels, general business and economic conditions on a national basis and in the local markets in which the Bank operates; changes in customer behavior due to changing business and economic conditions (including inflation and concerns about liquidity) or legislative or regulatory initiatives; the possibility that future credits losses are higher than currently expected due to changes in economic assumptions, customer behavior or adverse economic developments; turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in loan defaults and charge-off rates; changes in the value of securities and other assets, adequacy of credit loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; changes in legislation and regulation under the new U.S. presidential administration; operational risks including, but not limited to, cybersecurity, fraud, natural disasters, climate change and future pandemics; the risk that the Bank may not be successful in the implementation of its business strategy; the risk that intangibles recorded in the Bank’s financial statements will become impaired; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Bank’s Annual Report on Form 10-K, as amended by Amendment No. 1 to the Annual Report on Form 10-K/A as updated in the Bank’s Quarterly Reports on Form 10-Q and other filings submitted to the FDIC. These statements speak only as of the date of this release and the Bank does not undertake any obligation to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this communication or to reflect the occurrence of unanticipated events.

    NBN-F

     
    NORTHEAST BANK
    BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands, except share and per share data)
      December 31, 2024   June 30, 2024  
    Assets            
    Cash and due from banks $ 2,538   $ 2,711    
    Short-term investments   362,332     239,447    
    Total cash and cash equivalents   364,870     242,158    
                 
                 
    Available-for-sale debt securities, at fair value   27,616     48,978    
    Equity securities, at fair value   7,171     7,013    
    Total investment securities   34,787     55,991    
                 
    SBA loans held for sale   35,234     14,506    
                 
    Loans:            
    Commercial real estate   2,703,938     2,028,280    
    Commercial and industrial   778,189     618,846    
    Residential real estate   108,427     99,234    
    Consumer   232     291    
    Total loans   3,590,786     2,746,651    
    Less: Allowance for credit losses   44,773     26,709    
    Loans, net   3,546,013     2,719,942    
                 
                 
    Premises and equipment, net   25,739     27,144    
    Real estate owned and other possessed collateral, net   1,200     –    
    Federal Home Loan Bank stock, at cost   17,798     15,751    
    Loan servicing rights, net   841     984    
    Bank-owned life insurance   19,078     18,830    
    Accrued interest receivable   16,939     15,163    
    Other assets   20,555     21,734    
    Total assets $ 4,083,054   $ 3,132,203    
                 
    Liabilities and Shareholders’ Equity            
    Deposits:            
    Demand $ 159,002   $ 146,727    
    Savings and interest checking   782,570     732,029    
    Money market   130,063     154,504    
    Time   2,079,703     1,306,203    
    Total deposits   3,151,338     2,339,463    
                 
    Federal Home Loan Bank and other advances   407,824     345,190    
    Lease liability   19,461     20,252    
    Other liabilities   60,330     50,664    
    Total liabilities   3,638,953     2,755,569    
                 
    Commitments and contingencies   –     –    
                 
    Shareholders’ equity            
    Preferred stock, $1.00 par value, 1,000,000 shares authorized; no shares          
    issued and outstanding at December 31 and June 30, 2024   –     –    
    Voting common stock, $1.00 par value, 25,000,000 shares authorized;            
    8,492,856 and 8,127,690 shares issued and outstanding at          
    December 31 and June 30, 2024, respectively   8,493     8,128    
    Non-voting common stock, $1.00 par value, 3,000,000 shares authorized;            
    No shares issued and outstanding at December 31 and June 30, 2024 –   –    
    Additional paid-in capital   92,292     64,762    
    Retained earnings   343,302     303,927    
    Accumulated other comprehensive income (loss)   14     (183 )  
    Total shareholders’ equity   444,101     376,634    
    Total liabilities and shareholders’ equity $ 4,083,054   $ 3,132,203    
     
    NORTHEAST BANK
    STATEMENTS OF INCOME
    (Unaudited)
    (Dollars in thousands, except share and per share data)
        Three Months Ended December 31,   Six Months Ended December 31,
        2024     2023     2024   2023  
      Interest and dividend income:                      
      Interest and fees on loans $ 80,544     $ 60,311     $ 145,881   $ 119,425  
      Interest on available-for-sale securities   436       560       1,031     1,043  
      Other interest and dividend income   4,186       3,261       8,108     6,361  
      Total interest and dividend income   85,166       64,132       155,020     126,829  
                             
      Interest expense:                      
      Deposits   32,777       21,175       59,367     40,433  
      Federal Home Loan Bank advances   3,666       5,701       7,696     11,847  
      Obligation under capital lease agreements   233       256       467     425  
      Total interest expense   36,676       27,132       67,530     52,705  
                             
      Net interest and dividend income before provision for credit losses   48,490       37,000       87,490     74,124  
      Provision for credit losses   1,944       436       2,366     625  
      Net interest and dividend income after provision for credit losses   46,546       36,564       85,124     73,499  
                             
      Noninterest income:                      
      Fees for other services to customers   391       492       834     899  
      Gain on sales of SBA loans   5,570       570       8,901     822  
      Net unrealized gain (loss) on equity securities   (163 )     230       27     72  
      Loss on real estate owned, other repossessed collateral and premises and equipment, net   –       (9 )     –     (9 )
      Bank-owned life insurance income   125       116       248     231  
      Correspondent fee income   23       52       54     143  
      Other noninterest income   3       15       5     87  
      Total noninterest income   5,949       1,466       10,069     2,245  
                             
      Noninterest expense:                      
      Salaries and employee benefits   11,287       9,905       22,470     19,625  
      Occupancy and equipment expense   1,103       1,101       2,182     2,206  
      Professional fees   562       499       1,315     1,281  
      Data processing fees   1,622       1,347       3,109     2,447  
      Marketing expense   94       221       230     482  
      Loan acquisition and collection expense   2,063       939       3,355     1,589  
      FDIC insurance expense   956       287       1,288     644  
      Other noninterest expense   1,379       1,370       2,802     2,784  
      Total noninterest expense   19,066       15,669       36,751     31,058  
                             
      Income before income tax expense   33,429       22,361       58,442     44,686  
      Income tax expense   10,989       8,307       18,896     15,460  
      Net income $ 22,440     $ 14,054     $ 39,546   $ 29,226  
                             
      Weighted-average shares outstanding:                      
      Basic   8,044,345       7,505,109       7,965,486     7,492,310  
      Diluted   8,197,568       7,590,913       8,153,368     7,572,450  
      Earnings per common share:                      
      Basic $ 2.79     $ 1.87     $ 4.96   $ 3.90  
      Diluted   2.74       1.85       4.85     3.86  
      Cash dividends declared per common share $ 0.01     $ 0.01     $ 0.02   $ 0.02  
     
    NORTHEAST BANK
    AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
    (Unaudited)
    (Dollars in thousands)
      Three Months Ended December 31,
      2024     2023  
          Interest   Average       Interest   Average
      Average   Income/   Yield/   Average   Income/   Yield/
      Balance   Expense   Rate   Balance   Expense   Rate
    Assets:                              
    Interest-earning assets:                              
    Investment securities $ 40,004   $ 436   4.32 %   $ 59,797   $ 560   3.73 %
    Loans (1) (2) (3)   3,563,745     80,544   8.97 %     2,544,311     60,311   9.43 %
    Federal Home Loan Bank stock   15,458     346   8.88 %     21,222     468   8.77 %
    Short-term investments (4)   325,118     3,840   4.69 %     206,090     2,793   5.39 %
    Total interest-earning assets   3,944,325     85,166   8.57 %     2,831,420     64,132   9.01 %
    Cash and due from banks   2,216               2,508          
    Other non-interest earning assets   30,982               69,245          
    Total assets $ 3,977,523             $ 2,903,173          
                                   
    Liabilities & Shareholders’ Equity:                              
    Interest-bearing liabilities:                              
    NOW accounts $ 581,969   $ 5,932   4.04 %   $ 511,217   $ 5,636   4.39 %
    Money market accounts   128,787     953   2.94 %     229,154     2,009   3.49 %
    Savings accounts   187,701     1,653   3.49 %     122,643     917   2.97 %
    Time deposits   2,080,911     24,239   4.62 %     1,022,767     12,613   4.91 %
    Total interest-bearing deposits   2,979,368     32,777   4.36 %     1,885,781     21,175   4.47 %
    Federal Home Loan Bank advances   336,762     3,666   4.32 %     481,824     5,701   4.71 %
    Lease liability   19,599     233   4.72 %     21,361     256   4.77 %
    Total interest-bearing liabilities   3,335,729     36,676   4.36 %     2,388,966     27,132   4.52 %
                                   
    Non-interest bearing liabilities:                              
    Demand deposits and escrow accounts   190,135               167,358          
    Other liabilities   30,501               24,616          
    Total liabilities   3,556,365               2,580,940          
    Shareholders’ equity   421,158               322,233          
    Total liabilities and shareholders’ equity $ 3,977,523             $ 2,903,173          
                                   
    Net interest income       $ 48,490             $ 37,000    
                                   
    Interest rate spread             4.21 %               4.49 %
    Net interest margin (5)             4.88 %               5.20 %
                                   
    Cost of funds (6)             4.13 %               4.22 %
                                   
    (1)  Interest income and yield are stated on a fully tax-equivalent basis using the statutory tax rate.
    (2)  Includes loans held for sale.
    (3)  Nonaccrual loans are included in the computation of average, but unpaid interest has not been included for purposes of determining interest income.
    (4)  Short-term investments include FHLB overnight deposits and other interest-bearing deposits.
    (5)  Net interest margin is calculated as net interest income divided by total interest-earning assets.
    (6)  Cost of funds is calculated as total interest expense divided by total interest-bearing liabilities plus demand deposits and escrow accounts.
     
    NORTHEAST BANK
    AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
    (Unaudited)
    (Dollars in thousands)
      Six Months Ended December 31,
      2024     2023  
          Interest   Average       Interest   Average
      Average   Income/   Yield/   Average   Income/   Yield/
      Balance   Expense   Rate   Balance   Expense   Rate
    Assets:                              
    Interest-earning assets:                              
    Investment securities $ 47,708   $ 1,031   4.29 %   $ 59,986   $ 1,043   3.46 %
    Loans (1) (2) (3)   3,201,049     145,881   9.04 %     2,523,870     119,425   9.41 %
    Federal Home Loan Bank stock   15,961     676   8.40 %     21,790     881   8.04 %
    Short-term investments (4)   285,330     7,432   5.17 %     203,946     5,480   5.34 %
    Total interest-earning assets   3,550,048     155,020   8.66 %     2,809,592     126,829   8.98 %
    Cash and due from banks   2,164               2,500          
    Other non-interest earning assets   62,527               62,753          
    Total assets $ 3,614,739             $ 2,874,845          
                                   
    Liabilities & Shareholders’ Equity:                              
    Interest-bearing liabilities:                              
    NOW accounts $ 572,849   $ 12,312   4.26 %   $ 499,331   $ 10,781   4.29 %
    Money market accounts   138,738     2,219   3.17 %     243,725     4,142   3.38 %
    Savings accounts   183,141     3,210   3.48 %     106,820     1,477   2.75 %
    Time deposits   1,735,372     41,626   4.76 %     999,993     24,033   4.78 %
    Total interest-bearing deposits   2,630,100     59,367   4.48 %     1,849,869     40,433   4.35 %
    Federal Home Loan Bank advances   349,678     7,696   4.37 %     496,169     11,847   4.75 %
    Lease liability   19,808     467   4.68 %     21,568     425   3.92 %
    Total interest-bearing liabilities   2,999,586     67,530   4.47 %     2,367,606     52,705   4.43 %
                                   
    Non-interest bearing liabilities:                              
    Demand deposits and escrow accounts   182,648               168,348          
    Other liabilities   28,337               24,842          
    Total liabilities   3,210,571               2,560,796          
    Shareholders’ equity   404,168               314,049          
    Total liabilities and shareholders’ equity $ 3,614,739             $ 2,874,845          
                                   
    Net interest income       $ 87,490             $ 74,124    
                                   
    Interest rate spread             4.19 %               4.55 %
    Net interest margin (5)             4.89 %               5.25 %
                                   
    Cost of funds (6)             4.21 %               4.04 %
                                   
    (1)  Interest income and yield are stated on a fully tax-equivalent basis using the statutory tax rate.
    (2)  Includes loans held for sale.
    (3)  Nonaccrual loans are included in the computation of average, but unpaid interest has not been included for purposes of determining interest income.
    (4)  Short-term investments include FHLB overnight deposits and other interest-bearing deposits.
    (5)  Net interest margin is calculated as net interest income divided by total interest-earning assets.
    (6)  Cost of funds is calculated as total interest expense divided by total interest-bearing liabilities plus demand deposits and escrow accounts.
     
    NORTHEAST BANK
    SELECTED FINANCIAL HIGHLIGHTS AND OTHER DATA
    (Unaudited)
    (Dollars in thousands, except share and per share data)
      Three Months Ended
      December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
    Net interest income $ 48,490     $ 39,000     $ 37,935     $ 36,512     $ 37,000  
    Provision for credit losses   1,944       422       547       596       436  
    Noninterest income   5,949       4,119       2,092       1,542       1,466  
    Noninterest expense   19,066       17,685       17,079       16,429       15,669  
    Net income   22,440       17,106       15,140       13,865       14,054  
                       
    Weighted-average common shares outstanding:                  
    Basic   8,044,345       7,886,148       7,765,868       7,509,320       7,505,109  
    Diluted   8,197,568       8,108,688       7,910,692       7,595,124       7,590,913  
    Earnings per common share:                  
    Basic $ 2.79     $ 2.17     $ 1.95     $ 1.85     $ 1.87  
    Diluted   2.74       2.11       1.91       1.83       1.85  
                       
    Dividends declared per common share $ 0.01     $ 0.01     $ 0.01     $ 0.01     $ 0.01  
                       
    Return on average assets   2.24%       2.09%       1.99%       1.87%       1.93%  
    Return on average equity   21.14%       17.53%       16.56%       16.45%       17.35%  
    Net interest rate spread (1)   4.21%       4.18%       4.41%       4.27%       4.49%  
    Net interest margin (2)   4.88%       4.90%       5.13%       5.01%       5.20%  
    Efficiency ratio (non-GAAP) (3)   35.02%       41.01%       42.67%       43.17%       40.73%  
    Noninterest expense to average total assets   1.90%       2.16%       2.24%       2.21%       2.15%  
    Average interest-earning assets to average interest-bearing liabilities   118.24%       118.48%       118.78%       119.28%       118.52%  
                       
      As of:
      December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
    Nonperforming loans:                  
    Originated portfolio:                  
    Residential real estate $ 2,446     $ 3,976     $ 2,502     $ 2,573     $ 2,582  
    Commercial real estate   3,662       4,682       1,407       2,075       2,075  
    Commercial and industrial   6,696       6,684       6,520       6,928       6,950  
    Consumer   5       –       –       –       –  
    Total originated portfolio   12,809       15,342       10,429       11,576       11,607  
    Total purchased portfolio   17,257       21,830       17,832       16,370       19,165  
    Total nonperforming loans   30,066       37,172       28,261       27,946       30,772  
    Real estate owned and other repossessed collateral, net   1,200       –       –       –       –  
    Total nonperforming assets $ 31,266     $ 37,172     $ 28,261     $ 27,946     $ 30,772  
                       
    Past due loans to total loans   0.85%       0.89%       0.95%       1.13%       1.22%  
    Nonperforming loans to total loans   0.84%       1.06%       1.02%       1.05%       1.18%  
    Nonperforming assets to total assets   0.77%       0.94%       0.90%       0.93%       1.04%  
    Allowance for credit losses to total loans   1.25%       1.25%       0.97%       0.98%       1.06%  
    Allowance for credit losses to nonperforming loans   148.92%       117.40%       94.51%       92.83%       89.67%  
    Net charge-offs (recoveries) $ 869     $ 1,604     $ 1,347     $ 2,225     $ 995  
    Commercial real estate loans to total capital (4)   542.12%       604.38%       482.13%       509.08%       544.34%  
    Net loans to deposits   112.52%       110.70%       116.88%       118.15%       121.31%  
    Purchased loans to total loans   66.63%       69.11%       61.88%       60.99%       63.07%  
    Equity to total assets   10.88%       9.96%       12.02%       11.73%       11.03%  
    Common equity tier 1 capital ratio   12.66%       11.45%       13.84%       13.24%       12.63%  
    Total risk-based capital ratio   13.91%       12.70%       14.82%       14.22%       13.71%  
    Tier 1 leverage capital ratio   11.16%       12.06%       12.30%       11.79%       11.28%  
                       
    Total shareholders’ equity $ 444,101     $ 392,557     $ 376,634     $ 351,913     $ 327,540  
    Less: Preferred stock   –       –       –       –       –  
    Common shareholders’ equity   444,101       392,557       376,634       351,913       327,540  
    Less: Intangible assets (5)   –       –       –       –       –  
    Tangible common shareholders’ equity (non-GAAP) $ 444,101     $ 392,557     $ 376,634     $ 351,913     $ 327,540  
                       
    Common shares outstanding   8,492,856       8,212,026       8,127,690       7,977,690       7,804,052  
    Book value per common share $ 52.29     $ 47.80     $ 46.34     $ 44.11     $ 41.97  
    Tangible book value per share (non-GAAP) (6)   52.29       47.80       46.34       44.11       41.97  
                       
    (1) The net interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the period.
    (2) The net interest margin represents net interest income as a percent of average interest-earning assets for the period.
    (3) The efficiency ratio represents noninterest expense divided by the sum of net interest income (before the credit loss provision) plus noninterest income.
    (4) For purposes of calculating this ratio, commercial real estate includes all non-owner occupied commercial real estate loans defined as such by regulatory guidance, including all land development and construction loans.
    (5) Includes the loan servicing rights asset.
    (6) Tangible book value per share represents total shareholders’ equity less the sum of preferred stock and intangible assets divided by common shares outstanding.
     

    For More Information:
    Richard Cohen, Chief Financial Officer
    Northeast Bank, 27 Pearl Street, Portland, Maine 04101
    207.786.3245 ext. 3249
    www.northeastbank.com

    The MIL Network –

  • MIL-OSI Security: Dallas, Texas, Man Admits Making Threats of Violence Against Sikh Organization

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    CAMDEN, N.J. – A man from Dallas County, Texas admitted to a federal hate crime and for making interstate threats against the employees of a Sikh nonprofit organization, Acting U.S. Attorney Vikas Khanna for the District of New Jersey and Deputy Assistant Attorney General Kathleen Wolfe of the Justice Department’s Civil Rights Division announced.

    Bushan Athale, 49, of Dallas, Texas, pleaded guilty today before U.S. District Judge Edward S. Kiel in Camden federal court to an Information charging him with one count of interfering with federally protected activities through the threatened use of a dangerous weapon and one count of transmitting an interstate threat to injure another person.  Sentencing is scheduled for June 3, 2025.

    “Threats of violence have no place in our society,” said Vikas Khanna, Acting U.S. Attorney for the District of New Jersey.  “Every individual in this country must be free to practice their religion without fear of violence or persecution.  We will continue to ensure the safety of our communities by prosecuting those who threaten our basic American freedoms.”

    “Every citizen has the right to feel safe, secure, and free from fear of violence or hate,” said Wayne A. Jacobs, Special Agent in Charge of the FBI’s Philadelphia Field Office. “We are deeply grateful to our law enforcement and community partners who stand with us daily. Together, we remain steadfast in pursuing those who threaten the safety and well-being of the people we are sworn to protect.”

    According to documents filed in the case and statements made in court:

    On or about September 17, 2022, Athale called the main number of an organization that advocates for the civil rights of Sikh individuals within the United States.  Over the course of the next hour, Athale left seven voicemails expressing hatred toward Sikh individuals working at this same organization and threatening to injure or kill these individuals with a razor.

    Athale’s voicemails, which were filled with violent imagery and obscenity, contained references to places, people, and tenets that are particularly significant within the Sikh religion.  Among other things, Athale stated his intention to “catch” the Sikhs at Organization 1, forcibly shave their “top and bottom hair,” use a “razor” to “cut” their hair and “make” them bald, “make” them smoke and eat tobacco, and “show [them] the heaven.”

    On March 21, 2024, Athale again called the same Sikh organization and left two more voicemails.  In these voicemails, Athale again used violent, sexual imagery to express his hatred toward Sikhs as well as Muslims, and spouted antisemitic rhetoric.

    During his guilty plea, Athale also admitted to additional conduct reflecting his long history of making violent threats rooted in religious animus.  For example, Athale admitted that on November 6, 2021 and November 7, 2021, he had sent electronic messages to a former co-worker, in which he stated that he “hate[d] Pakistan” and “hate[d] Muslims.”  Athale wrote, “I hate you, I just don’t know how to kill your whole family including you?  Tell me???  I will figure it out […] Probably I will hire a Jew, they will be most happy.”

    Athale also admitted that, from May 28, 2024 to May 31, 2024, he had sent threatening electronic messages to a recruiter who he believed to be a Muslim. Athale wrote statements such as “you will be dead, get out [expletive] Muslim” and “If you dont [sic] back off you are killed.”

    The charge of interfering with federally protected activities carries a maximum potential penalty of ten years in prison and the charge of transmitting an interstate threat carries a maximum potential penalty of five years in prison. Both charges also carry a maximum potential penalty of up to a $250,000 fine. The defendant also may be sentenced to a term of supervised release after any term of imprisonment imposed.

    Acting U.S. Attorney Khanna credited the special agents of the FBI of the Philadelphia Division, under the direction of Special Agent in Charge Wayne A. Jacobs, with the investigation leading up to this guilty plea.     

    The government is represented by Assistant U.S. Attorney Sara A. Aliabadi of the Special Prosecutions Division in Camden, Assistant U.S. Attorney Jason M. Richardson of the Civil Rights Division in Camden, and Trial Attorney Eric Peffley of the Justice Department’s Civil Rights Division.

                                                                 ###                               

    Defense Counsel: AFPD Maggie Moy

    MIL Security OSI –

  • MIL-OSI: NMI Holdings, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results; Announces Additional $250 Million Share Repurchase Authorization

    Source: GlobeNewswire (MIL-OSI)

    EMERYVILLE, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) — NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $86.2 million, or $1.07 per diluted share, for the fourth quarter ended December 31, 2024, which compares to $92.8 million, or $1.15 per diluted share, for the third quarter ended September 30, 2024 and $83.4 million, or $1.01 per diluted share, for the fourth quarter ended December 31, 2023. Adjusted net income for the quarter was $86.1 million, or $1.07 per diluted share, which compares to $92.8 million, or $1.15 per diluted share, for the third quarter ended September 30, 2024 and $83.4 million, or $1.01 per diluted share, for the fourth quarter ended December 31, 2023.

    Net income for the full year ended December 31, 2024 was $360.1 million, or $4.43 per diluted share, which compares to $322.1 million, or $3.84 per diluted share, for the year ended December 31, 2023. Adjusted net income for the year was $365.6 million, or $4.50 per diluted share, which compares to $322.1 million, or $3.84 per diluted share, for the year ended December 31, 2023. The non-GAAP financial measures adjusted net income and adjusted diluted earnings per share are presented in this release to enhance the comparability of financial results between periods. See “Use of Non-GAAP Financial Measures” and our reconciliation of such measures to their most comparable GAAP measures, below.

    The company also announced today that its Board of Directors has authorized an additional $250 million share repurchase plan effective through December 31, 2027.

    Adam Pollitzer, President and Chief Executive Officer of National MI, said, “The fourth quarter capped another year of standout success for National MI. In 2024, we delivered strong operating performance, generated significant NIW volume and consistent growth in our insured portfolio, and achieved record financial results and a 17.4% return on equity. We have a strong customer franchise, a talented team driving us forward every day, an exceptionally high-quality book covered by a comprehensive set of risk transfer solutions, and a robust balance sheet supported by the significant earnings power of our platform. Looking forward, we’re well-positioned to continue delivering differentiated growth, returns and value for our shareholders, and today’s incremental $250 million share repurchase authorization will provide investors with further ability to access value as we continue to perform, grow our earnings and compound book value.”

    Selected fourth quarter 2024 highlights include:

    • Primary insurance-in-force at quarter end was $210.2 billion, compared to $207.5 billion at the end of the third quarter and $197.0 billion at the end of the fourth quarter of 2023.
    • Net premiums earned were $143.5 million, compared to $143.3 million in the third quarter and $132.9 million in the fourth quarter of 2023.
    • Total revenue was $166.5 million, compared to $166.1 million in the third quarter and $151.4 million in the fourth quarter of 2023.
    • Insurance claims and claim expenses were $17.3 million, compared to $10.3 million in the third quarter and $8.2 million in the fourth quarter of 2023. Loss ratio was 12.0%, compared to 7.2% in the third quarter and 6.2% in the fourth quarter of 2023.
    • Underwriting and operating expenses were $31.1 million, compared to $29.2 million in the third quarter and $29.7 million in the fourth quarter of 2023. Expense ratio was 21.7%, compared to 20.3% in the third quarter and 22.4% in the fourth quarter of 2023.
    • Net income was $86.2 million, compared to $92.8 million in the third quarter and $83.4 million in the fourth quarter of 2023. Diluted EPS was $1.07, compared to $1.15 in the third quarter and $1.01 in the fourth quarter of 2023.
    • Shareholders’ equity was $2.2 billion at quarter end and book value per share was $28.21. Book value per share excluding the impact of net unrealized gains and losses in the investment portfolio was $29.80, up 4% compared to $28.71 in the third quarter and 17% compared to $25.54 in the fourth quarter of 2023.
    • Annualized return on equity for the quarter was 15.6%, compared to 17.5% in the third quarter and 18.0% in the fourth quarter of 2023.
    • At quarter-end, total PMIERs available assets were $3.1 billion and net risk-based required assets were $1.8 billion.
        Quarter
    Ended    		 Quarter
    Ended    		 Quarter
    Ended    		 Change(1) Change(1)
        12/31/2024 9/30/2024 12/31/2023 Q/Q Y/Y
    INSURANCE METRICS ($billions)
    Primary Insurance-in-Force $ 210.2   $ 207.5   $ 197.0   1  % 7  %
    New Insurance Written – NIW   11.9     12.2     8.9   (2 )% 34  %
               
    FINANCIAL HIGHLIGHTS (Unaudited, $millions, except per share amounts)
    Net Premiums Earned $ 143.5   $ 143.3   $ 132.9   0  % 8  %
    Net Investment Income   22.7     22.5     18.2   1  % 25  %
    Insurance Claims and Claim Expenses   17.3     10.3     8.2   67  % 110  %
    Underwriting and Operating Expenses   31.1     29.2     29.7   7  % 5  %
    Net Income   86.2     92.8     83.4   (7 )% 3  %
    Diluted EPS $ 1.07   $ 1.15   $ 1.01   (7 )% 6  %
    Book Value per Share (excluding net unrealized gains and losses) (2) $ 29.80   $ 28.71   $ 25.54   4  % 17  %
    Loss Ratio   12.0  %   7.2  %   6.2  %    
    Expense Ratio   21.7  %   20.3  %   22.4  %    

    (1) Percentages may not be replicated based on the rounded figures presented in the table.
    (2) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.

    Conference Call and Webcast Details

    The company will hold a conference call, which will be webcast live today, February 6, 2025, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The webcast will be available on the company’s website, www.nationalmi.com, in the “Investor Relations” section. The conference call can also be accessed by dialing (844) 481-2708 in the U.S., or (412) 317-0664 internationally, by referencing NMI Holdings, Inc.

    About NMI Holdings, Inc.

    NMI Holdings, Inc. (NASDAQ: NMIH), is the parent company of National Mortgage Insurance Corporation (National MI), a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower’s default. To learn more, please visit www.nationalmi.com.

    Cautionary Note Regarding Forward-Looking Statements

    Certain statements contained in this press release or any other written or oral statements made by or on behalf of the Company in connection therewith may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995 (the “PSLRA”). The PSLRA provides a “safe harbor” for any forward-looking statements. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements, including any statements about our expectations, outlook, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believe,” “can,” “could,” “may,” “predict,” “assume,” “potential,” “should,” “will,” “estimate,” “perceive,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend” and similar words or phrases. All forward-looking statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that may turn out to be inaccurate and could cause actual results to differ materially from those expressed in them. Many risks and uncertainties are inherent in our industry and markets. Others are more specific to our business and operations. Important factors that could cause actual events or results to differ materially from those indicated in such statements include, but are not limited to: changes in general economic, market and political conditions and policies (including changes in interest rates and inflation) and investment results or other conditions that affect the U.S. housing market or the U.S. markets for home mortgages, mortgage insurance, reinsurance and credit risk transfer markets, including the risk related to geopolitical instability, inflation, an economic downturn (including any decline in home prices) or recession, and their impacts on our business, operations and personnel; changes in the charters, business practices, policies, pricing or priorities of Fannie Mae and Freddie Mac (collectively, the GSEs), which may include decisions that have the impact of decreasing or discontinuing the use of mortgage insurance as credit enhancement generally, or with first time homebuyers or on very high loan-to-value mortgages; or changes in the direction of housing policy objectives of the Federal Housing Finance Agency (“FHFA”), such as the FHFA’s priority to increase the accessibility to and affordability of homeownership for low-and-moderate income borrowers and underrepresented communities; our ability to remain an eligible mortgage insurer under the private mortgage insurer eligibility requirements (“PMIERs”) and other requirements imposed by the GSEs, which they may change at any time; retention of our existing certificates of authority in each state and the District of Columbia (“D.C.”) and our ability to remain a mortgage insurer in good standing in each state and D.C.; our future profitability, liquidity and capital resources; actions of existing competitors, including other private mortgage insurers and government mortgage insurers such as the Federal Housing Administration, the U.S. Department of Agriculture’s Rural Housing Service and the U.S. Department of Veterans Affairs, and potential market entry by new competitors or consolidation of existing competitors; adoption of new or changes to existing laws, rules and regulations that impact our business or financial condition directly or the mortgage insurance industry generally or their enforcement and implementation by regulators, including the implementation of the final rules defining and/or concerning “Qualified Mortgage” and “Qualified Residential Mortgage”; U.S. federal tax reform and other potential changes in tax law and their impact on us and our operations; legislative or regulatory changes to the GSEs’ role in the secondary mortgage market or other changes that could affect the residential mortgage industry generally or mortgage insurance industry in particular; potential legal and regulatory claims, investigations, actions, audits or inquiries that could result in adverse judgements, settlements, fines or other reliefs that could require significant expenditures or have other negative effects on our business; our ability to successfully execute and implement our capital plans, including our ability to access the equity, credit and reinsurance markets and to enter into, and receive approval of, reinsurance arrangements on terms and conditions that are acceptable to us, the GSEs and our regulators; lenders, the GSEs, or other market participants seeking alternatives to private mortgage insurance; our ability to implement our business strategy, including our ability to write mortgage insurance on high quality low down payment residential mortgage loans, implement successfully and on a timely basis, complex infrastructure, systems, procedures, and internal controls to support our business and regulatory and reporting requirements of the insurance industry; our ability to attract and retain a diverse customer base, including the largest mortgage originators; failure of risk management or pricing or investment strategies; decrease in the length of time our insurance policies are in force; emergence of unexpected claim and coverage issues, including claims exceeding our reserves or amounts we had expected to experience; potential adverse impacts arising from natural disasters including, with respect to affected areas, a decline in new business, adverse effects on home prices, and an increase in notices of default on insured mortgages; climate risk and efforts to manage or regulate climate risk by government agencies could affect our business and operations; potential adverse impacts arising from the occurrence of any man-made disasters or public health emergencies, including pandemics; the inability of our counter-parties, including third party reinsurers, to meet their obligations to us; failure to maintain, improve and continue to develop necessary information technology systems or the failure of technology providers to perform; effectiveness and security of our information technology systems and digital products and services, including the risks these systems, products or services may fail to operate as expected or planned, or expose us to cybersecurity or third-party risks (including the exposure of our confidential customer and other information); and ability to recruit, train and retain key personnel. These risks and uncertainties also include, but are not limited to, those set forth under the heading “Risk Factors” detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2023, as subsequently updated through other reports we file with the SEC. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We caution you not to place undue reliance on any forward-looking statement, which speaks only as of the date on which it is made, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information, future events or circumstances that occur after the date on which the statement is made or to reflect the occurrence of unanticipated events except as required by law.

    Use of Non-GAAP Financial Measures

    We believe the use of the non-GAAP measures of adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) enhances the comparability of our fundamental financial performance between periods, and provides relevant information to investors. These non-GAAP financial measures align with the way the company’s business performance is evaluated by management. These measures are not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP measures of performance. These measures have been presented to increase transparency and enhance the comparability of our fundamental operating trends across periods. Other companies may calculate these measures differently; their measures may not be comparable to those we calculate and present.

    Adjusted income before tax is defined as GAAP income before tax, excluding the pre-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred.

    Adjusted net income is defined as GAAP net income, excluding the after-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred. Adjustments to components of pre-tax income are tax effected using the applicable federal statutory tax rate for the respective periods.

    Adjusted diluted EPS is defined as adjusted net income divided by adjusted weighted average diluted shares outstanding. Adjusted weighted average diluted shares outstanding is defined as weighted average diluted shares outstanding, adjusted for changes in the dilutive effect of non-vested shares that would otherwise have occurred had GAAP net income been calculated in accordance with adjusted net income. There will be no adjustment to weighted average diluted shares outstanding in the periods that non-vested shares are anti-dilutive under GAAP.

    Adjusted return on equity is calculated by dividing adjusted net income on an annualized basis by the average shareholders’ equity for the period.

    Adjusted expense ratio is defined as GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions, divided by net premiums earned.

    Adjusted combined ratio is defined as the total of GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions and insurance claims and claims expenses, divided by net premiums earned.

    Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on investments, divided by shares outstanding.

    Although adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) exclude certain items that have occurred in the past and are expected to occur in the future, the excluded items: (1) are not viewed as part of the operating performance of our primary activities; or (2) are impacted by market, economic or regulatory factors and are not necessarily indicative of operating trends, or both. These adjustments, and the reasons for their treatment, are described below.

    (1) Net realized investment gains and losses. The recognition of the net realized investment gains or losses can vary significantly across periods as the timing is highly discretionary and is influenced by factors such as market opportunities, tax and capital profile, and overall market cycles that do not reflect our current period operating results.
    (2) Capital markets transaction costs. Capital markets transaction costs result from activities that are undertaken to improve our debt profile or enhance our capital position through activities such as debt refinancing and capital markets reinsurance transactions that may vary in their size and timing due to factors such as market opportunities, tax and capital profile, and overall market cycles.
    (3) Other infrequent, unusual or non-operating items. Items that are the result of unforeseen or uncommon events, and are not expected to recur with frequency in the future. Identification and exclusion of these items provides clarity about the impact special or rare occurrences may have on our current financial performance. Past adjustments under this category include infrequent, unusual or non-operating adjustments related to severance, restricted stock modification and other expenses incurred in connection with the CEO transition announced in September 2021 and the effects of the release of the valuation allowance recorded against our net federal and certain state net deferred tax assets in 2016 and the re-measurement of our net deferred tax assets in connection with tax reform in 2017. We believe such items are infrequent or non-recurring in nature, and are not indicative of the performance of, or ongoing trends in, our primary operating activities or business.
    (4) Net unrealized gains and losses on investments. The recognition of the net unrealized gains or losses on investment can vary significantly across periods and is influenced by factors such as interest rate movement, overall market and economic conditions, and tax and capital profiles. These valuation adjustments may not necessarily result in economic gains or losses and not reflective of ongoing operations.

    Investor Contact
    Gregory Epps
    Manager, Investor Relations and Treasury
    Investor.relations@nationalmi.com

    Consolidated statements of operations and comprehensive income (unaudited) For the three months ended
    December 31,    		   For the year ended
    December 31,
        2024       2023       2024       2023  
      (In Thousands, except for per share data)
    Revenues              
    Net premiums earned $ 143,520     $ 132,940     $ 564,688     $ 510,768  
    Net investment income   22,718       18,247       85,316       67,512  
    Net realized investment gains (losses)   33       —       23       (33 )
    Other revenues   233       193       944       756  
    Total revenues   166,504       151,380       650,971       579,003  
    Expenses              
    Insurance claims and claim expenses   17,253       8,232       31,544       22,618  
    Underwriting and operating expenses   31,092       29,716       118,397       110,699  
    Service expenses   184       185       723       771  
    Interest expense   7,102       8,066       36,896       32,212  
    Total expenses   55,631       46,199       187,560       166,300  
                   
    Income before income taxes   110,873       105,181       463,411       412,703  
    Income tax expense   24,706       21,768       103,305       90,593  
    Net income $ 86,167     $ 83,413     $ 360,106     $ 322,110  
                   
    Earnings per share              
    Basic $ 1.09     $ 1.03     $ 4.51     $ 3.91  
    Diluted $ 1.07     $ 1.01     $ 4.43     $ 3.84  
                   
    Weighted average common shares outstanding              
    Basic   78,997       81,005       79,844       82,407  
    Diluted   80,623       82,685       81,273       83,854  
                   
    Loss ratio (1)   12.0  %     6.2  %     5.6  %     4.4  %
    Expense ratio (2)   21.7  %     22.4  %     21.0  %     21.7  %
    Combined ratio (3)   33.7  %     28.5  %     26.6  %     26.1  %
                   
    Net income $ 86,167     $ 83,413     $ 360,106     $ 322,110  
    Other comprehensive (loss) income, net of tax:              
    Unrealized (losses) gains in accumulated other comprehensive loss, net of tax (benefit) expense of $(11,374) and $19,580 for the three months ended December 31, 2024 and 2023, and $3,921 and $17,113 for the years ended December 31, 2024 and 2023, respectively   (42,787 )     73,660       15,113       64,380  
    Reclassification adjustment for realized (gains) losses included in net income, net of tax expense (benefit) of $7 and $0 for the three months ended December 31, 2024 and 2023, and $0 and $(7) for the years ended December 31, 2024, and 2023, respectively   (26 )     —       —       26  
    Other comprehensive (loss) income, net of tax   (42,813 )     73,660       15,113       64,406  
    Comprehensive income $ 43,354     $ 157,073     $ 375,219     $ 386,516  

    (1) Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned.
    (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
    (3) Combined ratio may not foot due to rounding.

    Consolidated balance sheets (unaudited) December 31, 2024   December 31, 2023
    Assets (In Thousands, except for share data)
    Fixed maturities, available-for-sale, at fair value (amortized cost of $2,876,343 and $2,542,862 as of December 31, 2024 and December 31, 2023, respectively) $ 2,723,541     $ 2,371,021  
    Cash and cash equivalents (including restricted cash of $90 and $1,338 as of December 31, 2024 and December 31, 2023, respectively)   54,308       96,689  
    Premiums receivable, net   82,804       76,456  
    Accrued investment income   22,386       19,785  
    Deferred policy acquisition costs, net   64,327       62,905  
    Software and equipment, net   25,681       30,252  
    Intangible assets and goodwill   3,634       3,634  
    Reinsurance recoverable   32,260       27,514  
    Prepaid federal income taxes   322,175       235,286  
    Other assets   18,857       16,965  
    Total assets $ 3,349,973     $ 2,940,507  
           
    Liabilities      
    Debt $ 415,146     $ 397,595  
    Unearned premiums   65,217       92,295  
    Accounts payable and accrued expenses   103,164       86,189  
    Reserve for insurance claims and claim expenses   152,071       123,974  
    Deferred tax liability, net   386,192       301,573  
    Other liabilities   10,751       12,877  
    Total liabilities   1,132,541       1,014,503  
           
    Shareholders’ equity      
    Common stock – $0.01 par value; 87,902,626 shares issued and 78,600,726 shares outstanding as of December 31, 2024 and 87,334,138 shares issued and 80,881,280 shares outstanding as of December 31, 2023 (250,000,000 shares authorized)   879       873  
    Additional paid-in capital   1,004,692       990,816  
    Treasury stock, at cost: 9,301,900 and 6,452,858 common shares as of December 31, 2024 and December 31, 2023, respectively   (246,594 )     (148,921 )
    Accumulated other comprehensive loss, net of tax   (124,804 )     (139,917 )
    Retained earnings   1,583,259       1,223,153  
    Total shareholders’ equity   2,217,432       1,926,004  
    Total liabilities and shareholders’ equity $ 3,349,973     $ 2,940,507  
    Non-GAAP Financial Measure Reconciliations (unaudited)
      As of and for the three months ended   For the year ended December 31,
      12/31/2024   9/30/2024   12/31/2023     2024       2023  
    As Reported (In Thousands, except for per share data)
    Revenues                  
    Net premiums earned $ 143,520     $ 143,343     $ 132,940     $ 564,688     $ 510,768  
    Net investment income   22,718       22,474       18,247       85,316       67,512  
    Net realized investment gains (losses)   33       (10 )     —       23       (33 )
    Other revenues   233       285       193       944       756  
    Total revenues   166,504       166,092       151,380       650,971       579,003  
    Expenses                  
    Insurance claims and claim expenses   17,253       10,321       8,232       31,544       22,618  
    Underwriting and operating expenses   31,092       29,160       29,716       118,397       110,699  
    Service expenses   184       208       185       723       771  
    Interest expense   7,102       7,076       8,066       36,896       32,212  
    Total expenses   55,631       46,765       46,199       187,560       166,300  
                       
    Income before income taxes   110,873       119,327       105,181       463,411       412,703  
    Income tax expense   24,706       26,517       21,768       103,305       90,593  
    Net income $ 86,167     $ 92,810     $ 83,413     $ 360,106     $ 322,110  
                       
    Adjustments:                  
    Net realized investment (gains) losses   (33 )     10       —       (23 )     33  
    Capital markets transaction costs   —       —       —       6,966       —  
    Adjusted income before taxes   110,840       119,337       105,181       470,354       412,736  
                       
    Income tax (benefit) expense on adjustments (1)   (7 )     2       —       1,458       7  
    Adjusted net income $ 86,141     $ 92,818     $ 83,413     $ 365,591     $ 322,136  
                       
    Weighted average diluted shares outstanding   80,623       81,045       82,685       81,273       83,854  
                       
    Diluted EPS $ 1.07     $ 1.15     $ 1.01     $ 4.43     $ 3.84  
    Adjusted diluted EPS $ 1.07     $ 1.15     $ 1.01     $ 4.50     $ 3.84  
                       
    Return on equity   15.6  %     17.5  %     18.0  %     17.4  %     18.2  %
    Adjusted return on equity   15.6  %     17.5  %     18.0  %     17.6  %     18.2  %
                       
    Expense ratio (2)   21.7  %     20.3  %     22.4  %     21.0  %     21.7  %
    Adjusted expense ratio (3)   21.7  %     20.3  %     22.4  %     21.0  %     21.7  %
                       
    Combined ratio (4)   33.7  %     27.5  %     28.5  %     26.6  %     26.1  %
    Adjusted combined ratio (5)   33.7  %     27.5  %     28.5  %     26.6  %     26.1  %
                       
    Book value per share (6) $ 28.21     $ 27.67     $ 23.81          
    Book value per share (excluding net unrealized gains and losses) (7) $ 29.80     $ 28.71     $ 25.54          

    (1) Marginal tax impact of non-GAAP adjustments is calculated based on our statutory U.S. federal corporate income tax rate of 21%, except for those items that are not eligible for an income tax deduction.
    (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
    (3) Adjusted expense ratio is calculated by dividing adjusted underwriting and operating expense (underwriting and operating expenses excluding costs related to capital markets reinsurance transactions) by net premiums earned.
    (4) Combined ratio is calculated by dividing the total of underwriting and operating expenses and insurance claims and claim expenses by net premiums earned.
    (5) Adjusted combined ratio is calculated by dividing the total of adjusted underwriting and operating expenses (underwriting and operating expenses excluding costs related to capital market reinsurance transaction) and insurance claims and claim expenses by net premiums earned.
    (6) Book value per share is calculated by dividing total shareholders’ equity by shares outstanding.
    (7) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.

    Historical Quarterly Data  2024    2023 
      December 31   September 30   June 30   March 31   December 31
      (In Thousands, except for per share data)
    Revenues                  
    Net premiums earned $ 143,520     $ 143,343     $ 141,168     $ 136,657     $ 132,940  
    Net investment income   22,718       22,474       20,688       19,436       18,247  
    Net realized investment gains (losses)   33       (10 )     —       —       —  
    Other revenues   233       285       266       160       193  
    Total revenues   166,504       166,092       162,122       156,253       151,380  
    Expenses                  
    Insurance claims and claim expenses   17,253       10,321       276       3,694       8,232  
    Underwriting and operating expenses   31,092       29,160       28,330       29,815       29,716  
    Service expenses   184       208       194       137       185  
    Interest expense   7,102       7,076       14,678       8,040       8,066  
    Total expenses   55,631       46,765       43,478       41,686       46,199  
                       
    Income before income taxes   110,873       119,327       118,644       114,567       105,181  
    Income tax expense   24,706       26,517       26,565       25,517       21,768  
    Net income $ 86,167     $ 92,810     $ 92,079     $ 89,050     $ 83,413  
                       
    Earnings per share                  
    Basic $ 1.09     $ 1.17     $ 1.15     $ 1.10     $ 1.03  
    Diluted $ 1.07     $ 1.15     $ 1.13     $ 1.08     $ 1.01  
                       
    Weighted average common shares outstanding                  
    Basic   78,997       79,549       80,117       80,726       81,005  
    Diluted   80,623       81,045       81,300       82,099       82,685  
                       
    Other data                  
    Loss ratio (1)   12.0  %     7.2  %     0.2  %     2.7  %     6.2  %
    Expense ratio (2)   21.7  %     20.3  %     20.1  %     21.8  %     22.4  %
    Combined ratio (3)   33.7  %     27.5  %     20.3  %     24.5  %     28.5  %

    (1) Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned.
    (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
    (3) Combined ratio may not foot due to rounding.

    Portfolio Statistics

    The table below highlights trends in our primary portfolio as of the date and for the periods indicated.

    Primary portfolio trends As of and for the three months ended
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
      ($ Values In Millions, except as noted below)
    New insurance written (NIW) $ 11,925     $ 12,218     $ 12,503     $ 9,398     $ 8,927  
    New risk written   3,134       3,245       3,335       2,486       2,354  
    Insurance-in-force (IIF) (1)   210,183       207,538       203,501       199,373       197,029  
    Risk-in-force (RIF) (1)   56,113       55,253       53,956       52,610       51,796  
    Policies in force (count) (1)   659,567       654,374       645,276       635,662       629,690  
    Average loan size ($ value in thousands) (1) $ 319     $ 317     $ 315     $ 314     $ 313  
    Coverage percentage (2)   26.7  %     26.6  %     26.5  %     26.4  %     26.3  %
    Loans in default (count) (1)   6,642       5,712       4,904       5,109       5,099  
    Default rate (1)   1.01  %     0.87  %     0.76  %     0.80  %     0.81  %
    Risk-in-force on defaulted loans (1) $ 545     $ 468     $ 401     $ 414     $ 408  
    Average net premium yield (3)   0.27  %     0.28  %     0.28  %     0.28  %     0.27  %
    Earnings from cancellations $ 0.8     $ 0.8     $ 1.0     $ 0.6     $ 1.0  
    Annual persistency (4)   84.6 %     85.5 %     85.4 %     85.8 %     86.1 %
    Quarterly run-off (5)   4.5 %     4.0 %     4.2 %     3.6 %     3.4 %

    (1) Reported as of the end of the period.
    (2) Calculated as end of period RIF divided by end of period IIF.
    (3) Calculated as net premiums earned, divided by average primary IIF for the period, annualized.
    (4) Defined as the percentage of IIF that remains on our books after a given twelve-month period.
    (5) Defined as the percentage of IIF that is no longer on our books after a given three-month period.

    NIW, IIF and Premiums

    The tables below present primary NIW and primary IIF, as of the dates and for the periods indicated.

    Primary NIW For the three months ended
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
      (In Millions)
    Monthly $ 11,688   $ 11,978   $ 12,288   $ 9,175   $ 8,614
    Single   237     240     215     223     313
    Total $ 11,925   $ 12,218   $ 12,503   $ 9,398   $ 8,927
    Primary IIF As of
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
      (In Millions)
    Monthly $ 192,228   $ 189,241   $ 184,862   $ 180,343   $ 177,764
    Single   17,955     18,297     18,639     19,030     19,265
    Total $ 210,183   $ 207,538   $ 203,501   $ 199,373   $ 197,029

    The following table presents the amounts related to the company’s quota-share reinsurance transactions (the 2016 QSR Transaction, 2018 QSR Transaction, 2020 QSR Transaction, 2021 QSR Transaction, 2022 QSR Transaction, 2022 Seasoned QSR Transaction, 2023 QSR Transaction, and 2024 QSR Transaction and collectively, the QSR Transactions), insurance-linked note transactions (the 2021-1 ILN Transaction, and 2021-2 ILN Transaction and collectively, the ILN Transactions), and traditional reinsurance transactions (the 2022-1 XOL Transaction, 2022-2 XOL Transaction, 2022-3 XOL Transaction, 2023-1 XOL Transaction, 2023-2 XOL Transaction, and 2024 XOL Transaction and collectively, the XOL Transactions) for the periods indicated.

      For the three months ended
      December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
      (In Thousands)
    The QSR Transactions                  
    Ceded risk-in-force $ 13,024,200     $ 12,968,039     $ 12,815,434     $ 12,669,207     $ 12,626,541  
    Ceded premiums earned   (41,596 )     (41,761 )     (41,555 )     (41,269 )     (41,218 )
    Ceded claims and claim expenses (benefits)   4,075       2,449       (138 )     659       2,447  
    Ceding commission earned   9,997       10,152       10,222       10,292       9,561  
    Profit commission   20,149       21,883       24,351       23,407       22,057  
                       
    The ILN Transactions (1)                  
    Ceded premiums $ (4,217 )   $ (4,302 )   $ (5,858 )   $ (5,976 )   $ (6,305 )
                       
    The XOL Transactions                  
    Ceded premiums $ (9,969 )   $ (9,760 )   $ (9,403 )   $ (9,223 )   $ (8,302 )

    (1) Effective July 25, 2024 and December 27, 2024, NMIC exercised its optional termination rights to terminate and commute its previously outstanding excess-of-loss reinsurance agreements with Oaktown Re III Ltd. and Oaktown Re V Ltd., respectively. In connection with the terminations and commutations, the insurance-linked notes issued by Oaktown Re III Ltd. and Oaktown Re V Ltd. were redeemed in full with a distribution of remaining collateral assets.

    The tables below present our total primary NIW by FICO, loan-to-value (LTV) ratio, and purchase/refinance mix for the periods indicated.

    Primary NIW by FICO For the three months ended   For the year ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
      (In Millions)
    >= 760 $ 6,508   $ 6,615   $ 4,564   $ 24,808   $ 22,995
    740-759   2,090     2,057     1,542     8,098     6,769
    720-739   1,621     1,529     1,280     5,907     5,484
    700-719   890     1,040     816     3,794     2,816
    680-699   575     652     568     2,392     1,946
    <=679   241     325     157     1,045     463
    Total $ 11,925   $ 12,218   $ 8,927   $ 46,044   $ 40,473
    Weighted average FICO   758     757     755     757     760
    Primary NIW by LTV For the three months ended   For the year ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
      (In Millions)
    95.01% and above $ 1,510     $ 1,568     $ 990     $ 5,908     $ 3,713  
    90.01% to 95.00%   5,370       5,720       4,107       21,149       18,929  
    85.01% to 90.00%   3,740       3,584       2,947       13,994       13,597  
    85.00% and below   1,305       1,346       883       4,993       4,234  
    Total $ 11,925     $ 12,218     $ 8,927     $ 46,044     $ 40,473  
    Weighted average LTV   92.1  %     92.3  %     92.2  %     92.3  %     92.1  %
    Primary NIW by purchase/refinance mix For the three months ended   For the year ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
      (In Millions)
    Purchase $ 10,799   $ 11,708   $ 8,759   $ 43,921   $ 39,629
    Refinance   1,126     510     168     2,123     844
    Total $ 11,925   $ 12,218   $ 8,927   $ 46,044   $ 40,473

    The table below presents a summary of our primary IIF and RIF by book year as of December 31, 2024.

    Primary IIF and RIF As of December 31, 2024
      IIF   RIF
    Book Year (In Millions)
    2024 $ 43,560   $ 11,552
    2023   34,284     9,047
    2022   47,598     12,703
    2021   50,699     13,634
    2020   21,145     5,795
    2019 and before   12,897     3,382
    Total $ 210,183   $ 56,113

    The tables below present our total primary IIF and RIF by FICO and LTV, and total primary RIF by loan type as of the dates indicated.

    Primary IIF by FICO As of
      December 31, 2024   September 30, 2024   December 31, 2023
      (In Millions)
    >= 760 $ 105,315   $ 103,764   $ 98,034
    740-759   37,321     36,830     34,829
    720-739   29,343     28,930     27,755
    700-719   19,766     19,654     18,734
    680-699   13,374     13,326     12,867
    <=679   5,064     5,034     4,810
    Total $ 210,183   $ 207,538   $ 197,029
    Primary RIF by FICO As of
      December 31, 2024   September 30, 2024   December 31, 2023
      (In Millions)
    >= 760 $ 27,883   $ 27,396   $ 25,523
    740-759   10,006     9,850     9,207
    720-739   7,926     7,788     7,387
    700-719   5,383     5,337     5,021
    680-699   3,615     3,590     3,433
    <=679   1,300     1,292     1,225
    Total $ 56,113   $ 55,253   $ 51,796
    Primary IIF by LTV As of
      December 31, 2024   September 30, 2024   December 31, 2023
      (In Millions)
    95.01% and above $ 23,555   $ 22,644   $ 19,609
    90.01% to 95.00%   103,472     101,872     95,415
    85.01% to 90.00%   64,290     63,568     60,348
    85.00% and below   18,866     19,454     21,657
    Total $ 210,183   $ 207,538   $ 197,029
    Primary RIF by LTV As of
      December 31, 2024   September 30, 2024   December 31, 2023
      (In Millions)
    95.01% and above $ 7,345   $ 7,054   $ 6,062
    90.01% to 95.00%   30,563     30,100     28,184
    85.01% to 90.00%   15,956     15,777     14,961
    85.00% and below   2,249     2,322     2,589
    Total $ 56,113   $ 55,253   $ 51,796
    Primary RIF by Loan Type As of
      December 31, 2024   September 30, 2024   December 31, 2023
               
    Fixed 98  %   98  %   98  %
    Adjustable rate mortgages:          
    Less than five years —     —     —  
    Five years and longer 2     2     2  
    Total 100  %   100  %   100  %

    The table below presents a summary of the change in total primary IIF during the periods indicated.

    Primary IIF As of and for the three months ended
      December 31, 2024   September 30, 2024   December 31, 2023
      (In Millions)
    IIF, beginning of period $ 207,538     $ 203,501     $ 194,781  
    NIW   11,925       12,218       8,927  
    Cancellations, principal repayments and other reductions   (9,280 )     (8,181 )     (6,679 )
    IIF, end of period $ 210,183     $ 207,538     $ 197,029  


    Geographic Dispersion

    The following table shows the distribution by state of our primary RIF as of the periods indicated:

    Top 10 primary RIF by state As of
      December 31, 2024   September 30, 2024   December 31, 2023
    California 10.1  %   10.1  %   10.2  %
    Texas 8.6     8.7     8.7  
    Florida 7.3     7.4     7.6  
    Georgia 4.1     4.1     4.1  
    Washington 3.9     3.9     4.0  
    Illinois 3.8     3.9     4.0  
    Virginia 3.7     3.8     3.9  
    Pennsylvania 3.4     3.4     3.4  
    Ohio 3.3     3.2     3.0  
    North Carolina 3.2     3.1     3.0  
    Total 51.4  %   51.6  %   51.9  %

    The table below presents selected primary portfolio statistics, by book year, as of December 31, 2024.

      As of December 31, 2024
    Book year Original
    Insurance
    Written    		   Remaining
    Insurance
    in Force    		   %
    Remaining
    of Original
    Insurance    		   Policies
    Ever in
    Force    		   Number
    of Policies
    in Force    		   Number
    of Loans
    in
    Default    		   # of
    Claims
    Paid    		   Incurred
    Loss Ratio
    (Inception
    to Date)    (1)    		   Cumulative
    Default Rate    (2)    		   Current
    Default
    Rate    (3)
      ($ Values in Millions)    
    2015 and prior $ 16,035   $ 885   6  %   67,989   4,903   99   208   2.7  %   0.5  %   2.0  %
    2016   21,187     1,498   7  %   83,626   8,076   158   187   1.7  %   0.4  %   2.0  %
    2017   21,582     1,867   9  %   85,897   10,577   267   184   1.9  %   0.5  %   2.5  %
    2018   27,295     2,433   9  %   104,043   13,152   420   184   2.5  %   0.6  %   3.2  %
    2019   45,141     6,214   14  %   148,423   27,442   511   97   2.0  %   0.4  %   1.9  %
    2020   62,702     21,145   34  %   186,174   73,926   598   51   1.4  %   0.3  %   0.8  %
    2021   85,574     50,699   59  %   257,972   167,892   1,679   74   3.5  %   0.7  %   1.0  %
    2022   58,734     47,598   81  %   163,281   138,915   2,002   68   17.9  %   1.3  %   1.4  %
    2023   40,473     34,284   85  %   111,994   98,711   725   10   14.4  %   0.7  %   0.7  %
    2024   46,044     43,560   95  %   120,747   115,973   183   —   6.2  %   0.2  %   0.2  %
    Total $ 424,767   $ 210,183       1,330,146   659,567   6,642   1,063            

    (1) Calculated as total claims incurred (paid and reserved) divided by cumulative premiums earned, net of reinsurance.
    (2) Calculated as the sum of the number of claims paid ever to date and number of loans in default divided by policies ever in force.
    (3) Calculated as the number of loans in default divided by number of policies in force.

    The following table provides a reconciliation of the beginning and ending reserve balances for primary insurance claims and claim expenses:

      For the three months ended
    December 31,    		   For the year ended
    December 31,
        2024       2023       2024       2023  
      (In Thousands)
    Beginning balance $ 135,520     $ 116,078     $ 123,974     $ 99,836  
    Less reinsurance recoverables (1)   (29,214 )     (25,956 )     (27,514 )     (21,587 )
    Beginning balance, net of reinsurance recoverables   106,306       90,122       96,460       78,249  
                   
    Add claims incurred:              
    Claims and claim expenses incurred:              
    Current year (2)   21,674       17,298       93,206       78,285  
    Prior years (3)   (4,421 )     (9,789 )     (61,662 )     (56,390 )
    Total claims and claim expenses incurred (4)   17,253       7,509       31,544       21,895  
                   
    Less claims paid:              
    Claims and claim expenses paid:              
    Current year (2)   458       481       638       600  
    Prior years (3)   3,290       1,181       7,555       3,575  
    Reinsurance terminations   —       (491 )     —       (491 )
    Total claims and claim expenses paid   3,748       1,171       8,193       3,684  
                   
    Reserve at end of period, net of reinsurance recoverables   119,811       96,460       119,811       96,460  
    Add reinsurance recoverables (1)   32,260       27,514       32,260       27,514  
    Ending balance $ 152,071     $ 123,974     $ 152,071     $ 123,974  

    (1) Related to ceded losses recoverable under the QSR Transactions
    (2) Related to insured loans with their most recent defaults occurring in the current year. For example, if a loan defaulted in a prior year and subsequently cured and later re-defaulted in the current year, the default would be included in the current year. Amounts are presented net of reinsurance and included $83.5 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the year ended December 31, 2024, $70.6 million attributed to net case reserves and $6.3 million attributed to net IBNR reserves for the year ended December 31, 2023.
    (3) Related to insured loans with defaults occurring in prior years, which have been continuously in default before the start of the current year. Amounts are presented net of reinsurance and included $54.1 million attributed to net case reserves and $6.3 million attributed to net IBNR reserves for the year ended December 31, 2024, $50.9 million attributed to net case reserves and $4.5 million attributed to net IBNR reserves for the year ended December 31, 2023.
    (4) Excludes a $0.7 million termination fee for the year ended December 31, 2023 incurred in connection with the amendment of the 2020 QSR Transaction.

    The following table provides a reconciliation of the beginning and ending count of loans in default:

      For the three months ended
    December 31,    		   For the year ended
    December 31,
      2024    2023    2024    2023 
    Beginning default inventory 5,712     4,594     5,099     4,449  
    Plus: new defaults 2,742     2,039     8,757     6,758  
    Less: cures (1,684 )   (1,458 )   (6,899 )   (5,892 )
    Less: claims paid (108 )   (70 )   (276 )   (199 )
    Less: rescission and claims denied (20 )   (6 )   (39 )   (17 )
    Ending default inventory 6,642     5,099     6,642     5,099  

    The following table provides details of our claims paid, before giving effect to claims ceded under the QSR Transactions, for the periods indicated:

      For the three months ended
    December 31,    		   For the year ended
    December 31,
        2024       2023       2024       2023  
      ($ Values In Thousands)
    Number of claims paid (1)   108       70       276       199  
    Total amount paid for claims $ 4,777     $ 2,060     $ 10,491     $ 5,192  
    Average amount paid per claim $ 44     $ 29     $ 38     $ 26  
    Severity (2)   65  %     64  %     61  %     55  %

    (1) Count includes 32 and 88 claims settled without payment during the three months and year ended December 31, 2024, respectively, and 23 and 70 claims settled without payment during the three months and year ended December 31, 2023, respectively.
    (2) Severity represents the total amount of claims paid including claim expenses divided by the related RIF on the loan at the time the claim is perfected, and is calculated including claims settled without payment.

    The following table shows our average reserve per default, before giving effect to reserves ceded under the QSR Transactions, as of the dates indicated:

    Average reserve per default: As of
      December 31, 2024   December 31, 2023
      (In Thousands)
    Case (1) $ 21.0   $ 22.4
    IBNR (1) (2)   1.9     1.9
    Total $ 22.9   $ 24.3

    (1) Defined as the gross reserve per insured loan in default.
    (2) Amount includes claims adjustment expenses.

    The following table provides a comparison of the PMIERs available assets and net risk-based required asset amount as reported by NMIC as of the dates indicated:

      As of
      December 31, 2024   September 30, 2024   December 31, 2023
      (In Thousands)
    Available assets $ 3,108,211   $ 3,006,892   $ 2,717,804
    Net risk-based required assets   1,828,807     1,735,790     1,516,140

    The MIL Network –

  • MIL-OSI: Monolithic Power Systems Announces Results for the Fourth Quarter and Year Ended December 31, 2024 and an Increase in Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    KIRKLAND, Wash., Feb. 06, 2025 (GLOBE NEWSWIRE) — Monolithic Power Systems, Inc. (“MPS”) (Nasdaq: MPWR), a fabless global company that provides high-performance, semiconductor-based power electronics solutions, today announced financial results for the quarter and year ended December 31, 2024. MPS also announced that its Board of Directors has approved an increase in the quarterly cash dividend from $1.25 per share to $1.56 per share. The first quarter dividend of $1.56 per share will be paid on April 15, 2025 to all stockholders of record as of the close of business on March 31, 2025.

    The financial results for the quarter ended December 31, 2024 were as follows:

    • Revenue was $621.7 million for the quarter ended December 31, 2024, a 0.2% increase from $620.1 million for the quarter ended September 30, 2024 and a 36.9% increase from $454.0 million for the quarter ended December 31, 2023.
    • GAAP gross margin was 55.4% for the quarter ended December 31, 2024, compared with 55.3% for the quarter ended December 31, 2023.
    • Non-GAAP gross margin (1) was 55.8% for the quarter ended December 31, 2024, excluding the impact of $1.7 million for stock-based compensation and related expenses, $0.4 million for deferred compensation plan expense and $0.3 million for amortization of acquisition-related intangible assets, compared with 55.7% for the quarter ended December 31, 2023, excluding the impact of $1.2 million for stock-based compensation expense and $0.5 million for deferred compensation plan expense.
    • GAAP operating expenses were $181.1 million for the quarter ended December 31, 2024, compared with $141.6 million for the quarter ended December 31, 2023.
    • Non-GAAP operating expenses (1) were $126.1 million for the quarter ended December 31, 2024, excluding $54.6 million for stock-based compensation and related expenses, and $0.4 million for deferred compensation plan expense, compared with $96.7 million for the quarter ended December 31, 2023, excluding $39.9 million for stock-based compensation expense and $4.9 million for deferred compensation plan expense.
    • GAAP operating income was $163.3 million for the quarter ended December 31, 2024, compared with $109.6 million for the quarter ended December 31, 2023.
    • Non-GAAP operating income (1) was $220.7 million for the quarter ended December 31, 2024, excluding $56.3 million for stock-based compensation and related expenses, $0.8 million for deferred compensation plan expense and $0.3 million for amortization of acquisition-related intangible assets, compared with $156.1 million for the quarter ended December 31, 2023, excluding $41.1 million for stock-based compensation expense and $5.4 million for deferred compensation plan expense.
    • GAAP other income, net was $6.2 million for the quarter ended December 31, 2024, compared with $10.0 million for the quarter ended December 31, 2023.
    • Non-GAAP other income, net (1) was $6.0 million for the quarter ended December 31, 2024, excluding $0.2 million for deferred compensation plan income, compared with $4.9 million for the quarter ended December 31, 2023, excluding $5.1 million for deferred compensation plan income.
    • GAAP income before income taxes was $169.5 million for the quarter ended December 31, 2024, compared with $119.5 million for the quarter ended December 31, 2023.
    • Non-GAAP income before income taxes (1) was $226.7 million for the quarter ended December 31, 2024, excluding $56.3 million for stock-based compensation and related expenses, $0.6 million for net deferred compensation plan expense and $0.3 million for amortization of acquisition-related intangible assets, compared with $161.0 million for the quarter ended December 31, 2023, excluding $41.1 million for stock-based compensation expense and $0.3 million for net deferred compensation plan expense.
    • GAAP net income was $1.4 billion and $29.88 per diluted share for the quarter ended December 31, 2024. Comparatively, GAAP net income was $96.9 million and $1.98 per diluted share for the quarter ended December 31, 2023. GAAP net income and income per diluted share for the quarter ended December 31, 2024 included $1.3 billion for the recognition of a tax benefit granted to a foreign subsidiary.
    • Non-GAAP net income (1) was $198.4 million and $4.09 per diluted share for the quarter ended December 31, 2024 excluding $1.3 billion for the recognition of a tax benefit granted to a foreign subsidiary. Non-GAAP net income (1) for the quarter ended December 31, 2024 also excluded $56.3 million for stock-based compensation and related expenses, $0.6 million for net deferred compensation plan expense, $0.3 million for amortization of acquisition-related intangible assets and $22.8 million for the related tax effects, compared with $140.9 million and $2.88 per diluted share for the quarter ended December 31, 2023, excluding $41.1 million for stock-based compensation expense, $0.3 million for net deferred compensation plan expense and $2.5 million for the related tax effects.

     

    The financial results for the year ended December 31, 2024 were as follows:

    • Revenue was $2.2 billion for the year ended December 31, 2024, a 21.2% increase from $1.8 billion for the year ended December 31, 2023.
    • GAAP gross margin was 55.3% for the year ended December 31, 2024, compared with 56.1% for the year ended December 31, 2023.
    • Non-GAAP gross margin (1) was 55.8% for the year ended December 31, 2024, excluding the impact of $7.0 million for stock-based compensation and related expenses, $1.5 million for deferred compensation plan expense and $1.2 million for amortization of acquisition-related intangible assets, compared with 56.4% for the year ended December 31, 2023, excluding the impact of $4.5 million for stock-based compensation expense and $0.9 million for deferred compensation plan expense.
    • GAAP operating expenses were $681.5 million for the year ended December 31, 2024, compared with $539.4 million for the year ended December 31, 2023.
    • Non-GAAP operating expenses (1) were $466.4 million for the year ended December 31, 2024, excluding $206.2 million for stock-based compensation and related expenses, $8.8 million for deferred compensation plan expense and $0.1 million for amortization of acquisition-related intangible assets, compared with $385.4 million for the year ended December 31, 2023, excluding $145.2 million for stock-based compensation expense, $8.7 million for deferred compensation plan expense and $0.1 million for amortization of acquisition-related intangible assets.
    • GAAP operating income was $539.4 million for the year ended December 31, 2024, compared with $481.7 million for the year ended December 31, 2023.
    • Non-GAAP operating income (1) was $764.1 million for the year ended December 31, 2024, excluding $213.2 million for stock-based compensation and related expenses, $10.3 million for deferred compensation plan expense and $1.3 million for amortization of acquisition-related intangible assets, compared with $641.1 million for the year ended December 31, 2023, excluding $149.7 million for stock-based compensation expense, $9.6 million for deferred compensation plan expense and $0.1 million for amortization of acquisition-related intangible assets.
    • GAAP other income, net was $33.6 million for the year ended December 31, 2024, compared with $24.1 million for the year ended December 31, 2023.
    • Non-GAAP other income, net (1) was $24.2 million for the year ended December 31, 2024, excluding $9.4 million for deferred compensation plan income, compared with $15.6 million for the year ended December 31, 2023, excluding $8.5 million for deferred compensation plan income.
    • GAAP income before income taxes was $572.9 million for the year ended December 31, 2024, compared with $505.8 million for the year ended December 31, 2023.
    • Non-GAAP income before income taxes (1) was $788.3 million for the year ended December 31, 2024, excluding $213.2 million for stock-based compensation and related expenses, $1.3 million for amortization of acquisition-related intangible assets and $0.9 million for net deferred compensation plan expense, compared with $656.7 million for the year ended December 31, 2023, excluding $149.7 million for stock-based compensation expense, $1.1 million for net deferred compensation plan expense and $0.1 million for amortization of acquisition-related intangible assets.
    • GAAP net income was $1.8 billion and $36.59 per diluted share for the year ended December 31, 2024. Comparatively, GAAP net income was $427.4 million and $8.76 per diluted share for the year ended December 31, 2023. GAAP net income and income per diluted share for the year ended December 31, 2024 included $1.3 billion for the recognition of a tax benefit granted to a foreign subsidiary.
    • Non-GAAP net income (1) was $689.8 million and $14.12 per diluted share for the year ended December 31, 2024 excluding $1.3 billion for the recognition of a tax benefit granted to a foreign subsidiary. Non-GAAP net income (1) for the year ended December 31, 2024 also excluded $213.2 million for stock-based compensation and related expenses, $1.3 million for amortization of acquisition-related intangible assets, $0.9 million for net deferred compensation plan expense and $26.9 million for the related tax effects, compared with $574.6 million and $11.78 per diluted share for the year ended December 31, 2023, excluding $149.7 million for stock-based compensation expense, $1.1 million for net deferred compensation plan expense, $0.1 million for amortization of acquisition-related intangible assets and $3.6 million for the related tax effects.

    The following is a summary of revenue by end market (in thousands):

        Three Months Ended December 31,   Year Ended December 31,
    End Market   2024   2023   2024   2023
    Enterprise Data   $ 194,867     $ 128,897     $ 716,264     $ 322,980  
    Storage and Computing     136,507       117,312       501,576       491,139  
    Automotive     128,344       89,758       413,973       394,665  
    Communications     63,810       40,926       225,905       204,911  
    Consumer     57,311       43,741       202,015       234,660  
    Industrial     40,826       33,378       147,367       172,717  
    Total   $ 621,665     $ 454,012     $ 2,207,100     $ 1,821,072  
                                     

    “Our proven, long-term growth strategy remains intact as we continue our transformation from being a chip-only, semiconductor supplier to a full service, silicon-based solutions provider,” said Michael Hsing, CEO and founder of MPS. 

    Business Outlook

    The following are MPS’s financial targets for the first quarter ending March 31, 2025:

    • Revenue in the range of $610.0 million to $630.0 million.
    • GAAP gross margin between 55.1% and 55.7%. Non-GAAP gross margin (1) between 55.4% and 56.0%, which excludes estimated stock-based compensation and related expenses of $1.7 million as well as the impact from amortization of acquisition-related intangible assets.
    • GAAP operating expenses between $180.2 million and $186.2 million. Non-GAAP operating expenses (1) between $126.9 million and $130.9 million, which excludes estimated stock-based compensation and related expenses in the range of $53.3 million to $55.3 million.
    • Total stock-based compensation and related expenses of $55.0 million to $57.0 million including approximately $1.7 million that would be charged to cost of goods sold.
    • Interest and other income in the range of $5.8 million to $6.2 million before foreign exchange gains or losses.
    • Non-GAAP tax rate of 15.0% for 2025.
    • Fully diluted shares outstanding between 47.8 million and 48.2 million. 

    (1) Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other income, net, non-GAAP operating income and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses, other income, net, operating income and income before income taxes determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation and related expenses, which include stock-based compensation expense and employer payroll taxes in relation to the stock-based compensation, net deferred compensation plan expense, amortization of acquisition-related intangible assets and related tax effects. Non-GAAP net income and non-GAAP net income per share also exclude the recognition of a tax benefit granted to a foreign subsidiary. Non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating income excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP other income, net excludes the effect of deferred compensation plan income. Non-GAAP income before income taxes excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and net deferred compensation plan expense. Projected non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, and amortization of acquisition-related intangible assets. Projected non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS. See the GAAP to non-GAAP reconciliations in the tables set forth below.

    Earnings Commentary
    Earnings commentary on the results of operations for the quarter and year ended December 31, 2024 is available under the Investor Relations page on the MPS website.

    Earnings Webinar
    MPS plans to host a question-and-answer conference call covering its financial results at 2:00 p.m. PT / 5:00 p.m. ET, February 6, 2025. The live event will be held via a Zoom webcast, which can be accessed at: https://mpsic.zoom.us/j/96816578886. The Zoom webcast can also be accessed live over the phone by dialing (669) 444-9171; the webcast ID is 96816578886. A replay of the event will be archived and available for replay for one year under the Investor Relations page on the MPS website.

    Safe Harbor Statement
    This press release contains, and statements that will be made during the accompanying webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including under the “Business Outlook” section and the quote from our CEO herein, including, among other things, (i) projected revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, stock-based compensation and related expenses, amortization of acquisition-related intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the first quarter of fiscal year 2025 and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the various challenges facing our business, our industry and the global economic environment, revenue growth in certain of our market segments, potential new business segments, our continued investment in research and development (“R&D”), expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry segment trends and prospects, and our projected expansion of capacity and the impact it may have on our business, (iii) our ability to penetrate new markets and expand our market share, (iv) the seasonality of our business, (v) our ability to reduce our expenses, and (vi) statements regarding the assumptions underlying or relating to any statement described in (i), (ii), (iii), (iv), or (v). These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this press release and listeners to the accompanying conference call are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued uncertainties in the global economy, including due to the Russia-Ukraine and Middle East conflicts, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, and tax laws or the interpretation of same, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any continuing impact from the Russia-Ukraine and Middle East conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers’ ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, military, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that MPS acquires, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which MPS is involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if its tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy and geopolitical uncertainties, including the collapse of certain banks in the U.S. and elsewhere and the Russia-Ukraine and Middle East conflicts; and other important risk factors identified under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on February 29, 2024. MPS assumes no obligation to update the information in this press release or in the accompanying webinar.

    About Monolithic Power Systems

    Monolithic Power Systems, Inc. (“MPS”) is a fabless global company that provides high-performance, semiconductor-based power electronics solutions. MPS’s mission is to reduce energy and material consumption to improve all aspects of quality of life. Founded in 1997 by our CEO Michael Hsing, MPS has three core strengths: deep system-level knowledge, strong semiconductor expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging. These combined advantages enable MPS to deliver reliable, compact, and monolithic solutions that are highly energy-efficient, cost-effective, and environmentally responsible while providing a consistent return on investment to our stockholders. MPS can be contacted through its website at www.monolithicpower.com or its support offices around the world.

    Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries. 

    Contact:
    Bernie Blegen
    Executive Vice President and Chief Financial Officer
    Monolithic Power Systems, Inc.
    408-826-0777
    MPSInvestor.Relations@monolithicpower.com

     
    Monolithic Power Systems, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited, in thousands, except par value)
     
        December 31,   December 31,
        2024   2023
    ASSETS                
    Current assets:                
    Cash and cash equivalents   $ 691,816     $ 527,843  
    Short-term investments     171,130       580,633  
    Accounts receivable, net     172,518       179,858  
    Inventories     419,611       383,702  
    Other current assets     109,978       147,463  
    Total current assets     1,565,053       1,819,499  
    Property and equipment, net     494,945       368,952  
    Acquisition-related intangible assets, net     9,938       –  
    Goodwill     25,944       6,571  
    Deferred tax assets, net     1,326,840       28,054  
    Other long-term assets     194,377       211,277  
    Total assets   $ 3,617,097     $ 2,434,353  
                     
    LIABILITIES AND STOCKHOLDERS’ EQUITY                
    Current liabilities:                
    Accounts payable   $ 102,526     $ 62,958  
    Accrued compensation and related benefits     63,918       56,286  
    Other accrued liabilities     128,123       115,791  
    Total current liabilities     294,567       235,035  
    Income tax liabilities     65,193       60,724  
    Other long-term liabilities     111,570       88,655  
    Total liabilities     471,330       384,414  
    Commitments and contingencies                
    Stockholders’ equity:                
    Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 47,823 and 48,028, respectively     706,817       1,129,937  
    Retained earnings     2,487,461       947,064  
    Accumulated other comprehensive loss     (48,511 )     (27,062 )
    Total stockholders’ equity     3,145,767       2,049,939  
    Total liabilities and stockholders’ equity   $ 3,617,097     $ 2,434,353  
     
    Monolithic Power Systems, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited, in thousands, except per share amounts)
     
        Three Months Ended December 31,   Year Ended December 31,
        2024   2023   2024   2023
    Revenue   $ 621,665     $ 454,012     $ 2,207,100     $ 1,821,072  
    Cost of revenue     277,257       202,889       986,230       799,953  
    Gross profit     344,408       251,123       1,220,870       1,021,119  
    Operating expenses:                                
    Research and development     85,762       71,459       324,748       263,643  
    Selling, general and administrative     95,339       70,095       356,764       275,740  
    Total operating expenses     181,101       141,554       681,512       539,383  
    Operating income     163,307       109,569       539,358       481,736  
    Other income, net     6,224       9,976       33,554       24,105  
    Income before income taxes     169,531       119,545       572,912       505,841  
    Income tax expense (benefit), net     (1,279,832 )     22,640       (1,213,788 )     78,467  
    Net income   $ 1,449,363     $ 96,905     $ 1,786,700     $ 427,374  
                                     
    Net income per share:                                
    Basic   $ 30.00     $ 2.02     $ 36.76     $ 8.98  
    Diluted   $ 29.88     $ 1.98     $ 36.59     $ 8.76  
    Weighted-average shares outstanding:                                
    Basic     48,317       47,936       48,599       47,610  
    Diluted     48,506       48,881       48,835       48,771  
     
    SUPPLEMENTAL FINANCIAL INFORMATION
    STOCK-BASED COMPENSATION EXPENSE
    (Unaudited, in thousands)
     
        Three Months Ended December 31,   Year Ended December 31,
        2024   2023   2024   2023
    Cost of revenue   $ 1,720     $ 1,228     $ 6,305     $ 4,545  
    Research and development     12,166       10,204       45,626       36,611  
    Selling, general and administrative     42,124       29,675       153,709       108,555  
    Total stock-based compensation expense   $ 56,010     $ 41,107     $ 205,640     $ 149,711  
     
    RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME
     (Unaudited, in thousands, except per share amounts)
     
        Three Months Ended December 31,   Year Ended December 31,
        2024   2023   2024   2023
    Net income   $ 1,449,363     $ 96,905     $ 1,786,700     $ 427,374  
                                     
    Adjustments to reconcile net income to non-GAAP net income:                                
    Stock-based compensation and related expenses*     56,320       41,107       213,209       149,711  
    Amortization of acquisition-related intangible assets     320       33       1,303       132  
    Deferred compensation plan expense, net     573       288       867       1,055  
    Tax effect of non-GAAP adjustments     (22,773 )     2,519       (26,922 )     (3,625 )
    Recognition of a tax benefit granted to a foreign subsidiary     (1,285,402 )     –       (1,285,402 )     –  
    Non-GAAP net income   $ 198,401     $ 140,852     $ 689,755     $ 574,647  
                                     
    Non-GAAP net income per share:                                
    Basic   $ 4.11     $ 2.94     $ 14.19     $ 12.07  
    Diluted   $ 4.09     $ 2.88     $ 14.12     $ 11.78  
                                     
    Shares used in the calculation of non-GAAP net income per share:                                
    Basic     48,317       47,936       48,599       47,610  
    Diluted     48,506       48,881       48,835       48,771  
     
    *Prior periods exclude stock-based compensation related employer payroll taxes from non-GAAP measures due to immateriality.
     
    RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
    (Unaudited, in thousands)
     
        Three Months Ended December 31,   Year Ended December 31,
        2024   2023   2024   2023
    Gross profit   $ 344,408     $ 251,123     $ 1,220,870     $ 1,021,119  
    Gross margin     55.4 %     55.3 %     55.3 %     56.1 %
                                     
    Adjustments to reconcile gross profit to non-GAAP gross profit:                                
    Stock-based compensation and related expenses*     1,745       1,228       6,975       4,545  
    Amortization of acquisition-related intangible assets     287       –       1,171       –  
    Deferred compensation plan expense     417       486       1,500       871  
    Non-GAAP gross profit   $ 346,857     $ 252,837     $ 1,230,516     $ 1,026,535  
    Non-GAAP gross margin     55.8 %     55.7 %     55.8 %     56.4 %
     
    *Prior periods exclude stock-based compensation related employer payroll taxes from non-GAAP measures due to immateriality.
     
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
     (Unaudited, in thousands)
     
        Three Months Ended December 31,   Year Ended December 31,
        2024   2023   2024   2023
    Total operating expenses   $ 181,101     $ 141,554     $ 681,512     $ 539,383  
                                     
    Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:                                
    Stock-based compensation and related expenses*     (54,575 )     (39,879 )     (206,234 )     (145,166 )
    Amortization of acquisition-related intangible assets     (33 )     (33 )     (132 )     (132 )
    Deferred compensation plan expense     (376 )     (4,897 )     (8,767 )     (8,690 )
    Non-GAAP operating expenses   $ 126,117     $ 96,745     $ 466,379     $ 385,395  
     
    *Prior periods exclude stock-based compensation related employer payroll taxes from non-GAAP measures due to immateriality.
     
    RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
     (Unaudited, in thousands)
     
        Three Months Ended December 31,   Year Ended December 31,
        2024   2023   2024   2023
    Total operating income   $ 163,307     $ 109,569     $ 539,358     $ 481,736  
                                     
    Adjustments to reconcile total operating income to non-GAAP total operating income:                                
    Stock-based compensation and related expenses*     56,320       41,107       213,209       149,711  
    Amortization of acquisition-related intangible assets     320       33       1,303       132  
    Deferred compensation plan expense     793       5,383       10,267       9,561  
    Non-GAAP operating income   $ 220,740     $ 156,092     $ 764,137     $ 641,140  
     
    *Prior periods exclude stock-based compensation related employer payroll taxes from non-GAAP measures due to immateriality.
     
    RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER INCOME, NET
    (Unaudited, in thousands)
     
        Three Months Ended December 31,   Year Ended December 31,
        2024   2023   2024   2023
    Total other income, net   $ 6,224     $ 9,976     $ 33,554     $ 24,105  
                                     
    Adjustments to reconcile other income, net to non-GAAP other income, net:                                
    Deferred compensation plan income     (220 )     (5,095 )     (9,400 )     (8,506 )
    Non-GAAP other income, net   $ 6,004     $ 4,881     $ 24,154     $ 15,599  
     
    RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES
    (Unaudited, in thousands)
     
        Three Months Ended December 31,   Year Ended December 31,
        2024   2023   2024   2023
    Total income before income taxes   $ 169,531     $ 119,545     $ 572,912     $ 505,841  
                                     
    Adjustments to reconcile income before income taxes to non-GAAP income before income taxes:                                
    Stock-based compensation and related expenses*     56,320       41,107       213,209       149,711  
    Amortization of acquisition-related intangible assets     320       33       1,303       132  
    Deferred compensation plan expense, net     573       288       867       1,055  
    Non-GAAP income before income taxes   $ 226,744     $ 160,973     $ 788,291     $ 656,739  
     
    *Prior periods exclude stock-based compensation related employer payroll taxes from non-GAAP measures due to immateriality.
     
    2025 FIRST QUARTER OUTLOOK
     RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
    (Unaudited)
     
        Three Months Ending
        March 31, 2025
        Low   High
    Gross margin     55.1 %     55.7 %
    Adjustment to reconcile gross margin to non-GAAP gross margin:                
    Stock-based compensation and other expenses     0.3 %     0.3 %
    Non-GAAP gross margin     55.4 %     56.0 %
     
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
    (Unaudited, in thousands)
     
        Three Months Ending
        March 31, 2025
        Low   High
    Operating expenses   $ 180,200     $ 186,200  
    Adjustments to reconcile operating expenses to non-GAAP operating expenses:                
    Stock-based compensation and other expenses     (53,300 )     (55,300 )
    Non-GAAP operating expenses   $ 126,900     $ 130,900  

    The MIL Network –

  • MIL-OSI Security: St. Louis County Man Admits Drug Robbery, Carjacking

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    ST. LOUIS – A convicted felon from St. Louis County, Missouri on Tuesday admitted possessing a machine gun and committing a drug robbery and a carjacking.

    Walter C. Moore, 19, pleaded guilty in U.S. District Court in St. Louis Tuesday to charges of being a felon in possession of a firearm, possession of a machine gun, robbery, carjacking and brandishing a firearm in furtherance of a crime of violence.

    Moore admitted using Facebook to arrange for the purchase of $900 worth of the painkiller Oxycodone on April 25, 2024. The seller drove to Moore’s house and invited him to sit in her 2014 Mazda6 to complete the sale. Moore pulled out a handgun, grabbed the Oxycodone pills and ordered the seller out, threatening to shoot her. Moore then sped off in her car.

    St. Louis County police located the car near the 1800 block of Chambers Road. Moore ran as police approached, but he was quickly located and arrested. He had discarded a Glock handgun equipped with a “switch,” or machinegun conversion device, rendering it a fully automatic weapon. It also had an extended magazine and a laser sight. Moore’s phone contained pictures of him with that gun and others. As a convicted felon, he is barred from possessing firearms.

    Moore is scheduled to be sentenced May 6. Both the U.S. Attorney’s Office and Moore’s lawyer have agreed to recommend a sentence of 15 years in prison.

    The St. Louis County Police Department and the FBI investigated the case.  Assistant U.S. Attorney Zachary Bluestone is prosecuting the case.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    MIL Security OSI –

  • MIL-OSI Security: Siblings Plead Guilty to COVID Relief Fraud

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

    Hattiesburg, MS – A Forrest County man and woman pled guilty to conspiring with each other to fraudulently obtain unemployment insurance benefits related to the COVID-19 pandemic.

    According to court documents and statements made in court, Artista Garner, 36, of Hattiesburg, assisted her brother, Thaddieus Cooper, 31, in applying for benefits with the Mississippi Department of Employment Security. As an inmate in the Mississippi Department of Corrections (MDOC), Cooper was not entitled to receive unemployment insurance benefits. Cooper was serving a sentence of six years in MDOC custody for armed robbery. Garner used the unemployment funds for her personal benefit and transferred some of the funds to Cooper via his commissary fund.

    The unemployment insurance benefits were federally subsidized through the CARES Act in response to the pandemic.

    A federal grand jury returned an indictment against Cooper and Garner on September 10, 2024. Both Cooper and Garner pled guilty on January 30, 2025, to conspiracy to commit wire fraud. They are scheduled to be sentenced on June 12, 2025, and they each face a maximum penalty of 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting United States Attorney Patrick A. Lemon, Mississippi State Auditor Shad White, and Special Agent in Charge Mathew Broadhurst of the U.S. Department of Labor, Office of Inspector General, Southeast Region made the announcement.

    The U.S. Department of Labor, Office of Inspector General and the Mississippi Office of the State Auditor investigated the case.

    Assistant U.S. Attorney Kimberly T. Purdie is prosecuting the case.

    This case is being prosecuted as part of the Department of Justice’s National Unemployment Insurance Fraud Task Force (NUIFTF). In response to the unprecedented scope of Unemployment Insurance (UI) fraud, the Department of Justice established the NUIFTF. The NUIFTF is a prosecutor-led multi-agency task force with representatives from FBI, DOL-OIG, IRS-CI, HSI, DHS-OIG, USPIS, USSS, SSA-OIG, FDIC-OIG, and other agencies. Members of the NUIFTF are working with state workforce agencies, financial institutions, and other law enforcement partners across the country to fight UI fraud, and consumers should be vigilant in light of these threats and take the appropriate steps to safeguard themselves.

    The CARES Act is a federal law enacted on March 29, 2020, designed to provide emergency financial assistance to the millions of Americans who are suffering the economic effects caused by the COVID-19 pandemic. One source of relief provided by the CARES Act is the authorization that expands states’ ability to provide unemployment insurance for many workers impacted by COVID-19, including for workers who are not ordinarily eligible for unemployment insurance benefits.

    Anyone with information about attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866‑720‑5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    MIL Security OSI –

  • MIL-OSI Security: Missouri Man Guilty of Traveling to Louisiana for Illicit Sexual Conduct with 12-Year-Old Girl

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

    NEW ORLEANS –  U.S. Attorney Duane A. Evans announced that ERIC CHARLES FULLER (“FULLER”), age 54, from Springfield, Missouri, pled guilty on February 4, 2025, before United States District Judge Greg Gerard Guidry, to interstate travel with intent to engage in illicit sexual conduct, in violation of Title 18, United States Code, Section 2423(b).

    According to court documents, on or about December 7, 2023, law enforcement personnel, operating undercover online and pretending to be a twenty-nine-year-old mother with a twelve-year-old daughter, met FULLER on a social network and messaging application. Over approximately the next month, on numerous occasions, FULLER discussed his interest in engaging in various sexual acts with the “mother” and daughter.”  These discussions culminated in FULLER making arrangements to travel from his residence in Springfield, Missouri, to the New Orleans, Louisiana area to engage in sexual contact, individually and collectively, with the ”mother” and “daughter.” During his conversations, FULLER described the contact he anticipated as “highly taboo,” “highly illegal,” “risky,” “not the worst way to be,” and “a way to have a happier life.” FULLER drove from Springfield, Missouri on about January 11, 2024, and arrived at a predetermined location in Mandeville, Louisiana, on January 12, 2024, in order to engage in sexual conduct with the individual FULLER believed to be a twelve-year-old female.

    FULLER faces a maximum term of imprisonment of  thirty (30) years.  FULLER also faces at least five (5) years, and up to a lifetime of supervised release, up to a $250,000 fine and a $100 mandatory special assessment fee.  FULLER may also be required to register as a sex offender.  Sentencing before Judge Guidry has been scheduled for May 13, 2025.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice.  Led by United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims.  For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov.

    U.S. Attorney Evans praised the work of the Federal Bureau of Investigation in investigating this matter.  Assistant United States Attorney Jordan Ginsberg, Chief of the Public Integrity Unit, is in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI Economics: Thales celebrates 40 Years of excellence and commitment in Central America and the Caribbean, serving clients and partners

    Source: Thales Group

    Headline: Thales celebrates 40 Years of excellence and commitment in Central America and the Caribbean, serving clients and partners

    Thales, a global leader in advance technologies, is proud to celebrate 40 years of presence in Central America and the Caribbean. Since its arrival in the region, Thales has been contributing to the development of key sectors such as Defence, Aerospace, Cyber & Digital from 1985 until today, and continues to support all clients, such as government entities, private institutions and cities.

    Thales’ presence in Central America and the Caribbean has been fundamental and has evolved significantly over the years, establishing the Group as a key player in various sectors. Among the most notable projects, Thales has been a long-term partner to COCESNA (Central American Corporation for Air Navigation Services) for over 25 years, playing a crucial role through the provision of advanced technologies and innovative solutions for air traffic management.

    Thales’ collaboration with COCESNA reflects a long-term partnership based on trust and technical excellence, aimed at improving the safety and efficiency of aviation in the Central American region. In 2024, Thales secured a significant contract that reflects the trust and support placed in the company by this client, aimed at enhancing critical aviation systems in six Central American countries: Belize, Guatemala, Costa Rica, Honduras, El Salvador, and Nicaragua.

    In Panama, for over 10 years, Thales has been the main supplier to the Civil Aviation Authority, providing both air traffic control centers and essential navigation systems for the safe and efficient operation of flights. Additionally, Thales has implemented various technology systems for Copa Airlines, including advanced solutions onboard its fleet of aircraft and for the protection and secure management of its data.

    In the Dominican Republic, Thales maintains a continuing partnership with the Dominican Institute of Civil Aviation, being the main supplier of the control tower and air navigation systems for Las Américas, Punta Cana, Puerto Plata, and Cibao airports to ensure that each flight is a safe experience.

    Thales is also a strategic partner of the Government of Jamaica, providing advanced solutions and technologies for national security, supporting the Armed Forces in their mission to strengthen national defense with the Bushmaster armored vehicle fleet and the coastal surveillance system for the safety and management of maritime areas. Thales also supports the Jamaica Civil Aviation Authority with radar systems and control centers for efficient surveillance and management of its airspace. In the country, Thales also developed the National Identification System, improving public services and security through the precise identification of each citizen, enhancing the country’s security and efficiency.
    ​Thales is a leader in Cyber and Digital in the region and a strategic partner of leading banks and financial institutions, ensuring the security of their banking transactions by providing robust solutions that protect both information and financial operations, contributing to strengthening trust in the financial ecosystem.
    ​Throughout this journey, Thales has forged alliances with governments, businesses, and organizations, creating a collaborative ecosystem that enhances technological and business development. It has adapted to local markets and the unique needs and challenges of the region, offering solutions that address every requirement.

    “We are excited to celebrate this important milestone in our journey in Central America and the Caribbean. This achievement reinforces Thales’ strong commitment to supporting the region in its crucial moments. We drive its technological transformation and strengthen its future with advanced security solutions, ranging from coastal surveillance and border security systems to urban protection, cybersecurity, critical infrastructure, and specialized solutions for airports and airlines” said Ariane Andreani, Country Director of Thales for Central America and the Caribbean.

    “Our commitment to local presence, innovation, and continuous improvement has been key to successfully serving our clients and partners. We thank them for their support over the years and are committed to continuing to build together in the years to come” she added.

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence, Aerospace, and Cyber & Digital. It develops products and solutions that help make the world safer, greener and more inclusive. The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G. Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.

    CONTACTO DE PRENSA:

    Julieta Martellotta

    External Communications Manager Thales LATAM

    julieta.martellotta@thalesgroup.com

    +5491158010260

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: A New Dawn for Rural India’s Transformation

    Source: Government of India

    A New Dawn for Rural India’s Transformation

    Union Budget 2025-26 Brings Forward a Package of Hope

    Posted On: 06 FEB 2025 7:32PM by PIB Delhi

    Union Budget 2025-26 Brings Forward a Package of Hope

    “Ensuring a dignified life for the people of rural India is the priority of my Government”

    ~Prime Minister Shri Narendra Modi

     

    India is home to 6.65 lakh villages, with 2.68 lakh Gram Panchayats and Rural Local Bodies, which form the backbone of the nation’s rural landscape. These villages, scattered across the country, play a crucial role in shaping India’s rural economy and culture. The Union Budget 2025-26 recognizes the importance of these communities and places a strong emphasis on their upliftment. The budget focuses on key areas such as employment generation, women empowerment, education and infrastructure development in rural India.

    Total amount allocated for the demand in the Budget Estimate (BE) for 2025-26: ₹1,88,754.53 Cr.

    The Union Budget 2025-26 outlines several key initiatives aimed at driving rural development and enhancing prosperity through focused programs and investments:

     

    1. Water Supply – Jal Jeevan Mission:

    The Jal Jeevan Mission has been extended until 2028 with an increased focus on improving the quality of infrastructure and the operation and maintenance of rural piped water supply schemes through a citizen-centric approach, known as “Jan Bhagidhari”. The goal is to achieve 100% coverage with enhanced financial support and sustainability through state-specific MoUs.

    1. Broadband Connectivity – Bharatnet Project:

    Broadband connectivity will be expanded under the Bharatnet Project, aiming to provide all government secondary schools and primary health centers in rural areas with internet access, improving education and healthcare services.

    1. India Post as a Catalyst for Rural Economy:

     India Post will drive rural economic growth with its 1.5 lakh rural post offices, India Post Payment Bank, and 2.4 lakh Dak Sevaks. It will enhance services by offering micro-enterprise credit, digital services, and institutional account management. Furthermore, India Post will evolve into a key public logistics organization supporting entrepreneurs, MSMEs, and self-help groups.

    1. Rural Prosperity and Resilience Program:

    A comprehensive multi-sectoral ‘Rural Prosperity and Resilience’ programme will be launched in collaboration with states. This program aims to address under-employment in agriculture by promoting skill development, technology adoption, and investments to invigorate the rural economy. The mission will focus on empowering rural women, young farmers, marginalized communities, and landless families, ensuring that migration becomes a choice, not a necessity.

    Through these initiatives, the Union Budget 2025-26 envisions a holistic approach to rural development, aiming for long-term growth, resilience, and self-reliance across rural India.

    Positive Transformations in Rural India

    Positive outcomes have been observed across various sectors as India moves toward greater prosperity. These include an increase in rural wages, wider internet connectivity in rural areas, a decline in poverty, and a reduction in consumption inequality.

    • National Multidimensional Poverty Index (MPI) Report: The proportion of individuals living in multidimensional poverty declined from 24.85% to 14.96% between 2015-16 and 2019-21. 13.5 crore individuals escaped multidimensional poverty during this period.
    • Rural Internet Connectivity: As of March 2024, India had 954.40 million internet subscribers. Out of this, 398.35 million were rural internet subscribers.
    • Income Distribution (Gini Coefficient): For rural areas, it declined from 0.266 in FY22-23 to 0.237 in FY23-24.
    • Rural Wage Growth: As per data from the Labour Bureau, rural wages in FY25 (April-September 2024) showed a growth of above 4% each month year-on-year: Agriculture wages grew by 5.7% for men and 7% for women. Non-agricultural wages grew by 5.5% for men and 7.9% for women.

    Pathway to Prosperity: Key Rural Scheme Achievements

    • Pradhan Mantri Gram Sadak Yojana (PMGSY) – Roads: Launched in December 2000, this initiative aims to provide rural connectivity through a single all-weather road to unconnected habitations of a designated population size in the core network, enhancing the socio-economic conditions of rural communities.
    • Pradhan Mantri Awaas Yojana-Gramin (PMAY-G) – Housing: Launched on 20th November 2016, aiming to provide housing for the poorest segments of society.

    Mission Amrit Sarovar: Launched on 24th April 2022, with an objective to conserve water for the future. The Mission aimed at developing / rejuvenating 75 Amrit Sarovar (Pond) in each district of the Country. A total of 68,843 ponds have been constructed.

     

    National Rural Health Mission: Launched in 2005 with the objective of building public health systems to provide accessible, affordable and quality health care to the rural population.

    1. Jal Jeevan Mission: Launched in 2019, JJM is a nationwide programme designed to provide all households in rural India with safe and adequate drinking-water through individual household tap connections. As of 27 January 2025, a total of 12.2 crore households have been provided with tap water connections.
    1. Swachh Bharat Mission (Gramin): Launched on October 2, 2014, the initiative aimed at making India Open Defecation Free (ODF). Currently in Phase 2 the focus is on maintaining the ODF status, managing solid and liquid waste by 2024-25 and transitioning all villages from ODF to the ODF Plus model.

    Saansad Adarsh Gram Yojana (SAGY): Launched on 11th October 2014, SAGY aims to preserve the essence of rural India by providing access to basic amenities and opportunities for people to shape their own futures.

    1. Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN): Cabinet Approved PM-JANMAN on Nov. 2023 to improve socio-economic conditions of the Particularly Vulnerable Tribal Groups (PVTGs).
    1. Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM): Launched in 2011, the scheme aims to empower rural poor women by organizing them into Self Help Groups (SHGs) and supporting economic activities to improve their income and quality of life. Implemented in 5,369 blocks across 682 districts.
    2. Gram Nyayalayas Act, 2008: Provide access to justice at the grassroots level in rural areas. As of October 2024, 313 Gram Nyayalayas have disposed of over 2.99 lakh cases between December 2020 and October 2024.
    1. National Social Assistance Programme (NSAP): Launched on 15th August 1995, Provide financial assistance to vulnerable sections of society.

     

    1. Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) Progress: Launched in 2005, the scheme aims to provide 100 days of guaranteed wage employment annually to rural households, enhancing livelihood security through unskilled manual work. The Budget allocation under Mahatma Gandhi NREGA has steadily risen. The budget allocation for the financial year 2006-07 was Rs 11,300 crore which increased to Rs 33,000 crore in 2013-14 and now stands at Rs 86,000 crore during FY 2024-25 at Budget estimate stage.

    ​​​​​​​

    Conclusion

    Rural India is making significant strides toward achieving a developed India by 2047, with the Union Budget serving as a key step in making it more self-reliant (Atmanirbhar). By focusing on essential areas like employment, infrastructure, and economic empowerment, the budget ensures crucial support for a prosperous and sustainable future for rural communities, paving the way for a stronger, more self-sufficient India.

     

    References

    Click here to see in PDF

    Santosh Kumar/ Sarla Meena/ Kamna Lakaria

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  • MIL-OSI Security: Long Island-Based Bloods Gang Members Charged With Attempted Murders, Armed Robberies, Firearms Trafficking and Fraud in Second Superseding Indictment

    Source: Office of United States Attorneys

    Earlier today in federal court in Central Islip, three Bloods gang members, Dwayne Murray, Kendrick Seymore and Lavalle Wilson, were arraigned on new charges in a 46-count second superseding indictment before United States District Judge Joan M. Azrack.  That indictment also charges an additional defendant, high-ranking Bloods gang member Sheim Tevin Ramsey-Davis (Ramsey-Davis), with racketeering and racketeering conspiracy, violent crimes in-aid-of racketeering, brandishing and discharging a firearm during a crime of violence, robbery, fraud and narcotics trafficking. Ramsey-Davis was arrested on January 30, 2025, in Augusta, Georgia and will be arraigned in the Eastern District of New York at a later date. 

    The second superseding indictment includes the following new charges against Murray, Seymore and Wilson for crimes they allegedly committed in Suffolk County between 2016 and 2022:

    • Murray is charged with a September 26, 2016 attempted murder; a May 28, 2020 attempted murder; a May 2020 gunpoint robbery; and firearms trafficking. Murray was previously charged with the June 12, 2020 murder of Wayne Cherry and Seymore was previously charged with the July 23, 2021 execution-style murders of Nyasia Knox, Diamond Schick and Richard Castano.       
    • Seymore is charged with a May 2020 gunpoint robbery; an October 23, 2020 armed home invasion robbery; a September 25, 2021 armed home invasion robbery; and an October 1, 2021 attempted armed home invasion robbery.
    • Murray and Wilson are charged with conspiring with other members of the gang to defraud victims of significant amounts of money between 2020 and 2022. 

    John J. Durham, United States Attorney for the Eastern District of New York; Raymond A. Tierney, Suffolk County District Attorney; James E. Dennehy, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI); Bryan Miller, Special Agent in Charge, Bureau of Alcohol, Tobacco, Firearms and Explosives, New York Field Office (ATF NY); and Kevin Catalina, Commissioner, Suffolk County Police Department (SCPD), announced the arrest and charges.

    “With these new and very serious charges, law enforcement continues its objective of dismantling the Bloods on Long Island, and of prosecuting gang members who are drivers of gun violence and numerous other crimes in Suffolk County,” stated United States Attorney Durham.  “My Office and our federal and local partners will not relent in our efforts to remove this threat in order to make our communities safer.” 

    Mr. Durham expressed his appreciation to the U.S. Attorney’s Office for the Southern District of Georgia and FBI’s Resident Agency in Augusta, Georgia, for their assistance with the case.

    “The crimes alleged here strike at the very fabric of our community through violence, intimidation and corruption. Each count in this indictment, from murder to firearms trafficking, represents not just a crime, but a family traumatized, a neighborhood living in fear, or young people pulled into a cycle of violence,” stated Suffolk County District Attorney Tierney.  “My office will continue working alongside our federal and local partners to dismantle all such criminal enterprises and restore safety to the communities they have terrorized.”

    FBI Assistant Director in Charge Dennehy stated: “These three gang members allegedly engaged in an array of criminal activity –murders, armed robberies, and narcotics trafficking – designed to bolster their financial and internal social statuses as well as punish rival entities. This series of new charges emphasizes the various extreme measures the defendants will allegedly implement to support their gang’s operations. Alongside our law enforcement partners, the FBI remains steadfast in its mission to eradicate the gang violence and criminality polluting our communities.”

    “This indictment underscores the collective commitment with ATF NY and our law enforcement partners,” stated ATF NY Special Agent in Charge Miller. “Dismantling violent gangs that terrorize our communities and threaten public safety remain a top priority. It is our obligation to bring every resource to bear in the face of brazen acts of violence. We remain fully committed to enhancing public safety through identifying and eliminating the key drivers of violence. Thank you to the efforts of the men and women of ATF NY Long Island Joint Firearms Task Force, FBI, Suffolk County Police Department and EDNY.”

    “These defendants have terrorized the community for years, committing a spree of violent crimes,” stated SCPD Commissioner Catalina.  “It is through the diligent work of investigators from multiple agencies that we are able to levy new charges. The department along with our law enforcement partners remains committed to working together to fight the brutality of gang members.”

    As alleged in court filings, the defendants engaged in numerous acts of violence on behalf of the Bloods gang, including robberies, home invasions, numerous shootings and four murders.  The defendants are members of a Bloods set known as the Gorilla Stone Bloods (GSB), which have “kaves” located in various towns on Long Island.  Murray and Ramsey-Davis were the leaders of the “Money Gang Kave.”  The second superseding indictment adds charges stemming from the defendants’ years-long use of violence to target their rivals and armed robberies to enrich the members of the gang.

    Specifically, on September 26, 2016, Murray, who was the leader of a set of the Bloods, shot a victim multiple times to increase his own status within the Bloods.  On May 28, 2020, Ramsey-Davis, at Murray’s direction, fired numerous shots at two individuals believed to be associated with a rival gang who were seated in a parked car in front of a residence in Bellport. Murray, Seymore and Ramsey-Davis, along with other gang members, also routinely scouted lucrative robbery targets and committed several armed robberies and home invasions in Suffolk County in 2020 and 2021.  In addition, Ramsey-Davis and his co-conspirators sold large amounts of narcotics, including fentanyl. They also engaged in numerous fraud schemes, including identity theft, credit card and bank fraud and defrauding state unemployment systems. Ramsey-Davis also purchased and sold firearms, and supplied lower-level members of the gang with guns. 

    Previously, Murray and Seymore were charged with racketeering, murder, attempted murder, firearms offenses and narcotics trafficking, and Wilson was charged with attempted murder, firearms offenses and narcotics trafficking. 

    The charges in the second superseding indictment are allegations, and the defendants are presumed to be innocent unless and until proven guilty. 

    The government’s case is being handled by the Criminal Section of the Office’s Long Island Division.  Assistant United States Attorneys Mark E. Misorek and Andrew P. Wenzel and Special Assistant United States Attorneys Donald N. Barclay and Dena C. Rizopoulos are in charge of the prosecution, along with Paralegal Specialist Dejah Turla.

    The Defendants:

    DWAYNE MURRAY (also known as “Wayno”)
    Age:  33
    Residence: Coram, Long Island

    SHEIM TEVIN RAMSEY-DAVIS (also known as “KG”)
    Age:  26
    Residence: Augusta, Georgia

    KENDRICK SEYMORE (also known as “KR”)
    Age:  22
    Residence: Coram, Long Island   

    LAVALLE WILSON (also known as “Val,” Skip,” “Flip” and “Wes”)
    Age:  30
    Residence: Shirley, Long Island   

    E.D.N.Y. Docket No. 22-CR-401 (S-2) (JMA)

    MIL Security OSI –

  • MIL-OSI Security: Luzerne County Man Sentenced To 188 Months in Prison for Conspiring to Distribute Fentanyl and Methamphetamine

    Source: Office of United States Attorneys

     SCRANTON – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Anthony Jordan Vega, age 29, of Hazleton, Pennsylvania, was sentenced on February 4, 2025, by United States District Court Judge Robert D. Mariani to 188 months’ imprisonment to be followed by five years of supervised release for conspiring to distribute, and distribution of fentanyl and other controlled substances.

    According to Acting United States Attorney John C. Gurganus, Vega was involved in a conspiracy to distribute fentanyl and other controlled substances throughout Lackawanna and Luzerne Counties beginning in January 2022 until the time of his arrest on April 20, 2023.  The investigation revealed that Vega managed a network of drug traffickers and utilized co-conspirators to facilitate drug orders and drug distributions.  After a series of undercover purchases of controlled substances from Vega and others beginning in February through March 2023, Vega was arrested on April 20, 2023.  At the time of his arrest, Vega attempted to obstruct justice by directing the concealment of approximately 5,000 bags of fentanyl and other contraband located in a stash house in Hazleton.  The obstruction attempt and managerial role were taken into consideration at sentencing.

    Vega was indicted by a grand jury in Scranton on April 18, 2023, along with Alex Hernandez, age 25, also from Hazleton and a member of Vega’s conspiracy.  Vega appeared in federal court in Scranton on July 19, 2024, and plead guilty to conspiracy to distribute and distribution of fentanyl and methamphetamine.  Hernandez was previously sentenced to 10 years’ imprisonment for his role in the conspiracy.

    The charges stem from a joint investigation involving the Federal Bureau of Investigation (FBI) in Scranton – Safe Streets Task Force, and the Pennsylvania State Police.  Assistant United States Attorney Michelle Olshefski prosecuted the case.

    This case was brought as part of a district wide initiative to combat the nationwide epidemic regarding the use and distribution of heroin and fentanyl. Led by the United States Attorney’s Office, the Heroin Initiative targets heroin traffickers operating in the Middle District of Pennsylvania and is part of a coordinated effort among federal, state and local law enforcement agencies to locate, apprehend, and prosecute individuals who commit heroin related offenses.

    This case is also part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

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    MIL Security OSI –

  • MIL-OSI Economics: Samsung Kiosks Powered By GRUBBRR Elevate the Fan Experience at the Big Game

    Source: Samsung

    Samsung and GRUBBRR®, the leader in self-ordering technologies, are enhancing the guest experience at the Big Game this Sunday. Fans attending are encouraged to visit Section 115 to utilize the Samsung All-In-One Kiosk powered by GRUBBRR’s self-ordering technology.
    “Samsung has a long history of delivering winning technology to the biggest stages in sports, including the Big Game,” said David Phelps, Head of Display Division, Samsung Electronics America. “With Samsung Kiosks and GRUBBRR self-service software, fans can order their food with ease and speed. No matter who they are rooting for on Sunday, they can enjoy less time in concession lines and more time watching the starting lineup.”
    Samsung Kiosks powered by GRUBBRR redefine stadium dining by allowing fans to browse food and beverage options at their own pace, customize their orders and complete their purchase all on one screen. GRUBBRR’s partnership with Samsung equips venues with cutting-edge technology designed to enhance customer satisfaction and streamline operations.

    Benefits include:
    Reduced wait times: Fans can avoid long lines and spend more time enjoying the game.
    Efficiency and accuracy: Self-checkout kiosks minimize labor costs and human error, ensuring accurate orders every time.
    Health and safety: By reducing direct contact, these kiosks provide a safer option for food transactions during large events.
    Smart upselling: GRUBBRR’s technology boosts average ticket size by 40-50%, optimizing revenue for vendors.
    “Samsung and GRUBBRR are changing the game in self-service ordering,” said Sara Grofcsik, Head of Sales, Display Division, Samsung Electronics America. “Today’s consumers expect convenient, intuitive and customizable ordering–and we’re delivering on all fronts on the biggest night in football. Our technology will enhance the stadium experience, making it all the more seamless and enjoyable.”

    “We are honored to be part of the game-day experience and ensure that fans spend less time in line away from the game, and more time enjoying at their seats,” said Sam Zietz, Chief Executive Officer for GRUBBRR. “The positive feedback from fans has been remarkable as we have been lauded for speed, efficiency and a user-friendly interface.”
    In addition to stadiums, Samsung and GRUBBRR provide technology to support restaurants, movie theaters, retailers and other businesses. To learn more about GRUBBRR, please visit GRUBBRR.com. Discover how Samsung Kiosks set new standards for customer service by visiting www.samsung.com/us/business/displays/interactive/kiosk/.

    MIL OSI Economics –