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  • MIL-OSI: Brookline Bancorp Announces Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    Net Income of $20.1 million, EPS of $0.23

    Quarterly Dividend of $0.135

    BOSTON, Oct. 23, 2024 (GLOBE NEWSWIRE) — Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net income and operating earnings after tax (non-GAAP) of $20.1 million, or $0.23 per basic and diluted share, for the third quarter of 2024, compared to net income of $16.4 million, or $0.18 per basic and diluted share, and operating earnings after tax (non-GAAP) of $17.0 million, or $0.19 per basic and diluted share, for the second quarter of 2024, and net income and operating earnings after tax (non-GAAP) of $22.7 million, or $0.26 per basic and diluted share, for the third quarter of 2023.

    “Our Company experienced improved performance in the third quarter,” commented Paul Perrault, Chairman and CEO, who continued, “As we move into the final months of 2024, we are confident our experienced bankers’ ability to continue to deliver exceptional service to our customers will be better reflected in our profitability as interest rates normalize.”

    BALANCE SHEET

    Total assets at September 30, 2024 were $11.7 billion, representing an increase of $41.4 million from $11.6 billion at June 30, 2024, and an increase of $496.2 million from September 30, 2023. At September 30, 2024, total loans and leases were $9.8 billion, representing an increase of $34.1 million from June 30, 2024, and an increase of $374.5 million from September 30, 2023.

    Total investment securities at September 30, 2024 decreased $1.0 million to $855.4 million from $856.4 million at June 30, 2024, and decreased $25.0 million from $880.4 million at September 30, 2023. Total cash and cash equivalents at September 30, 2024 increased $64.8 million to $407.9 million from $343.1 million at June 30, 2024, and increased $246.9 million from $161.0 million at September 30, 2023. As of September 30, 2024, total investment securities and total cash and cash equivalents represented 10.8 percent of total assets, compared to 10.3 percent and 9.3 percent as of June 30, 2024 and September 30, 2023, respectively.

    Total deposits at September 30, 2024 decreased $4.8 million to $8.7 billion from June 30, 2024. Despite the decrease during the quarter, customer deposits increased $103.2 million, offset by a $107.9 million decrease in brokered deposits. Total deposits increased $166.3 million from $8.6 billion at September 30, 2023, primarily driven by growth in customer deposits. The increase in customer deposits quarter to date included a $43.5 million increase in demand checking accounts.

    Total borrowed funds at September 30, 2024 increased $68.1 million to $1.5 billion from June 30, 2024, and increased $362.5 million from $1.1 billion at September 30, 2023.

    The ratio of stockholders’ equity to total assets was 10.54 percent at September 30, 2024, compared to 10.30 percent at June 30, 2024, and 10.36 percent at September 30, 2023. The ratio of tangible stockholders’ equity to tangible assets (non-GAAP) was 8.50 percent at September 30, 2024, as compared to 8.23 percent at June 30, 2024, and 8.16 percent at September 30, 2023. Tangible book value per common share (non-GAAP) increased $0.36 from $10.53 at June 30, 2024 to $10.89 at September 30, 2024, and increased $0.87 from $10.02 at September 30, 2023.

    NET INTEREST INCOME

    Net interest income increased $3.0 million to $83.0 million during the third quarter of 2024 from $80.0 million for the quarter ended June 30, 2024. The net interest margin increased 7 basis points to 3.07 percent for the three months ended September 30, 2024 from 3.00 percent for the three months ended June 30, 2024, primarily driven by higher yields on loans and leases partially offset by higher funding costs.

    NON-INTEREST INCOME

    Total non-interest income for the quarter ended September 30, 2024 decreased $0.1 million to $6.3 million from $6.4 million for the quarter ended June 30, 2024.

    PROVISION FOR CREDIT LOSSES

    The Company recorded a provision for credit losses of $4.8 million for the quarter ended September 30, 2024, compared to $5.6 million for the quarter ended June 30, 2024. The decrease in provision was largely driven by improving economic forecasts partially offset by an increase in specific reserves on nonperforming credits.

    Total net charge-offs for the third quarter of 2024 were $3.8 million, compared to $8.4 million in the second quarter of 2024. The $3.8 million in net charge-offs was driven by $2.6 million in equipment financing, largely within specialty vehicle. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis decreased to 16 basis points for the third quarter of 2024 from 35 basis points for the second quarter of 2024.

    The allowance for loan and lease losses represented 1.31 percent of total loans and leases at September 30, 2024, compared to 1.25 percent at June 30, 2024, and 1.27 percent at September 30, 2023.

    ASSET QUALITY

    The ratio of nonperforming loans and leases to total loans and leases was 0.73 percent at September 30, 2024, an increase from 0.62 percent at June 30, 2024. Total nonaccrual loans and leases increased $10.5 million to $71.2 million at September 30, 2024 from $60.7 million at June 30, 2024. The increase was driven by one equipment financing relationship of $9.3 million which has been reserved at 55 percent. The ratio of nonperforming assets to total assets was 0.62 percent at September 30, 2024, an increase from 0.54 percent at June 30, 2024. Total nonperforming assets increased $10.1 million to $72.8 million at September 30, 2024 from $62.7 million at June 30, 2024.

    NON-INTEREST EXPENSE

    Non-interest expense for the quarter ended September 30, 2024 decreased $1.2 million to $57.9 million from $59.2 million for the quarter ended June 30, 2024. Excluding the one time restructuring charge taken in the second quarter of $0.8 million, non-interest expense decreased $0.4 million primarily due to a reduction in advertising and marketing expense.

    PROVISION FOR INCOME TAXES

    The effective tax rate was 24.7 percent and 24.6 percent for the three and nine months ended September 30, 2024 compared to 24.4 percent for the three months ended June 30, 2024 and 21.4 percent and 20.3 percent for the three and nine months ended September 30, 2023.

    RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

    The annualized return on average assets increased to 0.70 percent during the third quarter 2024 from 0.57 percent for the second quarter of 2024.

    The annualized return on average stockholders’ equity increased to 6.63 percent during the third quarter of 2024 from 5.49 percent for the second quarter of 2024. The annualized return on average tangible stockholders’ equity increased to 8.44 percent for the third quarter of 2024 from 7.04 percent for the second quarter of 2024.

    DIVIDEND DECLARED

    The Company’s Board of Directors approved a dividend of $0.135 per share for the quarter ended September 30, 2024. The dividend will be paid on November 29, 2024 to stockholders of record on November 15, 2024.

    CONFERENCE CALL

    The Company will conduct a conference call/webcast at 1:30 PM Eastern Time on Thursday, October 24, 2024 to discuss the results for the quarter, business highlights and outlook. A copy of the Earnings Presentation is available on the Company’s website, www.brooklinebancorp.com. To listen to the call and view the Company’s Earnings Presentation, please join the call via https://events.q4inc.com/attendee/314623001. To listen to the call without access to the slides, interested parties may dial 833-470-1428 (United States) or 404-975-4839 (internationally) and ask for the Brookline Bancorp, Inc. conference call (Access Code 414186). A recorded playback of the call will be available for one week following the call on the Company’s website under “Investor Relations” or by dialing 866-813-9403 (United States) or 929-458-6194 (internationally) and entering the passcode: 898921.

    ABOUT BROOKLINE BANCORP, INC.

    Brookline Bancorp, Inc., a bank holding company with $11.7 billion in assets and branch locations in Massachusetts, Rhode Island, and the Lower Hudson Valley of New York State, is headquartered in Boston, Massachusetts and operates as the holding company for Brookline Bank, Bank Rhode Island, and PCSB Bank (the “banks”). The Company provides commercial and retail banking services, cash management and investment services to customers throughout Central New England and the Lower Hudson Valley of New York State. More information about Brookline Bancorp, Inc. and its banks can be found at the following websites: www.brooklinebank.com, www.bankri.com and www.pcsb.com.

    FORWARD-LOOKING STATEMENTS

    Certain statements contained in this press release that are not historical facts may constitute 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 Securities and Exchange Commission (“SEC”), in our annual reports to 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, including statements regarding the Company’s business, credit quality, financial condition, liquidity and results of operations. Forward-looking statements may differ, possibly materially, from what is included in this press release due to factors and future developments that are uncertain and beyond the scope of the Company’s control. These include, but are not limited to, changes in interest rates; general economic conditions (including inflation and concerns about liquidity) on a national basis or in the local markets in which the Company operates; turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in the value of securities and other assets in the Company’s investment portfolio; increases in loan and lease default and charge-off rates; the adequacy of allowances for loan and lease losses; decreases in deposit levels that necessitate increases in borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics; changes in regulation; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions and adverse economic developments; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; and changes in assumptions used in making such forward-looking statements. Forward-looking statements involve risks and uncertainties which are difficult to predict. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company’s Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the SEC. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

    BASIS OF PRESENTATION

    The Company’s consolidated financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) as set forth by the Financial Accounting Standards Board in its Accounting Standards Codification and through the rules and interpretive releases of the SEC under the authority of federal securities laws. Certain amounts previously reported have been reclassified to conform to the current period’s presentation.

    NON-GAAP FINANCIAL MEASURES

    The Company uses certain non-GAAP financial measures, such as operating earnings after tax, operating earnings per common share, operating return on average assets, operating return on average tangible assets, operating return on average stockholders’ equity, operating return on average tangible stockholders’ equity, tangible book value per common share, tangible stockholders’ equity to tangible assets, return on average tangible assets (annualized) and return on average tangible stockholders’ equity (annualized). These non-GAAP financial measures provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial services sector. A detailed reconciliation table of the Company’s GAAP to the non-GAAP measures is attached.

    INVESTOR RELATIONS:

    Contact: Carl M. Carlson
      Brookline Bancorp, Inc.
      Co-President and Chief Financial and Strategy Officer
      (617) 425-5331
      carl.carlson@brkl.com
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Selected Financial Highlights (Unaudited)
     
      At and for the Three Months Ended  
      September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023    		  
      (Dollars In Thousands Except per Share Data)  
    Earnings Data:                    
    Net interest income $ 83,008   $ 80,001   $ 81,588   $ 83,555   $ 84,070  
    Provision for credit losses on loans 4,832   5,607   7,423   3,851   2,947  
    Provision (credit) for credit losses on investments (172)   (39)   (44)   (76)   84  
    Non-interest income 6,348   6,396   6,284   8,027   5,508  
    Non-interest expense 57,948   59,184   61,014   59,244   57,679  
    Income before provision for income taxes 26,748   21,645   19,479   28,563   28,868  
    Net income 20,142   16,372   14,665   22,888   22,701  
                         
    Performance Ratios:                    
    Net interest margin (1) 3.07 % 3.00 % 3.06 % 3.15 % 3.18 %
    Interest-rate spread (1) 2.26 % 2.14 % 2.21 % 2.39 % 2.45 %
    Return on average assets (annualized) 0.70 % 0.57 % 0.51 % 0.81 % 0.81 %
    Return on average tangible assets (annualized) (non-GAAP) 0.72 % 0.59 % 0.53 % 0.83 % 0.83 %
    Return on average stockholders’ equity (annualized) 6.63 % 5.49 % 4.88 % 7.82 % 7.78 %
    Return on average tangible stockholders’ equity (annualized) (non-GAAP) 8.44 % 7.04 % 6.26 % 10.12 % 10.09 %
    Efficiency ratio (2) 64.85 % 68.50 % 69.44 % 64.69 % 64.39 %
                         
    Per Common Share Data:                    
    Net income — Basic $ 0.23   $ 0.18   $ 0.16   $ 0.26   $ 0.26  
    Net income — Diluted 0.23   0.18   0.16   0.26   0.26  
    Cash dividends declared 0.135   0.135   0.135   0.135   0.135  
    Book value per share (end of period) 13.81   13.48   13.43   13.48   13.03  
    Tangible book value per share (end of period) (non-GAAP) 10.89   10.53   10.47   10.50   10.02  
    Stock price (end of period) 10.09   8.35   9.96   10.91   9.11  
                         
    Balance Sheet:                    
    Total assets $ 11,676,721   $ 11,635,292   $ 11,542,731   $ 11,382,256   $ 11,180,555  
    Total loans and leases 9,755,236   9,721,137   9,655,086   9,641,589   9,380,782  
    Total deposits 8,732,271   8,737,036   8,718,653   8,548,125   8,566,013  
    Total stockholders’ equity 1,230,362   1,198,480   1,194,231   1,198,644   1,157,871  
                         
    Asset Quality:                    
    Nonperforming assets $ 72,821   $ 62,683   $ 42,489   $ 45,324   $ 51,540  
    Nonperforming assets as a percentage of total assets 0.62 % 0.54 % 0.37 % 0.40 % 0.46 %
    Allowance for loan and lease losses $ 127,316   $ 121,750   $ 120,124   $ 117,522   $ 119,081  
    Allowance for loan and lease losses as a percentage of total loans and leases 1.31 % 1.25 % 1.24 % 1.22 % 1.27 %
    Net loan and lease charge-offs $ 3,808   $ 8,387   $ 8,781   $ 7,141   $ 10,974  
    Net loan and lease charge-offs as a percentage of average loans and leases (annualized) 0.16 % 0.35 % 0.36 % 0.30 % 0.47 %
                         
    Capital Ratios:                    
    Stockholders’ equity to total assets 10.54 % 10.30 % 10.35 % 10.53 % 10.36 %
    Tangible stockholders’ equity to tangible assets (non-GAAP) 8.50 % 8.23 % 8.25 % 8.39 % 8.16 %
                         
    (1) Calculated on a fully tax-equivalent basis.
    (2) Calculated as non-interest expense as a percentage of net interest income plus non-interest income.
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Consolidated Balance Sheets (Unaudited)    		  
                         
      September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023    		  
    ASSETS (In Thousands Except Share Data)  
    Cash and due from banks $ 82,168   $ 60,067   $ 45,708   $ 34,514   $ 33,506  
    Short-term investments 325,721   283,017   256,178   98,513   127,495  
    Total cash and cash equivalents 407,889   343,084   301,886   133,027   161,001  
    Investment securities available-for-sale 855,391   856,439   865,798   916,601   880,412  
    Total investment securities 855,391   856,439   865,798   916,601   880,412  
    Allowance for investment security losses (186 ) (359 ) (398 ) (441 ) (517 )
    Net investment securities 855,205   856,080   865,400   916,160   879,895  
    Loans and leases held-for-sale —   —   6,717   —   —  
    Loans and leases:                    
    Commercial real estate loans 5,779,290   5,782,111   5,755,239   5,764,529   5,669,768  
    Commercial loans and leases 2,453,038   2,443,530   2,416,904   2,399,668   2,241,375  
    Consumer loans 1,522,908   1,495,496   1,482,943   1,477,392   1,469,639  
    Total loans and leases 9,755,236   9,721,137   9,655,086   9,641,589   9,380,782  
    Allowance for loan and lease losses (127,316 ) (121,750 ) (120,124 ) (117,522 ) (119,081 )
    Net loans and leases 9,627,920   9,599,387   9,534,962   9,524,067   9,261,701  
    Restricted equity securities 82,675   78,963   74,709   77,595   65,460  
    Premises and equipment, net of accumulated depreciation 86,925   88,378   89,707   89,853   90,476  
    Right-of-use asset operating leases 41,934   35,691   33,133   30,863   31,619  
    Deferred tax asset 50,827   60,032   60,484   56,952   74,491  
    Goodwill 241,222   241,222   241,222   241,222   241,222  
    Identified intangible assets, net of accumulated amortization 19,162   20,830   22,499   24,207   26,172  
    Other real estate owned and repossessed assets 1,579   1,974   1,817   1,694   299  
    Other assets 261,383   309,651   310,195   286,616   348,219  
    Total assets $ 11,676,721   $ 11,635,292   $ 11,542,731   $ 11,382,256   $ 11,180,555  
    LIABILITIES AND STOCKHOLDERS’ EQUITY                    
    Deposits:                    
    Demand checking accounts $ 1,681,858   $ 1,638,378   $ 1,629,371   $ 1,678,406   $ 1,745,137  
    NOW accounts 637,374   647,370   654,748   661,863   647,476  
    Savings accounts 1,736,989   1,735,857   1,727,893   1,669,018   1,625,804  
    Money market accounts 2,041,185   2,073,557   2,065,569   2,082,810   2,161,359  
    Certificate of deposit accounts 1,819,353   1,718,414   1,670,147   1,574,855   1,491,844  
    Brokered deposit accounts 815,512   923,460   970,925   881,173   894,393  
    Total deposits 8,732,271   8,737,036   8,718,653   8,548,125   8,566,013  
    Borrowed funds:                    
    Advances from the FHLB 1,345,003   1,265,079   1,150,153   1,223,226   899,304  
    Subordinated debentures and notes 84,293   84,258   84,223   84,188   84,152  
    Other borrowed funds 68,251   80,125   127,505   69,256   151,612  
    Total borrowed funds 1,497,547   1,429,462   1,361,881   1,376,670   1,135,068  
    Operating lease liabilities 43,266   37,102   34,235   31,998   32,807  
    Mortgagors’ escrow accounts 14,456   17,117   16,245   17,239   12,578  
    Reserve for unfunded credits 6,859   11,400   15,807   19,767   21,497  
    Accrued expenses and other liabilities 151,960   204,695   201,679   189,813   254,721  
    Total liabilities 10,446,359   10,436,812   10,348,500   10,183,612   10,022,684  
    Stockholders’ equity:                    
    Common stock, $0.01 par value; 200,000,000 shares authorized; 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, and 96,998,075 shares issued, respectively 970   970   970   970   970  
    Additional paid-in capital 901,562   904,775   903,726   902,659   901,376  
    Retained earnings 453,555   445,560   441,285   438,722   427,937  
    Accumulated other comprehensive income (38,081 ) (61,693 ) (60,841 ) (52,798 ) (81,541 )
    Treasury stock, at cost;                    
    7,015,843, 7,373,009, 7,354,399, 7,354,399 and 7,350,981 shares, respectively (87,644 ) (91,132 ) (90,909 ) (90,909 ) (90,871 )
    Total stockholders’ equity 1,230,362   1,198,480   1,194,231   1,198,644   1,157,871  
    Total liabilities and stockholders’ equity $ 11,676,721   $ 11,635,292   $ 11,542,731   $ 11,382,256   $ 11,180,555  
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Consolidated Statements of Income (Unaudited)
      Three Months Ended
      September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
      (In Thousands Except Share Data)
    Interest and dividend income:                  
    Loans and leases $ 149,643   $ 145,585   $ 145,265   $ 142,948   $ 136,561
    Debt securities 6,473   6,480   6,878   6,945   6,799
    Restricted equity securities 1,458   1,376   1,492   1,333   1,310
    Short-term investments 1,986   1,914   1,824   1,093   2,390
    Total interest and dividend income 159,560   155,355   155,459   152,319   147,060
    Interest expense:                  
    Deposits 59,796   59,721   56,884   54,034   49,116
    Borrowed funds 16,756   15,633   16,987   14,730   13,874
    Total interest expense 76,552   75,354   73,871   68,764   62,990
    Net interest income 83,008   80,001   81,588   83,555   84,070
    Provision for credit losses on loans 4,832   5,607   7,423   3,851   2,947
    Provision (credit) for credit losses on investments (172 ) (39 ) (44 ) (76 ) 84
    Net interest income after provision for credit losses 78,348   74,433   74,209   79,780   81,039
    Non-interest income:                  
    Deposit fees 2,353   3,001   2,897   3,064   3,024
    Loan fees 464   702   789   515   639
    Loan level derivative income, net —   106   437   778   376
    Gain on sales of loans and leases held-for-sale 415   130   —   410   225
    Other 3,116   2,457   2,161   3,260   1,244
    Total non-interest income 6,348   6,396   6,284   8,027   5,508
    Non-interest expense:                  
    Compensation and employee benefits 35,130   34,762   36,629   35,401   33,491
    Occupancy 5,343   5,551   5,769   5,127   4,983
    Equipment and data processing 6,831   6,732   7,031   7,245   6,766
    Professional services 2,143   1,745   1,900   1,442   2,368
    FDIC insurance 2,118   2,025   1,884   1,839   2,152
    Advertising and marketing 859   1,504   1,574   758   1,174
    Amortization of identified intangible assets 1,668   1,669   1,708   1,965   1,955
    Merger and restructuring expense —   823   —   —   —
    Other 3,856   4,373   4,519   5,467   4,790
    Total non-interest expense 57,948   59,184   61,014   59,244   57,679
    Income before provision for income taxes 26,748   21,645   19,479   28,563   28,868
    Provision for income taxes 6,606   5,273   4,814   5,675   6,167
    Net income $ 20,142   $ 16,372   $ 14,665   $ 22,888   $ 22,701
    Earnings per common share:                  
    Basic $ 0.23   $ 0.18   $ 0.16   $ 0.26   $ 0.26
    Diluted $ 0.23   $ 0.18   $ 0.16   $ 0.26   $ 0.26
    Weighted average common shares outstanding during the period:                  
    Basic 89,033,463   88,904,692   88,894,577   88,867,159   88,795,270
    Diluted 89,319,611   89,222,315   89,181,508   89,035,505   88,971,210
    Dividends paid per common share $ 0.135   $ 0.135   $ 0.135   $ 0.135   $ 0.135
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Consolidated Statements of Income (Unaudited)
     
      Nine Months Ended September 30,
      2024   2023
      (In Thousands Except Share Data)
    Interest and dividend income:      
    Loans and leases $            440,493   $            390,791
    Debt securities 19,831   22,703
    Restricted equity securities 4,326   4,238
    Short-term investments 5,724   7,236
    Total interest and dividend income 470,374   424,968
    Interest expense:      
    Deposits 176,401   121,631
    Borrowed funds 49,376   47,181
    Total interest expense 225,777   168,812
    Net interest income 244,597   256,156
    Provision for credit losses on loans 17,862   34,017
    Provision (credit) for credit losses on investments (255 ) 415
    Net interest income after provision for credit losses 226,990   221,724
    Non-interest income:      
    Deposit Fees 8,251   8,547
    Loan Fees 1,955   1,521
    Loan level derivative income, net 543   3,112
    Gain on investment securities, net —   1,704
    Gain on sales of loans and leases held-for-sale 545   2,171
    Other 7,734   6,852
    Total non-interest income 19,028   23,907
    Non-interest expense:      
    Compensation and employee benefits 106,521   103,494
    Occupancy 16,663   15,076
    Equipment and data processing 20,594   19,759
    Professional services 5,788   5,784
    FDIC insurance 6,027   6,005
    Advertising and marketing 3,937   3,966
    Amortization of identified intangible assets 5,045   5,875
    Merger and restructuring expense 823   7,411
    Other 12,748   12,910
    Total non-interest expense 178,146   180,280
    Income before provision for income taxes 67,872   65,351
    Provision for income taxes 16,693   13,240
    Net income $              51,179   $              52,111
    Earnings per common share:      
    Basic $                  0.58   $                  0.59
    Diluted $                  0.57   $                  0.59
    Weighted average common shares outstanding during the period:      
    Basic 88,944,569   88,016,190
    Diluted 89,241,470   88,253,361
    Dividends paid per common share $                0.405   $                0.405
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Asset Quality Analysis (Unaudited)
    		  
      At and for the Three Months Ended  
      September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023    		  
      (Dollars in Thousands)  
    NONPERFORMING ASSETS:                    
    Loans and leases accounted for on a nonaccrual basis:                    
    Commercial real estate mortgage $                       11,595   $             11,659   $             18,394   $                      19,608   $                       23,263  
    Multi-family mortgage 1,751   —   —   —   1,318  
    Construction —   —   —   —   2,316  
    Total commercial real estate loans 13,346   11,659   18,394   19,608   26,897  
                         
    Commercial 15,734   16,636   3,096   3,886   5,406  
    Equipment financing 37,223   27,128   13,668   14,984   13,974  
    Total commercial loans and leases 52,957   43,764   16,764   18,870   19,380  
                         
    Residential mortgage 3,862   4,495   4,563   4,292   4,249  
    Home equity 1,076   790   950   860   713  
    Other consumer 1   1   1   —   2  
    Total consumer loans 4,939   5,286   5,514   5,152   4,964  
                         
    Total nonaccrual loans and leases 71,242   60,709   40,672   43,630   51,241  
                         
    Other real estate owned 780   780   780   780   —  
    Other repossessed assets 799   1,194   1,037   914   299  
    Total nonperforming assets $                       72,821   $             62,683   $             42,489   $                      45,324   $                       51,540  
                         
    Loans and leases past due greater than 90 days and still accruing $                       16,091   $               4,994   $                  363   $                           228   $                         1,175  
                         
    Nonperforming loans and leases as a percentage of total loans and leases 0.73 % 0.62 % 0.42 % 0.45 % 0.55 %
    Nonperforming assets as a percentage of total assets 0.62 % 0.54 % 0.37 % 0.40 % 0.46 %
                         
    PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:                    
    Allowance for loan and lease losses at beginning of period $                     121,750   $           120,124   $           117,522   $                    119,081   $                     125,817  
    Charge-offs (4,183 ) (8,823 ) (5,390 ) (7,722 ) (10,978 )
    Recoveries 375   436   309   581   4  
    Net charge-offs (3,808 ) (8,387 ) (5,081 ) (7,141 ) (10,974 )
    Provision for loan and lease losses excluding unfunded commitments * 9,374   10,013   7,683   5,582   4,238  
    Allowance for loan and lease losses at end of period $                     127,316   $           121,750   $           120,124   $                    117,522   $                     119,081  
                         
    Allowance for loan and lease losses as a percentage of total loans and leases 1.31 % 1.25 % 1.24 % 1.22 % 1.27 %
                         
    NET CHARGE-OFFS:                    
    Commercial real estate loans $ —   $               3,819   $                  606   $                        1,087   $                               (3 )
    Commercial loans and leases ** 3,797   4,571   8,179   6,061   10,958  
    Consumer loans 11   (3 ) (4 ) (7 ) 19  
    Total net charge-offs $                         3,808   $               8,387   $               8,781   $                        7,141   $                       10,974  
                         
    Net loan and lease charge-offs as a percentage of average loans and leases (annualized) 0.16 % 0.35 % 0.36 % 0.30 % 0.47 %
                         
    *Provision for loan and lease losses does not include (credit) provision of $(4.5 million), $(4.4 million), $(0.3 million), $(1.7 million), and $(1.3) million for credit losses on unfunded commitments during the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, and September 30, 2023, respectively.
    ** The balance at March 31, 2024 includes a $3.7 million charge-off on a letter of credit which impacted the provision.
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Average Yields / Costs (Unaudited)
      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023  
      Average
    Balance    		 Interest
    (1)    		 Average
    Yield/
    Cost    		   Average
    Balance    		 Interest
    (1)    		 Average
    Yield/
    Cost    		   Average
    Balance    		 Interest
    (1)    		 Average
    Yield/
    Cost    		  
      (Dollars in Thousands)
    Assets:                        
    Interest-earning assets:                        
    Investments:                        
    Debt securities (2) $      853,924 $     6,516 3.05 % $      846,469 $     6,510 3.08 % $      887,612 $     6,840 3.08 %
    Restricted equity securities (2) 75,225 1,459 7.76 % 71,696 1,375 7.67 % 67,824 1,310 7.73 %
    Short-term investments 145,838 1,986 5.44 % 143,800 1,914 5.33 % 172,483 2,390 5.54 %
    Total investments 1,074,987 9,961 3.71 % 1,061,965 9,799 3.69 % 1,127,919 10,540 3.74 %
    Loans and Leases:                        
    Commercial real estate loans (3) 5,772,456 83,412 5.65 % 5,754,901 81,565 5.61 % 5,667,373 78,750 5.44 %
    Commercial loans (3) 1,079,084 18,440 6.69 % 1,069,154 17,672 6.54 % 939,492 15,295 6.38 %
    Equipment financing (3) 1,353,649 26,884 7.94 % 1,374,217 26,255 7.64 % 1,280,033 23,331 7.29 %
    Consumer loans (3) 1,505,095 21,123 5.60 % 1,488,587 20,291 5.46 % 1,471,985 19,237 5.21 %
    Total loans and leases 9,710,284 149,859 6.17 % 9,686,859 145,783 6.02 % 9,358,883 136,613 5.84 %
    Total interest-earning assets 10,785,271 159,820 5.93 % 10,748,824 155,582 5.79 % 10,486,802 147,153 5.61 %
    Non-interest-earning assets 666,067       704,570       693,833      
    Total assets $ 11,451,338       $ 11,453,394       $ 11,180,635      
                             
    Liabilities and Stockholders’ Equity:                        
    Interest-bearing liabilities:                        
    Deposits:                        
    NOW accounts $      639,561 1,115 0.69 % $      659,351 1,111 0.68 % $      681,929 1,159 0.67 %
    Savings accounts 1,738,756 12,098 2.77 % 1,731,388 11,874 2.76 % 1,557,911 8,859 2.26 %
    Money market accounts 2,038,048 15,466 3.02 % 2,026,780 15,520 3.08 % 2,177,528 15,785 2.88 %
    Certificates of deposit 1,768,026 20,054 4.51 % 1,699,510 18,717 4.43 % 1,444,269 12,128 3.33 %
    Brokered deposit accounts 841,067 11,063 5.23 % 958,146 12,499 5.25 % 882,351 11,185 5.03 %
    Total interest-bearing deposits 7,025,458 59,796 3.39 % 7,075,175 59,721 3.39 % 6,743,988 49,116 2.89 %
    Borrowings                        
    Advances from the FHLB 1,139,049 14,366 4.94 % 1,049,609 12,894 4.86 % 954,989 11,706 4.80 %
    Subordinated debentures and notes 84,276 1,378 6.54 % 84,241 1,375 6.53 % 84,134 1,378 6.55 %
    Other borrowed funds 53,102 1,012 7.58 % 103,753 1,364 5.29 % 117,531 790 2.67 %
    Total borrowings 1,276,427 16,756 5.14 % 1,237,603 15,633 5.00 % 1,156,654 13,874 4.69 %
    Total interest-bearing liabilities 8,301,885 76,552 3.67 % 8,312,778 75,354 3.65 % 7,900,642 62,990 3.16 %
    Non-interest-bearing liabilities:                        
    Demand checking accounts 1,669,092       1,646,869       1,794,225      
    Other non-interest-bearing liabilities 264,324       300,362       318,041      
    Total liabilities 10,235,301       10,260,009       10,012,908      
    Stockholders’ equity 1,216,037       1,193,385       1,167,727      
    Total liabilities and equity $ 11,451,338       $ 11,453,394       $ 11,180,635      
    Net interest income (tax-equivalent basis) /Interest-rate spread (4)   83,268 2.26 %   80,228 2.14 %   84,163 2.45 %
    Less adjustment of tax-exempt income   260       227       93    
    Net interest income   $   83,008       $   80,001       $   84,070    
    Net interest margin (5)     3.07 %     3.00 %     3.18 %
                             
    (1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
    (2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
    (3) Loans on nonaccrual status are included in the average balances.
    (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis.
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Average Yields / Costs (Unaudited)
      Nine Months Ended
      September 30, 2024   September 30, 2023  
      Average
    Balance    		 Interest
    (1)    		 Average
    Yield/
    Cost    		   Average
    Balance    		 Interest
    (1)    		 Average
    Yield/
    Cost    		  
      (Dollars in Thousands)
    Assets:                
    Interest-earning assets:                
    Investments:                
    Debt securities (2) $                   864,501 $   19,953 3.08 % $      971,855 $   22,905 3.14 %
    Restricted equity securities (2) 74,422 4,327 7.75 % 74,000 4,238 7.64 %
    Short-term investments 140,156 5,724 5.44 % 183,295 7,236 5.26 %
    Total investments 1,079,079 30,004 3.71 % 1,229,150 34,379 3.73 %
    Loans and Leases:                
    Commercial real estate loans (3) 5,763,065 246,026 5.61 % 5,629,600 225,999 5.29 %
    Commercial loans (3) 1,058,312 53,619 6.66 % 915,420 42,814 6.17 %
    Equipment financing (3) 1,367,380 80,034 7.80 % 1,253,512 66,901 7.12 %
    Consumer loans (3) 1,492,213 61,392 5.49 % 1,469,025 55,210 5.01 %
    Total loans and leases 9,680,970 441,071 6.07 % 9,267,557 390,924 5.62 %
    Total interest-earning assets 10,760,049 471,075 5.84 % 10,496,707 425,303 5.40 %
    Non-interest-earning assets 678,235       698,273      
    Total assets $              11,438,284       $ 11,194,980      
                     
    Liabilities and Stockholders’ Equity:                
    Interest-bearing liabilities:                
    Deposits:                
    NOW accounts $                   656,879 3,487 0.71 % $      741,951 3,129 0.56 %
    Savings accounts 1,721,518 35,324 2.74 % 1,365,541 17,290 1.69 %
    Money market accounts 2,047,011 46,940 3.06 % 2,227,404 41,914 2.52 %
    Certificates of deposit 1,697,477 55,443 4.36 % 1,394,338 29,605 2.84 %
    Brokered deposit accounts 898,455 35,207 5.23 % 798,800 29,693 4.97 %
    Total interest-bearing deposits 7,021,340 176,401 3.36 % 6,528,034 121,631 2.49 %
    Borrowings                
    Advances from the FHLB 1,117,809 41,893 4.92 % 1,135,845 40,524 4.70 %
    Subordinated debentures and notes 84,241 4,130 6.54 % 84,098 4,095 6.49 %
    Other borrowed funds 83,195 3,353 5.38 % 120,825 2,562 2.83 %
    Total borrowings 1,285,245 49,376 5.05 % 1,340,768 47,181 4.64 %
    Total interest-bearing liabilities 8,306,585 225,777 3.63 % 7,868,802 168,812 2.87 %
    Non-interest-bearing liabilities:                
    Demand checking accounts 1,646,932       1,857,429      
    Other non-interest-bearing liabilities 280,947       301,543      
    Total liabilities 10,234,464       10,027,774      
    Stockholders’ equity 1,203,820       1,167,206      
    Total liabilities and equity $              11,438,284       $ 11,194,980      
    Net interest income (tax-equivalent basis) /Interest-rate spread (4)   245,298 2.21 %   256,491 2.53 %
    Less adjustment of tax-exempt income   701       335    
    Net interest income   $ 244,597       $ 256,156    
    Net interest margin (5)     3.05 %     3.27 %
                     
    (1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
    (2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
    (3) Loans on nonaccrual status are included in the average balances.
    (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis.
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Non-GAAP Financial Information (Unaudited)
                  At and for the Nine Months Ended 
     September 30,
    		  
                  2024   2023  
    Reconciliation Table – Non-GAAP Financial Information           (Dollars in Thousands Except Share Data)  
                       
    Reported Pretax Income           $                      67,872   $                       65,351  
    Less:                    
    Security gains           —   1,704  
    Add:                    
    Day 1 PCSB CECL provision           —   16,744  
    Merger and restructuring expense           823   7,411  
    Operating Pretax Income             $                      68,695   $                       87,802  
    Effective tax rate             24.6 % 20.3 %
    Provision for income taxes             16,895   17,789  
    Operating earnings after tax           $                      51,800   $                       70,013  
                         
    Operating earnings per common share:                    
    Basic             $                          0.58   $                           0.80  
    Diluted             $                          0.58   $                           0.79  
                         
    Weighted average common shares outstanding during the period:                  
    Basic             88,944,569   88,016,190  
    Diluted             89,241,470   88,253,361  
                         
    Return on average assets *           0.60 % 0.62 %
    Less:                    
    Security gains (after-tax) *           — %  0.02 %
    Add:                    
    Day 1 PCSB CECL provision (after-tax) *           — % 0.16 %
    Merger and restructuring expense (after-tax) *           0.01 % 0.07 %
    Operating return on average assets *           0.61 % 0.83 %
                         
    Return on average tangible assets *           0.61 % 0.64 %
    Less:                    
    Security gains (after-tax) *           — %  0.02 %
    Add:                    
    Day 1 PCSB CECL provision (after-tax) *           — %  0.16 %
    Merger and restructuring expense (after-tax) *           0.01 % 0.07 %
    Operating return on average tangible assets *           0.62 % 0.85 %
                         
                         
    Return on average stockholders’ equity *           5.67 % 5.95 %
    Less:                    
    Security gains (after-tax) *           — %  0.16 %
    Add:                    
    Day 1 PCSB CECL provision (after-tax) *           — % 1.53 %
    Merger and restructuring expense (after-tax) *           0.07 % 0.68 %
    Operating return on average stockholders’ equity *           5.74 % 8.00 %
                         
                         
    Return on average tangible stockholders’ equity *           7.25 % 7.76 %
    Less:                    
    Security gains (after-tax) *           — %  0.20 %
    Add:                    
    Day 1 PCSB CECL provision (after-tax) *           — % 1.99 %
    Merger and restructuring expense (after-tax) *           0.09 % 0.88 %
    Operating return on average tangible stockholders’ equity *           7.34 % 10.43 %
                         
    * Ratios at and for the nine months ended are annualized.
    There was no non-operating activity for the three months ended September 30, 2024 and September 30,2023, respectively.
       
      At and for the Three Months Ended
      September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023    		  
      (Dollars in Thousands)
                                   
    Net income, as reported $                       20,142   $                 16,372   $                 14,665   $                      22,888   $                       22,701  
                         
    Average total assets $                11,451,338   $          11,453,394   $          11,417,185   $               11,271,941   $                11,180,635  
    Less: Average goodwill and average identified intangible assets, net 261,188   262,859   264,536   266,225   268,199  
    Average tangible assets $                11,190,150   $          11,190,535   $          11,152,649   $               11,005,716   $                10,912,436  
                         
    Return on average tangible assets (annualized) 0.72 % 0.59 % 0.53 % 0.83 % 0.83 %
                         
    Average total stockholders’ equity $                  1,216,037   $            1,193,385   $            1,201,904   $                 1,170,776   $                  1,167,727  
    Less: Average goodwill and average identified intangible assets, net 261,188   262,859   264,536   266,225   268,199  
    Average tangible stockholders’ equity $                     954,849   $               930,526   $               937,368   $                    904,551   $                     899,528  
                         
    Return on average tangible stockholders’ equity (annualized) 8.44 % 7.04 % 6.26 % 10.12 % 10.09 %
                         
    Total stockholders’ equity $                  1,230,362   $            1,198,480   $            1,194,231   $                 1,198,644   $                  1,157,871  
    Less:                    
    Goodwill 241,222   241,222   241,222   241,222   241,222  
    Identified intangible assets, net 19,162   20,830   22,499   24,207   26,172  
    Tangible stockholders’ equity $                     969,978   $               936,428   $               930,510   $                    933,215   $                     890,477  
                         
    Total assets $                11,676,721   $          11,635,292   $          11,542,731   $               11,382,256   $                11,180,555  
    Less:                    
    Goodwill 241,222   241,222   241,222   241,222   241,222  
    Identified intangible assets, net 19,162   20,830   22,499   24,207   26,172  
    Tangible assets $                11,416,337   $          11,373,240   $          11,279,010   $               11,116,827   $                10,913,161  
                         
    Tangible stockholders’ equity to tangible assets 8.50 % 8.23 % 8.25 % 8.39 % 8.16 %
                         
    Tangible stockholders’ equity $                     969,978   $               936,428   $               930,510   $                    933,215   $                     890,477  
                         
    Number of common shares issued 96,998,075   96,998,075   96,998,075   96,998,075   96,998,075  
    Less:                    
    Treasury shares 7,015,843   7,373,009   7,354,399   7,354,399   7,350,981  
    Unvested restricted shares 883,789   713,443   749,099   749,099   780,859  
    Number of common shares outstanding 89,098,443   88,911,623   88,894,577   88,894,577   88,866,235  
                         
    Tangible book value per common share $                         10.89   $                   10.53   $                   10.47   $                        10.50   $                         10.02  
                                   

    PDF available: http://ml.globenewswire.com/Resource/Download/6045e36a-2e9d-4b3a-b6a1-f895169b0f2d

    The MIL Network –

  • MIL-OSI: Juniata Valley Financial Corp. Announces Results for the Quarter Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    Mifflintown, PA, Oct. 23, 2024 (GLOBE NEWSWIRE) — Juniata Valley Financial Corp. (OTCQX:JUVF) (“Juniata”) announced net income for the three months ended September 30, 2024 of $1.6 million compared to net income of $1.8 million for the three months ended September 30, 2023. Earnings per share, basic and diluted, was $0.33 during the three months ended September 30, 2024 compared to $0.36 during the three months ended September 30, 2023. Net income was $4.7 million for the nine months ended September 30, 2024 compared to $4.9 million for the nine months ended September 30, 2023. Earnings per share, basic and diluted, was $0.95 for the nine months ended September 30, 2024 compared to $0.98 for the nine months ended September 30, 2023.

    President’s Message

    President and Chief Executive Officer, Marcie A. Barber stated, “We are pleased to report solid third quarter net income. These results were accomplished, in part, through disciplined pricing of both loans and deposits. Efforts to contain funding costs, coupled with loan growth, resulted in a 2.0% increase in net interest income compared to the corresponding 2023 quarter despite continued competition for deposits. With the reduction of the Fed Funds rate by 50 basis points in mid-September and anticipated future rate cuts, we remain optimistic that net interest margin compression appears to have abated. Additionally, our focus on fee income resulted in an increase of 11.1% in noninterest income compared to fee income for the same quarter in 2023. Asset quality remains strong with delinquent and nonperforming loans comprising only 0.2% of total loans, unchanged from the previous quarter. We are continually working toward expanding loan and deposit relationships outside of our branch footprint while optimizing our branch network to provide outstanding customer service through improvement in efficiencies.”   

    Financial Results Year-to-Date

    Annualized return on average assets for the nine months ended September 30, 2024, was 0.73%, a decrease of 7.6% compared to the annualized return on average assets of 0.79% for the nine months ended September 30, 2023. Annualized return on average equity for the nine months ended September 30, 2024 was 14.70%, a decrease of 19.5% compared to the annualized return on average equity of 18.25% for the nine months ended September 30, 2023.

    Net interest income was $17.1 million during both the nine months ended September 30, 2024 and 2023. Average earning assets increased $21.1 million, or 2.5%, to $856.2 million, during the nine months ended September 30, 2024, compared to the same period in 2023, due primarily to an increase of $39.9 million, or 8.0%, in average loans. The increase in average loans was partially offset by a decline of $20.6 million, or 6.2%, in average investment securities as principal paydowns on the mortgage-backed securities portfolio were used to fund loan growth rather than being reinvested into the securities portfolio. Average interest bearing liabilities increased by $19.5 million, or 3.3%, during the nine months ended September 30, 2024 compared to the comparable 2023 period, due to growth in average time deposits, repurchase agreements and short-term borrowings, with this growth partially funding loan growth. The yield on earning assets increased 42 basis points, to 4.33%, due to a 51 basis point increase in the yield on average loans in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, while the cost to fund interest earning assets with interest bearing liabilities increased 68 basis points, to 2.31%. The net interest margin, on a fully tax equivalent basis, decreased from 2.77% during the nine months ended September 30, 2023, to 2.70% during the nine months ended September 30, 2024.

    Juniata recorded a provision for credit losses of $471,000 for the nine months ended September 30, 2024 compared to a provision for credit losses of $411,000 for the nine months ended September 30, 2023.

    Non-interest income was $4.2 million during the nine months ended September 30, 2024 compared to $3.9 million during the nine months ended September 30, 2023, an increase of 8.4%. Most significantly impacting the comparative nine month periods were increases of $282,000 in customer service fees, $144,000 in the change in value of equity securities and $115,000 in fees derived from loan activity, the latter primarily due to increases in title insurance commissions and guidance line and service fees. These increases were partially offset by a $161,000 decrease in life insurance proceeds as no proceeds were recorded in the 2024 period.

    Non-interest expense was $15.4 million during the nine months ended September 30, 2024 compared to $15.0 million during the nine months ended September 30, 2023, an increase of 2.6%. Most significantly impacting non-interest expense in the comparative nine month periods were increases of $356,000 in salary expense due to annual salary increases and overtime pay from the core conversion in the first quarter of 2024, as well as increases of $124,000 in equipment expense and $196,000 in professional fees, primarily due to an increase in audit expenses. These increases were partially offset by decreases of $180,000 in employee benefits expense, due to a decline in medical claims expense, and $227,000 recorded in the 2023 period due to the merger and acquisition expense incurred in connection with the Path Valley branch acquisition.

    An income tax provision of $767,000 was recorded during the nine months ended September 30, 2024 compared to an income tax provision of $708,000 recorded during the nine months ended September 30, 2023. Juniata qualifies for a federal tax credit for investments in low-income housing partnerships. The tax credit decreased from $284,000 in the nine months ended September 30, 2023 to $247,000 in the nine months ended September 30, 2024 due to the completion of the amortization period for one of Juniata’s low-income housing partnership investments in January 2023.

    Financial Results for the Quarter

    Annualized return on average assets for the three months ended September 30, 2024 was 0.76%, a decrease of 10.6%, compared to 0.85% for the three months ended September 30, 2023. Annualized return on average equity for the three months ended September 30, 2024 was 14.72%, a decrease of 25.7%, compared to 19.81% for the three months ended September 30, 2023.

    Net interest income was $5.8 million for the three months ended September 30, 2024 compared to $5.7 million for the three months ended September 30, 2023. Average earning assets increased $11.2 million, or 1.3%, to $853.1 million during the three months ended September 30, 2024, compared to the same period in 2023, primarily due to an increase of $30.2 million, or 5.9%, in average loans, partially offset by a decline of $19.9 million, or 6.1%, in average investment securities due primarily to principal paydowns on the mortgage-backed securities portfolio. Average interest bearing liabilities increased by $7.6 million, or 1.3%, compared to the corresponding 2023 period, primarily due to increases in average time deposits, repurchase agreements and short-term borrowings. The yield on earning assets increased 39 basis points, to 4.41%, during the three months ended September 30, 2024 compared to same period in 2023, while the cost to fund interest earning assets with interest bearing liabilities increased 51 basis points, to 2.38%. The net interest margin, on a fully tax equivalent basis, increased from 2.71% during the three months ended September 30, 2023, to 2.73% during the three months ended September 30, 2024.

    Juniata recorded a provision for credit losses of $232,000 for the three months ended September 30, 2024 compared to a provision for credit losses of $121,000 for the three months ended September 30, 2023. For the 2024 period, this increase was due primarily to an updated loss driver analysis for the allowance for credit losses calculation and not a result of deteriorated asset quality, which remains strong.

    Non-interest income was $1.4 million for the three months ended September 30, 2024, an increase of 11.1%, compared to $1.3 million for the three months ended September 30, 2023. Most significantly impacting non-interest income in the comparative three month periods were increases of $117,000 in customer service fees and $84,000 in the change in value of equity securities. Partially offsetting these increases in the comparative three month periods was a decrease of $35,000 in fees derived from loan activity primarily due to decreases in title insurance commissions and the derivative credit adjustment.

    Non-interest expense was $5.1 million for the three months ended September 30, 2024, compared to $4.8 million for the three months ended September 30, 2023, an increase of 7.2%. Most significantly impacting non-interest expense in the comparative three month periods was an increase of $126,000 in employee benefits expense, due primarily to an increase in medical claims expenses, as well as an increase of $86,000 in both equipment expenses and professional fees. These increases were partially offset by a decrease of $47,000 in the provision for unfunded commitments during the three months ended September 30, 2024 compared to the three months ended September 30, 2023.

    An income tax provision of $270,000 was recorded during the three months ended September 30, 2024 compared to an income tax provision of $310,000 recorded during the three months ended September 30, 2023.

    Financial Condition

    Total assets as of September 30, 2024 were $858.0 million, a decrease of $12.6 million, or 1.5%, compared to total assets of $870.6 million at December 31, 2023. Cash and cash equivalents decreased by $17.0 million, or 58.8%, as of September 30, 2024 compared to December 31, 2023, as cash was used primarily to fund the growth in total loans, which increased by $12.4 million, or 2.4% as of September 30, 2024 compared to year-end 2023. Total deposits increased by $3.9 million, or 0.5%, as of September 30, 2024 compared to December 31, 2023 while short-term borrowings and repurchase agreements decreased by $7.1 million, or 13.4%, as overnight borrowings replaced a 5-year FHLB advance that matured in May 2024, leading to the $15.0 million, or 75.0%, decline in long-term debt.

    Juniata maintained a strong liquidity position as of September 30, 2024, with additional borrowing capacity with the Federal Home Loan Bank of Pittsburgh of $242.5 million and $17.3 million in additional borrowing capacity from the Federal Reserve’s Discount Window. In addition, Juniata has access to brokered deposits through two third parties but had no brokered deposits outstanding as of September 30, 2024.

    Subsequent Event

    On October 15, 2024, the Board of Directors declared a cash dividend of $0.22 per share to shareholders of record on November 15, 2024, payable on November 29, 2024.

    Management considers subsequent events occurring after the statement of condition date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s consolidated financial statements with the Securities and Exchange Commission. Accordingly, the financial information in this release is subject to change.

    The Juniata Valley Bank, the principal subsidiary of Juniata Valley Financial Corp., is headquartered in Mifflintown, Pennsylvania, with fifteen community offices located in Juniata, Mifflin, Perry, Franklin, McKean and Potter Counties. More information regarding Juniata Valley Financial Corp. and The Juniata Valley Bank can be found online at www.JVBonline.com. Juniata Valley Financial Corp. trades through the OTCQX Best Market under the symbol JUVF.

    Forward-Looking Information
    *This press release may contain “forward looking” information as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the current views of Juniata’s management with respect to, among other things, future events and Juniata’s financial performance. When words such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or similar expressions are used in this release, Juniata is making forward-looking statements. Such information is based on Juniata’s current expectations, estimates and projections about future events and financial trends affecting the financial condition of its business, many of which, by their nature, are inherently uncertain and beyond the control of Juniata. These statements are not historical facts or guarantees of future performance, events or results and are subject to risks, assumptions and uncertainties that are difficult to predict. If one or more events related to these or other risks or uncertainties materializes, or if underlying assumptions prove to be incorrect, actual results may differ materially from this forward-looking information. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and many factors could affect future financial results. Juniata undertakes no obligation to publicly update or revise forward looking information, whether because of new or updated information, future events, or otherwise. For a more complete discussion of certain risks and uncertainties affecting Juniata, please see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Forward-Looking Statements” set forth in the Juniata’s filings with the Securities and Exchange Commission.

    Financial Statements

    Juniata Valley Financial Corp. and Subsidiary
    Consolidated Statements of Financial Condition

                 
    (Dollars in thousands, except share data)      (Unaudited)       
        September 30, 2024   December 31, 2023
    ASSETS            
    Cash and due from banks   $ 6,152     $ 17,189  
    Interest bearing deposits with banks     5,783       11,741  
    Cash and cash equivalents     11,935       28,930  
                 
    Equity securities     1,139       1,073  
    Debt securities available for sale     66,299       67,564  
    Debt securities held to maturity (fair value $193,108 and $198,147, respectively)     193,762       200,644  
    Restricted investment in bank stock     1,885       1,707  
    Total loans     538,250       525,394  
    Less: Allowance for credit losses     (6,124 )     (5,677 )
    Total loans, net of allowance for credit losses     532,126       519,717  
    Premises and equipment, net     9,514       8,180  
    Bank owned life insurance and annuities     15,038       14,841  
    Investment in low income housing partnerships     912       1,154  
    Core deposit and other intangible assets     279       343  
    Goodwill     9,812       9,812  
    Mortgage servicing rights     76       83  
    Deferred tax asset     9,950       11,319  
    Accrued interest receivable and other assets     5,229       5,188  
    Total assets   $ 857,956     $ 870,555  
    LIABILITIES AND STOCKHOLDERS’ EQUITY              
    Liabilities:              
    Deposits:              
    Non-interest bearing   $ 197,474     $ 197,027  
    Interest bearing     555,440       552,018  
    Total deposits     752,914       749,045  
                 
    Short-term borrowings and repurchase agreements     45,721       52,810  
    Long-term debt     5,000       20,000  
    Other interest bearing liabilities     823       951  
    Accrued interest payable and other liabilities     6,956       7,612  
    Total liabilities     811,414       830,418  
    Commitments and contingent liabilities            
    Stockholders’ Equity:              
    Preferred stock, no par value: Authorized – 500,000 shares, none issued     —       —  
    Common stock, par value $1.00 per share: Authorized 20,000,000 shares; Issued – 5,151,279 shares at September 30, 2024 and December 31, 2023; Outstanding – 5,003,384 shares at September 30, 2024 and 4,991,129 shares at December 31, 2023     5,151       5,151  
    Surplus     24,860       24,924  
    Retained earnings     52,736       51,297  
    Accumulated other comprehensive loss     (33,809 )     (38,640 )
    Cost of common stock in Treasury: 147,895 shares at September 30, 2024; 160,150 shares at December 31, 2023     (2,396 )     (2,595 )
    Total stockholders’ equity     46,542       40,137  
    Total liabilities and stockholders’ equity   $ 857,956     $ 870,555  

    Juniata Valley Financial Corp. and Subsidiary
    Consolidated Statements of Income (Unaudited)

                             
        Three Months Ended   Nine Months Ended
    (Dollars in thousands, except share and per share data)   September 30,    September 30, 
           2024      2023    2024      2023 
    Interest income:                
    Loans, including fees   $ 7,979   $ 6,940     $ 23,224   $ 19,569  
    Taxable securities     1,421     1,525       4,341     4,684  
    Tax-exempt securities     30     36       89     109  
    Other interest income     24     24       116     69  
    Total interest income     9,454     8,525       27,770     24,431  
    Interest expense:                            
    Deposits     2,879     2,286       8,243     5,614  
    Short-term borrowings and repurchase agreements     741     431       2,151     1,314  
    Long-term debt     31     119       237     353  
    Other interest bearing liabilities     8     9       25     29  
    Total interest expense     3,659     2,845       10,656     7,310  
    Net interest income     5,795     5,680       17,114     17,121  
    Provision for credit losses     232     121       471     411  
    Net interest income after provision for credit losses     5,563     5,559       16,643     16,710  
    Non-interest income:                            
    Customer service fees     473     356       1,300     1,018  
    Debit card fee income     428     436       1,302     1,293  
    Earnings on bank-owned life insurance and annuities     60     57       174     167  
    Trust fees     108     123       359     381  
    Commissions from sales of non-deposit products     98     87       309     255  
    Fees derived from loan activity     101     136       445     330  
    Change in value of equity securities     70     (14 )     66     (78 )
    Gain from life insurance proceeds     —     —       —     161  
    Other non-interest income     107     120       265     366  
    Total non-interest income     1,445     1,301       4,220     3,893  
    Non-interest expense:                            
    Employee compensation expense     2,249     2,167       6,689     6,333  
    Employee benefits     555     429       1,733     1,913  
    Occupancy     320     312       979     964  
    Equipment     248     162       617     493  
    Data processing expense     684     699       2,162     2,226  
    Professional fees     297     211       830     634  
    Taxes, other than income     60     (7 )     154     158  
    FDIC Insurance premiums     141     157       435     352  
    Amortization of intangible assets     22     25       64     56  
    Amortization of investment in low-income housing partnerships     81     81       242     273  
    Merger and acquisition expense     —     18       —     227  
    Other non-interest expense     444     505       1,453     1,344  
    Total non-interest expense     5,101     4,759       15,358     14,973  
    Income before income taxes     1,907     2,101       5,505     5,630  
    Income tax provision     270     310       767     708  
    Net income   $ 1,637   $ 1,791     $ 4,738   $ 4,922  
    Earnings per share                            
    Basic   $ 0.33   $ 0.36     $ 0.95   $ 0.98  
    Diluted   $ 0.33   $ 0.36     $ 0.95   $ 0.98  

    The MIL Network –

  • MIL-OSI Economics: Verizon Frontline Crisis Response Team introduces two new deployable assets

    Source: Verizon

    Headline: Verizon Frontline Crisis Response Team introduces two new deployable assets

    • Two new Verizon Frontline prototypes join the nearly 600 deployable assets in the Verizon fleet.
    • The two assets are both capable of establishing their own off-grid network, allowing first responders to communicate with each other in challenging situations

    BASKING RIDGE, N.J. – Verizon Frontline today announced the launch of two new deployable asset prototypes designed to support the mission-critical communications needs of first responders during public safety operations.

    Created as part of the Verizon Frontline Innovation Program, the newly-developed Off-Grid, Cross-Communications Network trailer, or OXEN, and Emergency Response Incident Command Center vehicle, or ERICC, are the latest deployable assets available for use by public safety agencies via the Verizon Frontline Crisis Response Team.

    Recently, both were deployed in support of public safety agencies in Milwaukee, Wisc., at the Republican National Convention, and in Chicago at the Democratic National Convention.

    The OXEN is a ruggedized trailer built to provide first responders with a full range of Verizon Frontline connectivity options, including 5G Ultra Wideband (UW), 4G LTE and satellite backhaul. The asset also offers mobile edge compute capabilities and radio interoperability. The OXEN can be powered by solar, shoreline power, or a diesel generator.

    The ERICC is a retrofitted vehicle built to provide first responders who don’t have their own command center with a functional mobile workspace for three to five people, giving them better situational awareness during emergency response operations and the ability to establish off- grid communications.

    “The OXEN and ERICC have already proven themselves capable in real world responses across the country this year,” said Jason Mitchell, an associate director with Verizon Frontline’s Crisis Response Team. “The OXEN is well outfitted for many scenarios, including wildfire response, where the rugged nature of this asset will aid public safety agencies immensely. The ERICC builds on that by enabling command and control for incident commanders in a variety of locations.”

    One feature of the OXEN that sets it apart from similar assets is its integration with Team Awareness Kit (TAK) applications. TAK enhances real-time decision-making by enabling geospatial information, real-time position location information data, and live video feeds tailored to meet the unique needs of each operation. TAK can be displayed directly on the inside and outside of the OXEN during response operations, giving public safety professionals better situational awareness.

    The Verizon Frontline Crisis Response Team provides on-demand, emergency assistance during crisis situations to government agencies and emergency responders on a 24/7 basis at no cost to the supported agencies. Verizon Frontline Crisis Response Team members set up portable cell sites, Wi-Fi hotspots, charging stations and other Verizon Frontline devices and solutions that enable communications and/or boost network performance.

    Verizon Frontline is the advanced network and technology built for first responders – developed over three decades of partnership with public safety officials and agencies on the front lines – to meet their unique and evolving needs. Learn more at our site.

    MIL OSI Economics –

  • MIL-OSI Economics: DDG Ellard highlights importance of WTO collaboration with World Customs Organization

    Source: World Trade Organization

    Ladies and gentlemen, good morning.

    I would like to begin by expressing my sincere thanks to Secretary General Ian Saunders and the World Customs Organization for inviting me to speak with you today. It is an honour to address such a distinguished group of delegates whose work plays a vital role in the global trading system. Your expertise, innovation, and commitment not only drive the efficient movement of goods but also shape the frameworks that govern international trade.

    The WTO and the WCO have a long history of collaboration. First, the Technical Committee on Customs Valuation and the Technical Committee on Rules of Origin at the WCO were both created by the WTO Agreements on Customs Valuation and Rules of Origin back in 1995.  We are approaching the milestone of 30 years of collaboration on both topics. Second, the Harmonized System Nomenclature serves as the lingua franca for all WTO Members, providing standardized reference in negotiations, trade monitoring, and dispute settlement.

    The dynamic partnership between the WTO and the WCO has always been essential for the success of global trading system. At the WTO, our Members create the legal frameworks that facilitate trade and promote transparency and fairness. These frameworks could not exist without the technical expertise of the WCO and its members to ensure they are operationally effective and sustainable in the real world of trade.

    Equally, the work of the WCO delegates frequently informs policy discussions at the WTO. The standards and tools developed here—whether through the Harmonized System, the SAFE Framework of Standards [1], or other initiatives — provide a solid technical foundation for our trade agreements. They ensure that WTO rules reflect the practical and everyday dynamics of cross-border operations and customs procedures.

    In other words, our organizations share a deeply symbiotic relationship that not only aligns our efforts, but also strengthens them. Together, we create a dynamic and mutually reinforcing system that makes trade efficient, secure, predictable, adaptable, and ready for the future.

    Today’s meeting

    I was particularly pleased to see several topics in today’s program that align closely with the WTO’s ongoing work. These discussions highlight the continued importance of our collaboration as we both, together, address the evolving landscape of international trade.

    One of the most pressing topics is digital customs. As the world moves deeper into the digital age, e-commerce is expanding rapidly, driving the need for modernized customs procedures. At the WTO, we are actively engaging in discussions on digital trade policies, and the WCO’s technical insights have been invaluable. For instance, during a workshop held under the multilateral Work Programme on E-commerce, the WCO shared key updates on its tools and initiatives related to cross-border e-commerce as a contribution to discussions on the legal and regulatory frameworks for e-commerce. In addition, the stabilized text of the Joint Statement Initiative on E-commerce makes specific reference to the WCO Data Model in the context of the single window provision, emphasizing how WCO standards support the digitalization of customs processes. Your experiences in developing digital customs practices will play a crucial role in how WTO Members shape policies to support the proliferation of this sector.

    The agenda item on green customs demonstrates our collective commitment to addressing sustainability challenges through customs procedures that protect the environment and promote responsible trade. The WCO has been actively collaborating with the WTO, particularly through the Committee on Market Access thematic session on ‘Greening the Harmonized System.’ I was particularly interested to see that the WCO presented findings on aligning the HS with environmental policy needs, highlighting its efforts to refine classification criteria to better address environmental policy objectives. This collaboration reinforces how trade policy and customs practices must evolve together to achieve sustainability goals.

    Today’s meeting serves as another example of our close cooperation. At the end of the week, the Chairperson of the WTO Trade Facilitation Committee will provide an update on the key advancements from the Committee’s most recent meeting, focusing on the implementation of the Trade Facilitation Agreement (TFA). We are also looking forward to discussions on the important role of National Trade Facilitation Committees in supporting cooperation between customs and other stakeholders at the national level. We all realize that such coordination is a critical ingredient of success in trade facilitation reform, but it is also a challenging task to undertake. I look forward to hearing insights of WCO members in this regard.

    Other collaboration

    But our collaboration goes beyond today’s agenda. Let me share some examples.

    First, the WCO and the WTO have a long-standing partnership through the WTO Committee on Market Access (CMA), where the WCO Secretariat is regularly invited to speak about HS amendments or other topics of common interest, such as the most recent thematic session on supply chain resilience. During this session, the WCO showcased the critical role of customs administrations in maintaining the flow of goods during crises and introduced its newly endorsed definition of ‘Customs-Industry Resilience.’ This work demonstrated how strategic interventions can restore critical supply chains swiftly and mitigate disruptions, showing the vital role of customs expertise in shaping WTO policies on trade resilience.

    Another example of successful collaboration is with the WTO Informal Working Group on MSMEs. This Working Group developed a compendium of Authorized Economic Operator (AEO) measures with a focus on micro, small, and medium-sized enterprises (MSMEs), which was presented at the WCO SAFE Working Group Meeting in November 2023. The final version, which was issued earlier this year, incorporates feedback received from WCO members. I would like to thank the WCO and its members for their support to this initiative. The WTO MSME Group and the WCO are now working on a joint document that will build on the recently published AEO compendium and incorporate new insights from the recent WCO survey on AEOs. This collaboration represents another significant step in integrating MSMEs into AEO programmes and facilitating MSME participation in global trade.

    I take this opportunity to thank the WCO and SG Saunders once again for organizing an insightful and well-attended session on digitalization, MSMEs, Single Window, and AEOs at our Public Forum Back in September — I was delighted to participate and learned much from the panel, including the impressive work undertaken by the Thai customs service and the concrete role of the private sector through the ICC.

    As these examples highlight, the work done here at the WCO directly informs policy discussions at the WTO. By sharing best practices and developing technical standards, you ensure that global trade frameworks remain both practical and responsive to real-world challenges.

    Looking ahead, we recognize the challenges that lie before us. The digitalization of trade, the need for more resilient supply chains, and the push for sustainable trade practices will all require close cooperation between the WTO and WCO. Therefore, we are seeking to deepen the WTO-WCO cooperation through a formal Memorandum of Understanding (MOU). The MOU aims to formalize our existing ties and foster even closer cooperation and consultation on issues of mutual interest, particularly in customs operations and trade policy.

    The MOU acknowledges the complexity of modern international trade and the critical role that customs administrations play in facilitating trade flows while addressing challenges, such as IP rights enforcement, supply chain security, and compliance management. It also emphasizes the importance of transparency, consistency, and integrity in customs procedures, ensuring that trade policy is aligned with practical implementation.

    Through the MOU, we will engage in specific projects in areas like commodity classification, valuation, origin determination, trade facilitation, and e-commerce. We will also explore emerging topics like green customs and the prevention of illicit trade. These initiatives will strengthen the connection between customs and trade policy while enhancing the capabilities of our members. Separate project agreements will guide the implementation of these initiatives.

    We will continue to seek the WCO’s insights and expertise as we develop policies that address emerging trends in areas such as e-commerce, digital trade, and security. Our partnership is essential in ensuring that trade policies remain relevant, adaptable, and effective.

    In conclusion, I would like to once again thank the WCO Secretary General and all of the delegates here today for your ongoing commitment to advancing global trade. At the WTO, we appreciate that your work ensures that trade moves efficiently and securely, while also shaping the existing and evolving policies that govern our trading system.

    I am confident that today’s discussions will further build upon the collaboration between the WCO and the WTO, allowing us to better address the challenges ahead and seize the opportunities that will shape the future of global trade.

    Thank you.

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    MIL OSI Economics –

  • MIL-OSI New Zealand: Parents and drivers urged to keep kids safe as schools start back

    Source: New Zealand Police (National News)

    Police are urging families to prioritise the safety of our tamariki who are preparing to head back to school over the coming weeks.

    The start of the school year is often an exciting moment for families, and road safety should be front of mind alongside your regular back-to-school checklist.

    Inspector Peter McKennie of the National Road Policing Centre says road safety around schools is something to take note of all year round and especially at the beginning of the year.

    “We continue to remind parents of the crucial role they play in teaching children about the potential dangers they face when going to and from school.

    “Show your kids the safest way to get to school and back home – including the safest places to cross – and practice it with them, so when it comes time to doing it alone, they are confident.

    “Teach them to use the marked pedestrian crossings and to look both ways before they cross, and arrange pick-up spots to meet.”

    Inspector McKennie reminds drivers to remain attentive on the road, as children can often be unpredictable and appear out of nowhere. This applies both in rural and urban areas, as their differing environments still present similar safety concerns.

    Together with our schools across the country, we all want to ensure the start of the school year is a memorable one for all the right reasons.

    ENDS

    Road safety advice for back-to-school time:

    • Be alert as children can be unpredictable and dart out onto the road.
    • Parents set the best example for our young people on how road users need to be safe and smart on our roads.
    • Be aware that there will be children on the roads cycling to and from school. Give them space and share the road.
    • The speed limit is 20km/h when driving past a stationary school bus, and you need to reduce your speed below 30km/h when passing schools.
    • Allow for plenty of time for school drop-offs so you are not rushed, and give the road your full attention.

    ENDS 

    Issued by Police Media Centre

    • Often drop off and pick up zones can be crowded before and after school. Suggesting a meeting point further down the road might be a safer option to avoid congestion around the area.
    • Take the time to show your children the safest route to get to school and back home and practice with them, including the safest places to cross. Remind them to look left and right and look out for cars.
    • Encourage your child(ren) to use the marked school crossing whether that be a pedestrian crossing, kea crossing or their school traffic wardens.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Tillis Statement on Vote to Confirm Pete Hegseth as Secretary of Defense

    US Senate News:

    Source: United States Senator for North Carolina Thom Tillis
    WASHINGTON D.C. – Today, Senator Thom Tillis released the following statement on his decision to vote to confirm Pete Hegseth as Secretary of Defense:
    “From the beginning, I have been clear about my position: if President Trump’s nominees were reported favorably out of the relevant committees, I would support their confirmation on the Senate floor absent new material information about their qualifications. Once Pete Hegseth’s nomination was sent to the floor by my colleagues on the Senate Armed Services Committee, I conducted my own due diligence, including asking tough questions of Pete and I appreciated his candor and openness in answering them. Pete has a unique perspective as a veteran of the wars in Iraq and Afghanistan and is unquestionably passionate about modernizing our military and supporting the brave patriots like himself who serve our nation. I will support his confirmation and look forward to working with him to rebuild our military and advance President Trump’s peace through strength agenda.”

    MIL OSI USA News –

  • MIL-OSI USA: Hoeven Statement on Confirmation of Pete Hegseth as Secretary Of Defense

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven

    01.24.25

    WASHINGTON – Senator John Hoeven issued the following statement after the U.S. Senate confirmed Pete Hegseth to serve as Secretary of the Department of Defense.

    “Pete Hegseth served in combat during his time in the military and has been a strong advocate for our veterans,” said Hoeven. “We look forward to working with him to modernize our military and ensure peace through strength. North Dakota plays an integral role in our national defense, with our leadership in unmanned aerial systems in Grand Forks and two legs of the nuclear deterrent in Minot, and together with the Trump administration we’ll work to continue and grow our state’s leadership as well as support our military members.”

    MIL OSI USA News –

  • MIL-OSI USA: Crapo Comments on Hegseth Confirmation

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senator Mike Crapo (R-Idaho) issued the following statement after the Senate confirmed Pete Hegseth to be Secretary of the U.S. Department of Defense (DOD), by a vote of 51-50, with Vice President JD Vance casting the tie-breaking vote:

    “For the past four years, the DOD has become too focused on identity politics and less focused on ensuring the United States Armed Forces are capable and ready to defend our national security at home and abroad.  At a time when threats to our national security are growing increasingly complex and unpredictable, we need a military that is ready for engagement from every angle.  Pete Hegseth will be an agent for change.  He will replace policies of appeasement with those of carefully-applied force.  I congratulate Secretary Hegseth on his confirmation.”

    MIL OSI USA News –

  • MIL-OSI USA: Senate Confirms Pete Hegseth as Secretary of Defense

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)
    WASHINGTON, D.C. — The United States Senate confirmed Pete Hegseth as the 29th U.S. Secretary of Defense by a vote of 51 to 50 today. U.S. Senator Kevin Cramer (R-ND), a member of the Senate Armed Services Committee, issued the following statement after voting in favor of Hegseth’s nomination:
    “Pete is a change agent and leader for a new generation. He will play a pivotal role in protecting our country and implementing President Trump’s agenda to restore our military’s strength and mission. Pete has the skills and experience to lead the Pentagon, and despite Democrats’ obstruction, I’m glad the Senate confirmed him without delay.”

    MIL OSI USA News –

  • MIL-OSI USA: January 24th, 2025 Heinrich Joins Luján, Hawley to Reintroduce RECA to Give Nuclear Radiation Victims Compensation

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich
    WASHINGTON – Today, U.S. Senator Martin Heinrich (D-N.M.) joined U.S. Senators Ben Ray Luján (D-N.M.) and Josh Hawley (R-Mo.), along with U.S. Senators Eric Schmitt (R-Mo.), and Mark Kelly (D-Ariz.) to reintroduce their Radiation Exposure Compensation (RECA) Reauthorization Act to compensate Americans exposed to radiation by government nuclear programs. 
    Despite the Senate passing this bill last Congress, the House of Representatives failed to pass RECA reauthorization before its expiration deadline.  
    “It’s long overdue for Congress to pass an extension and expansion of the Radiation Exposure Compensation Act (RECA) that includes the Tularosa Basin Downwinders whose communities and families were harmed by the fallout from the 1945 Trinity Test, the uranium miners exposed to radiation in service to our national defense, and all other Americans who were directly impacted by our nation’s nuclear testing program,” said Heinrich. “Unfortunately, RECA languished in the House of Representatives last Congress due to Republicans’ refusal to put the bill on the floor. I remain determined to finally deliver justice, recognition, and compensation to the Americans whose livelihoods and health have been devastated by the long-term consequences of radiation exposure.”
    “In New Mexico and across the country, thousands sacrificed to contribute to our national security. Today, individuals affected by nuclear weapons testing, downwind radiation exposure, and uranium mining are still waiting to receive the justice they are owed,” said Luján. “It is unacceptable that so many who have gotten sick from radiation exposure have been denied compensation by Congress. Despite having passed RECA legislation twice through the Senate with broad bipartisan support, and securing the support of the previous administration, I was disheartened that Speaker Johnson refused a vote on RECA to help victims. This Congress, I am proud to partner with Senator Hawley again to extend and expand RECA. RECA is a bipartisan priority and I am hopeful that we will once again get it through the Senate and hope the Speaker commits to getting victims the compensation they are owed.”
    “The time to reauthorize RECA is now. The Senate has done this twice before and must do it again. For far too long, Missourians and others across America have suffered without compensation from their government. It is vital that we unite to pass this legislation now, and that the President sign it into law,”said Hawley. 
    Heinrich has reintroduced legislation to extend and expand RECA since his first Senate term, starting in 2013.
    Last fall, Heinrich joined Luján, U.S. Representatives Teresa Leger Fernández (D-N.M.), Melanie Stansbury (D-N.M.), and Gabe Vasquez (D-N.M.), and advocates and survivors who traveled all the way across the country from New Mexico for a press conference calling on House Speaker Mike Johnson (R-La.) to hold a vote on a Senate-passed bill that would strengthen the Radiation Exposure Compensation Act (RECA).
    Heinrich also pressed Speaker Mike Johnson to immediately take up the Senate-passed and fully comprehensive RECA extension in bipartisan, bicameral letter. The letter, led by Luján, said in part: “We urge action immediately to strengthen the RECA program before its impending sunset in June 2024. The United States government exposed these Americans to radiation as part of our national security efforts through World War II and the Cold War. It is long past time that RECA is strengthened to give these Americans their recognition and compensation. Their livelihoods, often devastated by the long-term consequences of radiation exposure, depend on your leadership and commitment to rectifying past injustices. Let us honor the commitment we made to these citizens by ensuring they receive the support and recognition they so rightly deserve.”
    Last March, Heinrich delivered remarks on the Senate floor urging his colleagues to pass bipartisan legislation to reauthorize and expand RECA. Later that day, Heinrich secured Senate passage of bipartisan legislation to reauthorize and expand RECA to compensate individuals exposed to radiation while working in uranium mines or living downwind from atomic weapons tests. 

    MIL OSI USA News –

  • MIL-OSI USA: January 24th, 2025 Heinrich Opposes Hegseth Confirmation to Lead Pentagon

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich
    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.), a member of the Senate Select Committee on Intelligence and the Military Construction, Veterans Affairs, and Related Agencies Senate Appropriations Subcommittee, released the following statement after voting against advancing the confirmation of President Trump’s controversial and unqualified nominee to lead the U.S. Department of Defense, Pete Hegseth.
    “Pete Hegseth’s dishonorable record of sexual assault and domestic violence, drunk and disorderly conduct in public, racist, sexist, and anti-LGBTQ+ remarks, disregard for the laws of war, and financial mismanagement of the small veterans organizations he once oversaw would disqualify him from leading any organization — let alone the Pentagon.
    “This nominee’s embrace of torture tactics and disdain for the principles outlined in the Geneva Conventions and enshrined in U.S. law is also extremely alarming. As I wrote in the Senate Intelligence Committee’s report on torture in 2014, ‘torture doesn’t work.’ It undermines our nation’s credibility on human rights, produces uneven and often questionable information, and wastes millions of taxpayer dollars. It is wrong in every sense of the word, and I will not support any nominee who even entertains going down that path again. 
    “This nominee’s confirmation represents an alarming abdication of the Senate’s constitutional duty of advice and consent. President Trump and my Republican colleagues are handing the keys to the Pentagon to this unqualified and unstable person, jeopardizing our national security and making us all less safe.”

    MIL OSI USA News –

  • MIL-OSI USA: Schatz: Hawai‘i To Receive Nearly $10 Million in Federal Funding To Restore Historic Waiola Church, Hale Aloha Museum in Lāhainā

    US Senate News:

    Source: United States Senator for Hawaii Brian Schatz
    WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i) announced that Hawai‘i will receive nearly $9.8 million in new federal funding from the Federal Emergency Management Agency (FEMA) to support the ongoing recovery effort on Maui following the devastating fires. The funding, which Schatz helped secure, will help the community of Lahaina rebuild the Waiola Church, Hale Aloha Museum, the Old Lahaina Courthouse Building, and the Master’s Reading Room.
    “Waiola Church is an important part of Lahaina’s history, heritage, and community,” said Senator Schatz, a senior member of the Senate Appropriations Committee. “This new funding will help us restore some of Lahaina’s historic buildings and help bring this community back.”
    In December 2024, Schatz secured an estimated $1.6 billion in new funding for Maui’s continued recovery, aimed at building permanent housing for survivors, in addition to almost $500 million to support economic development, small business needs, water infrastructure, and more. The funding was approved following efforts led by Schatz for more than a year to press the need for long-term disaster aid both in Congress and with the Biden administration.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: DH’s enforcement operation “Pipepurge” against waterpipe smoking in no smoking areas (with photos)

    Source: Hong Kong Government special administrative region

         The Tobacco and Alcohol Control Office (TACO) of the Department of Health (DH) conducted an enforcement operation, codenamed “Pipepurge”, in Wan Chai district last night (January 24) against illegal waterpipe smoking activities in no smoking areas.

         “During the operation, officers from TACO (including plainclothes officers) carried out inspections and enforcement action at a bar in Wan Chai District, and issued a total of five fixed penalty notices (FPNs) to persons illegally smoking waterpipes. TACO’s investigation is ongoing, and prosecution may also be taken against operators of the bar who are suspected of aiding and abetting smoking offences. TACO will also refer the cases to the Liquor Licensing Board for appropriate follow-up action,” a spokesman for the DH said.

         Under the Ordinance, conducting a smoking act in a statutory no smoking area (such as indoor areas of bars or restaurants) is prohibited. Any person doing a smoking act in statutory no smoking areas is liable to a fixed penalty of $1,500. Moreover, where smoking products (including waterpipes) are sold, in bars or otherwise, the restrictions on the promotion and sale of smoking products stipulated in the Ordinance apply. Offenders are liable on summary conviction to a maximum fine of $50,000. Venue managers of statutory no smoking areas are empowered by the Ordinance to request a smoking offender cease the act; if the offender is not co-operative, the manager may contact the Police for assistance.

         In addition, under the Criminal Procedure Ordinance, any person who aids, abets, counsels or procures the commission by another person of any offence shall be guilty of the same offence.

          “The DH will continue to closely monitor and take stringent enforcement action against illegal waterpipe smoking. Last year (2024), TACO conducted 162 operations against illegal waterpipe smoking activities in no smoking areas. A total of 162 FPNs were issued against smoking offenders, while 89 summonses were issued to staff members and operators of the bars/restaurants for other related offences,” the spokeman said.  

         The spokesman reminded the public that waterpipe is also a smoking product, and its combustion of fuel (e.g. charcoal) releases carbon monoxide. Exposure to a low concentration of carbon monoxide can lead to a range of symptoms such as dizziness, headache, tiredness and nausea; whereas exposure to a high concentration of carbon monoxide can lead to impaired vision, disturbed co-ordination, unconsciousness, brain damage or even death. People should seek medical attention immediately if they suspect they are developing symptoms of carbon monoxide poisoning.

         “Due to deeper inhalation and longer smoking sessions, waterpipe users usually inhale more toxins than they would when smoking cigarettes. A typical one-hour waterpipe smoking session exposes the user to 100 to 200 times the volume of smoke inhaled from a single conventional cigarette. Moreover, sharing a waterpipe apparatus increases the risk of transmitting infectious diseases, such as tuberculosis. Furthermore, areas in bars/restaurants where waterpipes are handled or kept have been found to be unhygienic during previous enforcement action,” he said. 

         The spokesman cautions against waterpipe smoking and the use of other smoking products. Smokers should quit smoking as early as possible for their own health and that of others. For more information on the hazards of waterpipe smoking, please visit www.livetobaccofree.hk/pdfs/waterpipe_leaflet_new.pdf.      

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: WELLINGTON ROAD, HIGHLAND VALLEY (Grass Fire)

    Source: Country Fire Service – South Australia

    Issued on
    25 Jan 2025 14:03

    Issued for
    HIGHLAND VALLEY near Woodchester on Wellington Road 12 kilometers from Mount Barker.

    Warning level
    Advice – Stay Informed

    Action
    CFS is responding to a fire near Wellington Road, Woodchester 12 kilometers from Mount Barker.

    If you are in this area, stay informed and monitor local conditions. More information will be provided by the CFS when it is available.

    MIL OSI News –

  • MIL-OSI Australia: RIVOLI DRIVE, BEACHPORT (Grass Fire)

    Source: Country Fire Service – South Australia

    Advice – Reduced Threat

    We will issue a Reduced Threat message when the threat to the community has reduced.

    All bushfire incidents that have had an Advice, Watch and Act or Emergency Warning message issued will be finalised with an Advice – Reduced Threat message.

    MIL OSI News –

  • MIL-OSI China: China embraces world’s largest annual human migration

    Source: China State Council Information Office 2

    This year’s Spring Festival travel rush is poised to set new records for travel numbers, marked by several notable changes, according to China’s transport authorities.
    The world’s busiest travel season, driven by the Chinese ritual of family reunions, kicked off on Jan. 14 this year. China is anticipating a record-breaking 9 billion inter-regional trips during this year’s Spring Festival travel rush, with significant shifts, noted Wang Xiuchun, an official with the Ministry of Transport, who joined the latest episode of the China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency.
    Participants in the 40-day travel season not only include those traveling for family visits, but also a growing number of leisure tourists, Wang said. Additionally, the rise of self drive trips and the expansion of travel modes have changed the transportation mix, Wang added.
    Air travel has become an increasingly popular choice during the Spring Festival season, driven by rising demand for higher living standards, according to Shang Kejia, an official with the Civil Aviation Administration of China.
    The number of flights and passengers are expected to reach new highs this year, Shang said. Daily flights are projected to exceed 18,500, an 8.4 percent increase compared to last year, with passenger trips surpassing 90 million.
    Additionally, the diversity of air travel routes has expanded, spurred by new demands, including the rise of “reverse Spring Festival travel,” in which people travel against the flow of typical holiday movement, and the growing tourism boom, Shang explained.
    Shang noted that more international tourists are flocking to China, marking a new highlight in this year’s Spring Festival travel rush.
    The vast railway network, the backbone of China’s transport system in handling with Spring Festival travel rush, has further improved its coverage and capacity, according to Zhu Wenzhong with the China State Railway Group.
    This year, more than 14,000 trains will be on the move each day, with over 10 million seats offered, representing an almost one-third increase in capacity compared to five years ago, Zhu said.
    When highlighting new trends for this year’s travel season, Zhu noted that passenger flow toward the northeastern region is increasing, partly driven by the thriving ice and snow economy and the upcoming Asian Winter Games, which will be held in northeast China’s Heilongjiang Province. 

    MIL OSI China News –

  • MIL-OSI China: New ‘Boonie Bears’ film takes fans to the future for Chinese New Year

    Source: China State Council Information Office 3

    “Boonie Bears,” an enduring animated franchise featuring the titular sibling bears, is set to return to the domestic film market next week with its 11th installment, “Boonie Bears: Future Reborn.”

    The creative team poses for a photo with the audience at the premiere of “Boonie Bears: Future Reborn” in Beijing on Jan. 22, 2025. [Photo courtesy of Fantawild Animation]

    The new film carries forward the franchise’s recent venture into sci-fi storytelling, exploring themes of time travel and dystopia. The story centers on Vick the logger, alongside Xiao Liang, a teenager thrust from the future into an unexpected adventure. Joined by the lovable bears Briar and Bramble, they find themselves a century in the future, where Earth is overrun by monstrous mutant spore plants. Together, they must find and defeat the villain threatening the plaet’s safety.

    Opening on Jan. 29, the first day of the Chinese New Year, this film serves as the finale for the franchise’s sci-fi subseries, which includes five installments. “We have explored themes of artificial intelligence, aerospace, and multiverse timelines. The decision to choose an apocalyptic theme for this new installment reflects our perspective on reality,” said Shang Linlin, the film’s chief producer and executive president of Fantawild Animation, during the premiere in Beijing on Jan. 22.

    Shang continued: “In recent years, many people have likely felt a sense of powerlessness and confusion, feeling as if we, as individuals, are insignificant. Despite this, I believe we all yearn for hope and light. By setting this story 100 years in the future during a time of disaster, we show that even in the face of great difficulties, hope endures. With the arrival of the Chinese New Year, we hope the film will bring joy and warmth to everyone and inspire us to embrace a beautiful life in the new year, encouraging us to forge an even better future.”

    Shang added that these sci-fi titles are designed to spark imagination and creativity in both children and adults, encouraging innovation and paving the way for the future.”

    Director Lin Yongchang explained that in an effort to transcend the usual monotonous and bleak depictions of dystopia, the creative team crafted a vivid and colorful world for the film, emphasizing their goal to make it a joyful experience for families. In portraying Vick the logger, they aim to showcase the character’s growth, demonstrating how an ordinary person can overcome difficulties and confront challenges.

    “He represents everyone around us, which aligns perfectly with our storyline, especially when he asks, ‘Can I be brave again?’” Lin said. “I hope his change of heart and newfound bravery can inspire courage and hope in those facing hardships.”

    Shang also underscored the film’s focus on environmental issues, highlighting the urgent message it conveys. “We are witnessing increasingly frequent extreme weather and an alarming rise in global temperatures. The Antarctic glaciers are melting. If we continue to ignore these signs, we cannot guarantee what the world will look like in 100 years. Every decision we make today, whether good or bad, will impact future generations,” she said.

    Lin further noted the incorporation of Chinese cultural elements throughout the film, emphasizing the importance of familial bonds. “Our ‘Boonie Bears’ films carry the responsibility of telling great Chinese stories and showcasing our culture to the world,” he said. The new installment will also be released internationally, although specific dates have not yet been announced.

    A poster for “Boonie Bears: Future Reborn.” [Image courtesy of Fantawild Animation]

    In just over a decade, the ambitious film franchise launched in 2013 has grown from a budding concept into a major player, shifting from child-focused animal animation to action-packed family entertainment.

    The first 10 theatrical releases have collectively grossed over 7.7 billion yuan ($1.06 billion), with last year’s “Boonie Bears: Time Twist” earning a remarkable 1.98 billion yuan, making it the highest-grossing installment to date. The franchise also includes 19 animated series, spanning about 2,000 episodes, which have been exported to more than 130 countries and broadcast on over 300 TV networks and platforms in multiple languages.

    MIL OSI China News –

  • MIL-OSI China: Mainland confirms Taiwan inspection tour applications by tourism operators in Fujian, Shanghai

    Source: People’s Republic of China – State Council News

    Mainland confirms Taiwan inspection tour applications by tourism operators in Fujian, Shanghai

    BEIJING, Jan. 24 — A Chinese mainland spokesperson on Friday confirmed that tourism operators in eastern Fujian Province and Shanghai Municipality had submitted applications to Taiwan authorities for inspection tours of the island.

    Chen Binhua, spokesperson for the Taiwan Affairs Office of the State Council, said in response to a media query that tourism industries on both sides of the Taiwan Strait had shown high enthusiasm for restoring cross-Strait tourist trips, adding that tourism operators of the two sides have been actively coordinating with each other.

    On Jan. 17, the Ministry of Culture and Tourism announced that the Chinese mainland would soon resume group tour services to Taiwan for residents of Fujian and Shanghai.

    “We hope that the tourism operators’ inspection trips to Taiwan will be successful, thereby laying a good foundation for the upcoming resumption of group tours by Fujian and Shanghai residents to the island,” the spokesperson said.

    MIL OSI China News –

  • MIL-OSI China: Chinese Foreign Ministry holds 2025 New Year reception

    Source: People’s Republic of China – State Council News

    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, hosts the Chinese Foreign Ministry’s 2025 New Year reception at the Beijing Performing Arts Center in Beijing, capital of China, Jan. 24, 2025. [Photo/Xinhua]

    BEIJING, Jan. 24 — Foreign Minister Wang Yi hosted the Chinese Foreign Ministry’s 2024 New Year reception at the Beijing Performing Arts Center on Friday.

    The event was attended by Yin Li, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and secretary of the CPC Beijing Municipal Committee, along with diplomatic envoys from various countries, representatives of international organizations in China, and representatives of Chinese government departments. Around 400 people attended the event in total.

    Wang, also a member of the Political Bureau of the CPC Central Committee, said that China’s foreign service has held high the banner of building a community with a shared future for mankind, strived for peace, and fulfilled its responsibility for development. China’s diplomatic efforts have brought more stability and positive energy to a turbulent world, he added.

    Wang noted that in the past year, diplomatic envoys and representatives of international organizations have visited different parts of China to build bridges of friendship between the peoples, and devoted and contributed their strength to the friendship and cooperation between China and the countries they represent.

    China will work with all countries to bear in mind the well-being of the entire world and rise above estrangement and conflict. “Together, let us promote friendship and cooperation, enhance mutual learning among different cultures, and build a community with a shared future for mankind,” he said.

    Martin Mpana, dean of the foreign diplomatic corps in China and Cameroon’s ambassador to China, sent best wishes to the Chinese people for a happy New Year on behalf of the diplomatic corps. He said that China’s diplomacy demonstrates its responsibility as a major country and makes important contributions to addressing the growing uncertainties and challenges in the world. Countries around the world are willing to deepen friendship, intensify exchanges and strengthen cooperation with China to build a community with a shared future for mankind, he said.

    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, hosts the Chinese Foreign Ministry’s 2025 New Year reception at the Beijing Performing Arts Center in Beijing, capital of China, Jan. 24, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: China renews yellow alerts for cold wave, heavy fog

    Source: People’s Republic of China – State Council News

    BEIJING, Jan. 25 — China’s meteorological authority renewed a yellow alert for a cold wave on Saturday, as most parts of the country will see temperatures plunge by 8-12 degrees Celsius over the next three days.

    During the period, some areas in the eastern part of northwest China, as well as western sections of north China and Sichuan plateau are expected to experience declines of over 14 degrees Celsius, said the National Meteorological Center (NMC).

    The NMC has advised the public to keep warm, and called for necessary measures to protect crops and aquatic products.

    The center also renewed a yellow alert for heavy fog, warning that visibility in some areas including the Qiongzhou Strait, the coastal waters of the Leizhou Peninsula and Guangxi will be reduced to less than 1 kilometer, and in some instances, even below 500 meters from Saturday morning to evening.

    Drivers have been asked to maintain safe speeds, while airports, freeways and ports have been instructed to take appropriate safety measures.

    China has a four-tier color-coded warning system for severe weather, with red being the most serious, followed by orange, yellow and blue.

    MIL OSI China News –

  • MIL-OSI New Zealand: Fatal crash, Buchanans Road, Hei Hei

    Source: New Zealand Police (National News)

    One person has died following a two-vehicle crash in Hei Hei this afternoon.

    Police were called to Buchanans Road at around 1.40pm.

    Sadly, one person died at the scene.

    The road remains closed while the Serious Crash Unit conduct a scene examination.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI USA: California Attorney General Bonta Issues Statement on Trump Administration’s Anti-Abortion Actions

    Source: US State of California

    Friday, January 24, 2025

    Contact: (916) 210-6000, agpressoffice@doj.ca.gov

    OAKLAND — California Attorney General Rob Bonta today issued the following statement in response to President Trump pardoning 23 individuals convicted under the federal Freedom of Access to Clinic Entrances (FACE) Act, his U.S. Department of Justice limiting enforcement of that law, and the President issuing new Executive Orders targeting abortion rights:

    “President Trump may say that he cares about law and order, but his recent pardons tell a very different story. He has pardoned over 1,500 individuals who stormed the U.S. Capitol on January 6, 2021. Not only did those individuals try to stop the peaceful transfer of power, many of them violently assaulted law enforcement officers. Now, he has pardoned people whose actions threatened, harassed, and harmed abortion patients, providers, and clinics.  

    California has been and will continue to be a safe haven for reproductive rights. With the news that the Trump Administration will also be limiting enforcement of the federal FACE Act and that the President has signed Executive Orders targeting abortion rights, we will not hesitate to take up the mantle of safety and access that they are abandoning. State law — specifically, the California FACE Act — requires that people have access to abortion care safely, confidentially, and in a timely manner. If any person infringes on that right, they can and will be held accountable by my office or local prosecutors.”  

    BACKGROUND AND RESOURCES

    The California Attorney General’s Office has also put together a training video on the California FACE Act, which can be viewed here. A copy of the training video materials can be accessed here and here.  

    The following resources also provide relevant information: 

    # # #

    MIL OSI USA News –

  • MIL-OSI USA: Groundbreaking of Cora Whitley Family Center Promises More Job Opportunity in Tacoma, Says Cantwell

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    01.24.25
    Groundbreaking of Cora Whitley Family Center Promises More Job Opportunity in Tacoma, Says Cantwell
    Cantwell secured $3 million for the project in the FY2024 budget; Will nearly double capacity at one of Tacoma’s top day cares, so more local parents can seek full-time work
    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA) released this statement in advance of tomorrow’s groundbreaking of the Multicultural Child and Family Hope Center’s Cora Whitley Family Center in Tacoma’s Hilltop neighborhood.
    “Once complete, the Cora Whitley Family Center will open up nearly 250 more spots at one of Tacoma’s best day cares — nearly doubling the previous capacity – and hire about 100 more people. The expanded day care will give more Tacoma parents the freedom to seek full-time jobs, helping the local economy grow and thrive. The new family center will also free up space in the Multicultural Child and Family Hope Center’s existing building, so the organization can provide more family resources, veteran services, and homeless outreach to uplift the community,” Sen. Cantwell said.
    Sen. Cantwell advocated for and secured $3 million in funding for the project as part of the FY 2024 congressionally directed spending process. The Cora Whitley Family Center project was one of dozens of community-led projects across the state that received funding thanks to Sen. Cantwell’s efforts.
    The Multicultural Child and Family Hope Center currently provides child care for about 250 children. The expansion will open up at least 242 more spots, and create more than 100 new jobs.
    With child care moving to the new 32,000 sq. ft. building, the center will have more space in its current building for their many other services including parenting services like classes, a diaper bank, and free Sunday grocery store, as well as intervention and outreach services ranging from peer therapeutic drug court services, homeless street outreach, mental health services, veteran services, and substance support programs.
    Sen. Cantwell is a strong advocate of expanding child care options in the State of Washington to meet the needs of individual communities. In June, she visited Rosemary’s Place in Dayton to meet with child care providers and discuss how to make care more accessible and affordable for families.

    MIL OSI USA News –

  • MIL-OSI Australia: Serious assault at Hendon

    Source: South Australia Police

    Police are investigating a domestic assault at Hendon this afternoon.

    About 12.20pm Saturday 25 January emergency services were called to a home on Avro Avenue after reports that a person had sustained a stab wound.

    The victim has been taken to hospital in a critical condition, while the suspect was arrested at the scene.

    More details will be provided when known.

    Avro Avenue is currently closed while police are at the scene.

    Anyone with information that may assist is asked to contact Crime Stoppers on 1800 333 000 or online at www.crimestopperssa.com.au – you can remain anonymous

    MIL OSI News –

  • MIL-OSI USA: Attorney General James and Acting Tax Commissioner Hiller Announce Conviction of Capital Region Car Dealership Owner for Failing to Pay Over $160,000 in Taxes 

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James and Acting Commissioner of the New York State Department of Taxation and Finance (DTF) Amanda Hiller today announced the sentencing of Guy Kennedy Nicolas of Colonie, New York and his business, G&A Auto Care, Inc., for stealing over $160,000 in sales tax by underreporting more than $2 million in taxable sales. An investigation led by the Office of the Attorney General (OAG) found that Nicolas failed to file annual sales tax returns for his car dealership business for all but two years from 2013 to 2023. Nicolas and his company pleaded guilty to felony charges in November 2024 and yesterday judgments were entered against them requiring them to pay back the full amount of the stolen sales tax. Nicolas was also sentenced yesterday to five years of probation.

    “When New York businesses fail to pay taxes, they cheat New Yorkers out of critical resources that support education, health care, transportation, and other essential services,” said Attorney General James. “Guy Nicolas and his business violated the law and failed to pay over $160,000 in sales tax, and he was ordered to pay back what he owes. My office will continue to hold anyone accountable who attempts to defraud the tax system and cheat hardworking New Yorkers.”

    “We appreciate the efforts of the Attorney General’s office in prosecuting those who seek to evade tax laws,” said Acting Tax Commissioner Amanda Hiller. “This case and others like it will help level the playing field for honest business owners across the state.”

    “The sentencing of Mr. Nicolas sends a strong message that dishonest business practices will not be tolerated in New York State,” said New York State Police Superintendent Steven G. James. “This sentencing demonstrates that collaborative work among law enforcement partners is vital in reaching the same goal: holding those who break our laws accountable. I thank the Attorney General’s Office and the Department of Taxation and Finance for their shared commitment to investigating those who deceive others for their own gain.”

    “Having a license to operate a car dealership in New York carries a responsibility to follow the law in the process of running that business, including paying your taxes,” said DMV Commissioner Mark J.F. Schroeder. “I am pleased that our team was able to assist in this case and I applaud the efforts of the Office of the Attorney General and partner agencies to hold this business accountable on behalf of all New Yorkers.”

    As the owner of G&A Auto Care, Inc., Nicolas was the sole person responsible for sales tax at his business. Nicolas was required to report all taxable sales, including sales of cars, from his dealership and file sales tax returns on at least a yearly basis. A joint investigation by OAG, DTF, and the New York State Police (NYSP), with assistance from the New York State Department of Motor Vehicles (DMV) found that from at least 2013 through 2023, G&A Auto Care, Inc. and Nicolas failed to file all but two annual sales tax returns. According to an audit conducted by OAG, between June 2013 and March 2023, Nicolas failed to report more than $2 million in total sales and stole over $160,000 in sales tax due.

    In November 2024, Nicolas and his business pleaded guilty to Grand Larceny in the Second Degree, a class C felony. Yesterday, G&A Auto Care, Inc. and Nicolas were sentenced in Albany County Court before Judge William T. Little. Nicolas was sentenced to five years of probation, and G&A Auto Care, Inc. was sentenced to a three-year conditional discharge. As part of their sentences, both defendants admitted to the full amount of sales tax owed and had judgments entered against them requiring them to pay back the $160,000 owed to the state. 

    Attorney General James thanks DTF, NYSP Financial Crimes Unit and Special Investigations Unit, and DMV for their invaluable assistance on this case. 

    This case is the latest example of Attorney General James taking action to ensure all New Yorkers pay their fair share in taxes. In November 2024, Attorney General James secured more than $6 million from Sotheby’s for tax fraud. In December 2023, Attorney General James recovered $1.8 million from the owner of a New York City diner for failing to report more than $650,000 in cash receipts and lying on tax statements. In August 2023, Attorney General James and Acting Tax Commissioner Hiller announced the conviction of a Nassau County auto body shop owner for failing to pay over $700,000 in taxes.

    The case was prosecuted by Assistant Attorneys General John R. Healy and Philip V. Apruzzese of the Criminal Enforcement and Financial Crimes Bureau (CEFC). Forensic accounting was performed by Senior Auditor Investigator Brenna Magruder, under the supervision of Deputy Chief Auditor Sandy Bizzarro, and Chief Auditor Kristen Fabbri. Analytical work was provided by Legal Support Analysts Kai Tsurumaki and Brooke Starkey, under the supervision of Deputy Supervising Analyst Jayleen Garcia and Chief Analyst Paul Strocko. CEFC is led by Bureau Chief Stephanie Swenton and Deputy Bureau Chief Joseph G. D’Arrigo.

    The OAG investigation was conducted by Detective Jason Johnston, under the supervision of Assistant Chief Samuel Scotellaro and Deputy Chief Juanita Bright of the Major Investigations Unit. The Investigations Bureau is led by Chief Investigator Oliver Pu-Folkes. Both the Investigations Bureau and CEFC are part of the Division of Criminal Justice, which is led by Chief Deputy Attorney General Jose Maldonado. The Division of Criminal Justice is overseen by First Deputy Attorney General Jennifer Levy.

    MIL OSI USA News –

  • MIL-OSI USA: “America’s Best Deserves the Best” – Senator Hassan Outlines Risk Pete Hegseth Poses to U.S. National Security in Senate Floor Speech

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan
    WASHINGTON – In a speech on the Senate floor, U.S. Senator Maggie Hassan (D-NH) today outlined how Pete Hegseth’s lack of qualifications to serve as Secretary of Defense would put U.S. national security, and our men and women in uniform, at risk.
    Some key quotes from the Senator’s remarks include:
    “Unfortunately, it is clear that Mr. Hegseth does not have the skills, experience, record, or character to lead a department that has a budget of more than $800 billion, and is the largest employer of men and women in our country, and is tasked with safeguarding our nation’s security and freedom.”
    “If Mr. Hegseth could not and did not effectively manage organizations with around 100 employees, surely no one can actually believe that he is ready to manage one of 3.4 million people.”
    “In the past, when we have looked for leaders of our armed forces, we have searched for our country’s best and brightest; the most gifted minds of America’s boardrooms, the brightest stars to come out of West Point, the most revered public servants to serve in these halls… we did not need then, nor do we need now to turn to the green rooms of cable TV networks for the Secretary of Defense.”
    “Surely the armed forces of the United States of America…the victors of the Ardennes, of Gettysburg, and Midway and a thousand places in between and since…surely, they need a leader who they can have full faith in; surely America’s best deserves the best.”
    “There are strong, experienced, and able members of the President’s party whose views align with his who could be exceptional leaders of the Department of Defense. Mr. Hegseth is not one of them.”
    Click here to see Senator Hassan’s remarks, or see a transcript below:
    Mister President, I rise right now and today for the purpose of joining my colleagues from both sides of the aisle in opposing Mr. Hegseth’s nomination as Secretary of Defense. I appreciate Mr. Hegseth’s military service, indeed when evaluating his nomination, his service was what I appreciated most about his background.
    But unfortunately, it is clear that Mr. Hegseth does not have the skills, experience, record, or character to lead a department that has a budget of more than $800 billion, and is the largest employer of men and women in our country, and is tasked with safeguarding our nation’s security and freedom.
    We take pride as Americans in the fact that our military is the very best. The standard of excellence and professionalism set by the men and women of our armed forces is central to our military’s success and our country’s success.
    This high standard of competency and character, of both unmatched ability and uncommon virtue, is why America’s armed forces command the respect of our friends, the fear of our foes, and the abiding faith of freedom-loving people everywhere.
    America boasts the greatest fighting force in the history of the world…the heroes who serve in our armed forces deserve a leader who is worthy of that greatness. And Mr. Hegseth is plainly not up to that task.
    Like many of my colleagues, I have concerns regarding Mr. Hegseth’s character – the documented accusations about his excessive and uncontrolled drinking, his sexual harassment, sexual assault, and now, accusations of being abusive to his ex-wife.
    It is ironic that Mr. Hegseth and some of my colleagues have dismissed these concerns as partisan, because sadly if this wasn’t a partisan confirmation process – for example, if my Republican colleagues were considering hiring Mr. Hegseth to join their staffs – we would all agree that these accusations would immediately be disqualifying.
    Mr. Hegseth dismisses these multiple accusations from disparate people as “a coordinated smear campaign.” I don’t think that the concerns of his former colleagues, friends, and family should be quickly dismissed as smears. And many other of the nominees who are being considered by this body aren’t facing similar accusations even though there are people who vehemently oppose their confirmation. Which begs the question of why Mr. Hegseth continues to face multiple, similar accusations from different sources. But for a moment, let’s do as Mr. Hegseth asks and put aside these accusations.
    Let us say for a moment that those who occupy the highest positions in public life shouldn’t be above reproach, though indeed they should;
    Let us say that our service members do not deserve a leader whose strength of character matches their own, though I believe they do;
    And let us say for a moment that character does not count, though indeed it surely always does.
    Let us, in short, ignore everything that Mr. Hegseth demanded we ignore in his hearing. Even if we did that, I would submit that based on experience alone, Mr. Hegseth is plainly unqualified for the job as Secretary of Defense.
    The Secretary of Defense is responsible for a budget of more than $800 billion and responsible for 3.4 million employees who serve on every continent across the globe. To lead the Defense Department is a daunting task that requires leadership and managerial skills of the highest order.
    However, Mr. Hegseth’s managerial experience begins and ends with his leadership at two small nonprofits. And his tenure at both resulted in concerns about his financial mismanagement at their helm. If Mr. Hegseth could not and did not effectively manage organizations with around 100 employees, surely no one can actually believe that he is ready to manage one of 3.4 million people. 
    We live in a dangerous and uncertain world. Iran and its proxies continue to menace our forces in the Middle East. Vladimir Putin is on the march in Europe. North Korea persists in testing our allies and testing its missiles. And China…China looks with a conqueror’s gaze toward Taiwan.
    To my Republican colleagues, I understand that you wish to support President Trump. But Presidents are sometimes wrong. We are talking about our nation’s vital security. We are considering the confirmation of the person who will be entrusted to marshal our resources as the enemy approaches, attacks our cyber defenses, or invades an ally.
    It matters. It matters that we have the right person in this job. It matters that we get this one right. Surely there is someone in this great country of brilliant and brave people of all political stripes who is more capable; who has the experience and character necessary to forge under pressure the judgement that will keep us safe and free.
    This is America, we have the finest fighting force ever assembled, we have more strength and power than any fighting force has had in human history.
    And in the past, when we have looked for leaders of our armed forces, we have searched for our country’s best and brightest; the most gifted minds of America’s boardrooms, the brightest stars to come out of West Point, the most revered public servants to serve in these halls… we did not need then, nor do we need now to turn to the green rooms of cable TV networks for the Secretary of Defense.
    Tomorrow marks the 80th anniversary of the [end of the] Battle of the Bulge, a campaign in which my father served. In freezing temperatures, outnumbered and often undersupplied, our forces held the line against Hitler’s onslaught. Our soldiers won because they were brave, they won because they were skilled, and they won because they were well led.
    Surely the armed forces of the United States of America…the victors of the Ardennes, of Gettysburg, and Midway and a thousand places in between and since…surely, they need a leader who they can have full faith in; surely America’s best deserves the best.
    Government’s most important task is to keep America safe, secure, and free. It is a complex, fast moving, and evolving challenge. It is a job that at times presents its occupant, the Secretary of Defense, no good or easy options. It is, in short, a deadly serious job where both success and failure have enormous ramifications. It’s a job that depends on experience and character – the prerequisites for good judgement – like no other.
    No Senator should vote for someone who they can only hope will learn on the job. Not for the Secretary of Defense. No Senator should vote for a nominee on the hope that he will display more personal discipline once he gets the job.
    There are strong, experienced, and able members of the President’s party whose views align with his who could be exceptional leaders of the Department of Defense. Mr. Hegseth is not one of them. I urge my colleagues to reject this nominee, and I yield the floor.

    MIL OSI USA News –

  • MIL-OSI USA: Cornyn Praises Pres. Trump for Dismantling Biden’s Discriminatory DEI Regime

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    WASHINGTON – Today on the floor, U.S. Senator John Cornyn (R-TX) tore into the Biden-Harris administration’s DEI regime and praised President Trump for dismantling it as one of his first actions of this new administration. Excerpts of Sen. Cornyn’s remarks are below, and video can be found here.

    “It’s been four days… since President Trump took the oath of office as the 47th President of the United States.”

    “I’m particularly pleased to see him dismantling the Biden-Harris administration’s DEI regime throughout the federal government.”

    “DEI initiatives do the exact opposite of what they purport to do, and they fly directly in the face of everything that America stands for.”

    “The policies that were intended to end racial discrimination have evolved into the modern DEI apparatus, creating a new kind of discrimination, something we sought to avoid but which has now crept back into our country.”

    “President Trump’s actions earlier this week are not a reversal of the progress we’ve made since the civil rights movement. They are better understood as the righting of the ship back to what Congress and the nation intended to accomplish: a nation where all people have a chance to succeed or fail based on their merit and not on race.”

    “This action by President Trump, rather than reversing progress, is a return to the ideal that the United States of America should have always stood for but unfortunately did not, which is that the equal dignity and equal treatment of every American under the law.”

    MIL OSI USA News –

  • MIL-OSI China: China, US should find right way to get along in new era: Wang Yi

    Source: China State Council Information Office 3

    China and the United States should find the right way to get along in the new era, Chinese Foreign Minister Wang Yi said in a phone conversation with U.S. Secretary of State Marco Rubio held at the latter’s request on Friday.

    Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, said Chinese President Xi Jinping held an important phone call with U.S. President Donald Trump last Friday and reached a series of consensus. The development of the China-U.S. relations have ushered in a new important node, Wang said.

    Xi comprehensively expounded China’s policy to the United States, and Trump responded positively, expressing his expectation to maintain good relations with Xi and emphasizing that U.S.-China cooperation can solve many problems in the world, Wang said.

    The two heads of state have pointed out the direction and set the tone for China-U.S. relations, said Wang.

    The teams of both sides should follow through on the important consensus reached by the two heads of state, maintain communication, control differences, expand cooperation based on the principles of mutual respect, peaceful coexistence and win-win cooperation, promote the stable, healthy and sustainable development of China-U.S. relations, and find the right way for China and the United States to get along in the new era, he said.

    Wang said that the Communist Party of China’s leadership is the choice of the Chinese people. China’s development has a clear historical logic and a strong innate driving force, he said, adding China’s goal is to deliver a better life to the people and make greater contributions to the world.

    China has no intention to overtake or replace any country, but must safeguard its legitimate rights to development, he said.

    Elaborating on China’s principle and position on the Taiwan question, Wang asked the United States to handle it with caution.

    Taiwan has been an integral part of China’s territory since ancient times, Wang said, stressing that China will never allow Taiwan to be separated from the motherland.

    Wang noted that the United States made solemn commitments to the one-China policy in the three China-U.S. joint communiques and should not go back on its word.

    For his part, Rubio said that the United States and China are two great nations. The U.S.-China relations are the most important bilateral relationship of the 21st century and will shape the future of the world, he said.

    The United States is willing to engage in candid communication with China, resolve differences properly, manage bilateral relations in a mature and cautious way, jointly address global challenges and maintain world peace and stability, he said.

    Rubio said the United States does not support “Taiwan independence” and hopes the Taiwan question can be resolved by peaceful means which are acceptable to both sides of the Taiwan Strait.

    Wang said major countries should act like major countries and should take on their due international responsibilities, safeguard world peace and help all countries achieve common development.

    Wang expressed his hope that Rubio would make the right decisions and play a constructive role for the future of the Chinese and the American people, as well as for global peace and stability.

    MIL OSI China News –

  • MIL-OSI Security: Oahu Man Sentenced to Over 16 Years in Federal Prison for Drug Trafficking And Illegal Gambling Charges

    Source: Office of United States Attorneys

    HONOLULU – Acting United States Attorney Kenneth M. Sorenson announced that Maliu Tauheluhelu, 40, of Honolulu, was sentenced yesterday in federal court by U.S. District Judge Jill A. Otake to 200 months of imprisonment followed by 5 years of supervised release, for conspiring to distribute methamphetamine and cocaine, and conspiring to operate illegal gambling businesses. Tauheluhelu pleaded guilty to two counts of an Indictment on February 15, 2024.

    Tauheluhelu admitted to conspiring with his co-defendants, Maafu Pani, Touanga Niu, and Desmond Morris, to possessing with intent to distribute methamphetamine and cocaine between 2020 and 2022. Tauheluhelu obtained multi-pound shipments of methamphetamine and cocaine on Oahu and arranged for its distribution throughout Hawaii, including to Maui.

    Tauheluhelu admitted that during this same time period, he, Pani, and Niu also conspired to operate illegal gambling businesses on Oahu and Maui. Tauheluhelu operated multiple illegal gambling businesses on Oahu, including one at 980 Queen Street, and a “VIP room” operating out of Tauheluhelu’s Staxx Sports Bar & Grill location in Waianae.

    Pani, Niu, and Morris each pled guilty to federal felonies and were sentenced earlier in 2024 for their roles in the conspiracy. Pani was sentenced to 192 months of imprisonment, Niu was sentenced to 30 months of imprisonment, and Morris was sentenced to 72 months of imprisonment.

    “This sentence demonstrates that those who traffic dangerous drugs and operate illegal game rooms will face serious consequences,” stated Acting U.S. Attorney Sorenson. “We are committed to holding criminal enterprises accountable and protecting our community from the destruction caused by drugs like methamphetamine. Illegal game rooms, like those run by Tauheluhelu, are magnets for violence and criminal activity. This outcome is the result of exceptional coordination and effort by our federal, state, and local law enforcement partners.”

    “Yesterday’s sentencing reflects years of collaboration among multiple law enforcement agencies to dismantle a dangerous criminal organization,” said FBI Honolulu Special Agent in Charge David Porter. “The FBI—in coordination with our partners across all levels of government—will continue to use every available resource to protect our communities and bring these criminal enterprises to justice.”

    “Our collective efforts send a clear and decisive message: criminal enterprises that exploit and endanger our communities should think twice, as there is zero tolerance for such actions,” said Maui Chief of Police John Pelletier. “We are deeply grateful to our federal partners—FBI Honolulu and the DEA—and to the dedicated MPD officers and personnel who worked tirelessly to bring this operation to a successful conclusion. This achievement was made possible by the unwavering commitment, shared resources, and intelligence of all the involved agencies, reaffirming our dedication to keeping our communities safe for residents and visitors.”

    This prosecution was 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.

    This case was investigated by the Federal Bureau of Investigation and Task Force Officers from the Maui Police Department, with assistance from the Maui Police Department, the Bureau of Alcohol, Tobacco, Firearms & Explosives, and the Drug Enforcement Administration.

    Assistant U.S. Attorney Margaret Nammar prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Wapato Man Sentenced to Prison for Making Unlawful Sexual Contact with a 13-Year-Old Child

    Source: Office of United States Attorneys

    Yakima, Washington – United States Attorney Vanessa Waldref announced that on January 24, 2025, United States District Judge Mary K. Dimke sentenced Geordell Devon Arthur, age 23, of Wapato, Washington, to 12 months in federal prison on one count of unlawful sexual contact. Judge Dimke also imposed 5 years of supervised release. Arthur will be required to register as a sex offender. At sentencing, Arthur faced a maximum sentence of two years imprisonment, and he was sentenced within the applicable sentencing guidelines range for his offense.

    According to court documents and information presented at the sentencing hearing, Arthur, who was 19 at the time, made unlawful sexual contact with a 13-year-old girl at a location on the Yakama Nation Indian Reservation on or around May 10, 2021. The victim explained to investigators that Arthur’s friends confronted the victim and threatened her with harm if she spoke to law enforcement.

    “The harm to victims in cases like these cannot be understated,” said U.S. Attorney Waldref. “It takes courage for victims to come forward, especially when an abuser attempts to silence them. My office is committed to prioritizing offenses against our community’s youngest and most vulnerable victims.”

    “Mr. Arthur assaulted and then tried to intimidate his victim into silence.” said W. Mike Herrington, Special Agent in Charge of the FBI’s Seattle field office. “However, she displayed courage instead of fear and now her attacker is headed to prison. I applaud her actions as well as those of the investigators who seek justice for victims of these appalling crimes.”

    The FBI and the Yakama Nation Police Department investigated the case. Assistant United States Attorney Michael Murphy prosecuted the case.

    1:24-CR-2050-MKD

    MIL Security OSI –