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MIL-OSI: Univest Financial Corporation Reports Third Quarter Results

Source: GlobeNewswire (MIL-OSI)

SOUDERTON, Pa., Oct. 23, 2024 (GLOBE NEWSWIRE) — Univest Financial Corporation (“Univest” or the “Corporation”) (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. (the “Bank”) and its insurance, investments and equipment financing subsidiaries, announced net income for the quarter ended September 30, 2024 was $18.6 million, or $0.63 diluted earnings per share, compared to net income of $17.0 million, or $0.58 diluted earnings per share, for the quarter ended September 30, 2023.

Loans
Gross loans and leases increased $45.9 million, or 0.7% (2.8% annualized), from June 30, 2024, primarily due to increases in commercial real estate and residential mortgage loans, partially offset by decreases in construction and commercial loans. Gross loans and leases increased $163.5 million, or 2.5% (3.3% annualized), from December 31, 2023, primarily due to increases in commercial, commercial real estate and residential mortgage loans, partially offset by a decrease in construction loans.

Deposits and Liquidity
Total deposits increased $358.8 million, or 5.5% (22.0% annualized), from June 30, 2024, primarily due to seasonal increases in public funds partially offset by decreases in commercial, consumer and brokered deposits. Total deposits increased $478.4 million, or 7.5% (10.0% annualized), from December 31, 2023, primarily due to increases in commercial, brokered, and seasonal public funds deposits. Noninterest-bearing deposits totaled $1.3 billion and represented 19.3% of total deposits at September 30, 2024, compared to $1.4 billion representing 21.5% of total deposits at June 30, 2024. Unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.4 billion at September 30, 2024 and June 30, 2024. This represented 20.3% of total deposits at September 30, 2024, compared to 22.1% at June 30, 2024.

As of September 30, 2024, the Corporation reported on balance sheet cash and cash equivalents totaling $504.7 million. The Corporation and its subsidiaries had committed borrowing capacity of $3.6 billion at September 30, 2024, of which $1.8 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $468.0 million at September 30, 2024. Future availability under these uncommitted funding sources is subject to the prerogatives of the granting banks and may be withdrawn at will.

Net Interest Income and Margin
Net interest income of $53.2 million for the third quarter of 2024 decreased $386 thousand, or 0.7%, from the third quarter of 2023 and increased $2.2 million, or 4.3%, from the second quarter of 2024. The decrease in net interest income for the three months ended September 30, 2024 compared to the same period in the prior year reflects the continued pressure on the cost of deposits due to the shift of balances from lower to higher cost deposit products which exceeded the increase in interest income from asset yield expansion and the increase in average interest-earning assets. However, we continue to see indicators of stabilization in cost of funds and our funding mix. The increase in net interest income for the three months ended September 30, 2024 compared to the three months ended June 30, 2024 was due to higher average balances of interest-earning assets and increased yields on these assets, partially offset by higher interest-bearing liability balances and costs.

Net interest margin, on a tax-equivalent basis, was 2.82% for the third quarter of 2024, compared to 2.84% for the second quarter of 2024 and 2.96% for the third quarter of 2023. Excess liquidity reduced net interest margin by approximately nine basis points for the quarter ended September 30, 2024 compared to approximately two basis points for the quarter ended June 30, 2024 and approximately four basis points for the quarter ended September 30, 2023. Excluding the impact of excess liquidity, the net interest margin, on a tax-equivalent basis, was 2.91% for the quarter ended September 30, 2024 compared to 2.86% for the quarter ended June 30, 2024 and 3.00% for the quarter ended September 30, 2023.

Noninterest Income
Noninterest income for the quarter ended September 30, 2024 was $20.2 million, an increase of $1.5 million, or 7.8%, from the comparable period in the prior year.

Investment advisory commission and fee income increased $476 thousand, or 9.8%, for the quarter ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to increased assets under management and supervision driven by new business and market appreciation. Insurance commission and fee income increased $386 thousand, or 8.0%, for the quarter ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to an increase in commercial lines premiums. Other income increased $1.2 million, or 512.3%, for the quarter ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to an increase of $705 thousand in gains on the sale of Small Business Administration loans.

Other service fee income decreased $1.2 million, or 39.9%, for the quarter ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to a $785 thousand valuation allowance recorded on mortgage servicing rights driven by the increase in prepayment speed assumptions as a result of the decrease in interest rates during the quarter. Additionally, net servicing fees on sold mortgage loans decreased by $307 thousand, primarily attributable to the sale of mortgage servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024 and increased amortization driven by prepayments.

Noninterest Expense
Noninterest expense for the quarter ended September 30, 2024 was $48.6 million, a decrease of $436 thousand, or 0.9%, from the comparable period in the prior year.

Other expense decreased $808 thousand, or 11.0%, for the quarter ended September 30, 2024 primarily due to decreases in retirement plan costs, insurance expense, recruiter fees, and bank shares tax expense.

Professional fees decreased $184 thousand, or 10.4%, for the quarter ended September 30, 2024 primarily driven by a reduction in consultant fees. Deposit insurance premiums decreased $161 thousand, or 12.8%, for the quarter ended September 30, 2024 driven by an improvement in the financial ratios that contribute to our deposit insurance assessment rate.

Salaries, benefits and commissions increased $724 thousand, or 2.4%, for the quarter ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to increases in salary expense and an increase in incentive compensation due to increased profitability, partially offset by an increase in compensation capitalized driven by higher loan production.

Tax Provision
The effective income tax rate was 20.6% for the quarter ended September 30, 2024, compared to an effective tax rate of 20.0% for the quarter ended September 30, 2023. The effective tax rates for the three months ended September 30, 2024 and 2023 reflected the benefits of tax-exempt income from investments in municipal securities and loans and leases. The increase in effective tax rate in the quarter was primarily due to increases in state tax rates.

Asset Quality and Provision for Credit Losses
Nonperforming assets totaled $36.6 million at September 30, 2024 and June 30, 2024, and $40.1 million at September 30, 2023.

Net loan and lease charge-offs were $820 thousand for the three months ended September 30, 2024 compared to $809 thousand and $969 thousand for the three months ended June 30, 2024 and September 30, 2023, respectively.

The provision for credit losses was $1.4 million for the three months ended September 30, 2024 compared to $707 thousand and $2.0 million for the three months ended June 30, 2024 and September 30, 2023, respectively. The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment was 1.28% at September 30, 2024, June 30, 2024 and September 30, 2023.

Dividend and Share Repurchases
On October 23, 2024, Univest declared a quarterly cash dividend of $0.21 per share to be paid on November 20, 2024 to shareholders of record as of November 6, 2024. During the quarter ended September 30, 2024, the Corporation repurchased 156,728 shares of common stock at an average price of $26.47 per share. Including brokerage fees and excise tax, the average price per share was $26.76. As of September 30, 2024, 539,646 shares are available for repurchase under the Share Repurchase Plan. On October 23, 2024, the Corporation’s Board of Directors approved an increase of 1,000,000 shares available for repurchase under the Corporation’s share repurchase program.

Conference Call
Univest will host a conference call to discuss third quarter 2024 results on Thursday, October 24, 2024 at 9:00 a.m. EST. Participants may preregister at https://www.netroadshow.com/events/login?show=27c257f2&confId=71976. The general public can access the call by dialing 1-833-470-1428; using Access Code 752766. A replay of the conference call will be available through December 24, 2024 by dialing 1-866-813-9403; using Access Code 807549.

About Univest Financial Corporation
Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $8.2 billion in assets and $5.3 billion in assets under management and supervision through its Wealth Management lines of business at September 30, 2024. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations primarily in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices and online at www.univest.net.

This press release and the reports Univest files with the Securities and Exchange Commission often contain “forward-looking statements” relating to trends or factors affecting the financial services industry and, specifically, the financial condition and results of operations, business, prospects and strategies of Univest. These forward-looking statements involve certain risks and uncertainties in that there are a number of important factors that could cause Univest’s future financial condition, results of operations, business, prospects or strategies to differ materially from those expressed or implied by the forward-looking statements. These factors include, but are not limited to: (1) competition and demand for financial services in our market area; (2) inflation and/or changes in interest rates, which may adversely impact our margins and yields, reduce the fair value of our financial instruments, reduce our loan originations and/or lead to higher operating costs and higher costs we pay to retain and attract deposits; (3) changes in asset quality, prepayment speeds, loan sale volumes, charge-offs and/or credit loss provisions; (4) changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; (5) our ability to access cost-effective funding; (6) changes in economic conditions nationally and in our market, including potential recessionary conditions and the levels of unemployment in our market area; (7) economic assumptions or changes in our methodology, either of which may impact our allowance for credit losses calculation; (8) legislative, regulatory, accounting or tax changes; (9) monetary and fiscal policies of the U.S. government, including the policies of the Board of Governors of the Federal Reserve System; (10) technological issues that may adversely affect our operations or those of our customers; (11) a failure or breach in our operational or security systems or infrastructure, including cyberattacks; (12) changes in the securities markets; (13) the current or anticipated impact of military conflict, terrorism or other geopolitical events; (14) our ability to enter into new markets successfully and capitalize on growth opportunities and/or (15) risk factors mentioned in the reports and registration statements Univest files with the Securities and Exchange Commission.

(UVSP – ER)

Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
September 30, 2024
(Dollars in thousands)

Balance Sheet (Period End)	09/30/24			06/30/24			03/31/24			12/31/23			09/30/23
ASSETS
Cash and due from banks	$	78,346		$	66,808		$	49,318		$	72,815		$	68,900
Interest-earning deposits with other banks		426,354			124,103			152,288			176,984			221,441
Cash and cash equivalents		504,700			190,911			201,606			249,799			290,341
Investment securities held-to-maturity		137,681			140,112			143,474			145,777			149,451
Investment securities available for sale, net of allowance for credit losses		354,100			342,776			350,819			351,553			334,538
Investments in equity securities		2,406			2,995			3,355			3,293			4,054
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost		40,235			37,438			37,394			40,499			42,417
Loans held for sale		17,131			28,176			13,188			11,637			16,473
Loans and leases held for investment		6,730,734			6,684,837			6,579,086			6,567,214			6,574,958
Less: Allowance for credit losses, loans and leases		(86,041	)		(85,745	)		(85,632	)		(85,387	)		(83,837	)
Net loans and leases held for investment		6,644,693			6,599,092			6,493,454			6,481,827			6,491,121
Premises and equipment, net		47,411			48,174			48,739			51,441			51,287
Operating lease right-of-use assets		29,260			29,985			30,702			31,795			31,053
Goodwill		175,510			175,510			175,510			175,510			175,510
Other intangibles, net of accumulated amortization		7,158			7,701			7,473			10,950			11,079
Bank owned life insurance		138,744			137,823			137,896			131,344			130,522
Accrued interest and other assets		106,708			114,753			102,958			95,203			100,220
Total assets	$	8,205,737		$	7,855,446		$	7,746,568		$	7,780,628		$	7,828,066

LIABILITIES
Noninterest-bearing deposits	$	1,323,953		$	1,397,308		$	1,401,806		$	1,468,320		$	1,432,559
Interest-bearing deposits:		5,530,195			5,098,014			5,003,552			4,907,461			5,006,606
Total deposits		6,854,148			6,495,322			6,405,358			6,375,781			6,439,165
Short-term borrowings		8,256			11,781			4,816			6,306			14,676
Long-term debt		225,000			250,000			250,000			310,000			320,000
Subordinated notes		149,136			149,011			148,886			148,761			148,636
Operating lease liabilities		32,246			33,015			33,744			34,851			34,017
Accrued expenses and other liabilities		59,880			62,180			60,095			65,721			64,374
Total liabilities		7,328,666			7,001,309			6,902,899			6,941,420			7,020,868

SHAREHOLDERS’ EQUITY
Common stock, $5 par value: 48,000,000 shares authorized and 31,556,799 shares issued		157,784			157,784			157,784			157,784			157,784
Additional paid-in capital		301,262			300,166			298,914			301,066			300,171
Retained earnings		512,938			500,482			488,790			474,691			464,634
Accumulated other comprehensive loss, net of tax benefit		(41,623	)		(54,124	)		(54,740	)		(50,646	)		(71,586	)
Treasury stock, at cost		(53,290	)		(50,171	)		(47,079	)		(43,687	)		(43,805	)
Total shareholders’ equity		877,071			854,137			843,669			839,208			807,198
Total liabilities and shareholders’ equity	$	8,205,737		$	7,855,446		$	7,746,568		$	7,780,628		$	7,828,066


	For the three months ended,															For the nine months ended,
Balance Sheet (Average)	09/30/24			06/30/24			03/31/24			12/31/23			09/30/23			09/30/24		09/30/23
Assets	$	8,005,265		$	7,721,540		$	7,696,575		$	7,865,634		$	7,693,983		$	7,808,514	$	7,453,070
Investment securities, net of allowance for credit losses		493,334			493,140			500,983			489,587			506,341			495,810		513,704
Loans and leases, gross		6,730,791			6,640,536			6,577,365			6,594,233			6,537,169			6,649,860		6,359,498
Deposits		6,641,324			6,353,752			6,303,854			6,470,141			6,222,710			6,433,737		5,968,659
Shareholders’ equity		864,406			844,572			842,546			814,941			811,515			850,559		802,541

Univest Financial Corporation
Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited)
September 30, 2024
(Dollars in thousands)

Summary of Major Loan and Lease Categories (Period End)	09/30/24			06/30/24			03/31/24			12/31/23			09/30/23
Commercial, financial and agricultural	$	1,044,043		$	1,055,332		$	1,014,568		$	989,723		$	1,050,004
Real estate-commercial		3,442,083			3,373,889			3,283,729			3,302,798			3,275,140
Real estate-construction		285,616			313,229			379,995			394,462			427,561
Real estate-residential secured for business purpose		530,674			532,628			524,196			517,002			516,471
Real estate-residential secured for personal purpose		969,562			952,665			922,412			909,015			861,122
Real estate-home equity secured for personal purpose		182,901			179,150			177,446			179,282			176,855
Loans to individuals		26,794			26,430			27,200			27,749			27,331
Lease financings		249,061			251,514			249,540			247,183			240,474
Total loans and leases held for investment, net of deferred income		6,730,734			6,684,837			6,579,086			6,567,214			6,574,958
Less: Allowance for credit losses, loans and leases		(86,041	)		(85,745	)		(85,632	)		(85,387	)		(83,837	)
Net loans and leases held for investment	$	6,644,693		$	6,599,092		$	6,493,454		$	6,481,827		$	6,491,121


Asset Quality Data (Period End)	09/30/24			06/30/24			03/31/24			12/31/23			09/30/23
Nonaccrual loans and leases, including nonaccrual loans held for sale*	$	15,319		$	16,200		$	20,363		$	20,527		$	18,085
Accruing loans and leases 90 days or more past due		310			205			268			534			2,135
Total nonperforming loans and leases		15,629			16,405			20,631			21,061			20,220
Other real estate owned		20,915			20,007			19,220			19,032			19,916
Repossessed assets		79			149			167			–			–
Total nonperforming assets	$	36,623		$	36,561		$	40,018		$	40,093		$	40,136
Nonaccrual loans and leases / Loans and leases held for investment		0.23	%		0.24	%		0.31	%		0.31	%		0.28	%
Nonperforming loans and leases / Loans and leases held for investment		0.23	%		0.25	%		0.31	%		0.32	%		0.31	%
Nonperforming assets / Total assets		0.45	%		0.47	%		0.52	%		0.52	%		0.51	%

Allowance for credit losses, loans and leases	$	86,041		$	85,745		$	85,632		$	85,387		$	83,837
Allowance for credit losses, loans and leases / Loans and leases held for investment		1.28	%		1.28	%		1.30	%		1.30	%		1.28	%
Allowance for credit losses, loans and leases / Nonaccrual loans and leases		561.66	%		529.29	%		420.53	%		415.97	%		463.57	%
Allowance for credit losses, loans and leases / Nonperforming loans and leases		550.52	%		522.68	%		415.06	%		405.43	%		414.62	%
*Includes a $5.8 million loan held for sale at September 30, 2023.

	For the three months ended,															For the nine months ended,
	09/30/24			06/30/24			03/31/24			12/31/23			09/30/23			09/30/24			09/30/23
Net loan and lease charge-offs	$	820		$	809		$	1,406		$	1,074		$	969		$	3,035		$	4,323
Net loan and lease charge-offs (annualized)/Average loans and leases		0.05	%		0.05	%		0.09	%		0.06	%		0.06	%		0.06	%		0.09	%

Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
September 30, 2024
(Dollars in thousands, except per share data)
	For the three months ended,										For the nine months ended,
For the period:	09/30/24		06/30/24		03/31/24		12/31/23		09/30/23		09/30/24		09/30/23
Interest income	$	106,438	$	99,832	$	98,609	$	101,232	$	97,106	$	304,879	$	270,498
Interest expense		53,234		48,805		47,142		48,472		43,516		149,181		103,261
Net interest income		53,204		51,027		51,467		52,760		53,590		155,698		167,237
Provision for credit losses		1,414		707		1,432		1,931		2,024		3,553		8,839
Net interest income after provision for credit losses		51,790		50,320		50,035		50,829		51,566		152,145		158,398
Noninterest income:
Trust fee income		2,110		2,008		2,108		1,943		1,910		6,226		5,789
Service charges on deposit accounts		2,037		1,982		1,871		1,960		1,816		5,890		5,088
Investment advisory commission and fee income		5,319		5,238		5,194		4,561		4,843		15,751		14,303
Insurance commission and fee income		5,238		5,167		7,201		4,596		4,852		17,606		16,447
Other service fee income		1,815		3,044		6,415		2,967		3,020		11,274		9,414
Bank owned life insurance income		921		1,086		842		823		806		2,849		2,362
Net gain on sales of investment securities		18		–		–		–		–		18		–
Net gain on mortgage banking activities		1,296		1,710		939		809		1,216		3,945		2,880
Other income		1,396		745		1,025		961		228		3,166		1,921
Total noninterest income		20,150		20,980		25,595		18,620		18,691		66,725		58,204
Noninterest expense:
Salaries, benefits and commissions		30,702		30,187		31,338		29,321		29,978		92,227		90,867
Net occupancy		2,723		2,679		2,872		2,751		2,594		8,274		7,935
Equipment		1,107		1,088		1,111		1,066		1,087		3,306		3,066
Data processing		4,154		4,161		4,495		4,444		4,189		12,810		12,355
Professional fees		1,579		1,466		1,688		1,768		1,763		4,733		5,373
Marketing and advertising		490		715		416		632		555		1,621		1,548
Deposit insurance premiums		1,097		1,098		1,135		1,350		1,258		3,330		3,475
Intangible expenses		164		188		187		212		220		539		726
Restructuring charges		–		–		–		189		–		–		1,330
Other expense		6,536		7,126		6,832		7,313		7,344		20,494		21,641
Total noninterest expense		48,552		48,708		50,074		49,046		48,988		147,334		148,316
Income before taxes		23,388		22,592		25,556		20,403		21,269		71,536		68,286
Income tax expense		4,810		4,485		5,251		4,149		4,253		14,546		13,436
Net income	$	18,578	$	18,107	$	20,305	$	16,254	$	17,016	$	56,990	$	54,850
Net income per share:
Basic	$	0.64	$	0.62	$	0.69	$	0.55	$	0.58	$	1.95	$	1.86
Diluted	$	0.63	$	0.62	$	0.69	$	0.55	$	0.58	$	1.94	$	1.86
Dividends declared per share	$	0.21	$	0.21	$	0.21	$	0.21	$	0.21	$	0.63	$	0.63
Weighted average shares outstanding		29,132,948		29,246,977		29,413,999		29,500,147		29,479,066		29,264,161		29,410,852
Period end shares outstanding		29,081,108		29,190,640		29,337,919		29,511,721		29,508,128		29,081,108		29,508,128

Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
September 30, 2024

	For the three months ended,															For the nine months ended,
Profitability Ratios (annualized)	09/30/24			06/30/24			03/31/24			12/31/23			09/30/23			09/30/24			09/30/23

Return on average assets		0.92	%		0.94	%		1.06	%		0.82	%		0.88	%		0.97	%		0.98	%
Return on average assets, excluding restructuring		0.92	%		0.94	%		1.06	%		0.83	%		0.88	%		0.97	%		1.00	%
charges (1)
Return on average shareholders’ equity		8.55	%		8.62	%		9.69	%		7.91	%		8.32	%		8.95	%		9.14	%
Return on average shareholders’ equity, excluding		8.55	%		8.62	%		9.69	%		7.99	%		8.32	%		8.95	%		9.31	%
restructuring charges (1)
Return on average tangible common equity (1)(3)		10.84	%		11.01	%		12.38	%		10.23	%		10.77	%		11.40	%		11.87	%
Return on average tangible common equity, excluding		10.84	%		11.01	%		12.38	%		10.32	%		10.77	%		11.40	%		12.10	%
restructuring charges (1)(3)
Net interest margin (FTE)		2.82	%		2.84	%		2.88	%		2.84	%		2.96	%		2.85	%		3.22	%
Efficiency ratio (2)		65.7	%		67.1	%		64.6	%		68.3	%		67.3	%		65.8	%		65.3	%
Efficiency ratio, excluding restructuring charges (1)(2)		65.7	%		67.1	%		64.6	%		68.0	%		67.3	%		65.8	%		64.7	%

Capitalization Ratios

Dividends declared to net income		33.0	%		33.9	%		30.5	%		38.1	%		36.4	%		32.4	%		33.8	%
Shareholders’ equity to assets (Period End)		10.69	%		10.87	%		10.89	%		10.79	%		10.31	%		10.69	%		10.31	%
Tangible common equity to tangible assets (1)		8.71	%		8.81	%		8.80	%		8.70	%		8.22	%		8.71	%		8.22	%
Common equity book value per share	$	30.16		$	29.26		$	28.76		$	28.44		$	27.36		$	30.16		$	27.36
Tangible common equity book value per share (1)	$	24.05		$	23.17		$	22.70		$	22.41		$	21.32		$	24.05		$	21.32

Regulatory Capital Ratios (Period End)
Tier 1 leverage ratio		9.53	%		9.74	%		9.65	%		9.36	%		9.43	%		9.53	%		9.43	%
Common equity tier 1 risk-based capital ratio		10.88	%		10.72	%		10.71	%		10.58	%		10.32	%		10.88	%		10.32	%
Tier 1 risk-based capital ratio		10.88	%		10.72	%		10.71	%		10.58	%		10.32	%		10.88	%		10.32	%
Total risk-based capital ratio		14.27	%		14.09	%		14.11	%		13.90	%		13.58	%		14.27	%		13.58	%

(1) Non-GAAP metric. A reconciliation of this and other non-GAAP to GAAP performance measures is included below.
(2) Noninterest expense to net interest income before loan loss provision plus noninterest income adjusted for tax equivalent income.
(3) Net income before amortization of intangibles to average tangible common equity.

Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
	For the Three Months Ended,
Tax Equivalent Basis	September 30, 2024							June 30, 2024
	Average			Income/		Average		Average			Income/		Average
(Dollars in thousands)	Balance			Expense		Rate		Balance			Expense		Rate
Assets:
Interest-earning deposits with other banks	$	270,724		$	3,624	5.33	%	$	84,546		$	1,108	5.27	%
Obligations of state and political subdivisions*		1,283			7	2.17			1,269			7	2.22
Other debt and equity securities		492,051			3,706	3.00			491,871			3,741	3.06
Federal Home Loan Bank, Federal Reserve Bank and other stock		38,769			742	7.61			37,286			700	7.55
Total interest-earning deposits, investments and other interest-earning assets		802,827			8,079	4.00			614,972			5,556	3.63

Commercial, financial, and agricultural loans		997,465			18,459	7.36			983,615			17,447	7.13
Real estate—commercial and construction loans		3,592,556			52,672	5.83			3,549,206			50,577	5.73
Real estate—residential loans		1,692,361			21,127	4.97			1,660,489			20,413	4.94
Loans to individuals		26,651			549	8.20			26,821			542	8.13
Tax-exempt loans and leases		232,159			2,565	4.40			230,495			2,476	4.32
Lease financings		189,599			3,275	6.87			189,910			3,105	6.58
Gross loans and leases		6,730,791			98,647	5.83			6,640,536			94,560	5.73
Total interest-earning assets		7,533,618			106,726	5.64			7,255,508			100,116	5.55
Cash and due from banks		62,902							56,387
Allowance for credit losses, loans and leases		(86,517	)						(86,293	)
Premises and equipment, net		47,989							48,725
Operating lease right-of-use assets		29,620							30,344
Other assets		417,653							416,869
Total assets	$	8,005,265						$	7,721,540

Liabilities:
Interest-bearing checking deposits	$	1,215,166		$	8,824	2.89	%	$	1,094,150		$	7,311	2.69	%
Money market savings		1,849,628			21,213	4.56			1,692,759			19,131	4.55
Regular savings		727,395			878	0.48			759,960			929	0.49
Time deposits		1,491,560			17,255	4.60			1,422,113			16,134	4.56
Total time and interest-bearing deposits		5,283,749			48,170	3.63			4,968,982			43,505	3.52

Short-term borrowings		8,210			1	0.05			29,506			242	2.30
Long-term debt		247,826			2,781	4.46			250,000			2,777	4.47
Subordinated notes		149,068			2,282	6.09			148,943			2,281	6.16
Total borrowings		405,104			5,064	4.97			428,449			5,300	4.98
Total interest-bearing liabilities		5,688,853			53,234	3.72			5,397,431			48,805	3.64
Noninterest-bearing deposits		1,357,575							1,384,770
Operating lease liabilities		32,627							33,382
Accrued expenses and other liabilities		61,804							61,385
Total liabilities		7,140,859							6,876,968
Total interest-bearing liabilities and noninterest-bearing deposits (“Cost of Funds”)		7,046,428				3.01			6,782,201				2.89

Shareholders’ Equity:
Common stock		157,784							157,784
Additional paid-in capital		300,565							299,426
Retained earnings and other equity		406,057							387,362
Total shareholders’ equity		864,406							844,572
Total liabilities and shareholders’ equity	$	8,005,265						$	7,721,540
Net interest income				$	53,492						$	51,311

Net interest spread						1.92							1.91
Effect of net interest-free funding sources						0.90							0.93
Net interest margin						2.82	%						2.84	%
Ratio of average interest-earning assets to average interest-bearing liabilities		132.43	%						134.43	%

* Obligations of states and political subdivisions are tax-exempt earning assets.
Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.
Net interest income includes net deferred costs amortization of $897 thousand and $698 thousand for the three months ended September 30, 2024 and June 30, 2024,, respectively.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the three months ended September 30, 2024 and June 30, 2024 have been calculated using the Corporation’s federal applicable rate of 21.0%.

Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
	For the Three Months Ended September 30,
Tax Equivalent Basis	2024							2023
	Average			Income/		Average		Average			Income/		Average
(Dollars in thousands)	Balance			Expense		Rate		Balance			Expense		Rate
Assets:
Interest-earning deposits with other banks	$	270,724		$	3,624	5.33	%	$	143,109		$	1,865	5.17	%
Obligations of state and political subdivisions*		1,283			7	2.17			2,281			16	2.78
Other debt and equity securities		492,051			3,706	3.00			504,060			3,540	2.79
Federal Home Loan Bank, Federal Reserve Bank and other stock		38,769			742	7.61			40,406			712	6.99
Total interest-earning deposits, investments and other interest-earning assets		802,827			8,079	4.00			689,856			6,133	3.53

Commercial, financial, and agricultural loans		997,465			18,459	7.36			995,355			17,545	6.99
Real estate—commercial and construction loans		3,592,556			52,672	5.83			3,552,709			49,548	5.53
Real estate—residential loans		1,692,361			21,127	4.97			1,543,360			18,270	4.70
Loans to individuals		26,651			549	8.20			26,538			525	7.85
Tax-exempt loans and leases		232,159			2,565	4.40			234,685			2,430	4.11
Lease financings		189,599			3,275	6.87			184,522			2,928	6.30
Gross loans and leases		6,730,791			98,647	5.83			6,537,169			91,246	5.54
Total interest-earning assets		7,533,618			106,726	5.64			7,227,025			97,379	5.35
Cash and due from banks		62,902							62,673
Allowance for credit losses, loans and leases		(86,517	)						(83,827	)
Premises and equipment, net		47,989							52,071
Operating lease right-of-use assets		29,620							31,647
Other assets		417,653							404,394
Total assets	$	8,005,265						$	7,693,983

Liabilities:
Interest-bearing checking deposits	$	1,215,166		$	8,824	2.89	%	$	1,070,063		$	6,703	2.49	%
Money market savings		1,849,628			21,213	4.56			1,645,210			17,850	4.30
Regular savings		727,395			878	0.48			828,672			861	0.41
Time deposits		1,491,560			17,255	4.60			1,140,622			11,668	4.06
Total time and interest-bearing deposits		5,283,749			48,170	3.63			4,684,567			37,082	3.14

Short-term borrowings		8,210			1	0.05			93,028			1,117	4.76
Long-term debt		247,826			2,781	4.46			320,000			3,036	3.76
Subordinated notes		149,068			2,282	6.09			148,568			2,281	6.09
Total borrowings		405,104			5,064	4.97			561,596			6,434	4.55
Total interest-bearing liabilities		5,688,853			53,234	3.72			5,246,163			43,516	3.29
Noninterest-bearing deposits		1,357,575							1,538,143
Operating lease liabilities		32,627							34,788
Accrued expenses and other liabilities		61,804							63,374
Total liabilities		7,140,859							6,882,468
Total interest-bearing liabilities and noninterest-bearing deposits (“Cost of Funds”)		7,046,428				3.01			6,784,306				2.54

Shareholders’ Equity:
Common stock		157,784							157,784
Additional paid-in capital		300,565							299,575
Retained earnings and other equity		406,057							354,156
Total shareholders’ equity		864,406							811,515
Total liabilities and shareholders’ equity	$	8,005,265						$	7,693,983
Net interest income				$	53,492						$	53,863

Net interest spread						1.92							2.06
Effect of net interest-free funding sources						0.90							0.90
Net interest margin						2.82	%						2.96	%
Ratio of average interest-earning assets to average interest-bearing liabilities		132.43	%						137.76	%

* Obligations of states and political subdivisions are tax-exempt earning assets.
Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.
Net interest income includes net deferred costs amortization of $897 thousand and $563 thousand for the three months ended September 30, 2024 and 2023, respectively.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the three months ended September 30, 2024 and 2023 have been calculated using the Corporation’s federal applicable rate of 21.0%.

Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
	For the Nine Months Ended September 30,
Tax Equivalent Basis	2024							2023
	Average			Income/		Average		Average			Income/		Average
(Dollars in thousands)	Balance			Expense		Rate		Balance			Expense		Rate
Assets:
Interest-earning deposits with other banks	$	159,114		$	6,341	5.32	%	$	79,630		$	2,856	4.80	%
Obligations of state and political subdivisions*		1,500			26	2.32			2,284			48	2.81
Other debt and equity securities		494,310			11,094	3.00			511,420			10,547	2.76
Federal Home Loan Bank, Federal Reserve Bank and other stock		38,392			2,166	7.54			39,664			2,102	7.09
Total interest-earning deposits, investments and other interest-earning assets		693,316			19,627	3.78			632,998			15,553	3.29

Commercial, financial, and agricultural loans		972,003			52,429	7.21			997,590			50,002	6.70
Real estate—commercial and construction loans		3,572,375			153,890	5.75			3,447,551			137,929	5.35
Real estate—residential loans		1,657,142			61,095	4.92			1,478,871			51,216	4.63
Loans to individuals		26,928			1,639	8.13			26,859			1,453	7.23
Tax-exempt loans and leases		231,679			7,505	4.33			233,211			7,159	4.10
Lease financings		189,733			9,549	6.72			175,416			8,128	6.20
Gross loans and leases		6,649,860			286,107	5.75			6,359,498			255,887	5.38
Total interest-earning assets		7,343,176			305,734	5.56			6,992,496			271,440	5.19
Cash and due from banks		58,070							59,811
Allowance for credit losses, loans and leases		(86,435	)						(81,829	)
Premises and equipment, net		49,098							52,067
Operating lease right-of-use assets		30,359							31,384
Other assets		414,246							399,141
Total assets	$	7,808,514						$	7,453,070

Liabilities:
Interest-bearing checking deposits	$	1,163,526		$	24,353	2.80	%	$	980,725		$	15,259	2.08	%
Money market savings		1,749,592			59,564	4.55			1,532,318			43,020	3.75
Regular savings		752,336			2,712	0.48			900,448			2,375	0.35
Time deposits		1,384,576			47,019	4.54			845,635			22,231	3.51
Total time and interest-bearing deposits		5,050,030			133,648	3.54			4,259,126			82,885	2.60

Short-term borrowings		15,919			248	2.08			195,606			7,094	4.85
Long-term debt		263,380			8,441	4.28			245,366			6,438	3.51
Subordinated notes		148,944			6,844	6.14			148,444			6,844	6.16
Total borrowings		428,243			15,533	4.85			589,416			20,376	4.62
Total interest-bearing liabilities		5,478,273			149,181	3.64			4,848,542			103,261	2.85
Noninterest-bearing deposits		1,383,707							1,709,533
Operating lease liabilities		33,389							34,548
Accrued expenses and other liabilities		62,586							57,906
Total liabilities		6,957,955							6,650,529
Total interest-bearing liabilities and noninterest-bearing deposits (“Cost of Funds”)		6,861,980				2.90			6,558,075				2.11

Shareholders’ Equity:
Common stock		157,784							157,784
Additional paid-in capital		300,224							299,550
Retained earnings and other equity		392,551							345,207
Total shareholders’ equity		850,559							802,541
Total liabilities and shareholders’ equity	$	7,808,514						$	7,453,070
Net interest income				$	156,553						$	168,179

Net interest spread						1.92							2.34
Effect of net interest-free funding sources						0.93							0.88
Net interest margin						2.85	%						3.22	%
Ratio of average interest-earning assets to average interest-bearing liabilities		134.04	%						144.22	%

* Obligations of states and political subdivisions are tax-exempt earning assets.
Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.
Net interest income includes net deferred costs amortization of $2.0 million and $1.7 million for the nine months ended September 30, 2024 and 2023, respectively.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the nine months ended September 30, 2024 and 2023 have been calculated using the Corporation’s federal applicable rate of 21.0%.

Univest Financial Corporation
Loan Portfolio Overview (Unaudited)
September 30, 2024

(Dollars in thousands)
Industry Description	Total Outstanding Balance		% of Commercial Loan Portfolio
CRE – Retail	$	458,230	8.6	%
Animal Production		384,554	7.2	%
CRE – Multi-family		340,181	6.4	%
CRE – 1-4 Family Residential Investment		295,454	5.6	%
CRE – Office		294,508	5.6	%
CRE – Industrial / Warehouse		254,019	4.8	%
Hotels & Motels (Accommodation)		186,130	3.5	%
Specialty Trade Contractors		180,486	3.4	%
Nursing and Residential Care Facilities		167,467	3.2	%
Education		167,282	3.2	%
Motor Vehicle and Parts Dealers		129,799	2.4	%
Repair and Maintenance		127,927	2.4	%
Merchant Wholesalers, Durable Goods		125,009	2.4	%
Homebuilding (tract developers, remodelers)		120,040	2.2	%
CRE – Mixed-Use – Residential		110,137	2.1	%
Crop Production		104,343	2.0	%
Wood Product Manufacturing		93,505	1.8	%
Food Services and Drinking Places		88,178	1.7	%
Real Estate Lenders, Secondary Market Financing		85,171	1.6	%
Rental and Leasing Services		79,876	1.5	%
Religious Organizations, Advocacy Groups		73,802	1.4	%
Fabricated Metal Product Manufacturing		72,794	1.4	%
CRE – Mixed-Use – Commercial		72,268	1.4	%
Administrative and Support Services		71,787	1.4	%
Personal and Laundry Services		71,184	1.3	%
Merchant Wholesalers, Nondurable Goods		69,363	1.3	%
Amusement, Gambling, and Recreation Industries		69,052	1.3	%
Miniwarehouse / Self-Storage		65,176	1.2	%
Food Manufacturing		61,472	1.1	%
Truck Transportation		52,570	1.0	%
Industries with >$50 million in outstandings	$	4,471,764	84.3	%
Industries with <$50 million in outstandings	$	830,652	15.7	%
Total Commercial Loans	$	5,302,416	100.0	%


Consumer Loans and Lease Financings	Total Outstanding Balance
Real Estate-Residential Secured for Personal Purpose		969,562
Real Estate-Home Equity Secured for Personal Purpose		182,901
Loans to Individuals		26,794
Lease Financings		249,061
Total – Consumer Loans and Lease Financings	$	1,428,318

Total	$	6,730,734

Univest Financial Corporation
Non-GAAP Reconciliation
September 30, 2024

Non-GAAP to GAAP Reconciliation
Management uses non-GAAP measures in its analysis of the Corporation’s performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the non-GAAP financial measures, which exclude the impact of the specified items, provides useful supplemental information that is essential to a proper understanding of the financial results of the Corporation. See the table below for additional information on non-GAAP measures used throughout this earnings release.

	As of or for the three months ended,															As of or for the nine months ended,
(Dollars in thousands)	09/30/24			06/30/24			03/31/24			12/31/23			09/30/23			09/30/24			09/30/23
Restructuring charges (a)	$	–		$	–		$	–		$	189		$	–		$	–		$	1,330
Tax effect of restructuring charges		–			–			–			(40	)		–			–			(279	)
Restructuring charges, net of tax	$	–		$	–		$	–		$	149		$	–		$	–		$	1,051

Net income	$	18,578		$	18,107		$	20,305		$	16,254		$	17,016		$	56,990		$	54,850
Amortization of intangibles, net of tax		130			149			148			167			174			426			574
Net income before amortization of intangibles	$	18,708		$	18,256		$	20,453		$	16,421		$	17,190		$	57,416		$	55,424

Shareholders’ equity	$	877,071		$	854,137		$	843,669		$	839,208		$	807,198		$	877,071		$	807,198
Goodwill		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)
Other intangibles (b)		(2,147	)		(2,157	)		(2,273	)		(2,405	)		(2,558	)		(2,147	)		(2,558	)
Tangible common equity	$	699,414		$	676,470		$	665,886		$	661,293		$	629,130		$	699,414		$	629,130

Total assets	$	8,205,737		$	7,855,446		$	7,746,568		$	7,780,628		$	7,828,066		$	8,205,737		$	7,828,066
Goodwill		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)
Other intangibles (b)		(2,147	)		(2,157	)		(2,273	)		(2,405	)		(2,558	)		(2,147	)		(2,558	)
Tangible assets	$	8,028,080		$	7,677,779		$	7,568,785		$	7,602,713		$	7,649,998		$	8,028,080		$	7,649,998

Average shareholders’ equity	$	864,406		$	844,572		$	842,546		$	814,941		$	811,515		$	850,559		$	802,541
Average goodwill		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)
Average other intangibles (b)		(2,086	)		(2,222	)		(2,318	)		(2,477	)		(2,680	)		(2,209	)		(2,913	)
Average tangible common equity	$	686,810		$	666,840		$	664,718		$	636,954		$	633,325		$	672,840		$	624,118

(a) Associated with branch optimization and headcount rationlization expense management strategies
(b) Amount does not include mortgage servicing rights

The MIL Network –

January 25, 2025

MIL-OSI: Bel Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

Sales and Gross Margin Percentage Above Mid-Point of Expected Ranges
Provides Q4-24 Sales and Gross Margin Guidance

WEST ORANGE, N.J., Oct. 23, 2024 (GLOBE NEWSWIRE) — Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the third quarter of 2024.

Third Quarter 2024 Highlights

Net sales of $123.6 million compared to $158.7 million in Q3-23
Gross profit margin of 36.1%, up from 35.0% in Q3-23
Net earnings of $8.1 million versus $19.4 million in Q3-23
Adjusted EBITDA of $20.6 million (16.7% of sales) as compared to $29.9 million (18.8% of sales) in Q3-23
Repurchased 26,647 shares of Bel stock at an aggregate cost of $1.9 million in Q3-24

“We were pleased that our third quarter results landed above the midpoint of guidance for both sales and gross margin,” said Daniel Bernstein, President and CEO. “Each of our three product segments performed as expected, given the current market, regulatory and seasonal factors outlined in last quarter’s disclosures and on the Q2 earnings call.

“During the third quarter, the team focused on a variety of operational and other internal initiatives. With our announcement of the signing our definitive purchase agreement in September, we welcomed Enercon to the Bel family and are positioned to introduce new customers, end markets and geographies to our Power segment upon the closing expected later this quarter. In a project scheduled to be completed during the first quarter of 2025, our fuse manufacturing, located in China, will be consolidated into other existing Bel facilities thus reducing our footprint further. The fuse initiative is anticipated to achieve annual cost savings of approximately $1.5 million once completed. We are also pleased to announce the addition of two senior associates in newly-created positions to Bel’s corporate team. Uma Pengali has joined as Global Head of Sales and Marketing and Anubhav Gothi has joined as Bel’s Global Head of Contracts. We believe Uma and Anubhav will be instrumental contributors to Bel’s long-term success,” concluded Mr. Bernstein.

Farouq Tuweiq, CFO, added, “We have started to see positive trends in bookings during the months of September and October across each of our product segments, which is a positive indicator as we enter 2025. These green shoots are largely in our networking and industrial markets, and in the distribution channel. Looking to the fourth quarter of 2024, we expect GAAP net sales in the range of $117 to $125 million with gross margins of approximately 34 – 36%, based on information available as of today. This guidance excludes any potential incremental contribution related to the previously-announced acquisition of Enercon, which is expected to close during the fourth quarter.

“Overall, we are encouraged by the sequential improvement in market conditions that we are seeing and believe this will bode well for 2025. We are excited to continue our journey of growth and continuous improvement with our new team members,” concluded Mr. Tuweiq.

Non-GAAP financial measures, such as Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA, adjust corresponding GAAP measures for provision for income taxes, interest expense, and depreciation and amortization, and also exclude, where applicable for the covered period presented in the financial statements, certain unusual or special items identified by management such as restructuring charges, gains/losses on sales of businesses and properties, acquisition related costs, and certain litigation costs. Non-GAAP adjusted net sales exclude expedite fee revenue. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures.

Conference Call
Bel has scheduled a conference call for 8:30 a.m. ET on Thursday, October 24, 2024 to discuss these results. To participate in the conference call, investors should dial 877-407-0784, or 201-689-8560 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of at least 30 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 13749258 after 12:30 pm ET, also for 30 days.

About Bel
Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the networking, telecommunications, computing, general industrial, high-speed data transmission, military, commercial aerospace, transportation and eMobility industries. Bel’s portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel’s product groups include Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components), Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), and Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies). The Company operates facilities around the world.

Company Contact:
Farouq Tuweiq
Chief Financial Officer
ir@belf.com

Investor Contact:
Three Part Advisors
Jean Marie Young, Managing Director or Steven Hooser, Partner
631-418-4339
jyoung@threepa.com; shooser@threepa.com

Cautionary Language Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the fourth quarter of 2024, and our statements regarding our expectations for future periods generally including anticipated financial performance, projections and trends for the remainder of the year and other future periods including 2025, and our statements regarding future events, performance, plans, intentions, beliefs, expectations and estimates, including statements regarding matters such as trends and expectations as to our sales, gross margin, products, product segments, customers, end markets, geographies and bookings, statements regarding our views and expectations about the impact of market trends and seasonal factors, statements about the closing of the Enercon Technologies, Ltd. (“Enercon”) acquisition including the anticipated timing thereof, and statements about the anticipated benefits and impact of the Enercon acquisition including in terms of introducing new customers, end markets and geographies to our Power segment, as well as any potential incremental contribution by Enercon post-closing to Bel’s financial results, statements regarding consolidation projects and initiatives, the expected timing of implementation and completion thereof, and the anticipated projections of cost savings to be realized thereby, statements about future contributions of new employees and the role of newly-created positions in the corporate team in contributing to Bel’s long-term success, statements regarding our expectations and beliefs regarding trends in the Company’s business and industry and the markets in which Bel operates, and about the broader economy and macroeconomic environment generally, including statements about trends in bookings and views about indicators of economic conditions including as to particular sectors or markets, improvement in market conditions, and statements about Bel’s growth and improvement, and other statements regarding the Company’s positioning, its strategies, future progress, investments, plans, targets, goals, and other focuses and initiatives, and the expected timing and potential benefits thereof. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “forecast,” “outlook,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Bel’s control. Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, unanticipated difficulties, delays or expenditures relating to the proposed Enercon acquisition, including, without limitation, difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); disruptions of Bel’s or Enercon’s current plans, operations and relationships with customers, suppliers, distributors, business partners and regulators caused by the announcement and pendency of the proposed Enercon acquisition; potential difficulties in employee retention due to the announcement and pendency of the proposed Enercon acquisition; the possibility that the proposed Enercon acquisition does not close, including, but not limited to, failure to satisfy the closing conditions; the market concerns facing our customers, and risks for the Company’s business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on our products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or our industry in particular; the effects of rising input costs, and cost changes generally, including the potential impact of inflationary pressures; difficulties associated with integrating previously acquired companies, and any difficulties that may be experienced in integrating Enercon following the closing of the Enercon acquisition; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises (such as the governmental, social and economic effects of COVID or other future epidemics or pandemics); difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with our international operations, including our substantial manufacturing operations in China, and following the acquisition of Enercon, risks associated with operations in Israel, which may be adversely affected by political or economic instability, major hostilities or acts of terrorism in the region; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties; the regulatory and trade environment including the potential effects of trade restrictions that may impact Bel, its customers and/or its suppliers; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market’s acceptance of the Company’s new products and competitive responses to those new products; the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws, trade and tariff policies; and the risks detailed in Bel’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission. In light of the risks and uncertainties impacting our business, there can be no assurance that any forward-looking statement will in fact prove to be correct. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Bel’s views as of the date of this press release. Bel anticipates that subsequent events and developments will cause its views to change. Bel undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Bel’s views as of any date subsequent to the date of this press release.

Non-GAAP Financial Measures
The Non-GAAP financial measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP adjusted net sales, Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. For additional information about our use of non-GAAP financial measures in connection with our Incentive Compensation Program for 2023, please see the Executive Compensation discussion appearing in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 1, 2024.

Website Information
We routinely post important information for investors on our website, www.belfuse.com, in the “Investor Relations” section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

[Financial tables follow]



Bel Fuse Inc. Supplementary Information⁽¹⁾ Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023

Net sales	$	123,638		$	158,682		$	384,933		$	499,803
Cost of sales		78,961			103,217			238,782			335,137
Gross profit		44,677			55,465			146,151			164,666
As a % of net sales		36.1	%		35.0	%		38.0	%		32.9	%

Research and development costs		5,443			5,292			16,652			16,521
Selling, general and administrative expenses		26,700			23,717			75,785			74,149
As a % of net sales		21.6	%		14.9	%		19.7	%		14.8	%
Restructuring charges		1,087			2,091			1,790			6,306
Gain on sale of property		–			(147	)		–			(3,819	)
Income from operations		11,447			24,512			51,924			71,509
As a % of net sales		9.3	%		15.4	%		13.5	%		14.3	%

Gain on sale of Czech Republic business		–			(135	)		–			980
Interest expense		(414	)		(512	)		(1,263	)		(2,402	)
Interest income		1,480			–			3,741			–
Other income/expense, net		(1,325	)		(96	)		21			(286	)
Earnings before income taxes		11,188			23,769			54,423			69,801

Provision for income taxes		3,108			4,321			11,663			8,006
Effective tax rate		27.8	%		18.2	%		21.4	%		11.5	%
Net earnings	$	8,080		$	19,448		$	42,760		$	61,795
As a % of net sales		6.5	%		12.3	%		11.1	%		12.4	%

Weighted average number of shares outstanding:
Class A common shares – basic and diluted		2,116			2,142			2,126			2,142
Class B common shares – basic and diluted		10,434			10,636			10,512			10,636

Net earnings per common share:
Class A common shares – basic and diluted	$	0.61		$	1.46		$	3.23		$	4.63
Class B common shares – basic and diluted	$	0.65		$	1.54		$	3.41		$	4.88

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Condensed Consolidated Balance Sheets (in thousands, unaudited)

	September 30, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	134,266	$	89,371
Held to maturity U.S. Treasury securities		29,541		37,548
Accounts receivable, net		75,998		84,129
Inventories		124,885		136,540
Other current assets		22,959		33,890
Total current assets		387,649		381,478
Property, plant and equipment, net		36,735		36,533
Right-of-use assets		22,901		20,481
Related-party note receivable		3,070		2,152
Equity method investment		10,014		10,282
Goodwill and other intangible assets, net		72,772		76,033
Other assets		51,276		44,672
Total assets	$	584,417	$	571,631

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	37,139	$	40,441
Operating lease liability, current		6,451		6,350
Other current liabilities		53,297		63,818
Total current liabilities		96,887		110,609
Long-term debt		60,000		60,000
Operating lease liability, long-term		16,808		14,212
Other liabilities		43,360		46,252
Total liabilities		217,055		231,073
Stockholders’ equity		367,362		340,558
Total liabilities and stockholders’ equity	$	584,417	$	571,631

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Condensed Consolidated Statements of Cash Flows (in thousands, unaudited)

	Nine Months Ended
	September 30,
	2024			2023

Cash flows from operating activities:
Net earnings	$	42,760		$	61,795
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		10,759			9,962
Stock-based compensation		2,782			2,712
Amortization of deferred financing costs		27			33
Deferred income taxes		(5,366	)		(4,894	)
Net unrealized losses on foreign currency revaluation		1,275			130
Gain on sale of property		–			(3,819	)
Gain on sale of Czech Republic business		–			(980	)
Other, net		628			(495	)
Changes in operating assets and liabilities:
Accounts receivable, net		8,366			11,931
Unbilled receivables		7,482			1,590
Inventories		12,266			29,313
Accounts payable		(3,302	)		(18,674	)
Accrued expenses		(11,849	)		4,536
Accrued restructuring costs		(590	)		(148	)
Income taxes payable		4,809			2,008
Other operating assets/liabilities, net		(4,327	)		(13,575	)
Net cash provided by operating activities		65,720			81,425

Cash flows from investing activities:
Purchases of property, plant and equipment		(7,906	)		(9,659	)
Purchases of held to maturity U.S. Treasury securities		(131,309	)		–
Proceeds from held to maturity securities		139,316			–
Payment for equity method investment		–			(9,975	)
Investment in related party notes receivable		(918	)		(1,905	)
Proceeds from sale of property, plant and equipment		236			5,403
Proceeds from sale of business		–			5,063
Net cash used in investing activities		(581	)		(11,073	)

Cash flows from financing activities:
Dividends paid to common stockholders		(2,487	)		(2,490	)
Deferred financing costs		(330	)		–
Repayments under revolving credit line		–			(40,000	)
Borrowings under revolving credit line		–			5,000
Purchases of common stock		(16,053	)		–
Net cash used in financing activities		(18,870	)		(37,490	)

Effect of exchange rate changes on cash and cash equivalents		(1,374	)		(2,903	)

Net increase in cash and cash equivalents		44,895			29,959
Cash and cash equivalents – beginning of period		89,371			70,266
Cash and cash equivalents – end of period	$	134,266		$	100,225


Supplementary information:
Cash paid during the period for:
Income taxes, net of refunds received	$	15,556		$	18,148
Interest payments	$	3,010		$	3,738
ROU assets obtained in exchange for lease obligations	$	4,711		$	5,887

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Product Group Highlights (dollars in thousands, unaudited)

	Sales							Gross Margin
	Q3-24		Q3-23		% Change			Q3-24			Q3-23			Basis Point Change
Power Solutions and Protection	$	48,680	$	74,862		-35.0	%		39.4	%		41.7	%		(230	)
Connectivity Solutions		55,715		51,771		7.6	%		36.6	%		35.8	%		80
Magnetic Solutions		19,243		32,049		-40.0	%		27.3	%		22.0	%		530
Total	$	123,638	$	158,682		-22.1	%		36.1	%		35.0	%		110

	Sales							Gross Margin
	YTD September 2024		YTD September 2023		% Change			YTD September 2024			YTD September 2023			Basis Point Change
Power Solutions and Protection	$	167,478		245,134		-31.7	%		43.2	%		37.5	%		570
Connectivity Solutions		167,822		160,010		4.9	%		37.3	%		35.8	%		150
Magnetic Solutions		49,633		94,659		-47.6	%		23.9	%		23.0	%		90
Total	$	384,933	$	499,803		-23.0	%		38.0	%		32.9	%		510

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.

Bel Fuse Inc.
Supplementary Information⁽¹⁾
Reconciliation of GAAP Net Sales to Non-GAAP Adjusted Net Sales⁽²⁾
Reconciliation of GAAP Net Earnings to EBITDA and Adjusted EBITDA⁽²⁾
(in thousands, unaudited)

Three Months Ended

Nine Months Ended

September 30,

2024

2023

2024

2023

GAAP net sales

$

123,638

$

158,682

$

384,933

$

499,803

Expedite fee revenue

–

1,008

57

14,425

Non-GAAP adjusted net sales

$

123,638

$

157,674

$

384,876

$

485,378

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023

GAAP Net earnings	$	8,080		$	19,448		$	42,760		$	61,795
Interest expense		414			512			1,263			2,402
Provision for income taxes		3,108			4,321			11,663			8,006
Depreciation and amortization		3,636			3,391			10,759			9,962
EBITDA	$	15,238		$	27,672		$	66,445		$	82,165
% of net sales		12.3	%		17.4	%		17.3	%		16.4	%

Unusual or special items:
Restructuring charges		1,087			2,091			1,790			6,306
MPS litigation costs		–			132			–			2,903
Gain on sale of Czech Republic business		–			135			–			(980	)
Gain on sale of properties		–			(147	)		–			(3,819	)
Acquisition related costs		4,292			–			4,292			–
Adjusted EBITDA	$	20,617		$	29,883		$	72,527		$	86,575
% of net sales		16.7	%		18.8	%		18.8	%		17.3	%

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
(2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Reconciliation of GAAP Measures to Non-GAAP Measures⁽²⁾ (in thousands, except per share data) (unaudited)

The following tables detail the impact that certain unusual or special items had on the Company’s net earnings per common Class A and Class B basic and diluted shares (“EPS”) and the line items in which these items were included on the consolidated statements of operations.

	Three Months Ended September 30, 2024										Three Months Ended September 30, 2023
Reconciling Items	Earnings before taxes		Provision for income taxes		Net earnings		Class A EPS⁽³⁾		Class B EPS⁽³⁾		Earnings before taxes			Provision for income taxes			Net earnings			Class A EPS⁽³⁾			Class B EPS⁽³⁾

GAAP measures	$	11,188	$	3,108	$	8,080	$	0.61	$	0.65	$	23,769		$	4,321		$	19,448		$	1.46		$	1.54
Restructuring charges		1,087		154		933		0.07		0.07		2,091			407			1,684			0.13			0.13
MPS litigation costs		–		–		–		–		–		132			30			102			0.01			0.01
Gain on sale of Czech Republic business		–		–		–		–		–		135			7			128			0.01			0.01
Gain on sale of properties		–		–		–		–		–		(147	)		(29	)		(118	)		(0.01	)		(0.01	)
Acquisition related costs		4,292		987		3,305		0.25		0.27		–			–			–			–			–
Non-GAAP measures	$	16,567	$	4,249	$	12,318	$	0.94	$	0.99	$	25,980		$	4,736		$	21,244		$	1.59		$	1.68

	Nine Months Ended September 30, 2024										Nine Months Ended September 30, 2023
Reconciling Items	Earnings before taxes		Provision for income taxes		Net earnings		Class A EPS(3)		Class B EPS(3)		Earnings before taxes			Provision for income taxes			Net earnings			Class A EPS(3)			Class B EPS(3)

GAAP measures	$	54,423	$	11,663	$	42,760	$	3.23	$	3.41	$	69,801		$	8,006		$	61,795		$	4.63		$	4.88
Restructuring charges		1,790		317		1,473		0.11		0.12		6,306			1,007			5,299			0.40			0.42
MPS litigation costs		–		–		–		–		–		2,903			667			2,236			0.17			0.18
Gain on sale of Czech Republic business		–		–		–		–		–		(980	)		(49	)		(931	)		(0.07	)		(0.07	)
Gain on sale of properties		–		–		–		–		–		(3,819	)		(763	)		(3,056	)		(0.23	)		(0.24	)
Acquisition related costs		4,292		987		3,305		0.25		0.26		–			–			–			–			–
Non-GAAP measures	$	60,505	$	12,967	$	47,538	$	3.59	$	3.80	$	74,211		$	8,868		$	65,343		$	4.89		$	5.16

⁽¹⁾ The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
⁽²⁾ In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
⁽³⁾ Individual amounts of earnings per share may not agree to the total due to rounding.

The MIL Network –

January 25, 2025

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 –

January 25, 2025

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 –

January 25, 2025

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 –

January 25, 2025

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 –

January 25, 2025

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 –

January 25, 2025

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 –

January 25, 2025

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 –

January 25, 2025

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 –

January 25, 2025

MIL-OSI USA: Lummis, Barrasso Team Up with Wyoming High School to Introduce a U.S. Resolution Honoring the First Female Governor

US Senate News:

Source: United States Senator for Wyoming Cynthia Lummis

WASHINGTON, D.C. – U.S. Senators Cynthia Lummis and John Barrasso (all R-WY) today introduced a resolution to honor the 100th anniversary of Wyoming’s Nellie Tayloe Ross becoming the first female governor elected in the United States. The bill proposal originated with Green River High School students, and Senators Lummis and Barrasso introduced the resolution to the United States Senate.

“Wyoming has long been a home for trailblazing women. Honoring Governor Ross on the 100th anniversary of her election reminds us of the women who paved the way for the opportunities we have today,” said Lummis. “As we celebrate her legacy, we also recognize the lasting impact of her leadership on our state and nation. I want to thank the students at Green River High for sharing their fabulous idea to make this possible.”

“Wyoming women have blazed the trail for women’s rights and equality since our state’s founding. 100 years ago, Governor Nellie Tayloe Ross was elected as the first female governor in America. Her historic election reminds us of the lasting impact Wyoming women have had on our state and nation for generations,” said Barrasso. “Senator Lummis and I are proud to team up with students at Green River High School to honor Governor Ross’ legacy and all Wyoming women who continue to live out the Code of the West.”

Governor Ross was inaugurated as Wyoming’s 14th governor on January 5, 1925, and served for two years. She went on to become the first female director of the United States Mint.

A copy of the resolution can be found here.

Green River High School students with the Nellie Tayloe Ross resolution.

MIL OSI USA News –

January 25, 2025

MIL-OSI China: Consumers to play bigger role in spurring growth

Source: China State Council Information Office

China’s consumption, powered by a more proactive fiscal policy and a moderately loose monetary policy, will bring out greater vitality and play a bigger role in spurring overall economic growth this year, said officials and executives.

Consumer goods trade-in initiatives will serve a strong catalyst in boosting market sentiment and fueling consumer spending in the world’s second-largest economy, in the face of escalating trade barriers and the tepid appetite in the property market, they added.

China has put scaling up domestic demand high on its policy agenda this year, with expanding consumption a top priority. Policymakers have fleshed out a set of specific measures to this end, Vice-Minister of Commerce Sheng Qiuping said at a news conference.

“Governmental stimulus is key to elevating consumer sentiment, and this significant support will be instrumental in upgrading consumption and driving high-quality development,” said Jean-Paul Agon, chairman of L’Oreal Group.

In particular, the country’s trade-in initiatives, which have contributed to a more than 1 percentage point increase in the annual growth of the country’s total retail sales last year, will cover a wider range of consumer goods and offer more attractive incentives this year, Sheng said.

China is likely to double the funding for its consumer goods trade-in initiatives this year, reaching 300 billion yuan ($41.4 billion), said Wang Qing, chief macroeconomic analyst at Golden Credit Rating International.

This move is forecast to lead to an additional 750 billion yuan in consumption in 2025, equivalent to a 1.5 percentage point acceleration in the growth rate of total retail sales of consumer goods, Wang added.

As of Thursday, the government has received 34,000 applications for car trade-ins so far this year, while 844,000 consumers have purchased more than 1 million home appliances under the initiative, data from the ministry showed.

Notably, some 7.92 million consumers have already applied for 10.79 million digital devices, since the trade-in program in this newly added category began on Monday, according to the ministry.

These consumption-boosting initiatives are off to a good start, as they align with the growing consumer desire for technological innovation, improved efficiency and enhanced aesthetics, Wang said.

In China’s rapidly evolving consumer market, marked by a constant stream of new products and technologies, the key to success is not just the sheer volume of offerings, but rather the level of personalization, sophistication and relevance that companies can bring to the table, said Victor Leal Negre, senior vice-president of Greater China Grooming at Procter & Gamble.

“Each year, we feel the evolving consumption demands of Chinese consumers, which translates into our product innovations, allowing us to serve consumers more effectively,” Negre said.

Looking ahead to this year, China will continue to expand high-level opening-up, particularly in the services sector, which will further strengthen its role in stabilizing growth, employment and household incomes, Zhu said.

Meanwhile, the government can offer more policy support to help localities purchase existing housing stock for affordable and rental housing purposes, which will also address the financing difficulties faced by real estate developers, Zhu added.

With the gradual stabilization of the real estate market and the deepening implementation of government policies to stimulate consumption, consumer confidence is expected to rebound substantially in the next 12 to 18 months, global management consultancy McKinsey & Company said in a report in October.

MIL OSI China News –

January 25, 2025

MIL-OSI USA: ICYMI: Grassley Joins Playbook Deep Dive Podcast

US Senate News:

Source: United States Senator for Iowa Chuck Grassley

WASHINGTON – Sen. Chuck Grassley (R-Iowa), Chairman of the Senate Judiciary Committee, this week joined Eugene Daniels on POLITICO’s Playbook Deep Dive podcast to discuss immigration policy, reconciliation, presidential pardon authority and the importance of bipartisanship.

Audio and excerpts of the interview follow.

On Kash Patel and President Trump’s nominees:

“I did meet with Kash [Patel] in my office… I want somebody that’s going to help me do my constitutional responsibility of oversight… that’s my job, and I do a lot of oversight. I want Kash Patel to get me the answers to these questions and provide me the documents I need.

“Whether it’s RFK or the CIA Director… I think there’s a lot of things in this town that need to be shaken up… they’re coming in to deliver on the mandate of this election, which is that people are fed up with the way Washington’s going. You’ve been in this town long enough to know that it’s an island surrounded by reality. The common sense that we have in the Midwest – we need more of it in Washington, D.C. and I think the [nominees] are going to bring it in, and Kash is one of them.”

On immigration policy, the Laken Riley Act and deportations:

“Talking about comprehensive immigration [policies], what makes it so difficult to do that is, you’ve got people on the right, maybe 10 to 15 Republicans that say, ‘I’m not going to vote for anything unless you get all 20 million people out of this country.’ And then you have people on the left that say, ‘I’m not going to vote for any immigration bill that doesn’t make everybody citizens yesterday.’ It’s tough to put together.

“The last time you could get 65 or 70 votes for a comprehensive immigration bill was 2013… but I think it’s difficult to be any Republican or Democrat and say that we shouldn’t change laws that allow people with a criminal record to come into this country, and not only with a criminal record, committing a crime by coming here against our law, but then committing a murder.”

“First of all, [deportations will focus on] people that are on the terrorist watch list, people that have a criminal record and the 1.5 million people who have been adjudicated that they’re not entitled to asylum… I think we’ve got to see how successful that is before we move to the people that maybe the only crime they committed was entering our country illegally.”

On reconciliation:

“The House has a view [that] we should have one reconciliation bill. The Senate has a view [that] there should be two reconciliation bills. A President helping us maneuver through that disagreement is very important, and Trump’s a good person to do that.”

On presidential pardons:

“I think it’s wrong the way [pardons] have been used recently… But I think the Constitution would have to be amended to change it, and I think it’s very clear that what Biden did, even if I disagree, or Clinton, what he did, or maybe some future president… I think they got the power to do it.

“Biden’s pardoned people like Fauci, that’s never been accused of anything. Some president could say, you know, we’ve got 340 million people in this country, I’m going to pardon them all. That doesn’t make sense… It’s a way of protecting people, but it’s an abuse of their authority.”

On the importance of bipartisanship:

“[Partisanship] is a major problem now, more so than it’s been in the 45 years since I’ve been in the Senate, but it’s not as bad as what my constituents see… I think that people get the impression that Republicans don’t talk to Democrats, and that’s not true. There’s not a single Republican or Democrat that I dislike in the United States Senate. I don’t think any of them dislike me, and if they do, I don’t want to know who they are.

“You can’t get anything done in the United States Senate if it’s not bipartisan, except for reconciliation, and so the institution drives some of that [bipartisanship]… I believe that when people are talking, things get done. It’s when you don’t talk that things don’t get done.”

On Grassley’s personal priorities:

“Peace around the world. I thought after we broke up the Soviet Union, that would bring in a whole new world, and it did for a while. But there’s a lot of leaders that want more, and you wonder, why? Why does China want Taiwan? Why does Putin want Ukraine? Why does he want to reestablish the Soviet Union? That’s my concern.

“I think there’s got to be something bigger than just yourself, or bigger than 340 million Americans. There’s got to be some certainty to life. It can’t be as simple as, ‘question authority.’ It can’t be as simple as, ‘just do it.’ There’s got to be a measure that you measure yourself against, and I think that’s a being beyond humanity. I call it God. For me, it’s following Jesus Christ.”

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MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Q&A: Turning Promises into Policy Realities

US Senate News:

Source: United States Senator for Iowa Chuck Grassley

Q: What’s your take on the first week of the new Trump administration?

A: On January 20, President Trump was sworn into office, becoming only the second U.S. president to serve non-consecutive terms. With his historic comeback victory, voters delivered a clear mandate to the White House and Congress. President Trump led on a commonsense agenda to restore law and order, secure our borders and fix the damage the Biden administration did to the economy through inflationary spending. In addition, the Biden administration rewired sectors of the economy with government mandates and regulatory overreach to push its climate agenda that weakened U.S. energy security and raised the cost of living for Americans. President Trump wasted no time to signal his administration would work to unleash America’s natural resources to strengthen U.S. energy and national security.

On his very first day in office, President Trump delivered on promises to secure the border and restore energy dominance. For example, he reversed President Biden’s immigration policies that allowed more than 10 million people to enter the country without our permission in the past four years. President Trump signed executive orders that declare a national emergency at the U.S.-Mexico border enabling the administration to continue construction on the border wall; resume a policy that requires people seeking asylum to wait in Mexico while an immigration judge considers their case; enforce the DNA Fingerprint Act (a policy I pushed during the Biden administration) to curb human trafficking and help law enforcement track down violent criminals; trim the refugee resettlement program; prevent the entry of illegal border crossings; and direct the Secretary of State to look into designating cartels as foreign terrorist organizations. As chairman of the Senate Judiciary Committee, which has oversight and legislative jurisdiction over the nation’s immigration laws, I’m focused on working with this administration to help turn President Trump’s promises to secure the border and stop the flow of illegal immigration into policy realities.

Q: What was the first piece of legislation Congress sent to the president’s desk?

A: To kick off the 119^th Congress, I’m happy to report legislation I co-led with Sen. Joni Ernst for nearly 10 years was included in the first bill sent to President Trump. Our bill is named after a young Iowan from Council Bluffs who was killed in 2016 by an illegal immigrant who was driving drunk. Sarah Root lost her life just 16 hours after graduating with honors from Bellevue University. The driver was released on bail and never seen again, evading justice. Our bill would require that illegal immigrants who kill or commit serious bodily injury to another person are detained and prosecuted. The Senate approved Sarah’s Law as an amendment to legislation named after Laken Riley, a 22-year-old nursing student killed in Georgia last year by an illegal immigrant from Venezuela. Previous to her murder, her killer had been arrested for shoplifting, but then released. The Laken Riley Act will require U.S. immigration officials to detain illegal immigrants who commit certain crimes, including robbery, theft and assaulting a police officer. As an original co-sponsor of these bills, I’m glad to help restore law and order on our streets and deliver justice to victims of crime. As Senate President pro tempore, I signed the bill on Capitol Hill before sending it to the president’s desk for his signature. The American people deserve and expect nothing less. If illegal immigrants hurt or kill someone in America, the federal government must prioritize their detention, prosecution and deportation. It’s common sense.

MIL OSI USA News –

January 25, 2025

MIL-OSI Submissions: Environment – First global gathering of Food and Plastics Networks to prevent devastating environmental impacts

Source: WRAP

Pact Network Connect 2025 – First global gathering of Food and Plastics Networks share actions to cut food and plastic waste and prevent devastating effects on planet.

Representatives from 15 countries met in Mexico this week for Pact Network Connect 2025, a three-day programme focussed on addressing the issue of our broken food systems, and the spiralling environmental cost of plastic pollution and waste.

Convened by global environmental action NGO WRAP, Pact Network Connect 2025 was the first time the two networks – 13 international Plastics Pacts run in conjunction with the Ellen MacArthur Foundation – and 11 Food Pacts met as one to share experiences and strategies to strengthen collaborative efforts on the two environmental crises.

The Pacts represent collaborative action initiatives formed in country by private and public sector organisations, charities and NGOs. Representatives from the Pact Secretariats joined investors and philanthropic organisations to co-design solutions to key food and plastics triggers. Focus was on generating practical steps and actions to tackle plastics pollution within the 19 countries comprising the Plastics Pact Network – and share more widely, and address food waste and loss in the 10 countries encompassing the first Food Pact Network.

Harriet Lamb, CEO WRAP, “The numerous Pacts are the engine rooms driving forward a new circular economy for plastics and food. They give me hope that we can correct the failures of our food and plastic systems. They show that ahead of securing global inter-governmental agreements at scale, companies, ngos and governments can get behind voluntary action as an agile and effective front runner along the road to transformation. We’re delighted to be in Mexico, bringing together leaders from the food and plastics Pacts for the first ever joint global meeting to share solutions and accelerate change.”

Pact Network Connect 2025 built on the learnings and progress achieved in the first Plastic Pact Network meeting, held in South Africa in 2024 inspiring the move to bring together both Food and Plastics Pacts to amplify impact. The Plastics Pact Network meeting had an added sense of urgency this year, given the lack of agreement on key elements for a global treaty to end plastic pollution at INC5 negotiations in Busan 2024. To achieve this, we need ambitious regulation to complement and accelerate voluntary efforts and create a level playing field for all businesses. The Plastics Pacts are uniquely placed to inform and enable policymaking and treaty implementation through the Network’s large repository of tools, insights, guidance, and standardised definitions.

Marta Longhurst, Pacts and Field-building Lead Ellen MacArthur Foundation, “The Plastics Pacts have proved that such a network can deliver real impact towards eliminating plastic waste and pollution. Thanks to Plastics Pacts, tens of billions of problematic or unnecessary plastic items have been eliminated; design for reusability, recyclability, and composability in practice and at scale has increased by 23%; and incorporation of recycled content back into packaging has increased by 44%. We are pleased to see the tangible impact of the Plastics Pacts, and to see this knowledge shared and applied to other sectors to accelerate the transition to a circular economy worldwide.”

The Plastics Pact Network is a global coordinated response to the hazards plastics pose to people and the planet. Managed through a partnership between WRAP and the Ellen MacArthur Foundation, in just six years the Plastic Pacts have led work tackling pollution and delivering impact on national and global scales. The Network includes over 900 local and global organisations across a 19-country membership. Its members have eliminated more than 360,000 tonnes of problematic and unnecessary plastics and increased recycled content in their packaging by 44% – reducing virgin plastic by 2.2 million tonnes by 2022. All Plastics Pacts align in a common vision to create a circular economy for plastics and eliminate waste and pollution.

Alejandra Kopaitic, Directora Consumo y Producción Sustentable y Pacto Chileno de los Plásticos, “Pact Network Connect is a key event when many countries can share experiences, foster regional collaboration, and strengthen our global partnerships. It will enrich the Chilean Plastics Pact as part of this international network committed to systemic change. We are here to listen, learn, and collaborate, while showcasing the work we are doing in Chile and aligning our goals with international experience and best practices.”

Ninel Escobar, Director of Climate Change WWF Mexico, “In México, between 38% and 58% of plastic waste is mismanaged. Resolving this problem requires us to work along the whole life cycle of plastic, using a systemic approach. We are pleased to join our Pact partners at Pact Network Connect to share our experiences of resolving these complex problems.”

The Food Pact Network connects collaborative action initiatives within individual countries to a global community dedicated to reducing food loss and waste. This is the first time the group has joined forces in person as the Food Pact Network, and through the universal adoption of the principles of Target-Measure-Act the Pacts are changing how food is produced and consumed to support the UN Sustainable Development Goal 12.3 to halve global food waste by 2030.

Notes

The Plastics Pact Network includes: ANZPAC Plastics Pact, The Canada Plastics Pact, Polski Pakt Plastikowy – The Polish Plastics Pact, The U.S. Plastics Pact, Pacto Português para os Plásticos- The Portuguese Plastics Pact, The South African Plastics Pact, UK Plastics Pact, Pacte National sur les emballages plastiques – French Plastics Pact, Circula El Plástico – The Chilean Plastics Pact, The Kenya Plastics Pact (KPP), Colombia Plastics Pact, India Plastics Pact and Mexico Plastics Pact.

The Food Pact Network includes: Courtauld Commitment 2030 (UK), South Africa Food Loss and Waste Initiative, Pacific Coast Food Waste Commitment, Pacto Por La Comida (Mexico), GRASP 2030 (Indonesia), Brasil Sem Desperdisio (Brazil, launching in 2025), U.S. Food Waste Pact, Samen Tegen Voedselverspilling (Netherlands) , Kai Commitment (New Zealand) and the International Food Waste Coalition.

WRAP is a global environmental action NGO catalysing policy makers, businesses and individuals to transform the systems that create our food, textiles and manufactured products. Together these account for nearly 50% of global greenhouse emissions. Our goal is to enable the world to transition from the old take-make-dispose model of production to more sustainable approaches that will radically reduce waste and carbon emissions from everyday products. To do so we examine sustainability challenges through the lens of people’s day-to-day lives and create solutions that can transform entire systems to benefit the planet, nature and people.

Our work includes: UK Plastics Pact, Courtauld Commitment 2030, Textiles 2030 and the campaigns Love Food Hate Waste and Recycle Now. We run Food Waste Action Week and Recycle Week.

MIL OSI – Submitted News –

January 25, 2025

MIL-OSI Submissions: Innovation – A robot cleaning up the Hofvijver in The Hague

Source: The Hague

And a new electric boat cleans up the bigger pieces of waste in the canals

The Hague, the Netherlands, 24 January 2025 — The Municipality of The Hague has launched a pilot project to keep the historic Hofvijver plastic-free. Using the remote-controlled Jellyfishbot, plastic and other litter are being efficiently removed from this iconic body of water in the heart of the city.

The initiative was introduced following an increase in complaints about litter in the Hofvijver, the famous lake located in front of the Dutch parliament buildings. The pilot project, which began at the end of 2024 and will run for one year, aims to determine the effectiveness of the Jellyfishbot in improving water quality. If successful, the technology may be deployed to other locations in the city, such as canals, where it could assist in cleaning water surfaces and even mapping underwater areas and quay walls. This project is led by the Urban Management team of the Municipality of The Hague, which is dedicated to enhancing the local living environment throughout the city.

Alderman Robert Barker (Animal Welfare, Outdoor Space, and Environment) stated: “Unfortunately, too much waste still ends up in the Hofvijver. This is bad for the water quality and all plants and animals in and around the water. That is why we do our best to keep this historic piece of water in the middle of the city clean. This innovative robot can make a great contribution to that.”

Stella Polaris

Alongside the Jellyfishbot project in the Hofvijver, another new boat is now being used to clean up larger debris in the city’s waters. The service vessel is deployed for monitoring and maintenance purposes, retrieving large objects such as reels and planks from the water, and installing signs or mirrors when necessary. The previous service vessel, named Die Haghe, was built in 1986 and featured a Hatz diesel engine. The use was no longer viable due to CO2 emissions and height restrictions preventing it from passing under movable bridges. As a result, a new electrically powered service vessel, Stella Polaris, has been introduced. This eco-friendly boat can navigate all inner waters of The Hague and is stationed at its dedicated berth in the Poolsterhaven.

Alderman Arjen Kapteijns (Energy Transition, Mobility and Raw Materials): “It is important that we keep our beautiful city clean, not only for nature, but also for our residents. This innovative technology offers us the opportunity to dispose of waste effectively and sustainably.”

Read the full story about cleaning up the waters in The Hague on Stories of Purpose from The Hague: https://storiesofpurpose.thehague.com/impact/robot-mission-jellyfishbot-cleaning-hofvijver

About The Hague & Partners

The Hague & Partners is the official marketing & acquisition organisation for the promotion of The Hague, focused on residents, visitors, conferences, businesses, and institutions. www.thehague.com

MIL OSI – Submitted News –

January 25, 2025

MIL-OSI USA: Boozman, Wicker Introduce Legislation to Block Taxpayer Funded Abortions

US Senate News:

Source: United States Senator for Arkansas – John Boozman
WASHINGTON ––U.S. Senators John Boozman (R-AR) and Roger Wicker (R-MS) introduced the No Taxpayer Funding for Abortion and Abortion Insurance Full Disclosure Act to make the Hyde Amendment, which prevents the use of taxpayer dollars to fund abortions, permanent.
Under current law, the Hyde Amendment must be reauthorized by Congress every year.
“There has a been longstanding, bipartisan agreement that Americans should not be forced to subsidize abortions with their hard-earned tax dollars,” said Boozman. “Recent attempts to undermine that standard are troubling and we should set a standard across the federal government that protects the consciences of millions in the pro-life community.
“Millions of Americans share my belief that unborn life should be protected in the womb. Using taxpayer dollars to fund abortions is wrong,” Wicker said. “My Senate Republican colleagues, and I will continue fighting to preserve life.”
The legislation is also cosponsored by Senate Majority Leader John Thune (R-SD) and Senators James Lankford (R-OK), Cindy Hyde-Smith (R-MS), Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), Katie Britt (R-AL), Ted Budd (R-NC), Shelly Moore Capito (R-WV), Bill Cassidy, M.D. (R-LA), John Cornyn (R-TX), Tom Cotton (R-AR), Kevin Cramer (R-ND), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsey Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), Mike Lee (R-UT), Cynthia Lummis (R-WY), Roger Marshall, M.D. (R-KS), Mitch McConnell (R-KY), Jerry Moran (R-KS), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Mike Rounds (R-SD), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Dan Sullivan (R-AK), Thom Tillis (R-NC), Tommy Tuberville (R-AL) and Todd Young (R-IN).
Companion legislation was introduced in the U.S. House of Representatives by Congressman Chris Smith (R-NJ-04).
The No Taxpayer Funding for Abortion and Abortion Insurance Full Disclosure Act of 2025is endorsed by multiple pro-life groups. Here’s what they are saying about the bill.
“No matter which party holds power in Washington, Americans should never be forced to fund the violence of abortion with their tax dollars. For nearly 50 years, the Hyde Amendment and its family of policies have protected babies in the womb and their mothers from abortion by prohibiting taxpayer funding of abortion on demand. Despite Americans’ strong support of this policy, pro-abortion members of Congress attack the Hyde family in every spending bill. The No Taxpayer Funding for Abortion and Abortion Insurance Full Disclosure Act would finally apply Hyde principles permanently across the whole federal government, including stopping abortion subsidies in Obamacare,” said Vice President of Government Affairs of Susan B. Anthony Pro-Life America Marilyn Musgrave.
“This Act rightly prevents hard-earned taxpayer dollars from paying for harmful abortions. We at March for Life Action will continue to advocate for legislation that ensures our taxpayer dollars promote life-saving, pro-women, and pro-family policies,” said March for Life Action President Jeanne F. Mancini.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Statement of U.S. Sen. Mark R. Warner on the Passing of Henry Marsh III

US Senate News:

Source: United States Senator for Commonwealth of Virginia Mark R Warner

WASHINGTON – U.S. Sen. Mark R. Warner (D-VA) issued the following statement on the passing of Henry Marsh III:

“It is with a heavy heart that Lisa and I join the Commonwealth and the nation in mourning the passing of Henry Marsh III, a true giant of the civil rights movement and a tireless champion for justice and equality.

“From his pivotal role in desegregating Virginia’s public schools to his years of service on the Richmond City Council, as the first Black Mayor of Richmond, in the Virginia Senate, and as Commissioner of the Virginia Department of the Alcoholic Beverage Control Board, Henry Marsh’s legacy is one of courage, integrity, and relentless pursuit of justice. Lisa and Henry worked closely together to commission the statue depicting Barbara Johns on Capitol Square – honoring at the seat of our government a pivotal figure and moment in the struggle for civil rights in Virginia.

“Henry taught us all that the fight for civil rights is never truly over – that it is one of constant effort, requiring us to stay vigilant and engaged. As we remember Henry’s remarkable life, let us also rededicate ourselves to carrying forward the cause for which he dedicated so much of his own. My deepest condolences go out to his family, friends, and all those who were blessed to know him.”

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Warner, Kaine, Griffith Announce over $26 Million in Federal Funding for Lee County Sewer Improvement Project

US Senate News:

Source: United States Senator for Commonwealth of Virginia Mark R Warner

WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) and U.S. Rep. Morgan Griffith (R-VA) announced $26,250,000 in federal funding from the U.S. Army Corps of Engineers for the Lee County Sewer Improvements Project. The funding was awarded courtesy of the disaster relief package that the lawmakers pushed for and passed in December 2024 as part of legislation to fund the government.

“High-quality water infrastructure is crucial to the health and well-being of our communities,” said the lawmakers. “We’re thrilled to have helped secure this substantial funding for Lee County that will modernize and expand public wastewater collection for the region.”

The project, which has received critical support through the Bipartisan Infrastructure Law, will provide wastewater service to hundreds of households and over 1,000 residents in Lee County, Virginia. The project will also serve as the basis for expansion of Lincoln Memorial University, which is an integral driver of the region’s economy.

This funding proved more urgently needed in the wake of Hurricane Helene. The storm caused significant damage to wastewater infrastructure across Southwest Virginia. This project will help to ensure that the community’s wastewater systems are better protected against future disaster events.

The lawmakers have been longtime supporters of this project. Sens. Warner and Kaine requested funding for the project as part of Fiscal Year 2025 appropriations process, and earlier this month, the lawmakers wrote to the Office of Management and Budget and the Assistant Secretary of the Army for Civil Works to request funding for this project made available by the December 2024 funding bill.

MIL OSI USA News –

January 25, 2025

MIL-OSI China: Xi extends Spring Festival greetings to all Chinese during inspection tour

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

Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, talks with local people while visiting a food market in Shenyang, capital city of northeast China’s Liaoning Province, Jan. 23, 2025. [Photo/Xinhua]

SHENYANG, Jan. 24 — President Xi Jinping has extended Spring Festival greetings to Chinese people of all ethnic groups, compatriots in Hong Kong, Macao and Taiwan, as well as overseas Chinese during an inspection trip to the northeastern province of Liaoning from Wednesday to Friday.

Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, wished all Chinese people happiness and health, and the country peace and prosperity in the upcoming Year of the Snake.

The Chinese New Year, or the Spring Festival, falls on Jan. 29 this year. It is the most important holiday on the Chinese calendar and an occasion for family reunions.

For more than a decade, Xi, as the Party and the state’s top leader, has made it a tradition to spend time with ordinary people, especially those in difficulties, during the holiday season.

On Wednesday afternoon, Xi made his first stop at Zhujiagou Village, administered by the city of Huludao. Having suffered severe flooding in August last year, the village launched post-disaster reconstruction and 41 affected households moved into new residences before the start of winter.

At the entrance to the village, Xi looked at the affected areas, asking in detail about the summer flooding and the relocation of villagers at that time, as well as the subsequent relief work. He urged local officials to ensure the villagers stay warm throughout the winter.

During visits to two village households, the president inspected the structural integrity of their homes, checked their preparations for holiday celebrations, and asked whether government subsidies for rebuilding had been adequately provided. He also inquired about the villagers’ main sources of income.

Noting that natural disasters had hit a number of regions across China during the past year, Xi said: “As the Spring Festival draws near, on behalf of the Party Central Committee, I extend sincere regards and festive greetings to all those affected and those working on the frontlines of post-disaster reconstruction!”

Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, learns about measures in place to optimize public services as well as details of progress made in improving people’s life while visiting a residential community in Shenyang, capital city of northeast China’s Liaoning Province, Jan. 23, 2025. [Photo/Xinhua]

On Thursday morning, Xi went to the provincial capital Shenyang, where he talked with merchants and customers at a food market to learn about the market supply during the holiday season.

He later visited a residential community in Shenyang, and acknowledged the significant improvements in living conditions following a general revamping there.

At the community service center, Xi joined residents who were writing Spring Festival couplets, while children were tying Chinese knots that symbolize auspiciousness. He also enjoyed a Chinese bamboo flute performance, encouraging the performers to further promote fine traditional Chinese culture.

Before leaving, Xi waved to the crowd and extended festive greetings. “Having a good Spring Festival means a great start to the new year,” he told the residents.

MODERNIZATION, REVITALIZATION

Inspecting a cold rolling mill of Bensteel Group in the city of Benxi on Thursday afternoon, Xi said that the manufacturing sector should keep pursuing higher-standard, smarter, and more eco-friendly development, and make more technology-intensive products with higher added value.

Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, visits a cold rolling mill of Bensteel Group in Benxi City, northeast China’s Liaoning Province, Jan. 23, 2025. [Photo/Xinhua]

After listening to the work report from local officials of Liaoning on Friday morning, Xi urged the province, which already has a relatively complete industrial system, to accelerate the modernization of this system.

Traditional industries should strengthen industrial foundation reengineering and seek breakthroughs on major technologies and equipment to continuously boost core competitiveness, he said, while also highlighting the importance of ecological protection.

The full revitalization of Northeast China relies fundamentally on reform and opening up, and more efforts should be made to strengthen the rule of law in government operations and optimize the business environment, Xi added, urging officials to improve their capabilities and performance in line with the country’s further opening up.

Noting that Liaoning is rich in agricultural resources and has a solid foundation for development, Xi said the province should adhere to the integrated development of urban and rural areas.

He also stressed enhancing cultural confidence and strength, unswervingly upholding the leadership of the Party and exercising full and rigorous Party self-governance.

Xi urged more efforts to care for disadvantaged groups, ensure smooth transportation, provide sufficient market supplies, enrich people’s cultural life, and strengthen workplace safety during the holiday season.

Cai Qi, a member of the Standing Committee of the Political Bureau of the CPC Central Committee and director of the General Office of the CPC Central Committee, accompanied Xi on the inspection tour.

MIL OSI China News –

January 25, 2025

MIL-OSI USA: Relief Still Available to Kansas Small Businesses and Private  Nonprofits Hit by Spring Drought:   Don’t Miss the Deadline to Apply for an SBA Disaster Loan!

Source: United States Small Business Administration

SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Kansas of the deadlines to apply for low interest federal disaster loans to offset economic losses caused by the drought that occurred in the counties listed below.

Declaration Number	Primary Counties	Neighboring Counties	Incident Type	Incident Date	Deadline
20423	Meade and Sedgwick	Butler, Clark, Cowley, Ford, Gray, Harvey, Haskell, Kingman, Reno, Seward and Sumner in Kansas; Beaver in Oklahoma	Drought	April 23, 2024, and continuing	02/24/25
20425	Haskell and Seward	Finney, Grant, Gray, Kearny, Meade and Stevens in Kansas; Texas and Beaver in Oklahoma	Drought	April 30, 2024, and continuing	02/26/25

Under these declarations, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses as a direct result of the drought. The SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

EIDLs are available for working capital needs caused by the drought and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

“When disasters hit rural communities, access to working capital offers a lifeline to impacted small businesses and private nonprofits,” said Randle Logan, acting associate administrator for the SBA’s Office of Disaster Recovery and Resilience. “SBA’s EIDL program is designed to help keep businesses operational during recovery, covering financial obligations and necessary expenses until normal operations resume.”

The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.

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

For KS 20423 submit completed loan applications to the SBA no later than Feb. 24. For  KS 20425 submit completed loan applications to the SBA no later than Feb. 26.

###

About the U.S. Small Business Administration

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

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Relief Still Available to Texas Small Businesses and Private Nonprofits Hit by Spring Drought: Don’t Miss the Deadline to Apply for an SBA Disaster Loan!

Source: United States Small Business Administration

SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Texas of the Feb. 24, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the drought that began April 23, 2024.

The disaster declaration covers the counties of Brewster, Crane, Crockett, Dimmit, Frio, Irion, Jeff Davis, La Salle, Maverick, Pecos, Reagan, Reeves, Schleicher, Sutton, Terrell, Upton, Val Verde, Ward, Webb and Zavala.

Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

EIDLs are available for working capital needs caused by the drought and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

“When disasters hit rural communities, access to working capital offers a lifeline to impacted small businesses and private nonprofits,” said Randle Logan, acting associate administrator for the SBA’s Office of Disaster Recovery and Resilience. “SBA’s EIDL program is designed to help keep businesses operational during recovery, covering financial obligations and necessary expenses until normal operations resume.”

The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.

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

Submit completed loan applications to the SBA no later than Feb. 24.

###

About the U.S. Small Business Administration

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

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Relief Still Available to Oklahoma Small Businesses and Private Nonprofits Hit by Spring Drought: Don’t Miss the Deadline to Apply for an SBA Disaster Loan!

Source: United States Small Business Administration

SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Oklahoma of the Feb. 24, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the drought that began April 30, 2024.

The disaster declaration covers the counties of Beaver, Ellis, Harper, and Texas in Oklahoma, as well as Clark, Meade and Seward counties in Kansas, and Lipscomb and Ochiltree counties in Texas.

Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

EIDLs are available for working capital needs caused by the drought and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

“When disasters hit rural communities, access to working capital offers a lifeline to impacted small businesses and private nonprofits,” said Randle Logan, acting associate administrator for the SBA’s Office of Disaster Recovery and Resilience. “SBA’s EIDL program is designed to help keep businesses operational during recovery, covering financial obligations and necessary expenses until normal operations resume.”

The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.

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

Submit completed loan applications to the SBA no later than Feb. 24.

###

About the U.S. Small Business Administration

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

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Kennedy, Lee introduce bill to permanently stop funding for abortions overseas

US Senate News:

Source: United States Senator John Kennedy (Louisiana)
WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Judiciary Committee, joined Sen. Mike Lee (R-Utah) in introducing the Protecting Life in Foreign Assistance Act.
The bill would permanently codify the Protecting Life in Global Health Assistance policy (formerly the Mexico City Policy), which forbids the funding of foreign non-governmental organizations that perform or promote abortions. The Mexico City Policy was first instituted by Pres. Ronald Reagan and has since been rescinded and reinstated by various presidential administrations. Pres. Donald Trump expanded this policy to close previously existing loopholes and renamed it the Protecting Life in Global Health Assistance policy.
“America shouldn’t fund abortions in foreign countries—no matter which party holds the White House. It’s time for Congress to show some moral clarity on this issue once and for all by passing this bill,” said Kennedy.
“In our quest to build a society where every precious human life is protected, we cannot allow the tax dollars of American families to be used against the most vulnerable people in our country and across the world: the unborn,” said Lee.
Sens. Ted Budd (R-N.C.), Marsha Blackburn (R-Tenn.), Kevin Cramer (R-N.D.), Pete Ricketts (R-Neb.), Jim Banks (R-Ind.), Tim Scott (R-S.C.), John Cornyn (R-Texas), Deb Fischer (R-Neb.), Tommy Tuberville (R-Ala.), Todd Young (R-Ind.) and Ron Johnson (R-Wis.) cosponsored the legislation.
Text of the Protecting Life in Foreign Assistance Act is available here.

MIL OSI USA News –

January 25, 2025

MIL-OSI: Purpose Investments Inc. Announces Final Annual 2024 Capital Gains Distributions for Purpose Fund Corp.

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 24, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is pleased to announce the final annual 2024 capital gain distributions for Purpose Fund Corp. The distributions represent capital gains realized by Purpose Fund Corp. during the year.

Shareholders of record at the close of business on January 30, 2025, will receive the 2024 annual capital gains distribution on February 5, 2025, and such gains will be applicable for the 2025 tax year. The final year-end capital gain distribution for Purpose Fund Corp. will be paid in cash.

Details of the per-unit distribution amounts are as follows:

Fund Name	Ticker Symbol	Exchange	Final Annual Capital Gains Distribution Per Share	NAV Per Share (as of Jan 23, 2025)	Final Distribution (% of Jan 23, 2025 NAV)
Purpose Core Dividend Fund – ETF Series	PDF	TSX	$0.1800	$33.85	0.53%
Purpose Tactical Hedged Equity Fund – ETF Series	PHE	TSX	$0.0800	$36.72	0.22%
Purpose Tactical Hedged Equity Fund – Non-Currency Hedged – ETF Series	PHE.B	TSX	$0.6700	$42.83	1.56%
Purpose Diversified Real Asset Fund – ETF Series	PRA	TSX	$0.2100	$30.15	0.70%
Purpose Best Ideas Fund – ETF Series	PBI	TSX	$1.5700	$48.09	3.26%
Purpose Best Ideas Fund – Non- Currency Hedged – ETF Series	PBI.B	TSX	$2.5700	$64.21	4.00%
Purpose International Tactical Hedged Equity Fund – ETF Series	PHW	TSX	$0.3500	$19.73	1.77%
Purpose Canadian Financial Income Fund – ETF Series	BNC	TSX	$1.2000	$29.24	4.10%
Purpose Enhanced Dividend Fund – ETF Series	PDIV	TSX	$0.0150	$9.46	0.16%
Purpose Core Equity Income Fund – ETF Series	RDE	Cboe Canada	$0.1600	$27.40	0.58%
Purpose Tactical Asset Allocation Fund – ETF Series	RTA	Cboe Canada	$0.9500	$31.31	3.03%
Purpose Tactical Thematic Fund – ETF Series	RTT	Cboe Canada	$0.7000	$24.81	2.82%

Purpose confirms that Big Banc Split Corp. will not declare a 2024 annual capital gain distribution.

About Purpose Investments Inc.

Purpose Investments is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent technology-driven financial services company.

For further information, please contact:
Keera Hart
Keera.Hart@kaiserpartners.com
905-580-1257

Commissions, trailing commissions, management fees, and expenses may all be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed; their values change frequently, and past performance may not be repeated.

The MIL Network –

January 25, 2025

MIL-Evening Report: RNZ Pacific – 35 years of broadcasting trusted news to the region

By Moera Tuilaepa-Taylor, RNZ Pacific manager

RNZ International (RNZI) began broadcasting to the Pacific region 35 years ago — on 24 January 1990, the same day the Auckland Commonwealth Games opened.

Its news bulletins and programmes were carried by a brand new 100kW transmitter.

The service was rebranded as RNZ Pacific in 2017. However its mission remains unchanged, to provide news of the highest quality and be a trusted service to local broadcasters in the Pacific region.

Although RNZ had been broadcasting to the Pacific since 1948, in the late 1980s the New Zealand government saw the benefit of upgrading the service. Thus RNZI was born, with a small dedicated team.

The first RNZI manager was Ian Johnstone. He believed that the service should have a strong cultural connection to the people of the Pacific. To that end, it was important that some of the staff reflected parts of the region where RNZ Pacific broadcasted.

He hired the first Pacific woman sports reporter at RNZ, the late Elma Ma’ua.

Linden Clark (from left) and Ian Johnstone, former managers of RNZ International now known as RNZ Pacific, and Moera Tuilaepa-Taylor, current manager of RNZ Pacific . . . strong cultural connection to the people of the Pacific. Image: RNZ

The Pacific region is one of the most vital areas of the earth, but it is not always the safest, particularly from natural disasters.

Disaster coverage
RNZ Pacific covered events such as the 2009 Samoan tsunami, and during the devastating 2022 Hunga Tonga-Hunga Haʻapai eruption, it was the only news service that could be heard in the kingdom.

More recently, it supported Vanuatu’s public broadcaster during the December 17 earthquake by providing extra bulletin updates for listeners when VBTC services were temporarily out of action.

Cyclones have become more frequent in the region, and RNZ Pacific provides vital weather updates, as the late Linden Clark, RNZI’s second manager, explained: “Many times, we have been broadcasting warnings on analogue shortwave to listeners when their local station has had to go off air or has been forced off air.”

RNZ Pacific’s cyclone watch service continues to operate during the cyclone season in the South Pacific.

As well as natural disasters, the Pacific can also be politically volatile. Since its inception RNZ Pacific has reported on elections and political events in the region.

Some of the more recent events include the 2000 and 2006 coups in Fiji, the Samoan Constitutional Crisis of 2021, the 2006 pro-democracy riots in Nuku’alofa, the revolving door leadership changes in Vanuatu, and the 2022 security agreement that Solomon Islands signed with China.

Human interest, culture
Human interest and cultural stories are also a key part of RNZ Pacific’s programming.

The service regularly covers cultural events and festivals within New Zealand, such as Polyfest. This was part of Linden Clark’s vision, in her role as RNZI manager, that the service would be a link for the Pacific diaspora in New Zealand to their homelands.

Today, RNZ Pacific continues that work. Currently its programmes are carried on two transmitters — one installed in 2008 and a much more modern facility, installed in 2024 following a funding boost.

Around 20 Pacific region radio stations relay RNZP’s material daily. Individual short-wave listeners and internet users around the world tune in directly to RNZ Pacific content which can be received as far away as Japan, North America, the Middle East and Europe.

MIL OSI Analysis – EveningReport.nz –

January 25, 2025

MIL-OSI Security: Florida Resident Charged In Scheme To Submit Fraudulent Asylum Applications

Source: Office of United States Attorneys

Defendant Allegedly Falsified Stories of Political Persecution in Clients’ Asylum Applications

SAN FRANCISCO – A federal grand jury has indicted Carlos Adolfo Haeckermann Cardenas on charges of aiding and abetting false statements on asylum applications.

According to an indictment filed Nov. 13, 2024, and unsealed Jan. 23, 2025, Haeckermann, 62, of Doral, Florida, held himself out to provide individuals with assistance in applying for immigration documents and benefits, including asylum. Between 2019 and 2021, Haeckermann submitted or assisted in the submission of more than 100 asylum applications to U.S. Citizenship and Immigration Services (USCIS) and charged his clients, including some who resided in the Northern District of California, thousands of dollars to help them apply for asylum.

The indictment further alleges that it was Haeckermann’s practice to draft his clients’ personal statements, which frequently included stories of political persecution that formed the basis for the asylum claims. In so doing, Haeckermann allegedly included false and embellished details that were intended to substantiate his clients’ asylum claims and increase the chances that his clients would be granted asylum.

It was Haeckermann’s practice to send completed applications back to his clients for them to sign and submit rather than to list himself as a third-party preparer and to submit the applications himself. At times, the indictment says, Haeckermann solicited his clients for additional payments in exchange for falsified documents that Haeckermann told his clients were necessary to support their asylum claims.

Haeckermann made his initial appearance in San Francisco on Jan. 22, 2025. He is next scheduled to appear in federal court on Mar. 26, 2025, before the Hon. Vince Chhabria, U.S. District Judge.

United States Attorney Ismail J. Ramsey and U.S. Department of State Diplomatic Security Service (DSS) Criminal Fraud Investigations Branch Chief Jeff Rusinek made the announcement.

An indictment merely alleges that crimes have been committed, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt. If convicted, the defendant faces a maximum sentence of 10 years’ imprisonment on each count, as well as a maximum fine of $250,000 on each count. Any sentence following a conviction would be imposed by a court only upon consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

Assistant U.S. Attorney Nicholas Parker is prosecuting the case. The prosecution is the result of an investigation by DSS and USCIS, with significant assistance from USCIS’s Fraud Detection and National Security Directorate.

Haeckermann Indictment

MIL Security OSI –

January 25, 2025

MIL-OSI New Zealand: New podiatry clinic brings much-needed service to Wairoa

Source: New Zealand Government

A new monthly podiatry clinic has been launched today in Wairoa and will bring a much-needed service closer to home for the Wairoa community, Health Minister Simeon Brown says.

“Health New Zealand has been successful in securing a podiatrist until the end of June this year to meet the needs of the Wairoa community. The podiatrist has a special interest in diabetes and will travel to Wairoa with a nurse, for monthly clinics which will be held at Queen St Practice,” Mr Brown says.

“Primary and community healthcare, like this podiatry clinic, play a key role in preventing illness, treating disease early and reducing the impact of long-term conditions. Keeping people well improves their quality of life and reduces the pressure on our hospitals.

“I am aware the community is also working closely with government agencies on addressing access to other healthcare services such as the provision of aged care services for their elderly.”

This six-month initiative funded by Health NZ will be reviewed in June. Further engagement with the community will continue throughout the year, including on the Wairoa Ageing Well Project.

“For the estimated 400 – 600 people in the area with diabetes, as well as those with other issues, having this service on their doorstep will be a great addition to improving the range of timely, quality healthcare that can be delivered locally.” Mr Brown says.

“Investments like this are important to ensure all New Zealanders can access timely, quality healthcare and is made possible by the Government’s record investment of $16.8 billion in health in Budget 2024.”

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI USA: News 01/24/2025 Blackburn, Colleagues Introduce Veterans Health Care Freedom Act

US Senate News:

Source: United States Senator Marsha Blackburn (R-Tenn)
WASHINGTON, D.C. – U.S. Senators Marsha Blackburn (R-Tenn.), Tommy Tuberville (R-Ala.), Roger Wicker (R-Miss.), Tim Sheehy (R-Mont.), and Ted Cruz (R-Texas) released the following statements after introducing the Veterans Health Care Freedom Act, which would help improve veterans’ access to health care by reducing the Department of Veterans Affairs’ (VA) role in the community care referral process:
“Under the Biden-Harris administration, veterans were discouraged from seeking community care by layers of bureaucratic red tape and a lack of accessibility to their local medical providers,” said Senator Blackburn. “The Veterans Health Care Freedom Act would right this wrong by empowering veterans to directly schedule appointments at non-VA medical facilities, which will remove unnecessary barriers and provide veterans with greater autonomy to access the care they need.”
“Our veterans should be able to see a doctor as quickly and easily as possible,” said Senator Tuberville. “Taking care of our veterans is a sacred duty. They should have access to the best medical care in the country. Streamlining the VA community care program is a commonsense way we can increase access to care and cut through red tape. I’m proud to join this legislation to eliminate the community care referral process and make life easier for those who have served.”
“Veterans must have access to community health care facilities. This legislation gives them more choices for medical care and helps avoid long wait times at VA facilities,” said Senator Wicker. “By enabling community care, transportation burdens will be reduced for veterans who live in rural areas. These changes will greatly improve the lives of our nation’s heroes.”
“For too many veterans, especially those in small towns and rural communities, barriers to access and bureaucratic red tape have stood in the way when seeking medical care,” said Senator Sheehy. “Our nation has a solemn responsibility to take care of those who have put their lives on the line for our freedoms, and I am proud to join my Senate colleagues on this important legislation that will increase health care options and make it easier for our veterans to seek the quality care they deserve.”
“America’s veterans deserve access to quality health care and the freedom to make decisions involving their health without unnecessary government interference,” said Senator Cruz. “The Veterans Health Care Freedom Act gives back those choices, cutting through bureaucratic red tape that often delays or denies access to life-saving care. This bill honors our commitment to those who have served and ensures they receive the respect and care they have earned.”
Senators Kevin Cramer (R-N.D.) and Mike Rounds (R- S.D.) also co-sponsored this legislation. It was introduced in the House by Representative Andy Biggs (R-Ariz.).

BACKGROUND:

The VA MISSION Act was enacted in 2018 to enhance veterans’ access to healthcare by expanding their options to receive care from community providers outside the VA system.
This landmark legislation aimed to streamline and consolidate community care programs, establish clear eligibility criteria, and ensure timely access to care, reducing both wait times and travel burdens for veterans.
However, in the years following its passage, veterans have frequently reported challenges in obtaining referrals for community care. Despite the VA MISSION Act’s objectives, evidence suggests that the Biden administration’s VA introduced extensive bureaucratic obstacles, discouraging veterans from seeking community care in favor of retaining them within the VA’s direct care system. These actions have undermined the intent of the VA MISSION Act by creating unnecessary delays and complexities in the referral process.
Currently, veterans must meet certain eligibility criteria, and the VA must approve the provider referral to seek care in non-VA facilities under the Veterans Community Care Program. The Veterans Health Care Freedom Act would remove the VA from the referral process to allow veterans to seek care where it is most convenient.

VETERANS HEALTH CARE FREEDOM ACT:

Specifically, the Veterans Health Care Freedom Act would:
Create a three-year pilot program within the VA Center for Innovation Care and Payment to improve veterans’ access to health care in the free market;
Require that the pilot program be carried out in at least four Veteran Integrated Service Networks (VISN);
Improve access to free market health care by allowing veterans to access primary, specialty, and mental health care outside of their corresponding VISN and at non-VA facilities;
Require the VA to give veterans information about eligibility, cost sharing, treatments, and providers so that they can make informed decisions with respect to selection of primary and specialty care providers and other available treatments;
Make the pilot program permanent nationwide four years after enactment of the Veterans Health Care Freedom Act;
Require the VA to submit reports to House and Senate Veterans’ Affairs Committees on the implementation and results of the pilot program, as well as the final design; and
Fund the pilot program using appropriations otherwise made available to the Veterans Health Administration.
Click here for bill text.

MIL OSI USA News –

January 25, 2025

MIL-OSI China: China unveils first guidelines on NEV insurance

Source: China State Council Information Office 2

China on Friday unveiled its first-ever guidelines for the insurance of new-energy vehicles (NEVs), introducing measures aimed at addressing key challenges currently facing the sector.
NEV owners have long struggled with high insurance premiums and the risk of being denied coverage. At the same time, insurers have been burdened by financial losses due to the high repair costs of NEVs.
The guidelines, jointly issued by the National Financial Regulatory Administration and three other government organs, aim to reduce maintenance costs for NEVs. They also emphasize the need for exploring the establishment of a risk-classification system for insurance models.
In support of these efforts, the Insurance Association of China and the Shanghai Insurance Exchange announced on Friday that an insurance platform dedicated to the NEV sector will be launched on Saturday.
The platform is designed to ensure proper insurance coverage for NEVs, particularly for high-risk vehicles. Insurers participating in the platform will be prohibited from denying coverage.
China’s NEV sector has seen rapid development in recent years. By the end of 2024, the number of NEVs in use in China had reached 31.4 million, a 260-fold surge over the past decade, official data shows.

MIL OSI China News –

January 25, 2025

Category: Politics