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Category: Transport

  • MIL-OSI Security: Leader of Drug Trafficking Organization Pleads Guilty to Numerous Drug Distribution Charges

    Source: Office of United States Attorneys

    BOSTON – One of the leaders of a large-scale drug trafficking conspiracy operating in and around the South Shore area of Massachusetts has pleaded guilty to multiple federal drug offenses in federal court in Boston.

    Giovanni Pina, 27, of Brockton, pleaded guilty to one count of possessing with intent to distribute and distributing 500 grams and more of methamphetamine; one count of distributing and possessing with intent to distribute methamphetamine on a premises where a minor was present and/or resided; and one count of conspiracy to possess with intent to distribute 400 grams or more of fentanyl, 100 grams or more of a fentanyl analogue and 500 grams or more of cocaine. U.S. Senior District Court Judge William G. Young scheduled sentencing for April 30, 2025. Pina was charged by complaint in February 2023 and subsequently indicted by a federal grand jury in March 2023.  

    Beginning in at least January 2021 through at least November 2021, Pina served as one of the leaders of a large-scale drug trafficking conspiracy that distributed fentanyl, fentanyl analogue and cocaine in and around the South Shore area – including in the Brockton, Quincy and Weymouth communities. Part of that conspiracy involved a Weymouth “stash house.” During a search of the stash house location in January 2021, two kilo presses; extensive drug paraphernalia, including blenders, digital scales and packaging equipment; more than 10 kilograms of fentanyl, fentanyl analogue and cocaine; three firearms; ammunition; two high-capacity magazines; and a speed loader were recovered.

    Additionally, Pina participated in a number of recorded drug deals with a cooperating witness in January and February 2023. One recorded drug deal occurred on or about Jan. 12, 2023, at a residence in Brockton, during which the deal and in the presence of a minor, Pina provided the witness with a box containing orange pills in exchange for cash. Subsequent lab testing confirmed that the pills consisted of over 2,000 grams of a mixture and substance of methamphetamine. On or about Jan. 25, 2023, Pina participated in another recorded drug deal with the cooperating witness in a vehicle in Taunton. During the deal, Pina provided the witness with a box that contained a large amount of orange pills in exchange for cash.  Subsequent lab testing confirmed that the pills consisted of over 2,500 grams of a mixture and substance of methamphetamine.  

    The charge of conspiracy to possess with intent to distribute 400 grams or more of fentanyl, 100 grams or more of a fentanyl analogue and 500 grams or more of cocaine provides for a mandatory minimum sentence of at least 10 years and up to life in prison, at least five years and up to a lifetime of supervised release and a fine of up to $10 million. The charge of possession with intent to distribute and distribution of 500 grams or more of a mixture and substance of methamphetamine provides for a mandatory minimum sentence of 10 years and up to life in prison, at least five years and up to a lifetime of supervised release and a fine of up to $10 million. The charge of distributing and possessing with intent to distribute methamphetamine on premises where a minor was present and/or resided provides for an additional consecutive term of up to 20 years in prison, up to three years of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and Quincy Police Chief Mark Kennedy made the announcement today. Valuable assistance in the investigation was provided by the Massachusetts State Police; Suffolk County Sheriff’s Department; and the Quincy, Weymouth, Braintree, Randolph, Brockton, East Bridgewater and Bridgewater Police Departments. Assistant U.S. Attorney Kaitlin R. O’Donnell of the Criminal Division is prosecuting the case.

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

    MIL Security OSI –

  • MIL-OSI Security: Lead Defendants Plead Guilty to RICO Conspiracy to Transport, Hire, and Harbor Unauthorized Workers

    Source: Office of United States Attorneys

    Criminal Enterprise Employed Unauthorized Workers at Dozens of Mexican Restaurants Across the Midwest

    KANSAS CITY, Mo. – Seven defendants, including an owner, president, chief financial officer, and controller of a Joplin, Mo., corporation, have pleaded guilty in federal court to their roles in a racketeering conspiracy to transport, hire, and harbor undocumented workers in several Midwestern states.

    “This case sends a clear and unequivocal message: employing unauthorized workers will not be tolerated and will be met with severe consequences,” said Mark Zito, HSI Kansas City Special Agent in Charge. “Our investigation uncovered a blatant and systemic disregard for our nation’s employment laws. Those who engage in such unlawful practices not only undermine the integrity of our labor market but also exploit vulnerable individuals. HSI Kansas City is relentless in our pursuit to dismantle these illegal operations and hold violators accountable to the fullest extent of the law. If you break the law, you will face the full force of our investigation and prosecution.”

    Jose Luis Bravo, 54, of Claremore, Oklahoma; Jose Guadalupe Razo, 54, of Carl Junction, Mo.; Anthony Edward Doll, 46, and Miguel Tarin-Martinez, 46, both of Joplin, Mo.; Alejandro Castillo-Ramirez, 43, a citizen of Mexico; Jaime Ramirez-Ceja, 46, a citizen of Mexico; and Veronica Razo de Lara, 50, of Great Bend, Kansas, have pleaded guilty before U.S. District Judge Roseann A. Ketchmark.

    Each defendant admitted they were part of a RICO (racketeer influenced and corrupt organizations) conspiracy from Jan. 1, 2018, to Aug. 10, 2021, that transported and employed Mexican, Guatemalan, and El Salvadoran nationals who were not authorized to live or work in the United States. Conspirators also harbored and encouraged the unauthorized workers to remain and reside in the United States by providing them with housing and, in certain circumstances, fraudulent identification documentation.

    Bravo is the partial owner of Specialty Foods Distribution, a corporation based in Joplin. Specialty Foods Distribution is a wholesale Mexican food products and restaurant supply company. Razo is the president of Specialty Foods Distribution; Doll is the chief financial officer; Tarin-Martinez is the controller.

    Bravo, Razo, Doll, and Tarin-Martinez created and maintained a network of restaurants operating under multiple LLCs in Missouri, Arkansas, Kansas, and Oklahoma that were serviced by Specialty Foods Distribution. The defendants conspired to staff these restaurants with unauthorized workers. Castillo-Ramirez, Ramirez-Ceja, and Razo de Lara managed three of the enterprise-affiliated restaurants that employed unauthorized workers.  By utilizing unauthorized workers — a workforce not available to law-abiding business owners — the defendants obtained an unfair and illegal competitive business advantage.

    In addition to transporting, harboring, and hiring unauthorized workers, the racketeering activity involved evasive and fraudulent actions. Specifically, to maintain high levels of unauthorized employees at the enterprise-affiliated restaurants, the defendants kept certain unauthorized workers off official payroll records; required certain unauthorized workers to work at times when federal officials were unlikely to conduct inspections; failed to collect or maintain complete and accurate Form I-9 documentation; falsely attested to the accuracy of information on Form I-9 documentation; submitted inaccurate wage and hour reports to state officials; and facilitated fraudulent identification documentation being produced, transported, and provided to unauthorized workers.

    Bravo specifically admitted that, as part of the RICO conspiracy, he facilitated the production and transportation of two fraudulent U.S. permanent resident cards from Claremore to Butler, Mo., as well as personally transported three unauthorized workers from  Claremore to the state of Kansas. Bavo has agreed to forfeit to the government approximately $5.7 million, comprising the forfeiture of proceeds he obtained from the RICO enterprise as well as property that afforded a source of influence over the RICO enterprise. The forfeiture agreement involves liquidation of five financial accounts; the government obtaining cash in lieu of Bravo’s interest in 12 real properties; and the government obtaining cash in lieu of Bravo’s interest in portions of 24 individual companies or corporations, including a portion of SFD, which Bravo admitted afforded a source of influence over the RICO enterprise.

    Razo specifically admitted that he conspired to harbor five unauthorized workers at enterprise-affiliated restaurants in Great Bend, and encouraged and induced three unauthorized workers at SFD to reside in the United States in violation of the law. Razo has agreed to forfeiture in the form of liquidation of one bank account and a money judgment in the amount of approximately $130,700, representing the proceeds he obtained from the RICO enterprise.

    Doll specifically admitted to encouraging unauthorized workers to reside in the United States by conspiring to create a Missouri LLC for the purpose of opening a new restaurant where certain unauthorized workers could gain employment, and conspiring to harbor unauthorized workers by taking steps to ensure unauthorized workers did not utilize established timeclock payroll systems at certain enterprise-affiliated restaurants. Doll has agreed to forfeiture in the form of liquidation of two bank accounts and a money judgment in the amount of approximately $132,300, representing the proceeds he obtained from the RICO enterprise.

    Tarin-Martinez specifically admitted to encouraging unauthorized workers to reside in the United States in violation of the law in Springfield, Mo., and in Pittsburg, Kan. Tarin-Martinez has agreed to forfeiture in the form of a money judgment in the amount of approximately $23,094, representing the proceeds he obtained from the RICO enterprise.

    Castillo-Ramirez specifically admitted to harboring two unauthorized workers at an enterprise-affiliated restaurant in Augusta, Kan. Castillo-Ramirez also admitted to encouraging the two unauthorized workers to reside in the United States in violation of the law by providing the unauthorized workers with employment, keeping them out of the established payroll system, and paying them in cash or by local check.

    Ramirez-Ceja specifically admitted to encouraging two unauthorized workers to reside in the United States in violation of the law by providing the workers with employment at an enterprise-affiliated restaurant in Lebanon, Mo., allowing the unauthorized workers to utilize fraudulent identification documents, and providing the unauthorized workers with housing. Additionally, Ramirez-Ceja admitted to making false attestations on two Form I-9 documents.

    Razo de Lara specifically admitted to conspiring to harbor four unauthorized workers at an enterprise-affiliated restaurant in Great Bend. As part of the conspiracy, Razo de Lara agreed to keep unauthorized workers out of the established payroll system, pay the unauthorized workers in cash, and have certain unauthorized workers complete work at times when federal agents were unlikely to inspect the restaurant.

    Under federal statutes, each of these defendants is subject to a sentence of up to 20 years in federal prison without parole. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendants will be determined by the court based on the advisory sentencing guidelines and other statutory factors. Sentencing hearings will be scheduled after the completion of presentence investigations by the United States Probation Office.

    This case is being prosecuted by Assistant U.S. Attorneys Rudolph R. Rhodes IV, Leigh Farmakidis, and Nicholas Heberle. It was investigated by Homeland Security Investigations with assistance from IRS-Criminal Investigations, Kansas Bureau of Investigation, Kansas Department of Labor, Kansas Department of Revenue, Kansas Highway Patrol, and Missouri State Highway Patrol.

    MIL Security OSI –

  • MIL-OSI Security: Hot Springs Man Sentenced to More Than 10 Years in Federal Prison for Methamphetamine and Firearms Possession

    Source: Office of United States Attorneys

    HOT SPRINGS – An Arkansas man has been sentenced to 123 months in Federal Prison for Possession of Methamphetamine with the Intent to Distribute and Possession of a Firearm in furtherance of a Drug Trafficking Offense.  The Honorable Chief Judge Susan O. Hickey presided over the sentencing hearings, which took place in the United States District Court in Hot Springs.

    According to court records, on March 7, 2023, Darryl Lavell Williams, age 30, of Hot Springs, was observed by Hot Springs Police Department Officers walking along East Grand Avenue carrying a black backpack.  Officers recognized Williams and knew that he had an active warrant from the Arkansas Parole Board.  As Officers approached Williams, he ignored their commands and attempted to dispose of the backpack by throwing it off a bridge.  Williams was taken into custody and the backpack was located.  A search of the backpack revealed a loaded Jimenez 9mm handgun and 47 grams of methamphetamine.

    On June 5, 2024, Williams pleaded guilty to Possession of a mixture or substance containing a detectable amount of Methamphetamine with Intent to Distribute and Possession of a firearm in Furtherance of a Drug Trafficking Crime. 

    U.S. Attorney David Clay Fowlkes made the announcement.

    The Hot Springs Police Departments Special Investigation Division investigated the case.

    Assistant U.S. Attorney Trent Daniels prosecuted the case for the United States.

    Related court documents may be found on the Public Access to Electronic Records website at www.pacer.gov.

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney Michael F. Easley, Jr. Announces Departure

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

    Tenure Marked by Violent Crime Declines, White Collar Fraud Crackdown, Dismantling Drug Traffickers, and Expansion of Civil Rights

    RALEIGH, N.C. – U.S. Attorney Michael F. Easley, Jr., announced today that he is stepping down on Monday, February 3, 2025, after leading the Office since November 2021. President Joseph Biden nominated Easley on September 28, 2021, and the U.S. Senate unanimously confirmed him on November 21, 2021. He was officially sworn in on November 26, 2021.  

    “It has been the highest honor to serve as the top federal law enforcement official for Eastern North Carolina – a place I was born, raised, and am proud to call home,” said Easley. “The men and women of the Eastern District are among the hardest working in the nation – steadfast in the mission to keep America safe.  Together, we helped drive down violent crime, turbocharged white-collar prosecutions, protected civil rights, and stemmed the tide of narcotics into our communities.  We did it through partnering, shoulder to shoulder, with local law enforcement and community leaders to solve our region’s most challenging problems.  I extend my heartfelt appreciation to the prosecutors, judges, law enforcement, and staff who give so much to see justice done every day.”

    “U.S. Attorney Easley is the kind of partner every sheriff hopes for – sharp, decisive, and committed to results.  He didn’t just talk about law enforcement partnerships; he made them real, partnering with sheriffs for solutions and backing them up with action.  Under his leadership, we made real progress— violent crime down, overdose deaths falling, and tighter collaboration.  Easley set a new gold standard for what it means to lead in federal law enforcement,” said Eddie Caldwell, Executive Vice President and General Counsel of the North Carolina Sheriffs Association.

    “We are deeply grateful for the years that U.S. Attorney Easley served at the helm of the Eastern District of North Carolina. His leadership, particularly through collaborative efforts, like the VCAP initiative, played a critical role in prosecuting violent offenders. His work has significantly contributed to our goal of making Raleigh one of the safest cities in the nation. He will be greatly missed,” said Raleigh Police Chief Estella Patterson.

    Expansion of Resources to Make Communities Safer

    U.S. Attorney Easley fought to significantly expand investigative and prosecutorial resources in the District, including a nearly 17% increase in prosecutors and new legal support staff and investigators. Much of the new personnel were allocated through a competitive national application process, with no district in the nation receiving more new prosecutors than the Eastern District of North Carolina (EDNC). The Office’s productivity and strong law enforcement partnerships also led the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) to add an additional team of agents to partner on violent crime reduction across the District.

    Easley and his Project Safe Neighborhoods (PSN) team also worked with Department of Justice (DOJ) leadership to have Raleigh named a National Public Safety Partnership Site (PSP). The program aims to lower crime rates and improve quality of life through intensive training and technical assistance (TTA) to enhance gun violence investigations, constitutional policing, community engagement, crime analysis, and the use of technology in crime reduction.

    Driving Down Violent Crime and Dismantling Drug Traffickers

    Throughout his tenure, Easley and his team have led the charge to combat violent crime and drug trafficking in the District by launching a Violent Crime Action Plan (VCAP) with formal coordination sites in Raleigh, Fayetteville, Wilmington, Rocky Mount, New Bern, and the Albemarle Region. The VCAP strategy built deeper ties and sustained partnerships with law enforcement, with VCAP sites showing double-digit percentage declines in homicides since 2022, for example, Raleigh (↓37%), Fayetteville (↓39%), Wilmington (↓15%), and Rocky Mount (↓67%).

    VCAP is a collaboration between the U.S. Attorney’s Office and local police departments, sheriff’s offices, and district attorney’s offices to identify and prosecute the most significant drivers of violence, specifically targeting shooters and the gunrunners who arm them.  Notable cases include the 20-year sentence for a Crabtree Valley Mall robbery and the carjacking, the sentencing of a Crips Gang member for multi-state gun trafficking; the indictment of two Sampson County men allegedly responsible for a quintuple murder, the prosecution of gang members with fully-automatic machine guns; and gun smuggling to Mexico.

    VCAP provides a forum for structured inter-agency coordination, intelligence-led policing, and deployment of federal Task Force Officers to bring federal technology to address local gun violence.

    In 2022, 2023, and 2024, EDNC prosecuted over 850 individuals for firearms offenses and took over 750 guns off the streets.

    In addition to VCAP, Easley revamped the Office’s Organized Crime & Drug Enforcement Task Force (OCDETF) by expanding the use of federal wiretaps, embedding federal agents alongside prosecutors, and increasing financial investigations. During Easley’s tenure, the Office achieved a #1 national rank for the number of OCDETF cases and #1 for the number of OCDETF defendants convicted of violence. Easley encouraged partners to prioritize national-scale cases with strong local impact, dismantling the trafficking, distribution, and money laundering pillars of criminal enterprises.

    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. Notable cases include the 75-year sentence of a national leader of the Pagan’s Motorcycle Club for narcotics trafficking and violence; the indictment of 16 members of the Hell’s Angels and Red Devils motorcycle gangs as part of an alleged violent criminal enterprise; the 40-year sentence for a narcotics trafficker operating from a daycare; the prosecution of the leader of white supremacist organization for armed drug trafficking; the  35-year sentence of a violent Fayetteville fentanyl trafficker; the conviction of a Raleigh Police officer for drug trafficking; the conviction of two fentanyl traffickers with ties to the Sinaloa Cartel; the conviction of a Rocky Mount Blood Gang leader for drug trafficking and COVID-19 fraud; the 40-year sentence of a drug trafficker linked to the murder, dismemberment and disposal of a confidential informant;  the prosecution of a former Wayne County Sheriff’s deputy for drug trafficking and bid-rigging; and the 50-year sentence of a violent Sampson County Blood Gang leader for armed drug trafficking.

    Attacking the Fentanyl Epidemic

    Easley also prioritized the prosecution of cases involving counterfeit pills and overdose deaths arising from fentanyl poisoning. An Elizabeth City man was sentenced to 20 years for trafficking heroin and fentanyl after causing an overdose death, a Raleigh man received a 15-year sentence after assisting in the distribution of fentanyl that killed a young woman, and a Snapchat fentanyl trafficker whose counterfeit pills led to an overdose death received 13 years in prison.

    To help local law enforcement get justice for victims of fentanyl poisoning and their families, Easley launched Overdose Death Investigation Trainings to train more than 200 law enforcement officers and prosecutors across the District on building fentanyl death cases.

    Easley also worked to reduce demand for opioids through outreach and education through the Heroin Education Action Team (HEAT), including educational events in local communities and schools.  The team launched a powerful new educational video to teach students and communities about the dangers.

    Protecting America’s National Security, Sensitive Technology, and Cybersecurity

    Under Easley’s leadership, the Office prioritized national security cases involving domestic and international terrorism, international cybercriminals, and protecting sensitive technology from foreign adversaries.  The prosecutions included a man accused of attempting to join ISIS and convictions against five members of a white supremacist plot to attack the energy grid, an anti-government bombmaker teaching how to target law enforcement, and a U.S. Army Major convicted of shipping guns to Ghana.  The Office also extradited and pursued a groundbreaking case against one of the FBI’s most wanted cybercriminals responsible for tens of millions of dollars in losses from widescale ransomware attacks, including on a hospital.

    Easley also built deeper ties with the DOJ’s National Security Division and the Department of Commerce Bureau of Industry & Security to launch a Disruptive Technology Strike Force (DTSF) cell to protect innovation in the Research Triangle’s high-tech sector. The DTSF partners with law enforcement and industry to protect advanced technology from unlawful acquisition by foreign adversaries. As home to the Research Triangle Park, world-class research institutions, and some of the Department of Defense’s largest installations, the EDNC hosts critical technology that malign foreign actors seek to obtain. The Raleigh DTSF cell is only one of fifteen in the country.  

    Surge in White Collar Fraud and Corruption Enforcement

    Under Easley’s leadership, the Office saw a significant surge in white-collar enforcement, with white-collar caseloads increasing 115% in a year.  Cases included the prosecution of a former Morgan Stanley financial advisor who defrauded investors in a multimillion-dollar Ponzi scheme, an ENT doctor sentenced to 25 years for defrauding Medicaid, a man who laundered $40mm in narco-linked crypto, and a plant manager who dumped tens of thousands of gallons of toxic waste into the Cape Fear River. The Office also prosecuted a $15-million-dollar COVID fraud scheme involving more than 20 businesses and individuals.

    These cases arose from the launch of dedicated working groups focused on Securities Fraud, Money Laundering, Public Health, Environmental Crimes, and other priority areas. The Office also launched an annual Economic Crimes Summit to build deeper ties with investigators across about 30 different agencies.

    Easley also launched an Illicit Finance Task Force with the Treasury Department to combat transnational money laundering by targeting third-party money launders and money-transmitting businesses utilizing cryptocurrency, banking, and brokerages to run dirty money through the American financial system.

    Expanding Civil Rights Enforcement

    Easley launched the Office’s first dedicated Civil Rights Team to enhance the Office’s civil rights enforcement. The team includes dedicated coordinators in both the Civil and Criminal Divisions and a designated Human Trafficking Coordinator. The Civil Rights Initiative emphasizes community engagement and law enforcement training.

    As a part of the effort, the Office trained more than 200 officers in de-escalation, use of force, and community engagement strategies. The Office also hosted multiple outreach events through its United Against Hate Initiative to build stronger relationships between law enforcement and the community and to educate communities on how to identify and report hate crimes.

    Easley also launched two human trafficking task forces – one in the Raleigh-Cary area and one in Southeastern North Carolina – to bring together law enforcement and community resources to share intelligence and investigative leads, provide specialized training, and promote greater public-private coordination to rescue and stabilize victims.

    Strong Civil Practice

    For the past three years, the EDNC’s Civil Division has ranked in the top 10 among large districts in the number of cases filed or responded to per AUSA. The Division has consistently ranked #1 in the Fourth Circuit for Affirmative Civil Rights and Affirmative Fraud cases and has ranked in the top five nationally compared to other large districts.  EDNC’s Financial Litigation Program (FLP), responsible for collecting debts owed to the U.S. Government, collected over $58 million in the last three fiscal years.

    About U.S. Attorney Easley

    Prior to his appointment as the U.S. Attorney, Easley was a partner at a large international law firm focused on internal investigations and trial court work in state and federal courts.  

    Born in Southport, North Carolina, Easley attended the University of North Carolina, where he graduated Phi Beta Kappa with honors and distinction in political science. He later received his law degree with honors from the University of North Carolina School of Law.

    MIL Security OSI –

  • MIL-OSI New Zealand: Two to front court after plans spiked 

    Source: New Zealand Police (National News)

    A man who drove a stolen car recklessly from Bombay to Hamilton has had his plans spiked.

    At about 8.15pm, officers observed the stolen Honda as it entered the South-Western Motorway at speed.

    Acting Detective Inspector Simon Harrison, Waitematā CIB, says a short time later the Police Eagle helicopter located the vehicle, tracking it as it entered the Southern Motorway heading south.

    “The vehicle was not pursued, however we continued observations as the vehicle continue south and into Waikato, before it was spiked near Taupiri.

    “It has then continued towards Hamilton where it has slowed down due to the tyre destruction.”

    Acting Detective Inspector Harrison says the vehicle was also allegedly driven on the wrong side of the road before staff moved in and were able to block the vehicle.

    “It’s extremely fortunate that no one suffered any injuries as a result of this man’s alleged actions.

    “I’m pleased we were able to take this person into custody and hold them to account for their actions.”

    A 19-year-old will appear in Waitākere District Court today charged with burglary, unlawfully taking a motor vehicle and dangerous driving.

    A 17-year-old charged with unlawfully getting into a motor vehicle and escapes custody will appear in North Shore Youth Court today.

    ENDS.

    Holly McKay/NZ Police

    MIL OSI New Zealand News –

  • MIL-OSI Canada: Alberta’s new Heritage Fund

    [. The initial purpose of this fund was to invest a portion of Alberta’s non-renewable resource royalties each year so the investment interest earned in the fund would reduce the province’s reliance on resource revenues.

    For decades, contributions to the Heritage Fund were limited and investment earnings were spent instead of being reinvested. Now, Alberta is adopting a bold, new plan to grow the Heritage Fund and achieve long-term growth and financial stability for the province. When the fund reaches its goal of $250 billion, the province can use a portion of the annual interest accrued to offset any decreases in resource royalties, invest in key provincial infrastructure and grow and protect the Alberta tax advantage.

    The roadmap details how the “Alberta Model” will use three components to grow the fund to $250 billion and eventually fund public services and vital infrastructure:

    • Strategic investments: There is a strong focus on opportunities that maximize growth while supporting areas that matter to Albertans, such as technology, energy and infrastructure.
    • Global partnerships: The model benefits from working closely with like-minded organizations and investors around the world, to access premier opportunities and bring new ideas and expertise back to the province.
    • Strong governance: The model is structured to ensure transparent and responsible investment management, so that every decision is made with the long-term interests of Albertans in mind.

    “Albertans deserve a Heritage Fund they can rely on – one that is focused on creating long-term growth and financial stability. We owe it to future generations of Albertans. The new Heritage Fund will lessen our dependence on natural resource revenues, diversify our economy, and create both wealth and prosperity for generations to come.”

    Danielle Smith, Premier

    This plan builds on the vision of former premier Peter Lougheed and builds on the recent investments into the fund. As of September 2024, the Heritage Fund is worth $24.3 billion. With a $2-billion commitment from Budget 2024, the fund is projected to increase to more than $26 billion by the end of the 2024-25 fiscal year. If all of the Heritage Fund’s investment income had been reinvested since inception instead of being transferred to the general revenue fund, the Heritage Fund would be upwards of $250 billion today, generating about $20 billion annually.

    Now is the time to take decisive action. By saving and reinvesting today, Alberta will reduce its reliance on unpredictable non-renewable resource revenue. A renewed Heritage Fund that earns money year over year will secure a resilient and prosperous Alberta for generations to come.

    “Our plan to grow the Heritage Fund is about securing Alberta’s financial independence and providing stability for our children and grandchildren and build a lasting legacy for all Albertans.”

    Nate Horner, President of Treasury Board and Minister of Finance

    Strong governance is needed to provide direction, deliver high returns for Albertans, and ensure future growth amid changing economic conditions. To help achieve this and carry out the overall Heritage Fund plan, Alberta’s government has created the Heritage Fund Opportunities Corporation to govern and grow all Heritage Fund assets. The new corporation will strengthen partnerships with global sovereign wealth funds, thereby unlocking access to new opportunities. The new corporation will be assisted in its work by a world-class board of directors that will strengthen the governance of Heritage Fund assets and support investment decisions independent from government.

    The Heritage Fund Opportunities Corporation will be chaired by Joe Lougheed.

    “The Heritage Fund assets belong to Albertans – and future Albertans. The HFOC will have a world-class, independent board of directors providing oversight and guidance in an accountable and transparent fashion. Working closely with the Alberta Investment Management Corporation, the objective will be to deliver long-term growth of the assets of the Heritage Fund for future generations.  It is an honour to serve in this governance role.”

    Joe Lougheed, Chair, Heritage Fund Opportunities Corporation

    Related information

    • Renewing the Alberta Heritage Savings Trust Fund: a roadmap to securing Alberta’s future
    • Growing the Heritage Fund video

    Related news

    • Premier’s address to the province (Feb. 21, 2024)
    • Solid year-end sets stage for prosperous Alberta future (June 27, 2024)
    • Q1 update: Cautious optimism for a stronger future (Aug. 29, 2024)

    Multimedia

    • Watch the news conference

    MIL OSI Canada News –

  • MIL-OSI USA: New Dog Man PSA Campaign, DreamWorks Animation, the Ad Council and FEMA Partnered to Encourage Kids to Help Prepare for Emergencies

    Source: US Federal Emergency Management Agency

    Headline: New Dog Man PSA Campaign, DreamWorks Animation, the Ad Council and FEMA Partnered to Encourage Kids to Help Prepare for Emergencies

    New Dog Man PSA Campaign, DreamWorks Animation, the Ad Council and FEMA Partnered to Encourage Kids to Help Prepare for Emergencies

    DreamWorks Animation’s Dog Man, based on the best-selling Dav Pilkey books, arrives in theaters Jan. 31, 2025WASHINGTON — FEMA’s Ready Campaign and the Ad Council have partnered with DreamWorks Animation’s new film, Dog Man, based on the best-selling Dav Pilkey book series, for a national public service advertising (PSA) campaign. The campaign features the beloved canine crime-fighting hero spreading the message to children across the nation about the importance of being ready for the unexpected.            In DreamWorks Animation’s upcoming film, in theaters Jan. 31, 2025, Dog Man must lean on his crime-fighting skills and planning abilities to stop the evil plots of Petey, the feline supervillain. His planning skills are being brought to life in the new PSA campaign, launching today, where Dog Man encourages kids to help their families prepare for emergencies. The initiative includes billboards and bus shelter advertising, as well as 30- and 15-second PSAs in both English and Spanish languages that are airing in donated media across the country.”Empowering our children to be active participants in disaster preparedness is vital to creating a more prepared nation,” said Lucas Hitt Acting Associate Administrator for FEMA’s Office of External Affairs. “This collaboration presents a unique opportunity to engage America’s youth in a relatable and impactful way, harnessing the beloved characters of DreamWorks Animation’s Dog Man to give the entire family the tools they need to be ready for anything.”Ready campaign messaging includes a four-step approach to preparedness:Be informed about different types of emergencies that could occur and their appropriate protective action.Make a family emergency plan including information on how to reconnect and reunite.  Build emergency supply kits to ensure preparedness whether at home, at work or in the car. Get involved by finding opportunities to support community preparedness.      The new creatives are an extension of FEMA and the Ad Council’s ongoing partnership on the Ready campaign, which has helped generate more than 128 million visitors to Ready.gov and Listo.gov in Spanish language since its launch in 2003. The Ready Campaign is designed to educate and empower all Americans to prepare for and respond to disasters including earthquakes, tornadoes, floods and wildfires.      Launched in 2016 by Dav Pilkey—the #1 global bestselling author and award-winning illustrator of the Captain Underpants books—the Dog Man Scholastic series now includes 13 books. The series is one of the bestselling graphic novel series of all time with more than 60 million copies in print and translations in 47 languages. The series’ 2024 releases include Dog Man: The Scarlet Shedder, which became the #1 bestselling book in the U.S. and internationally and Dog Man: Big Jim Begins, published Dec. 3, 2024.   For more information on what to do before, during or after emergencies, visit Ready.gov and Listo.gov in Spanish language. Television stations can download advertisements from the Ad Council’s website. The PSA video is also available to view on ready.gov/videos. About FEMA and the Ready CampaignFEMA’s mission is helping people before, during and after disasters. FEMA’s Ready Campaign, launched in Feb. 2003, is a national public service campaign designed to educate and empower the American people to prepare for, respond to and mitigate emergencies and disasters. The goal of the campaign is to promote preparedness through public involvement.Ready and its Spanish language version Listo ask individuals to do four key things:•    Stay informed about the different types of emergencies that could occur and their appropriate responses.•    Make a family emergency plan.•    Build an emergency supply kit.•    Get involved in your community by taking action to prepare for emergencies.Follow FEMA on social media at: FEMA Blog on fema.gov, @FEMA or @FEMAEspanol on X, FEMA or FEMA Espanol on Facebook, @FEMA on Instagram, and via FEMA YouTube channel.Follow Ready on social media at @ReadyGov on X, Ready on Facebook and ReadyGov on Instagram.  The social media links provided are for reference only. FEMA does not endorse any non-government websites, companies or applications.      About the Ad Council The Ad Council convenes creative storytellers to educate, unite and uplift audiences by opening hearts, inspiring action and accelerating change. For more than 80 years, the nonprofit organization and its partners in advertising, media, marketing and tech have been behind some of the country’s most iconic social impact campaigns – Smokey Bear, A Mind Is a Terrible Thing to Waste, Love Has No Labels, Tear the Paper Ceiling and many more. With a current focus on mental health, gun violence prevention, combating hate and bias, the overdose crisis and other critical issues, the Ad Council’s national campaigns encompass advertising and media content, ground game and community efforts, trusted messenger and influencer engagement, employer programs and other innovative strategies.To learn more or get involved, visit AdCouncil.org, join the Ad Council’s communities on Facebook, Instagram, LinkedIn and X, and view campaign creative on YouTube.           About DreamWorks Animation’s Dog ManPart dog, part man, all hero. From DreamWorks Animation—creators of the beloved blockbuster franchises Kung Fu Panda, How to Train Your Dragon and The Boss Baby—comes the canine-crime-fighting film adaptation of Dav Pilkey’s New York Times bestselling literary phenomenon: Dog Man. When a faithful police dog and his human police officer owner are injured together on the job, a harebrained but life-saving surgery fuses the two of them together and Dog Man is born. Dog Man is sworn to protect and serve—and fetch, sit and roll over.   As Dog Man embraces his new identity and strives to impress his Chief (Lil Rel Howery, Get Out, Free Guy), he must stop the pretty evil plots of feline supervillain Petey the Cat (Pete Davidson; Saturday Night Live, The King of Staten Island). Petey’s latest plan is to clone himself, creating the kitten Lil Petey, to double his ability to do crime stuff. Things get complicated, though, when Lil Petey forges an unexpected bond with Dog Man. When Lil Petey falls into the clutches of a common enemy, Dog Man and Petey reluctantly join forces in an action-packed race against time to rescue the young kitten. In the process, they discover the power of family (and kittens!) to bring even the most hostile foes together.  Dog Man also stars Isla Fisher (Wedding Crashers, Rango) as TV reporter Sarah Hatoff, Poppy Liu (Hacks, The Afterparty) as Petey’s assistant, Butler, Emmy nominee Stephen Root (Barry, King of the Hill) as Grampa, Billy Boyd (the Lord of the Rings franchise, Seed of Chucky) as Sarah’s cameraman, Seamus, and Emmy and Golden Globe winner Ricky Gervais (The Office, Extras) as Flippy the fish.Dog Man is directed by Emmy winner Peter Hastings (The Epic Tales of Captain Underpants, Kung Fu Panda: Legends of Awesomeness), whose credits include the groundbreaking animated series Animaniacs and Pinky and the Brain. The film is produced by Karen Foster (Spirit Untamed), who served as co-producer on DreamWorks Animation’s How to Train Your Dragon. About DreamWorks AnimationDreamWorks Animation (DWA), a division of the Universal Filmed Entertainment Group, within NBCUniversal, a subsidiary of Comcast Corporation, is a global family entertainment company with feature film and television brands. The company’s deep portfolio of intellectual property is supported by a robust, worldwide consumer products practice, which includes licensing and location-based entertainment venues around the world. DWA’s feature film heritage includes many of the world’s most beloved characters and franchises, including Shrek, Madagascar, Kung Fu Panda, How to Train Your Dragon, Spirit, Trolls, The Boss Baby and 2022’s The Bad Guys and Puss in Boots: The Last Wish have amassed more than $16 billion in global box office receipts. DreamWorks Animation’s television studio is one of the world’s leading producers of high-quality, animated family programming, reaching consumers in more than 190 countries with a diverse array of award-winning original content through streaming and linear broadcasters.About Universal PicturesUniversal Pictures is a division of Universal Studios. Universal Studios is part of NBCUniversal. NBCUniversal is one of the world’s leading media and entertainment companies in the development, production and marketing of entertainment, news and information to a global audience. NBCUniversal owns and operates a valuable portfolio of news and entertainment networks, a premier motion picture company, significant television production operations, a leading television stations group and world-renowned theme parks. NBCUniversal is a subsidiary of Comcast Corporation.
    erika.suzuki
    Wed, 01/29/2025 – 20:06

    MIL OSI USA News –

  • MIL-OSI USA: First Lady Marty Kemp Introduces Tenth Anti-Human Trafficking Bill

    Source: US State of Georgia

    ATLANTA – Today, on behalf of First Lady Marty Kemp, the Office of the Governor rolled out its 10th piece of legislation aimed at cracking down on human traffickers and buyers in the state while making Georgia a safe haven for victims.

    The latest bill championed by First Lady Kemp, SB 42 closes a critical loophole in Georgia law and ensures traffickers face the full penalty that their crimes demand. Currently, the conduct prohibited by Georgia’s human trafficking statute against minors is substantially similar to the conduct prohibited by the crime of keeping a place of prostitution, pimping, and pandering against minors. Rule of lenity, a legal principle asserting courts should apply the more favorable sentence to defendants when the law is ambiguous, could lead to judges awarding lesser sentences to offenders as a result of this loophole.

    “Georgia is a national leader in the fight against human trafficking because of our work supporting survivors and shining a light on the dark corners where this crime thrives,” said First Lady Marty Kemp. “The legislation introduced today will further that mission by ensuring proper penalties for offenders and securing greater justice for their victims. It will also build on the other initiatives we’re launching this week to make Georgians more aware of the dangers of human trafficking and how to report suspected trafficking situations.”

    As a part of Human Trafficking Prevention and Awareness Month — observed each January — First Lady Kemp marked the occasion by announcing the following initiatives to better equip Georgians with the knowledge and tools to end this evil industry in the state:

    First Lady Kemp Releases Updated Human Trafficking Awareness Training

    In conjunction with the Department of Administrative Services (DOAS), the First Lady is releasing an updated human trafficking awareness training for state employees. This enhanced training incorporates new information on what Georgia has done in the years since to support survivors and empower law enforcement to go after offenders. Administered by DOAS, the training will be available to all state agencies, who are encouraged to have their employees participate. The training will also be available to the public on YouTube as a free and easily-accessible resource.

    “State employees are essential in the fight against human trafficking,” said DOAS Commissioner Rebecca Sullivan. “It’s imperative for everyone to recognize the signs and be prepared to report them to effectively raise awareness and prevent this horrific crime. This training video is a vital resource packed with statistics and real-life stories that empower our state employees and the public to identify and report signs of sex trafficking with confidence. Together, we can make a significant impact in combating this issue.”

    History of Training

    Following initial meetings of the GRACE Commission, the need to raise awareness of the nature and signs of human trafficking was identified as a priority to move the needle on ending trafficking in the state. That led to the development of a 30-minute video training resource that provided viewers with an overview of sex trafficking, the telltale signs of its participants, and what to do when they believe they may have observed a trafficking situation.

    First Lady Kemp and Georgia Ports Authority Release Updated Human Trafficking Public Service Announcement

    The First Lady also unveiled, in partnership with the Georgia Ports Authority (GPA) and the Criminal Justice Coordinating Council (CJCC), a public service announcement (PSA) that will run at the state’s ports. With thousands of trucks entering and exiting ports facilities each day, this PSA will help bring attention to what drivers travelling through high-traffic destinations across the state can do to help end sex trafficking in Georgia. The PSA can be viewed here.

    “Georgia Ports joins with Georgia First Lady Marty Kemp and the CJCC organization to work together to end human trafficking in our state,” said Georgia Ports Authority President and CEO Griff Lynch. “Trucking companies are Georgia Ports’ frontline customers and are vital to our success. Their assistance is also instrumental in ending human trafficking by learning more about it and reporting any suspicious activities to law enforcement as they drive around the Peach State every day.”

    “CJCC is pleased to join First Lady Marty Kemp and the Georgia Ports Authority in a vital initiative to educate transportation professionals across Georgia about human trafficking,” said CJCC Executive Director Jay Neal. “Our goal is to ensure that victims are not only identified but also provided with the essential resources they need to heal and rebuild their lives. By equipping everyone with the tools to recognize the signs of human trafficking, we can work together to create a safer, more informed community.”

    MIL OSI USA News –

  • MIL-OSI: Premium Income Corporation Announces Year End Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 29, 2025 (GLOBE NEWSWIRE) — (TSX: PIC.A; PIC.PR.A) Premium Income Corporation today announces results of operations for the fiscal year ended October 31, 2024. Increase in net assets attributable to holders of Class A shares amounted to $76.3 million or $4.34 per Class A share. Net assets attributable to holders of Class A shares were $83.6 million or $4.14 per Class A share. Cash distributions of $0.86 per Preferred share and $0.81 per Class A share were paid during the year.

    Premium Income Corporation is a mutual fund corporation, which invests in a portfolio consisting principally of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, and the Toronto Dominion Bank. The Fund employs an active covered call writing strategy to enhance the income generated by the portfolio and to reduce volatility.  

    The investment portfolio of the Fund is managed by its investment manager, Mulvihill Capital Management Inc. The Fund’s Preferred and Class A shares are listed on the Toronto Stock Exchange under the symbols PIC.PR.A and PIC.A respectively.

    Selected Financial Information: ($ Millions)  
       
    Statement of Financial Position   2024
    As at October 31  
    Assets $ 397.4
    Liabilities   (313.7)
    Net Assets Attributable to  
    Holders of Class A Shares $ 83.6
       
    Statement of Comprehensive Income  
    Year ended October 31  
    Income $ 96.8
    Expenses   (4.3)
    Operating Loss   92.4
    Preferred Share Distributions   (16.1)
    Increase in Net Assets Attributable  
    to Holders of Class A Shares $ 76.3
         

    For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172 or visit www.mulvihill.com

    John Germain, Senior Vice President & CFO Mulvihill Capital Management Inc.
    121 King Street West
    Suite 2600
    Toronto, Ontario, M5H 3T9
    416.681.3966; 1.800.725.7172
    www.mulvihill.com
    info@mulvihill.com
       

    Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI: Climb Global Solutions Appoints John McCarthy as Chairman of its Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    EATONTOWN, N.J., Jan. 29, 2025 (GLOBE NEWSWIRE) — Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb”, the “Company”, “we”, or “our”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, today announced the appointment of John McCarthy as the new Chairman of the Board of Directors (the “Board”), effective January 28, 2025. Mr. McCarthy’s appointment follows the resignation of Jeff Geygan from the Board, which will become effective February 28, 2025, and will reduce the Board to six members, five of whom are independent under Nasdaq listing standards.

    Mr. McCarthy brings over 30 years of executive technology leadership to Climb’s Board, where he has been a director since June 2019 and currently serves as Chair of the Compensation Committee. Before joining Climb, he was the President and Chief Executive Officer of Mainline Information Systems, a nationally recognized technology solutions provider. Earlier in his career, Mr. McCarthy held senior executive roles at leading technology companies such as EMC, StorageApps, CNT, McData, and Virtual Iron. He is currently a member of the Operating Board for Stripes Group, and a member of the Board of Trustees for Providence College. Mr. McCarthy holds a Bachelor’s degree in Marketing from Providence College.

    “I am honored to be appointed as Chairman of the Board and thankful for the trust placed in me by my fellow Board members,” said Mr. McCarthy. “I’d like to thank Jeff for his invaluable contributions to Climb throughout his tenure as Chairman. I look forward to building on this strong foundation and working with the Board and leadership team to continue driving the Company’s strategic vision forward.”

    Mr. Geygan stated, “Serving as Chairman of the Board for the past seven years has been an incredible journey, and I am deeply grateful for the opportunity to have contributed to Climb’s remarkable growth and success.”

    About Climb Global Solutions

    Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the US, Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Climb Global Services. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.

    Additional information can be found by visiting www.climbglobalsolutions.com.

    Forward-Looking Statements

    The statements in this release, other than statements of historical fact, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements are subject to certain risks and uncertainties. Many of the forward-looking statements may be identified by words such as ”look forward,” “believes,” “expects,” “intends,” “anticipates,” “plans,” “estimates,” “projects,” “forecasts,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “under construction,” “in development,” “opportunity,” “target,” “outlook,” “maintain,” “continue,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. In this press release, the forward-looking statements relate to, among other things, declaring and reaffirming our strategic goals, future operating results, and the effects and potential benefits of the strategic acquisition on our business. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include, without limitation, statements concerning our plans and expectations in connection with the transition of Board leadership and other plans and expectations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described in the section entitled “Risk Factors” contained in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and from time to time in the Company’s filings with the Securities and Exchange Commission.

    Company Contact

    Matthew Sullivan
    Chief Financial Officer
    (732) 847-2451
    MatthewS@ClimbCS.com

    Investor Relations Contact

    Sean Mansouri, CFA or Aaron D’Souza
    Elevate IR
    (720) 330-2829
    CLMB@elevate-ir.com

    The MIL Network –

  • MIL-OSI: Brookline Bancorp Announces Fourth Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    Net Income of $17.5 million, EPS of $0.20

    Operating Earnings of $20.7 million, Operating EPS of $0.23

    Quarterly Dividend of $0.135

    BOSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) — Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net income of $17.5 million, or $0.20 per basic and diluted share, and excluding $3.4 million of merger-related charges, operating earnings after tax (non-GAAP) of $20.7 million, or $0.23 per basic and diluted share for the fourth quarter of 2024, compared to 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, and $22.9 million, or $0.26 per basic and diluted share, for the fourth quarter of 2023.

    For the year ended December 31, 2024, the Company reported net income of $68.7 million, or $0.77 per basic and diluted share, compared to $75.0 million, or $0.85 per basic and diluted share, for the year ended December 31, 2023. For the year ended December 31, 2024, the Company reported operating earnings after tax (non-GAAP) of $72.4 million, or $0.81 per basic and diluted share, compared to $92.9 million, or $1.05 per basic and diluted share, for the year ended December 31, 2023.

    Paul Perrault, Chairman and Chief Executive Officer, commented on the Company’s performance, “Brookline Bancorp had an excellent year in 2024. We finished the year with solid deposit and loan growth and are well positioned as we look forward to 2025. We are looking forward to 2025 and our recently announced strategic merger with Berkshire Hills Bancorp. I would like to recognize the contributions of our employees in contributing to our growth and success in 2024. Our employees exemplify the Brookline Bancorp culture of providing excellent customer service.”

    BALANCE SHEET

    Total assets at December 31, 2024 increased $228.6 million to $11.9 billion from $11.7 billion at September 30, 2024, and increased $523.1 million from $11.4 billion at December 31, 2023. At December 31, 2024, total loans and leases were $9.8 billion, representing an increase of $24.1 million from September 30, 2024, and an increase of $137.7 million from December 31, 2023.

    Total investment securities at December 31, 2024 increased $39.6 million to $895.0 million from $855.4 million at September 30, 2024, and decreased $21.6 million from $916.6 million at December 31, 2023. Total cash and cash equivalents at December 31, 2024 increased $135.8 million to $543.7 million from $407.9 million at September 30, 2024, and increased $410.6 million from $133.0 million at December 31, 2023. As of December 31, 2024, total investment securities and total cash and cash equivalents represented 12.1 percent of total assets, compared to 10.8 percent and 9.2 percent as of September 30, 2024 and December 31, 2023, respectively.

    Total deposits at December 31, 2024 increased $169.4 million to $8.9 billion from $8.7 billion at September 30, 2024, consisting of a $115.9 million increase in customer deposits and a $53.4 million increase in brokered deposits. Total deposits increased $353.5 million from $8.5 billion at December 31, 2023, primarily driven by growth in customer deposits.

    Total borrowed funds at December 31, 2024 increased $22.3 million to $1.5 billion from September 30, 2024, and increased $143.2 million from $1.4 billion at December 31, 2023.

    The ratio of stockholders’ equity to total assets was 10.26 percent at December 31, 2024, as compared to 10.54 percent at September 30, 2024, and 10.53 percent at December 31, 2023. The ratio of tangible stockholders’ equity to tangible assets (non-GAAP) was 8.27 percent at December 31, 2024, as compared to 8.50 percent at September 30, 2024, and 8.39 percent at December 31, 2023. Tangible book value per common share (non-GAAP) decreased $0.08 from $10.89 at September 30, 2024 to $10.81 at December 31, 2024, and increased $0.31 from $10.50 at December 31, 2023.

    NET INTEREST INCOME

    Net interest income increased $2.0 million to $85.0 million during the fourth quarter of 2024 from $83.0 million for the quarter ended September 30, 2024. The net interest margin increased 5 basis points to 3.12 percent for the three months ended December 31, 2024 from 3.07 percent for the three months ended September 30, 2024, primarily driven by lower funding costs partially offset by lower yields on loans and leases.

    NON-INTEREST INCOME

    Total non-interest income for the quarter ended December 31, 2024 increased $0.2 million to $6.6 million from $6.3 million for the quarter ended September 30, 2024. The increase was primarily driven by an increase of $1.1 million in loan level derivative income, net, partially offset by a decline of $0.8 million in mark to market on interest rate swaps.

    PROVISION FOR CREDIT LOSSES

    The Company recorded a provision for credit losses of $4.1 million for the quarter ended December 31, 2024, compared to $4.8 million for the quarter ended September 30, 2024. The decrease in the provision was largely driven by improving economic forecasts and stabilization in the volume of adversely graded credits.

    Total net charge-offs for the fourth quarter of 2024 were $7.3 million, compared to $3.8 million in the third quarter of 2024. The $7.3 million in net charge-offs was driven by one large $5.1 million charge-off in equipment financing which was previously reserved for. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis increased to 30 basis points for the fourth quarter of 2024 from 16 basis points for the third quarter of 2024.

    The allowance for loan and lease losses represented 1.28 percent of total loans and leases at December 31, 2024, compared to 1.31 percent at September 30, 2024, and 1.22 percent at December 31, 2023. The decrease in the ratio was driven by a reduction in specific reserves due to charge-offs in the quarter.

    ASSET QUALITY

    The ratio of total nonperforming loans and leases to total loans and leases was 0.71 percent at December 31, 2024 as compared to 0.73 percent at September 30, 2024. Total nonaccrual loans and leases decreased $1.9 million to $69.3 million at December 31, 2024 from $71.2 million at September 30, 2024. The ratio of nonperforming assets to total assets was 0.59 percent at December 31, 2024 as compared to 0.62 percent at September 30, 2024. Total nonperforming assets decreased $2.4 million to $70.5 million at December 31, 2024 from $72.8 million at September 30, 2024.

    NON-INTEREST EXPENSE

    Non-interest expense for the quarter ended December 31, 2024 increased $5.8 million to $63.7 million from $57.9 million for the quarter ended September 30, 2024. The increase was primarily driven by an increase of $3.4 million in merger and acquisition expense, and an increase of $2.1 million in compensation and employee benefits expense.

    PROVISION FOR INCOME TAXES

    The effective tax rate was 26.4 percent and 25.1 percent for the three and twelve months ended December 31, 2024 compared to 24.7 percent for the three months ended September 30, 2024 and 19.9 percent and 20.1 percent for the three and twelve months ended December 31, 2023.

    RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

    The annualized return on average assets decreased to 0.61 percent during the fourth quarter of 2024 compared to 0.70 percent for the third quarter of 2024; and was 0.60 percent for the year ended December 31, 2024, compared to 0.67 percent for the year ended December 31, 2023.

    The annualized return on average tangible stockholders’ equity (non-GAAP) decreased to 7.21 percent during the fourth quarter of 2024 compared to 8.44 percent for the third quarter of 2024; and was 7.24 percent for the year ended December 31, 2024 compared to 8.36 percent for the year ended December 31, 2023.

    DIVIDEND DECLARED

    The Company’s Board of Directors approved a dividend of $0.135 per share for the quarter ended December 31, 2024. The dividend will be paid on February 28, 2025 to stockholders of record on February 14, 2025.

    PROPOSED TRANSACTION WITH BERKSHIRE HILLS BANCORP, INC.

    On December 16, 2024, the Company, Berkshire Hills Bancorp, Inc. (“Berkshire”), and Commerce Acquisition Sub, Inc., a Delaware corporation and wholly-owned subsidiary of the Berkshire formed solely to facilitate the merger (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into Brookline, with Brookline as the surviving entity, and immediately thereafter, Brookline will merge with and into Berkshire, with Berkshire as the surviving entity (collectively, the “Merger”). As a result of the Merger, the separate corporate existence of the Company will cease, and Berkshire will continue as the surviving corporation. Under the terms of the Merger Agreement, which was unanimously approved by the Boards of Directors of both companies, each outstanding share of Company common stock will be exchanged for the right to receive 0.42 shares of Berkshire common stock. Holders of Company common stock will receive cash in lieu of fractional shares of Berkshire common stock. As a result of the proposed transaction and a $100 million common stock offering by Berkshire to support the proposed transaction, Berkshire stockholders will own approximately 51%, Brookline stockholders will own approximately 45%, and investors in new shares will own approximately 4% of the outstanding shares of the combined company. The proposed transaction is expected to close by the end of the second half of 2025, subject to satisfaction of customary closing conditions, including receipt of required regulatory approvals and approvals from Berkshire and the Company stockholders.

    CONFERENCE CALL

    The Company will conduct a conference call/webcast at 1:30 PM Eastern Time on Thursday, January 30, 2025 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/129324302. To listen to the call without access to the slides, please dial 833-470-1428 (United States) or 404-975-4839 (internationally) and ask for the Brookline Bancorp, Inc. call (Access Code 138268). A recording 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: 646121.

    ABOUT BROOKLINE BANCORP, INC.

    Brookline Bancorp, Inc., a bank holding company with approximately $11.9 billion in assets and branch locations in eastern 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 Company provides commercial and retail banking services and 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, the occurrence of any event, change or other circumstances that could give rise to the right of the Company or Berkshire to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against Berkshire or Company; delays in completing the proposed transaction with Berkshire; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction) or stockholder approvals, or to satisfy any of the other conditions to the proposed transaction on a timely basis or at all, including the ability of Berkshire and the Company to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the impact of certain restrictions during the pendency of the proposed transaction on the parties’ ability to pursue certain business opportunities and strategic transactions; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; 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 At and for the Twelve
    Months Ended
      December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 December 31,
    2024    		 December 31,
    2023
      (Dollars In Thousands Except per Share Data)
    Earnings Data:              
    Net interest income $ 84,988   $ 83,008   $ 80,001   $ 81,588   $ 83,555   $ 329,585   $ 339,711  
    Provision for credit losses on loans   4,141     4,832     5,607     7,423     3,851     22,003     37,868  
    Provision (credit) for credit losses on investments   (104 )   (172 )   (39 )   (44 )   (76 )   (359 )   339  
    Non-interest income   6,587     6,348     6,396     6,284     8,027     25,615     31,934  
    Non-interest expense   63,719     57,948     59,184     61,014     59,244     241,865     239,524  
    Income before provision for income taxes   23,819     26,748     21,645     19,479     28,563     91,691     93,914  
    Net income   17,536     20,142     16,372     14,665     22,888     68,715     74,999  
                   
    Performance Ratios:              
    Net interest margin (1)   3.12 %   3.07 %   3.00 %   3.06 %   3.15 %   3.06 %   3.24 %
    Interest-rate spread (1)   2.35 %   2.26 %   2.14 %   2.21 %   2.39 %   2.24 %   2.50 %
    Return on average assets (annualized)   0.61 %   0.70 %   0.57 %   0.51 %   0.81 %   0.60 %   0.67 %
    Return on average tangible assets (annualized) (non-GAAP)   0.62 %   0.72 %   0.59 %   0.53 %   0.83 %   0.61 %   0.69 %
    Return on average stockholders’ equity (annualized)   5.69 %   6.63 %   5.49 %   4.88 %   7.82 %   5.67 %   6.42 %
    Return on average tangible stockholders’ equity (annualized) (non-GAAP)   7.21 %   8.44 %   7.04 %   6.26 %   10.12 %   7.24 %   8.36 %
    Efficiency ratio (2)   69.58 %   64.85 %   68.50 %   69.44 %   64.69 %   68.09 %   64.45 %
                   
    Per Common Share Data:              
    Net income — Basic $ 0.20   $ 0.23   $ 0.18   $ 0.16   $ 0.26   $ 0.77   $ 0.85  
    Net income — Diluted   0.20     0.23     0.18     0.16     0.26     0.77     0.85  
    Cash dividends declared   0.135     0.135     0.135     0.135     0.135     0.540     0.540  
    Book value per share (end of period)   13.71     13.81     13.48     13.43     13.48     13.71     13.48  
    Tangible book value per common share (end of period) (non-GAAP)   10.81     10.89     10.53     10.47     10.50     10.81     10.50  
    Stock price (end of period)   11.80     10.09     8.35     9.96     10.91     11.80     10.91  
                   
    Balance Sheet:              
    Total assets $ 11,905,326   $ 11,676,721   $ 11,635,292   $ 11,542,731   $ 11,382,256   $ 11,905,326   $ 11,382,256  
    Total loans and leases   9,779,288     9,755,236     9,721,137     9,655,086     9,641,589     9,779,288     9,641,589  
    Total deposits   8,901,644     8,732,271     8,737,036     8,718,653     8,548,125     8,901,644     8,548,125  
    Total stockholders’ equity   1,221,939     1,230,362     1,198,480     1,194,231     1,198,644     1,221,939     1,198,644  
                   
    Asset Quality:              
    Nonperforming assets $ 70,452   $ 72,821   $ 62,683   $ 42,489   $ 45,324   $ 70,452   $ 45,324  
    Nonperforming assets as a percentage of total assets   0.59 %   0.62 %   0.54 %   0.37 %   0.40 %   0.59 %   0.40 %
    Allowance for loan and lease losses $ 125,083   $ 127,316   $ 121,750   $ 120,124   $ 117,522   $ 125,083   $ 117,522  
    Allowance for loan and lease losses as a percentage of total loans and leases   1.28 %   1.31 %   1.25 %   1.24 %   1.22 %   1.28 %   1.22 %
    Net loan and lease charge-offs $ 7,252   $ 3,808   $ 8,387   $ 8,781   $ 7,141   $ 28,228   $ 19,663  
    Net loan and lease charge-offs as a percentage of average loans and leases (annualized)   0.30 %   0.16 %   0.35 %   0.36 %   0.30 %   0.29 %   0.21 %
                   
    Capital Ratios:              
    Stockholders’ equity to total assets   10.26 %   10.54 %   10.30 %   10.35 %   10.53 %   10.26 %   10.53 %
    Tangible stockholders’ equity to tangible assets (non-GAAP)   8.27 %   8.50 %   8.23 %   8.25 %   8.39 %   8.27 %   8.39 %
                   
    (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)
     
      December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023
    ASSETS (In Thousands Except Share Data)
    Cash and due from banks $ 64,673   $ 82,168   $ 60,067   $ 45,708   $ 34,514  
    Short-term investments   478,997     325,721     283,017     256,178     98,513  
    Total cash and cash equivalents   543,670     407,889     343,084     301,886     133,027  
    Investment securities available-for-sale   895,034     855,391     856,439     865,798     916,601  
    Total investment securities   895,034     855,391     856,439     865,798     916,601  
    Allowance for investment security losses   (82 )   (186 )   (359 )   (398 )   (441 )
    Net investment securities   894,952     855,205     856,080     865,400     916,160  
    Loans and leases held-for-sale   —     —     —     6,717     —  
    Loans and leases:          
    Commercial real estate loans   5,716,114     5,779,290     5,782,111     5,755,239     5,764,529  
    Commercial loans and leases   2,506,664     2,453,038     2,443,530     2,416,904     2,399,668  
    Consumer loans   1,556,510     1,522,908     1,495,496     1,482,943     1,477,392  
    Total loans and leases   9,779,288     9,755,236     9,721,137     9,655,086     9,641,589  
    Allowance for loan and lease losses   (125,083 )   (127,316 )   (121,750 )   (120,124 )   (117,522 )
    Net loans and leases   9,654,205     9,627,920     9,599,387     9,534,962     9,524,067  
    Restricted equity securities   83,155     82,675     78,963     74,709     77,595  
    Premises and equipment, net of accumulated depreciation   86,781     86,925     88,378     89,707     89,853  
    Right-of-use asset operating leases   43,527     41,934     35,691     33,133     30,863  
    Deferred tax asset   56,620     50,827     60,032     60,484     56,952  
    Goodwill   241,222     241,222     241,222     241,222     241,222  
    Identified intangible assets, net of accumulated amortization   17,461     19,162     20,830     22,499     24,207  
    Other real estate owned and repossessed assets   1,103     1,579     1,974     1,817     1,694  
    Other assets   282,630     261,383     309,651     310,195     286,616  
    Total assets $ 11,905,326   $ 11,676,721   $ 11,635,292   $ 11,542,731   $ 11,382,256  
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Deposits:          
    Demand checking accounts $ 1,692,394   $ 1,681,858   $ 1,638,378   $ 1,629,371   $ 1,678,406  
    NOW accounts   617,246     637,374     647,370     654,748     661,863  
    Savings accounts   1,721,247     1,736,989     1,735,857     1,727,893     1,669,018  
    Money market accounts   2,116,360     2,041,185     2,073,557     2,065,569     2,082,810  
    Certificate of deposit accounts   1,885,444     1,819,353     1,718,414     1,670,147     1,574,855  
    Brokered deposit accounts   868,953     815,512     923,460     970,925     881,173  
    Total deposits   8,901,644     8,732,271     8,737,036     8,718,653     8,548,125  
    Borrowed funds:          
    Advances from the FHLB   1,355,926     1,345,003     1,265,079     1,150,153     1,223,226  
    Subordinated debentures and notes   84,328     84,293     84,258     84,223     84,188  
    Other borrowed funds   79,592     68,251     80,125     127,505     69,256  
    Total borrowed funds   1,519,846     1,497,547     1,429,462     1,361,881     1,376,670  
    Operating lease liabilities   44,785     43,266     37,102     34,235     31,998  
    Mortgagors’ escrow accounts   15,875     14,456     17,117     16,245     17,239  
    Reserve for unfunded credits   5,981     6,859     11,400     15,807     19,767  
    Accrued expenses and other liabilities   195,256     151,960     204,695     201,679     189,813  
    Total liabilities   10,683,387     10,446,359     10,436,812     10,348,500     10,183,612  
    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   902,584     901,562     904,775     903,726     902,659  
    Retained earnings   458,943     453,555     445,560     441,285     438,722  
    Accumulated other comprehensive income   (52,882 )   (38,081 )   (61,693 )   (60,841 )   (52,798 )
    Treasury stock, at cost;          
    7,019,384 shares, 7,015,843 shares, 7,373,009 shares, 7,354,399 shares, and 7,354,399 shares, respectively   (87,676 )   (87,644 )   (91,132 )   (90,909 )   (90,909 )
    Total stockholders’ equity   1,221,939     1,230,362     1,198,480     1,194,231     1,198,644  
    Total liabilities and stockholders’ equity $ 11,905,326   $ 11,676,721   $ 11,635,292   $ 11,542,731   $ 11,382,256  
               
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Consolidated Statements of Income (Unaudited)
     
      Three Months Ended
      December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023
      (In Thousands Except Share Data)
    Interest and dividend income:          
    Loans and leases $ 147,436   $ 149,643   $ 145,585   $ 145,265   $ 142,948  
    Debt securities   6,421     6,473     6,480     6,878     6,945  
    Restricted equity securities   1,460     1,458     1,376     1,492     1,333  
    Short-term investments   2,830     1,986     1,914     1,824     1,093  
    Total interest and dividend income   158,147     159,560     155,355     155,459     152,319  
    Interest expense:          
    Deposits   56,562     59,796     59,721     56,884     54,034  
    Borrowed funds   16,597     16,756     15,633     16,987     14,730  
    Total interest expense   73,159     76,552     75,354     73,871     68,764  
    Net interest income   84,988     83,008     80,001     81,588     83,555  
    Provision for credit losses on loans   4,141     4,832     5,607     7,423     3,851  
    Credit for credit losses on investments   (104 )   (172 )   (39 )   (44 )   (76 )
    Net interest income after provision for credit losses   80,951     78,348     74,433     74,209     79,780  
    Non-interest income:          
    Deposit fees   2,297     2,353     3,001     2,897     3,064  
    Loan fees   439     464     702     789     515  
    Loan level derivative income, net   1,115     —     106     437     778  
    Gain on sales of loans and leases   406     415     130     —     410  
    Other   2,330     3,116     2,457     2,161     3,260  
    Total non-interest income   6,587     6,348     6,396     6,284     8,027  
    Non-interest expense:          
    Compensation and employee benefits   37,202     35,130     34,762     36,629     35,401  
    Occupancy   5,393     5,343     5,551     5,769     5,127  
    Equipment and data processing   6,780     6,831     6,732     7,031     7,245  
    Professional services   1,345     2,143     1,745     1,900     1,442  
    FDIC insurance   2,017     2,118     2,025     1,884     1,839  
    Advertising and marketing   1,303     859     1,504     1,574     758  
    Amortization of identified intangible assets   1,701     1,668     1,669     1,708     1,965  
    Merger and restructuring expense   3,378     —     823     —     —  
    Other   4,600     3,856     4,373     4,519     5,467  
    Total non-interest expense   63,719     57,948     59,184     61,014     59,244  
    Income before provision for income taxes   23,819     26,748     21,645     19,479     28,563  
    Provision for income taxes   6,283     6,606     5,273     4,814     5,675  
    Net income $ 17,536   $ 20,142   $ 16,372   $ 14,665   $ 22,888  
    Earnings per common share:          
    Basic $ 0.20   $ 0.23   $ 0.18   $ 0.16   $ 0.26  
    Diluted $ 0.20   $ 0.23   $ 0.18   $ 0.16   $ 0.26  
    Weighted average common shares outstanding during the period:        
    Basic   89,098,443     89,033,463     88,904,692     88,894,577     88,867,159  
    Diluted   89,483,964     89,319,611     89,222,315     89,181,508     89,035,505  
    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)
       
      Twelve Months Ended December 31,
      2024 2023
      (In Thousands Except Share Data)
    Interest and dividend income:    
    Loans and leases $ 587,929   $ 533,739
    Debt securities   26,252     29,648
    Restricted equity securities   5,786     5,571
    Short-term investments   8,554     8,329
    Total interest and dividend income   628,521     577,287
    Interest expense:    
    Deposits   232,963     175,665
    Borrowed funds   65,973     61,911
    Total interest expense   298,936     237,576
    Net interest income   329,585     339,711
    Provision for credit losses on loans   22,003     37,868
    (Credit) provision for credit losses on investments   (359 )   339
    Net interest income after provision for credit losses   307,941     301,504
    Non-interest income:    
    Deposit fees   10,548     11,611
    Loan fees   2,394     2,036
    Loan level derivative income, net   1,658     3,890
    Gain on investment securities, net   —     1,704
    Gain on sales of loans and leases   951     2,581
    Other   10,064     10,112
    Total non-interest income   25,615     31,934
    Non-interest expense:    
    Compensation and employee benefits   143,723     138,895
    Occupancy   22,056     20,203
    Equipment and data processing   27,374     27,004
    Professional services   7,133     7,226
    FDIC insurance   8,044     7,844
    Advertising and marketing   5,240     4,724
    Amortization of identified intangible assets   6,746     7,840
    Merger and restructuring expense   4,201     7,411
    Other   17,348     18,377
    Total non-interest expense   241,865     239,524
    Income before provision for income taxes   91,691     93,914
    Provision for income taxes   22,976     18,915
    Net income $ 68,715   $ 74,999
    Earnings per common share:    
    Basic $ 0.77   $ 0.85
    Diluted $ 0.77   $ 0.85
    Weighted average common shares outstanding during the period:  
    Basic   88,983,248     88,230,681
    Diluted   89,302,304     88,450,646
    Dividends paid per common share $ 0.540   $ 0.540
         
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Asset Quality Analysis (Unaudited)
     
      At and for the Three Months Ended
      December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023
      (Dollars in Thousands)
    NONPERFORMING ASSETS:          
    Loans and leases accounted for on a nonaccrual basis:          
    Commercial real estate mortgage $ 11,525   $ 11,595   $ 11,659   $ 18,394   $ 19,608  
    Multi-family mortgage   6,596     1,751     —     —     —  
    Construction   —     —     —     —     —  
    Total commercial real estate loans   18,121     13,346     11,659     18,394     19,608  
               
    Commercial   14,676     15,734     16,636     3,096     3,886  
    Equipment financing   31,509     37,223     27,128     13,668     14,984  
    Total commercial loans and leases   46,185     52,957     43,764     16,764     18,870  
               
    Residential mortgage   3,999     3,862     4,495     4,563     4,292  
    Home equity   1,043     1,076     790     950     860  
    Other consumer   1     1     1     1     —  
    Total consumer loans   5,043     4,939     5,286     5,514     5,152  
               
    Total nonaccrual loans and leases   69,349     71,242     60,709     40,672     43,630  
               
    Other real estate owned   700     780     780     780     780  
    Other repossessed assets   403     799     1,194     1,037     914  
    Total nonperforming assets $ 70,452   $ 72,821   $ 62,683   $ 42,489   $ 45,324  
               
    Loans and leases past due greater than 90 days and still accruing $ 811   $ 16,091   $ 4,994   $ 363   $ 228  
               
    Nonperforming loans and leases as a percentage of total loans and leases   0.71 %   0.73 %   0.62 %   0.42 %   0.45 %
    Nonperforming assets as a percentage of total assets   0.59 %   0.62 %   0.54 %   0.37 %   0.40 %
               
    PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:      
    Allowance for loan and lease losses at beginning of period $ 127,316   $ 121,750   $ 120,124   $ 117,522   $ 119,081  
    Charge-offs   (8,414 )   (4,183 )   (8,823 )   (5,390 )   (7,722 )
    Recoveries   1,162     375     436     309     581  
    Net charge-offs   (7,252 )   (3,808 )   (8,387 )   (5,081 )   (7,141 )
    Provision for loan and lease losses excluding unfunded commitments *   5,019     9,374     10,013     7,683     5,582  
    Allowance for loan and lease losses at end of period $ 125,083   $ 127,316   $ 121,750   $ 120,124   $ 117,522  
               
    Allowance for loan and lease losses as a percentage of total loans and leases   1.28 %   1.31 %   1.25 %   1.24 %   1.22 %
               
    NET CHARGE-OFFS:          
    Commercial real estate loans $ —   $ —   $ 3,819   $ 606   $ 1,087  
    Commercial loans and leases **   7,257     3,797     4,571     8,179     6,061  
    Consumer loans   (5 )   11     (3 )   (4 )   (7 )
    Total net charge-offs $ 7,252   $ 3,808   $ 8,387   $ 8,781   $ 7,141  
               
    Net loan and lease charge-offs as a percentage of average loans and leases (annualized)   0.30 %   0.16 %   0.35 %   0.36 %   0.30 %
               
    *Provision for loan and lease losses does not include (credit) provision of $(0.9 million), $(4.5 million), $(4.4 million), $(0.3 million), and $(1.7 million) for credit losses on unfunded commitments during the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 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
      December 31, 2024 September 30, 2024 December 31, 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) $ 856,065 $ 6,463 3.02 % $ 853,924 $ 6,516 3.05 % $ 876,350 $ 6,986 3.19 %
    Restricted equity securities (2)   75,879   1,459 7.69 %   75,225   1,459 7.76 %   67,567   1,334 7.90 %
    Short-term investments   236,784   2,830 4.78 %   145,838   1,986 5.44 %   85,790   1,093 5.09 %
    Total investments   1,168,728   10,752 3.68 %   1,074,987   9,961 3.71 %   1,029,707   9,413 3.66 %
    Loans and Leases:                  
    Commercial real estate loans (3)   5,752,591   81,195 5.52 %   5,772,456   83,412 5.65 %   5,727,930   81,653 5.58 %
    Commercial loans (3)   1,170,295   19,750 6.61 %   1,079,084   18,440 6.69 %   969,603   16,296 6.58 %
    Equipment financing (3)   1,310,143   26,295 8.03 %   1,353,649   26,884 7.94 %   1,347,589   25,211 7.48 %
    Consumer loans (3)   1,529,654   20,881 5.44 %   1,505,095   21,123 5.60 %   1,475,580   19,888 5.37 %
    Total loans and leases   9,762,683   148,121 6.07 %   9,710,284   149,859 6.17 %   9,520,702   143,048 6.01 %
    Total interest-earning assets   10,931,411   158,873 5.81 %   10,785,271   159,820 5.93 %   10,550,409   152,461 5.78 %
    Non-interest-earning assets   649,161       666,067       721,532    
    Total assets $ 11,580,572     $ 11,451,338     $ 11,271,941    
                       
    Liabilities and Stockholders’ Equity:                  
    Interest-bearing liabilities:                  
    Deposits:                  
    NOW accounts $ 630,408   1,056 0.67 % $ 639,561   1,115 0.69 % $ 657,134   1,146 0.69 %
    Savings accounts   1,741,355   10,896 2.49 %   1,738,756   12,098 2.77 %   1,658,144   10,684 2.56 %
    Money market accounts   2,083,033   13,856 2.65 %   2,038,048   15,466 3.02 %   2,140,225   16,239 3.01 %
    Certificates of deposit   1,857,483   20,691 4.43 %   1,768,026   20,054 4.51 %   1,530,772   14,517 3.76 %
    Brokered deposit accounts   797,910   10,063 5.02 %   841,067   11,063 5.23 %   880,604   11,448 5.16 %
    Total interest-bearing deposits   7,110,189   56,562 3.16 %   7,025,458   59,796 3.39 %   6,866,879   54,034 3.12 %
    Borrowings:                  
    Advances from the FHLB   1,144,157   13,958 4.77 %   1,139,049   14,366 4.94 %   965,846   11,943 4.84 %
    Subordinated debentures and notes   84,311   1,944 9.22 %   84,276   1,378 6.54 %   84,170   1,381 6.56 %
    Other borrowed funds   65,947   695 4.20 %   53,102   1,012 7.58 %   136,566   1,406 4.09 %
    Total borrowings   1,294,415   16,597 5.02 %   1,276,427   16,756 5.14 %   1,186,582   14,730 4.86 %
    Total interest-bearing liabilities   8,404,604   73,159 3.46 %   8,301,885   76,552 3.67 %   8,053,461   68,764 3.39 %
    Non-interest-bearing liabilities:                  
    Demand checking accounts   1,693,138       1,669,092       1,723,849    
    Other non-interest-bearing liabilities   250,303       264,324       323,855    
    Total liabilities   10,348,045       10,235,301       10,101,165    
    Stockholders’ equity   1,232,527       1,216,037       1,170,776    
    Total liabilities and equity $ 11,580,572     $ 11,451,338     $ 11,271,941    
    Net interest income (tax-equivalent basis) /Interest-rate spread (4)     85,714 2.35 %     83,268 2.26 %     83,697 2.39 %
    Less adjustment of tax-exempt income     726       260       142  
    Net interest income   $ 84,988     $ 83,008     $ 83,555  
    Net interest margin (5)     3.12 %     3.07 %     3.15 %
                       
    (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.
                       
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Average Yields / Costs (Unaudited)
     
      Twelve Months Ended
      December 31, 2024 December 31, 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) $ 862,381 $ 26,416 3.06 % $ 947,782 $ 29,891 3.15 %
    Restricted equity securities (2)   74,788   5,786 7.74 %   72,264   5,572 7.71 %
    Short-term investments   164,445   8,554 5.20 %   158,718   8,329 5.25 %
    Total investments   1,101,614   40,756 3.70 %   1,178,764   43,792 3.72 %
    Loans and Leases:            
    Commercial real estate loans (3)   5,760,432   327,221 5.59 %   5,654,385   307,652 5.37 %
    Commercial loans (3)   1,086,460   73,369 6.65 %   929,077   59,110 6.28 %
    Equipment financing (3)   1,352,993   106,329 7.86 %   1,277,224   92,112 7.21 %
    Consumer loans (3)   1,501,626   82,273 5.47 %   1,470,677   75,098 5.10 %
    Total loans and leases   9,701,511   589,192 6.07 %   9,331,363   533,972 5.72 %
    Total interest-earning assets   10,803,125   629,948 5.83 %   10,510,127   577,764 5.50 %
    Non-interest-earning assets   670,299       704,244    
    Total assets $ 11,473,424     $ 11,214,371    
                 
    Liabilities and Stockholders’ Equity:            
    Interest-bearing liabilities:            
    Deposits:            
    NOW accounts $ 650,225   4,543 0.70 % $ 720,572   4,275 0.59 %
    Savings accounts   1,726,504   46,220 2.68 %   1,439,293   27,974 1.94 %
    Money market accounts   2,056,066   60,796 2.96 %   2,205,430   58,153 2.64 %
    Certificates of deposit   1,737,697   76,134 4.38 %   1,428,727   44,122 3.09 %
    Brokered deposit accounts   873,182   45,270 5.18 %   819,419   41,141 5.02 %
    Total interest-bearing deposits   7,043,674   232,963 3.31 %   6,613,441   175,665 2.66 %
    Borrowings:            
    Advances from the FHLB   1,124,432   55,851 4.89 %   1,092,996   52,467 4.73 %
    Subordinated debentures and notes   84,258   6,074 7.21 %   84,116   5,476 6.51 %
    Other borrowed funds   78,859   4,048 5.13 %   124,793   3,968 3.18 %
    Total borrowings   1,287,549   65,973 5.04 %   1,301,905   61,911 4.69 %
    Total interest-bearing liabilities   8,331,223   298,936 3.59 %   7,915,346   237,576 3.00 %
    Non-interest-bearing liabilities:            
    Demand checking accounts   1,657,922       1,823,759    
    Other non-interest-bearing liabilities   273,243       307,160    
    Total liabilities   10,262,388       10,046,265    
    Stockholders’ equity   1,211,036       1,168,106    
    Total liabilities and equity $ 11,473,424     $ 11,214,371    
    Net interest income (tax-equivalent basis) /Interest-rate spread (4)     331,012 2.24 %     340,188 2.50 %
    Less adjustment of tax-exempt income     1,427       477  
    Net interest income   $ 329,585     $ 339,711  
    Net interest margin (5)     3.06 %     3.24 %
                 
    (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.
                 
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Non-GAAP Financial Information (Unaudited)
             
          At and for the Three Months Ended
    December 31,    		 At and for the Twelve Months Ended
    December 31,
            2024 2023 2024 2023
    Reconciliation Table – Non-GAAP Financial Information   (Dollars in Thousands Except Share Data)
                 
    Reported Pretax Income     $ 23,819   $ 28,563   $ 91,691   $ 93,914  
    Less:              
    Security gains   —     —     —     1,704  
    Add:              
    Day 1 PCSB CECL provision         —     —     —     16,744  
    Merger and acquisition expenses     3,378     —     4,201     7,411  
    Operating Pretax income   $ 27,197   $ 28,563   $ 95,892   $ 116,365  
    Effective tax rate     23.9 %   19.9 %   24.5 %   20.1 %
    Provision for income tax     6,511     5,675     23,480     23,437  
    Operating earnings after tax       $ 20,686   $ 22,888   $ 72,412   $ 92,928  
                   
    Operating earnings per common share:            
    Basic       $ 0.23   $ 0.26   $ 0.81   $ 1.05  
    Diluted       $ 0.23   $ 0.26   $ 0.81   $ 1.05  
                   
    Weighted average common shares outstanding during the period:          
    Basic         89,098,443     88,867,159     88,983,248     88,230,681  
    Diluted         89,483,964     89,035,505     89,302,304     88,450,646  
                   
                   
    Return on average assets *       0.61 %   0.81 %   0.60 %   0.67 %
    Less:              
    Security gains (after-tax) *       — %   — %   — %   0.01 %
    Add:              
    Day 1 PCSB CECL provision (after-tax) *     — %   — %   — %   0.12 %
    Merger and acquisition expenses (after-tax) *     0.09 %   — %   0.03 %   0.05 %
    Operating return on average assets *       0.70 %   0.81 %   0.63 %   0.83 %
                   
                   
    Return on average tangible assets *       0.62 %   0.83 %   0.61 %   0.69 %
    Less:              
    Security gains (after-tax) *       — %   — %   — %   0.01 %
    Add:              
    Day 1 PCSB CECL provision (after-tax) *     — %   — %   — %   0.12 %
    Merger and acquisition expenses (after-tax) *     0.09 %   — %   0.03 %   0.05 %
    Operating return on average tangible assets *       0.71 %   0.83 %   0.64 %   0.85 %
                   
                   
    Return on average stockholders’ equity *       5.69 %   7.82 %   5.67 %   6.42 %
    Less:              
    Security gains (after-tax) *       — %   — %   — %   0.12 %
    Add:              
    Day 1 PCSB CECL provision (after-tax) *     — %   — %   — %   1.14 %
    Merger and acquisition expenses (after-tax) *     0.83 %   — %   0.26 %   0.51 %
    Operating return on average stockholders’ equity *     6.52 %   7.82 %   5.93 %   7.95 %
                   
                   
    Return on average tangible stockholders’ equity *     7.21 %   10.12 %   7.24 %   8.36 %
    Less:              
    Security gains (after-tax) *       — %   — %   — %   0.15 %
    Add:              
    Day 1 PCSB CECL provision (after-tax) *     — %   — %   — %   1.49 %
    Merger and acquisition expenses (after-tax) *     1.06 %   — %   0.33 %   0.66 %
    Operating return on average tangible stockholders’ equity *     8.27 %   10.12 %   7.57 %   10.36 %
    * Ratios at and for the three months ended are annualized.          
                   
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Non-GAAP Financial Information (Unaudited)
     
      At and for the Three Months Ended At and for the Twelve
    Months Ended
      December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024    		 December 31,
    2023    		 December 31,
    2024    		 December 31,
    2023
      (Dollars in Thousands)
                   
    Net income, as reported $ 17,536   $ 20,142   $ 16,372   $ 14,665   $ 22,888   $ 68,715   $ 74,999  
                   
    Average total assets $ 11,580,572   $ 11,451,338   $ 11,453,394   $ 11,417,185   $ 11,271,941   $ 11,473,424   $ 11,214,371  
    Less: Average goodwill and average identified intangible assets, net   259,496     261,188     262,859     264,536     266,225     262,011     270,637  
    Average tangible assets $ 11,321,076   $ 11,190,150   $ 11,190,535   $ 11,152,649   $ 11,005,716   $ 11,211,413   $ 10,943,734  
                   
    Return on average tangible assets (annualized)   0.62 %   0.72 %   0.59 %   0.53 %   0.83 %   0.61 %   0.69 %
                   
    Average total stockholders’ equity $ 1,232,527   $ 1,216,037   $ 1,193,385   $ 1,201,904   $ 1,170,776   $ 1,211,036   $ 1,168,106  
    Less: Average goodwill and average identified intangible assets, net   259,496     261,188     262,859     264,536     266,225     262,011     270,637  
    Average tangible stockholders’ equity $ 973,031   $ 954,849   $ 930,526   $ 937,368   $ 904,551   $ 949,025   $ 897,469  
                   
    Return on average tangible stockholders’ equity (annualized)   7.21 %   8.44 %   7.04 %   6.26 %   10.12 %   7.24 %   8.36 %
                   
    Total stockholders’ equity $ 1,221,939   $ 1,230,362   $ 1,198,480   $ 1,194,231   $ 1,198,644   $ 1,221,939   $ 1,198,644  
    Less:              
    Goodwill   241,222     241,222     241,222     241,222     241,222     241,222     241,222  
    Identified intangible assets, net   17,461     19,162     20,830     22,499     24,207     17,461     24,207  
    Tangible stockholders’ equity $ 963,256   $ 969,978   $ 936,428   $ 930,510   $ 933,215   $ 963,256   $ 933,215  
                   
    Total assets $ 11,905,326   $ 11,676,721   $ 11,635,292   $ 11,542,731   $ 11,382,256   $ 11,905,326   $ 11,382,256  
    Less:              
    Goodwill   241,222     241,222     241,222     241,222     241,222     241,222     241,222  
    Identified intangible assets, net   17,461     19,162     20,830     22,499     24,207     17,461     24,207  
    Tangible assets $ 11,646,643   $ 11,416,337   $ 11,373,240   $ 11,279,010   $ 11,116,827   $ 11,646,643   $ 11,116,827  
                   
    Tangible stockholders’ equity to tangible assets   8.27 %   8.50 %   8.23 %   8.25 %   8.39 %   8.27 %   8.39 %
                   
    Tangible stockholders’ equity $ 963,256   $ 969,978   $ 936,428   $ 930,510   $ 933,215   $ 963,256   $ 933,215  
                   
    Number of common shares issued   96,998,075     96,998,075     96,998,075     96,998,075     96,998,075     96,998,075     96,998,075  
    Less:              
    Treasury shares   7,019,384     7,015,843     7,373,009     7,354,399     7,354,399     7,019,384     7,354,399  
    Unvested restricted shares   880,248     883,789     713,443     749,099     749,099     880,248     749,099  
    Number of common shares outstanding   89,098,443     89,098,443     88,911,623     88,894,577     88,894,577     89,098,443     88,894,577  
                   
    Tangible book value per common share $ 10.81   $ 10.89   $ 10.53   $ 10.47   $ 10.50   $ 10.81   $ 10.50  

    PDF available: http://ml.globenewswire.com/Resource/Download/396afece-df5e-4cc5-a637-0706599b2b0d

    The MIL Network –

  • MIL-OSI USA: Senator Marshall Joins Fox & Friends to Discuss RFK, Jr.’s Confirmation Hearing

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington, D.C. – U.S. Senator Roger Marshall, M.D. joined Fox & Friends to discuss his upcoming Senate Finance Committee hearing with President Trump’s nominee to lead Health and Human Services (HHS), Robert F. Kennedy, Jr. 
    As the leader and founder of the Make America Healthy Again Caucus, Senator Marshall shared how RFK, Jr. will combat America’s chronic disease epidemic by increasing access to whole, fresh foods for all Americans. Senator Marshall discussed how RFK, Jr. will bring about a new age of medical and nutritional transparency, empowering Americans to take control of their health. 
    Additionally, Senator Marshall discussed President Trump’s recent executive order mandating all federal employees to return to the office and end remote work. 
    [embedded content]
    You may click HERE or on the image above to watch Senator Marshall’s full interview.
    Highlights from Senator Marshall’s interview include: 
    On RFK Jr.’s first confirmation hearing today: 
    “What I need are those moms to call their Senators and support Bobby’s nomination. Look, if you agree with Bobby Kennedy that America is not very healthy right now, that 40% of Americans have a chronic disease. Our children, 20% of them are on some type of prescription drug. There’s a mental health explosion in our young children. So, I think Bobby just needs to share his heart. He needs to share with America why this is so important to him, and really disarm some of the false issues out there.”
    On updating the United States’ nutritional standards: 
    “On these food additives – I sat down with the FDA Food Czar two years ago, raised these same questions. Finally, just after President Trump gets elected, they look at red dye. The problem is they’re relying on data from 40 or 50 years ago, that they don’t update these approval processes.”
    “[RFK Jr.] is right. 70% of our calories are coming from processed foods, as opposed to fresh fruits and vegetables, fresh foods of all types. So Bobby and I will work together, Dr. Oz and President Trump’s team to help make those nutritious foods more affordable and more available to everyone across the country.”
    On President Trump’s mandate for federal employees to return to office:
    “Only 6% of federal employees are in the office – only 6%. Second data point I would give you is under Joe Biden, he added 128,000 employees. Meanwhile, they made $250 billion of improper payments. So our federal government is incompetent when it comes to appropriations that they send out $250 billion of inappropriate dollars, mostly for Medicare and Social Security. So we need those people to come back to do their job, to be accountable. This is exactly why 77 million people voted for Donald J Trump.”

    MIL OSI USA News –

  • MIL-OSI Global: Meditation and mindfulness at work are welcome, but do they help avoid accountability for toxic culture?

    Source: The Conversation – France (in French) – By Raysa Geaquinto Rocha, Assistant Professor at the Vrije Universiteit Amsterdam and lecturer, University of Essex

    In an age when home offices, hybrid work arrangements and blurred boundaries between work and personal life are the norm, a recently established narrative is intensifying: the integration of spirituality into business.

    This idea involves deliberately incorporating personal values and meaningful purpose into all aspects of organisational life – from individual expression to workplace practices and corporate identity. It’s an approach that seeks to cultivate environments where employees can find deeper meaning in their work while contributing to both economic and social progress, as my past research in the Journal of Business Ethics shows.

    Spirituality in business transcends traditional management methods by acknowledging the inner lives of workers, promoting their personal growth and fostering genuine community connections. According to a 2016 interview with Eileen Fisher, the founder and then CEO of a $450-million fashion brand, company meetings opened with the ring of a meditation bell followed by a minute of silence. Fisher said the practice allows employees “to get in touch with what they’re there for and what matters to them and show up a little differently” and has contributed to the company’s recognised leadership in sustainability and women’s advocacy.

    But are all corporate efforts like these genuine attempts to foster well-being, or can they instead be strategies to rebrand productivity demands?

    Spiritual well-being in business

    The incorporation of spirituality into the workplace represents a shift in how businesses approach leadership, employee wellbeing and corporate culture.

    Take ice-cream maker Ben & Jerry’s partnership with Greyston Bakery, a leader in social enterprise. Under their “linked prosperity” model, Ben & Jerry’s sources all brownies for its Chocolate Fudge Brownie flavour from Greyston, which operates with an “open hiring” policy that does not require a background check for applicants and provides “help with child care, housing and ESL (English as a second language) classes”. The partnership shows how valuing human dignity and community empowerment can reshape conventional business practices into drivers of social change.

    Spiritual integration manifests in plenty of other ways, too. Morning gatherings can become spaces for shared reflection rather than mere status updates. Dedicated quiet rooms can offer sanctuary for contemplation or prayer. Through mentorship relationships and community service initiatives, workplaces can evolve into environments where individuals can explore deeper questions about purpose. US outdoor clothing company Patagonia describes how it offers paid environmental internships and flexible policies that enable employees to align their work lives with how they see their authentic selves. These offerings reflect the idea that while people come to work to earn a living, they stay and thrive when work nourishes their spirit.

    The trend of integrating spirituality into the workplace taps into the practical wisdom of spiritual traditions, honed over millennia, to foster attributes like mindfulness, compassion and interconnectedness. But despite its benefits, integration – or lip service to it – risks becoming a convenient excuse for businesses to shift the responsibility for stress and burn-out onto employees instead of addressing systemic issues.

    The rise and fall of WeWork illustrates this phenomenon. As documented in both Hulu’s “WeWork: or the Making and Breaking of a $47 Billion Unicorn” and Apple TV+’s dramatic series “WeCrashed”, the workspace company masterfully leveraged spiritual rhetoric to attract young professionals. While the company promoted meditation spaces and wellness initiatives, these benefits masked issues including unsustainable work expectations, questionable management practices and a sexual assault claim. The disconnect between WeWork’s offerings and operational reality demonstrates how companies can appropriate spiritual practices only as a veneer.

    When suits start talking spirit

    When McKinsey & Company, a US management consulting firm that epitomizes corporate pragmatism, releases a podcast titled “Beyond 9 to 5: The power of spiritual health in the workplace”, it is clear that spirituality in business has moved beyond the fringe.

    McKinsey’s global survey of 41,000 respondents, detailed in their May 2024 report “In search of self and something bigger: A spiritual health exploration”, found that spiritual health matters deeply to employees. But does this data reflect a genuine commitment to spirituality, or is it just a reflection of its currency in the corporate world?

    After almost half a century of research on spirituality in business, it has become a mature field. The Academy of Management, “an association for management and organizational scholars”, recognised Management, Spirituality, and Religion as a Division, [“reflecting”] a broad range of member interests”. Still, the corporate world’s interest is raising eyebrows: the suspicion remains that spirituality is merely being repackaged as a tool for enhancing productivity. In his 2019 book “McMindfulness: How Mindfulness Became the New Capitalist Spirituality”, Ronald Purser illustrates this concern through Google’s “Search Inside Yourself” programme. While marketed as a path to employee wellness, the initiative exemplifies how meditation and mindfulness can be transformed into performance-enhancement tools, asking workers to develop “resilience” rather than addressing the root causes of workplace stress.

    The whole self at work

    The concept of bringing one’s “whole self” to work – a cornerstone of the Industry 5.0 concept promoted by the European Commission – emphasises employee authenticity. The idea of spirituality in the workplace intertwines with the idea of authentic self-expression, encompassing the recognition of one’s beliefs, values and quest for deeper meaning. These are dimensions historically excluded from professional settings. The idea is to create an environment where people can align their deepest motivations with their work.

    While this ideal is noble in concept, it also raises complex questions about which aspects of our “whole selves” are appropriate to bring into the workplace. In 2015, the US Supreme Court ruled in favour of a job applicant whom the clothing company Abercrombie & Fitch refused to hire because her hijab conflicted with its dress code. Delta Airlines’ uniform policy revision last July illuminates the ongoing complexity of the issue. Following a controversy that began when a passenger made a social media post describing two flight attendants’ Palestinian flag pins – which were permitted under existing policy – as “Hamas badges”, the airline banned all national flag pins except US ones.

    Juggling multiple selves

    The promise of integrating our identities more seamlessly instead of compartmentalizing them features in the Apple TV series Severance. The show presents a dystopian take on work-life balance in which employees surgically separate their work and personal memories, inviting us to reflect on the identities we balance in our professional and personal lives. The character of Mark Scout, whose “innie” (work self) develops genuine connections with colleagues like Helly, demonstrates how even artificially separated selves seek authentic relationships and meaning. However, when these connections begin to flourish, employer Lumon Industries’ harsh punishments and control mechanisms kick in – suggesting that true workplace innovation and collaboration can only emerge when we’re allowed to bring our whole, unsevered selves to work.

    By acknowledging and nurturing the various aspects of our personalities, we might attain new levels of connection in the workplace. But could the integration of spirituality and work lead to an environment where employees are perpetually “on”? A risk lies in creating a culture where work infiltrates every aspect of life, leaving no true respite. The very practices meant to nurture the spirit could paradoxically become tools that further blur the boundaries between professional obligations and personal renewal. A constant connection to work erodes personal boundaries, which can lead to stress and dissatisfaction that spills over into personal life. Addressing this “shadow side” is essential if we are to answer the question “Do you believe in life after work?” with a resounding yes.

    A balanced approach

    The integration of spirituality into business requires genuine commitment. While spiritual practices can bring multiple benefits, they must emerge from authentic values rather than serving as a quick fix for systemic issues.

    Since the 1980s, when major corporations first explored Eastern spirituality, workplace spirituality has evolved into a $7.9 billion meditation market. But as companies invest in meditation apps and mindfulness programmes, they often fail to address the root causes of workplace stress and burn-out. Today, well-intentioned apps like CHILL Anywhere risk functioning as band-aids that place the burden of stress management on employees, instead of examining issues like unrealistic workloads, inadequate compensation, toxic leadership or prejudice.

    Instrumentalizing spiritual practices into productivity tools fundamentally misses the point: true spirituality in business requires organizations to critically examine and transform the structural conditions that create employee suffering in the first place. Until companies commit to addressing these foundational issues, meditation rooms and mindfulness apps will remain superficial solutions that enable rather than challenge harmful workplace dynamics.

    The future workplace should aim to harmonise profit and purpose, recognising that employee well-being is integral to long-term success. Spirituality in business manifests when organisations commit to both business excellence and human flourishing – addressing foundational concerns while nurturing deeper meaning and purpose. Only then can the promise of bringing our whole selves to work become a reality worth believing in.

    Raysa Geaquinto Rocha ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

    – ref. Meditation and mindfulness at work are welcome, but do they help avoid accountability for toxic culture? – https://theconversation.com/meditation-and-mindfulness-at-work-are-welcome-but-do-they-help-avoid-accountability-for-toxic-culture-244587

    MIL OSI – Global Reports –

  • MIL-OSI United Nations: Aid efforts in Gaza escalate as risks from deadly unexploded ordnance grows

    Source: United Nations 4

    Humanitarian Aid

    As more than 423,000 displaced Palestinians return to their homes in northern Gaza following the opening of key roads, UN agencies are scaling up humanitarian aid and addressing the growing risks posed by unexploded ordnance such as landmines (UXO). 

    “Hope returns to Gaza, but it’s fragile,” said Corinne Fleischer, World Food Programme (WFP) Regional Director for the Middle East and North Africa. “With open crossings and sustained efforts, Gaza’s recovery can take root,” she emphasised.

    The WFP has doubled its aid deliveries, bringing in 22,000 metric tons of food in the past six days – more than the entire supply that entered Gaza in November.

    Scaling up essential services

    UN Spokesperson Stéphane Dujarric highlighted further relief efforts, noting that six fuel tankers were delivered to northern Gaza on Wednesday.

    Aid workers stationed along the Salah ad Din and Al Rashid roads continue to assist people making their way back north to shattered homes, providing food, water, and hygiene kits, with the UN Children’s fund (UNICEF) distributing identification bracelets for children to help families stay connected.

    To support vulnerable groups, the World Health Organization (WHO) has supplied fuel, tents and equipment to establish trauma stabilization points along Al Rashid Road in collaboration with the Palestine Red Crescent Society.

    Meanwhile, efforts to provide emergency nutrition continue, with high-energy biscuits distributed to 19,000 people south of Wadi Gaza and 10,000 in the north.

    Shelter assistance is also being scaled up, with humanitarian partners distributing tents to families – many of whom are returning to homes that have been completely destroyed.

    Water remains a critical concern and aid workers are ramping up water trucking operations. In Rafah alone, 300 cubic meters of potable water – enough for 50,000 people – is being distributed daily.

    Danger underfoot

    Despite the increasing humanitarian response, returning residents face significant risks from UXO contamination.

    The UN Mine Action Service (UNMAS) has warned that between 5 to 10 percent of weapons fired into Gaza have failed to detonate, leaving behind deadly hazards.

    Since October 2023, at least 92 people have been killed or injured by explosive ordnance. Informal reports suggest 24 victims since the ceasefire began, according to Luke Irving, Chief of the UN Mine Action Programme (UNMAS) in the occupied Palestinian territories, briefing the press on Wednesday from the enclave.

    “Humanitarian convoys are finding items more and more, as we reach new areas which we previously could not get to, including large aircraft bombs, mortars, anti-tank weapons, rockets and rifle grenades,” he explained.

    © WFP

    An area of Rafah in the southern Gaza Strip lies in ruins.

    Rubble removal

    To mitigate risks, UNMAS and its partners are conducting awareness sessions, distributing safety leaflets and escorting humanitarian convoys along high-risk routes.

    A newly established UN-led Gaza Debris Management Framework aims to ensure the safe removal of rubble, but progress is being hindered by UXO contamination, exposure to hazardous materials and complex property disputes.

    Several UN agencies are collaborating to address both the environmental and housing concerns associated with these issues.

    Deteriorating situation in West Bank

    Meanwhile, in the occupied West Bank, violence and military operations continue to escalate.

    The UN Office for the Coordination of Humanitarian Affairs (OCHA) has reported a drastic deterioration in the humanitarian situation, particularly in the governorates of Jenin and Tulkarm.

    “We’ve repeatedly expressed our concern over the use of lethal, war-like tactics in law enforcement operations,” Mr. Dujarric said.

    Israeli military operations in these areas have led to significant destruction of civilian infrastructure.

    In Tulkarm, access to water and electricity has been disrupted and initial estimates suggest that nearly 1,000 people have been displaced in recent days.

    Sustained humanitarian access

    With humanitarian efforts scaling up, UN agencies are calling for unhindered access to deliver aid safely and ensure the protection of both civilians and humanitarian workers.

    Mr. Dujarric reiterated the urgent need for safe passage for humanitarian workers, the protection of civilians and the acceleration of reconstruction efforts to support those returning home. 

    Soundcloud

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Police make arrest over Ōkaihau hit-and-run

    Source: New Zealand Police (National News)

    One man has been charged over a fatal hit-and-run in Ōkaihau on Tuesday night.

    An investigation has been underway since the teenage cyclist was allegedly struck by a vehicle on Settlers Way.

    Detective Senior Sergeant Kevan Verry, of Northland CIB, says there has been a strong public response following the tragic event.

    “We have had a number of locals make contact with us and provide information and I acknowledge them for that,” he says.

    “Police have been in the small township over the past day conducting enquiries, including checkpoints to try and identify a vehicle involved.”

    Police have now located and arrested a 27-year-old Kaikohe man.

    Detective Senior Sergeant Verry says he has initially been charged with failing to stop or ascertain injury.

    “Our enquiries remain ongoing, and we cannot rule out further charges in our investigation.”

    Police are still seeking witnesses to the incident as part of the investigation.

    “We know that there were several vehicles travelling on Settlers Road at the time, between 10pm and 10.15pm,” he says.

    “I’m still asking that those people make contact with us.”

    Please update Police online or call 105 using the reference number 250129/0360.

    Information can also be provided anonymously via Crime Stoppers on 0800 555 111.

    The man charged is expected to appear in the Kaikohe District Court on 31 January 2025.

    ENDS.

    Jarred Williamson/NZ Police

    MIL OSI New Zealand News –

  • MIL-OSI USA: Trump’s latest executive order overreaches to steal money from public school students to fund private school vouchers

    Source: US National Education Union

    By: Staci Maiers

    Published: January 29, 2025

    WASHINGTON—According to news reports, President Donald J. Trump is expected to sign an executive order to illegally funnel federal dollars to private schools and strip public school students of vital federal funding. 

    The following statement can be attributed to NEA President Becky Pringle:

    “Every student deserves fully-funded neighborhood public schools that give them a sense of belonging and prepare them with the lessons and life skills they need to follow their dreams and reach their full potential. Instead of stealing taxpayer money to fund private schools, we should focus on public schools—where 90% of children, and 95% of children with disabilities, in America, attend—not take desperately needed funds away from them. If we are serious about doing what is best for students, let’s reduce class sizes to give our students more one-on-one attention and increase salaries to address the teacher and staff shortages. The bottom line is vouchers have been a catastrophic failure everywhere they have been tried.

    “President Trump is using his Project 2025 playbook to privatize education because he knows vouchers have repeatedly been a failure in Congress. Parents, educators, and voters know what students need—and vouchers are never the solution. In fact, when voters have a say about vouchers, they have been soundly rejected—time and again—at the ballot box. Just this past November, voters in Colorado, Kentucky and Nebraska overwhelmingly said no to vouchers. We know vouchers take money away from neighborhood public schools. We know students with disabilities depend on these same public schools. We know that voucher programs leave out wide swaths of students, especially Black and brown students as well as those living in rural areas with no or limited access to private schools. And we know this stunt is meaningless without the consent of Congress. So, we are putting all anti-public education politicians on notice: If you try to come for our students, for our schools, and for our communities, NEA members will mobilize and will defeat vouchers again.”

    Follow us on Bluesky at https://bsky.app/profile/neapresident.bsky.social and https://bsky.app/profile/neatoday.bsky.social  

    # # #

    The National Education Association is the nation’s largest professional employee organization, representing more than 3 million elementary and secondary teachers, higher education faculty, education support professionals, school administrators, retired educators, students preparing to become teachers, healthcare workers, and public employees. Learn more at www.nea.org.

    MIL OSI USA News –

  • MIL-OSI: NorthEast Community Bancorp, Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., Jan. 29, 2025 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), generated net income of $10.9 million, or $0.83 per basic share and $0.80 per diluted share, for the fourth quarter ended December 31, 2024 compared to net income of $12.1 million, or $0.82 per basic and diluted share, for the fourth quarter ended December 31, 2023. In addition, the Company generated net income of $47.8 million, or $3.64 per basic share and $3.58 per diluted share, for the year ended December 31, 2024 compared to net income of $46.3 million, or $3.32 per basic share and diluted share, for the year ended December 31, 2023.

    Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated “We are pleased to report another quarter of strong earnings due to the strong performance of our loan portfolio.   Despite the challenging high interest rate environment during 2023 that continued into most of 2024, loan demand remained strong with originations and outstanding commitments remaining robust. As has been in the past, construction lending in high demand-high absorption areas continues to be our focus.”

    Highlights for the fourth quarter and the year ended December 31, 2024 are as follows:

    • Performance metrics continue to be strong with a return on average total assets ratio of 2.19%, a return on average shareholders’ equity ratio of 13.80%, and an efficiency ratio of 38.99% for the quarter ended December 31, 2024. For the year ended December 31, 2024, the Company generated a return on average total assets ratio of 2.50%, a return on average shareholders’ equity ratio of 15.83%, and an efficiency ratio of 37.00%.
    • Net interest income increased by $91,000 and $5.6 million, or 0.4% and 5.8%, respectively, for the quarter and year ended December 31, 2024 compared to the same periods in 2023.
    • Our net loans receivable increased by $227.0 million, or 14.3%, to $1.8 billion at December 31, 2024 compared to $1.6 billion at December 31, 2023.

    Balance Sheet Summary

    Total assets increased $246.2 million, or 14.0%, to $2.0 billion at December 31, 2024, from $1.8 billion at December 31, 2023. The increase in assets was primarily due to increases in net loans of $227.0 million, cash and cash equivalents of $9.6 million, equity securities of $3.9 million, real estate owned of $3.7 million, and other assets of $3.3 million.

    Cash and cash equivalents increased $9.6 million, or 14.0%, to $78.3 million at December 31, 2024 from $68.7 million at December 31, 2023. The increase in cash and cash equivalents was a result of an increase in deposits of $270.3 million, partially offset by a decrease in borrowings of $64.0 million, an increase of $227.0 million in net loans, dividends to shareholders of $8.7 million, and stock repurchases of $2.4 million.

    Equity securities increased $3.9 million, or 21.5%, to $22.0 million at December 31, 2024 from $18.1 million at December 31, 2023. The increase in equity securities was attributable to the purchase of $4.0 million in equity securities during the second half of 2024, offset by market depreciation of $109,000 due to market interest rate volatility during the year ended December 31, 2024.

    Securities held-to-maturity decreased $1.2 million, or 7.8%, to $14.6 million at December 31, 2024 from $15.9 million at December 31, 2023 due to $1.2 million in maturities and pay-downs of various investment securities, partially offset by a decrease of $10,000 in the allowance for credit losses for held-to-maturity securities.

    Loans, net of the allowance for credit losses, increased $227.0 million, or 14.3%, to $1.8 billion at December 31, 2024 from $1.6 billion at December 31, 2023. The increase in loans, net of the allowance for credit losses, was primarily due to loan originations of $656.0 million during the year ended December 31, 2024, consisting primarily of $573.8 million in construction loans with respect to which approximately 36.3% of the funds were disbursed at loan closings, with the remaining funds to be disbursed over the terms of the construction loans. In addition, during the year ended December 31, 2024, we originated $54.9 million in commercial and industrial loans, $14.0 million in non-residential loans, $12.6 million in multi-family loans, and $600,000 in mixed-use loans. We also originated $9.2 million in letters of credit.

    Loan originations during the year ended December 31, 2024 resulted in a net increase of $206.8 million in construction loans, $8.6 million in commercial and industrial loans, $8.3 million in non-residential loans, $7.7 million in multi-family loans, and $409,000 in consumer loans. The increase in our loan portfolio was partially offset by decreases of $3.1 million in mixed-use loans and $1.8 million in residential loans, coupled with normal pay-downs and principal reductions.

    The allowance for credit losses related to loans decreased to $4.8 million as of December 31, 2024, from $5.1 million as of December 31, 2023. The decrease in the allowance for credit losses related to loans was due to charge-offs totaling $347,000, offset by provision for credit losses totaling $84,000.  

    Premises and equipment decreased $647,000, or 2.5%, to $24.8 million at December 31, 2024 from $25.5 million at December 31, 2023 primarily due to the depreciation of fixed assets.

    Investments in Federal Home Loan Bank stock decreased $532,000, or 57.3%, to $397,000 at December 31, 2024 from $929,000 at December 31, 2023. The decrease was due primarily to the mandatory redemption of Federal Home Loan Bank stock totaling $630,000 in connection with the maturity of $14.0 million in advances in 2024, offset by purchases of Federal Home Loan Bank stock totaling $98,000 due to the growth of our mortgage loan portfolio.

    Bank owned life insurance (“BOLI”) increased $656,000, or 2.6%, to $25.7 million at December 31, 2024 from $25.1 million at December 31, 2023 due to increases in the BOLI cash value.

    Accrued interest receivable increased $1.2 million, or 9.5%, to $13.5 million at December 31, 2024 from $12.3 million at December 31, 2023 due to an increase in the loan portfolio.

    Real estate owned increased $3.7 million, or 251.6%, to $5.1 million at December 31, 2024 from $1.5 million at December 31, 2023 due to foreclosure of a property, with a book value of $4.4 million, located in the Bronx, New York, offset by charge-offs totaling $689,000 resulting from a decrease in the estimated fair value of a foreclosed property located in Pittsburgh, Pennsylvania.

    Right of use assets — operating decreased $565,000, or 12.4%, to $4.0 million at December 31, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.

    Other assets increased $3.3 million, or 40.5%, to $11.3 million at December 31, 2024 from $8.0 million at December 31, 2023 due to increases of $2.8 million in tax assets, $476,000 in suspense accounts, and $6,000 in miscellaneous assets, partially offset by decreases of $40,000 in prepaid expenses and $2,000 in securities receivables.

    Total deposits increased $270.3 million, or 19.3%, to $1.7 billion at December 31, 2024 from $1.4 billion at December 31, 2023. The increase in deposits was primarily due to the Bank offering competitive interest rates to attract deposits. This resulted in a shift in deposits whereby certificates of deposit increased $239.7 million, or 31.5%, and NOW/money market accounts increased $98.0 million, or 67.4%, partially offset by decreases in savings account balances of $54.3 million, or 28.2%, and non-interest bearing demand deposits of $14.7 million, or 4.9%.

    Federal Reserve Bank borrowings of $50.0 million at December 31, 2023 and Federal Home Loan Bank advances of $14.0 million at December 31, 2023 were paid-off during the year ended December 31, 2024.

    Advance payments by borrowers for taxes and insurance decreased $402,000, or 19.9%, to $1.6 million at December 31, 2024 from $2.0 million at December 31, 2023 due primarily to real estate tax payments for borrowers.

    Lease liability – operating decreased $517,000, or 11.2%, to $4.1 million at December 31, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.

    Accounts payable and accrued expenses increased $972,000, or 7.2%, to $14.5 million at December 31, 2024 from $13.6 million at December 31, 2023 due primarily to increases in dividends payable and other payables of $856,000 and deferred compensation of $729,000, partially offset by decreases in accrued interest expense of $102,000, suspense account for loan closings of $99,000, and accrued expense of $79,000. The allowance for credit losses for off-balance sheet commitments decreased $333,000, or 32.1%, to $704,000 at December 31, 2024 from $1.0 million at December 31, 2023.

    Stockholders’ equity increased $39.7 million, or 14.2% to $319.1 million at December 31, 2024, from $279.3 million at December 31, 2023. The increase in stockholders’ equity was due to net income of $47.8 million for the year ended December 31, 2024, the amortization expense of $2.0 million relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, an increase of $1.3 million in earned employee stock ownership plan shares coupled with a reduction of $475,000 in unearned employee stock ownership plan shares, and an exercise of stock options totaling $14,000, partially offset by dividends paid and declared of $8.7 million, stock repurchases and stock repurchase excise taxes totaling $2.5 million, awarding restricted stock totaling $725,000. and $93,000 in other comprehensive income.

    Results of Operations for the Quarter Ended December 31, 2024 and 2023

    Net Interest Income

    Net interest income was $25.3 million for the quarter ended December 31, 2024, as compared to $25.2 million for the quarter ended December 31, 2023. The increase in net interest income of $92,000, or 0.4%, was primarily due to an increase in interest income that exceeded an increase in interest expense.

    The increase in interest income is attributable to increases in the average balances of loans, interest-bearing deposits, and investment securities, partially offset by a decrease in the average balances of FHLB stock. However, the Federal Reserve’s decrease of interest rates starting in September 2024 impacted the yield on our interest earning assets.

    The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the quarter ended December 31, 2024 was due to an increase in the cost of funds on our deposits. The increase in interest expense was also due to an increase in the average balances on our certificates of deposits and our interest-bearing demand deposits, offset by a decrease in the average balances on our savings and club deposits and our borrowed money.

    Total interest and dividend income increased $3.3 million, or 9.0%, to $40.5 million for the quarter ended December 31, 2024 from $37.1 million for the quarter ended December 31, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $249.5 million, or 15.0%, to $1.9 billion for the quarter ended December 31, 2024 from $1.7 billion for the quarter ended December 31, 2023, partially offset by a decrease in the yield on interest earning assets by 47 basis points from 8.93% for the quarter ended December 31, 2023 to 8.46% for the quarter ended December 31, 2024.

    Interest expense increased $3.3 million, or 27.3%, to $15.2 million for the quarter ended December 31, 2024 from $11.9 million for the quarter ended December 31, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 20 basis points from 4.14% for the quarter ended December 31, 2023 to 4.34% for the quarter ended December 31, 2024 and an increase in average interest bearing liabilities of  $247.3 million, or 21.5%, to $1.4 billion for the quarter ended December 31, 2024 from $1.2 billion for the quarter ended December 31, 2023.

    Our net interest margin decreased 77 basis points, or 12.7%, to 5.29% for the quarter ended December 31, 2024 compared to 6.06% for the quarter ended December 31, 2023. The decrease in the net interest margin was due to an increase in the cost of funds on interest-bearing liabilities and a decrease in the yield on interest-earning assets.

    Credit Loss Expense

    The Company recorded a credit loss expense of $26,000 for the quarter ended December 31, 2024 compared to a credit loss expense of $205,000 for the quarter ended December 31, 2023. The credit loss expense of $26,000 for the quarter ended December 31, 2024 was comprised of credit loss expense for loans of $230,000 due to charge-offs of $232,000 in unpaid overdrafts in our demand deposit accounts, offset by credit loss expense reduction for off-balance sheet commitments of $204,000 primarily attributable to a decrease in the aggregate unfunded off-balance sheet commitments.

    The credit loss expense of $205,000 for the three months ended December 31, 2023 was comprised of credit loss expense for loans of $352,000 and credit loss expense for held-to-maturity investment securities of $6,000, partially offset by credit loss expense reduction for off-balance sheet commitments of $153,000.

    With respect to the allowance for credit losses for loans, we charged-off $232,000 during the quarter ended December 31, 2024 as compared to charge-offs of $27,000 during the quarter ended December 31, 2023. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.

    We recorded no recoveries from previously charged-off loans during the quarter ended December 31, 2024 and 2023.

    Non-Interest Income

    Non-interest income for the quarter ended December 31, 2024 was $149,000 compared to non-interest income of $1.4 million for the quarter ended December 31, 2023. The decrease of $1.2 million, or 89.2%, in total non-interest income was primarily due to decreases of $1.2 million in unrealized gain (loss) on equity securities, $115,000 in investment advisory fees, and $12,000 in miscellaneous other non-interest income, partially offset by increases of $40,000 from sale/disposition of fixed assets, $14,000 in BOLI income, and $11,000 in other loan fees and service charges.

    The increase in unrealized gain (loss) on equity securities was due to an unrealized loss of $554,000 on equity securities during the quarter ended December 31, 2024 compared to an unrealized gain of $621,000 on equity securities during the quarter ended December 31, 2023. The unrealized loss of $554,000 on equity securities during the quarter ended December 31, 2024 was due to market interest rate volatility during the quarter ended December 31, 2024.

    The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees.

    Regarding the sale/disposition of fixed assets, we recorded gains of $22,000 during the quarter ended December 31, 2024 compared to losses of $18,000 during the quarter ended December 31, 2023.  

    The increase in BOLI income of $14,000 was due to an increase in the yield on BOLI assets.

    The increase of $11,000 in other loan fees and service charges was due to an increase of $24,000 in ATM/debit card/ACH fees and an increase of $2,000 in deposit account fees, partially offset by a decrease of $15,000 in other loan fees and loan servicing fees.

    Non-Interest Expense

    Non-interest expense increased $688,000, or 7.5%, to $9.9 million for the quarter ended December 31, 2024 from $9.2 million for the quarter ended December 31, 2023. The increase resulted primarily from increases of $444,000 in salaries and employee benefits, $163,000 in real estate owned expense, $108,000 in outside data processing expense, $79,000 in other operating expense, $18,000 in equipment expense, $7,000 in occupancy expense, and $7,000 in advertising expense, partially offset by a decrease of $138,000 in loss on the disposition of the Bank’s assets relating to the Harbor West Wealth Management Group.

    Income Taxes

    We recorded income tax expense of $4.6 million and $5.1 million for the quarter ended December 31, 2024 and 2023, respectively. For the quarter ended December 31, 2024, we had approximately $205,000 in tax exempt income, compared to approximately $190,000 in tax exempt income for the quarter ended December 31, 2023. Our effective income tax rates were 29.5% for the quarter ended December 31, 2024 and 2023, respectively.

    Results of Operations for the Year Ended December 31, 2024 and 2023

    Net Interest Income

    Net interest income was $102.8 million for the year ended December 31, 2024 as compared to $97.2 million for the year ended December 31, 2023. The increase in net interest income of $5.6 million, or 5.8%, was primarily due to an increase in interest income that exceeded an increase in interest expense.

    The increase in interest income is attributable to increases in loans and interest-bearing deposits, partially offset by decreases in investment securities and FHLB stock. The increase in interest income is also attributable to the Federal Reserve’s interest rate increases during 2023 that continued until September 2024. However, the Federal Reserve’s decrease of interest rates starting in September 2024 impacted the yield on our interest earning assets.

    The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the year ended December 31, 2024 was due to an increase in the cost of funds on our deposits and borrowed money. The increase in interest expense was also due to increases in the average balances on our certificates of deposits, our interest-bearing demand deposits, and our borrowed money, offset by a decrease in the average balance of our savings and club deposits.

    Total interest and dividend income increased $27.5 million, or 20.8%, to $160.0 million for the year ended December 31, 2024 from $132.5 million for the year ended December 31, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $312.3 million, or 20.6%, to $1.8 billion for the year ended December 31, 2024 from $1.5 billion for the year ended December 31, 2023 and an increase in the yield on interest earning assets by two basis points from 8.73% for the year ended December 31, 2023 to 8.75% for the year ended December 31, 2024.

    Interest expense increased $21.9 million, or 62.1%, to $57.2 million for the year ended December 31, 2024 from $35.3 million for the year ended December 31, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 77 basis points from 3.58% for the year ended December 31, 2023 to 4.35% for the year ended December 31, 2024, and an increase in average interest bearing liabilities of $328.9 million, or 33.3%, to $1.3 billion for the year ended December 31, 2024 from $986.3 million for the year ended December 31, 2023.

    Net interest margin decreased 79 basis points, or 12.3%, for the year ended December 31, 2024 to 5.62% compared to 6.41% for the year ended December 31, 2023.

    Credit Loss Expense

    The Company recorded a credit loss expense reduction totaling $260,000 for the year ended December 31, 2024 compared to a credit loss expense totaling $972,000 for the year ended December 31, 2023. The credit loss expense reduction of $260,000 for the year ended December 31, 2024 was comprised of a credit loss expense reduction for off-balance sheet commitments of $334,000 and a credit loss expense reduction for held-to-maturity investment securities of $10,000, offset by a credit loss expense for loans of $84,000.

    The credit loss expense reduction for off-balance sheet commitments of $334,000 for the year ended December 31, 2024 was primarily attributed to a reduction of $157.6 million in the level of off-balance sheet commitments. The credit loss expense reduction for held-to-maturity investment securities of $10,000 for the year ended December 31, 2024 was primarily attributed to a reduction of $708,000 in the level of applicable held-to-maturity investment securities.

    The credit loss expense for loans of $84,000 for the year ended December 31, 2024 was primarily attributed to charge-offs totaling $347,000, partially offset by favorable trends in the economy.  

    The credit loss expense of $972,000 for the year ended December 31, 2023 was comprised of credit loss expense for loans of $1.5 million and credit loss expense for held-to-maturity investment securities of $5,000, partially offset by a credit loss expense reduction for off-balance sheet commitments of $548,000.

    We charged-off $347,000 during the year ended December 31, 2024 as compared to charge-offs of $313,000 during the year ended December 31, 2023. The charge-offs of $347,000 during the year ended December 31, 2024 were against various unpaid overdrafts in our demand deposit accounts. The charge-offs of $312,000 during the year ended December 31, 2023 were comprised of a charge-off of $159,000 related to three performing construction loans on the same project whereby we sold the loans to a third-party at a loss of $159,000. The remaining charge-offs of $153,000 for the 2023 period were against various unpaid overdrafts in our demand deposit accounts.

    We recorded no recoveries from previously charged-off loans during the year ended December 31, 2024 and 2023.

    Non-Interest Income

    Non-interest income for the year ended December 31, 2024 was $2.8 million compared to non-interest income of $3.7 million for the year ended December 31, 2023. The decrease of $960,000, or 25.6%, in total non-interest income was primarily due to decreases of $458,000 in investment advisory fees, $403,000 in unrealized gains (losses) on equity securities, and $357,000 in BOLI income, partially offset by increases of $207,000 in other loan fees and service charges, $40,000 from sale/disposition of fixed assets, and $11,000 in miscellaneous other non-interest income.

    The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees. The decrease in unrealized gain (loss) on equity securities was due to an unrealized loss of $109,000 on equity securities during the year ended December 31, 2024 compared to an unrealized gain of $294,000 on equity securities during the year ended December 31, 2023. The unrealized loss of $109,000 on equity securities during the 2024 period was due to market interest rate volatility during the year ended December 31, 2024.

    The decrease in BOLI income was primarily due to two death claims totaling $1.8 million on BOLI policies that resulted in additional BOLI income of $404,000 in the year ended December 31, 2023.

    The increase of $207,000 in other loan fees and service charges was due to increases of $148,000 in other loan fees and loan servicing fees, $51,000 in ATM/debit card/ACH fees, and $7,000 in deposit account fees.

    Regarding the sale/disposition of fixed assets, we recorded gains of $22,000 during the year ended December 31, 2024 compared to losses of $18,000 during the year ended December 31, 2023.

    Non-Interest Expense

    Non-interest expense increased $3.8 million, or 10.9%, to $39.1 million for the year ended December 31, 2024 from $35.2 million for the year ended December 31, 2023. The increase resulted primarily from increases of $2.1 million in salaries and employee benefits, $879,000 in other operating expense, $638,000 in real estate owned expense, $394,000 in outside data processing expense, and $233,000 in occupancy expense, partially offset by decreases of $165,000 in equipment expense, $138,000 in loss on the disposition of the Bank’s assets relating to the Harbor West Wealth Management Group, and $103,000 in advertising expense.

    Income Taxes

    We recorded income tax expense of $19.0 million and $18.5 million for the year ended December 31, 2024 and 2023, respectively. For the year ended December 31, 2024, we had approximately $802,000 in tax exempt income, compared to approximately $1.1 million in tax exempt income for the year ended December 31, 2023. The decrease in tax exempt income was due to two death claims totaling $1.8 million on BOLI policies during the year ended December 31, 2023. Our effective income tax rates were 28.4% and 28.5% for the year ended December 31, 2024 and 2023, respectively.

    Asset Quality

    Non-performing assets were $5.1 million at December 31, 2024 compared to $5.8 million at December 31, 2023.   At December 31, 2023, we had two non-performing construction loans totaling $4.4 million secured by the same project located in the Bronx, New York. We successfully foreclosed on these two loans on October 21, 2024 and the balances were transferred to foreclosed real estate. As a result, at December 31, 2024, we had two non-performing assets consisting of two foreclosed properties, with one foreclosed property totaling $4.4 million located in the Bronx, New York and one foreclosed property totaling $767,000 located in Pittsburgh, Pennsylvania.

    Our ratio of non-performing assets to total assets remained low at 0.25% at December 31, 2024 as compared to 0.33% at December 31, 2023.

    The Company’s allowance for credit losses related to loans was $4.8 million, or 0.27% of total loans as of December 31, 2024, compared to $5.1 million, or 0.32% of total loans, as of December 31, 2023. Based on a review of the loans that were in the loan portfolio at December 31, 2024, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

    In addition, at December 31, 2024, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $704,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.

    Capital

    The Company’s total stockholders’ equity to assets ratio was 15.87% as of December 31, 2024.   At December 31, 2024, the Company had the ability to borrow $834.7 million from the Federal Reserve Bank of New York, $18.2 million from the Federal Home Loan Bank of New York and $8.0 million from Atlantic Community Bankers Bank.

    The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of December 31, 2024, the Bank had a tier 1 leverage capital ratio of 14.76% and a total risk-based capital ratio of 14.04%.

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

    The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of December 31, 2024, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.

    About NorthEast Community Bancorp

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

    Forward Looking Statement

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

       
    CONTACT: Kenneth A. Martinek
      Chairman and Chief Executive Officer
       
    PHONE: (914) 684-2500
       
     
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Unaudited)
           
        December 31,   December 31,
           2024       2023 
        (In thousands, except share
        and per share amounts)
    ASSETS            
    Cash and amounts due from depository institutions   $ 13,700     $ 13,394  
    Interest-bearing deposits     64,559       55,277  
    Total cash and cash equivalents     78,259       68,671  
    Certificates of deposit     100       100  
    Equity securities     21,994       18,102  
    Securities held-to-maturity ( net of allowance for credit losses of $126 and $136, respectively )     14,616       15,860  
    Loans receivable     1,813,647       1,586,721  
    Deferred loan (fees) costs, net     (49 )     176  
    Allowance for credit losses     (4,830 )     (5,093 )
    Net loans     1,808,768       1,581,804  
    Premises and equipment, net     24,805       25,452  
    Investments in restricted stock, at cost     397       929  
    Bank owned life insurance     25,738       25,082  
    Accrued interest receivable     13,481       12,311  
    Real estate owned     5,120       1,456  
    Property held for investment     1,370       1,407  
    Right of Use Assets – Operating     4,001       4,566  
    Right of Use Assets – Financing     347       351  
    Other assets     11,302       8,044  
    Total assets   $ 2,010,298     $ 1,764,135  
    LIABILITIES AND STOCKHOLDERS’ EQUITY              
    Liabilities:              
    Deposits:              
    Non-interest bearing   $ 287,135     $ 300,184  
    Interest bearing     1,383,240       1,099,852  
    Total deposits     1,670,375       1,400,036  
    Advance payments by borrowers for taxes and insurance     1,618       2,020  
    Borrowings     –       64,000  
    Lease Liability – Operating     4,108       4,625  
    Lease Liability – Financing     609       571  
    Accounts payable and accrued expenses     14,530       13,558  
    Total liabilities     1,691,240       1,484,810  
                   
    Stockholders’ equity:              
    Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding   $ —     $ —  
    Common stock, $0.01 par value; 75,000,000 shares authorized; 14,016,254 shares and 14,144,856 shares outstanding, respectively     140       142  
    Additional paid-in capital     110,091       109,924  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares     (6,088 )     (6,563 )
    Retained earnings     214,691       175,505  
    Accumulated other comprehensive income     224       317  
    Total stockholders’ equity     319,058       279,325  
    Total liabilities and stockholders’ equity   $ 2,010,298     $ 1,764,135  
                 
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
     
                             
        Quarter Ended December 31,   Year Ended December 31,
         2024    2023   2024    2023
                    (In thousands, except per share amounts)
    INTEREST INCOME:                        
    Loans   $ 39,081     $ 35,660     $ 153,902     $ 127,486  
    Interest-earning deposits     1,144       1,257       5,202       4,143  
    Securities     247       209       909       859  
    Total Interest Income     40,472       37,126       160,013       132,488  
    INTEREST EXPENSE:                        
    Deposits     15,160       11,131       55,619       34,181  
    Borrowings     5       779       1,564       1,078  
    Financing lease     9       10       38       38  
    Total Interest Expense     15,174       11,920       57,221       35,297  
    Net Interest Income     25,298       25,206       102,792       97,191  
    Provision for (reversal of) credit loss     26       205       (260 )     972  
    Net Interest Income after Provision for (Reversal of) Credit Loss     25,272       25,001       103,052       96,219  
    NON-INTEREST INCOME:                        
    Other loan fees and service charges     485       474       2,098       1,891  
    Gain (loss) on disposition of equipment     22       (18 )     22       (18 )
    Earnings on bank owned life insurance     170       156       656       1,013  
    Investment advisory fees     –       115       –       458  
    Realized and unrealized (loss) gain on equity securities     (554 )     621       (109 )     294  
    Other     26       38       116       105  
    Total Non-Interest Income     149       1,386       2,783       3,743  
    NON-INTEREST EXPENSES:                        
    Salaries and employee benefits     5,204       4,760       20,942       18,839  
    Occupancy expense     712       705       2,828       2,595  
    Equipment     229       211       890       1,055  
    Outside data processing     680       572       2,604       2,210  
    Advertising     108       101       418       521  
    Loss on disposition of business     –       138       –       138  
    Real estate owned expense     204       41       731       93  
    Other     2,785       2,706       10,649       9,770  
    Total Non-Interest Expenses     9,922       9,234       39,062       35,221  
    INCOME BEFORE PROVISION FOR INCOME TAXES     15,499       17,153       66,773       64,741  
    PROVISION FOR INCOME TAXES     4,566       5,052       18,982       18,465  
    NET INCOME   $ 10,933     $ 12,101     $ 47,791     $ 46,276  
                             
    NORTHEAST COMMUNITY BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL DATA
    (Unaudited)
                  
        Quarter Ended December 31,   Year Ended December 31,  
         2024     2023     2024    2023  
        (In thousands, except per share amounts)   (In thousands, except per share amounts)  
    Per share data:                              
    Earnings per share – basic   $ 0.83     $ 0.82     $ 3.64     $ 3.32    
    Earnings per share – diluted     0.80       0.82       3.58       3.32    
    Weighted average shares outstanding – basic     13,132       14,720       13,136       13,930    
    Weighted average shares outstanding – diluted     13,582       14,778       13,359       13,936    
    Performance ratios/data:                          
    Return on average total assets     2.19 %     2.77 %     2.50 %     2.90 %  
    Return on average shareholders’ equity     13.80 %     17.49 %     15.83 %     17.09 %  
    Net interest income   $ 25,298     $ 25,206     $ 102,792     $ 97,191    
    Net interest margin     5.29 %     6.06 %     5.62 %     6.41 %  
    Efficiency ratio     38.99 %     34.72 %     37.00 %     34.90 %  
    Net charge-off ratio     0.05 %     0.01 %     0.02 %     0.02 %  
                               
    Loan portfolio composition:                December 31, 2024
    		    December 31, 2023
    		  
    One-to-four family               $ 3,472     $ 5,252    
    Multi-family                 206,606       198,927    
    Mixed-use                 26,571       29,643    
    Total residential real estate                 236,649       233,822    
    Non-residential real estate                 29,446       21,130    
    Construction                 1,426,167       1,219,413    
    Commercial and industrial                 119,736       111,116    
    Consumer                 1,649       1,240    
    Gross loans                 1,813,647       1,586,721    
    Deferred loan (fees) costs, net                 (49 )     176    
    Total loans               $ 1,813,598     $ 1,586,897    
    Asset quality data:                          
    Loans past due over 90 days and still accruing               $ –     $ –    
    Non-accrual loans                 –       4,385    
    OREO property                 5,120       1,456    
    Total non-performing assets               $ 5,120     $ 5,841    
                               
    Allowance for credit losses to total loans                 0.27 %     0.32 %  
    Allowance for credit losses to non-performing loans                 0.00 %     116.15 %  
    Non-performing loans to total loans                 0.00 %     0.28 %  
    Non-performing assets to total assets                 0.25 %     0.33 %  
                               
    Bank’s Regulatory Capital ratios:                          
    Total capital to risk-weighted assets                 13.92 %     13.43 %  
    Common equity tier 1 capital to risk-weighted assets                 13.65 %     13.10 %  
    Tier 1 capital to risk-weighted assets                 13.65 %     13.10 %  
    Tier 1 leverage ratio                 14.44 %     14.43 %  
                                   
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
                       
        Quarter Ended December 31, 2024   Quarter Ended December 31, 2023
        Average   Interest   Average   Average   Interest   Average
         Balance    and dividend    Yield    Balance    and dividend    Yield
        (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross   $ 1,784,920     $ 39,081     8.76 %   $ 1,545,446     $ 35,660     9.23 %
    Securities     36,817       232     2.52 %     33,124       188     2.27 %
    Federal Home Loan Bank stock     455       15     13.19 %     929       21     9.04 %
    Other interest-earning assets     90,279       1,144     5.07 %     83,436       1,257     6.03 %
    Total interest-earning assets     1,912,471       40,472     8.46 %     1,662,935       37,126     8.93 %
    Allowance for credit losses     (4,833 )                 (4,771 )            
    Non-interest-earning assets     92,422                   87,557              
    Total assets   $ 2,000,060                 $ 1,745,721              
                                         
    Interest-bearing demand deposit   $ 233,112     $ 2,198     3.77 %   $ 118,691     $ 1,026     3.46 %
    Savings and club accounts     137,295       767     2.23 %     206,120       1,404     2.72 %
    Certificates of deposit     1,026,433       12,195     4.75 %     758,928       8,701     4.59 %
    Total interest-bearing deposits     1,396,840       15,160     4.34 %     1,083,739       11,131     4.11 %
    Borrowed money     1,293       14     4.33 %     67,049       789     4.71 %
    Total interest-bearing liabilities     1,398,133       15,174     4.34 %     1,150,788       11,920     4.14 %
    Non-interest-bearing demand deposit     263,711                   298,739              
    Other non-interest-bearing liabilities     21,428                   19,449              
    Total liabilities     1,683,272                   1,468,976              
    Equity     316,788                   276,745              
    Total liabilities and equity   $ 2,000,060                 $ 1,745,721              
                                         
    Net interest income / interest spread         $ 25,298     4.12 %         $ 25,206     4.79 %
    Net interest rate margin                 5.29 %                 6.06 %
    Net interest earning assets   $ 514,338                 $ 512,147              
    Average interest-earning assets to interest-bearing liabilities     136.79 %                 144.50 %            
     
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
                       
        Year Ended December 31, 2024   Year Ended December 31, 2023
        Average   Interest   Average   Average   Interest   Average
           Balance      and dividend      Yield   Balance      and dividend      Yield
        (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross   $ 1,701,079     $ 153,902     9.05 %   $ 1,401,492     $ 127,486     9.10 %
    Securities     34,765       839     2.41 %     37,819       777     2.05 %
    Federal Home Loan Bank stock     677       70     10.34 %     984       82     8.33 %
    Other interest-earning assets     92,610       5,202     5.62 %     76,542       4,143     5.41 %
    Total interest-earning assets     1,829,131       160,013     8.75 %     1,516,837       132,488     8.73 %
    Allowance for credit losses     (4,940 )                 (4,676 )            
    Non-interest-earning assets     90,675                   84,287              
    Total assets   $ 1,914,866                 $ 1,596,448              
                                         
    Interest-bearing demand deposit   $ 209,993     $ 8,498     4.05 %   $ 93,426     $ 2,459     2.63 %
    Savings and club accounts     154,430       3,799     2.46 %     248,755       6,777     2.72 %
    Certificates of deposit     917,665       43,322     4.72 %     615,124       24,945     4.06 %
    Total interest-bearing deposits     1,282,088       55,619     4.34 %     957,305       34,181     3.57 %
    Borrowed money     33,117       1,602     4.84 %     29,007       1,116     3.85 %
    Total interest-bearing liabilities     1,315,205       57,221     4.35 %     986,312       35,297     3.58 %
    Non-interest-bearing demand deposit     277,957                   322,185              
    Other non-interest-bearing liabilities     19,739                   17,139              
    Total liabilities     1,612,901                   1,325,636              
    Equity     301,965                   270,812              
    Total liabilities and equity   $ 1,914,866                 $ 1,596,448              
                                         
    Net interest income / interest spread         $ 102,792     4.40 %         $ 97,191     5.15 %
    Net interest rate margin                 5.62 %                 6.41 %
    Net interest earning assets   $ 513,926                 $ 530,525              
    Average interest-earning assets to interest-bearing liabilities     139.08 %                 153.79 %            

    The MIL Network –

  • MIL-OSI USA: Senator Hassan Raises Alarm About President Trump’s Federal Funding Freeze & Severe Impact on NH Services

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan

    WASHINGTON – Less than 24 hours after President Trump announced a wide-reaching federal funding freeze, halting nearly all federal grants and loans to support New Hampshire communities, U.S. Senator Maggie Hassan today detailed how the President’s illegal and unconstitutional action is already harming Granite Staters during a press conference in the U.S. Capitol.

    Click here to see Senator Hassan’s full remarks on President Trump’s dangerous, illegal funding freeze and see an excerpt below:

    “This action will hurt people all across the country. President Trump’s order defunds police departments, even as law enforcement officers are trying to keep us safe. It imperils disaster relief as fires rage. It halts cancer research as we strive for cures, and it shuts down shelters for homeless veterans in the cold of winter.

    “New Hampshire law enforcement agencies have told my office that the freeze of federal funding may force them to rescind job offers, meaning fewer cops on the streets. A New Hampshire organization that helps domestic violence survivors also told my office that it is now locked out of federal funding systems, which will significantly impact the crisis centers it runs for women.

    “Let’s be clear: this money is not the President’s to freeze or take away. It was appropriated by Congress, and it belongs to the American people. To my Republican colleagues, I suggest that you have to decide what bridge it is, is too far… We cannot let America become a place where our leaders hold back the people’s funds by day and purge the people’s watchdogs by night.”

    Moments ago, a federal judge temporarily blocked the freeze from proceeding until Monday, though the Trump Administration continues to pursue it. This illegal funding freeze has severe and broad-reaching impacts for services across New Hampshire. Programs impacted by this funding freeze include those that help hire police officers, support veterans, operate domestic violence shelters, provide access to health care, and nearly every federal program. Approximately 30% of New Hampshire’s state budget comes from federal funding.

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy Questions HHS Secretary Nominee During Finance Committee Hearing

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – Today, U.S. Senator Bill Cassidy, M.D. (R-LA) questioned Robert F. Kennedy Jr., nominee for Secretary of the U.S. Department of Health and Human Services (HHS), at his confirmation hearing before the Senate Finance Committee. 
    Senator Cassidy: Mr. Kennedy, President Trump has sworn to protect Medicare. Republicans are exploring reforms to Medicaid that could help pay for Trump administration priorities. With this context, what will you do about dual eligibles?
    Mr. Kennedy: About—
    Senator Cassidy: Dual-eligibles.
    Mr. Kennedy: Well, dual-eligibles are not right now served very well under the system. Those are people who are eligible for both Medicaid and Medicare. And I, you know, I suppose my answer to that is to make sure that the programs are consolidated, that they are integrated, and that care is integrated. I look forward to working with you, Dr. Cassidy, on making sure that we take good care of people who are dual-eligible.
    Senator Cassidy: How would we—how do you propose that we integrate those programs? Does Medicare pay more, Medicare pay less, Medicaid pay more, Medicaid pay less? How do we do that?
    Mr. Kennedy: I’m not exactly sure because I’m not in there. I mean, it is difficult to integrate them because Medicaid—Medicare is under fee for service, paid for by employer taxes. Medicaid is fully paid for federal government and it’s not fee for service. So, it’s—I do not know the answer to that. I look forward to exploring options with you.
    Senator Cassidy: Republicans again are looking at ways to potentially reform Medicaid to help, you know, pay for President Trump’s priorities, but to improve outcomes. What thoughts do you have regarding Medicaid reform?
    Mr. Kennedy: Well, Medicaid is not working for Americans, and it’s specifically not working for the target population. Most Americans like myself, I’m on Medicare Advantage, and I’m very happy with it. Most people who are on Medicaid are not happy. The premiums are too high, the deductibles are too high. The networks are narrow. The best doctors will not accept it at the best hospitals. And particularly, Medicaid was originally designed for a target population, the poorest Americans. It’s now been dramatically expanded. And the irony of the expansion is that the poorest Americans are now being robbed. Their services have dramatically decreased even though we’ve increased the price of Medicare by 60 percent over the last 4 years. The target population is being robbed. We need to figure out other options.
    Senator Cassidy: With that said, obviously you’ve thought about that and I appreciate that. What reforms do you recommend, again, that would improve services I suppose, but also make it more cost efficient?
    Mr. Kennedy: Well, President Trump has given me the charge of improving quality of care and lowering the price of care for all Americans. There are many things that we can do, I mean, what we want to, the ultimate outcome, I think, is to increase transparency, increase accountability, and to transition to a value-based system rather than a fee-based system—service-based system. 
    Senator Cassidy. On Medicaid in particular, can you just kind of take those kind of general principles and apply it to the Medicaid program?
    Mr. Kennedy: You know I, listen, I think that there are many, many options with telemedicine, with AI right now. And, you know there’s a—including direct primary care systems, we are seeing that movement grow across the country. There’s a—one of the largest providers—
    Senator Cassidy: So, so knowing, going back to Medicaid, though. And speaking of these specific advances, how would you, what reforms are you proposing, with these ideas vis a vis Medicaid?
    Mr. Kennedy: Well, I don’t have a broad proposal for dismantling the program—
    Senator Cassidy: I’m not saying—of course not saying that.
    Mr. Kennedy: I think what we need to do is we need to experiment with pilot programs in each state. We need to keep our eye on the ultimate goal, which is value-based care, which is transparency, accountability, access.
    Senator Cassidy: And one more thing, going back to Medicare, you mentioned you’re an MA. You mentioned earlier the Medicare fee for service. Do you have any kind of thoughts as to, whether or not patients on fee for service should move into MA or how should we handle that?
    Mr. Kennedy: Whether patients—
    Senator Cassidy: Who are on Medicare fee for service.
    Mr. Kennedy: For traditional Medicare?
    Senator Cassidy: Yes.
    Mr. Kennedy: That’s their choice right now. I mean, we have I think 32 million Americans, or 30 million Americans on Medicare—on traditional Medicare, and then another 34, or thirty—34 on Medicare Advantage, roughly half and half. And I think more people would rather be on Medicare Advantage because it offers very good services, but people can’t afford it. It’s much more expensive. Oh, and answer to your first question, there, you know, are all kinds of exciting things that we can be doing, including cooperatives, which President Trump has supported, including health savings accounts, which President Trump has supported. All of these things to make people more accountable for their own health.
    Senator Cassidy: And so we bring the cooperatives and the health savings accounts into Medicare and Medicaid? 
    Mr. Kennedy: Exactly. We try to—try to increase those, the use of those and to direct primary care to continue to transition into  a value-based program that is private. Americans don’t, by and large, do not like the Affordable Care Act. People are on it. They don’t like Medicaid. They like Medicare. And they like private insurance. We need to listen to what people, they would prefer to be on private insurance. Most Americans, if they can afford to be, will be on private insurance. We need to figure out ways to improve care, particularly for elderly, for veterans, for the poor in this country, and Medicaid, the current model is not doing that. I would ask, you know, any of the Democrats who are chuckling just now. Do you think all that money, the $900 billion that we’re sending to Medicaid every year has made Americans healthy? Do we think it’s working for anybody? Are the premiums low enough?

    MIL OSI USA News –

  • MIL-OSI USA: Durbin: If Your Goal Is To Make America Great Again, Why Would You Start By Cutting Basic Services For Families?

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    January 29, 2025

    In a speech on the Senate floor, Durbin listed the critical programs—VAWA funding, veterans’ support, early education programs—that were thrown into chaos by the OMB memo that put ahold on federal funding

    WASHINGTON – In a speech on the Senate floor last night, U.S. Senate Democratic Whip Dick Durbin (D-IL) denounced the Trump Administration’s decision to issue an Office of Management and Budget (OMB) memo to “temporarily pause all activities related to obligation or disbursement of trillions of dollars of Federal financial assistance,” which caused mass confusion about the funding and operations of hundreds of government-funded programs ranging from Medicaid, to Head Start, to Violence Against Women Act grants.  Shortly before the federal funding freeze began, U.S. District Court Judge Loren L. Alikhan, who was confirmed under Durbin’s tenure as Chair of the Senate Judiciary Committee, temporarily blocked the move by the Trump Administration.

    In his remarks, Durbin emphasized that the Trump Administration does not have the authority to institute a federal funding freeze as Congress holds the constitutional power of the purse.

    “He [Acting OMB Director Matthew Vaeth] sent out a letter, or memo, that basically called for a temporary pause in government spending.  By what authority did he do that? I don’t know. I’ve been in Congress for a few years.  I’ve never quite seen anyone with an ‘Acting’ before their name have this much authority and power, but he had a lot.  He has taken to himself the decision-making that affects families all over the United States, including in my State of Illinois,” Durbin said.

    “But he [Vaeth] basically paused federal spending… so that these recipients could answer the basic questions as to whether they’re loyal to his point of view.  He referred to those who didn’t agree with him as Marxists, as in Karl Marx… Who is this guy?  How does he have this much authority? How is he able to say things like that that are so blatantly political?” Durbin said.

    The memo caused immediate panic across the country as states’ Medicaid portals shut down and Head Start programs worried that they would not be open the following day to provide critical child care.  The Trump Administration failed, when asked repeatedly, to provide clear guidance about what programs would be safe from being defunded.

    “This poorly conceptualized, poorly communicated policy has created mass confusion in my state and across the nation.  Worst yet, it has endangered [the] health, safety, [and] welfare of Americans across the country.  The proposed freeze mandates that the government ‘temporarily pause’ the disbursement of key funds… We’re going to temporarily pause reimbursement to local units of government and charities, for example, while we decide whether they’re living up to the standards of Donald Trump in terms of his political values,” Durbin continued.

    Durbin read out some of the programs that were thrown into chaos by the OMB memo, beginning with Head Start and domestic violence survivor programs.

    “For many families, Head Start is day care.  Head Start is Pre-K.  Head Start is a chance for kids in tough family circumstances to have a fighting chance.  Of course, the Head Start agencies need to get their federal funds to keep the lights on, to feed the kids, to make sure they can heat the buildings in the winter,” Durbin said.

    “The other one is violence against women.  The groups are calling us in Illinois.  They call me because the Senate Judiciary Committee, which I serve on, authored this bill years ago.  A Senator from Delaware at the time, Joe Biden, introduced this legislation.  What it boils down to, is if you’re a victim of domestic violence, there are grants available to provide safe and secure places for you to stay, rather than [keeping you] in these horrible, violent situations at home.  What are we going to do with Mr. Vaeth’s idea to put this on temporary pause?” Durbin said.

    Durbin continued providing examples of threatened federal funding, including natural disaster relief, veterans benefits, and small business loans.  Durbin pointed to the double standard of pausing federal aid to small businesses when major corporations, including Elon Musk’s company, Tesla, has received support from the federal government to stave off bankruptcy.

    “Natural disaster relief speaks for itself.  You think of the poor folks in California trying to recover from their wildfires.  Think of the flooding, hurricanes, all the other events that take place.  There are people who need a helping hand,” Durbin said.

    “So many aspects of business rely on just a helping hand to get started.  If you think loans to businesses are for little businesses, keep in mind that in 2009, Elon Musk came to the Obama Administration and asked for a loan so that his Tesla car company wouldn’t go into bankruptcy.  There are a lot of smaller businesses just as desperate to get a helping hand,” Durbin said.

    Durbin concluded his remarks by criticizing the Trump Administration for claiming to support American families while attempting to tear away the basic services and programming that Americans rely on.  Durbin underscored that President Trump’s own team could not answer basic questions about the policy he attempted to institute.

    “If your goal is to ‘Make America Great Again,’ why start by cutting these basic services for families and deserving people across this country?” Durbin said.  “We’re better than that.  I’m proud of a nation that cares for people that need a helping hand.  I’m not ashamed to say that.”

    “Even the President’s own Press Secretary a few minutes ago was unable to even answer the questions about what was going on with this OMB Director.  You know why?  Because this move is nothing more than a power grab designed to target the most vulnerable and disguise it as a way ‘to analyze government spending,’” Durbin said. “The President is blatantly violating the law by holding up these vital funds across America.”

    “This measure [temporary pause by the federal judge] is only delaying chaos and uncertainty if it’s President Trump’s determined effort to make sure that this happens.  We will not stand idly by while the President plays fast and loose with our nation’s laws and the American peoples’ lives and livelihoods.  We can have fiscal responsibility, we could have a budget we’re proud of, but this action taken by a fellow last night, somewhere in the bowels of a building here in Washington, is hurting people all across America.  You can’t help American families be great if you don’t give them a fighting chance,” Durbin concluded.

    Video of Durbin’s remarks on the Senate floor is available here.

    Audio of Durbin’s remarks on the Senate floor is available here.

    Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.

    -30-

    MIL OSI USA News –

  • MIL-OSI Australia: Seven arrested after car stolen

    Source: South Australia Police

    Seven youths have been arrested after a car was stolen from Port Augusta this morning.

    Just after 2am this morning (30 January), Port Augusta police were called to Caroona Road after reports a house had been broken into and a silver Toyota Kluger 4WD had been stolen.

    Just after 2.50am police observed the car travelling south on Augusta Highway where road spikes were used to stop the car in Port Wakefield.

    Police Dog Edge assisted patrols to locate the driver and passengers.

    The driver, a 16-year-old boy from Port Augusta West was arrested and expected to be charged with aggravated serious criminal trespass, theft and numerous traffic offences.

    The six passengers, a 13-year-old boy from Port Augusta West, a 14-year-old boy from Port Augusta, two 15-year-old boys from Port Augusta West and two 16-year-old boys from Port Augusta West were arrested and expected to be charged with aggravated serious criminal trespass and other offences.

    It is expected that the 7 youths will be refused bail and will attend the Port Pirie Youth Magistrates Court at a later stage today.

    Police ask anyone who may have witnessed any suspicious behaviour in Port Augusta or have any information that may assist is asked to call Crime Stoppers on 1800 333 000 or online at www.crimestopperssa.com.au – you can remain anonymous.

    MIL OSI News –

  • MIL-OSI USA: Making Higher Education More Affordable

    Source: US State of New York

    Governor Kathy Hochul today unveiled her plan to offer free community college tuition for adult learners ages 25 to 55 in New York State. The Governor highlighted her proposal at Onondaga Community College to showcase the region’s readiness for Micron to support New York State as a global hub for Semiconductor manufacturing and R&D. The plan, part of Governor Hochul’s 2025 State of the State, furthers her commitment to creating more workforce development opportunities to ensure every New Yorker has the opportunity to pursue a degree or credential for jobs in high-demand fields.

    “When my dad got a college education, our whole family got a shot at a better life – and I want New Yorkers to have that opportunity,” Governor Hochul said. “Under my plan, every New Yorker will have the chance to pursue a free associate degree at SUNY and CUNY community colleges to help fill the in-demand jobs of tomorrow.”

    New York State Opportunity Promise

    Governor Hochul is steadfast in her commitment to making higher education more affordable and building the workforce that New York needs. The FY 2025 Enacted Budget included an historic expansion of the Tuition Assistance Program to help more New Yorkers cover the cost of college. Additionally, the Governor has continued to expand workforce development, apprenticeship, and microcredential programs to prepare New Yorkers for in-demand jobs. The Governor’s free community college proposal, NYS Opportunity Promise, is the next level of this commitment by making an associate degree more affordable and obtainable.

    Across New York State, there are more than four million working-age adults who do not have a college degree or credential. The Governor’s proposal would cover tuition, fees, and books at any SUNY or CUNY community college for these adult learners who have never earned a degree and are pursuing an associate degree in a high demand field, including nursing, teaching, technology, and engineering.

    SUNY Chancellor John B. King Jr. said, “SUNY’s community colleges are incredible engines of upward mobility, and Governor Hochul’s Free Community College plan will literally change the lives of New Yorkers seeking a degree in a high-demand field. SUNY campuses like Onondaga Community College are leading the way in meeting the needs of our adult learners and regional employers.”

    New York as a National Workforce Hub

    Upstate New York has been designated as a National Workforce Hub to dramatically expand domestic memory chip manufacturing in the United States. Federal and state incentives played a key role in securing Micron’s $100 billion investment in the White Pine Industrial Park in the town of Clay in Onondaga County – one of the largest economic development projects in U.S. history.

    In total, the project is expected to create nearly 50,000 jobs statewide, including an average of 5,600 construction jobs per year paying federal prevailing wage. When complete, the complex will include the nation’s largest clean room space at approximately 2.4 million square feet, grow domestic semiconductor manufacturing, and enhance our national security by expanding the United States’ chipmaking capacity.

    Additionally, Governor Hochul announced earlier this month that GlobalFoundries, a semiconductor manufacturer in Saratoga County, will invest $575 million to build a new center for advanced packaging and testing, along with $186 million for research and development at its Malta facility over the next decade.

    State University of New York Chancellor John B. King Jr. joined as Onondaga Community College President Warren Hilton updated the Governor on the campus’s readiness to expand enrollment in academic programs tied to in-demand jobs. Included in the tour was the construction site for the $15 million, 5,000 square-foot Micron Simulation Lab at the campus, which is critical to help train students. The clean room is expected to be fully operational during the summer of 2026.

    Under my plan, every New Yorker will have the chance to pursue a free associate degree at SUNY and CUNY community colleges to help fill the in-demand jobs of tomorrow.”

    Governor Kathy Hochul

    Empire State Development President, CEO and Commissioner Hope Knight said, “No one is doing more to prepare New York State for the future than Governor Hochul, and Onondaga Community College is a key partner in that effort. Innovative, cutting-edge industries are growing in New York State because our dynamic workforce is being well-equipped with the skills needed to succeed in the good-paying jobs we are helping to create. Governor Hochul’s proposal to provide free community college tuition to students pursuing high-demand occupations in strategic industries will help to further promote sustainable economic opportunity for all.”

    New York State Department of Labor Commissioner Roberta Reardon said, “A knowledgeable workforce is essential to securing a strong future for New York State and offering no-cost higher education will open doors to in-demand careers. I thank Governor Hochul for prioritizing workforce development initiatives that are transforming the lives of New York families.”

    Onondaga Community College President Hilton said, “During the last five years, our faculty has worked tirelessly to create academic programs aimed at educating and preparing students for valuable and rewarding careers in industries where workers are needed most. Our staff has done an outstanding job supporting those students during their time on campus. We are grateful to all Central New York employers who see the value in our students, the education they receive here, and their willingness to give them the opportunity to be successful in the workforce.”

    Since Micron announced it was building the largest semiconductor facility in Clay, NY, Onondaga Community College has seen significant changes in enrollment in workforce development programs leading to direct jobs in the industry, as well as programs preparing New Yorkers for indirect job opportunities, including:

    • Electromechanical Technology, up 168 percent
    • Architectural Design, up 114 percent
    • Construction Management, up 96 percent
    • Fire Protection Technology, up 58 percent
    • Supply Chain Management, up 57 percent
    • Surgical Technology, up 26 percent
    • Paramedic, up 21 percent
    • Cybersecurity, up 17 percent
    • Mechanical Technology, up 13 percent
    • Physical Therapist Assistant, up 6 percent
    • Computer Science, up 4 percent

    Onondaga Community College has many paths to electromechanical technology, which includes 112 students this year. Several students have already been offered jobs after graduation. Sixteen are expected to graduate this May with an associate degree, while 30 students are on track to complete the one-year credential program, which typically leads to an associate degree. The campus also has more than 300 students taking related courses in Onondaga County high schools.

    MIL OSI USA News –

  • MIL-OSI USA: Shooting Incidents With Injury Declined 28 Percent in 2024

    Source: US State of New York

    Governor Kathy Hochul today announced that gun violence in communities participating in the state’s Gun Involved Violence Elimination (GIVE) initiative declined to its lowest level on record last year. New York State began tracking this data in communities outside of New York City in 2006. Shooting incidents with injury declined 28 percent in 2024 compared to 2023, and the number of individuals injured declined 25 percent, with 238 fewer people harmed by gunfire. The Governor’s Fiscal Year 26 Executive Budget includes $370 million to continue the state’s multifaceted approach to reducing shootings and saving lives. That funding supports local and state law enforcement initiatives, youth employment programs, and nonprofit organizations that serve and support individuals and families and strengthen communities.

    “New Yorkers are safer today than they were yesterday – and that’s because of the tireless efforts of our communities, law enforcement, and partners,” Governor Hochul said. “Gun violence has dropped by 28 percent, meaning 238 fewer people wounded by gunfire in our neighborhoods. But we’re not stopping here. My administration is doubling down on its commitment to reducing violence, supporting our youth, and strengthening our communities – ensuring that all New Yorkers can live in safety and peace.”

    The 28 percent decline reflects 588 shooting incidents with injury reported last year by the 28 police departments participating in GIVE compared to 817 in 2023, and the number of shooting victims decreased by 25 percent (725 v. 963). When the state first began tracking this data in 2006, 17 police departments received funding to reduce shootings and violent crime: Those agencies reported 896 shooting incidents with injury and 1,007 individuals who sustained gunshot wounds. GIVE jurisdictions account for roughly 90 percent of violent crimes involving firearms and 85 percent of violent crime reported outside New York City.

    The following police departments reported particularly significant declines in shooting incidents with injury in 2024 compared to 2023: Niagara, 52 percent; Rochester, 34 percent; Syracuse, 30 percent; and Yonkers, 47 percent. Shooting incidents with injury, shooting victims and shooting homicide data for each of the 28 GIVE agencies are available on the State Division of Criminal Justice Services (DCJS) website. In addition to the collective decrease in gun violence in GIVE communities, the New York City Police Department reported a seven percent (903 v. 974) decrease in shooting incidents in 2024 compared to 2023.

    DCJS Commissioner Rossana Rosado said, “Our partnerships with local law enforcement agencies and community-based organizations through the GIVE initiative, SNUG street outreach program, Project RISE and our Crime Analysis Centers are helping to make a real difference in people’s lives and increasing safety in our communities. We applaud Governor Hochul’s leadership on public safety and her unprecedented support of these critical programs.”

    Preliminary index crime reported by police agencies outside of New York City showed an eight percent decrease from January through September 2024 vs. 2023, the most current data available. There are seven index crime categories that are used to gauge overall crime trends: four violent (murder, rape, robbery, aggravated assault) and three property (burglary, larceny, motor vehicle theft). Data reported by the NYPD show a three percent reduction in crime in the five boroughs.

    The $370 million investment to reduce and prevent gun violence and strengthen communities disproportionately impacted by crime includes, but is not limited to, the following programs and initiatives administered by DCJS:

    • $50 million through the Law Enforcement Technology grant program, which provides funding so police departments and sheriffs’ offices can purchase new equipment and technology to modernize their operations and more effectively solve and prevent crime.
    • $36 million for GIVE, which funds the 28 police departments and district attorneys’ offices, probation departments, and sheriffs’ offices in 21 counties outside of New York City.
    • $21 million for the SNUG Street Outreach Program, which operates in 14 communities across the state: Albany, the Bronx, Buffalo, Hempstead, Mount Vernon, Newburgh, Niagara Falls, Poughkeepsie, Rochester, Syracuse, Troy, Utica, Wyandanch, and Yonkers. The program uses a public health approach to address gun violence by identifying the source, interrupting transmission, and treating individuals, families and communities affected by the violence.
    • $18 million in continued support for the state’s unique, nationally recognized Crime Analysis Center Network, and $13 million in new funding to establish the New York State Crime Analysis and Joint Special Operations Command Headquarters, a strategic information, technical assistance and training hub for 11 Centers in the state’s network, and enhance existing partnerships and expand information sharing with the New York State Intelligence Center operated by the State Police, the locally run Nassau County Lead Development Center, and the State’s Joint Security Operations Center, which focuses on protecting the State from cyber threats.
    • $20 million for Project RISE (Restore, Invest, Sustain, Empower) in 10 communities to support mentoring, mental health services, restorative practices, trust building, employment and education support and youth development activities, among other programs and services that address trauma resulting from long-term exposure to violence, build resilience and strengthen youth, families and neighborhoods.

    The New York State Police, the State Department of Corrections and Community Supervision, the State Office of Temporary and Disability Assistance, and the state Office of Victim Services also will receive funding through that $370 million allocation.

    That funding does not include other public safety initiatives outlined in the FY26 Executive Budget Briefing Book, including $35 million for the next round of the Securing Communities Against Hate Crimes grants to increase safety and security of organizations at risk of hate crimes or attacks because of their ideology, beliefs, or mission; or investments that expand support for victims and survivors of crime, including doubling funding for rape crisis centers to $12.8 million.

    MIL OSI USA News –

  • MIL-OSI Security: Two More Defendants Sentenced to Prison for Roles in Puerto Rico-to- Western Pennsylvania Cocaine Trafficking Operation

    Source: Office of United States Attorneys

    PITTSBURGH, Pa. – A resident of New Castle, Pennsylvania, and a resident of Florida, Puerto Rico, were sentenced in federal court for their convictions of conspiracy to distribute and possess with intent to distribute cocaine and related charges, Acting United States Attorney Troy Rivetti announced today. The defendants were among 17 individuals from Lawrence County, Pennsylvania; Puerto Rico; and Youngstown, Ohio, indicted in March 2024 for violating federal narcotics, firearms, and racketeering laws by conspiring to distribute cocaine throughout Western Pennsylvania and Youngstown (read the Indictment news release here).

    Senior United States District Judge Arthur J. Schwab imposed the sentences on Jean Sanchez Tulla, 38, of Puerto Rico, and Glenn Samuels, 33, of New Castle, sentencing Tulla to nine years of imprisonment, to be followed by five years of supervised release, for conspiring to distribute and possess with intent to distribute 500 grams or more of cocaine and interstate travel or transmission in aid of racketeering, and Samuels to 37 months of prison, to be followed by four years of supervised release, for conspiracy to distribute and possess with intent to distribute a quantity of cocaine.

    According to information presented to the Court, Tulla was a leading member of the organized drug trafficking group that shipped kilogram quantities of cocaine from Puerto Rico, often mailing drug parcels through the U.S. Postal Service to co-conspirators responsible for selling the cocaine in Western Pennsylvania; Youngstown, Ohio; and elsewhere. Specifically, Tulla was responsible for possessing with intent to distribute and distributing between five and 15 kilograms of cocaine on behalf of and during the course of the conspiracy. He also traveled from Puerto Rico to Pennsylvania—including at least 15 trips to Pittsburgh from 2023 to 2024—and elsewhere to facilitate and promote the drug trafficking enterprise, including to receive drug proceeds from other members of the organization.

    Upon receipt of the shipped cocaine, leaders of the drug trafficking organization in Western Pennsylvania would distribute smaller quantities of the drugs to multiple co-conspirators, including Samuels, in order to maximize profits. Those co-conspirators then distributed the cocaine in New Castle, Ellwood City, and elsewhere in Lawrence County. At least 100 grams of cocaine was attributable to Samuels, who was found during the investigation to frequent the New Castle residence of the drug trafficking organization’s local leader for short durations, often multiple times a day.

    Assistant United States Attorney Carl J. Spindler prosecuted this case on behalf of the government.

    Acting United States Attorney Rivetti commended the Drug Enforcement Administration, Lawrence County High Intensity Drug Trafficking Area (HIDTA) Drug Task Force, and United States Postal Inspection Service, as well as the New Castle Police Department, Ellwood City Police Department, Federal Bureau of Investigation, Internal Revenue Service – Criminal Investigation, Pennsylvania Office of Attorney General, Pennsylvania State Police, Pittsburgh Bureau of Police, and United States Department of Agriculture for the investigation leading to the successful prosecution of Tulla and Samuels.

    Lawrence County is one of six Western Pennsylvania counties officially designated as a High Intensity Drug Trafficking Area by the White House’s Office of National Drug Control Policy. The county received its HIDTA designation in July 2022, allowing it to receive dedicated federal resources to coordinate federal, state, and local governments in fighting drug trafficking and abuse.

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

    MIL Security OSI –

  • MIL-OSI Security: Project Safe Childhood Sentencings in Columbus

    Source: Office of United States Attorneys

    COLUMBUS, Ga. – A Harris County, Georgia, resident who engaged in criminal sexual activity with a middle schooler and a former contractor at Fort Moore guilty of possessing hundreds of files of child sexual abuse material (CSAM) on his phone were both sentenced to federal prison this week resulting from Project Safe Childhood investigations.

    Patrick John Irvine, 22, of Shiloh, Georgia, was sentenced to serve 120 months in prison to be followed by ten years of supervised release on Jan. 28. Irvine previously pleaded guilty to one count of transportation with intent to engage in criminal sexual activity on Oct. 15, 2024.

    Terric Taylor, 28, of Fortson, Georgia, was sentenced to serve 97 months in prison to be followed by ten years of supervised release on Jan. 28. Taylor previously pleaded guilty to one count of possessing child pornography on Oct. 15, 2024.

    Both defendants will have to register as a sex offender upon release from prison. U.S. District Judge Clay Land presided over the cases. There is no parole in the federal system.

    “Our office has zero tolerance for people who prey on children, and we will use every resource at our disposal to investigate and prosecute Project Safe Childhood cases,” said Acting U.S. Attorney C. Shanelle Booker. “Both cases demonstrate how law enforcement and community partners are helping us hold child sex offenders accountable.”

    “With a victim-centered approach, the FBI will continue working with our law enforcement partners to hold those who choose to prey on our most vulnerable citizens accountable,” said FBI Atlanta Acting Special Agent in Charge Sean Burke.

    “These cases show how local, state, and federal law enforcement agencies are working together to fight for the safety of our children,” said Harris County Sheriff Mike Jolley.

    According to court documents and statements referenced in court in the Irvine case, sometime in mid-March 2024, Irvine met 12-year-old Jane Doe on Snapchat, and they continued to communicate through Snapchat, Facetime and text messages over the next several weeks. Irvine made plans with Jane Doe to travel approximately four hours from his home in Harris County to a meeting place near her home in Alabama. They met on the night of March 23, 2024, and on March 24, 2024, Irvine texted Jane Doe to, “start packing, I’ll get you next weekend.” Irvine returned to Jane Doe’s Alabama residence on the evening of Friday, March 29, 2024, and drove her to Georgia. Jane Doe’s family members reported her missing the next day. Jane Doe’s mother acquired her daughter’s cell phone records from AT&T and discovered a high frequency of calls between the victim and a number she did not recognize, which was Irvine’s phone number. She attempted to call and text Irvine’s number, and finally got a response:

    • Defendant: “Sorry, I’m at work. Is everything okay?”

    • Mom: “No I need to talk to you now. I’m [the victim’s] mother. Please answer.”

    • Defendant: “[victim’s first name] who?”

    • Mom: “Why is a 12-year-old calling the number multiple times late at night if you are old enough to be working? It’s all over my call AT&T call logs.”

    • Defendant: “We were going to hang out then I found out how old she was, and I haven’t talked to her since. Is everything okay?”

    • Mom: “You need to call me. The police will be calling soon.”

    • Defendant: “Sorry I’m at work and I can’t call right now.”

    After identifying the subscriber of this number as Irvine, the Harris County Sheriff’s Office was notified and dispatched to Irvine’s residence. Upon arrival, Irvine emerged shirtless from the house and initially denied Jane Doe was in the house, but then stated that she had just gotten out of the shower. Jane Doe escaped out of a window and was found hiding in the woods.

    According to court documents and statements referenced in court in the Taylor case, the National Center for Missing and Exploited Children (NCMEC) received a Cybertip on July 17, 2022, from the social media platform X concerning user “strayBreeders04” who had uploaded a file of child pornography on the platform. The Georgia Bureau of Investigation (GBI) and the Harris County Sheriff’s Office (HCSO) discovered Taylor was the user and was employed as a contractor at Fort Moore. Working with Fort Moore’s Criminal Investigation Division (CID), Taylor was located, and he admitted to agents that he uploaded images of child pornography to X. Agents found several files of child sexual abuse material (CSAM) on his phone. Taylor estimated he had approximately 50 videos of children engaging in sexual acts on his device.

    These cases were brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse, launched in May 2006 by the Department of Justice. Led by the U.S. Attorneys’ Offices and the DOJ’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state and local resources to locate, apprehend and prosecute individuals who exploit children, as well as identify and rescue victims. For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov.

    The Irvine case was investigated bythe FBI, the Harris County Sheriff’s Office and the Walker County, Alabama, Sheriff’s Office.

    The Taylor case was investigated by the FBI, GBI and the Harris County Sheriff’s Office with assistance from the National Center for Missing and Exploited Children (NCMEC).

    Assistant U.S. Attorney Crawford Seals prosecuted the cases for the Government

    MIL Security OSI –

  • MIL-OSI Security: Mexican Man Guilty of Illegal Re-entry by Removed Alien

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – U.S. Attorney Duane A. Evans announced that JESUS MALDONADO-LOPEZ (“MALDONADO-LOPEZ”), age 38, a citizen of Mexico, pled guilty on January 16, 2025, to reentry of removed alien, in violation of Title 8, United States Code, Section 1326(b)(1).

    According to court documents, MALDONADO-LOPEZ, an illegal alien with a prior felony conviction for transporting illegal aliens within the United States, was found in the New Orleans area on or around July 29, 2024.  He had previously been deported to Mexico on May 29, 2008.

    MALDONADO-LOPEZ faces a maximum penalty of 10 years imprisonment, up to a $250,000 fine, up to three years of supervised release, and a $100 mandatory special assessment fee.  U.S. District Judge Jay C. Zainey has set the sentencing for April 15, 2025.

    U.S. Attorney Evans praised the work of the U.S. Immigration and Customs Enforcement – Enforcement and Removal Operations, in investigating this matter.  Assistant United States Attorney Spiro G. Latsis of the General Crimes Unit oversees the prosecution.

    MIL Security OSI –

  • MIL-OSI USA: Geyser Season on Mars

    Source: NASA

    This Oct. 29, 2018, image from the HiRISE camera on NASA’s Mars Reconnaissance Orbiter captures geysers of gas and dust that occur in springtime in the South Polar region of Mars. As the Sun rises higher in the sky, the thick coating of carbon dioxide ice that accumulated over the winter begins to warm and then turn to vapor. Sunlight penetrates through the transparent ice and is absorbed at the base of the ice layer. The gas that forms because of the warming escapes through weaknesses in the ice and erupts in the form of geysers.
    HiRISE, or the High Resolution Imaging Science Experiment, is a powerful camera that takes pictures covering vast areas of Martian terrain while being able to see features as small as a kitchen table.
    Image credit: NASA/JPL-Caltech/University of Arizona

    MIL OSI USA News –

  • MIL-OSI USA: NASA’s Asteroid Bennu Sample Reveals Mix of Life’s Ingredients

    Source: NASA

    Lee esta nota de prensa en español aquí.
    Studies of rock and dust from asteroid Bennu delivered to Earth by NASA’s OSIRIS-REx (Origins, Spectral Interpretation, Resource Identification and Security–Regolith Explorer) spacecraft have revealed molecules that, on our planet, are key to life, as well as a history of saltwater that could have served as the “broth” for these compounds to interact and combine.
    The findings do not show evidence for life itself, but they do suggest the conditions necessary for the emergence of life were widespread across the early solar system, increasing the odds life could have formed on other planets and moons.
    “NASA’s OSIRIS-REx mission already is rewriting the textbook on what we understand about the beginnings of our solar system,” said Nicky Fox, associate administrator, Science Mission Directorate at NASA Headquarters in Washington. “Asteroids provide a time capsule into our home planet’s history, and Bennu’s samples are pivotal in our understanding of what ingredients in our solar system existed before life started on Earth.”
    In research papers published Wednesday in the journals Nature and Nature Astronomy, scientists from NASA and other institutions shared results of the first in-depth analyses of the minerals and molecules in the Bennu samples, which OSIRIS-REx delivered to Earth in 2023.
    Detailed in the Nature Astronomy paper, among the most compelling detections were amino acids – 14 of the 20 that life on Earth uses to make proteins – and all five nucleobases that life on Earth uses to store and transmit genetic instructions in more complex terrestrial biomolecules, such as DNA and RNA, including how to arrange amino acids into proteins.
    Scientists also described exceptionally high abundances of ammonia in the Bennu samples. Ammonia is important to biology because it can react with formaldehyde, which also was detected in the samples, to form complex molecules, such as amino acids – given the right conditions. When amino acids link up into long chains, they make proteins, which go on to power nearly every biological function.
    These building blocks for life detected in the Bennu samples have been found before in extraterrestrial rocks. However, identifying them in a pristine sample collected in space supports the idea that objects that formed far from the Sun could have been an important source of the raw precursor ingredients for life throughout the solar system.
    “The clues we’re looking for are so minuscule and so easily destroyed or altered from exposure to Earth’s environment,” said Danny Glavin, a senior sample scientist at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, and co-lead author of the Nature Astronomy paper. “That’s why some of these new discoveries would not be possible without a sample-return mission, meticulous contamination-control measures, and careful curation and storage of this precious material from Bennu.”
    While Glavin’s team analyzed the Bennu samples for hints of life-related compounds, their colleagues, led by Tim McCoy, curator of meteorites at the Smithsonian’s National Museum of Natural History in Washington, and Sara Russell, cosmic mineralogist at the Natural History Museum in London, looked for clues to the environment these molecules would have formed. Reporting in the journal Nature, scientists further describe evidence of an ancient environment well-suited to kickstart the chemistry of life.
    Ranging from calcite to halite and sylvite, scientists identified traces of 11 minerals in the Bennu sample that form as water containing dissolved salts evaporates over long periods of time, leaving behind the salts as solid crystals.
    Similar brines have been detected or suggested across the solar system, including at the dwarf planet Ceres and Saturn’s moon Enceladus.
    Although scientists have previously detected several evaporites in meteorites that fall to Earth’s surface, they have never seen a complete set that preserves an evaporation process that could have lasted thousands of years or more. Some minerals found in Bennu, such as trona, were discovered for the first time in extraterrestrial samples.
    “These papers really go hand in hand in trying to explain how life’s ingredients actually came together to make what we see on this aqueously altered asteroid,” said McCoy.
    For all the answers the Bennu sample has provided, several questions remain. Many amino acids can be created in two mirror-image versions, like a pair of left and right hands. Life on Earth almost exclusively produces the left-handed variety, but the Bennu samples contain an equal mixture of both. This means that on early Earth, amino acids may have started out in an equal mixture, as well. The reason life “turned left” instead of right remains a mystery.
    “OSIRIS-REx has been a highly successful mission,” said Jason Dworkin, OSIRIS-REx project scientist at NASA Goddard and co-lead author on the Nature Astronomy paper. “Data from OSIRIS-REx adds major brushstrokes to a picture of a solar system teeming with the potential for life. Why we, so far, only see life on Earth and not elsewhere, that’s the truly tantalizing question.”
    NASA Goddard provided overall mission management, systems engineering, and the safety and mission assurance for OSIRIS-REx. Dante Lauretta of the University of Arizona, Tucson, is the principal investigator. The university leads the science team and the mission’s science observation planning and data processing. Lockheed Martin Space in Littleton, Colorado, built the spacecraft and provided flight operations. NASA Goddard and KinetX Aerospace were responsible for navigating the OSIRIS-REx spacecraft. Curation for OSIRIS-REx takes place at NASA’s Johnson Space Center in Houston. International partnerships on this mission include the OSIRIS-REx Laser Altimeter instrument from CSA (Canadian Space Agency) and asteroid sample science collaboration with JAXA’s (Japan Aerospace Exploration Agency) Hayabusa2 mission. OSIRIS-REx is the third mission in NASA’s New Frontiers Program, managed by the agency’s Marshall Space Flight Center in Huntsville, Alabama, for the agency’s Science Mission Directorate in Washington.
    For more information on the OSIRIS-REx mission, visit:
    https://www.nasa.gov/osiris-rex
    Karen Fox / Molly WasserHeadquarters, Washington202-358-1600karen.c.fox@nasa.gov / molly.l.wasser@nasa.gov
    Rani GranGoddard Space Flight Center, Greenbelt, Maryland301-286-2483rani.c.gran@nasa.gov

    MIL OSI USA News –

  • MIL-OSI: Pulse Announces a $10.0 Million Seismic Data Licensing Agreement and Provides Revenue Update

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Jan. 29, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to announce the signing of a $10.0 million seismic data licensing sales contract for 3D seismic data located in West Central Alberta. Pulse’s data library provides extensive seismic coverage critical for today’s data focused exploration and development companies throughout Western Canada.

    The Company is also pleased to provide a preliminary update on recent licensing revenue. Since October 1, 2024, the Company has licensed $21.7 million of data. Of this amount, $5.6 million was licensed in the fourth quarter of 2024, bringing expected total revenue for 2024 to $23.4 million. For 2025, including the deal announced today, total licensing revenue is $16.1 million.

    “As owners of Canada’s largest licensable seismic data library, we value our client relationships and the role our subsurface data plays as a strategic risk mitigation tool for the energy industry,” stated Neal Coleman, the Company’s President and CEO. “We are very pleased to report this material data licensing agreement, helping our clients maximize the value of their projects, while also generating returns for Pulse. Significant sales such as this, produce material incremental free cashflow for the Company,” Coleman continued.

    Pulse returned $9.5 million of capital to shareholders in 2024 through dividends and share buybacks. In the second quarter of 2024 the Company increased its regular quarterly dividend by 9%, to an annualized dividend of $0.06 per share. Additionally, a special dividend of $0.05 per share was paid in the third quarter of 2024. Dividends of $0.10875 per common share were declared and paid in 2024, representing a total of $5.6 million. The Company purchased and cancelled approximately 1.8 million shares under its normal course issuer bid in 2024, contributing $3.9 million of the $9.5 million in total capital returned in the year.

    These figures are preliminary and have not yet been audited or reviewed by our auditors. The Company will release its 2024 annual and fourth quarter financial results on February 13, 2025, after markets close.

    Significant quarterly and annual fluctuations in data sales are intrinsic to the seismic data library business. The Company remains focused on maintaining a strong balance sheet, a low-cost structure and providing excellent customer care.

    CORPORATE PROFILE

    Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada’s oil and natural gas exploration and development occur.

    For further information, please contact:

    Neal Coleman, President and CEO
    Or
    Pamela Wicks, VP Finance and CFO

    Tel.: 403-237-5559
    Toll-free: 1-877-460-5559
    E-mail: info@pulseseismic.com.
    Please visit our website at www.pulseseismic.com

    PDF available: http://ml.globenewswire.com/Resource/Download/57936ee4-ab00-4327-a730-9854ad3d848c

    The MIL Network –

  • MIL-Evening Report: ABC’s Optics is a clever, believable comedy that will make you second-guess what you see in the media

    Source: The Conversation (Au and NZ) – By Edith Jennifer Hill, Associate Lecturer, Learning & Teaching Innovation, Flinders University

    ABC

    What does it mean to tell the truth? And how do we, as consumers of media, differentiate truth from fabrication? Optics, a new comedy series from the ABC, asks these questions through the setting of a public relations firm.

    The show expertly balances humour with quick-wit, social media vernacular, and a level of marketing wordsmithing that make you question if the news has ever told you a true story.

    The show is based in the PR firm Fritz & Randell and opens with the death of its aging CEO Frank Fritz (Peter Carroll), in a men-only board meeting no less.

    After Frank’s death, the son of the cofounder, Ian Randell (Charles Firth) makes a bid for top spot. But the owner of the firm, Bobby Bahl (Claude Jabbour) is concerned with “optics”, so he puts two young women in charge instead.

    Each episode follows a PR scandal, and we watch as the new heads of the company – Greta Goldman (Vic Zerbst) and Nicole Kidman (Jenna Owen) – grapple with difficult clients and, occasionally, even more difficult coworkers.

    Greta and Nicole are put in charge in every way, other than with the official promotion attached.

    Their young, spunky attitude and social media prowess is seen as a massive advantage. And it is. But it soon becomes apparent this move is much more than a feminist fresh-take for the firm – and is rather a bid to push some skeletons further back in the closet.

    With outrageous lines such as “is there an emoji for miscarriage”, you are guaranteed an entertaining watch.

    A familar cast

    You will probably recognise the show’s characters, either from your own office experiences, or your friend’s stories: the ageing CEO, people who act like they know more than they actually do, and young people talking about trends who may as well be speaking a different language.

    Ian, who wants to appear as if he has all the answers, seems to have no idea how to say a politically correct sentence. Greta and Nicole have such a deep knowledge of social media trends and memes that their quick banter leaves Ian with whiplash.

    The PR scandals that form the basis of each episode will feel relatable to a broad Australian audience. These characters – and the bizarre situations they find themselves in – effectively parody Australian contemporary media.

    Perfect timing

    It should be no surprise Vic Zerbst (playing Greta), Jenna Owen (playing Nicole) and Charles Firth (playing Ian) put on a consistently convincing and funny performance.

    The release of the show is also poetically timed with global conversations around online censorship, content moderation, algorithms and reliable news sources.

    While focusing on a variety of PR emergencies, Optics takes us on a riveting exploration of marketing and language. For instance, one crisis involving an AFL player who drunkenly punches a priest is flipped into him learning a lesson about toxic masculinity.

    We see Greta and Nicole craft apology video scripts and find convenient medical explanations for workplace outbursts.

    As a social media researcher and user, their approach to an apology video felt particularity familiar to me. Their redemption strategy is one I have seen used a thousand times by social media stars and celebrities.

    Two sides to each story

    The show’s writers balance ideas of truth and fabrication in a way that’s not only hilarious, but also very believable. When Greta and Nicole meet with Qualitus, an airline accused of scamming their customers, the Qualitus team presents them with an alternate story of clever marketing.

    In the captain’s lounge, surrounding by celebrities and the elite, Greta and Nicole negotiate deals and flip the narrative on Qualitus’ scams, helping the airline evade public scrutiny.

    Optics pays homage to the work PR professionals do everyday to save reputations and negotiate what information is shared with the public and what never sees the light of day.

    The show will have you questioning the stories you yourself are presented through news outlets. Further still, it will make you wonder how many hands those stories passed through before they hit the papers and screens.

    Optics is streaming now on ABC iView.

    Edith Jennifer Hill does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. ABC’s Optics is a clever, believable comedy that will make you second-guess what you see in the media – https://theconversation.com/abcs-optics-is-a-clever-believable-comedy-that-will-make-you-second-guess-what-you-see-in-the-media-247802

    MIL OSI Analysis – EveningReport.nz –