NewzIntel.com

Category: Transport

  • MIL-OSI Submissions: Energy – Equinor strengthens gas portfolio

    Source: Equinor

    30 OCTOBER 2024 – Equinor has signed an agreement with EQT Corporation to acquire additional non-operated interest in the Northern Marcellus formation in the US. Equinor will pay USD 1.25 billion to EQT in the transaction.

    Under the agreement, Equinor is acquiring 100% of EQT’s remaining working interest in Northern Marcellus gas units primarily operated by Expand Energy.

    The transaction will increase cashflow from the international portfolio by adding natural gas volumes with low carbon intensity emissions from production.

    Subject to closing, the acquisition will have economic effect from 31 December 2024. The acquisition covers the same acreage included in the swap agreement with EQT announced earlier this year.

    With this transaction, Equinor is increasing its average working interest in the Northern Marcellus asset from 25.7% to 40.7%. The transaction adds approximately 80,000 barrels of oil equivalent per day (boe/d) to Equinor’s US production in the near-term.

    “We continue to high-grade Equinor’s international portfolio in line with our strategy, improving robustness by adding more natural gas volumes in a core market where we produce with low break-evens and low intensity upstream emissions. We are well positioned in this premium acreage to capitalize on positive long-term demand indicators in the US gas market,” says Philippe Mathieu, executive vice president for Exploration and Production International at Equinor.

    Equinor’s E&P USA business has delivered over USD 5.5 billion in adjusted operating income after tax since the start of 2021.

    “The US is a core country for Equinor, where we have shaped a robust onshore and offshore oil and gas portfolio, alongside our activities in offshore wind, battery storage, and low-carbon value chains,” says Mathieu.

    EQT Corporation is one of the largest producers of natural gas in the US with operations in Pennsylvania, West Virginia and Ohio.

    Closing of the transaction will, among other things, be dependent on approval by relevant authorities.

    MIL OSI – Submitted News –

  • MIL-OSI USA: Durbin Delivers Opening Statement During Senate Judiciary Committee Field Hearing In Chicago On Reducing Prescription Drug Costs

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    10.29.24
    CHICAGO – U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, today delivered an opening statement at the Senate Judiciary Committee field hearing in Chicago, Illinois, entitled “Reducing Prescription Drug Prices:  How Competition Can Make Medications Affordable for Patients.” The hearing includes two witness panels, including Members of Congress from Illinois and advocates for prescription drug pricing reform, to examine recent legislative successes to address anti-competitive tactics that make medications unaffordable for patients.
    Key Quotes:
    “Today the Committee will examine an issue on the minds of many in Illinois and across the country: the high price of prescription drugs.  It is a scandalous situation in America.  People in the United States pay the highest prescription drug prices in the world—on average, four times more than people in similar countries pay for brand-name medications.” 
    “For example: [when] the blood thinner Eliquis entered the market in 2013, it cost $3,100 annually in the U.S.  Same drug for sale in Japan [was] $1,000.  And, over the past decade, the price in the U.S. has more than doubled, from $3,100 to $7,100.  Meanwhile, in Japan, the price has dropped… Why?  For years, Big Pharma has abused our patent system to obtain monopolies on their medications, so they can charge these sky-high prices.” 
    “At the same time, they have spent billions of dollars to fill the airwaves with ads so patients tell their doctors they need drugs like Eliquis so they can go skiing, fishing, and whitewater rafting.   By fueling demand for expensive medications that are walled-off from competition by clever patent schemes, Big Pharma has made American patients their profit engine.”
    “Thankfully, this Administration and Democrats in Congress decided to do something about it.  In 2022, Congress passed, and President Biden signed into law the Inflation Reduction Act.  Not a single Republican voted for it.  Under this law, we have capped the price of insulin at $35 per month, saving 50,000 seniors in Illinois approximately $500 a year.  We have made vaccines under Medicare free.  When the shingles or RSV vaccines can cost up to $300 per dose, this change creates real savings for 1.4 million seniors in Illinois.  Starting in January, there will be a $2,000 annual cap on out-of-pocket costs for seniors—meaning, no matter how expensive your medications are, you will not pay more than $2,000 in co-pays per year.”
    “In August, the Biden-Harris Administration negotiated with Big Pharma to lower prices for 10 of the most expensive drugs under Medicare, resulting in price savings of up to 79 percent… As a result of this negotiation, nine million seniors will save a total of $1.5 billion in annual out-of-pocket costs—including nearly 300,000 seniors in Illinois who take one of these ten drugs.  Remember Eliquis?  Thanks to this new law, Medicare was able to permanently cut its price in half—taking nearly $300 off the monthly price tag—for more than 100,000 seniors in Illinois.”
    “But just as these historic savings are starting to take effect, there are real threats to our progress.  Eight pharmaceutical companies raced to federal courthouses to stop this price negotiation.  And former-President Trump and his Republican allies want to repeal this provision all together.”
    “Too often, the prices Big Pharma charges do not reflect scientific breakthroughs but, rather, manipulation by its lawyers and marketers.  In fact, the top 10 best-selling drugs in 2021 were covered by an average of 42 active patents that block competition and create windfall profits.”
    “The Judiciary Committee has taken a leading role in addressing Big Pharma’s schemes.  Last year, the Committee unanimously reported five bipartisan bills that addressed the industry’s anticompetitive tactics.  This includes my bill with Senator Tillis to improve information sharing between the FDA and Patent Office to prevent gamesmanship. Congress needs to pass these bills into law.”
    “Drugs are not effective in treating disease if a patient cannot afford to buy them.  Our hearing today will explore how legislation like the Inflation Reduction Actand the Judiciary Committee bills can help ensure every patient can access lifesaving medications.”
      
    Video of Durbin’s opening statement is available here.
    Audio of Durbin’s opening statement is available here.
    Footage of Durbin’s opening statement is available here for TV Stations.
    The United States has the highest prescription drug prices in the developed world, on average nearly four times higher than what other countries pay for some of the most common brand-name medications. Despite claims that these prices are necessary to fund research and development into the next generation of drugs, research suggests that the majority of innovation is driven by smaller companies, as well as taxpayer funding through the National Institutes of Health. The Committee has jurisdiction over competition issues and the intellectual property system, which play critical roles in incentivizing true innovation and protecting a healthy market that keeps prices for prescription drugs within reach of the patients that need them.
    Durbin, Senate Democrats, and the Biden-Harris Administration have taken numerous steps to lower the costs of prescription drugs. Democrats’ Inflation Reduction Actprovided the Administration the authority to negotiate drug prices with Big Pharma, which has already resulted in price reduction of up to 79 percent for 10 of the most expensive and frequently-dispensed prescription drugs for seniors.
    Earlier this Congress, a package of bills advanced unanimously out of the Committee to lower prescription drug prices and are awaiting a vote in the full Senate, including the Interagency Patent Coordination and Improvement Act introduced by U.S. Senators Dick Durbin (D-IL) and Thom Tillis (R-NC).
    Additionally, Durbin held a full committee hearing in May that scrutinized pharmaceutical companies’ abuse of the Orange Book and examined prescription drug prices, competition, and how to ensure medications are accessible and affordable for patients.
    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Durbin Questions Witnesses During Senate Judiciary Committee Field Hearing In Chicago On Reducing Prescription Drug Costs

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    10.29.24
    CHICAGO – U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, today questioned witnesses during the Senate Judiciary Committee field hearing in Chicago, Illinois, entitled “Reducing Prescription Drug Prices:  How Competition Can Make Medications Affordable for Patients.” The hearing included two witness panels, including Members of Congress from Illinois and advocates for prescription drug pricing reform, to examine recent legislative successes to address anti-competitive tactics that make medications unaffordable for patients.
    Durbin first questioned Dr. Anthony D. Douglas II, General Surgery Resident at the University of Chicago, about the Medicare negotiation of Jardiance, a medication to treat people with diabetes, including his father. Jardiance’s manufacturer steadily raised the drug’s price over the last five years, from around $450 to nearly $600 for a 30-day supply.  Under the Inflation Reduction Act, Medicare is finally able to negotiate the price it pays for certain prescription drugs, including Jardiance. And the Biden-Harris Administration was able to negotiate the price for Jardiance down to $197 per month—a 66 percent discount.
    “Tell me what that price reduction means to your patients?” Durbin asked.
    Dr. Douglas responded that having this necessary medicine reduced in price will mean “saving lives” thanks to the Biden-Harris Administration.
    Durbin then asked Dr. Douglas about direct-to-consumer (DTC) drug advertising.  The pharmaceutical industry spends $6 billion per year to flood the airwaves with direct-to-consumer drug ads.  Durbin and Senator Chuck Grassley (R-IA) introduced the Drug-price Transparency for Consumers (DTC) Act, a bill that would require price disclosures on advertisements for prescription drugs, in order to empower patients and reduce excess spending on medications.
    “It strikes me that there are a handful of drugs which we are bombarded with when it comes to advertising—you cannot watch a football game or anything on your television without getting an ad for a drug… The fact that we can pronounce and even spell Xarelto is proof positive that we have been trained by these ads.  I am assuming and tell me if I’m wrong, that the pharmaceutical companies basically decided if we can convince the ultimate consumer to go into the doctor’s office and say, ‘I need this’ or whatever it happens to be, that the doctor is going to prescribe it as opposed to questioning whether or not it is necessary or if there is an affordable generic.  Is that true?”  Durbin asked.
    Dr. Douglas responded that he believes that is the drug companies’ strategy when targeting consumers through DTC ads.  He continued to say, “Not only do they advertise directly to physicians to prescribe the medications but also patients to go into the clinics and hospitals to ask,” for example, Ozempic. 
      Durbin also asked Dr. Michael Sandsmark, Director of Pharmacy, Iroquois Memorial Hospital (IMH), about the long wait lines at pharmacies, including at Walgreens, and even closures. 
    Dr. Sandsmark responded that there, “is a lot of burnout” among pharmacists right now and corporations are having trouble finding staff.  Dr. Sandsmark also commented on the rigorous and expensive price of pharmacy school and training.  
    Durbin then asked Rachel Sachs, Professor of Law, Washington University in St. Louis, and Kwame Raoul, Attorney General, State of Illinois, about pharmacy benefit managers (PBMs)—middlemen that manage drug benefits for insurance plans. 
    Dr. Sachs responded, “we should think broadly about opportunities at the federal level and state level for PBM reform.”  In February 2024, Attorney General Raoul along with 38 other attorneys general, sent a letter to Congress expressing support for reforming how PBMs operate.  In June, he joined an amicus brief asking the U.S. Supreme Court to take up a case addressing the states’ authority to regulate PBMs.
    Durbin then asked Dr. Sachs about claims from the pharmaceutical industry and its allies that the Inflation Reduction Act’s common-sense reform to enable Medicare to negotiate for lower prices will “freeze innovation,” and potentially prevent new drugs from coming to the market.  The cancer drug Keytruda had $25 billion in sales last year.  The revenue for this single medication is on par with what Mastercard or the McDonald’s Corporation earn per year.
    “How can it possibly be that a penny less in profit to Big Pharma will stifle innovation?” Durbin asked.
    Dr. Sachs responded, “in my view, what we really care about is the value of innovation to patients.  It is about delivering real [and] new clinical value and reforms that preserve and protect that value rather than the amount of innovation are what matters.”
    Durbin then asked Dr. Douglas about pharmaceutical companies often spending more in sales and marketing than on research and development.  Dr. Douglas responded he is aware of the uneven spending.  He continued to say we need to put profits over people.  In 2020, Johnson & Johnson spent nearly twice as much on sales and marketing—$22 billion—as it spent on R&D. 
    Video of Durbin’s questions in Committee is available here.
    Audio of Durbin’s questions in Committee is available here.
    Footage of Durbin’s questions in Committee is available here for TV Stations.
    The United States has the highest prescription drug prices in the developed world, on average nearly four times higher than what other countries pay for some of the most common brand-name medications. Despite claims that these prices are necessary to fund research and development into the next generation of drugs, research suggests that the majority of innovation is driven by smaller companies, as well as taxpayer funding through the National Institutes of Health. The Committee has jurisdiction over competition issues and the intellectual property system, which play critical roles in incentivizing true innovation and protecting a healthy market that keeps prices for prescription drugs within reach of the patients that need them.
    Durbin, Senate Democrats, and the Biden-Harris Administration have taken numerous steps to lower the costs of prescription drugs. Democrats’ Inflation Reduction Actprovided the Administration the authority to negotiate drug prices with Big Pharma, which has already resulted in price reduction of up to 79 percent for 10 of the most expensive and frequently-dispensed prescription drugs for seniors.
    Earlier this Congress, a package of bills advanced unanimously out of the Committee to lower prescription drug prices and are awaiting a vote in the full Senate, including the Interagency Patent Coordination and Improvement Act introduced by U.S. Senators Dick Durbin (D-IL) and Thom Tillis (R-NC).
    Additionally, Durbin held a full committee hearing in May that scrutinized pharmaceutical companies’ abuse of the Orange Book and examined prescription drug prices, competition, and how to ensure medications are accessible and affordable for patients.
    -30-

    MIL OSI USA News –

  • MIL-OSI Video: Investing in America | Flagstaff, Arizona

    Source: United States of America – Federal Government Departments (video statements)

    The Biden-Harris Infrastructure Law is helping communities like Flagstaff, AZ, turn transportation projects into reality. Historic funding is going straight to local projects, led by the people who know what their communities need.

    https://www.youtube.com/watch?v=-PG0eZfAFbg

    MIL OSI Video –

  • MIL-OSI Video: ‘Y’all Aboard!’: The return of Amtrak to the Gulf Coast

    Source: United States of America – Federal Government Departments (video statements)

    Secretary Pete Buttigieg joined local leaders in Mobile, Alabama, for the groundbreaking of the Gulf Coast Corridor Improvement project, which was awarded a $178 million CRISI grant in a previous round of funding from the Biden-Harris Administration. Once completed, the project will restore passenger service between Mobile and New Orleans for the first time since Hurricane Katrina devastated the region in 2005.

    In this “Investing in America” video, we highlight the Gulf Coast Corridor Improvement project and the impact the restored rail route will have in the region.

    https://www.youtube.com/watch?v=Qc5ut75YNUs

    MIL OSI Video –

  • MIL-OSI Video: Veterans Find Success with a VA Career

    Source: United States of America – Federal Government Departments (video statements)

    Join the thousands of Veterans who have found career success with the Department of Veterans Affairs (VA). As a VA employee, you can access many professional opportunities with competitive salaries, retirement plans, and paid leave. To learn how the Veteran and Military Spouse Talent Engagement Program (VMSTEP) can help you pursue Federal employment, please visit http://www.vaforvets.va.gov/.

    Find the right VA career for you, visit https://vacareers.va.gov/.

    https://www.youtube.com/watch?v=7kOQaivNi2Y

    MIL OSI Video –

  • MIL-OSI Video: Applying for FEMA Assistance

    Source: United States of America – Federal Government Departments (video statements)

    FEMA can provide support with rental assistance, home repairs, personal property, transportation needs, and more.
    Whatever your recovery needs, we’re here to help you through the process and a number of Disaster Recovery Centers have opened in the impacted areas.

    Find a Disaster Recovery Center (DRC) near you:
    Call: 800-621-3362
    Apply online: DisasterAssistance.gov
    fema.gov/about/glossary/disaster-survivor-assistance

    https://www.youtube.com/watch?v=Lq9pwa5TRpE

    MIL OSI Video –

  • MIL-OSI USA: Congressman Robert Garcia Urges Social Security Administration to Protect Beneficiaries in Guaranteed Income Initiatives

    Source: United States House of Representatives – Congressman Robert Garcia California (42nd District)

    Washington, D.C.  – Today, Congressman Robert Garcia (CA-42) sent a letter to the head of the Social Security Administration (SSA) urging a rule change to ensure that individuals who benefit from guaranteed income programs can still access full Social Security Insurance (SSI) benefits. This change would allow SSI beneficiaries to take part in state and local guaranteed income programs and cash assistance initiatives that help low-income households, without putting their benefits at risk. To read the full letter, click here.

    An excerpt of the letter can be found below: 

    “Dear Administrator O’Malley,

    I am writing to urge the Social Security Administration (SSA) to address a critical issue affecting the interaction between direct cash programs and supplemental security income (SSI) benefits as part of its upcoming Overpayment Recovery rule, scheduled for April 2025. Specifically, SSA should take this opportunity to implement regulatory changes that will better protect SSI recipients who benefit from cash programs. These regulatory changes are urgently needed to clarify the definition of “Assistance Based on Need” (ABON) and ensure that state and local Temporary Assistance for Needy Families (TANF) programs are recognized appropriately in this context.

    Over the past five years, there has been a significant rise in direct cash programs aimed at improving the economic stability of low-income households, including guaranteed income initiatives, state and local tax credits, and TANF-funded cash transfer programs. During my mayoral tenure, I helped launch a transformational universal basic income pilot that provided critical financial support to low-income families.

    The program, funded by the American Rescue Plan Act (ARPA), has since benefitted hundreds of households, offering $500 monthly to families in the city’s lowest-income neighborhoods. Building on this experience, I recently introduced the Guaranteed Income for Foster Youth Act alongside Congresswoman Ilhan Omar and Mayors for a Guaranteed Income (MGI) co-chair Michael Tubbs, which would provide $1,000 monthly to young adults exiting foster care.

    These programs are designed to complement—not undermine—the existing social safety net. However, many SSI beneficiaries cannot participate in these programs without jeopardizing their benefits. SSA has yet to provide clear and comprehensive guidance on how to treat these cash transfers under SSI income determinations.” 

    ###

    MIL OSI USA News –

  • MIL-OSI USA: IAM Union Makes Final Push in Battleground States Ahead of 2024 Election

    Source: US GOIAM Union

    WASHINGTON, Oct. 29, 2024—Brian Bryant, International President of the International Association of Machinists and Aerospace Workers (IAM), today issued a statement on the IAM’s extensive political mobilization efforts in battleground states, emphasizing the critical role of union volunteers in getting out the vote for pro-worker candidates:

    “As the nation’s largest aerospace, airline, transportation, and defense labor union, the IAM is committed to electing candidates who prioritize the needs of working families. Our union has already knocked on thousands of doors across key battleground states. From worksite visits to door-to-door efforts, IAM members are bringing our message directly to voters about what’s at stake this Election Day.

    “IAM members will continue to participate in phone banks, labor walks, and other grassroots efforts in coordination with national AFL-CIO political program activities, engaging voters in key states leading up to the election on Nov. 5.

    “Our members are fighting to protect good jobs, pensions, Social Security, and the fundamental right to organize. This election is about electing leaders who will advocate for these priorities. The IAM fully supports Vice President Kamala Harris and Minnesota Gov. Tim Walz for President and Vice President of the United States. Vice President Harris has been a proven champion for working families, driving initiatives like the American Rescue Plan and the CHIPS Act, which directly supported IAM jobs. Her running mate, Gov. Walz, a former union member, has an outstanding record of pro-worker legislation in Minnesota.

    “IAM members will continue their door-to-door efforts over the final weekend, emphasizing the choice between continuing the progress made by the Biden-Harris administration or risking setbacks under former President Donald Trump’s policies.

    “Under Trump, our members experienced the of at least 48 IAM-represented facilities and the loss of tens of thousands of IAM jobs. His failure to protect workers during the COVID-19 crisis and government shutdown had devastating consequences.

    “This election is about rejecting policies that foster division and insecurity. With our members’ dedication and collective strength, we’re committed to building a more just and equitable future for America’s working families.”

    The International Association of Machinists and Aerospace Workers is one of North America’s largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, railroad, transit, healthcare, automotive, and other industries.

    goIAM.org | @MachinistsUnion

    Share and Follow:

    MIL OSI USA News –

  • MIL-OSI Australia: NSW Government reaches pay agreement for 50,000 health workers

    Source: New South Wales Premiere

    Published: 30 October 2024

    Released by: Minister for Health, Minister for Industrial Relations

    The NSW Government has reached an agreement with the Health Services Union (HSU) to increase wages and deliver benefits from salary packaging for more than 50,000 health workers across the state.

    The agreement covers a range of professions including allied health roles, hospital cleaners, scientists, security officers, patient transport officers and more.

    Under the Government’s new Fair Pay and Bargaining Policy, the NSW Government and the HSU have agreed to a one year pay increase of 3.5 per cent plus 0.5 per cent in superannuation.

    The agreement will also provide 100 per cent salary packaging, delivering a key election commitment.

    This will increase the share of salary packaging benefits for eligible workers from 70 per cent to 100 per cent with effect from 1 July 2024.

    Under current salary packaging arrangements, the resulting tax savings are split between health workers and NSW Health.

    Cost of living protection has also been agreed with a $1,000, one-off cost of living payment if the 12-month annual average Sydney Consumer Price Index rate exceeds 4.0 per cent in the year to the March quarter of 2025.

    The agreement also includes award reform that commits all parties to working together to create modern, fit for purpose awards.

    This includes a memorandum of understanding (MOU) that commits to working cooperatively to achieve a 3-year wage agreement on the expiry of the 1-year award.

    This deal forms part of the Government’s comprehensive plan to deliver the long-term repair of healthcare across NSW.

    It follows a 4.5 per cent pay rise delivered last year, which was the highest in more than a decade.

    After 12 years of neglect and a lack of investment in our health system, the Minns Labor Government is rebuilding this essential service by investing in the workers that deliver them.

    Quotes attributable to Minister for Health Ryan Park:

    “The NSW Government is pleased to announce an agreement has been reached for a salary increase for more than 50,000 public health workers including Aboriginal Health Workers, dental officers, psychologists, security officers, patient support assistants, hospital cleaners, cooks, technicians, interpreters and administration staff.

    “The NSW Government and the HSU have agreed to work together to identify system changes, productivity outcomes, benefits from award reform and savings.

    “This has been a collaborative approach, which builds on the 4-year agreement reached with paramedics late last year.

    “The agreement delivers on a key election commitment to deliver 100 per cent salary packaging and abolish the wages cap.”

    Quotes attributable to Minister for Industrial Relations Sophie Cotsis:

    “The Minns Labor Government continues the work of rebuilding the state’s essential services and the industrial relations system.

    “That work started with scrapping the Liberals and Nationals wages cap and introducing a new bargaining framework.

    “We were elected on a mandate to fix the recruitment and retention crisis in essential services and that is what we are doing.”

    Quotes attributable to HSU Secretary Gerard Hayes:

    “This is a generational advance for 50,000 health workers who have earned every cent of this pay rise. The reform to salary packaging will be life-changing for hard working people on modest incomes.

    “Health workers deserve 100 per cent of their salary packaging tax benefits and this shows the strength of a union that stands together to get things done.

    “After years of neglect in a struggling workforce, we demanded the government do better and secured a deal that finally recognises health workers. We pay tribute to the Government for honouring its commitment.”

    MIL OSI News –

  • MIL-OSI Australia: Health and Safety Representatives to help make a difference

    Source: New South Wales Premiere

    Published: 30 October 2024

    Released by: Minister for Work Health and Safety

    SafeWork NSW is due to launch three powerful videos about the importance of Health and Safety Representatives (HSR) and workplace safety, at their one-day free HSR refresher training session on Wednesday 30 October 2024.

    The videos highlight the critical role HSRs play in fostering a safe working environment. In one segment, Laura Anderson, an intensive care nurse at Shoalhaven Hospital, recalls the shock of hearing her colleague scream during an avoidable patient attack. 

    As a proud HSR, Laura reflects, “I do find it very rewarding. The staff are very thankful.” She also emphasises the importance of translating safety into action, stating, “If we are keeping our colleagues safe, that in turn keeps the patients safe.”

    HSRs play a pivotal role in gathering information and resolving health and safety issues for their work group.

    SafeWork NSW is partnering with Unions NSW to deliver the full-day event in Surry Hills where a range of initiatives will provide more clarity on HSR roles and their powers under Work Health and Safety (WHS) laws. The event will include:

    • Sessions with the Minister of Work Health Safety Sophie Cotsis, Assistant Secretary of Unions NSW Thomas Costa and SafeWork NSW A/Deputy Secretary Trent Curtin
    • An explanation of the WHS legislation, and how it applies to elected HSR roles
    • A presentation from Debra Pascall from the Family and Injured Workers Support and Advisory Group discussing her son Ben’s story, who died in a workplace-related incident
    • Information about powers under the WHS legislation to issue Provisional Improvement Notices (PINs) and how to direct unsafe work to cease
    • The ability to network with fellow HSRs and share experiences
    • The latest updates and insights on workplace consultation and safety standards.

    The initiative will also cover essential topics including the management of psychosocial hazards such as bullying, excessive workloads, violence and the prevention of sexual harassment.

    HSRs can register for the event here: www.safework.nsw.gov.au/events/safework-events/hsr-forum

    Further information about HSRs can be found here: https://www.safework.nsw.gov.au/safety-starts-here/consultation-at-work/health-and-safety-representatives

    You can view the three-case study promotional video here: HSR forum promotional video

    This event follows the highly successful Regional Workplace Consultation and HSR forums held earlier this year which attracted over 600 attendees across nine locations.  Participants benefited from 230 evaluations, 320 psychosocial workshops, and 280 high risk harm workshops.

    Quotes attributable to Minister for Work Health and Safety Sophie Cotsis

    “The day-long event reinforces the important role of health and safety representatives and will help participants receive the latest information from SafeWork NSW to help them meet their obligations and network with other HSRs.”

    “The videos show how Health and Safety Representatives play a critical role in identifying and resolving workplace risks on behalf of their work group, a process which creates open and positive safety cultures.

    “I commend the HSRs in the case studies for standing up, speaking out and advocating for workers. Every worker has the right to return home safely at the end of every workday.”

    MIL OSI News –

  • MIL-OSI Australia: Internationally renowned mental health researcher Professor Helen Christensen AO named NSW Scientist of the Year

    Source: New South Wales Premiere

    Published: 30 October 2024

    Released by: The Premier, Minister for Innovation, Science and Technology

    Scientia Professor Helen Christensen AO from UNSW Sydney and the Black Dog Institute is being recognised as the NSW Scientist of the Year in the 2024 Premier’s Prizes for Science & Engineering.

    Professor Christensen is one of 10 exceptional researchers, innovators, and educators being honoured at the Premier’s Prizes for Science & Engineering, held at Government House in Sydney tonight.

    Professor Christensen’s selection as Scientist of the Year is in recognition of her pioneering work in digital mental health research, which has significantly influenced mental health care practice both in Australia and internationally.

    In 2000, she developed the digital intervention program, MoodGYM, to reduce depression in young people, which has been used by millions of people across more than 160 countries.

    She served as the Executive Director and Chief Scientist at the Black Dog Institute from 2011 to 2021, while her work creating a model of suicide prevention has been incorporated into national and state suicide prevention plans.

    She will receive a trophy and $60,000 in prize money.

    Nine category winners are also being announced tonight, each receiving a trophy and $5,000 in prize money:

    • Excellence in Mathematics, Earth Sciences, Chemistry or Physics
      Professor Susan Coppersmith, UNSW Sydney
    • Excellence in Biological Sciences (Ecological, environmental, agricultural and organismal) Distinguished Professor Ian Paulsen, Macquarie University
    • Excellence in Medical Biological Sciences (Cell and molecular, medical, veterinary and genetics)
      Professor Stuart Tangye, Garvan Institute of Medical Research
    • Excellence in Engineering or Information and Communications Technologies
      Distinguished Professor Willy Susilo, University of Wollongong
    • NSW Early Career Researcher of the Year (Biological Sciences)
      Dr Ira Deveson, Garvan Institute of Medical Research
    • NSW Early Career Researcher of the Year (Physical Sciences) –
      Dr. Jiayan Liao, University of Technology Sydney
    • Leadership in Innovation in NSW
      Distinguished Professor Karu Esselle, University of Technology Sydney
    • Innovation in NSW Public Sector Science and Engineering
      Dr Annette Cowie, NSW Department of Primary Industries and University of New England
    • Innovation in Science, Technology, Engineering or Mathematics Teaching in NSW
      Jodie Attenborough, Tottenham Central School

    Full details of all winners can be found at:

    NSW Premier’s Prizes for Science & Engineering | Chief Scientist

    Premier Chris Minns said:

    “These awards are about recognising and thanking our state’s most outstanding scientists, engineers, and teachers.  

    “Professor Christensen’s work has helped millions of people worldwide.

    “Her online self-help courses to help address common mental health disorders have been pioneering.

    “Mental health support is vital for so many people. Professor Christensen has improved support for people in NSW, and people around the world.

    “Mental health is one of the pressing challenges of our time, and Professor Christensen’s innovations have made an important impact.”

    Minister for Innovation, Science and Technology Anoulack Chanthivong said:

    “Tonight is the NSW Government’s chance to recognise some of the leaders from NSW’s world-class research and innovation community.

    “We celebrate not only research excellence, but visionary work that is driving the establishment of new high-tech companies to tackle some of our state’s most difficult problems.”

    NSW Chief Scientist & Engineer Hugh Durrant-Whyte said:

    “Tonight, we celebrate leading thinkers in areas as diverse as quantum physics, synthetic biology, immunology, cybersecurity and satellite telecommunications.

    “We acknowledge the work of established senior academics as well as lauding the contributions of our best early career researchers.

    “My congratulations to everyone honoured tonight, and especially to 2024 Scientist of the Year, Professor Helen Christensen, for her profound impact in the critically important area of mental health.”   

    2024 NSW Scientist of the Year Professor Helen Christensen said:

    “I’m deeply honoured to receive this award from the NSW Government.

    “It’s exciting to see this recognition for scientific work in mental health—an issue now seen globally as the leading health concern, even surpassing cancer, obesity and COVID.

    “Mental health science has the power to transform lives. We’re at a tipping point, where advancements in genetics, AI, and software engineering, are reshaping our understanding of mental illness, the impact of societal factors, and how technology delivers proven treatments to those who need them.”

    MIL OSI News –

  • MIL-OSI Security: Alabama Man Sentenced for Threatening Fulton County Sheriff and District Attorney

    Source: Office of United States Attorneys

    ATLANTA – Arthur Ray Hanson, II has been sentenced to federal prison for transmitting interstate threats to injure Fulton County Sheriff Patrick Labat and Fulton County District Attorney Fani Willis because of their connections to the Fulton County, Georgia investigation and prosecution of former President Donald Trump. 

    “Public servants have a responsibility to enforce our criminal laws, and anyone who threatens to harm or intimidate them will face the consequences of their actions,” said U.S. Attorney Ryan K. Buchanan.  “We are grateful to our law enforcement partners who diligently worked to ensure public officials are free to perform their essential work without the threat of physical attack.”

    “Threats against public servants are not only illegal, but also a threat against our democratic process,” said Sean Burke, Acting Special Agent in Charge of FBI Atlanta. “The FBI’s mission is to protect the American people and uphold the Constitution. We take this responsibility very seriously and seek to punish those who engage in this type of criminal behavior, and to send the message that such conduct will not be tolerated.”

    According to U.S. Attorney Buchanan, the charges, and other information presented in court: On August 6, 2023, Hanson called the Fulton County Government customer service line twice and left two voicemails—the first for Sheriff Labat and the second for District Attorney Willis. During both calls, Hanson threatened violence against these officials.

    In his message for Sheriff Labat, Hanson made statements that included the following:

    • “If you think you gonna take a mugshot of my President Trump and it’s gonna be okay, you gonna find out that after you take that mugshot, some bad [expletive]’s gonna happen to you;”
    • “If you take a mugshot of the President and you’re the reason it happened, some bad [expletive]’s gonna happen to you;”
    • “I’m warning you right now before you [expletive] up your life and get hurt real bad;” and
    • “Whether you got a [expletive] badge or not ain’t gonna help you none;” and “you gonna get [expletive]ed up you keep [expletive]ing with my President.” 

    In Hanson’s message for District Attorney Willis, he made statements that included the following:

    • “Watch it when you’re going to the car at night, when you’re going into your house, watch everywhere that you’re going;”
    • “I would be very afraid if I were you because you can’t be around people all the time that are going to protect you;”
    • “There’s gonna be moments when you’re gonna be vulnerable;”
    • “When you charge Trump on that fourth indictment, anytime you’re alone, be looking over your shoulder;” and
    • “What you put out there, [expletive], comes back at you ten times harder, and don’t ever forget it.”

    Arthur Ray Hanson, II, 59, of Huntsville, Alabama, was sentenced by U.S. District Judge U.S. District Judge J. P. Boulee to one year, nine months in prison to be followed by three years of supervised release. He was also ordered to pay a $7,500 fine. Hanson was convicted on these charges on July 3, 2024, after he pleaded guilty to one count of transmitting interstate threats.

    This case was investigated by the Federal Bureau of Investigation.

    Assistant U.S. Attorneys Bret R. Hobson and Brent Alan Gray prosecuted the case.

    For further information please contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6016. The Internet address for the U.S. Attorney’s Office for the Northern District of Georgia is http://www.justice.gov/usao-ndga.

    MIL Security OSI –

  • MIL-OSI Security: Turtle Creek Man Indicted on 18 Counts of Violent Robberies of Multiple Businesses, Carjackings, and Firearms Offenses

    Source: Office of United States Attorneys

    PITTSBURGH, Pa. – A resident of Turtle Creek, Pennsylvania, has been indicted by a federal grand jury in Pittsburgh on charges of Hobbs Act robbery, carjacking, and firearms violations, United States Attorney Eric G. Olshan announced today.

    The 18-count Indictment named Jamal Martel Brooks, 33, as the sole defendant. Brooks was previously prosecuted and convicted in the Western District of Pennsylvania in 2019 for possession of a firearm by a convicted felon and sentenced to 17 months of incarceration.

    According to the Indictment, from January 3, 2023, to January 2, 2024, Brooks committed numerous violent crimes, including robberies of multiple businesses in the greater Pittsburgh area and two carjackings. Brooks is alleged to have brandished and possessed a firearm in connection with each of these crimes.

    The law provides for a maximum sentence of not less than seven years and up to life in prison for each count of brandishing a firearm during a crime of violence, and the sentence on each such count must be imposed consecutively to any other sentence. Due to the number of robberies alleged to have been committed by Brooks, he is facing a maximum total sentence of not less than 63 years and up to life in prison, a fine of up to $4.5 million, or both. Under the federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offenses and the prior criminal history of the defendant.

    Brooks also is currently facing charges in the Allegheny County Court of Common Pleas in relation to his alleged shooting of a Monroeville Police Sergeant on January 3, 2024.

    Assistant United States Attorneys Douglas C. Maloney and DeMarr W. Moulton are prosecuting this case on behalf of the government.

    The Bureau of Alcohol, Tobacco, Firearms and Explosives, Federal Bureau of Investigation, Allegheny County Police Department, Pittsburgh Bureau of Police, Monroeville Police Department, and Robinson Township Police Department conducted the investigation leading to the Indictment.

    An indictment is an accusation. A defendant is presumed innocent unless and until proven guilty.

    MIL Security OSI –

  • MIL-OSI: Provident Financial Services, Inc. Reports Third Quarter Earnings and Declares Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    ISELIN, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $46.4 million, or $0.36 per basic and diluted share for the three months ended September 30, 2024, compared to a net loss of $11.5 million, or $0.11 per basic and diluted share, for the three months ended June 30, 2024 and net income of $28.5 million, or $0.38 per basic and diluted share, for the three months ended September 30, 2023. For the nine months ended September 30, 2024, net income totaled $67.0 million, or $0.65 per basic and diluted share, compared to $101.1 million, or $1.35 per basic and diluted share, for the nine months ended September 30, 2023.

    The Company’s earnings for the three and nine months ended September 30, 2024 reflected the impact of the May 16, 2024 merger with Lakeland Bancorp, Inc. (“Lakeland”), which added $10.91 billion to total assets, $7.91 billion to loans, and $8.62 billion to deposits, net of purchase accounting adjustments.  The merger with Lakeland significantly impacted provisions for credit losses in the trailing quarter due to the initial CECL provisions recorded on acquired loans.  The results of operations for the three and nine months ended September 30, 2024 also included other transaction costs related to the merger with Lakeland, totaling $15.6 million and $36.7 million, respectively, compared with transaction costs totaling $2.3 million and $5.3 million for the respective 2023 periods. Additionally, the Company realized a $2.8 million loss related to the sale of subordinated debt issued by Lakeland from the Provident investment portfolio, during the nine months ended September 30, 2024.

    Anthony J. Labozzetta, President and Chief Executive Officer commented, “We achieved solid performance this quarter, and we are optimistic that our results will continue to improve as we further realize the synergies of the merger.  Provident generated strong earnings and core metrics, aided by robust performance in our fee-based businesses. We continue to expand our operations prudently and believe we are well-positioned for even greater success as market conditions improve.”

    Regarding the Company’s merger with Lakeland, Mr. Labozzetta added, “We are proud to announce that, with the conversion of our core system in early September, our merger is complete and we are a unified organization. Our cultures are combining well and we are already experiencing the benefits of cost savings and enhanced revenue opportunities. We are grateful to the many team members whose hard work allowed for a smooth conversion and the retention of almost all legacy Lakeland customers.”

    Performance Highlights for the Third Quarter of 2024

    • Net interest income increased $42.2 million to $183.7 million for the three months ended September 30, 2024, from $141.5 million for the trailing quarter primarily due to the full quarter impact of net assets acquired from Lakeland, including the accretion of purchase accounting adjustments and four basis points of core margin expansion.  
    • The net interest margin increased ten basis points to 3.31% for the quarter ended September 30, 2024, from 3.21% for the trailing quarter. The weighted average yield on interest-earning assets for the quarter ended September 30, 2024 increased 17 basis points to 5.84%, compared to the trailing quarter, while the weighted average cost of interest-bearing liabilities for the quarter ended September 30, 2024 increased ten basis points to 3.19%, compared to the trailing quarter. The increases in the yields and costs on interest-earning assets and interest-bearing liabilities were primarily due to a full quarter of accretion of purchase accounting adjustments related to the Lakeland merger, which contributed approximately 53 basis points to the net interest margin in the current quarter.
    • Non-interest income increased $4.6 million to $26.9 million for the three months ended September 30, 2024, from $22.3 million for the trailing quarter, while non-interest expense increased $20.6 million to $136.0 million for the three months ended September 30, 2024, compared to $115.4 million for the trailing quarter.   The increases in both non-interest income and non-interest expense were reflective of a full quarter of combined operations with Lakeland.
    • Wealth management and insurance agency income increased 9.0% and 12.6%, respectively, versus the same period in 2023. The increase in wealth management income was primarily due to an increase in the average market value of assets under management during the period, while the increase in insurance agency income was largely due to an increase in business activity.
    • Adjusting for transaction costs related to the merger with Lakeland, net of tax, the Company’s annualized adjusted returns on average assets, average equity and average tangible equity(1) were 0.95%, 8.62% and 14.53% for the quarter ended September 30, 2024, compared to 0.06%, 0.53% and 2.01% for the quarter ended June 30, 2024. A reconciliation between GAAP and the above non-GAAP ratios are shown on page 13 of the earnings release.
    • The Company’s annualized adjusted pre-tax, pre-provision returns on average assets, average equity and average tangible equity(2) were 1.48%, 13.48% and 19.77% for the quarter ended September 30, 2024, compared to 1.47%, 13.26% and 19.21% for the quarter ended June 30, 2024. A reconciliation between GAAP and the above non-GAAP ratios are shown on page 14 of the earnings release.
    • As of September 30, 2024, the Company’s loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $1.98 billion, with a weighted average interest rate of 7.18%, compared to $1.67 billion, with a weighted average interest rate of 7.53%, as of June 30, 2024.
    • The Company recorded a $9.6 million provision for credit losses on loans for the quarter ended September 30, 2024, compared to a $66.1 million provision for the trailing quarter. The provision for credit losses on loans in the quarter was primarily attributable to specific reserves required on individually analyzed loans, combined with some economic forecast deterioration. The allowance for credit losses as a percentage of loans increased to 1.02% as of September 30, 2024, from 1.00% as of June 30, 2024.
    • As of September 30, 2024, CRE loans related to office properties totaled $921.1 million, compared to $953.5 million as of June 30, 2024. CRE loans secured by office properties constitutes only 4.9% of total loans and have an average loan size of $1.9 million, with just seven relationships greater than $10.0 million. There were four loans totaling $9.2 million on non-accrual as of September 30, 2024, however we do not expect to incur losses on any of these loans.
    • As of September 30, 2024, multi-family CRE loans secured by New York City properties totaled $226.6 million, compared to $227.7 million as of June 30, 2024. This portfolio constitutes only 1.2% of total loans and has an average loan size of $2.6 million. Loans that are collateralized by rent stabilized apartments comprise less than 0.80% of the total loan portfolio and are all performing.
    • Non-performing loans to total loans as of September 30, 2024 increased to 0.47%, compared to 0.36% as of June 30, 2024, while non-performing assets to total assets as of September 30, 2024 increased to 0.41%, compared to 0.33% as of June 30, 2024. The increase in non-performing loans, compared to the prior quarter was primarily attributable to one commercial real estate credit secured by an industrial property which has a loan-to-value ratio of approximately 39%. We anticipate a near-term resolution of this credit with no expected loss.   For the three months ended September 30, 2024, net charge-offs totaled $6.8 million, or an annualized 14 basis points of average loans. Of this total, $6.4 million was attributable to one previously identified commercial relationship that had a $4.4 million specific reserve as of June 30, 2024. This credit is expected to be fully resolved in the fourth quarter of 2024.

    Declaration of Quarterly Dividend

    The Company’s Board of Directors declared a quarterly cash dividend of $0.24 per common share payable on November 29, 2024 to stockholders of record as of the close of business on November 15, 2024.

    Results of Operations

    Three months ended September 30, 2024 compared to the three months ended June 30, 2024

    For the three months ended September 30, 2024, the Company reported net income of $46.4 million, or $0.36 per basic and diluted share, compared to a net loss of $11.5 million, or $0.11 per basic and diluted share, for the three months ended June 30, 2024. The Company’s earnings for the prior quarter were impacted by an initial CECL provision for credit losses on loans and commitments to extend credit of $65.2 million recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations. The results of operations for the three months ended September 30, 2024 included transaction costs related to the merger with Lakeland totaling $15.6 million, compared with transaction costs totaling $18.9 million in the trailing quarter. Additionally, the Company realized a $2.8 million loss in the trailing quarter related to the sale from the Provident investment portfolio of subordinated debt issued by Lakeland.

    Net Interest Income and Net Interest Margin

    Net interest income increased $42.2 million to $183.7 million for the three months ended September 30, 2024, from $141.5 million for the trailing quarter. Net interest income for the three months ended September 30, 2024 was favorably impacted by a full quarter of combined operations with Lakeland and accretion of purchase accounting adjustments, compared to a 45 days impact in the prior quarter.

    The Company’s net interest margin increased ten basis points to 3.31% for the quarter ended September 30, 2024, from 3.21% for the trailing quarter. Accretion of purchase accounting adjustments related to the Lakeland merger contributed 53 basis points to the net interest margin in the current quarter. The current net interest margin reflects a full quarter of the acquisition of Lakeland’s interest-bearing assets and liabilities, the prior quarter sale of $554.2 million of securities acquired from Lakeland and the repayment of overnight borrowings as well as the prior quarter issuance of subordinated debt.

    The weighted average yield on interest-earning assets for the quarter ended September 30, 2024 increased 17 basis points to 5.84%, compared to the trailing quarter. The weighted average cost of interest-bearing liabilities for the quarter ended September 30, 2024 increased ten basis points from the trailing quarter, to 3.19%. The average cost of interest-bearing deposits for the quarter ended September 30, 2024 increased 12 basis points to 2.96%, compared to 2.84% for the trailing quarter. The average cost of total deposits, including non-interest-bearing deposits, was 2.36% for the quarter ended September 30, 2024, compared to 2.27% for the trailing quarter. The average cost of borrowed funds for the quarter ended September 30, 2024 was 3.73%, compared to 3.83% for the quarter ended June 30, 2024. All yields and costs reflect a full quarter of combined operations with Lakeland.

    Provision for Credit Losses on Loans

    For the quarter ended September 30, 2024, the Company recorded a $9.6 million provision for credit losses on loans, compared with a provision for credit losses on loans of $66.1 million for the quarter ended June 30, 2024. The provision for credit losses on loans in the quarter was primarily attributable to specific reserves required on individually analyzed loans, combined with some economic forecast deterioration, while the provision for credit losses on loans in the prior quarter was primarily attributable to an initial CECL provision for credit losses of $60.1 million, recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations. For the three months ended September 30, 2024, net charge-offs totaled $6.8 million, or an annualized 14 basis points of average loans.

    Non-Interest Income and Expense

    For the three months ended September 30, 2024, non-interest income totaled $26.9 million, an increase of $4.6 million, compared to the trailing quarter. Net gain on securities transactions increased $3.0 million for the three months ended September 30, 2024, compared to the trailing quarter, primarily due to a $2.8 million loss realized on the sale from the Provident investment portfolio of subordinated debt issued by Lakeland in the prior quarter.   Fee income increased $1.1 million to $9.8 million for the three months ended September 30, 2024, compared to the trailing quarter, primarily due to increases in deposit and debit card related fee income. The increases in fee income are primarily attributable to the addition of the Lakeland customer base. BOLI income increased $1.0 million for the three months ended September 30, 2024, compared to the trailing quarter, primarily due to an increase in benefit claims recognized. Partially offsetting these increases in non-interest income, insurance agency income decreased $857,000 to $3.6 million for the three months ended September 30, 2024, compared to the trailing quarter, due to a seasonal decrease in business activity in the current quarter, while wealth management income decreased $149,000 to $7.6 million for the three months ended September 30, 2024, compared to the trailing quarter, mainly due to a seasonal decrease in tax preparation fees, partially offset by an increase in the average market value of assets under management during the period.

    Non-interest expense totaled $136.0 million for the three months ended September 30, 2024, an increase of $20.6 million, compared to $115.4 million for the trailing quarter. Compensation and benefits expense increased $8.6 million to $63.5 million for the three months ended September 30, 2024, compared to $54.9 million for the trailing quarter. The increase in compensation and benefits expense was primarily attributable to a full quarter of combined operations with Lakeland, compared to 45 days in the prior quarter.   Amortization of intangibles increased $5.7 million to $12.2 million for the three months ended September 30, 2024, compared to $6.5 million for the trailing quarter, largely due to a full quarter of core deposit intangible amortization related to Lakeland.   Other operating expenses increased $4.5 million to $15.8 million for the three months ended September 30, 2024, compared to $11.3 million for the trailing quarter, primarily due to increases in professional service expenses. Data processing expense increased $2.0 million to $10.5 million for the three months ended September 30, 2024, compared to $8.4 million for the trailing quarter, primarily due a full quarter of combined operations with Lakeland, while net occupancy expense increased $1.6 million to $12.8 million for the three months ended September 30, 2024, compared to $11.1 million for the trailing quarter, primarily due to increases in maintenance and depreciation expenses from the addition of Lakeland.   Additionally, FDIC insurance increased $1.1 million to $4.2 million for the three months ended September 30, 2024, primarily resulting from the impact of the Lakeland merger. Partially offsetting these increases, merger-related expenses decreased $3.3 million to $15.6 million for the three months ended September 30, 2024, compared to the trailing quarter.

    The Company’s annualized adjusted non-interest expense as a percentage of average assets(5) declined to 1.98% for the quarter ended September 30, 2024, compared to 2.02% for the trailing quarter. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)(6) improved to 57.20% for the three months ended September 30, 2024, compared to 57.86% for the trailing quarter.

    Income Tax Expense/Benefit

    For the three months ended September 30, 2024, the Company’s income tax expense was $18.9 million, compared to an income tax benefit of $9.8 million for the trailing quarter. The increase in tax expense for the three months ended September 30, 2024 compared with the trailing quarter was largely due to an increase in taxable income in the current quarter as a result of the Lakeland merger and a $5.3 million tax benefit realized in the trailing quarter related to the revaluation of deferred tax assets to reflect the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee, effective January 1, 2024.  

    Three months ended September 30, 2024 compared to the three months ended September 30, 2023

    For the three months ended September 30, 2024, the Company reported net income of $46.4 million, or $0.36 per basic and diluted share, compared to net income of $28.5 million, or $0.38 per basic and diluted share, for the three months ended September 30, 2023. The Company’s earnings for the quarter ended September 30, 2024 reflected the impact of the May 16, 2024 merger with Lakeland. The results of operations included transaction costs related to the merger with Lakeland totaling $15.6 million and $2.3 million for the three months ended September 30, 2024 and 2023, respectively.

    Net Interest Income and Net Interest Margin

    Net interest income increased $87.5 million to $183.7 million for the three months ended September 30, 2024, from $96.2 million for same period in 2023. Net interest income for the three months ended September 30, 2024 was favorably impacted by the net assets acquired from Lakeland, combined with favorable repricing of adjustable rate loans, higher market rates on new loan originations and the originations of higher-yielding loans, partially offset by unfavorable repricing of both deposits and borrowings.

    The Company’s net interest margin increased 35 basis points to 3.31% for the quarter ended September 30, 2024, from 2.96% for the same period last year. Accretion of purchase accounting adjustments related to the Lakeland merger contributed 53 basis points to the net interest margin in the current quarter.   The current quarter net interest margin reflects the acquisition of Lakeland’s interest bearing assets and liabilities, the prior quarter sale of $554.2 million of securities acquired from Lakeland and the repayment of overnight borrowings as well as the prior quarter issuance of subordinated debt.

    The weighted average yield on interest-earning assets for the quarter ended September 30, 2024 increased 95 basis points to 5.84%, compared to 4.89% for the quarter ended September 30, 2023. The weighted average cost of interest-bearing liabilities increased 69 basis points for the quarter ended September 30, 2024 to 3.19%, compared to 2.50% for the third quarter of 2023. The average cost of interest-bearing deposits for the quarter ended September 30, 2024 was 2.96%, compared to 2.22% for the same period last year. Average non-interest-bearing demand deposits increased $1.51 billion to $3.74 billion for the quarter ended September 30, 2024, compared to $2.23 billion for the quarter ended September 30, 2023. The average cost of total deposits, including non-interest-bearing deposits, was 2.36% for the quarter ended September 30, 2024, compared with 1.74% for the quarter ended September 30, 2023. The average cost of borrowed funds for the quarter ended September 30, 2024 was 3.73%, compared to 3.74% for the same period last year.

    Provision for Credit Losses on Loans

    For the quarter ended September 30, 2024, the Company recorded a $9.6 million provision for credit losses on loans, compared with an $11.0 million provision for credit losses on loans for the quarter ended September 30, 2023.   The provision for credit losses on loans in the current quarter was primarily attributable to specific reserves required on individually analyzed loans, combined with some economic forecast deterioration.   For the three months ended September 30, 2024, net charge-offs totaled $6.8 million, or an annualized 14 basis points of average loans.

    Non-Interest Income and Expense

    Non-interest income totaled $26.9 million for the quarter ended September 30, 2024, an increase of $7.5 million, compared to the same period in 2023. Fee income increased $3.7 million to $9.8 million for the three months ended September 30, 2024, compared to the prior year quarter, primarily due to increases in deposit fee income, debit card related fee income and loan related fee income, resulting from the Lakeland merger.   BOLI income increased $2.5 million to $4.3 million for the three months ended September 30, 2024, compared to the prior year quarter, primarily due to an increase in benefit claims recognized, combined with an increase in income related to the addition of Lakeland’s BOLI. Wealth management fees increased $628,000 to $7.6 million for the three months ended September 30, 2024, compared to the quarter ended September 30, 2023, mainly due to an increase in the average market value of assets under management during the period, while insurance agency income increased $407,000 to $3.6 million for the three months ended September 30, 2024, compared to the quarter ended September 30, 2023, largely due to an increase in business activity. Additionally, other income increased $339,000 to $1.5 million for the three months ended September 30, 2024, compared to the quarter ended September 30, 2023, primarily due to increases in gains on the sale of SBA and mortgage loans.

    For the three months ended September 30, 2024, non-interest expense totaled $136.0 million, an increase of $70.4 million, compared to the three months ended September 30, 2023. Compensation and benefits expense increased $27.8 million to $63.5 million for the three months ended September 30, 2024, compared to $35.7 million for the same period in 2023. The increase in compensation and benefits expense was primarily attributable to the addition of Lakeland. Additionally, merger-related expenses increased $13.3 million to $15.6 million for the three months ended September 30, 2024, compared to the same period in 2023. Amortization of intangibles increased $11.5 million to $12.2 million for the three months ended September 30, 2024, compared to $720,000 for the same period in 2023, largely due to core deposit intangible amortization related to Lakeland in the current quarter. Data processing expenses increased $5.2 million to $10.5 million for three months ended September 30, 2024, compared to $5.3 million for the same period in 2023, primarily due to additional software and hardware expenses needed for the addition of Lakeland. Net occupancy expense increased $4.7 million to $12.8 million for three months ended September 30, 2024, compared to $8.1 million for the same period in 2023, primarily due to an increase in depreciation and maintenance expenses due to the addition of Lakeland.   Other operating expenses increased $5.0 million to $15.8 million for the three months ended September 30, 2024, compared to $10.7 million for the same period in 2023, primarily due to increases in professional service expenses, while FDIC insurance increased $2.6 million to $4.2 million for the three months ended September 30, 2024, primarily due to the addition of Lakeland.

    The Company’s annualized adjusted non-interest expense as a percentage of average assets(5) was 1.98% for the quarter ended September 30, 2024, compared to 1.80% for the same period in 2023. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)(6) was 57.20% for the three months ended September 30, 2024 compared to 54.81% for the same respective period in 2023.

    Income Tax Expense

    For the three months ended September 30, 2024, the Company’s income tax expense was $18.9 million with an effective tax rate of 28.9%, compared with an income tax expense of $8.8 million with an effective tax rate of 23.7% for the three months ended September 30, 2023. The increase in tax expense for the three months ended September 30, 2024, compared with the same period last year was largely due to an increase in taxable income in the quarter, as a result of the Lakeland merger and the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee in the prior quarter.

    Nine months ended September 30, 2024 compared to the nine months ended September 30, 2023

    For the nine months ended September 30, 2024, net income totaled $67.0 million, or $0.65 per basic and diluted share, compared to net income of $101.1 million, or $1.35 per basic and diluted share, for the nine months ended September 30, 2023. The Company’s earnings for the nine months ended September 30, 2024 were impacted by an initial CECL provision for credit losses on loans and commitments to extend credit of $60.1 million recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations. Transaction costs related to our merger with Lakeland totaled $36.7 million and $5.3 million for the nine months ended September 30, 2024 and 2023, respectively. Additionally, the Company realized a $2.8 million loss related to the sale from the Provident investment portfolio of subordinated debt issued by Lakeland, during the nine months ended September 30, 2024.

    Net Interest Income and Net Interest Margin

    Net interest income increased $115.2 million to $418.9 million for the nine months ended September 30, 2024, from $303.7 million for same period in 2023. Net interest income for the nine months ended September 30, 2024 was favorably impacted by the net assets acquired from Lakeland, combined with the favorable repricing of adjustable rate loans, higher market rates on new loan originations and the originations of higher-yielding loans, partially offset by the unfavorable repricing of both deposits and borrowings.

    For the nine months ended September 30, 2024, our net interest margin decreased one basis point to 3.18%, compared to 3.19% for the nine months ended September 30, 2023. The weighted average yield on interest earning assets increased 85 basis points to 5.61% for the nine months ended September 30, 2024, compared to 4.76% for the nine months ended September 30, 2023, while the weighted average cost of interest-bearing liabilities increased 99 basis points to 3.06% for the nine months ended September 30, 2024, compared to 2.07% for the same period last year. The average cost of interest-bearing deposits increased 102 basis points to 2.84% for the nine months ended September 30, 2024, compared to 1.82% for the same period last year. Average non-interest-bearing demand deposits increased $514.3 million to $2.90 billion for the nine months ended September 30, 2024, compared with $2.38 billion for the nine months ended September 30, 2023. The average cost of total deposits, including non-interest-bearing deposits, was 2.27% for the nine months ended September 30, 2024, compared with 1.40% for the nine months ended September 30, 2023. The average cost of borrowings for the nine months ended September 30, 2024 was 3.73%, compared to 3.29% for the same period last year.

    Provision for Credit Losses on Loans

    For the nine months ended September 30, 2024, the Company recorded a $75.9 million provision for credit losses on loans, compared with a provision for credit losses on loans of $27.4 million for the nine months ended September 30, 2023. The increased provision for credit losses on loans for the nine months ended September 30, 2024 was primarily attributable to an initial CECL provision for credit losses on loans of $60.1 million recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations, partially offset by an improved economic forecast for the current nine-month period within our CECL model, compared to the same period last year. For the nine months ended September 30, 2024, net charge-offs totaled $9.1 million or an annualized eight basis points of average loans.

    Non-Interest Income and Expense

    For the nine months ended September 30, 2024, non-interest income totaled $69.9 million, an increase of $9.1 million compared to the same period in 2023. Fee income increased $6.1 million to $24.4 million for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to increases in deposit fee income, debit and credit card related fee income and loan related fee income resulting from the Lakeland merger. BOLI income increased $4.6 million to $9.4 million for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to an increase in benefit claims recognized, combined with an increase in income related to the addition of Lakeland’s BOLI, while wealth management income increased $2.1 million to $22.9 million for the nine months ended September 30, 2024, compared to the same period in 2023, mainly due to an increase in the average market value of assets under management during the period. Additionally, insurance agency income increased $1.7 million to $12.9 million for the nine months ended September 30, 2024, compared to $11.2 million for the same period in 2023, largely due to increases in contingent commissions, retention revenue and new business activity. Partially offsetting these increases in non-interest income, net gains on securities transactions decreased $3.0 million for the nine months ended September 30, 2024, primarily due to a $2.8 million loss related to the sale from the Provident investment portfolio of subordinated debt issued by Lakeland. Other income decreased $2.4 million to $3.2 million for the nine months ended September 30, 2024, compared to $5.7 million for the same period in 2023, primarily due to a $2.0 million gain from the sale of a foreclosed commercial property recorded in the prior year, combined with a decrease in gains on sales of SBA loans.

    Non-interest expense totaled $323.2 million for the nine months ended September 30, 2024, an increase of $123.7 million, compared to $199.5 million for the nine months ended September 30, 2023. Compensation and benefits expense increased $48.7 million to $158.4 million for the nine months ended September 30, 2024, compared to $109.7 million for the nine months ended September 30, 2023. The increase in compensation and benefits expense was primarily attributable to the addition of Lakeland.   Merger-related expenses increased $31.3 million to $36.7 million for the nine months ended September 30, 2024, compared to $5.3 million for the nine months ended September 30, 2023. Amortization of intangibles increased $17.2 million to $19.4 million for the nine months ended September 30, 2024, compared to $2.2 million for the nine months ended September 30, 2023, largely due to core deposit intangible amortization related to Lakeland. Data processing expense increased $9.2 million to $25.7 million for the nine months ended September 30, 2024, compared to $16.5 million for the nine months ended September 30, 2023, primarily due to additional software and hardware expenses needed for the addition of Lakeland, while net occupancy expense increased $8.0 million to $32.5 million for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to increases in depreciation and maintenance expense related to the addition of Lakeland. Other operating expenses increased $5.6 million to $37.4 million for the three months ended September 30, 2024, compared to $31.8 million for the same period in 2023, primarily due to increases in professional service expenses, while FDIC insurance increased $3.9 million to $9.6 million for the three months ended September 30, 2024, primarily due to the addition of Lakeland.

    Income Tax Expense
    For the nine months ended September 30, 2024, the Company’s income tax expense was $19.9 million with an effective tax rate of 22.9%, compared with $34.9 million with an effective tax rate of 25.7% for the nine months ended September 30, 2023. The decrease in tax expense for the nine months ended September 30, 2024 compared with the same period last year was largely due to a $5.8 million tax benefit related to the revaluation of deferred tax assets to reflect the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee, effective January 1, 2024, combined with a decrease in taxable income as a result of the initial CECL provision for credit losses on loans of $60.1 million recorded in accordance with GAAP requirements for accounting for business combinations and additional expenses from the Lakeland merger.

    Asset Quality

    The Company’s total non-performing loans as of September 30, 2024 were $89.9 million, or 0.47% of total loans, compared to $67.9 million, or 0.36% of total loans as of June 30, 2024 and $49.6 million, or 0.46% of total loans as of December 31, 2023. The $22.1 million increase in non-performing loans as of September 30, 2024, compared to the trailing quarter, consisted of a $10.4 million increase in non-performing commercial mortgage loans, an $8.9 million increase in non-performing commercial loans, a $1.5 million increase in non-performing construction loans, a $764,000 increase in non-performing residential mortgage loans, a $302,000 increase in non-performing multi-family loans and a $289,000 increase in non-performing consumer loans. As of September 30, 2024, impaired loans totaled $74.0 million with related specific reserves of $7.2 million, compared with impaired loans totaling $54.6 million with related specific reserves of $7.7 million as of June 30, 2024. As of December 31, 2023, impaired loans totaled $42.8 million with related specific reserves of $2.4 million.

    As of September 30, 2024, the Company’s allowance for credit losses related to the loan portfolio was 1.02% of total loans, compared to 1.00% and 0.99% as of June 30, 2024 and December 31, 2023, respectively. The allowance for credit losses increased $84.0 million to $191.2 million as of September 30, 2024, from $107.2 million as of December 31, 2023. The increase in the allowance for credit losses on loans as of September 30, 2024 compared to December 31, 2023 was due to a $75.9 million provision for credit losses, which included an initial CECL provision of $60.1 million on loans acquired from Lakeland, and a $17.2 million allowance recorded through goodwill related to Purchased Credit Deteriorated loans acquired from Lakeland, partially offset by net charge-offs of $9.1 million.

    The following table sets forth accruing past due loans and non-accrual loans on the dates indicated, as well as delinquency statistics and certain asset quality ratios.

        September 30, 2024   June 30, 2024   December 31, 2023
        Number
    of
    Loans    		   Principal
    Balance
    of Loans    		   Number
    of
    Loans    		   Principal
    Balance
    of Loans    		   Number
    of
    Loans    		   Principal
    Balance
    of Loans
        (Dollars in thousands)
    Accruing past due loans:                        
    30 to 59 days past due:                        
    Commercial mortgage loans   2   $ 430     3   $ 1,707     1   $ 825  
    Multi-family mortgage loans   —     —     —     —     1     3,815  
    Construction loans   —     —     —     —     —     —  
    Residential mortgage loans   23     5,020     9     1,714     13     3,429  
    Total mortgage loans   25     5,450     12     3,421     15     8,069  
    Commercial loans   14     1,952     20     3,444     6     998  
    Consumer loans   53     4,073     38     2,891     31     875  
    Total 30 to 59 days past due   92   $ 11,475     70   $ 9,756     52   $ 9,942  
                             
    60 to 89 days past due:                        
    Commercial mortgage loans   1   $ 641     3   $ 1,231     —   $ —  
    Multi-family mortgage loans   —     —     —     —     1     1,635  
    Construction loans   —     —     —     —     —     —  
    Residential mortgage loans   11     1,991     10     2,193     8     1,208  
    Total mortgage loans   12     2,632     13     3,424     9     2,843  
    Commercial loans   9     1,240     6     1,146     3     198  
    Consumer loans   10     606     9     648     5     275  
    Total 60 to 89 days past due   31     4,478     28     5,218     17     3,316  
    Total accruing past due loans   123   $ 15,953     98   $ 14,974     69   $ 13,258  
                             
    Non-accrual:                        
    Commercial mortgage loans   17   $ 13,969     10   $ 3,588     7   $ 5,151  
    Multi-family mortgage loans   6     7,578     5     7,276     1     744  
    Construction loans   2     13,151     1     11,698     1     771  
    Residential mortgage loans   24     5,211     20     4,447     7     853  
    Total mortgage loans   49     39,909     36     27,009     16     7,519  
    Commercial loans   69     48,592     58     39,715     26     41,487  
    Consumer loans   32     1,433     24     1,144     10     633  
    Total non-accrual loans   150   $ 89,934     118   $ 67,868     52   $ 49,639  
                             
    Non-performing loans to total loans         0.47 %         0.36 %         0.46 %
    Allowance for loan losses to total non-performing loans         217.09 %         277.50 %         215.96 %
    Allowance for loan losses to total loans         1.02 %         1.00 %         0.99 %
                                         

    As of September 30, 2024 and December 31, 2023, the Company held foreclosed assets of $9.8 million and $11.7 million, respectively. During the nine months ended September 30, 2024, there were three properties sold with an aggregate carrying value of $532,000 and one write-down of a foreclosed commercial property of $1.3 million. Foreclosed assets as of September 30, 2024 consisted primarily of commercial real estate. Total non-performing assets as of September 30, 2024 increased $36.6 million to $97.9 million, or 0.41% of total assets, from $61.3 million, or 0.43% of total assets as of December 31, 2023.

    Balance Sheet Summary

    Total assets as of September 30, 2024 were $24.04 billion, a $9.83 billion increase from December 31, 2023. The increase in total assets was primarily due to the addition of Lakeland.

    The Company’s loans held for investment portfolio totaled $18.79 billion as of September 30, 2024 and $10.87 billion as of December 31, 2023. The loan portfolio consisted of the following:

      September 30, 2024   June 30, 2024   December 31, 2023
      (Dollars in thousands)
    Mortgage loans:          
    Commercial $ 7,342,456     $ 7,337,742     $ 4,512,411  
    Multi-family   3,226,918       3,189,808       1,812,500  
    Construction   873,509       970,244       653,246  
    Residential   2,032,671       2,024,027       1,164,956  
    Total mortgage loans   13,475,554       13,521,821       8,143,113  
    Commercial loans   4,710,601       4,617,232       2,440,621  
    Consumer loans   623,709       626,016       299,164  
    Total gross loans   18,809,864       18,765,069       10,882,898  
    Premiums on purchased loans   1,362       1,410       1,474  
    Net deferred fees and unearned discounts   (16,617 )     (7,149 )     (12,456 )
    Total loans $ 18,794,609     $ 18,759,330     $ 10,871,916  
                           

    As part of the merger with Lakeland, we acquired $7.91 billion in loans, net of purchase accounting adjustments.   Compared to the prior quarter, during the three months ended September 30, 2024, the loan portfolio had net increases of $93.4 million of commercial loans, $37.1 million of multi-family loans, $8.6 million of residential mortgage loans, and $4.7 million of commercial mortgage loans, partially offset by net decreases of $96.7 million of construction loans and $2.3 million of consumer loans.   Commercial loans, consisting of commercial real estate, multi-family, commercial and construction loans, represented 85.9% of the loan portfolio as of September 30, 2024, compared to 86.5% as of December 31, 2023.

    For the nine months ended September 30, 2024, loan funding, including advances on lines of credit, totaled $2.78 billion, compared with $2.53 billion for the same period in 2023.

    As of September 30, 2024, the Company’s unfunded loan commitments totaled $2.97 billion, including commitments of $1.84 billion in commercial loans, $231.0 million in construction loans and $225.7 million in commercial mortgage loans. Unfunded loan commitments as of December 31, 2023 and September 30, 2023 were $2.09 billion and $2.18 billion, respectively.

    The loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $1.98 billion as of September 30, 2024, compared to $1.09 billion and $1.70 billion as of December 31, 2023 and September 30, 2023, respectively.

    Total investment securities were $3.17 billion as of September 30, 2024, a $1.04 billion increase from December 31, 2023. This increase was primarily due to the addition of Lakeland.

    Total deposits increased $8.08 billion during the nine months ended September 30, 2024, to $18.38 billion, due primarily to the addition of Lakeland. Total savings and demand deposit accounts increased $6.02 billion to $15.22 billion as of September 30, 2024, while total time deposits increased $2.06 billion to $3.16 billion as of September 30, 2024. The increase in savings and demand deposits was largely attributable to a $2.92 billion increase in interest bearing demand deposits, a $1.58 billion increase in non-interest bearing demand deposits, a $1.03 billion increase in money market deposits and a $495.5 million increase in savings deposits. The increase in time deposits consisted of a $2.01 billion increase in retail time deposits and a $46.5 million increase in brokered time deposits.

    Borrowed funds increased $244.5 million during the nine months ended September 30, 2024, to $2.21 billion. The increase in deposits and borrowings was largely due to the addition of Lakeland. Borrowed funds represented 9.2% of total assets as of September 30, 2024, a decrease from 13.9% as of December 31, 2023.

    Stockholders’ equity increased $930.5 million during the nine months ended September 30, 2024, to $2.62 billion, primarily due to common stock issued for the purchase of Lakeland, net income earned for the period and an improvement in unrealized losses on available for sale debt securities, partially offset by cash dividends paid to stockholders. For the three and nine months ended September 30, 2024, common stock repurchases totaled 1,969 shares at an average cost of $16.36 per share and 88,821 shares at an average cost of $14.87 per share, respectively, all of which were made in connection with withholding to cover income taxes on the vesting of stock-based compensation. As of September 30, 2024, approximately 1.0 million shares remained eligible for repurchase under the current stock repurchase authorization. Book value per share and tangible book value per share(1) as of September 30, 2024 were $20.09 and $13.66, respectively, compared with $22.38 and $16.32, respectively, as of December 31, 2023.

    About the Company

    Provident Financial Services, Inc. is the holding company for Provident Bank, a community-oriented bank offering “commitment you can count on” since 1839. Provident Bank provides a comprehensive array of financial products and services through its network of branches throughout New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, as well as Orange, Queens and Nassau Counties in New York. Provident Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc.

    Post Earnings Conference Call

    Representatives of the Company will hold a conference call for investors on Wednesday, October 30, 2024 at 10:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter ended September 30, 2024. The call may be accessed by dialing 1-888-412-4131 (United States Toll Free) and 1-646-960-0134 (United States Local). Speakers will need to enter conference ID code (3610756) before being met by a live operator. Internet access to the call is also available (listen only) at provident.bank by going to Investor Relations and clicking on “Webcast.”

    Forward Looking Statements

    Certain statements contained herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “project,” “intend,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those set forth in Item 1A of the Company’s Annual Report on Form 10-K, as supplemented by its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and those related to the economic environment, particularly in the market areas in which the Company operates, inflation and unemployment, competitive products and pricing, real estate values, fiscal and monetary policies of the U.S. Government, the effects of any turmoil or negative news in the banking industry, changes in accounting policies and practices that may be adopted by the regulatory agencies and the accounting standards setters, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, potential goodwill impairment, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets, the availability of and costs associated with sources of liquidity, any failure to realize the anticipated benefits of the merger transaction when expected or at all; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected conditions, factors or events, potential adverse reactions or changes to business, employee, customer and/or counterparty relationships, including those resulting from the completion of the merger and integration of the companies; and the impact of a potential shutdown of the federal government.

    The Company cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date they are made. The Company advises readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not assume any duty, and does not undertake, to update any forward-looking statements to reflect events or circumstances after the date of this statement.

    Footnotes

    (1) Annualized adjusted return on average assets, average equity and average tangible equity, annualized adjusted pre-tax pre-provision return on average assets, average equity and average tangible equity, tangible book value per share, annualized adjusted non-interest expense as a percentage of average assets and the efficiency ratio are non-GAAP financial measures. Please refer to the Notes following the Consolidated Financial Highlights which contain the reconciliation of GAAP to non-GAAP financial measures and the associated calculations.

                       
    PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
    Consolidated Financial Highlights
    (Dollars in Thousands, except share data) (Unaudited)
           
      At or for the
    Three Months Ended    		   At or for the
    Nine Months Ended
      September 30,   June 30,   September 30,   September 30,   September 30,
        2024       2024       2023       2024       2023  
    Statement of Income                  
    Net interest income $ 183,701     $ 141,506     $ 96,236     $ 418,877     $ 303,666  
    Provision for credit losses   9,299       69,705       12,541       78,684       29,031  
    Non-interest income   26,855       22,275       19,320       69,937       60,861  
    Non-interest expense   136,002       115,394       65,625       323,224       199,485  
    Income (loss) before income tax expense   65,255       (21,318 )     37,390       86,906       136,011  
    Net income (loss)   46,405       (11,485 )     28,547       67,001       101,086  
    Diluted earnings per share $ 0.36     $ (0.11 )   $ 0.38     $ 0.65     $ 1.35  
    Interest rate spread   2.65 %     2.58 %     2.39 %     2.55 %     2.69 %
    Net interest margin   3.31 %     3.21 %     2.96 %     3.18 %     3.19 %
                       
    Profitability                  
    Annualized return on average assets   0.76 %   (0.24 )%     0.81 %     0.47 %     0.98 %
    Annualized adjusted return on average assets (1)   0.95 %   0.06 %     0.86 %     0.66 %     1.02 %
    Annualized return on average equity   6.94 %   (2.17 )%     6.84 %     4.14 %     8.22 %
    Annualized adjusted return on average equity (1)   8.62 %   0.53 %     7.30 %     5.83 %     8.59 %
    Annualized return on average tangible equity (4)   12.06 %   (3.15 )%     9.47 %     7.13 %     11.40 %
    Annualized adjusted return on average tangible equity (1)   14.53 %     2.01 %     10.24 %     9.56 %     12.07 %
    Annualized adjusted non-interest expense to average assets (4)   1.98 %     2.02 %     1.80 %     1.99 %     1.87 %
    Efficiency ratio (6)   57.20 %     57.86 %     54.81 %     58.27 %     53.26 %
                       
    Asset Quality                  
    Non-accrual loans     $ 67,868         $ 89,934     $ 39,529  
    90+ and still accruing       —           —       —  
    Non-performing loans       67,868           88,061       39,529  
    Foreclosed assets       11,119           9,801       16,487  
    Non-performing assets       78,987           97,862       56,016  
    Non-performing loans to total loans       0.36 %         0.47 %     0.37 %
    Non-performing assets to total assets       0.33 %         0.41 %     0.40 %
    Allowance for loan losses     $ 188,331         $ 191,175     $ 107,563  
    Allowance for loan losses to total non-performing loans       277.50 %         217.09 %     272.11 %
    Allowance for loan losses to total loans       1.00 %         1.02 %     1.01 %
    Net loan charge-offs $ 6,756     $ 1,340     $ 5,510     $ 9,067     $ 7,266  
    Annualized net loan charge-offs to average total loans   0.14 %     0.04 %     0.21 %     0.08 %     0.09 %
                       
    Average Balance Sheet Data                  
    Assets $ 24,248,038     $ 19,197,041     $ 13,976,610     $ 19,198,113     $ 13,848,351  
    Loans, net   18,531,939       14,649,413       10,470,843       14,631,071       10,269,022  
    Earning assets   21,809,226       17,385,819       12,735,938       17,305,446       12,574,437  
    Core deposits   15,394,715       12,257,244       9,212,202       12,271,839       9,408,156  
    Borrowings   2,125,149       2,158,193       1,780,655       2,074,958       1,556,619  
    Interest-bearing liabilities   17,304,569       13,856,039       9,826,064       13,757,895       9,554,204  
    Stockholders’ equity   2,660,470       2,127,469       1,654,920       2,163,856       1,645,093  
    Average yield on interest-earning assets   5.84 %     5.67 %     4.89 %     5.61 %     4.76 %
    Average cost of interest-bearing liabilities   3.19 %     3.09 %     2.50 %     3.06 %     2.07 %
                       

    Notes and Reconciliation of GAAP and Non-GAAP Financial Measures
    (Dollars in Thousands, except share data)

    The Company has presented the following non-GAAP (U.S. Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company’s results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Company evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Investors should recognize that the Company’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and the Company strongly encourages a review of its condensed consolidated financial statements in their entirety.

                         
    (1) Annualized Adjusted Return on Average Assets, Equity and Tangible Equity                    
        Three Months Ended   Nine Months Ended
        September 30,   June 30,   September 30,   September 30,   September 30,
          2024       2024       2023       2024       2023  
    Net Income   $ 46,405     $ (11,485 )   $ 28,547     $ 67,001     $ 101,086  
    Merger-related transaction costs     15,567       18,915       2,289       36,684       5,349  
    Less: income tax expense     (4,306 )     (4,625 )     (486 )     (9,274 )     (1,015 )
    Annualized adjusted net income   $ 57,666     $ 2,805     $ 30,350     $ 94,411     $ 105,420  
    Less: Amortization of Intangibles (net of tax)   $ 8,551     $ 4,532     $ 503     $ 13,577     $ 1,560  
    Annualized adjusted net income for annualized adjusted return on average tangible equity   $ 66,217     $ 7,337     $ 30,853     $ 107,988     $ 106,980  
                         
    Annualized Adjusted Return on Average Assets     0.95 %     0.06 %     0.86 %     0.66 %     1.02 %
    Annualized Adjusted Return on Average Equity     8.62 %     0.53 %     7.30 %     5.83 %     8.59 %
    Annualized Adjusted Return on Average Tangible Equity     14.53 %     2.01 %     10.24 %     9.56 %     12.07 %
                         
    (2) Annualized adjusted pre-tax, pre-provision (“PTPP”) returns on average assets, average equity and average tangible equity                    
        Three Months Ended   Nine Months Ended
        September 30,   June 30,   September 30,   September 30,   September 30,
          2024       2024       2023       2024       2023  
    Net income (loss)   $ 46,405     $ (11,485 )   $ 28,547     $ 67,001     $ 101,086  
    Adjustments to net income (loss):                    
    Provision for credit losses     9,299       69,705       12,541       78,684       29,031  
    Net loss on Lakeland bond sale     —       2,839       —       —       —  
    Merger-related transaction costs     15,567       18,915       2,289       36,684       5,349  
    Income tax expense (benefit)     18,850       (9,833 )     8,843       19,905       34,925  
    PTPP income   $ 90,121     $ 70,141     $ 52,220     $ 202,274     $ 170,391  
                         
    Annualized PTPP income   $ 358,525     $ 282,106     $ 207,177     $ 270,191     $ 227,812  
    Average assets   $ 24,248,038     $ 19,197,041     $ 13,976,610     $ 19,198,113     $ 13,848,351  
    Average equity   $ 2,660,470     $ 2,127,469     $ 1,654,920     $ 2,163,856     $ 1,645,093  
    Average tangible equity   $ 1,813,327     $ 1,468,630     $ 1,195,787     $ 1,508,594     $ 1,185,222  
                         
    Annualized PTPP return on average assets     1.48 %     1.47 %     1.48 %     1.41 %     1.65 %
    Annualized PTPP return on average equity     13.48 %     13.26 %     12.52 %     12.49 %     13.85 %
    Annualized PTPP return on average tangible equity     19.77 %     19.21 %     17.33 %     17.91 %     19.22 %
                         
    (3) Book and Tangible Book Value per Share        
                September 30,   June 30,   December 31,
                  2024       2024       2023  
    Total stockholders’ equity           $ 2,621,058     $ 2,555,646     $ 1,690,596  
    Less: total intangible assets             839,223       851,507       457,942  
    Total tangible stockholders’ equity           $ 1,781,835     $ 1,704,139     $ 1,232,654  
                         
    Shares outstanding             130,448,599       130,380,393       75,537,186  
                         
    Book value per share (total stockholders’ equity/shares outstanding)           $ 20.09     $ 19.60     $ 22.38  
    Tangible book value per share (total tangible stockholders’ equity/shares outstanding)           $ 13.66     $ 13.07     $ 16.32  
                         
    (4) Annualized Return on Average Tangible Equity                    
        Three Months Ended   Nine Months Ended
        September 30,   June 30,   September 30,   September 30,   September 30,
          2024       2024       2023       2024       2023  
    Total average stockholders’ equity   $ 2,660,470     $ 2,127,469     $ 1,654,920     $ 2,163,856     $ 1,645,093  
    Less: total average intangible assets     847,143       658,839       459,133       655,262       459,871  
    Total average tangible stockholders’ equity   $ 1,813,327     $ 1,468,630     $ 1,195,787     $ 1,508,594     $ 1,185,222  
                         
    Net income (loss)   $ 46,405     $ (11,485 )   $ 28,547     $ 67,001     $ 101,086  
    Less: Amortization of Intangibles, net of tax     8,551       4,532       503       13,577       1,560  
    Total net income (loss)   $ 54,956     $ (6,953 )   $ 29,050     $ 80,578     $ 102,646  
                         
    Annualized return on average tangible equity (net income/total average tangible stockholders’ equity)     12.06 %   (1.90)        %     9.64 %     7.13 %     11.58 %
                         
    (5) Annualized Adjusted Non-Interest Expense to Average Assets                    
        Three Months Ended   Nine Months Ended
        September 30,   June 30,   September 30,   September 30,   September 30,
          2024       2024       2023       2024       2023  
    Reported non-interest expense   $ 136,002     $ 115,394     $ 65,625     $ 323,224     $ 199,485  
    Adjustments to non-interest expense:                    
    Merger-related transaction costs     15,567       18,915       2,289       36,684       5,349  
    Adjusted non-interest expense   $ 120,435     $ 96,479     $ 63,336     $ 286,540     $ 194,136  
                         
    Annualized adjusted non-interest expense   $ 479,122     $ 388,036     $ 251,279     $ 382,751     $ 259,559  
                         
    Average assets   $ 24,248,038     $ 19,197,041     $ 13,976,610     $ 19,198,113     $ 13,848,351  
                         
    Annualized adjusted non-interest expense/average assets     1.98 %     2.02 %     1.80 %     1.99 %     1.87 %
                         
    (6) Efficiency Ratio Calculation                    
        Three Months Ended   Nine Months Ended
        September 30,   June 30,   September 30,   September 30,   September 30,
          2024       2024       2023       2024       2023  
    Net interest income   $ 183,701     $ 141,506     $ 96,236     $ 418,877     $ 303,666  
    Reported non-interest income     26,855       22,275       19,320       69,937       60,861  
    Adjustments to non-interest income:                    
    Net (gain) loss on securities transactions     (2 )     2,973       13       2,972       (37 )
    Adjusted non-interest income     26,853       25,248       19,333       72,909       60,824  
    Total income   $ 210,554     $ 166,754     $ 115,569     $ 491,786     $ 364,490  
                         
    Adjusted non-interest expense   $ 120,435     $ 96,479     $ 63,336     $ 286,540     $ 194,136  
                         
    Efficiency ratio (adjusted non-interest expense/income)     57.20 %     57.86 %     54.80 %     58.27 %     53.26 %
                         
    PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
    Consolidated Statements of Financial Condition
    September 30, 2024 (Unaudited) and December 31, 2023
    (Dollars in Thousands)
           
    Assets September 30, 2024   December 31, 2023
    Cash and due from banks $ 244,064     $ 180,241  
    Short-term investments   25       14  
    Total cash and cash equivalents   244,089       180,255  
    Available for sale debt securities, at fair value   2,725,110       1,690,112  
    Held to maturity debt securities, net of allowance (fair value of $322,427 as of September 30, 2024 (unaudited) and $352,601 as of December 31, 2023)   332,021       363,080  
    Equity securities, at fair value   20,044       1,270  
    Federal Home Loan Bank stock   96,219       79,217  
    Loans held for sale   5,757       1,785  
    Loans held for investment   18,794,609       10,871,916  
    Less allowance for credit losses   191,175       107,200  
    Net loans   18,609,191       10,766,501  
    Foreclosed assets, net   9,801       11,651  
    Banking premises and equipment, net   124,955       70,998  
    Accrued interest receivable   89,866       58,966  
    Intangible assets   839,223       457,942  
    Bank-owned life insurance   403,648       243,050  
    Other assets   548,348       287,768  
    Total assets $ 24,042,515     $ 14,210,810  
           
    Liabilities and Stockholders’ Equity      
    Deposits:      
    Demand deposits $ 13,548,480     $ 8,020,889  
    Savings deposits   1,671,209       1,175,683  
    Certificates of deposit of $250,000 or more   800,005       218,549  
    Other time deposits   2,356,491       877,393  
    Total deposits   18,376,185       10,292,514  
    Mortgage escrow deposits   48,007       36,838  
    Borrowed funds   2,214,512       1,970,033  
    Subordinated debentures   414,184       10,695  
    Other liabilities   368,569       210,134  
    Total liabilities   21,421,457       12,520,214  
           
    Stockholders’ equity:      
    Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued   —       —  
    Common stock, $0.01 par value, 200,000,000 shares authorized, 137,565,966 shares issued and 130,448,599 shares outstanding as of September 30, 2024 and 75,537,186 outstanding as of December 31, 2023.   1,376       832  
    Additional paid-in capital   1,871,343       989,058  
    Retained earnings   972,997       974,542  
    Accumulated other comprehensive loss   (93,049 )     (141,115 )
    Treasury stock   (129,148 )     (127,825 )
    Unallocated common stock held by the Employee Stock Ownership Plan   (2,461 )     (4,896 )
    Common Stock acquired by the Directors’ Deferred Fee Plan   (2,247 )     (2,694 )
    Deferred Compensation – Directors’ Deferred Fee Plan   2,247       2,694  
    Total stockholders’ equity   2,621,058       1,690,596  
    Total liabilities and stockholders’ equity $ 24,042,515     $ 14,210,810  
                   
    PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
    Consolidated Statements of Income
    Three months ended September 30, 2024, June 30, 2024 and September 30, 2023, and nine months ended September 30, 2024 and 2023 (Unaudited)
    (Dollars in Thousands, except per share data)
                       
      Three Months Ended   Nine Months Ended
      September 30,   June 30,   September 30,   September 30,   September 30,
        2024     2024       2023     2024       2023
    Interest and dividend income:                  
    Real estate secured loans $ 197,857   $ 156,318     $ 104,540   $ 461,632     $ 299,830
    Commercial loans   81,183     58,532       33,806     175,815       93,915
    Consumer loans   12,947     8,351       4,746     25,820       13,419
    Available for sale debt securities, equity securities and Federal Home Loan Bank stock   25,974     20,394       11,886     58,698       34,748
    Held to maturity debt securities   2,136     2,357       2,334     6,761       7,059
    Deposits, federal funds sold and other short-term investments   2,425     1,859       885     5,466       2,678
    Total interest income   322,522     247,811       158,197     734,192       451,649
                       
    Interest expense:                  
    Deposits   110,009     81,058       44,923     243,602       108,880
    Borrowed funds   19,923     20,566       16,765     57,871       38,329
    Subordinated debt   8,889     4,681       273     13,842       774
    Total interest expense   138,821     106,305       61,961     315,315       147,983
    Net interest income   183,701     141,506       96,236     418,877       303,666
    Provision charge for credit losses   9,299     69,705       12,541     78,684       29,031
    Net interest income after provision for credit losses   174,402     71,801       83,695     340,193       274,635
                       
    Non-interest income:                  
    Fees   9,816     8,699       6,132     24,426       18,294
    Wealth management income   7,620     7,769       6,992     22,878       20,826
    Insurance agency income   3,631     4,488       3,224     12,912       11,175
    Bank-owned life insurance   4,308     3,323       1,820     9,448       4,838
    Net gain (loss) on securities transactions   2     (2,973 )     13     (2,972 )     37
    Other income   1,478     969       1,139     3,245       5,691
    Total non-interest income   26,855     22,275       19,320     69,937       60,861
                       
    Non-interest expense:                  
    Compensation and employee benefits   63,468     54,888       35,702     158,404       109,724
    Net occupancy expense   12,790     11,142       8,113     32,452       24,474
    Data processing expense   10,481     8,433       5,312     25,698       16,536
    FDIC Insurance   4,180     3,100       1,628     9,553       5,688
    Amortization of intangibles   12,231     6,483       720     19,420       2,231
    Advertising and promotion expense   1,524     1,171       1,133     3,661       3,722
    Merger-related expenses   15,567     18,915       2,289     36,684       5,349
    Other operating expenses   15,761     11,262       10,728     37,352       31,761
    Total non-interest expense   136,002     115,394       65,625     323,224       199,485
    Income (loss) before income tax expense   65,255     (21,318 )     37,390     86,906       136,011
    Income tax expense (benefit)   18,850     (9,833 )     8,843     19,905       34,925
    Net income (loss) $ 46,405   $ (11,485 )   $ 28,547   $ 67,001     $ 101,086
                       
    Basic earnings per share $ 0.36   $ (0.11 )   $ 0.38   $ 0.65     $ 1.35
    Average basic shares outstanding   129,941,845     102,957,521       74,909,083     102,819,042       74,793,530
                       
    Diluted earnings per share $ 0.36   $ (0.11 )   $ 0.38   $ 0.65     $ 1.35
    Average diluted shares outstanding   130,004,870     102,957,521       74,914,205     102,845,261       74,816,606
                                     
    PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
    Net Interest Margin Analysis
    Quarterly Average Balances
    (Dollars in Thousands) (Unaudited)
      September 30, 2024   June 30, 2024   September 30, 2023
      Average Balance   Interest   Average
    Yield/Cost    		   Average Balance   Interest   Average
    Yield/Cost    		   Average Balance   Interest   Average
    Yield/Cost
    Interest-Earning Assets:                                  
    Deposits $ 179,313   $ 2,425   5.38 %   $ 40,228   $ 1,859   5.38 %   $ 74,183   $ 884   4.73 %
    Federal funds sold and other short-term investments   —     —   — %     0     —   — %     57     1   4.00 %
    Available for sale debt securities   2,644,262     24,884   3.72 %     2,244,725     17,647   3.14 %     1,724,833     10,127   2.35 %
    Held to maturity debt securities, net (1)   342,217     2,136   2.50 %     352,216     2,357   2.68 %     373,681     2,334   2.50 %
    Equity securities, at fair value   19,654     —   — %     10,373     —   — %     1,068     —   — %
    Federal Home Loan Bank stock   91,841     1,090   4.75 %     88,864     2,747   12.36 %     91,273     1,759   7.71 %
    Net loans: (2)                                  
    Total mortgage loans   13,363,265     197,857   5.83 %     10,674,109     156,318   5.81 %     7,881,193     104,540   5.21 %
    Total commercial loans   4,546,088     81,183   7.05 %     3,514,602     58,532   6.62 %     2,289,267     33,806   5.81 %
    Total consumer loans   622,586     12,947   8.27 %     460,702     8,351   7.29 %     300,383     4,746   6.27 %
    Total net loans   18,531,939     291,987   6.21 %     14,649,413     223,201   6.05 %     10,470,843     143,092   5.37 %
    Total interest-earning assets $ 21,809,226   $ 322,522   5.84 %   $ 17,385,819   $ 247,811   5.67 %   $ 12,735,938   $ 158,197   4.89 %
                                       
    Non-Interest Earning Assets:                                  
    Cash and due from banks   341,505             37,621             82,522        
    Other assets   2,097,307             1,773,601             1,158,150        
    Total assets $ 24,248,038           $ 19,197,041           $ 13,976,610        
                                       
    Interest-Bearing Liabilities:                                  
    Demand deposits $ 9,942,053   $ 74,864   3.00 %   $ 7,935,543   $ 58,179   2.95 %   $ 5,741,052   $ 35,290   2.44 %
    Savings deposits   1,711,502     1,006   0.23 %     1,454,784     832   0.23 %     1,240,951     592   0.19 %
    Time deposits   3,112,598     34,139   4.36 %     2,086,433     22,047   4.25 %     1,052,793     9,041   3.41 %
    Total deposits   14,766,153     110,009   2.96 %     11,476,760     81,058   2.84 %     8,034,796     44,923   2.22 %
                                       
    Borrowed funds   2,125,149     19,923   3.73 %     2,158,193     20,566   3.83 %     1,780,655     16,765   3.74 %
    Subordinated debentures   413,267     8,889   8.56 %     221,086     4,681   8.52 %     10,613     273   10.24 %
    Total interest-bearing liabilities   17,304,569     138,821   3.19 %     13,856,039     106,305   3.09 %     9,826,064     61,961   2.50 %
                                       
    Non-Interest Bearing Liabilities:                                  
    Non-interest bearing deposits   3,741,160             2,866,917             2,230,199        
    Other non-interest bearing liabilities   541,839             346,616             265,427        
    Total non-interest bearing liabilities   4,282,999             3,213,533             2,495,626        
    Total liabilities   21,587,568             17,069,572             12,321,690        
    Stockholders’ equity   2,660,470             2,127,469             1,654,920        
    Total liabilities and stockholders’ equity $ 24,248,038           $ 19,197,041           $ 13,976,610        
                                       
    Net interest income     $ 183,701           $ 141,506           $ 96,236    
                                       
    Net interest rate spread         2.65 %           2.58 %           2.39 %
    Net interest-earning assets $ 4,504,657           $ 3,529,780           $ 2,909,874        
                                       
    Net interest margin (3)         3.31 %           3.21 %           2.96 %
                                       
    Ratio of interest-earning assets to total interest-bearing liabilities 1.26x           1.25x           1.30x        
       
    (1 ) Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.
    (2 ) Average outstanding balances are net of the allowance for loan losses, deferred loan fees and expenses, loan premiums and discounts and include non-accrual loans.
    (3 ) Annualized net interest income divided by average interest-earning assets.
         
    The following table summarizes the quarterly net interest margin for the previous five quarters.      
      9/30/24   6/30/24   3/31/24   12/31/23   9/30/23
      3rd Qtr.   2nd Qtr.   1st Qtr.   4th Qtr.   3rd Qtr.
    Interest-Earning Assets:                  
    Securities 3.69 %   3.40 %   2.87 %   2.79 %   2.67 %
    Net loans 6.21 %   6.05 %   5.51 %   5.50 %   5.37 %
    Total interest-earning assets 5.84 %   5.67 %   5.06 %   5.04 %   4.89 %
                       
    Interest-Bearing Liabilities:                  
    Total deposits 2.96 %   2.84 %   2.60 %   2.47 %   2.22 %
    Total borrowings 3.73 %   3.83 %   3.60 %   3.71 %   3.74 %
    Total interest-bearing liabilities 3.19 %   3.09 %   2.80 %   2.71 %   2.50 %
                       
    Interest rate spread 2.65 %   2.58 %   2.26 %   2.33 %   2.39 %
    Net interest margin 3.31 %   3.21 %   2.87 %   2.92 %   2.96 %
                       
    Ratio of interest-earning assets to interest-bearing liabilities 1.26x   1.25x   1.28x   1.28x   1.30x
                       
    PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
    Net Interest Margin Analysis
    Average Year to Date Balances
    (Dollars in Thousands) (Unaudited)
                           
      September 30, 2024   September 30, 2023
      Average       Average   Average       Average
      Balance   Interest   Yield/Cost   Balance   Interest   Yield/Cost
    Interest-Earning Assets:                      
    Deposits $ 39,280   $ 5,466   5.38 %   $ 69,696   $ 2,676   5.13 %
    Federal funds sold and other short term investments   —     —   — %     58     2   5.34 %
    Available for sale debt securities   2,189,671     52,553   3.19 %     1,777,861     30,819   2.31 %
    Held to maturity debt securities, net (1)   350,529     6,761   2.57 %     379,144     7,059   2.48 %
    Equity securities, at fair value   10,050     —   — %     1,022     —   — %
    Federal Home Loan Bank stock   84,845     6,145   9.66 %     77,634     3,929   6.75 %
    Net loans: (2)                      
    Total mortgage loans   10,682,974     461,632   5.70 %     7,740,591     299,830   5.12 %
    Total commercial loans   3,487,600     175,815   6.69 %     2,225,725     93,915   5.60 %
    Total consumer loans   460,497     25,820   7.49 %     302,706     13,419   5.93 %
    Total net loans   14,631,071     663,267   5.99 %     10,269,022     407,164   5.25 %
    Total interest-earning assets $ 17,305,446   $ 734,192   5.61 %   $ 12,574,437   $ 451,649   4.76 %
                           
    Non-Interest Earning Assets:                      
    Cash and due from banks   229,336             121,801        
    Other assets   1,663,331             1,152,113        
    Total assets $ 19,198,113           $ 13,848,351        
                           
    Interest-Bearing Liabilities:                      
    Demand deposits $ 7,931,251   $ 174,609   2.94 %   $ 5,710,855   $ 85,822   2.01 %
    Savings deposits   1,444,135     2,476   0.23 %     1,315,157     1,582   0.16 %
    Time deposits   2,091,806     66,517   4.25 %     961,010     21,476   2.99 %
    Total deposits   11,467,192     243,602   2.84 %     7,987,022     108,880   1.82 %
    Borrowed funds   2,074,958     57,871   3.73 %     1,556,619     38,329   3.29 %
    Subordinated debentures   215,745     13,842   8.57 %     10,563     774   9.80 %
    Total interest-bearing liabilities $ 13,757,895   $ 315,315   3.06 %   $ 9,554,204   $ 147,983   2.07 %
                           
    Non-Interest Bearing Liabilities:                      
    Non-interest bearing deposits   2,896,453             2,382,144        
    Other non-interest bearing liabilities   379,909             266,910        
    Total non-interest bearing liabilities   3,276,362             2,649,054        
    Total liabilities   17,034,257             12,203,258        
    Stockholders’ equity   2,163,856             1,645,093        
    Total liabilities and stockholders’ equity $ 19,198,113           $ 13,848,351        
                           
    Net interest income     $ 418,877           $ 303,666    
                           
    Net interest rate spread         2.55 %           2.69 %
    Net interest-earning assets $ 3,547,551           $ 3,020,233        
                           
    Net interest margin (3)         3.18 %           3.19 %
                           
    Ratio of interest-earning assets to total interest-bearing liabilities 1.26x           1.32x        
                           
                           
    (1) Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.
    (2) Average outstanding balance are net of the allowance for loan losses, deferred loan fees and expenses, loan premium and discounts and include non-accrual loans.
    (3) Annualized net interest income divided by average interest-earning assets.
     
    The following table summarizes the year-to-date net interest margin for the previous three years.
                 
      Nine Months Ended  
      September 30, 2024   September 30, 2023   September 23, 2022  
    Interest-Earning Assets:            
    Securities 3.33 %   2.57 %   1.72 %  
    Net loans 5.99 %   5.25 %   4.01 %  
    Total interest-earning assets 5.61 %   4.76 %   3.51 %  
                 
    Interest-Bearing Liabilities:            
    Total deposits 2.84 %   1.82 %   0.33 %  
    Total borrowings 3.73 %   3.29 %   0.97 %  
    Total interest-bearing liabilities 3.06 %   2.07 %   0.38 %  
                 
    Interest rate spread 2.55 %   2.69 %   3.13 %  
    Net interest margin 3.18 %   3.19 %   3.24 %  
                 
    Ratio of interest-earning assets to interest-bearing liabilities 1.26x   1.32x   1.38x  

    SOURCE: Provident Financial Services, Inc.

    CONTACT: Investor Relations, 1-732-590-9300 Web Site: http://www.Provident.Bank

    The MIL Network –

  • MIL-OSI: TMT Acquisition Corp Shareholders Approve Business Combination with eLong Power Holding Limited

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, Oct. 29, 2024 (GLOBE NEWSWIRE) — TMT Acquisition Corp (Nasdaq: TMTCU, TMTC, and TMTCR) (“TMTC”), a publicly traded special purpose acquisition company, announced at its extraordinary general meeting earlier today, October 29, 2024, that its shareholders voted to approve the previously announced business combination with eLong Power Holding Limited (“eLong Power”), a provider of high power battery technologies for commercial and specialty vehicles and energy storage systems.

    The transaction has been unanimously approved by the Board of Directors of TMT and eLong Power. Subject to certain contractual as well as customary closing conditions, the business combination is expected to close in the coming weeks. As part of the consummation of the business combination, the newly combined public company is expected to trade on the Nasdaq Stock Market under the symbol “ELPW”.

    The business combination is expected to provide eLong Power with access to the U.S. public equity markets, thereby accelerating its business expansion and bolstering eLong Power’s position to explore additional growth and value- creating opportunities.

    Advisors

    The Crone Law Group P.C. is acting as U.S. legal advisor to TMTC. Ogier Global is acting as the Cayman Islands legal advisor to TMTC. Graubard Miller is acting as U.S. legal advisor to eLong Power, Harneys is acting as Cayman Islands legal advisor to eLong Power and Han Kun Law Offices is acting as China legal advisor to eLong Power.

    About eLong Power

    eLong Power Holding Limited, a Cayman Islands exempted company, is committed to the research and development, manufacturing, sales and service of high-power lithium-ion batteries for electric vehicles and construction machinery, as well as large-capacity, long-cycle lithium-ion batteries for energy storage systems. eLong Power is led by Ms. Xiaodan Liu, eLong Power’s Chairwoman and CEO.

    eLong Power has a comprehensive product and technology system that includes battery cells, modules, system integration, and battery management system development, based on high-power lithium-ion batteries and battery system products for long-cycle energy storage devices. eLong Power offers advanced energy applications and full life cycle services. Its product portfolio includes products utilizing lithium manganese oxide and lithium iron phosphate, among others, to meet the needs of high-power applications and energy storage applications in various scenarios.

    About TMT Acquisition Corp

    TMT Acquisition Corp is a blank check company, also commonly referred to as a special purpose acquisition company (SPAC), formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. TMTC is led by Dajiang (“DJ”) Guo, Chairman and Chief Executive Officer, and Jichuan Yang, Chief Financial Officer, who are growth-oriented executives with a long track record of value creation across industries.

    Forward-looking Statements

    This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the benefits of the transaction, the anticipated timing of the transaction, the products offered by eLong Power and the markets in which it operates, and eLong Power’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including, but not limited to: the risk that the transaction may not be completed by TMTC’s business combination deadline; the failure to satisfy one or more of the conditions to the consummation of the transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; the effect of the announcement or pendency of the transaction on eLong Power’s business relationships, performance, and business generally; risks that the proposed business combination disrupts current plans or operations of eLong Power; the outcome of any legal proceedings that may be instituted against eLong Power or TMTC related to the business combination agreement or the proposed business combination; the ability of eLong Power to have its securities listed on Nasdaq commencing on the closing of the transaction and maintain such listing thereafter; after the closing of the transaction, the price of eLong Power Inc.’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which eLong Power Inc. will operate, variations in performance across competitors, changes in laws and regulations affecting eLong Power Inc.’s business and changes in its capital structure; the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination, and identify and realize additional opportunities provided by the business combination; its need for substantial additional funds; the parties’ dependence on third-party suppliers; risks relating to the results of research and development activities, market and other conditions; its ability to attract, integrate, and retain key personnel; risks related to its growth strategy; patent and intellectual property matters; and the parties’ ability to obtain, perform under and maintain financing and strategic agreements and relationships. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding TMTC’s and eLong Power’s business are described in detail in TMTC’s and eLong Power’s SEC filings which are available on the SEC’s website at www.sec.gov, including in eLong Power’s registration statement on Form F-4 (File No. 333-280512) and TMTC’s registration statement on Form S-1 (File No. 333-259879), filed with the SEC and updated by TMTC’s and eLong Power’s subsequent filings with the SEC. These forward-looking statements speak only as of the date hereof, and TMTC expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.

    eLong Power Investor Contact:
    Shilin Xun
    Email: xunshilin@elongpower.com

    TMTC Contact:
    Dajiang Guo
    Email: dguo@tmtacquisitioncorp.com
    347-627-0058

    The MIL Network –

  • MIL-OSI Global: New insights from Shakespeare’s England reveal striking parallels to contemporary climate change

    Source: The Conversation – Canada – By Madeline Bassnett, Professor of Early Modern English Literature, Western University

    Unprecedented storms and devastating drought. Flash floods and wildfires ignited by the air’s dry heat. This is the experience for many in our modern world. But it was also the experience for those living amid England’s Little Ice Age.

    The Little Ice Age is a period from around 1300 to 1850, when global temperatures dropped significantly. While the exact cause of this phenonemon is unknown, theories range from volcanic eruptions to European colonization of the Americas.

    Our research into England’s Little Ice Age during the 16th and 17th centuries has unearthed more than 1,800 unique pieces of weather observations, hidden in documents like diaries and letters. Local and national chronicles embedded reports of extreme weather among accounts of war and monarchs. Extreme weather pamphlets publicized tragic effects of earthquakes, floods and storms, much like our media today.

    Our team has created an open access database called the Weather Extremes in England’s Little Ice Age 1500-1700. This database visually maps both extreme and temperate weather in the age of Shakespeare and can help to advance modern climate science.

    More fundamentally, these experiential accounts provide a fascinating window into a world not too different from our own. While the causes of the climate change of today are well known, and likely different from that of the Little Ice Age, the experiences of living through both events are at times eerily similar. Understanding these past experiences can help us to better understand our present day and to develop more robust policies in the here and now.



    Read more:
    The Canadian Arctic shows how understanding the effects of climate change requires long-term vision

    Frosts and freezes

    Frost fairs on the River Thames have become a familiar cultural reference point for England’s Little Ice Age. Our data shows that the river froze over a mere four times in the 16th century — in 1516, 1537, 1564 and 1590 — and there were only intermittent observations of unusual cold or snow.

    The 17th century was markedly different. Reports of cold came thick and fast, with the exception of a few years between 1620 and 1643.

    Title page from The Great Frost: ‘Cold doings in London, except it be at the lotterie. With newes out of the country. A familiar talk betwene a country-man and a citizen touching this terrible frost and the great lotterie, and the effects of them.’ Printed at London: For Henry Gosson, 1608. Attributed to Thomas Dekker.
    (Houghton Library, Harvard University)

    This was the century of frost fairs on the Thames. With the first 17th century fair in 1608, these events were celebrated by English playwright Thomas Dekker in his pamphlet The Great Frost.

    Drinking, barbering and games were on display as London’s citizens marvelled at the novelty of entertainment on the ice. The freezes were frequent enough to become an institution.

    By the winter of 1683-1684, the frost fair had become a city within a city, expanding across the ice with avenues of booths, bear and bull-baiting rings and boats-turned-chariots pulled by enterprising watermen across the now solid river.

    But these iconic events were just one aspect of Little Ice Age weather in England.

    Storms and floods

    In the 16th century, severe rain storms were far more common than cold snaps.

    On Oct. 5, 1570, “a terrible tempest of wind and raine” caused flooding from Lincolnshire to London as rivers overflowed their banks, drowning towns, fields, crops and cattle. Storm surges inundated the coastline.

    Four years later, towns from Newport to St. Ives suffered “raging floods,” and a “giant sea fish” (whale) washed up in the Thames from a massive surge up river. In May 1594, “soddane showres of haile [and] raine” destroyed houses, iron mills, crops and cattle in Sussex and Surrey. September of that year saw another deluge, with bridges taken down in Cambridge and Ware.

    This all changed in the 17th century, following the Great Flood that struck Bristol and surrounding areas in 1607. Extreme cold spells then became more frequent, and major storm events were less common. The winter of 1612-1613 saw a number of violent storms recorded in the pamphlet Wonders of this Windie Winter, with livestock lost from Newcastle to Dover and bodies from shipwrecks washing aground in the Thames.

    In the next 40 years, though, only the years of 1626 and 1637 contain reports of significant storm events causing loss of life or livestock. Instead of extreme storms, this century was marked more by regular but moderate rainfall, consistent with colder, wetter conditions normally associated with the Little Ice Age.

    Fire and heat

    If colder, wetter weather was a new normal for 17th century Britons, the hot, dry spring of 1666 caught Londoners unprepared. The Great Fire of London was one of the worst disasters of the age, and diarist John Evelyn recounts that “the heate … had even ignited the aire,” a comment reminiscent of descriptions of wildfire spread today.

    Yet periods of extreme heat were surprisingly frequent during the previous century, especially in the England that Shakespeare knew. More than a dozen droughts were recorded across England in the 16th century, usually broken by extreme storms or floods. It never rained, it seems, but it poured. The Thames dried up completely in 1592.

    As Thomas Short wrote in his Chronological History of English Weather, “an excessive drought, great death of cattle from want of water; springs and brooks were dried up; horsemen could ride the Thames.” Locals went into the mud to retrieve items long lost to the river.

    Shakespeare’s hometown of Stratford-upon-Avon was nearly destroyed by fire twice, in 1594 and 1595, due to severe drought and heat. The warning signs were there for Londoners to beware of hot spells in the next century, but frost fairs and wet weather may have bred complacency.

    Lessons for today

    The Weather Extremes in England’s Little Ice Age 1500-1700 database is revealing a picture of the world of Shakespeare and early modern England that upends a simplified picture of the Little Ice Age. More than just a world of frosts and freezes, the English Little Ice Age could be known as well as an age of fire and rain.



    Read more:
    The B.C. election could decide the future of the province’s species at risk laws

    The documents in our database are the reports of people who lived in a climatically changing world and saw its shifts firsthand. It shows how important weather crowd-sourcing can be, even centuries later. Contemporary projects like the Community Collaborative Rain, Hail and Snow Network, or the Northern Tornadoes Project, continue in the spirit of this work.

    But our data could also provide insight into today’s extreme weather. Historical flooding patterns might provide reference points to better manage and understand the unstable weather experienced in the British Isles today.

    Madeline Bassnett has received funding from SSHRC for the Weather Extremes in England’s Little Ice Age 1500-1700 project.

    Laurie Johnson 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. New insights from Shakespeare’s England reveal striking parallels to contemporary climate change – https://theconversation.com/new-insights-from-shakespeares-england-reveal-striking-parallels-to-contemporary-climate-change-240755

    MIL OSI – Global Reports –

  • MIL-OSI USA: $82M Goes to WA Ports for Clean Infrastructure Investments to Increase Capacity, Bolster Competitiveness, & Create New Jobs

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    10.29.24

    $82M Goes to WA Ports for Clean Infrastructure Investments to Increase Capacity, Bolster Competitiveness, & Create New Jobs

    $63.8M to Port of Anacortes & $9.4M to Port of Port Angeles, plus planning grants for Anacortes, Seattle, Bellingham, Seaport Alliance from EPA’s new Clean Ports Program

    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), U.S. Senator Patty Murray (D-WA), U.S. Representative Rick Larsen (D, WA-02), and U.S. Representative Derek Kilmer (D, WA-06) announced six grants to help ports in the State of Washington invest in critical infrastructure upgrades. The competitive grants were awarded by the Environmental Protection Agency’s (EPA) Clean Ports Program, one of many important infrastructure upgrades and carbon reduction initiatives that the lawmakers supported in the historic Inflation Reduction Act.

    The Port of Anacortes is receiving $63.8 million to fund a major conversion of port equipment to battery electric power and $1.3 million for additional planning work.

    “This major federal investment will enable the Port of Anacortes to electrify its operations and bring in much-needed new cargo handling equipment that will help the Port expand. Boosting the Port’s efficiency and capacity will create 50 new high-paying jobs, introduce more apprenticeships, and maintain payrolls for over 1,000 locals currently employed by the Port and its tenants,” said Sen. Cantwell.

    “The Port of Anacortes is an important part of Washington state’s maritime infrastructure and a huge mover for Skagit County’s economy—these federal resources will help ensure the Port can more quickly implement its zero-emissions strategy while creating local jobs,” said Sen. Murray. “I was proud to help pass the Inflation Reduction Act and help secure a landmark investment in building a stronger, clean energy economy—it’s good to see federal dollars come back to Anacortes. As Senate Appropriations Chair, I will continue to fight for investments that fuel our clean energy transition while strengthening our economy.”

    “You cannot have a big-league economy with little league infrastructure,” said Rep. Larsen, the lead Democrat on the Transportation & Infrastructure Committee. “Thanks to the Inflation Reduction Act, the Port of Anacortes has the funding it needs to electrify cargo handling operations on the Guemes Channel waterfront and reduce emissions. Congress must continue to make bold, long-term investments in Northwest Washington ports to create more jobs and build a cleaner and greener future.”

    With the funds, the Port of Anacortes will buy a range of new battery electric equipment including five tow tractors, 16 forklifts, six marine travel lifts/cranes, five boom/aerial lifts, two material handlers, and seven vessels. This will improve community engagement, grow workforce opportunities, and increase access to quality jobs, while lowering local air pollution. The Port is contributing $10,312,006 towards the project.

    The Port of Port Angeles is receiving $9.4 million to purchase all-electric, zero emissions cargo handling equipment and enhance shore power offerings.

    “The Port of Port Angeles links the forest products industry with customers across the globe. Investing in new shore power and electric equipment will reduce costs for the Port, its tenants, and forest products businesses that support more than 1,500 jobs on the Olympic Peninsula,” said Sen. Cantwell.

    “From replacing equipment fueled by diesel to building out new charging and grid infrastructure—this federal funding will help Port Angeles reduce emissions, create more jobs, and compete in the 21st century,” said Sen. Murray. “I was proud to help pass the Inflation Reduction Act and help secure a landmark investment in building a stronger, clean energy economy—it’s good to see federal dollars come back to the Olympic Peninsula. As Senate Appropriations Chair, I will continue to fight for investments that fuel our clean energy transition while strengthening our economy.”

    “Our ports are amazing engines of economic growth and opportunity,” said Rep. Kilmer. “That’s why this investment from the EPA is such a big deal, especially for folks on the Olympic Peninsula. Thanks to funding from the Inflation Reduction Act, we are taking major steps toward improved safety, decreased costs, and reduced emissions at the Port of Port Angeles, without the costs falling solely on the backs of local taxpayers. As a Port Angeles native, I’m proud to have supported this important project and look forward to a bright future for the port and for workers in our community.”

    With the funds, the Port of Port Angeles will buy a variety of new zero emissions equipment including a reachstacker for handling heavy cargo, a conveyor for handling bulk cargo, and clean forklifts for handling lighter cargo. This investment will replace existing diesel equipment. The Port will also enhance their shore power offerings, upgrading the electrical service cabinets and buying mobile shore power cable management units.

    In addition, the EPA awarded three planning grants under the Clean Ports Program. The Northwest Seaport Alliance received $3 million, the Port of Seattle received $2.9 million, and the Port of Bellingham received $1.5 million.

    The Inflation Reduction Act of 2022 created and provided $3 billion in funding for the Clean Ports Program to jumpstart investments in zero-emission port equipment and infrastructure, as well as improve climate and air quality planning at U.S. ports. The goals of the Clean Ports Program are to:

    • Build a foundation for the port sector to transition over time to fully zero-emissions operations, positioning ports to serve as a catalyst for transformational change across the freight sector.
    • Reduce diesel pollution (criteria pollutants, GHGs, and air toxics) in near-port communities.
    • Help ensure that meaningful community engagement and emissions reduction planning are port industry standard practices.

    Sen. Cantwell advocated for creation of EPA’s Clean Ports Program as part of the Inflation Reduction Act, and has consistently championed investments in Washington’s ports. Along with securing the Water Resources Development Act in the 2023 NDAA, Sen. Cantwell also successfully fought to include the 2019 legislation that reauthorized U.S. Department of Transportation’s Maritime Administration’s Port Infrastructure Development Program (PIDP), which she co-authored. As Chair of the Senate Committee on Commerce, Science, and Transportation, Sen. Cantwell worked to include a record $2.25 billion for the PIDP in the Biden-Harris Infrastructure Law. In September 2021, Sen. Cantwell led a letter calling to boost funding for the PIDP program to help address the ongoing issues with port congestion. Subsequently, in 2022, the U.S. Department of Transportation’s Maritime Administration’s (MARAD) awarded $71.4 million in PIDP funding to five ports in Washington state.

    As then Assistant Majority Leader, Sen. Murray helped ensure passage of the Inflation Reduction Act and worked to help establish EPA’s Clean Ports Program. As Senate Appropriations Chair, in Fiscal Year 2024, Sen. Murray secured $9.29 billion in essential funding for EPA’s critical responsibilities to protect our environment and public health. Under tough fiscal constraints, Sen. Murray provided modest increases across all EPA programs in the face of drastic cuts proposed by House Republicans—ensuring EPA could keep researchers, scientists, and other specialists on the job to safeguard our environment and make today’s awards possible.

    Sen. Murray has been a champion of Washington state’s ports, from making sure ports were eligible for the RAISE (originally TIGER) grant program she created as Chair of the Transportation Appropriations Subcommittee in 2009. The RAISE program Sen. Murray established marked the first time port authorities were eligible to apply for competitive federal grants. As a senior member—and now Chair—of the appropriations committee, Sen. Murray helped create and fund PIDP; the competitive grant program was established in the Fiscal Year 2019 transportation appropriations bill, which was enacted in February 2019. Since then, Sen. Murray has played a key role in securing more than $1.2 billion funding for PIDP in annual appropriations bills since its inception. Sen. Murray also fought to make sure the Bipartisan Infrastructure Law included $2.25 billion over five years for PIDP. 

    MIL OSI USA News –

  • MIL-OSI USA: Bennet, Hickenlooper, Neguse, Pettersen, Polis Welcome $129 Million for Rail Projects in Colorado

    US Senate News:

    Source: United States Senator for Colorado Michael Bennet

    Photos from Press Conference HERE 

    Denver — Colorado U.S. Senators Michael Bennet and John Hickenlooper, U.S. Representatives Joe Neguse and Brittany Pettersen, and Governor Jared Polis welcomed over $129.5 million from the U.S. Department of Transportation (DOT) for four Colorado rail projects. The Colorado Department of Transportation (CDOT), Colorado State University (CSU) Pueblo, San Luis Central Railroad, and OmniTRAX will all receive funding as part of DOT’s Consolidated Rail Infrastructure & Safety Improvements Grant Program, funded in part through the Bipartisan Infrastructure Law. The leaders held a press conference on Tuesday in Westminster, Colorado, to celebrate this announcement.

    “Colorado’s railways are vital to connect our communities and get resources to markets across the country. That’s why I ensured the U.S. Department of Transportation understood how critical this funding is for our state’s transportation infrastructure,” said Bennet. “I’m glad to have helped secure these investments in our railways’ safety, efficiency, and reliability across the state. ”

    “From freight in the San Luis Valley to passengers on the Front Range and beyond with CSU Pueblo’s research, rail isn’t just a part of our past, it’s a big part of our future, too,” said Hickenlooper. “That’s the case we made to Secretary Buttigieg for this funding and this is just the start.” 

    “After years of working to secure federal support for the Front Range Passenger Rail Project, I am excited to see the Department of Transportation heed our calls and commit to modernizing Colorado’s passenger rail system—not just for communities along the Front Range but for residents throughout the entire state. This is a once-in-a-generation investment in our passenger rail infrastructure, creating countless new opportunities for communities to connect, grow, and thrive—and we will continue to work together to ensure this momentum leads to lasting benefits for all Coloradans,” said Neguse.

    “Today, I am incredibly grateful to see this federal funding coming to Colorado to strengthen our railway systems, enhance safety, and modernize our infrastructure,” said Pettersen. “After a train derailment in Boulder injured workers and put our communities at risk, I supported funding to reinforce public safety and restore trust in Colorado’s rail infrastructure. I’m pleased to see these federal dollars coming to our state to help ensure we have safe, reliable infrastructure for generations to come.”

    “Today’s grant will make freight rail traffic in some of our busiest growing communities safer quickly while providing critical building blocks for Passenger Rail.  This major funding will help achieve important priorities like complying with longstanding federal standards and improving the safety of rail crossings, which can be the sites of dangerous incidents. With more than $66 million in federal support from the Biden-Harris administration, the future of Colorado’s rail network is a clear priority for the federal government, as it should be. We thank Senators Hickenlooper and Bennet, Congressman Neguse and Congresswoman Pettersen, and our communities for their support of this important project,” said Polis.

    This funding includes:

    • $66.4 million for CDOT to modernize Front Range rail. This investment will help CDOT design, install, and test train operation and safety improvements, including Positive Train Control (PTC) and railroad crossings;
    • $50.5 million for OmniTRAX transportation safety and employment. This investment will help design and construct replacement railroad ties across Omnitrax short lines;
    • $11.6 million for CSU Pueblo to research renewable energy for rail vehicles. This investment will aid research and development of alternative fuel rail transportation, including safety experiments on the use of CH2/CNG-powered rail cars at the facility; and
    • $1 million for San Luis Central Railroad to replace wooden ties. This investment will help replace deteriorated cross and switch ties to ensure safety along the SLC corridor.

    “Southern Colorado often represents a hard-working spirit leveraging the opportunity of innovation. This Department of Transportation CRISI grant emboldens that spirit, enabling CSU Pueblo, in partnership with the Southern Colorado Transportation Technology Center (SCITT), to contribute to the future of rail transportation through critical safety research in hydrogen and natural gas technologies. I am particularly proud of how this project will partner with our Engineering program at CSU Pueblo, utilizing the expertise here to create new pathways for our students and local workforce. This grant is more than research – it’s a valuable investment into Southern Colorado,” said Armando Valdez, President, CSU Pueblo.

    “TIES2 will be transformative for the communities served by Great Western Railway of Colorado and the regions served by OmniTRAX railroads in Georgia, Alabama, and Washington state,” said David Arganbright, Senior Vice President, OmniTRAX. “OmniTRAX is proud to call Colorado home, and we are tremendously appreciative of all the work that Sen. Hickenlooper has done in Congress to champion Colorado’s railways and deliver the critical infrastructure investments that strengthen our nation’s supply chains.”

    Earlier this year, Bennet, Hickenlooper, Neguse and Pettersen urged the DOT to fund CDOT’s project along the Front Range.

    MIL OSI USA News –

  • MIL-OSI USA: Bennet, Hickenlooper, Colleagues Urge Federal Court to Protect Access to Emergency Abortions

    US Senate News:

    Source: United States Senator for Colorado Michael Bennet

    Denver — Colorado U.S. Senators Michael Bennet and John Hickenlooper, alongside 258 members of Congress, submitted an amicus brief to the U.S. Court of Appeals for the 9th Circuit calling on the court to require Medicare-funded hospitals to provide life-saving care that may include abortion care. The court is considering Moyle v. United States and Idaho v. United States which concern the Emergency Medical Treatment and Labor Act (EMTALA), a federal law that requires hospitals that receive Medicare funding to provide necessary “stabilizing treatment” to patients experiencing medical emergencies, which can include abortion care.

    ““[T]he 99th Congress passed EMTALA to ensure that every person who visits a Medicare-funded hospital with an ‘emergency medical condition’ is offered stabilizing treatment,” wrote Bennet, Hickenlooper, and the lawmakers.

    After the Dobbs v. Jackson decision in 2022, Idaho passed a law making it a felony for a doctor to terminate a patient’s pregnancy unless it is “necessary” to prevent the patient’s death. The U.S. Department of Justice sued Idaho, arguing that the state’s law is preempted by EMTALA in those circumstances in which abortion may not be necessary to prevent imminent death, but still constitutes the necessary stabilizing treatment for a patient’s emergency medical condition. The district court agreed; however, Idaho appealed that ruling to the Supreme Court.

    In their brief, the lawmakers ask the Ninth Circuit to uphold the district court’s ruling. They argue that the congressional intent, text, and history of EMTALA make clear that covered hospitals must provide abortion care when it’s necessary to stabilize a patient’s emergency medical condition, and that EMTALA preempts Idaho’s abortion ban in emergency situations that present a serious threat to a patient’s health.

    “Congress chose broad language for that mandate, requiring hospitals that participate in the Medicare program to provide ‘such treatment as may be required to stabilize the medical condition.’… That text—untouched by Congress for the past three decades—makes clear that in situations in which a doctor determines that abortion constitutes the ‘[n]ecessary stabilizing treatment’ for a pregnant patient, federal law requires the hospital to offer it,” continued the lawmakers.  

    In March, Bennet and 257 of his colleagues filed an amicus brief asking the U.S. Supreme Court to affirm the district court decision. In June, the Supreme Court sent the case back to the Ninth Circuit Court and reinstated the district court’s injunction.

    The full text of the amicus brief is available HERE.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Meet the Whitebait | Conservation blog

    Source: Department of Conservation

    Freshwater Ranger Suze Harris is based in Hokitika and studies migratory galaxiids on the West Coast. Here she explains a summary of what whitebait grow up into, and what habitats you can find them in.

    There are 5 whitebait species in the Galaxiidae family (excluding smelt/cucumber fish, which are not a true galaxiid). Each have their own habitat preferences and unique behaviours! They do not have scales and tend to be nocturnal to feed on aquatic and terrestrial invertebrates while avoiding predation by bigger fish.

    Īnanga (Galaxias maculatus)

    Image supplied by: Suze Harris. Image credit: Angus McIntosh

    The most famous of the whitebait species, making up 90% of any whitebait fritter (depending on the river). Highly fecund (produce a lot of eggs) and live close to the coast. They are weak swimmers and cannot climb, so they stick to slow-moving waters such as wetlands, swamps and lowland streams. Their greatest threats are fish passage barriers (such as overhanging, perched culverts or structures with high velocities running through them), habitat loss, and introduced species. Īnanga spawn in autumn on spring tides on the sides of creeks and rivers. Generally, they live 1-2 years, some spawn twice. Like the rest of the whitebait species, they can live a lot longer in captivity.

    Giant kōkopu (Galaxias argentus)

    Image supplied by: Suze Harris. Image credit: Angus McIntosh

    Giants are the largest of the whitebait species, with the record length being 450mm, and were the first Galaxiidae to be described in 1789. The golden spots are very distinctive, and its colour pattern inspired the generic name of Galaxias to the whitebait family – referring to the profusion of stars in the galaxy. They are territorial in nature, usually lurking in slow-flowing waters in lowland runs and pools, and feast on large insects like cicadas and wēta. Their spawning ecology is still being unravelled by ecologists, a recent study suggests there are freshwater migrations to and from their domain to spawn.

    Eggs are deposited in floods during autumn on the banks of dense canopy cover. They usually run later in the whitebait season. Because they require instream cover with overhanging vegetation, they are disappearing from the east coasts of both islands. Some can live beyond 20 years, up to 40 years in captivity.

    Banded kōkopu (Galaxias fasciatus)

    Image supplied by: Suze Harris. Image credit: Alfonso Siciliano

    Bandeds are common throughout the coast, and are the smallest in the whitebait stage, often golden in colour. They are difficult to differentiate from the other kōkopu when they are young, but the key feature in larger fish are stripes connect over their backs, which is easiest to see towards their tail. They rely on terrestrial insects and are sensitive to intensive land development and sedimentation, hence why they are less common on the east coasts of both islands. They are happy in any type of forests, including pine, beech, and rainforests.

    Shortjaw kōkopu (Galaxias postvectis)

    Image supplied by: Suze Harris. Image credit: Angus McIntosh

    The rarest of the whitebait species, shortjaws are named due to their overbite. They do not have distinct markings other than a black patch behind their gill plate, a blue-green eye, and a dark fringe on their fins. Territorial in nature, they like rocky streams with stable pools to live out their adult lives, likely ranging between 7-15 years. Little is known about these fish due to their solitary nature, but like the other kōkopu species, they spawn in autumn floods on the banks of streams, eggs develop in moist leaf litter and get carried away by floods out to sea. They tend to not coincide with beech forests, so are very rare south of Ōkārito.

    Smoothwater River is the furthest southern record on the West Coast, and none have ever been recorded in Fiordland. They are now thought to be extinct from Canterbury. The West Coast is the densest area for shortjaws nationally due to habitat availability and decent water quality.

    Kōaro (Galaxias brevipinnis)

    Image supplied by: Suze Harris. Image credit: Angus McIntosh

    Also called climbing galaxias, Kōaro are the best climbers of the galaxiid family. They have elongated bodies with similar golden markings to a leopard. Their enlarged pectoral fins are ribbed, helping them climb any wet vertical surface. They can be found at the headwaters of rivers such as the Arahura and the Haast, even in the heart of the Southern Alps, which makes their larval migration out to sea incredible. There are lake-locked populations in NZ, including Lake Wānaka. They like rocky, tumbling streams and can be seen “moon bathing” on top of wet rocks in streams at night, which is likely a tactic to avoid tuna (eel) predation.

    Whitebait season

    Remember if you’re unsure of what the whitebait fishing regs are or would like to know more about the whitebait fishery go to our DOC website Whitebaiting: Things to do (doc.govt.nz). If you’re wanting to speak to one of our local rangers, please contact your local DOC office for more information or email whitebait@doc.govt.nz

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Historic redress inequities finally resolved for Lake Alice Unit survivors

    Source: New Zealand Government

    The Government is addressing historic redress inequities for some survivors abused at the Lake Alice Child and Adolescent Unit.

    In 2001, the Crown reached a $6.5 million group settlement with 95 survivors subjected to abuse at the Lake Alice Unit. Law firm Grant Cameron & Associates (now GCA Lawyers) represented the group and deducted an estimated $2.6 million in legal fees from the total settlement before individual payments were made.

    This resulted in survivors receiving, on average, an estimated $41,000, after approximately $27,000 was deducted in legal fees. Subsequently, further claimants received an average of $70,000 due to the Crown meeting legal costs.

    “This inequitable treatment has been a historic injustice for over 20 years. As a society we should have done better. This Government is determined to do better,” Lead Coordination Minister Erica Stanford says.

    “This decision directly relates to recommendation 18 of the Royal Commission’s final report. It recommended an independent person be appointed to review settlements, however Cabinet agreed this was an unnecessary step. The facts of this matter are clear and it was important to us that survivors be reimbursed as quickly as possible.” 

    Survivors can lodge a claim with the Ministry of Health claims service for reimbursement until 30 June 2025. Payments will be made on an ex-gratia basis, meaning they will not be treated as income for tax or benefit purposes.

    $2.6 million will address the parity issue, cover Ministry of Health administration of the claims process, as well as meet the costs of additional claims that have been made recently for historic abuse at Lake Alice.

    “Since July, we have acknowledged some children and young people experienced torture at the Lake Alice Unit and set up urgent financial assistance to those who are terminally ill.

    “While we can never fully make redress for or right the harm survivors experienced, the Government is continuing to respond to the Royal Commission’s final report with the respect and care it deserves,” Ms Stanford says.

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Good news for the Páramos at COP16

    Source: CAF Development Bank of Latin America

    CAF -development bank of Latin America and the Caribbean, with the support of Cumbres Blancas, positioned itself at the COP16 in Cali as the first multilateral institution to address the protection of the páramos with a comprehensive vision that seeks not only environmental conservation, but also the improvement of the quality of life of local communities that depend on these ecosystems.

    High mountain ecosystems, especially páramos, play a fundamental role in environmental sustainability and the well-being of millions of people. However, climate change, unsustainable land use and other human activities are seriously threatening these strategic ecosystems.

    In this context, the páramos, which are found exclusively in Colombia, Ecuador, Peru and Venezuela, are recognized as the most biodiverse high mountain ecosystems in the world. They are home to more than 35,000 species of plants and vertebrates, ranking first in diversity of birds, mammals and amphibians, and second in reptiles. In addition, these ecosystems provide critical services to more than 60 million people who depend directly on their resources, including water and energy supply for cities such as Bogotá, Quito, and Cuenca.

    The alliance with Cumbres Blancas reflects the institution’s commitment to promote concrete actions for the restoration and protection of the páramos, and aims to develop initiatives such as the construction of community nurseries, the creation of green employment capacities, and the restoration of watersheds, which are vital to guarantee access to drinking water and energy in these regions.

    CAF’s strategic actions in the páramos are aimed not only at mitigating the impacts of climate change, but also at fostering the resilience of the communities living in these territories. Community nurseries, for example, will be a fundamental tool for restoring native flora and reforesting degraded areas. In addition, the creation of green jobs in sectors such as sustainable agriculture and natural resource management will directly contribute to improving the socioeconomic conditions of local populations.

    Alicia Montalvo, CAF’s Climate Action and Positive Biodiversity Manager, said, “The challenge we face is not only to protect the biodiversity of the páramos, but to translate our knowledge and efforts into concrete actions to ensure their preservation. Our collaboration with ACTO and other institutions is key to obtaining accurate data and coordinating regional efforts, ensuring that resources are optimally invested where they are most needed.

    CAF has already launched several initiatives in the region, ranging from ecological restoration to the promotion of sustainable bio-businesses. One of the most outstanding examples is the work being carried out with the 56 Puruhá indigenous communities of the Cotopaxi páramo, in Ecuador, through a bio-business project promoted together with the Global Environmental Facility (GEF), the Ministry of the Environment and the Heifer Foundation. This project aims to strengthen the organic quinoa production chain and improve the socioeconomic conditions of more than 600 families.

    In addition, CAF is promoting, in collaboration with the GEF, a project that seeks to reduce the climate risk affecting paramo populations in Colombia, Ecuador, Peru, and Bolivia. This initiative will directly benefit more than 360,000 people, improving the capacity to adapt to climate change in these vulnerable areas. The goal is to ensure that these strategic ecosystems can continue to provide vital services to local populations.

    MIL OSI Economics –

  • MIL-OSI New Zealand: Information sought following crash north of Waipawa

    Source: New Zealand Police (National News)

    Police investigating a two-vehicle crash on State Highway 2, north of Waipawa on Tuesday 29 October are wanting to speak to anyone who witnessed the crash.

    The crash was reported at about 7pm.

    Police would also like to speak to anyone who may have dashcam footage of a black Toyota hatchback or a silver Nissan sedan, who were both travelling in the northbound lane of State Highway 2.

    Initial enquiries suggest speed was not a factor in this crash. Thankfully nobody was injured.

    If you have any information that could help our enquiries, please update us online now or call 105.

    Please use the reference number 241029/0687.

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

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Universities – Anna Smaill named as 2025 International Institute of Modern Letters Writer in Residence – Vic

    Source: Te Herenga Waka—Victoria University of Wellington

    Acclaimed novelist Anna Smaill has been appointed as Te Herenga Waka—Victoria University of Wellington International Institute of Modern Letters (IIML) and Creative New Zealand Writer in Residence for 2025.

    Anna began her publishing career with a volume of poetry, The Violinist in Spring, which was released in 2005 by Te Herenga Waka University Press. Her first novel The Chimes won the prestigious award for Best Novel at the 2016 World Fantasy Awards. It was also longlisted for the Booker Prize and translated into four languages. Her second novel Bird Life was published in 2023 in the US, UK, and Australia to excellent reviews, with The Times (UK) calling it “a deeply affecting novel [that] transcend[s] cultural barriers while reaching through them to the essentially human”. Locally, it was longlisted for the Ockham Book Awards.

    While holding the residency at the IIML, Anna will work on a novel tentatively titled The Blazing, which she describes as “part archival thriller, part coming-of-age story”. Set in both the US and UK, the novel will be “an examination of the value and worth of art and history in the midst of cultural collapse, and will explore ideas of provenance and whakapapa. In testing how individual stories can ripple outward to effect historical change, it will follow a path back to Aotearoa New Zealand,” said Anna.

    Director of the International Institute of Modern Letters Damien Wilkins said, “Anna’s two novels put her in the front rank of writers in this country and we’re thrilled to have her in Bill Manhire House next year”.

    Commenting on the appointment, Anna said, “I am so grateful for the chance to work on my next book at the International Institute of Modern Letters in 2025, the place where I first started to take myself seriously as a writer. The residency position represents time and creative freedom. But even more it represents the collective mana of the institute and all the writers it has fostered. I feel very lucky to be part of it”.

    Anna takes up the residency at the IIML on 1 February 2025.

    In 2001, Anna completed an MA in Creative Writing at the IIML. She subsequently lived and studied overseas, receiving a PhD in English Literature from University College, University of London. She has worked as an academic and as a senior communications advisor. Most recently she was the team leader of Te Papa’s English writing team. Anna is also an accomplished literary critic, having published articles on writers such as Janet Frame and Bill Manhire.

    In 2015, Anna was a finalist in the Wellingtonian of the Year, Arts category. She also received a New Generation Award that year from the Arts Foundation.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Buy NZ Made – Tough Christmas ahead for small businesses

    Source: Buy NZ Made

    With the 2024 holiday shopping season set to be one of the most challenging on record, Buy NZ Made is urging Kiwis to support local businesses this Christmas.
    Buy NZ Made executive director Dane Ambler says rising costs, economic uncertainty, and ongoing global challenges have put immense pressure on small businesses across the country.
    “Christmas is traditionally a peak period for small businesses but the high cost of living is taking a bite out of disposable income and despite their resilience, many small businesses are finding it hard to keep the lights on.
    “Business and consumer confidence seems to be improving, inflation is falling, and it looks like New Zealand’s economy is turning a corner – but we’re not out of the woods yet. It is more important than ever for consumers to choose local products and services to help their small businesses thrive.”
    Small businesses make up 97% of New Zealand’s economy and are often family-owned and operated. Kiwis are encouraged to buy one locally-made item to help their local stay afloat this NZ Made Day – November 21.
    Ambler says every dollar spent locally can have a ripple effect.
    “Buying local means providing essential income and livelihood for many New Zealanders. It minimises transportation distances and emissions, contributing to a more sustainable future too.
    “So shop early, plan ahead, and prioritise local businesses when making your holiday purchases. You can make a significant difference for small business and ensure a brighter future for New Zealand’s economy.”

    MIL OSI New Zealand News –

  • MIL-OSI Security: Tisdale — Update: RCMP investigating school bus collision 22 kilometers southwest of Tisdale

    Source: Royal Canadian Mounted Police

    October 29, 2024
    Tisdale, Saskatchewan

    News release

    Tisdale RCMP continue to investigate the collision that occurred near the intersection of Township Road 424 and Range Road 2160 with the assistance of a Saskatchewan RCMP collision reconstructionist. As the investigation is ongoing, we are unable to provide additional information about any potential cause or details of the collision at this time.

    At the time of the collision, 27 children approximately 14-17 years old and an adult bus driver were on the bus. All the bus occupants were from the Tisdale detachment area. 26 children and the bus driver were transported to hospital by EMS and parents. One child was taken to hospital in Saskatoon by STARS Air Ambulance. 21 children have injuries described as non-life threatening and 6 children have injuries described as serious in nature. The adult driver of the bus has injuries described as serious in nature. We are not able to share further details of their injuries or treatment/status at the hospital, as this is considered their personal health information.

    Tisdale RCMP thanks the first responders who assisted in the response to the collision, including Melfort RCMP and Melfort, Tisdale and Naicam EMS. Thank you to the teachers, parents, and community members of Kinistin Saulteaux Nation who offered their support at the scene.

    –30–

    Backgrounder

    RCMP investigating school bus collision 22 kilometers southwest of Tisdale

    2024-10-29

    Tisdale RCMP are currently on scene and investigating a single vehicle collision involving a school bus that occurred at approximately 3:55 p.m. on October 28, 2024. The collision occurred near the intersection of Township Road 424 and Range Road 2160, approximately 22 kilometers southwest of Tisdale, SK. Local fire and EMS also responded.

    The investigation is in its preliminary stages and at this time we do not have details to provide about the collision. The bus is currently upright in the ditch.

    The adult driver of the school bus has injuries described as non-life threatening in nature. The school bus was transporting children at the time of the collision– we cannot confirm the number or ages of the children at this time. Some children are being treated for various injuries – we do not have specific details about their injuries or how many children require hospital treatment at this time.

    The children’s families have been notified and we are asking news partners and the public to please respect their privacy at this time.

    Tisdale RCMP continue to investigate with the assistance of a Saskatchewan RCMP collision reconstructionist. We do not anticipate further updates this evening.

    A road closure is in place between Range Road 2160 and Range Road 2155 for an undetermined amount of time. Detours are in place but motorists should expect delays in the area. Please slow down and follow the instructions of emergency personnel on scene. Please visit the Highway Hotline for road closure updates.

    MIL Security OSI –

  • MIL-OSI Security: Whitewood — Broadview RCMP investigating robbery

    Source: Royal Canadian Mounted Police

    On October 28, 2024 at approximately 11:45 p.m., Broadview RCMP received a report of a robbery at a business in Whitewood, SK.

    Investigation determined an individual was parked outside of the business. An adult male approached the victim, deployed bear spray at him, then physically forced him from the vehicle. The suspect then stole the vehicle, striking the victim with it as he fled. The victim, an adult male, was taken to hospital with injuries described as non-life-threatening in nature.

    Officers immediately responded and located the vehicle on the Cowessess First Nation. They activated their emergency lights and sirens and attempted a traffic stop. The vehicle did not stop immediately, but later came to a stop and the four occupants fled on foot.

    Saskatchewan RCMP’s Police Dog Services and Remotely Piloted Aircraft System arrived to assist.

    Two of the four occupants have been located. No charges have been laid against them at this time.

    Broadview RCMP continue to search for suspect in the robbery, as well as the fourth occupant in the vehicle.

    The suspect is described as approximately 25 to 30 years old and six feet tall. He was last seen wearing a white/grey hoodie and sweat pants.

    The investigation continues. Broadview RCMP ask members of the public to report all sightings of the suspect and information on his identity.

    If seen, do not approach him. Report sightings and information to Broadview RCMP immediately by dialling 310-RCMP. Information can also be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.

    Updates will be provided as they become available.

    MIL Security OSI –

  • MIL-OSI Security: Dundurn — Saskatchewan RCMP SERT lays charges after human trafficking investigation

    Source: Royal Canadian Mounted Police

    Saskatchewan RCMP’s Human Trafficking and Counter Exploitation Unit (HTCEU), part of the Saskatchewan Enforcement Response Teams (SERT), and Saskatoon RCMP Detachment has laid multiple charges against an adult male following a human trafficking investigation that began in Dundurn, SK.

    On October 23, 2024 at approximately 5:15 a.m., Saskatoon RCMP were called to a business in Dundurn for a report of kidnapping.

    Officers responded and located an adult female from Ontario at the business. Initial investigation determined she was being held against her will. Officers contacted HTCEU investigators, who began a human trafficking investigation. HTCEU investigators determined the woman had been forcibly taken from Toronto and that human trafficking had occurred in various locations in Ontario, Manitoba and Saskatchewan.

    As a result of investigation, 51-year-old Pierre Andre Bouchard of Chambly, QC, is charged with:

    • one count, trafficking in persons, Section 279.01, Criminal Code;
    • one count, trafficking in persons – material benefit, Section 279.02(1), Criminal Code;
    • one count, forcible confinement, Section 279(2), Criminal Code;
    • one count, sexual assault, Section 271, Criminal Code;
    • one count, sexual assault with other weapon, Section 272(1)(a), Criminal Code;
    • one count, material benefit from sexual services, Section 286.2(1), Criminal Code;
    • one count, obtaining sexual services for consideration, Section 286.1(1), Criminal Code;
    • two counts, procuring, Section 286.3(1), Criminal Code;
    • one count, uttering threats against a person, Section 264.1(1)(a), Criminal Code;
    • one count, assault with weapon, Section 267(a), Criminal Code;
    • one count, fail to comply probation order, Section 733.1(1), Criminal Code;
    • one count, identity theft, 402.2(1), Criminal Code; and
    • one count, possession of property obtained by crime over $5,000, Section 354(1)(a), Criminal Code.

    Bouchard was arrested by Saskatoon Police Service on October 23, 2024. He appeared in Saskatoon Provincial Court on October 24, 2024 and made his second court appearance in Saskatoon on October 28, 2024. Bouchard was remanded into custody for his next court appearance in Saskatoon on November 5, 2024.

    Saskatchewan RCMP’s Saskatoon Detachment, Yorkton Saskatchewan Trafficking Response Team, Saskatoon General Investigation Section, Saskatoon Police Services’ VICE Unit and Victim Services, Regina Police Service’s VICE Unit, Toronto Police Service and Brandon Police Service assisted in this continuing investigation, along with additional community partners.

    If you have information about this or any other incident of human trafficking, or if you or someone you know may be a victim of it, call 310-RCMP.

    How to recognize and report human trafficking

    “Human trafficking affects communities of all sizes, not just urban centres. It’s a reality that exists in big cities and small towns, including those here at home in Saskatchewan,” says Insp. Jeff Smoliak, RCMP’s Saskatchewan Enforcement Response Teams (SERT) senior investigative officer.

    “It’s also a crime that has no borders, which is why the Saskatchewan RCMP works interjurisdictionally to investigate these complex files and works closely with municipal police agencies and partners across the country.”

    Saskatchewan RCMP reminds the public that anyone can be a target for human trafficking. Victims may be trafficked by someone they know: a former or current partner, family member, friend, or trustworthy person. Recruiting tactics can be subtle; often victims don’t even know they’re being trafficked.

    Traffickers may approach potential victims by:

    • pretending to be a potential love interest, friend or support person;
    • connecting over social media or in person;
    • offering gifts or money;
    • introducing drugs or alcohol; or
    • threatening potential victims’ loved ones if they don’t comply.

    Additional information on recognizing human trafficking can be found here.

    In addition to contacting the RCMP, the public can also contact the Canadian Human Trafficking Hotline at 1-833-900-1010. This hotline is confidential, available 24/7 and offers services in more than 200 languages. Information can also be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.

    Background

    The Saskatchewan Enforcement Response Teams (SERT) consists of Saskatchewan RCMP’s Crime Reduction Team (CRT), Warrant Enforcement Suppression Team (WEST), Saskatchewan Trafficking Response Team (STRT), the Offender Management Unit, and Human Trafficking and Counter Exploitation Unit (HTCEU). SERT helps the Saskatchewan RCMP continue to fulfil its mandate as the province’s police force – keeping our communities safe.

    The Human Trafficking and Counter Exploitation Unit (HTCEU) is a specialized unit that conducts enforcement activities related to human trafficking, facilitates victim support, and educates partners and stakeholders.

    MIL Security OSI –

  • MIL-OSI Security: Federal Jury Convicts Belzoni Man of Conspiracy for Role in Firearms Trafficking

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

    Aberdeen, MS – A federal jury convicted Belzoni resident Jarvis Hood, 23, of conspiring to transfer firearms to Chicago, Illinois residents and making false statements to federal firearms licensees during the purchase of multiple firearms.

    According to court documents and evidence presented at trial, the investigation began after agents with the Bureau of Alcohol, Tobacco, Firearms, and Explosives noticed a high volume of firearms recovered in crimes in the City of Chicago, Illinois had been purchased in the Northern District of Mississippi. Some of the firearms involved in new crimes had been purchased as recent as one day prior to use in a new offense.

    Several of the firearms were recovered in violent crimes and had machinegun devices attached that converted the firearms to be able to fire automatically.  In total, investigators identified over 60 firearms that were purchased illegally and transported to Chicago for resale. Five defendants previously pled guilty for their roles in the offense.

    Hood was charged with conspiracy to transfer firearms to out-of-state residents and to make false statements to federal firearms licensees during firearms purchases. After a five-day trial, a federal jury returned a verdict Monday finding Hood guilty of the offense. Sentencing is scheduled for February 4, 2025.

    “This defendant and his cohorts profited and contributed to the gun violence plaguing Chicago by  illegally trafficking in firearms,” said U.S. Attorney Clay Joyner. “AUSAs Julie Addison and Sam Stringfellow led an interagency team that has helped to stem the flow of illegal firearms from Mississippi to Chicago while also ensuring that the defendant will be held accountable for his criminal actions.”

    “Machine gun conversion devices threaten the safety of our communities and law enforcement officers, and this verdict reinforces the urgent need to dismantle trafficking networks bringing these dangerous devices and firearms to the streets of Chicago,” said ATF Special Agent in Charge Christopher Amon of the Chicago Field Division. “I thank the ATF Oxford Mississippi Field Office and the Northern District of Mississippi United States Attorney’s Office for their continued partnership.”

    The case was investigated by the Chicago Field Division of the Bureau of Alcohol, Tobacco, Firearms, and Explosives, with assistance from the ATF Oxford, Mississippi Field Office. Valuable contributions were made by the Chicago Police Department, Wilmette Police Department, and Amtrak Police Department.

    Assistant U.S. Attorneys Julie Addison and Samuel Stringfellow prosecuted the case.

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

    MIL Security OSI –