Category: Transport

  • MIL-OSI Video: Why actor Edward Norton champions biodiversity | United Nations Goodwill Ambassador | Awake at Night

    Source: United Nations (Video News)

    Acclaimed actor, filmmaker and three-time Academy Award nominee Edward Norton has long been raising his voice on behalf of the planet and its most vulnerable communities. As a UN Goodwill Ambassador for Biodiversity, he is championing the protection of biodiversity for the well-being of all.

    “It’s quite heartbreaking. I started diving, when I was 14, in the Caribbean. The change to the reef environments in the Caribbean in my adult lifetime is staggering and really upsetting. Reefs are in just terrible shape, terrible shape. Bleached, covered with algae, fish a fraction of what they were. What was vibrant and colorful and rich is just sort of denuded. It looks like a burnt forest or something. It’s just not, it’s not as alive.”

    Working closely with communities in East Africa and around the world, Edward Norton is pushing for conservation that also tackles poverty by providing sustainable sources of income for local communities.

    In this special episode, the Hollywood star reflects on his activist upbringing, his hopes for his children, and on balancing a successful acting career with a rich, varied and meaningful life.

    #podcast #unitednations #awakeatnight #biodiversity #edwardnorton
    ——————-
    About Awake at Night:

    Hosted by Melissa Fleming, Under-Secretary-General for Global Communications, the podcast ‘Awake at Night’ is an in-depth interview series focusing on remarkable United Nations staff members who dedicate their career to helping people in parts of the world where they have the hardest lives – from war zones and displacement camps, to areas hit by disasters and the devastation of climate change.

    For more information on Awake at Night, visit Awake at Night: https://www.un.org/en/awake-at-night

    https://www.youtube.com/watch?v=6GOvX4wbriY

    MIL OSI Video

  • MIL-OSI Video: Türkiye, Lebanon/Israel, Yemen & other topics – Daily Press Briefing (23 Oct 2024) | United Nations

    Source: United Nations (Video News)

    Noon briefing by Farhan Haq, Deputy Spokesperson for the Secretary-General.

    Highlights:
    -Türkiye
    -Occupied Palestinian territory
    -Lebanon/Israel
    -Lebanon/humanitarian
    -Yemen
    -Brics
    -Deputy Secretary-General/Travel
    -Central African Republic
    -Security Council/Syria
    -Women, Peace and Security

    TÜRKIYE
    In a statement issued today, the Secretary-General strongly condemned the terrorist attack on Turkish Aerospace Industries’ facilities in Ankara. He expressed his deepest condolences to the victims and their families and wished a speedy and full recovery to those injured.
    The United Nations stands in solidarity with the people and Government of the Republic of Türkiye.

    OCCUPIED PALESTINIAN TERRITORY
    The Office for the Coordination of Humanitarian Affairs (OCHA) warns that Palestinians in North Gaza Governorate are experiencing extreme suffering as the Israeli siege there continues. OCHA says there are harrowing levels of death, injury and destruction in the north.
    Civilians are trapped under rubble. The sick and wounded are going without life-saving health care. Families lack food. Their homes have been destroyed. They have no shelter. And nowhere is safe.
    International humanitarian law demands that civilians have the essentials they need to survive – that’s food, shelter, medical care, and other critical assistance. OCHA appeals once again for rapid, unimpeded humanitarian relief – which must reach civilians in need.
    Our partners on the ground report that two water stations in North Gaza have stopped operating due to the lack of fuel. The suspension of service is affecting large areas, including the neighbourhoods of Al-Daraj, Al-Tuffah, Al-Zarga and Sheikh Radwan. A request earlier this week to deliver 23,000 litres of fuel to North Gaza Governorate was denied by Israeli authorities.
    From 6 October through yesterday, several attempts to get fuel to Gaza Governorate were also denied. Another mission was impeded and therefore unable to be accomplished.
    The UN and our partners have also been compelled to postpone the polio vaccination campaign in northern Gaza due to the escalating violence, intense bombardment, mass displacement orders, and the lack of assured humanitarian pauses across most of the north.
    This final phase of the vaccination effort was supposed to begin today, with the aim of reaching more than 119,000 children across northern Gaza.
    The current conditions – including ongoing attacks on civilian infrastructure – continue to jeopardize people’s safety and movement in northern Gaza, making it impossible for families to safely bring their children for vaccination, and for health workers to operate.
    It is imperative to stop the polio outbreak in Gaza, before more children are paralyzed and the virus spreads. To interrupt transmission, at least 90 per cent of all children in every community and neighbourhood must be vaccinated. The vaccination campaign must be facilitated in the north through the implementation of humanitarian pauses.
    UN humanitarian partners say that all logistics, supplies and trained personnel were prepared to vaccinate children across the north with their second dose of the polio vaccine. However, given that the area currently approved for temporary humanitarian pauses was substantially reduced in geographic size from the previous round of the vaccination campaign – and is now limited only to Gaza City – many children in northern Gaza would have missed out on a second dose.
    The UN and its humanitarian partners continue their efforts to get assistance to people in northern Gaza. On 15 October, the World Food Programme (WFP) was able to deliver one convoy into Gaza City. However, the Israeli siege on North Gaza Governorate has prevented the agency from reaching people there for the past three weeks.
    WFP warns that September and October saw some of the lowest levels of humanitarian aid entering Gaza since late 2023, alongside a drastic reduction in commercial cargo.
    In October, to date, only 20 per cent of the agency’s operational food needs have entered Gaza. A drastic shortage of supplies across Gaza has almost halted general food distribution.
    WFP says very limited aid supplies have entered the south due to insecurity at the Kerem Shalom crossing point. There is a critical need for a safe and enabling environment for humanitarian operations and convoy movements into and within Gaza.

    Full Highlight: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=23%20October%202024

    https://www.youtube.com/watch?v=kJXrMLA8PBg

    MIL OSI Video

  • MIL-OSI Video: Border Patrol Teaches You the Skills You Need – Learn Spanish at the Academy – Hiring Process | CBP

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

    As a Border Patrol Agent, you will attend training at the U.S. Border Patrol Academy in Artesia, New Mexico. As a part of your training, you will be required to speak and understand Spanish. This video provides an overview of the Spanish requirement, the approach to learning at the U.S. Border Patrol Academy, and helpful resources to kickstart your journey.

    Join our Talent Network: https://go.dhs.gov/3zg

    Start Your Application: https://www.cbp.gov/careers/apply-now

    Instagram ➤ https://instagram.com/CBPgov
    Facebook ➤ https://facebook.com/CBPgov
    Twitter ➤ https://twitter.com/CBP
    Official Website ➤ https://www.cbp.gov

    https://www.youtube.com/watch?v=kqZKj0jZia0

    MIL OSI Video

  • MIL-OSI Video: Reducing Plastic Pollution and Improving Human Health

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

    In this Bite-Size Learning session, “Reducing Plastic Pollution and Improving Human Health”, Erin Simon, Vice President of Plastic Waste and Business at the World Wildlife Fund (WWF), discusses the harmful impacts of plastic on human health and the environment and steps that WWF and its partners are taking to address it, including through WWF’s Resource: Plastic initiative.

    The session also covers actions being taken by the Administration, including recently announced White House commitments to reducing plastic pollution within the federal government and the global plastics treaty process. The session provides an understanding about what federal agencies, businesses, and individuals alike can do to act on the plastics crisis.

    Be Part of the Solution

    The Go Green Get Healthy HHS program is challenging the U.S. Department of Health and Human Services (HHS) workforce to focus on small changes each of us can make to reduce plastic waste now and all year!

    Besides creating an environmental nightmare, plastic pollution has a health impact. Plastic does not biodegrade, it just gets smaller and smaller, forming nano- and microplastics. Plastic is made from a derivative of crude oil and often contains toxic chemicals. As plastic breaks down, toxic chemicals are released into the ground, water, and air which affects the food we eat, water we drink, and air we breathe. To learn more about the effect of microplastics on your health, watch Earth Day 2024 presentations on this Go Green Get Healthy HHS playlist on the HHS YouTube channel https://www.youtube.com/playlist?list=PLrl7E8KABz1Ht0EWIT9IcaKpXKy8ViQ3m. Plus, you can view the FY 2023 HHS Green Champion Awards ceremony in the playlist.

    Join the millions of people worldwide reducing plastic waste by choosing to refuse single-use plastic. BE part of the solution! As Confucius says, “The man who moves a mountain begins by carrying away small stones.”

    Greater change occurs when a larger group makes smaller changes versus a smaller group that makes large changes. For example, if all HHS employees reduced plastic use by 90%, they would save nearly 11,000 tons of plastic waste annually! And, if the entire federal government staff reduced plastic use by just 10%, 45,000 tons of plastic waste would be reduced each year.
    Use the Home Plastic Checklist https://www.plasticfreeseas.org/wp-content/uploads/2020/05/Plastic-free-living-checklist.jpg to get started.

    So come on, step up and lead the way!

    There were 665 attendees who benefitted from this session! The event was hosted by the Go Green Get Healthy HHS sustainability team on August 27, 2024. Gain knowledge and power by attending our Bite-Size Learning sessions! If you have any questions, please email GoGreen@hhs.gov.

    U.S. Department of Health and Human Services (HHS) | http://www.hhs.gov

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    https://www.youtube.com/watch?v=0_6ul0HnnOI

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  • MIL-OSI Video: Secretary Pete delivers remarks at the Gulf Coast Rail Groundbreaking

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

    The Biden-Harris Administration is making historic investments in passenger rail. The Gulf Coast Corridor Improvement Project restores Amtrak service from New Orleans to Mobile, AL—for the first time since Hurricane Katrina ended service in 2005.

    0:00 — Amtrak Conductor John Morgan
    2:14 — Secretary Pete Buttigieg

    https://www.youtube.com/watch?v=KB67s4-vsaY

    MIL OSI Video

  • MIL-OSI United Nations: Experts of the Human Rights Committee Welcome France’s Efforts to Combat Homophobia, Raise Questions on Violence in New Caledonia and Rules Governing Identity Checks

    Source: United Nations – Geneva

    The Human Rights Committee today concluded its consideration of the sixth periodic report of France on how it implements the provisions of the International Covenant on Civil and Political Rights, with Committee Experts welcoming France’s national plan combatting hatred against lesbian, gay, bisexual, transgender and intersex persons and plans to combat homophobia, while raising questions on violence in New Caledonia and rules governing identity checks. 

    One Committee Expert said the Committee welcomed the national plan for equality and against hatred and discrimination against lesbian, gay, bisexual, transgender and intersex persons (2020-2026) and the government plan (2023-2026) to combat homophobia and discrimination based on sexual orientation and gender identity. 

    Another Expert said it appeared that the current violence in the non-self-governing territory of New Caledonia was linked to reforms of the Nouméa Accord and a lack of progress in the decolonisation process.  What was the progress made on the issue of self-determination of the non-self-governing territory of New Caledonia as well as that of French Polynesia, and the participation and consultation processes put in place with the indigenous peoples living in these territories to obtain their free and informed consent and access to independence? 

    Another Expert asked if the State party could indicate whether mandatory training on racial and ethnic discrimination and profiling was systematically offered to law enforcement officials, both in metropolitan France and in the overseas territories?  Did the State party systematically collect data to monitor the use of identity checks, both in metropolitan France and in the overseas territories?  Would the State party be prepared to implement a template for all individuals subject to an identity check?  Would it be willing to introduce a centralised record of all identity checks to have an overview of how they were used, with whom and where?

    The delegation said France supported the recognition of indigenous peoples.  New Caledonia was one of the most advanced examples of the French Government recognising the rights of indigenous peoples.  Since the Nouméa Accord, an institutional framework had been put into place allowing for shared governance between the communities, representing the customs of the Kanak people.  On 1 October, the Prime Minister announced the postponement of elections in 2025, which was unanimously agreed by Parliament.  Since 1998, France had been cooperating with the decolonisation committee and the work had been fruitful.

    The delegation said all French citizens were equal before the law. The code of ethics for the police and national gendarmerie prohibited discriminatory identity checks.  When the law authorised an identity check, the police should not rely on any physical trait, unless there were specific grounds. Any act of discrimination could be reported by someone who believed they were a victim of discriminatory profiling. There were several ways to do this, including through the various controlling and monitoring authorities and the judiciary.

    Introducing the report, Isabelle Rome, Ambassador for Human Rights of France and head of the delegation, said human rights were a priority for France.  In December 2023, the President of the Republic announced that a House of Human Rights would be created in Paris to support civil society organizations. France had strengthened its public policies on the judiciary, democracy and the law enforcement agencies since 2022, paying particular attention to conditions for the use of force, and compliance with the rules of ethics during all police operations.  Ms. Rome concluded by saying that France believed in its democratic model, in liberty, equality and fraternity, as illustrated this summer by the Olympic and Paralympic Games.

    In concluding remarks, Ms. Rome thanked the Committee for the dialogue.  France was deeply attached to the rule of law and the Committee’s recommendations would be scrupulously considered.  The country was committed to renewing dialogue with the territory of New Caledonia and its inhabitants. 

    Tania María Abdo Rocholl, Committee Chairperson, thanked the delegation for the dialogue, which had covered a wide range of subjects under the Covenant.   The Committee aimed to ensure the highest level of implementation of the Covenant in France. 

    The delegation of France was made up of representatives of the Ministry for Europe and Foreign Affairs; the Ministry of the Interior and Overseas; the Ministry of Justice; the State Council; the Interministerial delegation to the fight against racism, anti-Semitism, and hatred; the French office for the protection of refugees and stateless persons; and the Permanent Mission of France to the United Nations Office at Geneva.

    The Human Rights Committee’s one hundred and forty-second session is being held from 14 October to 7 November 2024.  All the documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 3 p.m. on Wednesday, 23 October, to begin its consideration of the second periodic report of Türkiye (CCPR/C/TUR/2).

    Report

    The Committee has before it the sixth periodic report of France (CCPR/C/FRA/6).

    Presentation of Report

    ISABELLE ROME, Ambassador for Human Rights of France and head of the delegation, said human rights were a priority for France.  In December 2023, the President of the Republic announced that a House of Human Rights would be created in Paris to support civil society organizations.  Launched in 2021, the Marianne initiative for human rights defenders aimed to encourage the activities of human rights defenders, both in their country of origin, and by welcoming them in France.  The fight against the death penalty was also a priority for France.  France would host the ninth World Congress against the Death Penalty in Paris in 2026.  France was also contributing to the organization of the first World Congress on Enforced Disappearances in Geneva on 15 and 16 January 2025. 

    The State’s new feminist diplomacy strategy would be published by the end of 2024.  France was proud that the Paris 2024 Olympic and Paralympic Games were the first gender-balanced games in history.  Through its diplomatic and consular network, France supported projects of democratic governance, respect for the rule of law, the fight against impunity, access to justice, and mechanisms to monitor the effective exercise of civil and political rights.  In 2019, France launched the Partnership for Information and Democracy, which was joined by 54 States from all regions, to guarantee freedom of expression.  In May 2024, the President of the French Republic and the Prime Minister of New Zealand announced the creation of a new non-governmental organization, the Christchurch Call Foundation, to coordinate the work of the Christchurch Call to eliminate terrorist and violent extremist content online. 

    France had strengthened its public policies on the judiciary, democracy and the law enforcement agencies since 2022, paying particular attention to conditions for the use of force, and compliance with the rules of ethics during all police operations.  The national law enforcement plan published in 2021 provided for an adaptation of the employment strategies of the republican security companies and the mobile gendarmerie squadrons during public demonstrations.  The right to demonstrate was guaranteed by the Constitution in France.  By getting in touch with the prefects and police units involved in public demonstrations, journalists could be added to communication channels, allowing them to receive live information and ask questions. 

    Between 2020 and 2024, the Ministry of Justice’s budget increased by 33 per cent, from €7.6 billion in 2020 to €10.1 billion in 2024. In five years, the French Ministry of Justice would have recruited as many magistrates as in the last 20 years. To combat prison overcrowding, the Ministry of Justice was implementing a proactive prison regulation policy, based on the development of alternatives to incarceration, the strengthening of early release mechanisms, and an ambitious prison real estate programme creating 15,000 net prison places.  An Interministerial Committee for Overseas Territories was set up in July 2023.  France had mobilised authorities to enable and guarantee the return to calm and security of people in New Caledonia. Emergency measures were deployed last June.  The mediation and work mission continued its work, with the aim of renewing political dialogue. 

    France had been implementing a new interministerial plan for gender equality 2023-2027, which contained 161 measures divided into four priority areas: the fight against violence against women; the global approach to women’s health; professional and economic equality; and the dissemination and transmission of a culture of equality.  The law of July 2023 aimed at strengthening women’s access to responsibilities in the public service.  It increased the mandatory quota of first-time female appointments to senior and management positions to 50 per cent.  On 8 March 2024, France became the first country in the world to enshrine the freedom to have access to voluntary termination of pregnancy in its Constitution. 

    Questions by Committee Experts

    A Committee Expert welcomed that France’s report was prepared in consultation with the National Consultative Commission on Human Rights, whose role was to monitor France’s international commitments and the implementation of recommendations issued by international and regional bodies.  In May 2024, despite the provisions of the Nouméa Accord which provided for a process of gradual transfer of power from France to New Caledonia, the National Assembly voted in favour of expanding the electorate of New Caledonia.  Thousands of Kanak demonstrators mobilised to denounce these reforms, which were allegedly passed without adequate consultation or free, prior and informed consent.  In the absence of sufficient dialogue on the part of the authorities, a violent conflict had been raging since that date. 

    The French Government had deployed considerable military resources to restore order, but at the cost of numerous allegations of excessive use of force that led to several deaths among Kanak protesters and security forces, as well as injuries.  According to information received by the Committee, at least 11 people were shot dead and 169 others were injured; 2658 demonstrators were arrested, many of whom were arbitrarily arrested and detained, dozens of them were also transferred to metropolitan France. 

    It appeared that the current violence in the non-self-governing territory of New Caledonia was linked to reforms of the Nouméa Accord and a lack of progress in the decolonisation process.  What was the progress made on the issue of self-determination of the non-self-governing territory of New Caledonia as well as that of French Polynesia, and the participation and consultation processes put in place with the indigenous peoples living in these territories to obtain their free and informed consent and access to independence?

    There had been several prominent court cases regarding the removal of headscarves in France.  In the opinion of the French State, should the Committee’s Views be followed only in the case where the Committee considered a complaint to be inadmissible or agreed with the arguments presented by the French Government? Were there intentions to lift reservations to the Covenant?  Who currently appointed the magistrates of the courts?  What was the current state of the constitutional reform initiated with a view to making the Prosecutor’s Office independent of the executive?  How could the full independence of judges and prosecutors be guaranteed?

    Since 2015, France had put in place measures to combat terrorism, which had been seen over the years to be increasingly detrimental to people’s rights and freedoms.

    Was the new legislation accompanied by sufficient guarantees against the risk of arbitrary and discriminatory implementation of these measures?  What independent and impartial expertise did public authorities have to assess the impact of new technologies on the exercise of the rights and freedoms recognised by the Covenant? 

    It was understood that mass surveillance technology was used during the Olympic and Paralympic Games.  How did the State party ensure that it did not lead to profiling that disproportionately affected racial, ethnic and religious minorities?  How did the State party ensure that continuous surveillance by algorithm-based systems did not violate the right to privacy and respected the requirements of proportionality and necessity?  For how long could the data collected in this way be kept? 

    What were the current conditions for the communication of information to the intelligence services, particularly in the area of sensitive data? What information could be transmitted and what traceability requirements were in place?  Under what conditions could information provided by the intelligence services be made available to the judicial authority and the Public Prosecutor’s Office?  What means of access was available to defendants and those accused of acts of terrorism?

    Another Expert said the Committee was informed that people of colour were subjected to identity checks by the police about 20 times more often than other citizens.  They also faced discriminatory treatment during police stops and searches, including direct fines, often without objective suspicion and without being informed of the reasons.  What could be done to ensure that the use of identity checks and fines was not left to the discretion of law enforcement agencies, and was based only on objective and individualised conditions, and not on racial origins?  Did the State party have explicit guidelines for law enforcement agencies that clearly prohibited racial profiling in police operations as well as discriminatory identity checks? 

    Could the State party indicate whether mandatory training on racial and ethnic discrimination and profiling was systematically offered to law enforcement officials, both in metropolitan France and in the overseas territories?  Did the State party systematically collect data to monitor the use of identity checks, both in metropolitan France and in the overseas territories?  Would the State party be prepared to implement a template for all individuals subject to an identity check?  Would it be willing to introduce a centralised record of all identity checks to have an overview of how they were used, with whom and where?

    The Committee had received extensive information that showed the persistent problem of systemic racial discrimination, as well as the use of negative stereotypes against minorities.  What measures had the State party taken to effectively combat all forms of hate speech and hate crimes against racial, ethnic and religious minorities? What training was provided to law enforcement officers, judges and prosecutors, and what awareness campaigns were organised to prevent and combat hate crime and hate speech?  Would France develop data collection and research in compliance with data protection rules, to effectively identify cases of racial or ethnic profiling and offences in metropolitan France and overseas?

    The Committee welcomed the national plan for equality and against hatred and discrimination against lesbian, gay, bisexual, transgender and intersex persons (2020-2026) and the government plan (2023-2026) to combat homophobia and discrimination based on sexual orientation and gender identity.  How would the State party ensure adequate resources and the active participation of civil society in the implementation of these plans?  Did these programmes sufficiently take into account minorities within minorities, such as lesbian, gay, bisexual, transgender and intersex asylum seekers? 

    The Committee was informed that some of the measures granting extensive powers to the administrative authorities, developed in the context of the state of emergency, had been granted permanent status.  What measures had the State party taken to ensure that initial emergency measures were in conformity with the Covenant in terms of necessity and proportionality?  How did the State party promote the accessibility of judicial procedures and ensure that they were effective?

    How would France ensure that anti-terrorism legislation did not disproportionately target Muslims and that actions were based on alleged criminal behaviour rather than religious practices?  How did the State party ensure that house searches and dissolution of organizations were conducted by the courts?  What was the percentage of terrorist offences in relation to criminal offences committed in the last five years?  The Committee was informed of the law establishing a new security regime, which subjected the accused to certain obligations, with a view of ensuring their reintegration.  How did France ensure that this monitoring system, which was based on the rather vague notion of “dangerousness”, was not arbitrary and did not disproportionately infringe on the rights of persons who had served their sentences?

    One Committee Expert said the Committee particularly welcomed the State party’s commitment of significant financial resources to address the needs of vulnerable groups during the health crisis of COVID-19. What was the impact of the measures described in the State party’s report, to ensure that the COVID-19 pandemic did not exacerbate inequalities, discrimination and exclusion, including among vulnerable groups?  Specifically, regarding domestic violence against women, which was said to have increased during the pandemic, what was the assessment of the effectiveness and impact of the measures taken? 

    While noting the information provided by the State party, including on the judicial review of the restrictions imposed, could the proportionality of the measures imposed to address COVID-19 be explained, including the ban on any gathering of more than 10 people imposed for a certain period? What assessment did the State party make of this experience for a better consideration of human rights in future crises?      

    Another Expert said the State party had reported on humanitarian repatriations from Syria of women and children of French nationality.  With regard to returns, according to public reports, there was still a significant number of women and children detained or held in camps and rehabilitation centres in Syria.  What was the number, the current situation, and the measures taken by the State party to ensure the full repatriation of all French women and children still in detention camps and rehabilitation centres for minors in Syria? 

    What was the estimated number of detained men and women in Syria who participated as Islamic State fighters?  Had measures been taken to ensure that due process standards were strictly respected in the trials before the Syrian national courts? According to information, in May and June 2019, 11 French nationals had been sentenced to death in Iraq for their involvement as Islamic State fighters.  Could the delegation provide an update on that information and indicate what steps the State party had taken to prevent the continued imposition of death sentences on its nationals in that country?  What other penalties had been applied to these French nationals in lieu of the death penalty?

    The Committee had requested information related to the Arms Trade Treaty, in order to know whether the State party carried out an evaluation for the granting of export licenses aimed at determining that the recipient country used the weapons included in the respective license within the framework of respect for the right to life.  Did the evaluation of an arms export take this into account?  Had any measures been taken to ensure a total ban on arms sales to countries where there was a clear risk that such weapons could be used to violate international human rights law?  Was it possible to access information on arms exports so that civil society could carry out oversight?  What measures had been taken to prevent the negative effects on the right to life of the operations of French companies abroad, especially in the province of Cabo Delgado in Mozambique? 

    A Committee Expert said the Committee was informed that there had been a rise in police violence in recent years, with multiple incidents resulting in fatal outcomes, some of them young boys.   Could more information be provided on trainings on racism for police officers?  Had improvements been made, bearing in mind previous incidents?  The Committee was informed that investigations and legal procedures of unlawful killings by law enforcement officials were not expeditious, sometimes even leading to de facto police impunity, or that sentences were not commensurate with the gravity of the crime. 

    Had there been plans to amend legal norms and review legal conditions for the use of firearms by the police and the gendarmerie, aiming to reduce the risks of disproportionate use of lethal force, and to strike a better balance with the principles of absolute necessity and strict proportionality?  What was the status of investigations of fatalities and injuries, including those related to alleged excessive use of force, which emerged during conflicts that started in May 2024 in New Caledonia? Had trainings been undertaken for those operating in France’s overseas territories? 

    The Committee welcomed the reported introduction of the new right to appeal introduced by article 803-8 of the Code of Criminal Procedure, as a step forward.  However, Experts had been informed that there were several challenges preventing its full use and benefits.  Since the right to a judicial remedy against undignified conditions of detention was introduced in 2021, what were the steps taken by the State party to disseminate it within the incarcerated population?  Was the information on the creation of a new legal tool easily reachable in all penitentiaries under the jurisdiction of the State party?  Had legal aid been introduced to those incarcerated persons who could not afford a lawyer or judicial taxes?  Were there plans to introduce wider use of alternatives to detention or a more restricted use of detention as a last resort?

    Responses by the Delegation

    The delegation said France supported the recognition of indigenous peoples.  New Caledonia was one of the most advanced examples of the French Government recognising the rights of indigenous peoples.  Since the Nouméa Accord, an institutional framework had been put into place allowing for shared governance between the communities, representing the customs of the Kanak people.  On 1 October, the Prime Minister announced the postponement of elections in 2025, which was unanimously agreed by Parliament.  Since 1998, France had been cooperating with the decolonisation committee and the work had been fruitful.

    Since 2015, the technical intelligence community had been working on a specific legal framework.  The law included respect for the private lives of citizens and had a strict principle of proportionality.  The law set forth the procedures to be respected when it came to implementing intelligence techniques, including prior authorisation by the Prime Minister.  There were restrictions on how long the data could be held.  The enhanced video surveillance was enacted in advance of the Olympics and Paralympics Games.  France chose to engage in a rigorous oversight mechanism regarding this surveillance.  This was a tool for detecting events without having to resort to facial recognition. 

    All French citizens were equal before the law.  The code of ethics for the police and national gendarmerie prohibited discriminatory identity checks.  When the law authorised an identity check, the police should not rely on any physical trait, unless there were specific grounds.  Any act of discrimination could be reported by someone who believed they were a victim of discriminatory profiling.  There were several ways to do this, including through the various controlling and monitoring authorities and the judiciary.

    At the end of the state of emergency, which followed the attacks carried out on France in 2015, the Government acknowledged the need to keep these tools in place due to the possibility of other attacks.  Four new measures had then been created.  These laws were only for preventing terrorism and were accompanied with significant guarantees for citizens.  The law of 30 July 2021 on preventing acts of terrorism gave these measures permanency.  The Constitutional Council believed this was a balanced approach that ensured achieving the goal of preventing terrorism while respecting private life.  House searches could not be instigated unless there was prior authorisation from a judge; 1,447 remedies were presented for the state of emergency.  The law of 2021 applied to people who had been sentenced to acts of terrorism. Sentences for terrorist activities represented around 0.04 per cent of all criminal activities. 

    A plan had been developed to prepare the plan on combatting lesbian, gay, bisexual, transgender and intersex hatred, involving members of civil society.  The plan contained 16 key measures, including a ten-million-euro fund by 2027 to improve the host centres for these individuals.  The goal was to have two centres per region in France.  For hate speech, the legislation provision had recently been strengthened.  In 2021, there was a vote to govern the digital space and that law had a set of provisions on combatting online hate speech to better regulate illegal behaviour. There had been significant progress made in this area, given that a bill had been introduced in the European Parliament to regulate heinous content online. 

    In France, 2020 was the year that the State had the lowest rate of femicide.  This meant that the measures set up were effective, and that the police and justice systems were able to act swiftly to combat family violence.  There were also provisions which allowed complaints to be raised. 

    Measures adopted during the pandemic were considered to be proportional.  The measures taken to address the pandemic did not overturn other measures in place. During COVID-19, the number of calls to victim support groups for violence had increased.  The accelerated measures implemented by France to support victims included electronic bracelets to ensure restraining orders were complied with.   In 2021, emergency plans were implemented to ensure people were protected.  At the end of the pandemic, the State provided hotlines 24/7 and reception centres in shopping malls.  More specialised support was also provided in courts. 

    International commitments by France to human rights did not involve a repatriation of citizens in an area where France had no control.  Authorities responded systematically to requests for repatriation made by French citizens.  Since 2019, repatriation efforts for minors had been organised.  France exported weapons to countries that wished to strengthen their armies, only with strict national oversight. 

    Force was only used when necessary in cases set forth by law and in a manner which was proportional to the threat.  A police or member of the gendarmerie would only use force if it was essential in their work, such as in cases of self-defence.  Police had additional guidelines on the use of weapons.  There should never be doubt regarding the reasons of an arrest warrant. 

    France had a law which allowed for all inmates to request guarantees for their detention conditions, ensuring they were dignified. A provision was in place which allowed individuals to benefit from jurisdictional support, in place since 2023. Template forms for this purpose were provided to all detainees upon their detention. 

    Questions by Committee Experts

    A Committee Expert said the problem with the New Caledonia information was the outcome of the projects which arose in France in 1984. The idea of postponing elections to 2025 was a positive sign as this would allow for mediation between the local and French authorities.  Over recent years, there had been a considerable strengthening of anti-terrorist measures.  However, the majority of terrorist threats were foiled by international cooperation efforts.  Were the measures justified by the threats the State faced?  How could this be transmitted between different intelligence branches?  How long was intelligence data stored and what measures were provided to keep the information secure? 

    Another Expert asked for disaggregated data on what law enforcement officials had been charged with?  Were inmates allowed to apply to a collective appeal so that others could benefit? 

    An Expert said there were laws which prohibited discrimination in identification checks; how was it ensured that this legislation was implemented?

    Another Committee Expert asked for the delegation to bear in mind the matter of redress granted to victims of violence. 

    One Expert asked for a more specific response to the measures adopted to comply with the rulings of the European courts against certain cases against France?  How did the State party ensure effective judicial control and parliamentary oversight in weapon exportation? 

    Responses by the Delegation

    The delegation said the French overseas territories met all international criteria under the law.  France had completed the decolonisation process and no longer administered non-self-governing territories.  As for French Polynesia, in 2023, France decided to speak before the General Assembly, illustrating ongoing dialogue between the State and French Polynesia. France supported the development of French Polynesia. 

    The French Government followed the individual communications procedure before the Committee.  Any communications were the subject of broad consultations among many ministries and institutions. 

    When France ended the state of emergency of 2015 to 2017, the risk of terrorism in the country was still high.  While this risk had come down, threats still persisted; 45 attacks had been foiled between 2017 and now. 

    In 2022, over 700 people brought cases to court regarding acts of violence committed by people in public authority.  Over 200 of these led to convictions. 

    The Ministry of Education and Youth was currently creating a programme to consider the new kinds of racism and anti-Semitism which had cropped up in recent years. 

    The French law enforcement force represented the population and was diverse.  Inmates could ask for specific improvements to detention conditions which impacted their dignity.  Improvements had been carried out in several penitentiaries as a result of this. Several inmates could present these complaints together.   

    Questions by Committee Experts

    A Committee Expert said since the end of the state of health emergency on 10 July 2020, the situation of exiled people in Calais had deteriorated.  The nearly 1,200 homeless men, women and children in Calais had seen their living conditions deteriorated due to the brutal “evacuations” of several large camps, and the dramatic reduction in vital services such as food distributions, and lack of access to showers and water points.  Additionally, around 100 unaccompanied minors had settled in tents in Jules Ferry Square to highlight that they had been abandoned by the State. Could the State party comment on this?

    According to information received, journalists and media organizations were reportedly facing increasing challenges in carrying out their duties, including restrictions on reporting, potential abuses of power, and other pressures that undermined press freedom.  Reporters without Borders reported that police reportedly assaulted several “clearly identifiable” journalists.  There were several cases cited to support these allegations, including journalists in New Caledonia who stated they were constantly harassed for their coverage of the riots.  Could the delegation comment on these allegations?  What measures did the State party intend to take to better protect journalists and human rights defenders in the exercise of their work? Had the perpetrators of the mentioned cases been prosecuted and what was the outcome, including convictions and reparations?

    Another Expert noted the numerous allegations of prison overcrowding in the State party and the serious health risks during the most critical period of the COVID-19 pandemic, asking what were the reasons for providing, through decree-law 2020-303, for the full continuation of pre-trial detention, which even affected minors?  What were the conditions for the application of the measure of full maintenance of pre-trial detention to children and how many children were affected by this measure? How did law no. 2021-646 of 25 May 2021 on global security preserving freedoms effectively guarantee respect for privacy, especially in the use of portable cameras by law enforcement officers and cameras installed on unmanned aerial vehicles?  Did it include the principles of proportionality and necessity? In the case of the use of surveillance devices in public demonstrations by law enforcement officers, were there safeguards or limitations to prevent their use from affecting the right to peaceful assembly and freedom of expression? 

    It was alleged that four former national secretaries of the General Confederation of Labour were being investigated for defamation and public slander following a complaint filed against them by the Directorate of the National School of Prison Administration.  Could information on this be provided?  The Committee would also like information on the processes followed against various union, political and community leaders for the crime of glorifying terrorism after the Hamas attacks of 7 October 2023.  It was reported that during the recent Olympic Games, there were many cases of systematic Islamophobia that mainly affected Muslim athletes and communities, a situation exacerbated by the security measures adopted. Could the delegation comment on this? What measures had the State party taken to combat hate speech against lesbian, gay, bisexual, transgender and intersex persons?

    One Expert said the Committee had unfortunately been informed that the situation of migrants in Calais and Grande-Synthe was still very worrying, with authorities continuing to apply the “zero point of fixation” policy, under which temporary shelters were systematically dismantled, sometimes with excessive use of force, every 48 hours.  How were migrants informed of the 48 hour rule and the possible dismantling of their temporary shelters?  Could the State consider the use of more humane and proportionate alternatives to dismantling these shelters, including increasing the capacity of reception centres?  What measures had been adopted to facilitate reporting on police abuses? 

    The Committee was concerned by reports that migrants had been detained at the French-Italian border without having obtained legal documents explaining their detention.  How did France ensure that such detentions were not arbitrary and that all migrants were informed of their procedural rights?  The Committee was also informed that the immigration law of 2 January 2024 expanded the criteria for expulsion to include minor offences, and allowed authorities to place a foreign person in administrative detention for reasons related to a potential threat to public order without justification, as well as allowing detention to be extended and reducing procedural rights.  How was it ensured that these measures were compatible with the provisions of the Covenant? 

    The Committee had received information that the State party continued to issue expulsion notices for the return of persons to countries where they were at risk of serious violations of their rights.  How did the State party ensure respect for the principle of non-refoulement in all cases of expulsion?  Regarding the internal borders of the Schengen area, in particular the issue of rapid refoulement at the border between France and Italy, the Committee noted with appreciation the State party’s follow-up to the conclusion of the Court of Justice of the European Union.  The Committee welcomed the annulment by the Council of State, in February, of certain parts of the Code on the Entry and Residence of Foreigners and the Right of Asylum. 

    However, information had been received that foreign nationals continued to be forcibly returned to Italy without having had access to a proper asylum procedure.  How did France ensure the individualised examination of all applications and effective access to asylum procedures?  Did the State intend to end the use of bone tests in law and in practice?  What was the objective of the January 2024 law to establish files to identify unaccompanied minors suspected of a criminal offence?  Who controlled these files and who kept them?  What measures had been taken to ensure adequate temporary accommodation and emergency accommodation for unaccompanied minors?

    One Committee Expert said France had adopted the third national action plan against human trafficking (2024-2027) at the beginning of 2024.  Could the evaluation of achievements from the second action plan be provided and what goals were set for the third plan?  What were the measures developed to combat trafficking?  Could victims receive compensation within the criminal procedure, or did they have to undergo civil suits for compensation?  What safeguards were in place to protect victims themselves from criminal accountability?  What methods had been developed for victims’ identification?  Had trainings been organised for prosecutors, judges and lawyers on human trafficking? 

    The Committee was concerned by numerous reports that the ban on manifestation of religious beliefs by means of clothing, headgear or other religious symbols was a source of tension in French society and was seen by some as disrespect for multiculturism, fuelling the sense of discrimination, racism, anti-Semitism, and Islamophobia.  What measures were being taken to ensure that the ban on expressing religion by means of religious clothing, headgear or symbols did not have a discriminatory effect in practice?  How was it ensured that all visible religious symbols were treated equally? What criteria was used to decide what symbol should be treated as conspicuous and thus be banned, while others were treated as discrete and allowed?  How did the State party avoid that the ban on manifestation of religious beliefs by means of clothing affected predominantly Muslim girls and women? 

    What safeguards were in place to ensure that provisions on the dissolution of association would not be broadly interpreted and end in violating the right to freedom of assembly?  There had been examples of associations, such as Uprisings of the Earth, labelled as eco-terrorists.  Could the delegation provide its views on this?  The Committee was concerned at the expansion of police powers to stop and check persons in the vicinity of protests, and the effect that this could have on the effective enjoyment of the right of peaceful assembly.  A significant number of protesters had been arrested and detained and a small percentage of the protesters arrested had been charged.  What was the position of the State party on these allegations?  How were personal dignity and respect understood by the courts?

    Another Expert said the year 2023 was marked by a succession of bans on demonstrations, particularly related to the mobilisation against the pension reform, or those carried out in support of the Palestinian people.  In October 2023, the Minister of the Interior issued a memo calling on local authorities to pre-emptively ban all demonstrations of solidarity with the Palestine people.  The ban was challenged before the Council of State, which determined that local authorities had to judge on a case-by-case basis the risks to public order and thus avoid repression by invoking public order, excessive force or arbitrary arrest.  This had had repercussions, even in the area of the right to information, which was concerning.

    Did the National Law Enforcement Scheme adopted in September 2020 mention the path of “de-escalation”, as a strategic principle for policing political manifestations in Europe, supported by the European Union?  The Committee had expressed concern about allegations of ill treatment, excessive use of force, and disproportionate use of intermediate force weapons, in particular during arrests, forced evacuations, and law enforcement operations.  A 2017 law (the Cazeneuve law) created a common framework for the use of weapons, allowing police to use armed force in five different cases.  However, the number of deaths had increased fivefold after the 2017 law, causing France to become the country in the European Union with the largest numbers of people killed or injured by shots fired by police. 

    Could the delegation explain the extent to which law enforcement agencies followed the applicable protocols in practice, with supporting statistics, and respected the principles of necessity, proportionality, precaution, non-discrimination and self-defence in the use of weapons?  What measures, in terms of training for law enforcement agencies, were envisaged?  Would the State party be willing to review the legal framework on the use of weapons and limit the use of firearms within the Security Code?  What follow-up had been given to decision 2020-131 of the Defender of Rights on general recommendations on law enforcement practices with regard to the rules of ethics? 

    According to a decision by the Ombudsman, France was the only country in Europe to use stun grenades to keep demonstrators at bay. Would grenades continue to be used despite the serious mutilations and injuries they caused?  Could the delegation provide updated information on the number of persons who had died as a result of police operations during arrests, including through the excessive use of force, and on the outcome of investigations into such deaths, sanctions imposed, and reparations provided to victims and their families?  Could statistics be provided on the number of proposals for sanctions presented by the Defender of Rights and what became of them, in particular the number of prosecutions? 

    Would the Brigades for the Repression of Motorised Violent Actions be dissolved?  The State party’s report provided information on complaints and investigations initiated concerning members of the security forces.  What measures would be taken to make the relevant statistical data more reliable, disaggregated and complete?

    Responses by the Delegation

    The delegation said the evacuations of camps in Calais which took place were done through either a legal or an administrative decision. These decisions were carried out with proper supervision and were overseen by the Government and social organizations.  Unaccompanied minors were housed in emergency shelter systems when possible and the same for adults when possible. 

    France guaranteed the right to protest and freedom of collective speech and expression of ideas.  The French State allowed journalists free circulation.  France was seeking to strike a balance because there were now many journalists without press identification who ran risks, placing themselves between protesters and law enforcement officials.  Law enforcement officers were called on to show professional behaviour at all times, including in situations where protests were violent. 

    Videos in public spaces were used to call attention to pre-determined actions; they did not have any impact on the right to protest. France supported the European plan for protecting journalists against violence.  This had allowed for additional guarantees to be provided in certain cases. 

    French authorities were mobilised to support efforts against hate speech, and there were efforts to address this phenomenon within the Ministry of Justice.  When cases were thrown out, they could be appealed before the appeals court.  Investigations into allegations of hate speech were underway. 

    The administrative police were evacuating camps, which were aimed at putting an end to illegal occupation and squatting of lands.  These operations on the ground involved parameters being established.  Regarding expulsions in Calais, 36 operations had taken place.  They were based on the same legal foundations; the anti-squat laws had been utilised to proceed with the evacuation.  Minors were always supported.  The State was aware of the situation of unaccompanied minors in Calais. Systems had been put in place to address these realities and identify the unaccompanied minors.  Work was being done with associations on the ground in Calais, including Doctors without Borders.  The shelters were only 20 minutes from Calais and allowed for daily operations and support.  This distance was far enough to protect unaccompanied minors from traffickers found in these camps. 

    When foreigners were not eligible for asylum seeking procedures, they could then be placed under administrative detention in administrative detention centres.  These decisions were subjected to oversight by judges.  During the detention period, foreigners benefitted from health care support and legal counsel.  Voluntary returnees received financial support.  Some countries were not considered to be safe, and therefore returns were only on a voluntary basis.  Since October 2022, the Government was active in Mayotte, allowing active participation in the asylum-seeking process. 

    There were 2,100 victims of trafficking and exploitation in 2023, a six per cent increase compared to 2022.  Around 882 people had been sentenced for exploitation and trafficking.  France thanked civil society for helping contribute to the National Action Plan against Trafficking.  Training was an important part of the strategy to combat trafficking; there was a training course on human trafficking with a focus on modern slavery. Training was provided to 150 different professionals.  To care for the victims of human trafficking, several mechanisms were in place, including an early detection mechanism.

    France guaranteed the rights of citizens at the highest level, and any restrictions applied to all religions equally.  There was freedom for an individual to display religious signs, but this needed to be assessed on a case-by-case basis.  Any restriction on a religious symbol was only imposed if they were identified as a risk to the public service. 

    Freedom of expression was guaranteed in France, but this could result in some groups promoting racist and hate speech.  The law of 2021 amended the list of cases where a dissolution could take place, broadening the list of discriminatory measures which could lead to a dissolution. 

    The Public Ministry could carry out prosecutions.  Sometimes the Prosecutor could enact educational measures instead, which was used in some cases of minors.  The judges of France were required to argue for their decisions, given that there were no automatic sentences in the State.  This was also true for those found guilty of threatening public order. 

    France was one of the first countries to call for a ceasefire in Gaza.  There had been a significant increase in anti-Semitic acts since October 2023. Freedom to demonstrate was a fundamental right protected by the Constitution and protests were not subjected to authorisation.  There should be a notification to law enforcement around 15 days before to protect the safety of those participating and those living in the area.  The prohibition of protests was only carried out if it was believed they were a threat to public order, and this was done with the oversight of a judge.  Exceptionally, some protests had been prohibited due to the risk they posed to public order. 

    The use of firearms in France was regulated by the Criminal Code. This allowed a gradual response to respect necessity and proportionality to the violence and the threat.  The goal was to reduce the risk of threatening life and the integrity of people.  The police and gendarmerie were trained on how to use these weapons.  Regarding the brigades, several changes in the practices of demonstrators, including the increase in use of social media, had meant that for three years, the strategy had changed.  On average, there were two to three protests every day in Paris.  To meet this challenge, the brigades were developed and had been used to break up certain disruptive groups.  Since October 2023, the Ministry of Justice had circulated a document on combatting offences related to terrorist activities. 

    The fight against Islamophobia was a strong State policy. The strong Muslim community in France should be able to live with their beliefs peacefully to enjoy their religion. Any law which might be seen as a restriction did not target any specific population or any specific religion. 

    Questions by Committee Experts

    A Committee Expert asked if minors in Mayotte could be afforded the same protections as in metropolitan France? 

    Another Expert said hate speech online affected artists and activists in the lesbian, gay, bisexual, transgender and intersex community. What had been done to prevent this? 

    An Expert said there had been a significant increase in those killed or wounded during protests or police operations.  Were grenades and defensive bullets still used?  What happened when police used these weapons? Was there a compulsory inquiry? Was there oversight regarding each use of weapons? 

    Responses by the Delegation

    Minors were subjected to an age evaluation before they were recorded as minors.  If recorded as a minor, they should not undergo another evaluation.  The dismantling of camps was based on public legal rulings.  The individuals were informed, and efforts were made to help them find shelters or to change their immigration status.  Readmission into the Schengen space was a complex issue. 

    There was a doctrine for the use of medium weapons which allowed gradual and proportionate use.  Recent changes allowed France to address the risk of wounds with these weapons.  Law enforcement officers needed to be clearly trained on each type of weapon on a regular basis.  There was a proposal to replace grenades with non-lethal “flash-bangs”. Random visits were undertaken to police and gendarmerie stations as a form of auditing.  Efforts were made to identify the amount of time weapons were used. 

    Closing Remarks

    ISABELLE ROME, Ambassador for Human Rights of France and head of the delegation, thanked the Committee for the dialogue.  France was deeply attached to the rule of law and was a living democracy; the Committee’s recommendations would be scrupulously considered.  France would continue to progress with an open-minded spirit, in partnership with civil society and the national human rights institution.  The country was committed to renewing dialogue with the territory of New Caledonia and its inhabitants. 

    TANIA MARÍA ABDO ROCHOLL, Committee Chairperson, thanked the delegation for the dialogue, which had covered a wide range of subjects under the Covenant.  The Committee aimed to ensure the highest level of implementation of the Covenant in France. 

    __________

    CCPR.24.024E

    Produced by the United Nations Information Service in Geneva for use of the information media; not an official record.

    English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

    MIL OSI United Nations News

  • MIL-OSI New Zealand: Mixed weather bag ahead for Te Wai Pounamu, the South Island into Labour Weekend

    Source: New Zealand Transport Agency

    MetService and meteorologists are warning people travelling this week and over Labour Weekend to be ready for changeable weather and in some places torrential rain.

    Two storm surges are forecast, says NZ Transport Agency Waka Kotahi (NZTA), with the first starting over Te Wai Pounamu/the South Island today and tomorrow.


    Milford Sound Piopiotahi highway, SH94 closed today and Thursday

    Intense rain has elevated the avalanche risk on this route today, closing it today and Thursday. Reopening Friday will be subject to avalanche risk and storm clearance work. Updates here: (external link)

    Journey Planner – Southland closures(external link)


    West Coast and alpine passes

    West Coast drivers on SH6 south of Harihari need to be ready for heavy rain and possible flooding from rivers like the Waiho near Franz Josef later today and into tomorrow.

    Visibility in heavy rain can be minimal and SH6 can flood in low-lying places. “Drivers should avoid travelling at night and leave double the normal travelling distance to the car in front in torrential rain,” says Mark Pinner, System Manager for NZTA, Central South Island.

    Roads will close if conditions deteriorate and people could encounter fallen trees and slips so be ready to slow down at short notice, says Mr Pinner.

    Heavy rain is forecast to move to alpine areas of SH73, the Arthur’s Pass/ Otira highway, and further north on the West Coast later Thursday into Friday.

    • Rain is forecast to ease south of Arthur’s Pass, SH73, by early Friday and other areas later on Friday.
    • Canterbury river catchments like the Rakaia and Rangitata are also forecast to catch huge amounts of rain in the headwaters.

    Second storm over weekend

    The second storm is forecast to affect the upper half of the South Island on Saturday bringing heavy rain, including eastern areas.

    Kaikōura, Nelson, Marlborough, and Buller could all catch this rainfall as well as the eastern foothills, say meteorologists.

    With cold air forecast for Saturday also along the Main Divide alpine pass travellers need to keep up-to-date on conditions and any restrictions –  for example, if chains are required and no-towing vehicles in places like Porters or Arthur’s Pass.

    NZTA advises people to check these sites before heading away and drive prepared – with snacks, water and blankets and a safe vehicle with good windscreen wipers:

    Metservice warnings(external link)

    Journey planner – Highway conditions(external link)


    Labour Weekend popular travelling time

    “There will likely be heavy traffic over the long weekend as large numbers of people head out of main centres to holiday destinations. If you can avoid peak travel times it will make the trip a lot more enjoyable,” says Mr Pinner.

    Check the NZTA Labour Weekend journey planner for an indication of times and days traffic has been heavy on key highway routes here: 

    Labour day weekend holiday journeys(external link)

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Don’t let holiday traffic belabour your long weekend

    Source: New Zealand Transport Agency

    Labour Weekend is now upon us after a long winter and spring with no public holidays. With it comes holiday road trips and more traffic on the roads.

    Mark Owen, Regional Manager Lower North Island / Top of the South, says with more traffic comes the need to take extra care when driving.

    “Holidays are about creating happy memories, which is why we want everyone to think about the driving basics if they’re heading away this weekend.”

    “Holiday traffic means there will be congestion on highways in and out of Wellington late Friday and Monday. If you’re in queued traffic, be patient. Our helpful Holiday Journey Planner can help you avoid peak travel times and save you some traffic jam stress,” Mr Owen says.

    Holiday Journey Planner (external link)

    Mr Owen says carrying out some basic checks before you drive can save you grief too.

    “Check your tyre pressures, coolant and oil levels. Punctures, overheating, and engine troubles are not what you need on a road trip.”

    “Also, check the weather too. If the forecast is bad, allow some extra time for your journey,” Mr Owen says.

    But the most critical advice Mr Owen has is to drive safely.

    “We may sound like a broken record when we tell people to be patient and not to speed, to keep left unless passing, to not drive when tired, and to always wear your seatbelt.”

    “But we say it because it matters. Small mistakes can have devastating consequences. For you, your friends and family, and other drivers,” Mr Owen says.


    Weather Warnings

    The Metservice has issued weather alerts for the lower North and upper South Islands.

    A Strong Wind Watch is in force for Wairarapa, Wellington, and the Marlborough Sounds from late today (Thursday) to early Friday morning, with severe northwest gales forecast for exposed areas.

    Drivers travelling on State Highway 2 Remutaka Hill and the Wainui Saddle on State Highway 1 Transmission Gully must take extra care.

    On top of the South Island, a Heavy Rain Warning has been issued for the Tasman District northwest of Motueka from late today (Thursday) to early Friday morning. This will affect State Highway 60 in Tākaka/Golden Bay.

    Drivers should be prepared for slips, rockfalls, localised flooding and wet driving conditions. Please watch your speed and following distances, and drive to the conditions.

    Road users are encouraged to check road and weather conditions before they travel.

    Metservice warnings(external link)

    Journey planner – Highway conditions(external link)


    Tips for safe driving on your Labour Weekend holiday

    Plan ahead. Use our Holiday Journey Planner to find out when the peak traffic times will be and time your travel to avoid them.

    Labour day weekend holiday journeys(external link)

    Drive to the conditions, allow plenty of time and take regular breaks to stay alert.

    • Be patient when driving this summer so everyone can relax and enjoy the holidays together.
    • Keep a safe following distance from vehicles in front so you can stop safely.
    • Drive to the conditions – whether it’s the weather, the road you’re on, the time of day or the volume of traffic on the roads.
    • Take regular breaks to stay alert.
    • Allow plenty of time. You’re on holiday, there is no need to rush. 
    • For more information, check out our helpful holiday driving tips:
      Driving in the holidays(external link)

    Vehicle safety

    • Your vehicle must be safe to drive before you set off on your summer holiday.
    • Check that the Warrant of Fitness or Certificate of Fitness is up-to-date on any vehicle you plan to drive, including rentals.
    • There are basic checks you can do yourself, including:
      • Tyres – minimum tread is 1.5mm but the more tread, the better the grip.
      • Lights – check that all lights work so your vehicle is visible in poor light.
      • Indicators – ensure all indicators work so people know which direction you are moving.
      • Windscreen and wipers – check for wear and tear so you can see the road safely.
    • For more information on self-checks, visit our Check your car web page:
      Check your car – safety basics(external link)

    MIL OSI New Zealand News

  • MIL-OSI USA: Federal Judge Rebuffs Pittsburgh Post-Gazette’s Claim That U.S. Labor Law Violates Constitution

    Source: Communications Workers of America

    PITTSBURGH, Pa. – A motion by representatives of the Pittsburgh Post-Gazette arguing that the National Labor Relations Act (NLRA) is unconstitutional was rejected by U.S. District Court Judge Cathy Bissoon on Tuesday.

    The Post-Gazette (“PG Publishing Co.”) is facing an injunction hearing on Monday, Oct. 28, in which the National Labor Relations Board will seek a ruling from Judge Bissoon ordering and enjoining the PG to stop violating federal labor law, bargain with its workers in good faith, and pay for their health care costs until a new collective bargaining agreement (CBA), or health care plan, is agreed.

    With its rejected motion, the PG joined Elon Musk, Trader Joe’s, and Amazon in claiming that the NLRA, which has regulated labor relations in the U.S. since its passage in 1935, violates the constitution. Judge Bissoon dismissed these arguments.

    “While PG’s positions are not outlandish by contemporary standards, this Court declines its invitation to ignore nearly a century’s worth of settled jurisprudence. See NLRB v. Jones & Laughlin Steel Corp., 301 U.S. 1 (1937),” Bissoon wrote in her order. “Although respect for stare decisis appears less ‘in vogue’ as of late, there is something to be said for tradition. The undersigned will continue to respect it.”

    Striking pressworkers, advertisers, and mailers have been on strike since October 6, 2022, following the PG unilaterally canceling the health care of its production and distribution workers over an increase in costs of $19 per week per person.

    Editorial workers in the Newspaper Guild of Pittsburgh joined them on Oct. 18 on an unfair labor practice strike stemming from the company’s illegally unilateral decision to tear up the Guild’s contract in July of 2020 and from the company’s other illegal behavior.

    “The Post-Gazette’s owners have gone beyond breaking the law and have argued that there should be no law at all,” said CWA District 2-13 Vice President Mike Davis. “It would be laughable at this point if it wasn’t causing real damage to the Post-Gazette’s workers and their families and undermining the news coverage that the people of Pittsburgh deserve. We are pleased that Judge Bissoon has rejected the Post-Gazette’s frivolous attempt to eliminate the National Labor Relations Act so we can focus on the real issue—the Post-Gazette’s failure to follow the law.”

    Monday’s hearing in front of Judge Bissoon is scheduled to begin at 10 a.m. at the federal courthouse at 700 Grant St. in Downtown Pittsburgh.

    ###

    About CWA: The Communications Workers of America represents working people in telecommunications, customer service, media, airlines, health care, public service and education, manufacturing, tech, and other fields.

    cwa-union.org @cwaunion

    MIL OSI USA News

  • MIL-OSI USA: Administrator Samantha Power at a Press Conference in Phnom Penh

    Source: USAID

    ADMINISTRATOR SAMANTHA POWER: Thank you all. It is great to see everyone this evening. 

    It has been a great pleasure for me to be back in Cambodia for my fourth visit. In previous visits, of course, I have been awed by the majesty and rich culture of Angkor Wat, the incredible power and importance of the Tulsa Lang Genocide Museum, and, of course, the beauty of the Mekong River.

    Being back here and discussing the deepening engagement between our two countries has been very enlightening for me. The partnership of today builds on several decades of investment by USAID in support of the dignity and prosperity of the Cambodian people. 

    I feel, personally, very fortunate to be the first USAID Administrator to visit Cambodia while in this role, and I have taken many notes about the priorities of the Government officials, students, and civil society leaders that I’ve had the chance to engage with.

    Over the past few decades, the Cambodian people have made really remarkable strides to improve health, education, and economic growth. We, in the United States, again, have been able to support these efforts, including with a total of $3 billion in assistance over the past more-than-30 years. 

    We, in these years, supported the efforts of public health heroes like Mr. Yang Chiang, this country’s first entomologist, who I had the honor of meeting today. A man who has dedicated his life to trying to eliminate malaria here in Cambodia, and an individual who has been able to see with so many of you that Cambodia now has marked six straight years without a single death from malaria, and thus, again, is on the cusp of meeting this goal of eliminating malaria in this country.

    We also have supported Cambodia’s education system to get more kids into school. Since 2007, the number of children enrolled in preschool programs has more than doubled, and Cambodia is close, in fact, to achieving universal access to primary education. USAID programs have doubled reading scores among the children that we have worked with, and we are now seeing the Cambodian Government using these same approaches to help even more young people. 

    We worked as well to increase trade between our two countries, and today, the United States is Cambodia’s largest export market. Over the past five years, indeed, Cambodia’s exports to the United States have more than doubled. There is meaningful progress like this to celebrate, and on this trip, I am glad to announce over $50 million in new funding from across the U.S. government to try to build on some of this progress.

    With these funds, we will invest in helping Cambodian farmers connect with markets and adopt new technologies to keep producing plentiful and safe food, even as the climate changes. We will invest in keeping the Cambodian people safe by clearing landmines and other unexploded ordinances, building on decades of efforts to address the dangerous legacies of war. And importantly, we will invest in supporting civil society, labor, and independent media, investments that will not only support Cambodia’s democratic future but its economic future, as well. 

    On this visit, I have met with Cambodians from all walks of life – families fostering kids with disabilities, students and environmentalists, workers who care for some of this country’s most sacred sites, doctors, nurses and community health workers, labor activists, and brave individuals who seek to hold those with power accountable to the principles enshrined in this country’s constitution: democracy, human rights, transparency. 

    There is great potential for the relationship between the United States and Cambodia to grow stronger, and, as is the case in all of our important relationships, there are also concerns, including about unjustified arrests and threats to basic rights. We are following the case of journalist Mech Dara very closely, including some potential developments today. I had a chance to both meet with Dara’s family, and to raise this issue, along with other concerning cases, in my meeting with the Prime Minister today. 

    All of these cases are sensitive, but I will just underscore that we have emphasized our support for finding positive resolutions. More broadly, as I discussed with Prime Minister Hen Mannet earlier today, American and international companies see real opportunity here in Cambodia. But, in order to invest here, they want to see meaningful improvements in the business enabling environment, to tackle corruption, to improve respect for labor rights, and to address the cyber scam operations plaguing Cambodia’s international reputation. 

    Working toward greater transparency, accountability and protection of human rights can unlock extraordinary prosperity for the Cambodian people. That can be the promise of a new generation, and we, in the United States, will be eager partners in working together to achieve it. 

    Thank you so much, and I look forward to taking your questions.

    QUESTION: Thank you. Hi, I’m Prak Chan Thul from Kiripost. So, you said you announced $50 new million for Cambodia. What? What have you heard from the authorities of the Cambodian government that in return of this new aid and what have you – what will you promise in the case of Mech Dara, will he be released? Thank you.

    ADMINISTRATOR POWER: Thank you. I’m not going to comment further on Mech Dara’s case beyond to stress the importance of independent media, of checks and balances, and of the rule of law. 

    With regard to the new investments that have been announced. They range from an additional investment in the prevention of tuberculosis. I was able, yesterday in Siem Reap, to witness a very energetic effort to reach at least some of the Cambodians who have tuberculosis, but often do not know they have TB until it is not only too late for them, but too late for others, given how the disease spreads. So, USAID is partnering with community-based organizations that will reach citizens where they are, not expecting citizens to experience a symptom and then travel a long way to get a diagnosis, but an effort really to make the diagnostic technology more mobile and more readily available. And, this is with an eye to helping Cambodia and Cambodians reach the goal that the government has set to eliminate TB by 2030. So, this is a $4 million investment in a local organization that is driving some of this community based work to get rid of TB. 

    In addition, just to stay in the area of public health, we have announced an additional $1 million to invest in doing a survey for the Cambodian people of blood lead levels. There is significant lead poisoning among children in many developing countries, including Cambodia, but understanding exactly where those elevated levels of lead in the blood are clustered, understanding the sources of lead poisoning is absolutely critical to eliminating lead poisoning going forward. 

    And, this was something – both this and TB and, of course, all of the work we have done together on malaria, were each topics that I had a chance to discuss with the Prime Minister, and sensed a lot of enthusiasm to go forward again with the efforts to eliminate TB, and the effort now to get a handle on precisely what the sources of lead poisoning are so as to embark on a multi-faceted effort to regulate lead and to ensure that Cambodia’s children are no longer exposed to something that can be very harmful to educational attainment, and can ultimately even cause premature death. 

    We also are announcing an investment of an additional $5 million to support workers, civil society, and independent media. And here, let me just note, obviously these are investments in non-governmental actors. But, one of the topics that we discussed at length with the Prime Minister was his broad ambition to attract more foreign investment, to take steps that will ensure that the economy continues to grow and even grows more, and creates jobs for all of the young people who are looking for jobs every year. But, it is really, really important for investors to have confidence in the rule of law, for corruption to be tackled, so that, for example, American companies can feel confident that they can invest here without having to pay bribes or engage in kickbacks, which are illegal in the United States. 

    And so, these investments in civil society, in media, in the dignity of work and workers – all of these are investments as well in Cambodia’s economic development and that broad ambition that so many Cambodians have for their children to enjoy a more prosperous future than they themselves.

    QUESTION: Hi, my name is Danielle Keaton Olson. I’m a freelance journalist based in Phnom Penh, and I was wondering so, Cambodian-based labor rights organization called Central has gotten under fire for receiving foreign funding. The Cambodian government has criticized it for receiving foreign funding. And, of course, there’s been the arrest of our colleague and the U.S. recognized Trafficking-In-Persons report hero, Mech Dera. Are these raising alarms or concerns within USAID at this moment?

    ADMINISTRATOR POWER: Well, I have had the chance on this visit to sit down with individuals from Central and to hear firsthand about the experiences that they have been having, the level of the scrutiny of their operations, and the concerns that they have about being able to continue doing the work that has proven so important for workers rights here in Cambodia. I also had a chance in Siem Reap to meet with individuals who have helped organize, those who actually maintain these cherished tourist sites, and who themselves have organized in order to secure better wages, better working conditions, better hours, et cetera. 

    President Biden is laser-focused on labor rights at home and indeed has shown tremendous initiative and leadership on promoting global labor rights. And so, it was very important in having this visit for us to sit down and dig into just those issues. And, one of the arguments that I made today with the government, and it’s an argument again that U.S. officials are making all around the world, is that labor rights and workers abilities – a worker’s ability and workers’ abilities to advocate for themselves without fear of persecution, is absolutely critical to growing the economy in a manner that expands livelihoods and prosperity for all Cambodians. 

    So, this is not simply an issue of human rights, which it is, it is also absolutely critical that the freedom to organize, the freedom to associate, the freedom to express one’s concerns, be protected. And, I think that is the foundation to an economy that will not only grow but grow in an inclusive manner that benefits ordinary Cambodians and not merely those who have benefited from growth in prior generations.

    QUESTION: Sorry. Has it – just to clarify – Has it raised some concerns about USAID ability to support these values that, in terms of labor rights and independent media, that the U.S. government values?

    ADMINISTRATOR POWER: Well, as I indicated in announcing additional support, you know, when these rights are challenged, it becomes all the more important for USAID to be working in partnership with those who are bravely defending those rights. And so, I actually think it underscores the importance of these investments, and I think that is certainly the message that I heard from the labor organizers that I’ve spoken with over the last few days – is both the resources to support those who are organizing, but also what we call the development diplomacy, you know, raising these – raising with senior government officials, the importance of these rights being protected and respected. And, the United States is not alone in raising these concerns. Obviously, other democracies are intent as well in raising concerns about, again, some of what appear to be the growing pressures on workers and on unions and on labor organizers. 

    QUESTION: Good evening, madam. My name is Hul Reaksmey. I am reporter from Voice of America. My question is, what is your observation about Chinese growing in Cambodia, when you talk about Cambodia effort to improve democracy?

    ADMINISTRATOR POWER: Sorry, just a little bit hard to hear. Maybe just slow down, and I heard the first part, but just the last part of your question?

    QUESTION: Does the Chinese growing influence undermine efforts of Cambodia to improve democracy?

    ADMINISTRATOR POWER: Thank you. Well, one of the things that the United States stresses in the countries where it works around the world is the importance of transparency, a spirit of partnership, the importance of natural resources being protected and preserved. As we just discussed, the importance of civil society and non-governmental actors, holding government accountable, and maybe this is a point I would stress even the most strongly, the importance of the investments we make, strengthening a country’s path to independence, rather than any kind of dependence. And so, one of the things that really stands out for me in terms of the U.S. development model is that we provide our support by-and-large through grants. 

    It’s extremely important to us that when we invest in health programming or education programming or food security efforts, like the USDA program that I’ve announced on this visit; or demining, like the additional $12 million that I announced on this visit, that the Cambodian people understand that these resources are invested in a spirit of partnership. 

    We are listening to our Cambodian partners and trying to mobilize resources in support of their objectives. What we do not want is for Cambodia or the Cambodian people to be somehow indebted to us in a manner that actually impedes this country’s economic development. 

    So, just to give you one statistical example of this. The United States invests about nine dollars in grants for every dollar of loan that the United States provides. The PRC invests about nine dollars in loans for every dollar in grants. And, one of the challenges – and these numbers are lower, I think, than the actual number, but at least that is the ratio, at least – one of the challenges that can saddle future generations with the obligation to repay debt, often at high interest, debt that was incurred long before.

    Again, our goal is for Cambodia to move, once and for all, from aid to trade. We know the capability of the Cambodian people. We see it in the incredible economic growth that this country has enjoyed. We see it in the resilience of the people who have gone through so much over the generations. And, what we seek to do is to be catalytic and responsive to our partners objectives, but the ultimate objective is for a sovereign and independent Cambodia to make its own choices about how to deploy its own resources, including its tremendous human capital.

    QUESTION: Hello, good evening ma’am. And my name is Ko Ratha from the Cambodia-China Times, and we call in Khmer the CC-Times. And, I have some questions for you. I just would like to say, this is very busy trip to Cambodia. And my first question is, how do you think about the development in Cambodia? As you mentioned that this is your fourth trip to Cambodia. And the second one is, why Americans decided to support more aid to Cambodia? And the last one, what is your encouragement in order to use aid in the right way and now the U.S. purpose?

    ADMINISTRATOR POWER: Well, I have only been USAID Administrator now for more than three and a half years, let’s say, but one of the things that is wonderful about visiting Cambodia is to see the way in which previous investments by USAID and really from the American people, have produced such significant results here. 

    I gave the example of the elimination of malaria. The work done to eliminate malaria was done by Cambodians. It’s Cambodia that achieved, is on the verge, I should say, of achieving that very, very significant accomplishment. But USAID has been present over the last several decades in supporting that work. I mentioned in education that USAID has made investments in looking to see what forms of education are having the greatest impact with students. That’s a, you know, relatively small program, but that produced really valuable information, and now the Ministry of Education is using that information to inform its decisions about curriculum. 

    I think these are two really important examples of how this assistance can flow. It starts with respecting the judgment and the priorities of the Cambodian people. One of the things about USAID that is not well known, and even that I was not aware of before I came to USAID, is that three quarters of our staff in the countries in which we work are nationals of the countries in which we work. So, here, of course, that means that the vast majority of our staff here in Cambodia are Cambodians who live in their communities – who listen to their neighbors, who understand the importance of making health progress, and also understand the importance of fighting corruption, and ensuring that political reform and economic development go hand in hand. 

    So, I think that is our posture going forward – as we have been present in the country in some form since just after the Paris Peace Agreements, since 1993-1994 – we have learned a lot, and the people from whom we have learned the most are the Cambodian people. So, I think our presence here is not about, you know, geopolitical competition, it is about advancing the dignity, prosperity, and peace for Cambodians. 

    QUESTION: I wanted to follow up on the aid that was rescinded and then reinstated last year after the election, which the State Department called the Cambodian election last year, neither free nor fair, and then $18 million U.S. aid was withheld. Then that decision was reversed two months later. The U.S. Embassy told Cambodian news at the time that the aid was reinstated to, “encourage the new government to live up to its stated intentions to be more open and democratic.” So, a year later, I just wanted to follow up and ask, do you think it worked?

    ADMINISTRATOR POWER: Well, first, I think it’s important to discuss the aid itself, and I don’t need to repeat what we’ve already discussed here today, but when we invest $12 million in demining, that means fewer kids are going to run into unexploded ordinances. When we invest in moving diagnostic equipment that does X-rays of the lungs, that means fewer people are going to carry TB without knowing it. And, when we invest after COVID-19 and the horrible toll that that took here, not only on human health, but on the economy. When we invest in lab equipment and surveillance to prevent future global health security threats, that’s a really important investment in Cambodia’s health and stability, but also in America’s health. Every investment in global health security that we make internationally ultimately benefits us all, since we are connected. 

    So, I think that there absolutely is an effort to engage the government that has been now in office for 14 months, and to raise concerns about individuals who have, in some cases, exposed challenges in Cambodia that the Cambodian people benefit from seeing exposed like the scamming centers, like corruption, like human rights abuse by police or others. 

    We over this last or really over these last decades, but including with the new government, have made investments in labor organizing, in independent media, in these civil society organizations. At the same time, we have pressed these issues through our development diplomacy. 

    I don’t think that the United States, anywhere in the world, gives up on its efforts to promote human rights, to stress the linkage between economic progress and checks and balances, and again, the protection and promotion of human rights. And, of course, there are issues of concern, just as there were when the pause was put in place. 

    But, our programming resources do not go to the government. They go to non-governmental organizations. They go to the very organizations that, in many cases, are holding government accountable. In health, of course, goes to community based organizations that, yes, work alongside the Ministry of Health, but it is really important to take note that our assistance is to the people of this country, and that assistance, as we examine it, if it is advancing dignity, advancing checks and balances, it’s important to sustain those investments over time. 

    MIL OSI USA News

  • MIL-OSI USA: The United States Announces New Programs and more than $38 Million in Additional Funding for Cambodia

    Source: USAID

    Today in Phnom Penh, Administrator Samantha Power announced new investments and support for the Cambodian people through a range of new and expanded U.S. activities in food security, the environment, civil society, media, and labor. Cambodia remains an essential partner to the United States as we work to achieve a shared vision for a free and open, prosperous, and secure Indo-Pacific region. 

    As part of the U.S. government’s commitment to strengthening agriculture and food systems, Administrator Power highlighted a new Food for Progress award of more than $29 million from the U.S. Department of Agriculture. This funding will help Cambodia improve implementation and development of food safety regulations by improving post-harvest handling of soybean meal, increasing adoption of climate smart technologies, providing training on best food safety practices, and strengthening market linkages. Under the Mekong-US Partnership, USAID will also support new efforts to conserve the rich biodiversity of the lower Mekong River basin, which is home to more than 1,000 species of fish but increasingly threatened by the effects of climate change and infrastructure development. Underscoring the strong U.S. commitment to protecting biodiversity, USAID will extend and expand for the next five years its work with the government and local communities in Cambodia to conserve and sustain the wonders of the Mekong, as well as work with other countries of the lower Basin. 

    In a meeting with members of Cambodian civil society, Administrator Power also announced more than $6 million in new USAID funding for civil society, media, and labor in support of Cambodia’s constitutional commitments to democratic rule, respect for human rights, and support for civil society. Additionally, Administrator Power announced $3 million in funding from the U.S. Department of Labor to increase collaboration and partnerships between and among persons with disabilities. This funding will help address the prevalence of child labor, forced labor, and human trafficking among persons with disabilities and reduce barriers that impede their access to decent work. USAID will also continue to support Cambodian returnees from the United States as they reintegrate into Cambodian society and establish stable, constructive, and independent lives. 

    MIL OSI USA News

  • MIL-OSI Security: Fort Myers Felon Pleads Guilty To Unlawfully Possessing Stolen Firearm And Silencer

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

    Fort Myers, Florida – United States Attorney Roger B. Handberg announces that Trequille Donte Rodreguez, Sr. (31, Fort Myers) today pleaded guilty to possessing a firearm as a convicted felon and possessing an unregistered firearm silencer. He faces a maximum penalty of 25 years in federal prison. A sentencing date has not yet been set.

    According to court records, while executing a search warrant at the residence of Rodreguez on July 2, 2024, officers from the Fort Myers Police Department located a Ruger firearm and a firearm silencer inside a bag in one of the bedrooms.  Both the firearm and the suppressor had been reported stolen in a car burglary approximately one month earlier in Hendry County. Two latent fingerprints were lifted from the silencer. Both were later identified as belonging to Rodreguez. As a convicted felon who previously served time in Florida state prison for firearms and burglary offenses, Rodreguez is prohibited from possessing firearms or ammunition under federal law.    

    This case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Fort Myers Police Department, and the Hendry County Sheriff’s Office. It is being prosecuted by Assistant United States Attorney Simon R. Eth.

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

    MIL Security OSI

  • MIL-OSI: DT Cloud Acquisition Corporation Announces Entering into a Business Combination Agreement with Maius Pharmaceutical

    Source: GlobeNewswire (MIL-OSI)

    New York, New York, Oct. 23, 2024 (GLOBE NEWSWIRE) — DT Cloud Acquisition Corporation (Nasdaq: DYCQU, DYCQ, DYCQR) (“DT Cloud” or the “SPAC”), a publicly-traded special purpose acquisition company, and Maius Pharmaceutical Co., Ltd. (“Maius” or the “Company”), a biopharmaceutical R&D company, announced that they had entered into a definitive business combination agreement (the “Business Combination Agreement”) for the merger transactions (the “Business Combination,” and the transactions in connection with the Business Combination collectively, the “Transaction”). As contemplated in the Business Combination Agreement, upon closing of the Transaction, Maius will become a wholly-owned subsidiary of Maius Pharmaceutical Group Co., Ltd., a newly formed holding company (“Pubco”), the securities of which will be listed on The Nasdaq Stock Market LLC (“Nasdaq”).

    Maius is a biopharmaceutical R&D company focusing on innovative formulations and targeted small-molecule chemical drugs. The Company focuses on developing new drugs in three major areas: anticancer drugs, autoimmune medication and anti-infectives. Its core products include small-molecule chemical drug candidates and peptide drug candidates. It has independently established an integrated drug development platform, combining a chemical drug screening system with a drug delivery system.

    Transaction Overview

    Upon consummation of the Business Combination, the outstanding shares of DT Cloud and Maius will be converted into the ordinary shares of Pubco. The Business Combination Agreement provides for an equity value of $250 million for Maius at the time of the closing of the Business Combination.

    The Transaction has been unanimously approved by the boards of directors of both DT Cloud and Maius and is expected to be consummated in the first half of 2025, subject to regulatory approvals, the approvals by the shareholders of DT Cloud and Maius, respectively, and the satisfaction of certain other customary closing conditions, including, among others, a registration statement (the “Registration Statement”), of which the proxy statement/prospectus forms a part, being declared effective by the U.S. Securities and Exchange Commission (the “SEC”), and the approval by Nasdaq of the listing application of Pubco. Upon the closing of the Business Combination, Pubco, the combined company, is expected to operate under the name of “Maius Pharmaceutical Group Co., Ltd.” and with a new trading symbol.

    The description of the Business Combination contained herein is only a summary and is qualified in its entirety by reference to the Business Combination Agreement. A more detailed description of the transaction terms and a copy of the definitive Business Combination Agreement will be included in a Current Report on Form 8-K to be filed by DT Cloud with the SEC and will be available on the SEC’s website at www.sec.gov.

    Advisors

    Wilson Sonsini Goodrich & Rosati, Professional Corporation, Ogier (Cayman) LLP and Han Kun Law Offices are serving as legal counsel to DT Cloud. Sichenzia Ross Ference Carmel LLP, Appleby (Cayman) Ltd. and Beijing Yingke Law Firm Shenzhen Office are serving as legal counsel to Maius.

    About Maius

    Maius is a biopharmaceutical R&D company focusing on the research and development of innovative formulations and targeted small-molecule chemical drug candidates. The Company focuses on developing new drugs in three major areas: anticancer drugs, autoimmune medication and anti-infectives. Its core products under development include small-molecule chemical drugs and peptide drugs. It has independently established an integrated drug development platform, combining a chemical drug screening system with a drug delivery system. 

    About DT Cloud Acquisition Corporation

    DT Cloud is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses. While DT Cloud may pursue an initial business combination target in any business or industry, it intends to focus its search on industries that complement its management team’s background. DT Cloud is led by Shaoke Li, its Chief Executive Officer, and Guojian Chen, its Chief Financial Officer.

    Forward-looking Statements

    This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release, including statements as to future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of the Company, market size and growth opportunities, competitive position and technological and market trends, estimated implied pro forma enterprise value of the combined company following the Mergers (the “Combined Company”), the cash position of the Combined Company following the closing of the Transaction, SPAC and the Company’s ability to consummate the Transaction, and expectations related to the terms and timing of the Transaction, as applicable, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “anticipate,” “expect,” “suggests,” “plan,” “believe,” “predict,” “potential,” “seek,” “future,” “propose,” “continue,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain such terminology. All forward-looking statements are based upon current estimates and forecasts and reflect the views, assumptions, expectations, and opinions of SPAC and the Company as of the date of this press release, and are therefore subject to a number of factors, risks and uncertainties, some of which are not currently known to SPAC or the Company and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; (2) the outcome of any legal proceedings that may be instituted against SPAC, the Company or others following the announcement of the Transaction, the Business Combination Agreement and other ancillary documents with respect thereto; (3) the amount of redemption requests made by SPAC public shareholders and the inability to complete the Transaction due to the failure to obtain approval of the shareholders of SPAC, to obtain financing to complete the business combination or to satisfy other conditions to closing and; (4) changes to the proposed structure of the Mergers that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Mergers; (5) the ability to meet stock exchange listing standards following the consummation of the Transaction; (6) the risk that the Transaction disrupts current plans and operations of the Company as a result of the announcement and consummation of the Transaction; (7) the ability to recognize the anticipated benefits of the Transaction, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the business combination; (9) risks associated with changes in applicable laws or regulations and the Company’s international operations; (10) the possibility that the Company or the Combined Company may be adversely affected by other economic, business, and/or competitive factors; (11) the Company’s estimates of expenses and profitability; (12) the Company’s mission, goals and strategies; (13) the Company’s future business development, financial condition and results of operations; (14) expected growth of the global digital trading and investing services industry; (15) expected changes in the Company’s revenues, costs or expenditures; (16) the Company’s expectations regarding demand for and market acceptance of its products and service; (17) the Company’s expectations regarding its relationships with users, customers and third-party business partners; (18) competition in the Company’s industry; (19) relevant government policies and regulations relating to the Company’s industry; (20) general economic and business conditions globally and in jurisdictions where the Company operates; and (21) assumptions underlying or related to any of the foregoing. The foregoing list of factors is not exhaustive. You should carefully consider the risks and uncertainties described in the “Risk Factors” section in the annual report on Form 10-K for the year ended December 31, 2023 of SPAC, and the “Risk Factors” section of the Registration Statement relating to the Transaction which is expected to be filed with the SEC, and other documents filed from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither SPAC nor the Company presently know or that SPAC or the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of these factors, risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur, and any estimates, assumptions, expectations, forecasts, views or opinions set forth in this press release should be regarded as preliminary and for illustrative purposes only and accordingly, undue reliance should not be placed upon the forward-looking statements. SPAC and the Company assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

    Additional Information and Where to Find It

    In connection with the Transaction, SPAC and the Company intend to cause the Registration Statement to be filed with the SEC, which will include a proxy statement to be distributed to SPAC’s shareholders in connection with its solicitation for proxies for the vote by SPAC’s shareholders in connection with the Transaction. You are urged to read the proxy statement/prospectus and any other relevant documents filed with the SEC when they become available because, among other things, they will contain updates to the financial, industry and other information herein as well as important information about SPAC, the Company and the Transaction. Shareholders of SPAC will be able to obtain a free copy of the proxy statement when filed, as well as other filings containing information about SPAC, the Company and the Transaction, without charge, at the SEC’s website located at www.sec.gov. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination.

    INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

    Participants in the Solicitation

    SPAC, the Company and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from SPAC’s shareholders in connection with the Transaction. You can find information about SPAC’s directors and executive officers and their interest in SPAC can be found in its Annual Report on Form10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on March 28, 2024. A list of the names of the directors, executive officers, other members of management and employees of SPAC and the Company, as well as information regarding their interests in the Transaction, will be contained in the Registration Statement to be filed with the SEC by the Company. Additional information regarding the interests of such potential participants in the solicitation process may also be included in other relevant documents when they are filed with the SEC. You may obtain free copies of these documents from the sources indicated above.

    No Offer or Solicitation

    This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transaction and does not constitute an offer to sell or the solicitation of an offer to buy any securities of SPAC, the Company or the Combined Company, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

    Contact:

    For investors:

    DT Cloud Acquisition Corporation
    Shaoke Li
    Chief Executive Officer
    30 Orange Street
    London
    United Kingdom, WC2H 7HF
    Email: jack.li@dtcloudspac.com

    Maius Pharmaceutical Co., Ltd.
    Mingfeng Shi
    Chief Executive Officer
    Room 913, Building 1, No. 515 Huanke Road, Pudong New District, Shanghai, China
    Email: maius@maiuspharma.com

    The MIL Network

  • MIL-OSI: South Plains Financial, Inc. Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LUBBOCK, Texas, Oct. 23, 2024 (GLOBE NEWSWIRE) — South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter ended September 30, 2024.

    Third Quarter 2024 Highlights

    • Net income for the third quarter of 2024 was $11.2 million, compared to $11.1 million for the second quarter of 2024 and $13.5 million for the third quarter of 2023.
    • Diluted earnings per share for the third quarter of 2024 was $0.66, compared to $0.66 for the second quarter of 2024 and $0.78 for the third quarter of 2023.
    • Average cost of deposits for the third quarter of 2024 was 247 basis points, compared to 243 basis points for the second quarter of 2024 and 207 basis points for the third quarter of 2023.
    • Net interest margin, calculated on a tax-equivalent basis, was 3.65% for the third quarter of 2024, compared to 3.63% for the second quarter of 2024 and 3.52% for the third quarter of 2023.
    • Nonperforming assets to total assets were 0.59% at September 30, 2024, compared to 0.57% at June 30, 2024 and 0.12% at September 30, 2023.
    • Return on average assets for the third quarter of 2024 was 1.05% annualized, compared to 1.07% annualized for the second quarter of 2024 and 1.27% annualized for the third quarter of 2023.
    • Tangible book value (non-GAAP) per share was $25.75 as of September 30, 2024, compared to $24.15 as of June 30, 2024 and $21.07 as of September 30, 2023.
    • The consolidated total risk-based capital ratio, Common Equity Tier 1 risk-based capital ratio, and Tier 1 leverage ratio at September 30, 2024 were 17.61%, 13.25%, and 11.76%, respectively. These ratios significantly exceeded the minimum regulatory levels necessary to be deemed “well-capitalized”.

    Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “I’m pleased with our third quarter results, which I believe demonstrate that the Bank is performing at a high level. We remain well capitalized and focused on managing our loan portfolio as the credit environment continues to normalize. Against this backdrop, we are maintaining our credit discipline and not stretching to chase loan growth. We are also building liquidity as we expect the Federal Reserve to continue reducing their market interest rate to stimulate economic growth looking to the year ahead. Importantly, we are seeing a level of optimism from our customers that we have not seen over the last seven to eight quarters and our new business production pipeline is the strongest that it has been in more than two years. Looking forward, we remain confident in the credit profile of our loan portfolio and are cautiously optimistic that we will see loan growth accelerate in the quarters ahead. Additionally, we are beginning to see deposit cost pressures ease, which we expect will be supportive of our net interest margin as well as continued deposit growth.”

    Results of Operations, Quarter Ended September 30, 2024

    Net Interest Income

    Net interest income was $37.3 million for the third quarter of 2024, compared to $35.9 million for the second quarter of 2024 and $35.7 million for the third quarter of 2023. Net interest margin, calculated on a tax-equivalent basis, was 3.65% for the third quarter of 2024, compared to 3.63% for the second quarter of 2024 and 3.52% for the third quarter of 2023. The average yield on loans was 6.68% for the third quarter of 2024, compared to 6.60% for the second quarter of 2024 and 6.10% for the third quarter of 2023. The average cost of deposits was 247 basis points for the third quarter of 2024, which is 4 basis points higher than the second quarter of 2024 and 40 basis points higher than the third quarter of 2023.

    Interest income was $61.6 million for the third quarter of 2024, compared to $59.2 million for the second quarter of 2024 and $56.5 million for the third quarter of 2023. Interest income increased $2.4 million in the third quarter of 2024 from the second quarter of 2024, which was primarily comprised of an increase of $934 thousand in loan interest income and an increase of $1.5 million in interest income on other interest-earning assets. The growth in loan interest income was due to a rise of 8 basis points in the yield on loans, partially offset by a decrease in average loans of $12.7 million. The increase in interest income on other interest-earning assets was predominately a result of increased liquidity from growth in deposits and a net decrease in loans during the third quarter. Interest income increased $5.1 million in the third quarter of 2024 compared to the third quarter of 2023. This increase was primarily due to an increase of average loans of $64.2 million and higher market interest rates during the period, resulting in growth of $5.3 million in loan interest income.

    Interest expense was $24.3 million for the third quarter of 2024, compared to $23.3 million for the second quarter of 2024 and $20.8 million for the third quarter of 2023. Interest expense increased $1.0 million compared to the second quarter of 2024 and increased $3.5 million compared to the third quarter of 2023. The $1.0 million increase was primarily as a result of growth in average interest-bearing deposits of $64.4 million. The $3.5 million increase was primarily as a result of growth in average interest-bearing deposits of $111.2 million and a 43 basis point increase in the cost of interest-bearing liabilities.

    Noninterest Income and Noninterest Expense

    Noninterest income was $10.6 million for the third quarter of 2024, compared to $12.7 million for the second quarter of 2024 and $12.3 million for the third quarter of 2023. The decrease from the second quarter of 2024 was primarily due to a decrease of $1.5 million in mortgage banking revenues, mainly from a decrease of $1.4 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value declined in the third quarter of 2024. Additionally, there was a decrease of $750 thousand in bank card services and interchange revenue mainly as a result of incentives received during the second quarter of 2024 and a decrease of $315 thousand in income from investments in Small Business Investment Companies. The decrease in noninterest income for the third quarter of 2024 as compared to the third quarter of 2023 was primarily due to a decrease of $2.7 million in mortgage banking activities revenue mainly from a decline of $2.7 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value declined in the third quarter of 2024. Further, there was approximately $700 thousand in insurance proceeds received for property damage in the third quarter of 2024, which affected other noninterest income in both period comparisons.

    Noninterest expense was $33.1 million for the third quarter of 2024, compared to $32.6 million for the second quarter of 2024 and $31.5 million for the third quarter of 2023. The $556 thousand increase from the second quarter of 2024 was largely the result of a rise of $226 thousand in net occupancy expenses, primarily from increased utilities, growth of $155 thousand in marketing and development expenses, and smaller increases in other noninterest expenses – including operational and fraud losses, losses on disposal of fixed assets, settlements, and charitable donations. These increases were partially offset by a decrease of $432 thousand in personnel costs as there was an additional $350 thousand in accrued expense in the second quarter related to incentive-based compensation. The increase in noninterest expense for the third quarter of 2024 as compared to the third quarter of 2023 was largely the result of an increase of $274 thousand in IT and data services related to the Company’s cloud project, an increase of $247 thousand in professional services mainly from legal expenses, and smaller increases in other noninterest expenses – including losses on disposal of fixed assets, settlements, and charitable donations.

    Loan Portfolio and Composition

    Loans held for investment were $3.04 billion as of September 30, 2024, compared to $3.09 billion as of June 30, 2024 and $2.99 billion as of September 30, 2023. The $56.9 million, or 1.8%, decrease during the third quarter of 2024 as compared to the second quarter of 2024 occurred primarily as a result of the expected payoff of a $16 million short-term bridge note that was originated in the second quarter of 2024, the early payoff of a $17 million residential land development loan, and an $18 million decrease in consumer auto loans. As of September 30, 2024, loans held for investment increased $43.8 million, or 1.5%, from September 30, 2023, primarily attributable to strong organic loan growth, occurring mainly in multi-family property loans, direct-energy loans, and single-family property loans, partially offset by decreases in consumer auto loans and construction, land, and development loans.

    Deposits and Borrowings

    Deposits totaled $3.72 billion as of September 30, 2024, compared to $3.62 billion as of June 30, 2024 and $3.62 billion as of September 30, 2023. Deposits increased by $94.8 million, or 2.6%, in the third quarter of 2024 from June 30, 2024. As of September 30, 2024, deposits increased $98.7 million, or 2.7%, from September 30, 2023. Noninterest-bearing deposits were $998.5 million as of September 30, 2024, compared to $951.6 million as of June 30, 2024 and $1.05 billion as of September 30, 2023. Noninterest-bearing deposits represented 26.9% of total deposits as of September 30, 2024. The quarterly change in total deposits was mainly due to organic growth in both noninterest-bearing and interest-bearing deposits. The year-over-year increase in total deposits was primarily the result of organic growth in interest-bearing deposits, given the overall focus in the banking industry on improving liquidity, partially offset by a decline in noninterest-bearing deposits.

    Asset Quality

    The Company recorded a provision for credit losses in the third quarter of 2024 of $495 thousand, compared to $1.8 million in the second quarter of 2024 and a negative provision of $700 thousand in the third quarter of 2023. The provision during the third quarter of 2024 was largely attributable to net charge-off activity, partially offset by decreased loan balances.

    The ratio of allowance for credit losses to loans held for investment was 1.41% as of September 30, 2024, compared to 1.40% as of June 30, 2024 and 1.41% as of September 30, 2023.

    The ratio of nonperforming assets to total assets was 0.59% as of September 30, 2024, compared to 0.57% as of June 30, 2024 and 0.12% as of September 30, 2023. The previously disclosed $20.0 million multi-family property credit, which was placed on nonaccrual status in the second quarter of 2024 after the maturity date was accelerated, was subsequently modified during the third quarter. The modification included more stringent credit metrics. Although the loan remains in nonaccrual status, the loan continues to pay as agreed and is showing improving credit trends. Annualized net charge-offs were 0.11% for the third quarter of 2024, compared to 0.10% for the second quarter of 2024 and 0.05% for the third quarter of 2023.

    Capital

    Book value per share increased to $27.04 at September 30, 2024, compared to $25.45 at June 30, 2024. The change was primarily driven by $8.9 million of net income after dividends paid and an increase in accumulated other comprehensive income (“AOCI”) of $16.6 million. The increase in AOCI was attributed to the after-tax increase in fair value of our available for sale securities, net of fair value hedges, as a result of decreases in long-term market interest rates during the period. Tangible common equity to tangible assets (non-GAAP) increased 33 basis points to 9.77% in the third quarter of 2024.

    Conference Call

    South Plains will host a conference call to discuss its third quarter 2024 financial results today, October 23, 2024, at 5:00 p.m., Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call and conference materials will be available on the Company’s website at https://www.spfi.bank/news-events/events.

    A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed on the investor section of the Company’s website as well as by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13749147. The replay will be available until November 6, 2024.

    About South Plains Financial, Inc.

    South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets, and Pre-Tax, Pre-Provision Income. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures.

    We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies.

    A reconciliation of non-GAAP financial measures to GAAP financial measures is provided at the end of this press release.

    Available Information

    The Company routinely posts important information for investors on its web site (under www.spfi.bank and, more specifically, under the News & Events tab at www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

    The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events and South Plains’ financial performance. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. South Plains cautions that the forward-looking statements in this press release are based largely on South Plains’ expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond South Plains’ control. Factors that could cause such changes include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from bank failures and any continuation of uncertainty in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response thereto; increased competition for deposits in our market areas and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to the current elevated interest rate environment or future reductions in interest rates and a resulting decline in net interest income; the resurgence of elevated levels of inflation or inflationary pressures, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; the impact of changes in U.S. presidential administrations or Congress; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential increased regulatory requirements and costs related to the transition and physical impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; and changes in applicable laws and regulations. Additional information regarding these risks and uncertainties to which South Plains’ business and future financial performance are subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents South Plains files or furnishes with the SEC from time to time, which are available on the SEC’s website, www.sec.gov. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which South Plains is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements presented herein are made only as of the date of this press release, and South Plains does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

    Contact: Mikella Newsom, Chief Risk Officer and Secretary
      (866) 771-3347
      investors@city.bank
       

    Source: South Plains Financial, Inc.

     
    South Plains Financial, Inc.
    Consolidated Financial Highlights – (Unaudited)
    (Dollars in thousands, except share data)
     
      As of and for the quarter ended
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Selected Income Statement Data:                            
    Interest income $ 61,640     $ 59,208     $ 58,727     $ 57,236     $ 56,528  
    Interest expense   24,346       23,320       23,359       22,074       20,839  
    Net interest income   37,294       35,888       35,368       35,162       35,689  
    Provision for credit losses   495       1,775       830       600       (700 )
    Noninterest income   10,635       12,709       11,409       9,146       12,277  
    Noninterest expense   33,128       32,572       31,930       30,597       31,489  
    Income tax expense   3,094       3,116       3,143       2,787       3,683  
    Net income   11,212       11,134       10,874       10,324       13,494  
    Per Share Data (Common Stock):                            
    Net earnings, basic $ 0.68     $ 0.68     $ 0.66     $ 0.63     $ 0.80  
    Net earnings, diluted   0.66       0.66       0.64       0.61       0.78  
    Cash dividends declared and paid   0.14       0.14       0.13       0.13       0.13  
    Book value   27.04       25.45       24.87       24.80       22.39  
    Tangible book value (non-GAAP)   25.75       24.15       23.56       23.47       21.07  
    Weighted average shares outstanding, basic   16,386,079       16,425,360       16,429,919       16,443,908       16,842,594  
    Weighted average shares outstanding, dilutive   17,056,959       16,932,077       16,938,857       17,008,892       17,354,182  
    Shares outstanding at end of period   16,386,627       16,424,021       16,431,755       16,417,099       16,600,442  
    Selected Period End Balance Sheet Data:                            
    Cash and cash equivalents $ 471,167     $ 298,006     $ 371,939     $ 330,158     $ 352,424  
    Investment securities   606,889       591,031       599,869       622,762       584,969  
    Total loans held for investment   3,037,375       3,094,273       3,011,799       3,014,153       2,993,563  
    Allowance for credit losses   42,886       43,173       42,174       42,356       42,075  
    Total assets   4,337,659       4,220,936       4,218,993       4,204,793       4,186,440  
    Interest-bearing deposits   2,720,880       2,672,948       2,664,397       2,651,952       2,574,361  
    Noninterest-bearing deposits   998,480       951,565       974,174       974,201       1,046,253  
    Total deposits   3,719,360       3,624,513       3,638,571       3,626,153       3,620,614  
    Borrowings   110,307       110,261       110,214       110,168       122,493  
    Total stockholders’ equity   443,122       417,985       408,712       407,114       371,716  
    Summary Performance Ratios:                            
    Return on average assets (annualized)   1.05 %     1.07 %     1.04 %     0.99 %     1.27 %
    Return on average equity (annualized)   10.36 %     10.83 %     10.72 %     10.52 %     14.01 %
    Net interest margin (1)   3.65 %     3.63 %     3.56 %     3.52 %     3.52 %
    Yield on loans   6.68 %     6.60 %     6.53 %     6.29 %     6.10 %
    Cost of interest-bearing deposits   3.36 %     3.33 %     3.27 %     3.14 %     2.93 %
    Efficiency ratio   68.80 %     66.72 %     67.94 %     68.71 %     65.34 %
    Summary Credit Quality Data:                            
    Nonperforming loans $ 24,693     $ 23,452     $ 3,380     $ 5,178     $ 4,783  
    Nonperforming loans to total loans held for investment   0.81 %     0.76 %     0.11 %     0.17 %     0.16 %
    Other real estate owned   973       755       862       912       242  
    Nonperforming assets to total assets   0.59 %     0.57 %     0.10 %     0.14 %     0.12 %
    Allowance for credit losses to total loans held for investment   1.41 %     1.40 %     1.40 %     1.41 %     1.41 %
    Net charge-offs to average loans outstanding (annualized)   0.11 %     0.10 %     0.13 %     0.08 %     0.05 %
                                           
      As of and for the quarter ended
      September 30
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Capital Ratios:                            
    Total stockholders’ equity to total assets   10.22 %     9.90 %     9.69 %     9.68 %     8.88 %
    Tangible common equity to tangible assets (non-GAAP)   9.77 %     9.44 %     9.22 %     9.21 %     8.40 %
    Common equity tier 1 to risk-weighted assets   13.25 %     12.61 %     12.67 %     12.41 %     12.19 %
    Tier 1 capital to average assets   11.76 %     11.81 %     11.51 %     11.33 %     11.13 %
    Total capital to risk-weighted assets   17.61 %     16.86 %     17.00 %     16.74 %     16.82 %

    (1)   Net interest margin is calculated as the annual net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.

     
    South Plains Financial, Inc.
    Average Balances and Yields – (Unaudited)
    (Dollars in thousands)
     
      For the Three Months Ended
      September 30, 2024   September 30, 2023
           
      Average
    Balance
      Interest   Yield/Rate   Average
    Balance
      Interest   Yield/Rate
    Assets                                  
    Loans $ 3,069,900   $ 51,513     6.68 %   $ 3,005,699   $ 46,250     6.10 %
    Debt securities – taxable   524,641     5,300     4.02 %     561,068     5,422     3.83 %
    Debt securities – nontaxable   154,806     1,016     2.61 %     159,577     1,054     2.62 %
    Other interest-bearing assets   336,887     4,032     4.76 %     325,201     4,031     4.92 %
                                       
    Total interest-earning assets   4,086,234     61,861     6.02 %     4,051,545     56,757     5.56 %
    Noninterest-earning assets   172,922                 177,216            
                                       
    Total assets $ 4,259,156               $ 4,228,761            
                                       
    Liabilities & stockholders’ equity                                  
    NOW, Savings, MMDA’s $ 2,247,299     18,143     3.21 %   $ 2,223,014     16,061     2.87 %
    Time deposits   431,307     4,510     4.16 %     344,395     2,904     3.35 %
    Short-term borrowings   3         0.00 %     3         0.00 %
    Notes payable & other long-term borrowings           0.00 %             0.00 %
    Subordinated debt   63,891     835     5.20 %     76,077     1,012     5.28 %
    Junior subordinated deferrable interest debentures   46,393     858     7.36 %     46,393     862     7.37 %
                                       
    Total interest-bearing liabilities   2,788,893     24,346     3.47 %     2,689,882     20,839     3.07 %
    Demand deposits   976,048                 1,071,175            
    Other liabilities   63,661                 85,713            
    Stockholders’ equity   430,554                 381,991            
                                       
    Total liabilities & stockholders’ equity $ 4,259,156               $ 4,228,761            
                                       
    Net interest income       $ 37,515               $ 35,918      
    Net interest margin (2)               3.65 %                 3.52 %
                                           

    (1)   Average loan balances include nonaccrual loans and loans held for sale.
    (2)   Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.

     
    South Plains Financial, Inc.
    Average Balances and Yields – (Unaudited)
    (Dollars in thousands)
     
      For the Nine Months Ended
      September 30, 2024   September 30, 2023
                           
      Average
    Balance
      Interest   Yield/Rate   Average
    Balance
      Interest   Yield/Rate
    Assets                                  
    Loans $ 3,055,679   $ 151,031     6.60 %   $ 2,892,887   $ 128,724     5.95 %
    Debt securities – taxable   537,425     16,096     4.00 %     574,159     16,027     3.73 %
    Debt securities – nontaxable   155,489     3,062     2.63 %     194,492     3,870     2.66 %
    Other interest-bearing assets   287,192     10,052     4.68 %     212,384     7,010     4.41 %
                                       
    Total interest-earning assets   4,035,785     180,241     5.97 %     3,873,922     155,631     5.37 %
    Noninterest-earning assets   176,230                 183,149            
                                       
    Total assets $ 4,212,015               $ 4,057,071            
                                       
    Liabilities & stockholders’ equity                                  
    NOW, Savings, MMDA’s $ 2,251,569     53,792     3.19 %   $ 2,090,250     38,529     2.46 %
    Time deposits   399,646     12,153     4.06 %     309,250     6,239     2.70 %
    Short-term borrowings   3         0.00 %     111     5     6.02 %
    Notes payable & other long-term borrowings           0.00 %             0.00 %
    Subordinated debt   63,845     2,505     5.24 %     76,031     3,037     5.34 %
    Junior subordinated deferrable interest debentures   46,393     2,575     7.41 %     46,393     2,402     6.92 %
                                       
    Total interest-bearing liabilities   2,761,456     71,025     3.44 %     2,522,035     50,212     2.66 %
    Demand deposits   964,829                 1,085,345            
    Other liabilities   68,458                 74,865            
    Stockholders’ equity   417,272                 374,826            
                                       
    Total liabilities & stockholders’ equity $ 4,212,015               $ 4,057,071            
                                       
    Net interest income       $ 109,216               $ 105,419      
    Net interest margin (2)               3.61 %                 3.64 %
                                           

    (1)   Average loan balances include nonaccrual loans and loans held for sale.
    (2)   Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.

     
    South Plains Financial, Inc.
    Consolidated Balance Sheets
    (Unaudited)
    (Dollars in thousands)
     
      As of
      September 30,
    2024
      December 31,
    2023
               
    Assets          
    Cash and due from banks $ 60,863     $ 62,821  
    Interest-bearing deposits in banks   410,304       267,337  
    Securities available for sale   606,889       622,762  
    Loans held for sale   11,389       14,499  
    Loans held for investment   3,037,375       3,014,153  
    Less:  Allowance for credit losses   (42,886 )     (42,356 )
    Net loans held for investment   2,994,489       2,971,797  
    Premises and equipment, net   53,323       55,070  
    Goodwill   19,315       19,315  
    Intangible assets   1,882       2,429  
    Mortgage servicing rights   24,573       26,569  
    Other assets   154,632       162,194  
    Total assets $ 4,337,659     $ 4,204,793  
               
    Liabilities and Stockholders’ Equity          
    Noninterest-bearing deposits $ 998,480     $ 974,201  
    Interest-bearing deposits   2,720,880       2,651,952  
    Total deposits   3,719,360       3,626,153  
    Subordinated debt   63,914       63,775  
    Junior subordinated deferrable interest debentures   46,393       46,393  
    Other liabilities   64,870       61,358  
    Total liabilities   3,894,537       3,797,679  
    Stockholders’ Equity          
    Common stock   16,386       16,417  
    Additional paid-in capital   97,367       97,107  
    Retained earnings   371,782       345,264  
    Accumulated other comprehensive income (loss)   (42,413 )     (51,674 )
    Total stockholders’ equity   443,122       407,114  
    Total liabilities and stockholders’ equity $ 4,337,659     $ 4,204,793  
     
    South Plains Financial, Inc.
    Consolidated Statements of Income
    (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended   Nine Months Ended
      September 30,
    2024
      September 30,
    2023
      September 30,
    2024
      September 30,
    2023
                           
    Interest income:                      
    Loans, including fees $ 51,505   $ 46,242     $ 151,008   $ 128,703
    Other   10,135     10,286       28,567     26,094
    Total interest income   61,640     56,528       179,575     154,797
    Interest expense:                      
    Deposits   22,653     18,965       65,945     44,768
    Subordinated debt   835     1,012       2,505     3,037
    Junior subordinated deferrable interest debentures   858     862       2,575     2,402
    Other                 5
    Total interest expense   24,346     20,839       71,025     50,212
    Net interest income   37,294     35,689       108,550     104,585
    Provision for credit losses   495     (700 )     3,100     4,010
    Net interest income after provision for credit losses   36,799     36,389       105,450     100,575
    Noninterest income:                      
    Service charges on deposits   2,023     1,840       5,785     5,286
    Income from insurance activities   28     30       92     1,478
    Mortgage banking activities   1,890     4,602       9,232     12,146
    Bank card services and interchange fees   3,302     3,157       10,415     10,156
    Gain on sale of subsidiary       290           33,778
    Other   3,392     2,358       9,229     7,236
    Total noninterest income   10,635     12,277       34,753     70,080
    Noninterest expense:                      
    Salaries and employee benefits   18,767     18,709       56,954     61,400
    Net occupancy expense   4,255     4,111       12,204     12,246
    Professional services   1,807     1,560       5,028     4,924
    Marketing and development   1,015     853       2,629     2,573
    Other   7,284     6,256       20,815     23,206
    Total noninterest expense   33,128     31,489       97,630     104,349
    Income before income taxes   14,306     17,177       42,573     66,306
    Income tax expense   3,094     3,683       9,353     13,885
    Net income $ 11,212   $ 13,494     $ 33,220   $ 52,421
     
    South Plains Financial, Inc.
    Loan Composition
    (Unaudited)
    (Dollars in thousands)
     
      As of
      September 30,
    2024
      December 31,
    2023
               
    Loans:          
    Commercial Real Estate $ 1,120,448   $ 1,081,056
    Commercial – Specialized   406,255     372,376
    Commercial – General   526,448     517,361
    Consumer:          
    1-4 Family Residential   562,401     534,731
    Auto Loans   253,509     305,271
    Other Consumer   65,789     74,168
    Construction   102,525     129,190
    Total loans held for investment $ 3,037,375   $ 3,014,153
     
    South Plains Financial, Inc.
    Deposit Composition
    (Unaudited)
    (Dollars in thousands)
     
      As of
      September 30,
    2024
      December 31,
    2023
               
    Deposits:          
    Noninterest-bearing deposits $ 998,480   $ 974,201
    NOW & other transaction accounts   496,176     562,066
    MMDA & other savings   1,780,337     1,722,170
    Time deposits   444,367     367,716
    Total deposits $ 3,719,360   $ 3,626,153
     
    South Plains Financial, Inc.
    Reconciliation of Non-GAAP Financial Measures (Unaudited)
    (Dollars in thousands)
     
      For the quarter ended
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Pre-tax, pre-provision income                                    
    Net income $ 11,212     $ 11,134     $ 10,874     $ 10,324     $ 13,494  
    Income tax expense   3,094       3,116       3,143       2,787       3,683  
    Provision for credit losses   495       1,775       830       600       (700 )
    Pre-tax, pre-provision income $ 14,801     $ 16,025     $ 14,847     $ 13,711     $ 16,477  
    Efficiency Ratio                            
    Noninterest expense $ 33,128     $ 32,572     $ 31,930     $ 30,597     $ 31,489  
                                 
    Net interest income   37,294       35,888       35,368       35,162       35,689  
    Tax equivalent yield adjustment   221       223       223       225       229  
    Noninterest income   10,635       12,709       11,409       9,146       12,277  
    Total income   48,150       48,820       47,000       44,533       48,195  
                                 
    Efficiency ratio   68.80 %     66.72 %     67.94 %     68.71 %     65.34 %
                                 
    Noninterest expense $ 33,128     $ 32,572     $ 31,930     $ 30,597     $ 31,489  
    Less: Subsidiary transaction and related expenses                            
    Less:  net loss on sale of securities                            
    Adjusted noninterest expense   33,128       32,572       31,930       30,597       31,489  
                                 
    Total income   48,150       48,820       47,000       44,533       48,195  
    Less:  gain on sale of subsidiary                           (290 )
    Adjusted total income   48,150       48,820       47,000       44,533       47,905  
                                 
    Adjusted efficiency ratio   68.80 %     66.72 %     67.94 %     68.71 %     65.73 %
      As of
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Tangible common equity                            
    Total common stockholders’ equity $ 443,122     $ 417,985     $ 408,712     $ 407,114     $ 371,716  
    Less:  goodwill and other intangibles   (21,197 )     (21,379 )     (21,562 )     (21,744 )     (21,936 )
                                 
    Tangible common equity $ 421,925     $ 396,606     $ 387,150     $ 385,370     $ 349,780  
                                 
    Tangible assets                            
    Total assets $ 4,337,659     $ 4,220,936     $ 4,218,993     $ 4,204,793     $ 4,186,440  
    Less:  goodwill and other intangibles   (21,197 )     (21,379 )     (21,562 )     (21,744 )     (21,936 )
                                 
    Tangible assets $ 4,316,462     $ 4,199,557     $ 4,197,431     $ 4,183,049     $ 4,164,504  
                                 
    Shares outstanding   16,386,627       16,424,021       16,431,755       16,417,099       16,600,442  
                                 
    Total stockholders’ equity to total assets   10.22 %     9.90 %     9.69 %     9.68 %     8.88 %
    Tangible common equity to tangible assets   9.77 %     9.44 %     9.22 %     9.21 %     8.40 %
    Book value per share $ 27.04     $ 25.45     $ 24.87     $ 24.80     $ 22.39  
    Tangible book value per share $ 25.75     $ 24.15     $ 23.56     $ 23.47     $ 21.07  

    The MIL Network

  • MIL-OSI: Eagle Bancorp, Inc. Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    BETHESDA, Md., Oct. 23, 2024 (GLOBE NEWSWIRE) — Eagle Bancorp, Inc. (“Eagle”, the “Company”) (NASDAQ: EGBN), the Bethesda-based holding company for EagleBank, one of the largest community banks in the Washington D.C. area, reported its unaudited results for the third quarter ended September 30, 2024.

    Eagle reported net income of $21.8 million or $0.72 per share for the third quarter 2024, compared to a net loss of $83.8 million during the second quarter in which the Company recorded a $104.2 million impairment in the value of goodwill. Operating net income1 in the second quarter, adjusted to exclude the impairment charge on goodwill, was $20.4 million or $0.67 per share per diluted share. Pre-provision net revenue (“PPNR”)1 in the third quarter was $35.2 million compared to a pre-provision net loss of $69.8 million for the prior quarter, or $34.4 million of PPNR when adjusted to exclude the impairment charge on goodwill1.

    The $1.4 million increase in operating net income1 over the prior quarter is attributed to a positive variance of $2.2 million related to the change in provision for unfunded commitments; $1.6 million increase in non-interest income; and a $490 thousand increase in net interest income, offset by a $1.3 million increase in operating non-interest expense, adjusted to exclude the impairment charge on goodwill, and a $1.1 million increase in provision for credit losses.

    “We continue to strategically position the Company for future growth as evidenced by actions taken during the quarter with the refinancing of our maturing subordinated debt and the recalibration of our common dividend strategy,” said Susan G. Riel, President and Chief Executive Officer of the Company. “We announced the addition of Evelyn Lee to our senior leadership as our Chief Lending Officer for our commercial lending team. As a 25 year banker in the Washington D.C. market, I am excited about accomplishing our strategic goal of continuing to build out our commercial banker group and pursuing diversification of the loan portfolio and growing our relationship deposits,” added Ms. Riel.

    Eric R. Newell, Chief Financial Officer of the Company said, “Raising senior debt in the third quarter demonstrates the confidence debt investors have in our vision and the future of the Company. Operating performance was stable from last quarter evidenced by operating net income1 increasing $1.4 million to $21.8 million in the third quarter. We continued to build our reserve for credit losses, with coverage as a percentage of total held for investment loans at 1.40% increasing 7 basis points from last quarter. Common equity tier one capital increased to 14.5% and our tangible common equity1 ratio exceeds 10%.”

    Ms. Riel added, “I thank all of our employees for their hard work and their commitment to a culture of respect, diversity and inclusion in both the workplace and the communities we serve.”

    Third Quarter 2024 Highlights

    • The Company repaid $70 million of maturing subordinated debt and issued $77.7 million of 10% unsecured senior debt maturing September 30, 2029.
    • During the quarter, the Company announced a recalibration of the common stock dividend to $0.165 per share from $0.45 per share in the second quarter an action estimated to retain an additional $32 million of capital annually to meet growth and investment objectives.
    • The ACL as a percentage of total loans held for investment was 1.40% at quarter-end; up from 1.33% at the prior quarter-end. Performing office coverage2 was 4.55% at quarter-end; as compared to 4.05% at the prior quarter-end.
    • Nonperforming assets increased $38.2 million to $137.1 million as of September 30, 2024 and were 1.22% of total assets compared to 0.88% as of June 30, 2024. Inflows to non-performing loans in the quarter totaled $45.5 million offset by $9 million of outflows, of which $5 million was the loan held for sale at June 30, 2024 and an increase of other real estate owned of $2.0 million. The inflows were predominantly associated with $27.3 million in mixed use land loans and $17.9 million in an assisted living facility loan.
    • Substandard loans declined $17.0 million to $391.3 million and special mention loans increased $57.1 million to $365.0 million at September 30, 2024.
    • Net charge-offs for the third quarter were 0.26% compared to 0.11% for the second quarter 2024. Of the total $5.3 million of net charge offs in the quarter, $3.8 million is associated with a senior living property that has not stabilized.
    • The net interest margin (“NIM”) decreased slightly to 2.37% for the third quarter 2024, compared to 2.40% for the prior quarter, primarily due to continued decline in average non-interest bearing deposits. Net interest income increased $490 thousand from the second quarter to $71.8 million in the third quarter.
    • At quarter-end, the common equity ratio, tangible common equity ratio1, and common equity tier 1 capital (to risk-weighted assets) ratio were 10.86%, 10.86%, and 14.54%, respectively.
    • Total estimated insured deposits at quarter-end were $6.4 billion, or 74.5% of deposits, stable from the second quarter total of 72.5% of deposits.
    • Total on-balance sheet liquidity and available capacity was $4.6 billion at quarter-end compared to $4.0 billion at June 30, 2024.

    Income Statement

    • Net interest income was $71.8 million for the third quarter 2024, compared to $71.4 million for the prior quarter. The increase in net interest income was primarily driven by an increase in the average balances of deposits held with other banks and average loans partially offset by higher average interest-bearing deposits and higher rates paid on those deposits in the third quarter from the prior quarter.
    • Provision for credit losses was $10.1 million for the third quarter 2024, compared to $9.0 million for the prior quarter. The increase in the provision quarter over quarter reflects higher net charge-offs in the third quarter from the prior quarter. Reserve for unfunded commitments was a reversal of $1.6 million due to lower unfunded commitments in our construction portfolio. This compared to a reserve for unfunded commitments in the prior quarter of $0.6 million.
    • Noninterest income was $6.95 million for the third quarter 2024, compared to $5.33 million for the prior quarter. The primary driver for the increase was higher swap fee income.
    • Noninterest expense was $43.6 million for the third quarter 2024, compared to $146.5 million for the prior quarter. The decrease over the comparative quarters was primarily due to a goodwill impairment charge of $104.2 million in the second quarter 2024. When excluding the goodwill impairment charge, the increase quarter over quarter was associated with increased FDIC insurance expense.

    Loans and Funding

    • Total loans were $8.0 billion at September 30, 2024, down 0.4% from the prior quarter-end. The decrease in total loans was driven by a reduction in commercial loans and income producing commercial real estate loans from the prior quarter-end, partially offset by increased fundings of ongoing construction projects for commercial and residential properties.

      At September 30, 2024, income-producing commercial real estate loans secured by office properties other than owner-occupied properties were 10.8% of the total loan portfolio, down from 11.3% at the prior quarter-end.

    • Total deposits at quarter-end were $8.5 billion, up $273.5 million, or 3.3%, from the prior quarter-end. The increase was primarily attributable to an increase in time deposits from the company’s digital acquisition channel. Period end deposits have increased $165 million when compared to prior year comparable period end of September 30, 2023.
    • Other short-term borrowings were $1.2 billion at September 30, 2024, down 25.3% from the prior quarter-end as maturing FHLB borrowings were paid down with increased cash from deposits.

    Asset Quality

    • Allowance for credit losses was 1.40% of total loans held for investment at September 30, 2024, compared to 1.33% at the prior quarter-end. Performing office coverage was 4.55% at quarter-end; as compared to 4.05% at the prior quarter-end.
    • Net charge-offs were $5.3 million for the quarter compared to $2.3 million in the second quarter of 2024.
    • Nonperforming assets were $137.1 million at September 30, 2024.
      • NPAs as a percentage of assets were 1.22% at September 30, 2024, compared to 0.88% at the prior quarter-end. At September 30, 2024, other real estate owned consisted of four properties with an aggregate carrying value of $2.7 million. The increase in NPAs was predominantly associated with $27.3 million in mixed use land loans and $17.9 million in an assisted living facility loan.
      • Loans 30-89 days past due were $56.3 million at September 30, 2024, compared to $8.4 million at the prior quarter-end. Of the total increase, $25 million was brought current subsequent to quarter-end.

    Capital

    • Total shareholders’ equity was $1.2 billion at September 30, 2024, up 4.8% from the prior quarter-end. The increase in shareholders’ equity of $56.0 million was primarily due to increased valuations of available-for-sale securities and an increase in retained earnings.
    • Book value per share and Tangible book value per share3 was $40.61, up $1.86 from the prior quarter-end.

    Additional financial information: The financial information that follows provides more detail on the Company’s financial performance for the three months ended September 30, 2024 as compared to the three months ended June 30, 2024 and September 30, 2023, as well as eight quarters of trend data. Persons wishing additional information should refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and other reports filed with the SEC.

    About Eagle Bancorp: The Company is the holding company for EagleBank, which commenced operations in 1998. The Bank is headquartered in Bethesda, Maryland, and operates through twelve banking offices and four lending offices located in Suburban Maryland, Washington, D.C. and Northern Virginia. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace, and is committed to a culture of respect, diversity, equity and inclusion in both its workplace and the communities in which it operates.

    Conference call: Eagle Bancorp will host a conference call to discuss its third quarter 2024 financial results on Thursday, October 24, 2024 at 10:00 a.m. Eastern Time.

    The listen-only webcast can be accessed at:

    • https://edge.media-server.com/mmc/p/79xpxyi2
    • For analysts who wish to participate in the conference call, please register at the following URL:

      https://register.vevent.com/register/BI6cdce3c45a9f49219ea94a6f7c9fa083

    • A replay of the conference call will be available on the Company’s website through November 7, 2024: https://www.eaglebankcorp.com/

    Forward-looking statements: This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as “may,” “will,” “can,” “anticipates,” “believes,” “expects,” “plans,” “estimates,” “potential,” “continue,” “should,” “could,” “strive,” “feel” and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company’s market (including volatility in interest rates and interest rate policy; the current inflationary environment; competitive factors) and other conditions (such as the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks), which by their nature are not susceptible to accurate forecast and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and in other periodic and current reports filed with the SEC. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company’s past results are not necessarily indicative of future performance, and nothing contained herein is meant to or should be considered and treated as earnings guidance of future quarters’ performance projections. All information is as of the date of this press release. Any forward-looking statements made by or on behalf of the Company speak only as to the date they are made. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

    Eagle Bancorp, Inc.
    Consolidated Statements of Operations (Unaudited)
    (Dollars in thousands, except per share data)
               
      Three Months Ended
      September 30,   June 30,   September 30,
        2024       2024       2023  
    Interest Income          
    Interest and fees on loans $ 139,836     $ 137,616     $ 132,273  
    Interest and dividends on investment securities   12,578       12,405       13,732  
    Interest on balances with other banks and short-term investments   21,296       19,568       15,067  
    Interest on federal funds sold   103       142       77  
    Total interest income   173,813       169,731       161,149  
    Interest Expense          
    Interest on deposits   81,190       76,846       70,929  
    Interest on customer repurchase agreements   332       330       311  
    Interest on other short-term borrowings   20,448       21,202       18,152  
    Interest on long-term borrowings $             1,038  
    Total interest expense   101,970       98,378       90,430  
    Net Interest Income   71,843       71,353       70,719  
    Provision for Credit Losses   10,094       8,959       5,644  
    Provision (Reversal) for Credit Losses for Unfunded Commitments   (1,593 )     608       (839 )
    Net Interest Income After Provision for Credit Losses   63,342       61,786       65,914  
               
    Noninterest Income          
    Service charges on deposits   1,747       1,653       1,631  
    Gain on sale of loans   20       37       (5 )
    Net gain on sale of investment securities   3       3       5  
    Increase in cash surrender value of bank-owned life insurance   731       709       669  
    Other income   4,450       2,930       4,047  
    Total noninterest income   6,951       5,332       6,347  
    Noninterest Expense          
    Salaries and employee benefits   21,675       21,770       21,549  
    Premises and equipment expenses   2,794       2,894       3,095  
    Marketing and advertising   1,588       1,662       768  
    Data processing   3,435       3,495       3,194  
    Legal, accounting and professional fees   3,433       2,705       2,162  
    FDIC insurance   7,399       5,917       3,342  
    Goodwill impairment         104,168        
    Other expenses   3,290       3,880       3,523  
    Total noninterest expense   43,614       146,491       37,633  
    (Loss) Income Before Income Tax Expense   26,679       (79,373 )     34,628  
    Income Tax Expense   4,864       4,429       7,245  
    Net (Loss) Income $ 21,815     $ (83,802 )   $ 27,383  
               
    (Loss) Earnings Per Common Share          
    Basic $ 0.72     $ (2.78 )   $ 0.91  
    Diluted $ 0.72     $ (2.78 )   $ 0.91  
                           

            

    Eagle Bancorp, Inc.
    Consolidated Balance Sheets (Unaudited)
    (Dollars in thousands, except per share data)
      September 30,   June 30,   September 30,
        2024       2024       2023  
    Assets          
    Cash and due from banks $ 16,383     $ 10,803     $ 8,625  
    Federal funds sold   9,610       5,802       13,611  
    Interest-bearing deposits with banks and other short-term investments   584,491       526,228       235,819  
    Investment securities available-for-sale at fair value (amortized cost of $1,550,038, $1,613,659, and $1,732,722, respectively, and allowance for credit losses of $17, $17 and $17, respectively)   1,433,006       1,584,435       1,474,945  
    Investment securities held-to-maturity at amortized cost, net of allowance for credit losses of $1,237, $2,012 and $2,010, respectively (fair value of $868,425, $856,275 and $923,313, respectively)   961,925       982,955       1,032,485  
    Federal Reserve and Federal Home Loan Bank stock   37,728       54,274       25,689  
    Loans held for sale         5,000        
    Loans   7,970,269       8,001,739       7,916,391  
    Less: allowance for credit losses   (111,867 )     (106,301 )     (83,332 )
    Loans, net   7,858,402       7,895,438       7,833,059  
    Premises and equipment, net   8,291       8,788       11,216  
    Operating lease right-of-use assets   15,167       16,250       20,151  
    Deferred income taxes   74,381       86,236       98,987  
    Bank-owned life insurance   115,064       114,333       112,234  
    Goodwill and intangible assets, net   21       129       105,239  
    Other real estate owned   2,743       773       1,487  
    Other assets   167,840       174,396       190,667  
    Total Assets $ 11,285,052     $ 11,465,840     $ 11,164,214  
    Liabilities and Shareholders’ Equity          
    Liabilities          
    Deposits:          
    Noninterest-bearing demand $ 1,609,823     $ 1,693,955     $ 2,072,665  
    Interest-bearing transaction   903,300       1,123,980       932,779  
    Savings and money market   3,316,819       3,165,314       3,129,773  
    Time deposits   2,710,908       2,284,099       2,241,089  
    Total deposits   8,540,850       8,267,348       8,376,306  
    Customer repurchase agreements   32,040       39,220       25,689  
    Other short-term borrowings   1,240,000       1,659,979       1,300,001  
    Long-term borrowings   75,812             69,887  
    Operating lease liabilities   18,755       20,016       24,422  
    Reserve for unfunded commitments   5,060       6,653       6,183  
    Other liabilities   147,111       139,348       145,842  
    Total Liabilities   10,059,628       10,132,564       9,948,330  
    Shareholders’ Equity          
    Common stock, par value $0.01 per share; shares authorized 100,000,000, shares issued and outstanding 30,173,200 30,180,482, and 30,185,732, respectively   298       297       296  
    Additional paid-in capital   382,284       380,142       372,394  
    Retained earnings   967,019       949,863       1,054,699  
    Accumulated other comprehensive loss   (124,177 )     (160,843 )     (211,505 )
    Total Shareholders’ Equity   1,225,424       1,169,459       1,215,884  
    Total Liabilities and Shareholders’ Equity $ 11,285,052     $ 11,302,023     $ 11,164,214  
                           

     

    Loan Mix and Asset Quality
    (Dollars in thousands)
     
      September 30,   June 30,   September 30,
        2024       2024       2023  
      Amount %   Amount %   Amount %
    Loan Balances – Period End:                
    Commercial $ 1,154,349     14 %   $ 1,238,261     15 %   $ 1,418,760     18 %
    PPP loans   348     %     407     %     588     %
    Income producing – commercial real estate   4,155,120     52 %     4,217,525     53 %     4,147,301     52 %
    Owner occupied – commercial real estate   1,276,240     16 %     1,263,714     16 %     1,182,959     15 %
    Real estate mortgage – residential   57,223     1 %     61,338     1 %     76,511     1 %
    Construction – commercial and residential   1,174,591     15 %     1,063,764     13 %     904,282     11 %
    Construction – C&I (owner occupied)   100,662     1 %     99,526     1 %     129,616     2 %
    Home equity   51,567     1 %     52,773     1 %     53,917     1 %
    Other consumer   169     %     4,431     %     2,457     %
    Total loans $ 7,970,269     100 %   $ 8,001,739     100 %   $ 7,916,391     100 %
                                             
      Three Months Ended or As Of
      September 30,   June 30,   September 30,
        2024       2024       2023  
    Asset Quality:          
    Net charge-offs $ 5,303     $ 2,285     $ 340  
    Nonperforming loans $ 134,371     $ 98,169     $ 70,148  
    Other real estate owned $ 2,743     $ 773     $ 1,757  
    Nonperforming assets $ 137,114     $ 98,942     $ 71,905  
    Special mention $ 364,983     $ 307,906     $ 158,182  
    Substandard $ 391,301     $ 408,311     $ 219,001  
                           
    Eagle Bancorp, Inc.
    Consolidated Average Balances, Interest Yields And Rates vs. Prior Quarter (Unaudited)
    (Dollars in thousands)
                           
      Three Months Ended
      September 30, 2024   June 30, 2024
      Average Balance   Interest   Average
    Yield/Rate
      Average Balance   Interest   Average
    Yield/Rate
    ASSETS                      
    Interest earning assets:                      
    Interest-bearing deposits with other banks and other short-term investments $ 1,577,464     $ 21,296       5.37 %   $ 1,455,007     $ 19,568       5.41 %
    Loans held for sale (1)   4,936       1       0.08 %     8,045       100       5.00 %
    Loans (1) (2) $ 8,026,524       139,835       6.93 %     8,003,206       137,516       6.91 %
    Investment securities available-for-sale (2)   1,479,598       7,336       1.97 %     1,478,856       7,048       1.92 %
    Investment securities held-to-maturity (2)   974,366       5,242       2.14 %     995,274       5,357       2.16 %
    Federal funds sold   10,003       103       4.10 %     13,058       142       4.37 %
    Total interest earning assets   12,072,891     $ 173,813       5.73 %     11,953,446     $ 169,731       5.71 %
    Total noninterest earning assets   397,006               510,725          
    Less: allowance for credit losses   (108,998 )             (102,671 )        
    Total noninterest earning assets   288,008               408,054          
    TOTAL ASSETS $ 12,360,899             $ 12,361,500          
                           
    LIABILITIES AND SHAREHOLDERS’ EQUITY                    
    Interest bearing liabilities:                      
    Interest-bearing transaction $ 1,656,676     $ 14,596       3.51 %   $ 1,636,795     $ 16,100       3.96 %
    Savings and money market   3,254,128       34,896       4.27 %     3,321,001       33,451       4.05 %
    Time deposits   2,517,944       31,698       5.01 %     2,215,693       27,295       4.95 %
    Total interest bearing deposits   7,428,748       81,190       4.35 %     7,173,489       76,846       4.31 %
    Customer repurchase agreements   38,045       332       3.47 %     38,599       330       3.44 %
    Other short-term borrowings   1,615,867       20,448       5.03 %     1,682,684       21,202       5.07 %
    Long-term borrowings   824             %                 %
    Total interest bearing liabilities   9,083,484     $ 101,970       4.47 %     8,894,772     $ 98,378       4.45 %
    Noninterest bearing liabilities:                      
    Noninterest bearing demand   1,915,666               2,051,777          
    Other liabilities   160,272               151,324          
    Total noninterest bearing liabilities   2,075,938               2,203,101          
    Shareholders’ equity   1,201,477               1,263,627          
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 12,360,899             $ 12,361,500          
    Net interest income     $ 71,843             $ 71,353      
    Net interest spread           1.26 %             1.26 %
    Net interest margin           2.37 %             2.40 %
    Cost of funds           3.69 %             3.61 %

    (1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.9 million and $4.8 million for the three months ended September 30, 2024 and June 30, 2024, respectively.
    (2) Interest and fees on loans and investments exclude tax equivalent adjustments.

    Eagle Bancorp, Inc.
    Consolidated Average Balances, Interest Yields And Rates vs. Year Ago Quarter (Unaudited)
    (Dollars in thousands)
                           
      Three Months Ended September 30,
        2024       2023  
      Average Balance   Interest   Average
    Yield/Rate
      Average Balance   Interest   Average
    Yield/Rate
    ASSETS                      
    Interest earning assets:                      
    Interest bearing deposits with other banks and other short-term investments $ 1,577,464     $ 21,296       5.37 %   $ 1,127,451     $ 15,067       5.30 %
    Loans held for sale (1)   4,936       1       0.08 %                 %
    Loans (1) (2)   8,026,524       139,835       6.93 %     7,795,144       132,273       6.73 %
    Investment securities available-for-sale (2)   1,479,598       7,336       1.97 %     1,554,348       8,126       2.07 %
    Investment securities held-to-maturity (2)   974,366       5,242       2.14 %     1,047,515       5,606       2.12 %
    Federal funds sold   10,003       103       4.10 %     7,728       77       3.95 %
    Total interest earning assets   12,072,891     $ 173,813       5.73 %     11,532,186     $ 161,149       5.54 %
    Total noninterest earning assets   397,006               489,683          
    Less: allowance for credit losses   (108,998 )             (78,964 )        
    Total noninterest earning assets   288,008               410,719          
    TOTAL ASSETS $ 12,360,899             $ 11,942,905          
                           
    LIABILITIES AND SHAREHOLDERS’ EQUITY                    
    Interest bearing liabilities:                      
    Interest bearing transaction $ 1,656,676     $ 14,596       3.51 %   $ 1,421,522     $ 12,785       3.57 %
    Savings and money market   3,254,128       34,896       4.27 %     3,113,755       32,855       4.19 %
    Time deposits   2,517,944       31,698       5.01 %     2,162,582       25,289       4.64 %
    Total interest bearing deposits   7,428,748       81,190       4.35 %     6,697,859       70,929       4.20 %
    Customer repurchase agreements   38,045       332       3.47 %     36,082       311       3.42 %
    Other short-term borrowings   1,615,867       20,448       5.03 %     1,610,097       19,190       4.73 %
    Long-term borrowings   824             %                 %
    Total interest bearing liabilities   9,083,484     $ 101,970       4.47 %     8,344,038     $ 90,430       4.30 %
    Noninterest bearing liabilities:                      
    Noninterest bearing demand   1,915,666               2,248,782          
    Other liabilities   160,272               114,923          
    Total noninterest bearing liabilities   2,075,938               2,363,705          
    Shareholders’ equity   1,201,477               1,235,162          
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 12,360,899             $ 11,942,905          
    Net interest income     $ 71,843             $ 70,719      
    Net interest spread           1.26 %             1.24 %
    Net interest margin           2.37 %             2.43 %
    Cost of funds           3.69 %             3.39 %

    (1) Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.9 million and $4.1 million for the three months ended September 30, 2024 and 2023, respectively.
    (2) Interest and fees on loans and investments exclude tax equivalent adjustments.

    Eagle Bancorp, Inc.
    Statements of Operations and Highlights Quarterly Trends (Unaudited)
    (Dollars in thousands, except per share data)
                                   
      Three Months Ended
      September 30,   June 30,   March 31,   December 31,   September 30,   June 30,   March 31,   December 31,
    Income Statements:   2024       2024       2024       2023       2023       2023       2023       2022  
    Total interest income $ 173,813     $ 169,731     $ 175,602     $ 167,421     $ 161,149     $ 156,510     $ 140,247     $ 129,130  
    Total interest expense   101,970       98,378       100,904       94,429       90,430       84,699       65,223       43,530  
    Net interest income   71,843       71,353       74,698       72,992       70,719       71,811       75,024       85,600  
    Provision (reversal) for credit losses   10,094       8,959       35,175       14,490       5,644       5,238       6,164       (464 )
    Provision (reversal) for credit losses for unfunded commitments   (1,593 )     608       456       (594 )     (839 )     318       848       161  
    Net interest income after provision for (reversal of) credit losses   63,342       61,786       39,067       59,096       65,914       66,255       68,012       85,903  
    Noninterest income before investment gain (loss)   6,948       5,329       3,585       2,891       6,342       8,593       3,721       5,326  
    Net gain (loss) on sale of investment securities   3       3       4       3       5       2       (21 )     3  
    Total noninterest income   6,951       5,332       3,589       2,894       6,347       8,595       3,700       5,329  
    Salaries and employee benefits   21,675       21,770       21,726       18,416       21,549       21,957       24,174       23,691  
    Premises and equipment expenses   2,794       2,894       3,059       2,967       3,095       3,227       3,317       3,292  
    Marketing and advertising   1,588       1,662       859       1,071       768       884       636       1,290  
    Goodwill impairment         104,168                                      
    Other expenses   17,557       15,997       14,353       14,644       12,221       11,910       12,457       10,645  
    Total noninterest expense   43,614       146,491       39,997       37,098       37,633       37,978       40,584       38,918  
    (Loss) income before income tax expense   26,679       (79,373 )     2,659       24,892       34,628       36,872       31,128       52,314  
    Income tax expense   4,864       4,429       2,997       4,667       7,245       8,180       6,894       10,121  
    Net (loss) income $ 21,815     $ (83,802 )   $ (338 )   $ 20,225     $ 27,383     $ 28,692     $ 24,234     $ 42,193  
    Per Share Data:                              
    (Loss) earnings per weighted average common share, basic $ 0.72     $ (2.78 )   $ (0.01 )   $ 0.68     $ 0.91     $ 0.94     $ 0.78     $ 1.32  
    (Loss) earnings per weighted average common share, diluted $ 0.72     $ (2.78 )   $ (0.01 )   $ 0.67     $ 0.91     $ 0.94     $ 0.78     $ 1.32  
    Weighted average common shares outstanding, basic   30,173,852       30,185,609       30,068,173       29,925,557       29,910,218       30,454,766       31,109,267       31,819,631  
    Weighted average common shares outstanding, diluted   30,241,699       30,185,609       30,068,173       29,966,962       29,944,692       30,505,468       31,180,346       31,898,619  
    Actual shares outstanding at period end   30,173,200       30,180,482       30,185,732       29,925,612       29,917,982       29,912,082       31,111,647       31,346,903  
    Book value per common share at period end $ 40.61     $ 38.75     $ 41.72     $ 42.58     $ 40.64     $ 40.78     $ 39.92     $ 39.18  
    Tangible book value per common share at period end (1) $ 40.61     $ 38.74     $ 38.26     $ 39.08     $ 37.12     $ 37.29     $ 36.57     $ 35.86  
    Dividend per common share $ 0.165     $ 0.45     $ 0.45     $ 0.45     $ 0.45     $ 0.45     $ 0.45     $ 0.45  
    Performance Ratios (annualized):                              
    Return on average assets   0.70 %     (2.73 )%     (0.01 )%     0.65 %     0.91 %     0.96 %     0.86 %     1.49 %
    Return on average common equity   7.22 %     (26.67 )%     (0.11 )%     6.48 %     8.80 %     9.24 %     7.92 %     13.57 %
    Return on average tangible common equity (1)   7.22 %     (28.96 )%     (0.11 )%     7.08 %     9.61 %     10.08 %     8.65 %     14.82 %
    Net interest margin   2.37 %     2.40 %     2.43 %     2.45 %     2.43 %     2.49 %     2.77 %     3.14 %
    Efficiency ratio (2)   55.4 %     191.0 %     51.1 %     48.9 %     48.8 %     47.2 %     51.6 %     42.8 %
    Other Ratios:                              
    Allowance for credit losses to total loans (3)   1.40 %     1.33 %     1.25 %     1.08 %     1.05 %     1.00 %     1.01 %     0.97 %
    Allowance for credit losses to total nonperforming loans   83 %     110 %     109 %     131 %     119 %     268 %     1,160 %     1,151 %
    Nonperforming assets to total assets   1.22 %     0.88 %     0.79 %     0.57 %     0.64 %     0.28 %     0.08 %     0.08 %
    Net charge-offs (recoveries) (annualized) to average total loans (3)   0.26 %     0.11 %     1.07 %     0.60 %     0.02 %     0.29 %     0.05 %     0.05 %
    Tier 1 capital (to average assets)   10.94 %     10.58 %     10.26 %     10.73 %     10.96 %     10.84 %     11.42 %     11.63 %
    Total capital (to risk weighted assets)   15.74 %     15.07 %     14.87 %     14.79 %     14.54 %     14.51 %     14.74 %     14.94 %
    Common equity tier 1 capital (to risk weighted assets)   14.54 %     13.92 %     13.80 %     13.90 %     13.68 %     13.55 %     13.75 %     14.03 %
    Tangible common equity ratio (1)   10.86 %     10.35 %     10.03 %     10.12 %     10.04 %     10.21 %     10.36 %     10.18 %
    Average Balances (in thousands):                              
    Total assets $ 12,360,899     $ 12,361,500     $ 12,784,470     $ 12,283,303     $ 11,942,905     $ 11,960,111     $ 11,426,056     $ 11,255,956  
    Total earning assets $ 12,072,891     $ 11,953,446     $ 12,365,497     $ 11,837,722     $ 11,532,186     $ 11,546,050     $ 11,004,817     $ 10,829,703  
    Total loans (3) $ 8,026,524     $ 8,003,206     $ 7,988,941     $ 7,963,074     $ 7,795,144     $ 7,790,555     $ 7,712,023     $ 7,379,198  
    Total deposits $ 9,344,414     $ 9,225,266     $ 9,501,661     $ 9,471,369     $ 8,946,641     $ 8,514,938     $ 8,734,125     $ 9,524,139  
    Total borrowings $ 1,654,736     $ 1,721,283     $ 1,832,947     $ 1,401,917     $ 1,646,179     $ 2,102,507     $ 1,359,463     $ 411,060  
    Total shareholders’ equity $ 1,201,477     $ 1,263,627     $ 1,289,656     $ 1,238,763     $ 1,235,162     $ 1,245,647     $ 1,240,978     $ 1,233,705  

    (1) A reconciliation of non-GAAP financial measures to the nearest GAAP measure is provided in the tables that accompany this document.
    (2) Computed by dividing noninterest expense by the sum of net interest income and noninterest income.
    (3) Excludes loans held for sale.

    GAAP Reconciliation to Non-GAAP Financial Measures (unaudited)
    (dollars in thousands, except per share data)
               
      September 30,   June 30,   September 30,
        2024       2024       2023  
    Tangible common equity          
    Common shareholders’ equity $ 1,225,424     $ 1,169,459     $ 1,215,884  
    Less: Intangible assets   (21 )     (129 )     (105,239 )
    Tangible common equity $ 1,225,403     $ 1,169,330     $ 1,110,645  
               
    Tangible common equity ratio          
    Total assets $ 11,285,052     $ 11,302,023     $ 11,164,214  
    Less: Intangible assets   (21 )     (129 )     (105,239 )
    Tangible assets $ 11,285,031     $ 11,301,894     $ 11,058,975  
               
    Tangible common equity ratio   10.86 %     10.35 %     10.04 %
               
    Per share calculations          
    Book value per common share $ 40.61     $ 38.75     $ 40.64  
    Less: Intangible book value per common share         (0.01 )     (3.52 )
    Tangible book value per common share $ 40.61     $ 38.74     $ 37.12  
               
    Shares outstanding at period end   30,173,200       30,180,482       29,917,982  
                           
        Three Months Ended
        September 30,   June 30,   September 30,
          2024       2024       2023  
    Average tangible common equity            
    Average common shareholders’ equity   $ 1,201,477     $ 1,263,627     $ 1,235,162  
    Less: Average intangible assets     (24 )     (99,827 )     (104,639 )
    Average tangible common equity   $ 1,201,453     $ 1,163,800     $ 1,130,523  
                 
    Return on average tangible common equity            
    Net (loss) income   $ 21,815     $ (83,802 )   $ 27,383  
    Return on average tangible common equity     7.22 %   (28.96)%     9.61 %
                 
    Net (loss) income   $ 21,815     $ (83,802 )   $ 27,383  
    Add back of goodwill impairment   $       104,168        
    Operating net (loss) income (Non-GAAP)     21,815       20,366       27,383  
    Operating Return on average tangible common equity (Non-GAAP)     7.22 %     7.04 %     9.61 %
                 
    Efficiency ratio            
    Net interest income   $ 71,843     $ 71,353     $ 70,719  
    Noninterest income     6,951       5,332       6,347  
    Operating revenue   $ 78,794     $ 76,685     $ 77,066  
    Noninterest expense   $ 43,614     $ 146,491     $ 37,633  
    Add back of goodwill impairment           (104,168 )      
    Operating Noninterest expense (Non-GAAP)     43,614       42,323       37,633  
                 
    Efficiency ratio     55.35 %     191.03 %     48.83 %
    Operating Efficiency ratio (Non-GAAP)     55.35 %     55.19 %     48.83 %
                 
    Pre-provision net revenue            
    Net interest income   $ 71,843     $ 71,353     $ 70,719  
    Noninterest income     6,951       5,332       6,347  
    Less: Noninterest expense     (43,614 )     (146,491 )     (37,633 )
    Pre-provision net revenue   $ 35,180     $ (69,806 )   $ 39,433  
                 
    Pre-provision net revenue   $ 35,180     $ (69,806 )   $ 39,433  
    Add back of goodwill impairment   $     $ 104,168     $  
    Operating Pre-provision net revenue (Non-GAAP)   $ 35,180     $ 34,362     $ 39,433  
                 

    Tangible common equity, tangible common equity to tangible assets (the “tangible common equity ratio”), tangible book value per common share, average tangible common equity, annualized return on average tangible common equity, and the operating annualized return on average tangible common equity are non-GAAP financial measures derived from GAAP based amounts. The Company calculates the tangible common equity ratio by excluding the balance of intangible assets from common shareholders’ equity, or tangible common equity, and dividing by tangible assets. The Company calculates tangible book value per common share by dividing tangible common equity by common shares outstanding, as compared to book value per common share, which the Company calculates by dividing common shareholders’ equity by common shares outstanding. The Company calculates the annualized return on average tangible common equity ratio by dividing net income available to common shareholders by average tangible common equity, which is calculated by excluding the average balance of intangible assets from the average common shareholders’ equity. The Company calculates the operating annualized return on average tangible common equity ratio by dividing operating net income available to common shareholders, which adds back the goodwill impairment, by average tangible common equity, which is calculated by excluding the average balance of intangible assets from the average common shareholders’ equity. The Company considers this information important to shareholders as the significant impact of the goodwill impairment is a one-time event that obscures the operating performance of the company. Further related to other measures, tangible equity is a measure that is consistent with the calculation of capital for bank regulatory purposes, which excludes intangible assets from the calculation of risk based ratios, and as such is useful for investors, regulators, management and others to evaluate capital adequacy and to compare against other financial institutions.

    The efficiency ratio is a non-GAAP measure calculated by dividing GAAP noninterest expense by the sum of GAAP net interest income and GAAP noninterest income. The efficiency ratio measures a bank’s overhead as a percentage of its revenue. The Company believes that reporting the non-GAAP efficiency ratio more closely measures its effectiveness of controlling operational activities. Further, the operating efficiency ratio is measured by dividing non-GAAP noninterest expense, which excludes the goodwill impairment, by the sum of GAAP net interest income and GAAP noninterest income. The Company considers this information important to shareholders as the significant impact of the goodwill impairment is a one-time event that obscures the operating performance of the company.

    Pre-provision net revenue is a non-GAAP financial measure calculated by subtracting noninterest expenses from the sum of net interest income and noninterest income. The Company considers this information important to shareholders because it illustrates revenue excluding the impact of provisions and reversals to the allowance for credit losses on loans. Operating pre-provision net revenue is a non-GAAP financial measure calculated by subtracting noninterest expenses with the impact of the goodwill impairment added back from the sum of net interest income and noninterest income. The Company considers this information important to shareholders as the significant impact of the goodwill impairment is a one-time event that obscures the operating performance of the company.

        Three Months Ended
        September 30,   June 30,   September 30,
          2024       2024       2023  
    Net (loss) income   $ 21,815     $ (83,802 )   $ 27,383  
    Add back of goodwill impairment           104,168        
    Operating Net (loss) income (Non-GAAP)   $ 21,815     $ 20,366     $ 27,383  
                 
    (Loss) earnings per share (diluted)4   $ 0.72     $ (2.78 )   $ 0.91  
    Add back of goodwill impairment per share (diluted)           3.45        
    Operating earnings (loss) per share (diluted) (Non-GAAP)   $ 0.72     $ 0.67     $ 0.91  
                 

    Operating net (loss) income and operating (loss) earnings per share (diluted) are non-GAAP financial measures derived from GAAP based amounts. The Company calculates operating net (loss) income by excluding from net (loss) income the one-time goodwill impairment of $104.2 million. During the second quarter of 2024, the Company performed an annual impairment test as a result of management’s evaluation of current economic conditions, and concluded that goodwill had become impaired, which resulted in an impairment charge of $104.2 million to reduce the carrying value of the Company’s goodwill to zero. The Company calculates operating earnings (loss) per share (diluted) by dividing the one-time goodwill impairment of $104.2 million by the weighted average shares outstanding (diluted) for the three and six months ended June 30, 2024. The Company considers this information important to shareholders because operating net (loss) income and operating (loss) earnings per share (diluted) provides investors insight into how Company earnings changed exclusive of the impairment charge to allow investors to better compare the Company’s performance against historical periods. The table above provides a reconciliation of operating net income (loss) and operating earnings (loss) per share (diluted) to the nearest GAAP measure.

    _______________
    1
    A reconciliation of non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP Reconciliation to Non-GAAP Financial Measure that accompany this document.
    Calculated as the ACL attributable to loans collateralized by performing office properties as a percentage of total loans.
    3 A reconciliation of non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP Reconciliation to Non-GAAP Financial Measure that accompany this document.
    4 For periods ended with a net loss, anti-dilutive financial instruments have been excluded from the calculation of GAAP diluted EPS. Operating diluted EPS calculations include the impact of outstanding equity-based awards for all periods.

    EAGLE BANCORP, INC.
    CONTACT:
    Eric R. Newell
    240.497.1796

    For the September 30, 2024 Earnings Presentation, click http://ml.globenewswire.com/Resource/Download/d55e221f-6ef9-45bd-8784-011bf19dce58

    The MIL Network

  • MIL-OSI USA: ICYMI—Hagerty Joins CNN News Central to Discuss Latest Trump Smear Campaign, Biden-Harris Failed Economic and Foreign Policies

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty
    ‘The American public can see right through it.’
    PHILADELPHIA, PA—United States Senator Bill Hagerty (R-TN), former U.S. Ambassador to Japan in the Trump Administration, today joined CNN News Central to discuss the latest outrageous smear campaign against former President Donald Trump and the Biden-Harris Administration’s failures in both the economy and foreign policy.

    *Click the photo above or here to watch*
    Partial Transcript
     Hagerty on his personal experience serving in the Trump Administration: “I’ll say this: I did serve with President Trump as U.S. Ambassador to Japan. We have more U.S. military stations there in Japan than any place else in the world overseas. President Trump came to visit me three times—we always met with our military there—and I never saw anything but the utmost respect, both President Trump’s respect for our military, and their love and respect for him. That’s what I know.”
    Hagerty on John Kelly’s slanderous claims against Trump: “It’s wholly inconsistent with my experience with President Trump. I also have reason to doubt it because there’ve been articles published about ‘losers’ and the things that were supposedly said in Normandy. I called the Ambassador right away. Again, these are old stories that are being drug up, of course, within two weeks of the election. But when I called the Ambassador, she said [the claims were] absolutely not true [regarding] what was attributed to John Kelly [in 2020], 20 other staffers said that was the case as well. I think this is being brought up at a time to divert and deflect. Here’s the story: American people right now need to be asking themselves a very basic question: Are they better off today than they were when President Trump was in office? Kamala Harris is claiming all these things that she might be able to do, yet she’s done none of them for the past three and a half years. What we’ve got is a situation where Kamala Harris can’t find any place where she would differ from Joe Biden. Seventy two percent of Americans think that this country is on the wrong track. All they have to do is look back to the time when President Trump was in office; that debunks these claims. President Trump had our economy working. People respected us—nations respected us—we had people better off in every demographic group. And I think that’s why Americans are seeing President Trump’s polls move forward, and I think that’s why we see these desperate things coming out here at the last minute, again, within the last two weeks, citing something from the deep past. It’s irrelevant at this point. Americans need to know: Will [they] be better off? Seventy two percent of Americans say we’re on the wrong track right now; I think they’re ready for change […] Real wages [are] what I think most people care about. Real wages [are] what they care about, and they were better off [under Trump].”
    Hagerty on the false claim that Trump doesn’t respect the military: “His record as commander in Chief debunks [these baseless claims] in my mind…Because why? He actually did have us in position where there were no wars. You have [President] Joe Biden as Commander in Chief; what did he do? He and [Vice President] Kamala Harris, the last in the room, made a terrible decision in Afghanistan that led to the death of 13 service members, very personal to me. One of them was Ryan Knauss, a Tennessean. And I had to call Ryan’s parents and tell them what happened. You think about it: Joe Biden is there at the return of the remains at Dover. He doesn’t even have time for them; he’s looking at his watch. And when he’s in debate, he tells the world that no military man or woman died under his watch. He just forgot about the 13 that died on his watch. That’s presidential disrespect; I don’t see that coming up. Instead, you have claims that cannot be verified from someone that obviously doesn’t like President Trump and was fired by President Trump […] President Trump is a patriot. He loves this country.”
    Hagerty on Trump’s foreign policies having substantially greater success than Biden-Harris’ policies: “I’ve actually seen Donald Trump in the room with Vladimir Putin and with Xi Jinping, with [Prime Minister Narendra] Modi, with [Former Prime Minister Shinzo] Abe. He’s able to hold his own. I certainly don’t think Kamala Harris could do that. Donald Trump knows how to negotiate. He knows how to deal with world leaders, and he can deal from a position of strength. That’s what Americans need right now. That’s what Americans should be asking themselves this close to the election, is who will represent our nation? Who will put us back in a posture of strength? Donald Trump clearly can do that because he’s done it before. Under his watch, we had no major wars breakout. As soon as Joe Biden and Kamala Harris came back into office, we saw the exact opposite. We’ve got hot wars now in the Middle East—you see what’s happening in Ukraine and Russia…It’s a very bad situation that’s occurred over the past three and a half years. Kamala Harris could have done something about it if she were serious. Obviously, she didn’t, and I think the American public can see right through it.”

    MIL OSI USA News

  • MIL-OSI: Greystone Housing Impact Investors LP Schedules Third Quarter 2024 Earnings Conference Call for Wednesday, November 6, 2024 at 4:30 p.m. Eastern Time

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., Oct. 23, 2024 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced today that it will host a conference call for investors on Wednesday, November 6, 2024 at 4:30 p.m. Eastern Time to discuss the Partnership’s Third Quarter 2024 results.

    For those interested in participating in the question-and-answer session, participants may dial-in toll free at (877) 407-8813. International participants may dial-in at +1 (201) 689-8521. No pin or code number is needed.

    The call is also being webcast live in listen-only mode. The webcast can be accessed via the Partnership’s website under “Events & Presentations” or via the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=6F6i7Etd

    It is recommended that you join 15 minutes before the conference call begins (although you may register, dial-in or access the webcast at any time during the call).

    A recorded replay of the webcast will be made available on the Partnership’s Investor Relations website at http://www.ghiinvestors.com.

    About Greystone Housing Impact Investors LP
    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

    Safe Harbor Statement

    Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    CONTACT:
    Ken Rogozinski
    Chief Executive Officer
    402-952-1235

    The MIL Network

  • MIL-OSI: Bel Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

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

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

    Third Quarter 2024 Highlights

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

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

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

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

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

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

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

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

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

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

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

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

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

    [Financial tables follow]

               
               
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
               
      Three Months Ended     Nine Months Ended  
      September 30,     September 30,  
      2024     2023     2024     2023  
                                   
    Net sales $ 123,638     $ 158,682     $ 384,933     $ 499,803  
    Cost of sales   78,961       103,217       238,782       335,137  
    Gross profit   44,677       55,465       146,151       164,666  
    As a % of net sales   36.1 %     35.0 %     38.0 %     32.9 %
                                   
    Research and development costs   5,443       5,292       16,652       16,521  
    Selling, general and administrative expenses   26,700       23,717       75,785       74,149  
    As a % of net sales   21.6 %     14.9 %     19.7 %     14.8 %
    Restructuring charges   1,087       2,091       1,790       6,306  
    Gain on sale of property         (147 )           (3,819 )
    Income from operations   11,447       24,512       51,924       71,509  
    As a % of net sales   9.3 %     15.4 %     13.5 %     14.3 %
                                   
    Gain on sale of Czech Republic business         (135 )           980  
    Interest expense   (414 )     (512 )     (1,263 )     (2,402 )
    Interest income   1,480             3,741        
    Other income/expense, net   (1,325 )     (96 )     21       (286 )
    Earnings before income taxes   11,188       23,769       54,423       69,801  
                                   
    Provision for income taxes   3,108       4,321       11,663       8,006  
    Effective tax rate   27.8 %     18.2 %     21.4 %     11.5 %
    Net earnings $ 8,080     $ 19,448     $ 42,760     $ 61,795  
    As a % of net sales   6.5 %     12.3 %     11.1 %     12.4 %
                                   
    Weighted average number of shares outstanding:                              
    Class A common shares – basic and diluted   2,116       2,142       2,126       2,142  
    Class B common shares – basic and diluted   10,434       10,636       10,512       10,636  
                                   
    Net earnings per common share:                              
    Class A common shares – basic and diluted $ 0.61     $ 1.46     $ 3.23     $ 4.63  
    Class B common shares – basic and diluted $ 0.65     $ 1.54     $ 3.41     $ 4.88  
     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Balance Sheets
    (in thousands, unaudited)
     
      September 30, 2024     December 31, 2023  
    Assets              
    Current assets:              
    Cash and cash equivalents $ 134,266     $ 89,371  
    Held to maturity U.S. Treasury securities   29,541       37,548  
    Accounts receivable, net   75,998       84,129  
    Inventories   124,885       136,540  
    Other current assets   22,959       33,890  
    Total current assets   387,649       381,478  
    Property, plant and equipment, net   36,735       36,533  
    Right-of-use assets   22,901       20,481  
    Related-party note receivable   3,070       2,152  
    Equity method investment   10,014       10,282  
    Goodwill and other intangible assets, net   72,772       76,033  
    Other assets   51,276       44,672  
    Total assets $ 584,417     $ 571,631  
                   
    Liabilities and Stockholders’ Equity              
    Current liabilities:              
    Accounts payable $ 37,139     $ 40,441  
    Operating lease liability, current   6,451       6,350  
    Other current liabilities   53,297       63,818  
    Total current liabilities   96,887       110,609  
    Long-term debt   60,000       60,000  
    Operating lease liability, long-term   16,808       14,212  
    Other liabilities   43,360       46,252  
    Total liabilities   217,055       231,073  
    Stockholders’ equity   367,362       340,558  
    Total liabilities and stockholders’ equity $ 584,417     $ 571,631  
     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Cash Flows
    (in thousands, unaudited)
         
      Nine Months Ended  
      September 30,  
      2024     2023  
                   
    Cash flows from operating activities:              
    Net earnings $ 42,760     $ 61,795  
    Adjustments to reconcile net earnings to net cash provided by operating activities:              
    Depreciation and amortization   10,759       9,962  
    Stock-based compensation   2,782       2,712  
    Amortization of deferred financing costs   27       33  
    Deferred income taxes   (5,366 )     (4,894 )
    Net unrealized losses on foreign currency revaluation   1,275       130  
    Gain on sale of property         (3,819 )
    Gain on sale of Czech Republic business         (980 )
    Other, net   628       (495 )
    Changes in operating assets and liabilities:              
    Accounts receivable, net   8,366       11,931  
    Unbilled receivables   7,482       1,590  
    Inventories   12,266       29,313  
    Accounts payable   (3,302 )     (18,674 )
    Accrued expenses   (11,849 )     4,536  
    Accrued restructuring costs   (590 )     (148 )
    Income taxes payable   4,809       2,008  
    Other operating assets/liabilities, net   (4,327 )     (13,575 )
    Net cash provided by operating activities   65,720       81,425  
                   
    Cash flows from investing activities:              
    Purchases of property, plant and equipment   (7,906 )     (9,659 )
    Purchases of held to maturity U.S. Treasury securities   (131,309 )      
    Proceeds from held to maturity securities   139,316        
    Payment for equity method investment         (9,975 )
    Investment in related party notes receivable   (918 )     (1,905 )
    Proceeds from sale of property, plant and equipment   236       5,403  
    Proceeds from sale of business         5,063  
    Net cash used in investing activities   (581 )     (11,073 )
                   
    Cash flows from financing activities:              
    Dividends paid to common stockholders   (2,487 )     (2,490 )
    Deferred financing costs   (330 )      
    Repayments under revolving credit line         (40,000 )
    Borrowings under revolving credit line         5,000  
    Purchases of common stock   (16,053 )      
    Net cash used in financing activities   (18,870 )     (37,490 )
                   
    Effect of exchange rate changes on cash and cash equivalents   (1,374 )     (2,903 )
                   
    Net increase in cash and cash equivalents   44,895       29,959  
    Cash and cash equivalents – beginning of period   89,371       70,266  
    Cash and cash equivalents – end of period $ 134,266     $ 100,225  
                   
                   
    Supplementary information:              
    Cash paid during the period for:              
    Income taxes, net of refunds received $ 15,556     $ 18,148  
    Interest payments $ 3,010     $ 3,738  
    ROU assets obtained in exchange for lease obligations $ 4,711     $ 5,887  
     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Product Group Highlights
    (dollars in thousands, unaudited)
     
      Sales     Gross Margin  
      Q3-24     Q3-23     % Change     Q3-24     Q3-23     Basis Point Change  
    Power Solutions and Protection $ 48,680     $ 74,862       -35.0 %     39.4 %     41.7 %     (230 )
    Connectivity Solutions   55,715       51,771       7.6 %     36.6 %     35.8 %     80  
    Magnetic Solutions   19,243       32,049       -40.0 %     27.3 %     22.0 %     530  
    Total $ 123,638     $ 158,682       -22.1 %     36.1 %     35.0 %     110  
      Sales     Gross Margin  
      YTD September 2024     YTD September 2023     % Change     YTD September 2024     YTD September 2023     Basis Point Change  
    Power Solutions and Protection $ 167,478       245,134       -31.7 %     43.2 %     37.5 %     570  
    Connectivity Solutions   167,822       160,010       4.9 %     37.3 %     35.8 %     150  
    Magnetic Solutions   49,633       94,659       -47.6 %     23.9 %     23.0 %     90  
    Total $ 384,933     $ 499,803       -23.0 %     38.0 %     32.9 %     510  
     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Net Sales to Non-GAAP Adjusted Net Sales(2)
    Reconciliation of GAAP Net Earnings to EBITDA and Adjusted EBITDA(2)
    (in thousands, unaudited)
               
      Three Months Ended     Nine Months Ended  
      September 30,     September 30,  
      2024     2023     2024     2023  
                                   
    GAAP net sales $ 123,638     $ 158,682     $ 384,933     $ 499,803  
    Expedite fee revenue         1,008       57       14,425  
    Non-GAAP adjusted net sales $ 123,638     $ 157,674     $ 384,876     $ 485,378  
      Three Months Ended     Nine Months Ended  
      September 30,     September 30,  
      2024     2023     2024     2023  
                                   
    GAAP Net earnings $ 8,080     $ 19,448     $ 42,760     $ 61,795  
    Interest expense   414       512       1,263       2,402  
    Provision for income taxes   3,108       4,321       11,663       8,006  
    Depreciation and amortization   3,636       3,391       10,759       9,962  
    EBITDA $ 15,238     $ 27,672     $ 66,445     $ 82,165  
    % of net sales   12.3 %     17.4 %     17.3 %     16.4 %
                                   
    Unusual or special items:                              
    Restructuring charges   1,087       2,091       1,790       6,306  
    MPS litigation costs         132             2,903  
    Gain on sale of Czech Republic business         135             (980 )
    Gain on sale of properties         (147 )           (3,819 )
    Acquisition related costs   4,292             4,292        
    Adjusted EBITDA $ 20,617     $ 29,883     $ 72,527     $ 86,575  
    % of net sales   16.7 %     18.8 %     18.8 %     17.3 %
     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
     
    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Measures to Non-GAAP Measures(2)
    (in thousands, except per share data) (unaudited)
     
    The following tables detail the impact that certain unusual or special items had on the Company’s net earnings per common Class A and Class B basic and diluted shares (“EPS”) and the line items in which these items were included on the consolidated statements of operations.
     
        Three Months Ended September 30, 2024     Three Months Ended September 30, 2023  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net earnings     Class A EPS(3)     Class B EPS(3)     Earnings before taxes     Provision for income taxes     Net earnings     Class A EPS(3)     Class B EPS(3)  
                                                                                     
    GAAP measures   $ 11,188     $ 3,108     $ 8,080     $ 0.61     $ 0.65     $ 23,769     $ 4,321     $ 19,448     $ 1.46     $ 1.54  
    Restructuring charges     1,087       154       933       0.07       0.07       2,091       407       1,684       0.13       0.13  
    MPS litigation costs                                   132       30       102       0.01       0.01  
    Gain on sale of Czech Republic business                                   135       7       128       0.01       0.01  
    Gain on sale of properties                                   (147 )     (29 )     (118 )     (0.01 )     (0.01 )
    Acquisition related costs     4,292       987       3,305       0.25       0.27                                
    Non-GAAP measures   $ 16,567     $ 4,249     $ 12,318     $ 0.94     $ 0.99     $ 25,980     $ 4,736     $ 21,244     $ 1.59     $ 1.68  
        Nine Months Ended September 30, 2024     Nine Months Ended September 30, 2023  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net earnings     Class A EPS(3)     Class B EPS(3)     Earnings before taxes     Provision for income taxes     Net earnings     Class A EPS(3)     Class B EPS(3)  
                                                                                     
    GAAP measures   $ 54,423     $ 11,663     $ 42,760     $ 3.23     $ 3.41     $ 69,801     $ 8,006     $ 61,795     $ 4.63     $ 4.88  
    Restructuring charges     1,790       317       1,473       0.11       0.12       6,306       1,007       5,299       0.40       0.42  
    MPS litigation costs                                   2,903       667       2,236       0.17       0.18  
    Gain on sale of Czech Republic business                                   (980 )     (49 )     (931 )     (0.07 )     (0.07 )
    Gain on sale of properties                                   (3,819 )     (763 )     (3,056 )     (0.23 )     (0.24 )
    Acquisition related costs     4,292       987       3,305       0.25       0.26                                
    Non-GAAP measures   $ 60,505     $ 12,967     $ 47,538     $ 3.59     $ 3.80     $ 74,211     $ 8,868     $ 65,343     $ 4.89     $ 5.16  
     
    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings, Non-GAAP EPS, EBITDA and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3) Individual amounts of earnings per share may not agree to the total due to rounding.
     

    The MIL Network

  • MIL-OSI: Brookline Bancorp Announces Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    Net Income of $20.1 million, EPS of $0.23

    Quarterly Dividend of $0.135

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

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

    BALANCE SHEET

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

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

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

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

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

    NET INTEREST INCOME

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

    NON-INTEREST INCOME

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

    PROVISION FOR CREDIT LOSSES

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

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

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

    ASSET QUALITY

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

    NON-INTEREST EXPENSE

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

    PROVISION FOR INCOME TAXES

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

    RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

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

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

    DIVIDEND DECLARED

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

    CONFERENCE CALL

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

    ABOUT BROOKLINE BANCORP, INC.

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

    FORWARD-LOOKING STATEMENTS

    Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters, including statements regarding the Company’s business, credit quality, financial condition, liquidity and results of operations. Forward-looking statements may differ, possibly materially, from what is included in this press release due to factors and future developments that are uncertain and beyond the scope of the Company’s control. These include, but are not limited to, changes in interest rates; general economic conditions (including inflation and concerns about liquidity) on a national basis or in the local markets in which the Company operates; turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in the value of securities and other assets in the Company’s investment portfolio; increases in loan and lease default and charge-off rates; the adequacy of allowances for loan and lease losses; decreases in deposit levels that necessitate increases in borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics; changes in regulation; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions and adverse economic developments; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; and changes in assumptions used in making such forward-looking statements. Forward-looking statements involve risks and uncertainties which are difficult to predict. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company’s Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the SEC. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

    BASIS OF PRESENTATION

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

    NON-GAAP FINANCIAL MEASURES

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

    INVESTOR RELATIONS:

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

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

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

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

    President’s Message

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

    Financial Results Year-to-Date

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

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

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

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

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

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

    Financial Results for the Quarter

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

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

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

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

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

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

    Financial Condition

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

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

    Subsequent Event

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

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

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

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

    Financial Statements

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

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

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

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

    The MIL Network

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

    Source: Verizon

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI Economics

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

    Source: New Zealand Police (National News)

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

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

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

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

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

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

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

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

    ENDS

    Road safety advice for back-to-school time:

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

    ENDS 

    Issued by Police Media Centre

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

    MIL OSI New Zealand News

  • MIL-OSI USA: Crapo Comments on Hegseth Confirmation

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

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

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

    MIL OSI USA News

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

    Source: Hong Kong Government special administrative region

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

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

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

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

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

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

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

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

    MIL OSI Asia Pacific News

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

    Source: China State Council Information Office 2

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

    MIL OSI China News

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

    Source: China State Council Information Office 3

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI China News

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

    Source: New Zealand Police (National News)

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

    Police were called to Buchanans Road at around 1.40pm.

    Sadly, one person died at the scene.

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

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News

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

    Source: US State of California

    Friday, January 24, 2025

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

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

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

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

    BACKGROUND AND RESOURCES

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

    The following resources also provide relevant information: 

    # # #

    MIL OSI USA News

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

    US Senate News:

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

    MIL OSI USA News

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

    Source: US State of New York

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI USA News